MIRA
INFORM REPORT
|
Report Date : |
31st
January, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
ONNINEN OY |
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Registered Office : |
Mittalinja 1, 01260 Vantaa, PL 109, 01301 Vantaa |
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Country : |
Finland |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
09.12.1996 |
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Legal Form : |
Joint-stock company |
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Line of Business : |
Wholesale of plumbing and heating equipment and supplies. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution
needed for credit transaction. It has above average (strong) capability for
payment of interest and principal sums |
Large |
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Maximum Credit Limit : |
9.600.000 EUR |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name & Address
Onninen Oy
Mittalinja 1
01260 Vantaa
PL 109, 01301 Vantaa
Telephone : +358 0204855111
Telefax : +358 0204855300
Trade register number
694651
Registered
09.12.1996
Business ID
10712079
Business started
01.01.1997
Turnover
In 2005, the turnover amounted to 638.002 thousand EUR, the
length of the accounting period was 12 months, and the period ended on
31.12.2005.
Number of employees
In 2005, the number of employees amounted to 1.027.
Line of business
The company´s investigated line of business on 12.09.2006
is: wholesale of plumbing and heating equipment and supplies (51542).
Maximum credit recommendation
9.600.000 EUR
Company form
Joint-stock company
Type of ownership
Private Finnish
Share capital
Paid share capital: 20.000.000 EUR
Activity
In 2005, the turnover amounted to 638.002 thousand EUR, the length of the accounting period was 12 months, and the period ended on 31.12.2005.
In 2005, the number of employees amounted to 1.027.
The company´s branches are Espoo, Forssa, Vantaa, Hyvinkää, Hämeenlinna, Imatra, Joensuu, Jyväskylä, Kajaani, Kokkola, Kotka, Kouvola, Kuopio, Lahti, Lappeenranta, Lohja, Mariehamn, Mikkeli, Mäntsälä, Oulu, Pori, Raahe, Raisio, Rauma, Rovaniemi, Salo, Savonlinna, Seinäjoki, Tampere, Tornio, Turku, Vaasa, Varkaus, Ylivieska.
The company´s investigated line of business on 12.09.2006 is: wholesale of plumbing and heating equipment and supplies (51542).
According to the company, its essential products/services are heating, plumbing, air-conditioning, refrigerating, and electrical supplies.
The company is engaged in export and import.
The company works both in owned and rented premises.
The company has been VAT liable for the transfer of rights to use immovable property since 28.10.1997.
The company has been VAT liable for business activity since 01.01.1997.
The company has been in the Prepayment register since 01.01.1997. Validity to be checked on 28.02.2007.
The company has been in the Employer Register since 01.01.1997.
According to an account of 12.09.2006, the company´s banker/financier is Nordea Bank Finland Plc -Helsinki-suurasiakaskonttori.
Other names
Auxiliary business name: Hanakat
Auxiliary business name: Insinööritoimisto Sähkötyö
Auxiliary business name: Mikropörssi
Auxiliary business name: Onnisen trading
Auxiliary business name: Pohjolan Onninen
Auxiliary business name: Sähkötalo Harju
Auxiliary business name: Valokeila
Auxiliary business name: Vesi ja Lämpö
Auxiliary business name: Vatten och Värme
Payments
The company has no registered payment defaults. There are positive remarks concerning the company´s payments.
Persons in charge
Managing director
Sivula Harri Juhani, from 03.05.2006 on
150662-1091, Tuusula
Participation in 6 companies on the basis of the identity number, of these 1
with payment defaults.
Chairman
Toivanen-Koivisto Maarit Hannele
271254-044E, Helsinki
Participation in 9 companies on the basis of the identity number, the companies
have no payment defaults.
Ordinary member
Eloranta Eero Kullervo, from 15.11.2000 on
180950-1033, Helsinki
Participation in 3 companies on the basis of the identity number, the companies
have no payment defaults.
Ordinary member
Helkama Jukka Pekka, from 03.05.2006 on
311046-5312, Kisko
Participation in 4 companies on the basis of the identity number, the companies
have no payment defaults.
Ordinary member
Järvinen Juha Kaarlo, from 03.05.2006 on
260646-469L, Espoo
Participation in 10 companies on the basis of the identity number, the
companies have no payment defaults.
Ordinary member
Slotte Karsten Mattias, from 27.11.2001 on
100853-1990, Stockholm
Participation in 6 companies on the basis of the identity number, the companies
have no payment defaults.
Authorised signatures
According to the statutes, the chairman of the Board and the managing director sign for the firm separately, and the members of the Board, two jointly.
The procuration holders sign for the firm two jointly.
Shareholders
According to information
received from the company on 12.09.2006, shareholders are:
Onvest Oy, VAT No. 01122392, with 100,0% of
the shares
Business mortgages
The company has no registered
business mortgages.
Group structure
The company is parent
company in the group Onninen -konserni.
Financial statement analysis
The financial statement
analysis is based on the financial statement data of Onninen Oy in the
accounting period as at 31.12.2005. The analysis also utilizes the data of the
accounting periods 2001-2004.
The company is the parent company of the group Onninen
-konserni. The group turnover is 1,259 mill EUR, result 21.3 mill EUR, balance
sheet total 412 mill EUR, return on investment 12.5 %, and equity ratio 32.0.
The auditor has approved the
financial statement without remarks.
Industry comparison
The comparison includes 163 companies in the industry class 51542 Wholesale of plumbing and heating equipment and supplies. The risk of bankruptcy in the line is 0.3 %, and the risk of payment defaults 4.6 %. The risk of payment defaults is clearly lower than average.
Volume
The turnover of Onninen Oy is very large (638 mill EUR) in relation to all active companies. This may reduce the company´s liability to risk, as the company has a considerable amount of resources related with large size. In its line, the company is clearly larger than average (673 tEUR). The change in turnover from the previous period is 8.4 %. In the latest accounting period, the company employed 1,027 persons on average. The turnover per person is 621 tEUR, which is very good compared with the line (median 229 tEUR). Thus, the productivity of labour is on a very high level.
Profitability
The operating margin of the company (4.2 %) is passable, proportioned to the line (median 7.8 %). Also the operating income in % (3.6 %) is passable, compared with the line (6.7 %). The central ratio for profitability, return on investment, is good (15.4 %). The average profitability in the line is 18.2 %.
If, instead of the return on investment, the return on assets is calculated, taking also into account interest-free loans, the return ratio is 11.0 %. The return is satisfactory, in relation to the line of business (14.4%).
Liquidity
The liquidity is satisfactory, measured by quick ratio (0.9), which is lower than the average in the line (median 1.2). The sales receivable turnover of the company is relatively short (28 days) compared with the line (33 days).
Solvency
The solvency of Onninen Oy is very good, measured by equity ratio (55.5 %). The median of the equity ratio in the line is 47.4%. The company´s net gearing is 0.2, which can be considered good. The relative indebtedness is 16.2%, which is good compared with the median in the line (18.9%). According to the capital structure ratios, the company´s debt burden is very low.
Summary and remarks
The company belongs to the group Onninen -konserni. The return on investment of the group is satisfactory and the equity ratio satisfactory. The company´s profitability, liquidity and solvency are all at least on a satisfactory level.
The verbal interpretation of the financial statements analysis has been produced programmatically from unadjusted financial statements.
Audit of the accounts
Auditors in the accounting
period as at 01.01.2005 - 31.12.2005:
KHT Leppinen Kaija, PricewaterhouseCoopers Oy
KHT Lindell Göran
The auditor has approved the financial statement without remarks.
Number of enquiries
84 enquiries have been made on
the company during the past 6 months, of which 13 during the past 30 days.
Company´s payments
Period Code From due date Delayed, total No. of observations
12/2006 ML 1
11/2006 ML 1
10/2006 ML 1
09/2006 ML 1
08/2006 ML 1
07/2006 ML 1
06/2006 ML 1
05/2006 ML 1
04/2006 ML 1
03/2006 ML 1
02/2006 ML 1
Company´s payment defaults and
other credit information entries
The company has no
registered payment defaults
Authorised signatures
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Name |
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Nationality |
Resigned |
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Ala-Ilkka Heikki Salomon, Espoo |
Holder of procuration |
FI |
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290352 |
The procuration holders sign for the firm two jointly. |
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Grönmark Tom Åke, Espoo |
Holder of procuration |
FI |
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260756 |
The procuration holders sign for the firm two jointly. |
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Hannula Panu Markus, Pirkkala |
Holder of procuration |
FI |
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080567 |
The procuration holders sign for the firm two jointly. |
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Kariniemi Anne Maarit, Porvoo |
Holder of procuration |
FI |
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301170 |
The procuration holders sign for the firm two jointly. |
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Kattilakoski Aila Tellervo, Sipoo |
Holder of procuration |
FI |
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120653 |
The procuration holders sign for the firm two jointly. |
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Knaapi Juha Antero, Hyvinkää |
Holder of procuration |
FI |
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160364 |
The procuration holders sign for the firm two jointly. |
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Korhonen Eero Vilho Juhani, Helsinki |
Holder of procuration |
FI |
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010348 |
The procuration holders sign for the firm two jointly. |
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Kärkkäinen Viljo Uolevi, Vantaa |
Holder of procuration |
FI |
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250148 |
The procuration holders sign for the firm two jointly. |
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Pasanen Risto Antero, Lahti |
Holder of procuration |
FI |
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051148 |
The procuration holders sign for the firm two jointly. |
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Pusa Heikki Antero, Helsinki |
Holder of procuration |
FI |
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100463 |
The procuration holders sign for the firm two jointly. |
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Ratajczak Jacek, Porvoo |
Holder of procuration |
PL |
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050960 |
The procuration holders sign for the firm two jointly. |
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Saarnio Sami Pekka, Kerava |
Holder of procuration |
FI |
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280673 |
The procuration holders sign for the firm two jointly. |
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Verho Marja-Terttu, Espoo |
Holder of procuration |
FI |
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171247 |
The procuration holders sign for the firm two jointly. |
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Väänänen Tuomo Juhani, Espoo |
Holder of procuration |
FI |
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070556 |
The procuration holders sign for the firm two jointly. |
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Wetterstrand Matti Olavi, Helsinki |
Holder of procuration |
FI |
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191053 |
The procuration holders sign for the firm two jointly. |
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Forssell Irma Tellervo, Vantaa |
Holder of procuration |
FI |
Right expired on 04.07.2006 |
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160441 |
The procuration holders sign for the firm two jointly. |
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Kumpulainen Arto Olavi, Espoo |
Holder of procuration |
FI |
Right expired on 04.07.2006 |
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050852 |
The procuration holders sign for the firm two jointly. |
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Söderman Karola Ingegerd, Kirkkonummi |
Holder of procuration |
FI |
Right expired on 04.07.2006 |
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141056 |
The procuration holders sign for the firm two jointly. |
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Business mortgages
The company has no
registered business mortgages
Summary of the profit and loss
account (t EUR)
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31.12.2005 12 months |
31.12.2004 12 months |
31.12.2003 12 months |
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Turnover |
638.001,9 |
588.700,0 |
530.192,6 |
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Other operating income |
1.209,0 |
500,0 |
67,6 |
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Raw materials and services |
-522.880,0 |
-478.000,0 |
-431.600,0 |
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Gross result |
116.330,9 |
111.200,0 |
98.660,2 |
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Other operating expenses |
-89.677,2 |
-85.500,0 |
-73.533,2 |
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Depreciation |
-3.475,5 |
-2.600,0 |
-2.620,8 |
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Operating result |
23.178,2 |
23.100,0 |
22.506,5 |
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Financing income |
770,0 |
1.200,0 |
671,1 |
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Financing expenses |
-1.074,3 |
-800,0 |
-17.939,7 |
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Result before extraordinary items |
22.873,9 |
23.500,0 |
5.237,9 |
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Extraordinary items |
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Result before appropriations and taxes |
22.873,9 |
23.500,0 |
5.237,9 |
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Appropriations |
-511,8 |
400,0 |
479,3 |
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Direct taxes |
-5.916,7 |
-12.100,0 |
-1.809,9 |
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Result for the financial year |
16.445,3 |
11.800,0 |
3.907,2 |
Summary of the profit and loss
account (t EUR)
|
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31.12.2002 12 months |
31.12.2001 12 months |
31.12.2000 12 months |
|
Turnover |
502.646,6 |
497.903,6 |
482.099,9 |
|
Other operating income |
81,3 |
190,6 |
300,0 |
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Raw materials and services |
-412.659,0 |
-409.325,8 |
-394.999,9 |
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Gross result |
90.068,9 |
88.768,5 |
87.400,0 |
|
Other operating expenses |
-68.732,5 |
-66.275,6 |
-65.400,0 |
|
Depreciation |
-2.676,6 |
-3.047,2 |
-3.000,0 |
|
Operating result |
18.660,0 |
19.445,3 |
19.000,0 |
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Financing income |
1.163,7 |
878,1 |
900,0 |
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Financing expenses |
-419,7 |
-517,9 |
-100,1 |
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Result before extraordinary items |
19.404,0 |
19.805,6 |
19.799,9 |
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Extraordinary items |
|
|
1.299,9 |
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Result before appropriations and taxes |
19.404,0 |
19.805,6 |
21.100,0 |
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Appropriations |
576,6 |
754,4 |
599,9 |
|
Direct taxes |
-5.951,2 |
-6.052,0 |
-6.400,1 |
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Result for the financial year |
14.029,4 |
14.508,0 |
15.300,1 |
Summary of the balance sheet (t
EUR)
|
|
31.12.2005 12 months |
31.12.2004 12 months |
31.12.2003 12 months |
|
Intangible assets |
20.948,1 |
10.100,0 |
1.723,2 |
|
Tangible assets |
7.208,4 |
6.200,0 |
4.599,1 |
|
Investments |
59.515,4 |
55.100,0 |
51.422,8 |
|
Stocks |
75.073,7 |
72.000,0 |
60.139,4 |
|
Current financial assets |
69.177,3 |
60.800,0 |
64.908,4 |
|
Subscribed capital |
20.000,0 |
20.000,0 |
20.000,0 |
|
Reserves |
35.125,4 |
35.100,0 |
35.125,4 |
|
Retained earnings |
56.057,8 |
52.200,0 |
52.807,9 |
|
Result for the financial year |
16.445,3 |
11.800,0 |
3.907,2 |
|
Subordinated loans |
|
|
|
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Accumulated appropriations |
1.061,3 |
600,0 |
942,0 |
|
Provisions |
871,4 |
1.100,0 |
276,5 |
|
Long-term debts |
23.000,0 |
23.000,0 |
30.014,5 |
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Current liabilities |
79.361,6 |
60.400,0 |
39.719,3 |
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|
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Balance sheet total |
231.922,8 |
204.200,0 |
182.792,9 |
Summary of the balance sheet (t
EUR)
|
|
31.12.2002 12 months |
31.12.2001 12 months |
31.12.2000 12 months |
|
Intangible assets |
1.957,6 |
1.811,2 |
1.600,1 |
|
Tangible assets |
4.988,1 |
6.515,9 |
7.700,0 |
|
Investments |
69.151,6 |
34.353,5 |
32.500,0 |
|
Stocks |
52.047,2 |
48.638,4 |
47.699,9 |
|
Current financial assets |
50.061,7 |
47.608,2 |
58.899,9 |
|
Subscribed capital |
20.000,0 |
20.000,0 |
20.000,1 |
|
Reserves |
35.125,4 |
35.125,4 |
35.100,0 |
|
Retained earnings |
38.778,5 |
24.270,5 |
16.000,1 |
|
Result for the financial year |
14.029,4 |
14.508,0 |
15.300,1 |
|
Subordinated loans |
|
|
|
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Accumulated appropriations |
1.421,3 |
1.997,8 |
2.699,9 |
|
Provisions |
276,5 |
|
|
|
Long-term debts |
26.924,1 |
528,5 |
599,9 |
|
Current liabilities |
41.651,1 |
42.497,0 |
58.700,1 |
|
|
|
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Balance sheet total |
178.206,2 |
138.927,2 |
148.399,9 |
Company´s ratios
|
31.12.2005 |
31.12.2004 |
31.12.2003 |
31.12.2002 |
31.12.2001 |
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Volume |
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|
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Turnover EUR 1000 |
638.001,9 |
588.700,0 |
530.192,6 |
502.646,6 |
497.903,6 |
|
Change in turnover
in % |
8,4 |
11,0 |
5,5 |
1,0 |
3,3 |
|
Turnover/person
EUR 1000 |
621,2 |
577,2 |
535,0 |
508,2 |
488,6 |
|
Profitability |
|
|
|
|
|
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Operating margin
in % |
4,2 |
4,4 |
4,7 |
4,2 |
4,5 |
|
Operating income
in % |
3,6 |
3,9 |
4,2 |
3,7 |
3,9 |
|
Return on
investment in % |
15,4 |
16,1 |
4,3 |
16,1 |
20,3 |
|
Return on total
assets in % |
11,0 |
12,6 |
3,5 |
12,5 |
14,1 |
|
Liquidity |
|
|
|
|
|
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Quick ratio |
0,9 |
1,0 |
1,6 |
1,2 |
1,1 |
|
Current ratio |
1,8 |
2,2 |
3,1 |
2,5 |
2,2 |
|
Solvency |
|
|
|
|
|
|
Equity ratio in % |
55,5 |
58,7 |
61,7 |
61,7 |
69,1 |
|
Net gearing |
0,2 |
0,3 |
0,3 |
0,3 |
0,1 |
|
Relative
indebtedness in % |
16,2 |
14,3 |
13,2 |
13,5 |
8,6 |
|
Working capital |
|
|
|
|
|
|
Working capital
ratio in % |
12,3 |
13,0 |
14,0 |
12,3 |
12,0 |
|
Inventories/turnover
in % |
11,8 |
12,2 |
11,3 |
10,4 |
9,8 |
|
Sales receivable
turnover in days |
28 |
28 |
26 |
25 |
25 |
|
Accounts payable
turnover in days |
31 |
30 |
20 |
21 |
20 |
Ratios of the line of business
Line of business 51542 Wholesale of plumbing and heating
equipment and supplies (369 kpl)
|
Year |
2005 |
2004 |
2003 |
2002 |
2001 |
|
Companies in the
line |
163 |
185 |
178 |
164 |
154 |
|
Volume |
|
|
|
|
|
|
Turnover EUR 1000 |
672,8 |
683,3 |
710,8 |
877,8 |
852,4 |
|
Change in turnover
in % |
9,3 |
4,3 |
3,8 |
2,2 |
11,1 |
|
Turnover/person
EUR 1000 |
229,1 |
237,4 |
244,7 |
256,1 |
267,1 |
|
Profitability |
|
|
|
|
|
|
Operating margin
in % |
7,8 |
7,9 |
8,2 |
7,3 |
8,3 |
|
Operating income
in % |
6,7 |
6,4 |
6,5 |
5,9 |
6,4 |
|
Return on
investment in % |
18,2 |
20,5 |
22,1 |
22,4 |
27,9 |
|
Return on total
assets in % |
14,4 |
14,0 |
13,8 |
14,7 |
18,1 |
|
Liquidity |
|
|
|
|
|
|
Quick ratio |
1,2 |
1,3 |
1,4 |
1,3 |
1,3 |
|
Current ratio |
1,7 |
1,8 |
2,0 |
1,9 |
2,0 |
|
Solvency |
|
|
|
|
|
|
Equity ratio in % |
47,4 |
45,4 |
50,0 |
46,5 |
52,0 |
|
Relative
indebtedness in % |
18,9 |
19,9 |
20,5 |
19,1 |
16,5 |
|
Working capital |
|
|
|
|
|
|
Working capital
ratio in % |
12,3 |
10,2 |
10,6 |
10,8 |
9,2 |
|
Inventories/turnover
in % |
10,9 |
10,5 |
11,0 |
10,4 |
9,6 |
|
Sales receivable
turnover in days |
33 |
33 |
30 |
30 |
32 |
|
Accounts payable
turnover in days |
35 |
34 |
33 |
38 |
33 |
Line
of business All
companies
Payment default risk 4,6%
9,2%
Bankruptcy risk 0,3% 1,0%
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|