MIRA
INFORM REPORT
|
Report Date : |
15th
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
LUCTA
SA |
|
|
|
|
Registered Office : |
Carretera
Masnou-Granollers Km 12,400, 08170 Montornes Del Valles
(Barcelona) |
|
|
|
|
Country : |
Spain |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
24/04/1942 |
|
|
|
|
Legal Form : |
Joint
Stock Company |
|
|
|
|
Line of Business : |
Manufacture
of perfumes and toilet preparations. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Identification and
Characteristics
Tax
Number A08074908
NAME LUCTA
SA
BUSINESS
ADDRESS CARRETERA
MASNOU-GRANOLLERS KM 12,400
Postcode 08170
MONTORNES DEL VALLES (BARCELONA)
URL http://www.lucta.com
TELEPHONE 938458888
FAX 938458182
LEGAL
FORM JOINT STOCK
COMPANY
DATE
FOUNDED 24/04/1942
CAPITAL 2.329.675,00 Euros
PAID-UP
CAPITAL 2.329.675,00 Euros
NUMBER
OF EMPLOYEES 259
TYPE EXCLUDED
PERIOD BARCELONA
PLACE
ACTIVITY 1255200 - Mfg.
of perfumes & toiletries
CNAE 2452 - Manufacture
of perfumes and toilet preparations
EXPORT
COMPANY YES
IMPORT
COMPANY YES
* Characteristics of the
main address
According to our researches
dated 08/04/2005 these are it is
a/an office, factory, warehouse used as owned; with
no official confirmation located in a industrial area and it
is located in an area secondary .
Clarifications:
Domicilio Social
Synthesis
FINANCIAL SITUATION (Year
ending: 31/12/2005)
PROFITABILITY Good
TREASURY Excellent
BALANCE
SHEET Excellent
DEBT Low
INCIDENTS
COMMITMENTS Respected
INCIDENTS None
or Negligible
PREVIOUS EXPERIENCE
PREVIOUS
EXPERIENCE Favourable
Credit Appraisal
CREDIT ACCORDING TO OBJECTIVE
DATA (From 0 to 6.000.000,00 Euros):
FAVOURABLE
TOWARDS 1.234.000,00 Max. Euros
Financial Elements
Figures given in Euros
|
|
Balance sheet 2.003 (12) |
Balance sheet 2.004 (12) |
Balance sheet 2.005 (12) |
% Sales |
|
SALES |
59.168.634,00 |
59.908.085,00 |
61.521.450,00 |
|
|
ADDED VALUE |
25.829.137,00 |
26.288.236,00 |
26.138.886,00 |
42,49 |
|
BUSINESS RESULT |
7.053.793,00 |
6.858.960,00 |
8.543.501,00 |
13,89 |
|
OWN FUNDS |
38.754.762,00 |
22.422.900,00 |
28.629.384,00 |
|
|
DEBT |
41.266.540,00 |
36.433.322,00 |
34.690.739,00 |
|
|
TOTAL ASSET |
80.501.555,00 |
59.697.097,00 |
64.060.083,00 |
|
The sales of 61.521.450,00
Euros show a change of 2,69% compared with 2.004 .
Between 2.003 and 2.004 , this change was
1,25% .
Added value grew by
-0,57% compared with the previous year. Shareholders equity are
28.629.384,00 Euros for an indebtedness of
34.690.739,00 Euros .
The result 8.543.501,00
Euros means financial profitability of 29,84% and
economic profitability of 13,34% . This result means growth of
24,56% compared with the 2.004 .
THE FIGURES FOR THE LAST BALANCE
SHEET ARE RELEVANT:
SOURCE: FROM THE MERCANTILE
REGISTER
DATE: 10/01/2007
Results Distribution
Annual Report Year Source:
2.005
Figures given in Euros
Distribution Base
Profit
and Loss 8.543.501
Total
of Amounts to be distributed 8.543.501
Distribution a
Voluntary
Reserve 6.363.971
Dividends 2.179.530
Auditors’ opinion:
FAVOURABLE (2.005)
Auditors:
AUDIHISPANA S.A.
Comparative Sector Analysis
|
|
Company |
Sector |
Difference |
|
|
(2.005) |
|
|
|
% of PRODUCTION VALUE |
|
|
|
|
SALES |
95,29 |
98,89 |
-3,60 |
|
ADDED
VALUE |
40,48 |
25,59 |
14,89 |
|
BUSINESS
RESULT |
13,23 |
5,39 |
7,84 |
|
% OF TOTAL ASSETS |
|
|
|
|
OWN
FUNDS |
44,69 |
54,81 |
-10,12 |
|
DEBT |
54,15 |
45,19 |
8,96 |
Compared sector (CNAE): 245 - Fabricación de jabones,
detergentes y otros artículos de limpieza y abrillantamiento. Fabricación de
perfumes y productos de belleza e higiene
Number of companies: 16
Size (Sales Figure): > 40.000.000,00 Euros
The turnover of the company is 3,60%
below the mean for the sector.
The company’s added value was 40,48%
s/ the production value, and 14,89% above the mean for the sector.
The company’s business result was
13,23% of the PV, 7,84% above the mean for the sector.
The company’s own resources are 44,69%
, 10,12% below the mean for the sector.
The company’s outside resources are
54,15% , 8,96% above the mean for the sector.
Legal Actions
No legal incidences registered
for this company in the official source
No claims registered for this
company in the official sources
AFFECTED BY: No significant
elemento
Main Board members, Directors and
Auditor
|
Position |
Surname and name |
Date of appointment |
|
CHAIRMAN |
DESARROLLO DE TECNICAS MODERNAS SL REPR
143 RRM VENTOS OMEDES ERNESTO |
13/05/2004 |
|
BOARD MEMBER |
GRUPO INVERSOR PARA EL DESARROLLO SL |
26/08/2003 |
|
BOARD MEMBER |
NOGUER FIGUEROL JOSE LUIS |
26/08/2003 |
|
BOARD MEMBER |
DIAZ MORERA PUIG SUREDA EUSEBIO |
26/08/2003 |
|
BOARD MEMBER |
RODES MONEGAL ESTEBAN |
26/08/2003 |
|
BOARD MEMBER |
DESARROLLO DE TECNICAS MODERNAS SL |
13/05/2004 |
|
SECRETARY |
LUCAS TORRESCASANA ANTONIO |
07/05/2003 |
|
AUDITOR |
AUDIHISPANA SA |
24/08/2005 |
Financial Links
|
Shareholders |
||||
|
Company Name |
CIF/Country |
|
Source |
Information Date |
|
VENAVANZA SL. |
B63359590 |
30,41% |
M.REGISTER |
31/12/2005 |
|
DESARROLLO DE TECNICAS MODERNAS S.L. |
B58224593 |
23,26% |
M.REGISTER |
31/12/2005 |
|
LUCTA SA |
A08074908 |
10,00% |
M.REGISTER |
31/12/2005 |
|
FINESVEN SA |
A58223488 |
Indet. |
STOCK EXCH. |
01/07/1998 |
|
GRUPO INVERSOR PARA EL DESARROLLO S.L. |
B58223462 |
Indet. |
M.REGISTER |
31/12/1995 |
|
NOGUER FIGUEROL JOSE LUIS |
|
Indet. |
STOCK EXCH. |
01/01/1993 |
|
Shareholdings |
||||
|
Company Name |
CIF/Country |
Percent. |
Source |
Information Date |
|
LUCTA USA INC |
ESTADOS UNIDOS |
100,00% |
M.REGISTER |
31/12/2005 |
|
LUCTA (GUANGZHOU) FLAVOUS |
CHINA |
100,00% |
M.REGISTER |
31/12/2005 |
|
AGRIMERICA |
ESTADOS UNIDOS |
100,00% |
ALIMARKET |
01/05/1999 |
|
LUCTA POLSKA SP ZOO |
POLONIA |
100,00% |
M.REGISTER |
31/12/2005 |
|
LUCTA ARGENTINA SA |
ARGENTINA |
96,43% |
M.REGISTER |
31/12/2005 |
|
LUCTA DO BRASIL |
BRASIL |
91,13% |
M.REGISTER |
31/12/2005 |
Proceedings published in the
B.O.R.M.E. (Official Mercantile Register Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Registration of accounts
(2005) |
08/01/2007 |
055383 |
BARCELONA |
|
Registration of accounts
(2005) Consolidated |
05/01/2007 |
008478 |
BARCELONA |
|
Appointments |
31/05/2006 |
279787 |
BARCELONA |
|
Registration of accounts
(2004) Consolidated |
25/11/2005 |
975779 |
BARCELONA |
|
Registration of accounts
(2004) |
24/11/2005 |
969553 |
BARCELONA |
Brands, Signs and Commercial
Names
|
Prevailing Brands |
|||||
|
Name: |
LUCTA |
||||
|
Kind of Brand: |
JOINT |
File: |
M2341392 |
||
|
Request Date: |
29/08/2000 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
|
Types: 35 |
|
||||
|
Name: |
LUCTAPLUS |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M2221007 |
||
|
Request Date: |
17/03/1999 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
|
Types: 31 |
|
||||
|
Name: |
LUCTA |
||||
|
Kind of Brand: |
JOINT |
File: |
M2153887 |
||
|
Request Date: |
01/04/1998 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
|
Types: 1 |
|
||||
|
Name: |
LUCTA |
||||
|
Kind of Brand: |
JOINT |
File: |
M2153888 |
||
|
Request Date: |
01/04/1998 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
|
Types: 3 |
|
||||
|
Name: |
LUCTA |
||||
|
Kind of Brand: |
JOINT |
File: |
M2153889 |
||
|
Request Date: |
01/04/1998 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
|
Types: 30 |
|
||||
Total Marcas: 6
Commercial
Experience
PURCHASES
Import
Percentage: 8%
Imports::
Brasil,
Francia, Suiza, Alemania y Holanda
SALES
Collection
(estimated)
Credit
sales percentage 88 %
Export
Percentage: 60%
Exports::
Italia,
Francia, Belgica, Austria, Singapur, Thailandia, Venezuela, Japon, Chile,
Argelia y Alemania entre otros paises
Bank Entities
|
Entity |
|
|
Town |
|
|
BANCO SANTANDER CENTRAL HISPANO, S.A. |
|
|
GRANOLERS |
|
|
BANCO ESPAŃOL DE CREDITO, S.A. |
|
|
|
|
The information on the last account
contained in this report is extracted from the Mercantile Register file of the
legal address of the Company and dated 10/01/2007
Balance Sheet (ASSETS)
|
(Figures given in Euros) |
31/12/2003 (12) |
31/12/2004 (12) |
31/12/2005 (12) |
|
|
|
A) DUE FROM SHAREHOLDERS FOR UNCALLED
CAPITAL |
|
|
|
|
|
B) FIXED ASSETS |
46.253.783,00 |
28.288.397,00 |
28.097.392,00 |
|
|
I. Establishment expenses |
|
|
|
|
|
II. Intangible assets |
|
107.800,00 |
92.968,00 |
|
|
R & D expenses |
1.445.418,00 |
1.565.418,00 |
129.785,00 |
|
|
Amortization |
-1.445.418,00 |
-1.457.618,00 |
-36.817,00 |
|
|
III. Tangible assets |
10.860.579,00 |
11.717.227,00 |
12.286.465,00 |
|
|
Property, plant and equipment |
7.177.829,00 |
8.251.365,00 |
8.280.440,00 |
|
|
Machinery, equipment and other |
13.216.415,00 |
14.356.696,00 |
16.211.768,00 |
|
|
Other property plant and equipement |
1.260.691,00 |
1.291.799,00 |
1.328.052,00 |
|
|
Prepaid expenses on fixed assets |
279.727,00 |
42.824,00 |
9.627,00 |
|
|
Other assets |
2.656.744,00 |
2.818.960,00 |
2.915.289,00 |
|
|
Depreciation |
-13.730.827,00 |
-15.044.417,00 |
-16.458.711,00 |
|
|
IV. Financial assets |
5.583.068,00 |
7.441.209,00 |
6.853.282,00 |
|
|
Shares in affiliated companies |
7.141.048,00 |
7.698.890,00 |
8.112.982,00 |
|
|
Securities |
|
2.000.000,00 |
2.000.000,00 |
|
|
Other loans |
19.183,00 |
73.429,00 |
45.537,00 |
|
|
Long term deposits and guarantees |
49.614,00 |
50.734,00 |
50.917,00 |
|
|
Provisions |
-2.916.886,00 |
-3.719.679,00 |
-4.480.331,00 |
|
|
Tax refunds |
1.290.109,00 |
1.337.835,00 |
1.124.177,00 |
|
|
V. Owners equity |
29.810.136,00 |
9.022.161,00 |
8.864.677,00 |
|
|
VI. Long term trade liabilities |
|
|
|
|
|
C) DEFERRED EXPENSES |
223.317,00 |
|
|
|
|
D) CURRENT ASSETS |
34.024.455,00 |
31.408.700,00 |
35.962.691,00 |
|
|
I. Not paid in shareholder capital |
|
|
|
|
|
II. Inventory |
8.292.967,00 |
8.698.830,00 |
8.734.409,00 |
|
|
Raw material inventory |
5.440.076,00 |
4.833.868,00 |
5.149.610,00 |
|
|
Finished goods |
2.857.131,00 |
3.882.371,00 |
3.588.439,00 |
|
|
Provisions |
-4.240,00 |
-17.409,00 |
-3.640,00 |
|
|
III. Debtors |
22.158.023,00 |
19.739.110,00 |
21.211.434,00 |
|
|
Clients |
14.649.915,00 |
15.026.255,00 |
15.508.748,00 |
|
|
Amounts owned by affiliated companies |
3.529.726,00 |
3.036.601,00 |
3.193.077,00 |
|
|
Amounts owned by associated companies |
43.093,00 |
54.538,00 |
42.880,00 |
|
|
Other debts |
2.155.321,00 |
603.255,00 |
1.284.094,00 |
|
|
Labor costs |
47.757,00 |
17.242,00 |
50.251,00 |
|
|
Taxes refunds |
2.186.065,00 |
1.579.149,00 |
1.467.113,00 |
|
|
Provisions |
-453.854,00 |
-577.930,00 |
-334.729,00 |
|
|
IV. Short term financial assets |
|
122.990,00 |
122.990,00 |
|
|
Short term investment |
|
122.990,00 |
122.990,00 |
|
|
V. Short term owners equity |
|
|
|
|
|
VI. Cash |
3.560.672,00 |
2.828.844,00 |
5.852.315,00 |
|
|
VII. Prepaid expenses and accrued income |
12.793,00 |
18.926,00 |
41.543,00 |
|
|
ASSETS (A + B + C + D) |
80.501.555,00 |
59.697.097,00 |
64.060.083,00 |
Balance Sheet (LIABILITIES)
|
(Figures given in Euros) |
31/12/2003 (12) |
31/12/2004 (12) |
31/12/2005 (12) |
|
|
|
A) SHAREHOLDERS EQUITY |
38.754.762,00 |
22.422.900,00 |
28.629.384,00 |
|
|
I. Capital |
2.886.000,00 |
2.329.675,00 |
2.329.675,00 |
|
|
II. Premium share account |
|
|
|
|
|
III. Revaluation reserve |
|
|
|
|
|
IV. Reserves |
31.814.969,00 |
15.413.795,00 |
19.935.738,00 |
|
|
Retained earnings |
577.200,00 |
577.200,00 |
577.200,00 |
|
|
Sinking fund from owner equity |
29.810.136,00 |
9.022.161,00 |
8.864.677,00 |
|
|
Statuatory reserve |
|
1.072.988,00 |
1.072.988,00 |
|
|
Other funds |
1.427.633,00 |
4.741.446,00 |
9.420.873,00 |
|
|
V. Prior year earnings |
|
|
|
|
|
VI. Prior year profit or losses |
7.053.793,00 |
6.858.960,00 |
8.543.501,00 |
|
|
VII. Dividend paid during the year |
-3.000.000,00 |
-2.179.530,00 |
-2.179.530,00 |
|
|
VIII. Own shares for change in capital |
|
|
|
|
|
B) DEFERRED INCOME |
|
|
192.931,00 |
|
|
Rate difference |
|
|
192.931,00 |
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
480.253,00 |
840.875,00 |
547.029,00 |
|
|
Other provisions |
480.253,00 |
840.875,00 |
547.029,00 |
|
|
D) LONG TERM LIABILITIES |
26.073.306,00 |
21.428.571,00 |
16.062.785,00 |
|
|
I. Bonds |
|
|
|
|
|
II. Bank loans |
26.073.306,00 |
21.428.571,00 |
16.062.785,00 |
|
|
Long term bank loans |
26.073.306,00 |
21.428.571,00 |
16.062.785,00 |
|
|
III. Debts with associed and affiliated
companies |
|
|
|
|
|
IV. Other creditors |
|
|
|
|
|
V. Deferred debts on shares |
|
|
|
|
|
VI. Long term debt with creditor |
|
|
|
|
|
E) SHORT TERM LIABILITIES |
15.193.234,00 |
15.004.751,00 |
18.627.954,00 |
|
|
I. Negotiable bonds |
|
|
|
|
|
II. Bank loans |
3.926.694,00 |
4.285.714,00 |
8.147.023,00 |
|
|
Loans and other debts |
3.926.694,00 |
4.285.714,00 |
8.147.023,00 |
|
|
III. Short term debts with associated and
affiliated companies |
631.222,00 |
111.139,00 |
396,00 |
|
|
With affiliated companies |
4.221,00 |
1.027,00 |
396,00 |
|
|
Associeted companies |
627.001,00 |
110.112,00 |
|
|
|
IV. Trade creditors |
7.922.347,00 |
8.299.373,00 |
8.979.221,00 |
|
|
Expenses |
1.773.420,00 |
2.511.012,00 |
2.204.721,00 |
|
|
Bills payable |
6.148.927,00 |
5.788.361,00 |
6.774.500,00 |
|
|
V. Other non trade payables |
2.712.971,00 |
2.308.525,00 |
1.501.314,00 |
|
|
Government |
753.372,00 |
687.144,00 |
747.387,00 |
|
|
Bills payable |
|
144.615,00 |
67.770,00 |
|
|
Other debts |
1.358.106,00 |
865.967,00 |
7.810,00 |
|
|
Accounts receivable |
601.493,00 |
610.799,00 |
678.347,00 |
|
|
VI. Provisions for current assets |
|
|
|
|
|
VII. Accruals and deferred incomes |
|
|
|
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
80.501.555,00 |
59.697.097,00 |
64.060.083,00 |
Profit and Loss Account
|
(Figures given in Euros) |
31/12/2003 (12) |
31/12/2004 (12) |
31/12/2005 (12) |
|
|
|
A) EXPENSES (A.1 a A.16) |
|
|
|
|
|
A.1. Change in stocks of finished goods
and work in progress |
|
|
293.932,00 |
|
|
A.2. Supplies |
25.083.007,00 |
25.646.297,00 |
26.028.441,00 |
|
|
Raw materials consumed |
24.620.181,00 |
25.325.344,00 |
25.671.405,00 |
|
|
Other expenses |
462.826,00 |
320.953,00 |
357.036,00 |
|
|
A.3. Labor cost |
15.427.548,00 |
15.652.976,00 |
16.673.230,00 |
|
|
Wages |
12.597.369,00 |
12.400.363,00 |
13.393.039,00 |
|
|
Social security expenses |
2.830.179,00 |
3.252.613,00 |
3.280.191,00 |
|
|
A.4. Assets depreciation |
1.135.136,00 |
1.422.603,00 |
1.533.704,00 |
|
|
A.5 Variance in provision for current
assets |
1.362,00 |
77.123,00 |
38.086,00 |
|
|
Variance in provision for inventory |
-52.510,00 |
13.169,00 |
-13.770,00 |
|
|
Variance in provision for bad debts |
53.872,00 |
63.954,00 |
51.856,00 |
|
|
A.6. Other operating costs |
10.480.588,00 |
11.636.136,00 |
12.103.589,00 |
|
|
External costs |
10.165.166,00 |
11.334.598,00 |
11.623.258,00 |
|
|
Taxes |
315.422,00 |
301.538,00 |
480.331,00 |
|
|
A.I. OPERATING RESULT
(B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
9.265.091,00 |
9.135.534,00 |
7.893.866,00 |
|
|
A.7. Financial expenses |
159.999,00 |
1.032.691,00 |
1.065.367,00 |
|
|
Debts with related companies |
3.405,00 |
103.258,00 |
127.060,00 |
|
|
Other companies debts |
156.594,00 |
929.433,00 |
938.307,00 |
|
|
A.8. Variation in financial investments
provision |
|
|
|
|
|
A.9. Exchange losses |
654.798,00 |
519.852,00 |
|
|
|
A.II. POSITIVE FINANCIAL RESULTS
(B.5+B.6+B.7+B.8-A.7-A.8-A.9) |
588.480,00 |
|
2.860.334,00 |
|
|
A.III. PROFIT FROM ORDINARY ACTIVITIES
(A.I+A.II-B.I-B.II) |
9.853.571,00 |
9.091.813,00 |
10.754.200,00 |
|
|
A.10. Variation in provision in fixed
assets |
755.465,00 |
750.154,00 |
760.652,00 |
|
|
A.11. Losses in fixed assets |
20.803,00 |
8.786,00 |
20.565,00 |
|
|
A.12. Losses from shares and bonds |
|
|
|
|
|
A.13. Extraordinary charges |
2.290.538,00 |
499.286,00 |
307.439,00 |
|
|
A.14. Prior year’s expenses and losses |
|
|
|
|
|
A.IV. POSITIVE EXTRAORDINARY RESULT
(B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14) |
|
|
|
|
|
A.V. EARNINGS / LOSS BEFORE TAXES
(A.III+A.IV-B.III-B.IV) |
8.300.138,00 |
7.913.974,00 |
9.787.339,00 |
|
|
A.15. Corporate Taxes |
1.246.345,00 |
1.055.014,00 |
1.243.838,00 |
|
|
A.16. Other taxes |
|
|
|
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.15-A.16) |
7.053.793,00 |
6.858.960,00 |
8.543.501,00 |
|
|
B) INCOMES (B.1 a B13) |
|
|
|
|
|
B.1. Turnover |
59.168.634,00 |
59.908.085,00 |
61.521.450,00 |
|
|
Sales |
60.482.272,00 |
62.330.931,00 |
63.347.088,00 |
|
|
Services provided |
351.428,00 |
331.768,00 |
363.501,00 |
|
|
Discounts |
-1.665.066,00 |
-2.754.614,00 |
-2.189.139,00 |
|
|
B.2. Increase in inventory of finished
goods |
|
1.025.240,00 |
|
|
|
B.3. Expenses capitalized |
|
|
|
|
|
B.4. Other operating income |
2.224.098,00 |
2.637.344,00 |
3.043.398,00 |
|
|
Other incomes |
2.224.098,00 |
2.637.344,00 |
3.043.398,00 |
|
|
B.I. OPERATING LOSSES
(A.1+A.2+A.3+A.4+A.5+A.6-B.1-B.2-B.3-B.4) |
|
|
|
|
|
B.5. Incomes from share |
1.235.395,00 |
1.232.813,00 |
3.274.109,00 |
|
|
From affiliated companies |
1.235.395,00 |
1.232.813,00 |
3.274.109,00 |
|
|
B.6. Income from securities |
48.438,00 |
83.535,00 |
|
|
|
Other companies |
48.438,00 |
83.535,00 |
|
|
|
B.7. Other income from interrest |
249,00 |
2.418,00 |
70.144,00 |
|
|
From other companies |
249,00 |
2.418,00 |
70.144,00 |
|
|
B.8. Gains on exchange |
119.195,00 |
190.056,00 |
581.448,00 |
|
|
B.II. FINANCIAL LOSSES
(A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
|
43.721,00 |
|
|
|
B.III. LOSSES FROM ORDINARY ACTIVITIES
(B.I+B.II-A.I-A.II) |
|
|
|
|
|
B.9. Gains from disposal of fixed assets |
1.378,00 |
2.069,00 |
4.771,00 |
|
|
B.10. Gains from dealing in own shares |
|
|
|
|
|
B.11. Paid in surplus |
|
|
|
|
|
B.12. Extraordinary income |
1.511.995,00 |
78.318,00 |
117.024,00 |
|
|
B.13. Prior year’s income and profits |
|
|
|
|
|
B.IV. EXTRAORDINARY LOSSES (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13) |
1.553.433,00 |
1.177.839,00 |
966.861,00 |
|
|
B.V. LOSS BEFORE TAXES
(B.III+B.IV-A.III-A.IV) |
|
|
|
|
|
B.VI. NET LOSS (B.V+A.15+A.16) |
|
|
|
Main Ratios
|
(Figures given in Euros) |
2.003 (12) |
2.004 (12) |
2.005 (12) |
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales Figures |
-1,37 |
1,25 |
2,69 |
|
|
Assets Turnover |
0,74 |
1,00 |
0,96 |
|
|
Productivity |
1,67 |
1,68 |
1,57 |
|
|
Increase of the Added Value |
-3,71 |
1,78 |
-0,57 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
8,76 |
11,49 |
13,34 |
|
|
Financial Profitability |
18,20 |
30,59 |
29,84 |
|
|
Financial Expenses |
0,27 |
1,72 |
1,73 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
135,00 |
119,00 |
124,00 |
|
|
Suppliers’ Credit (In days of sales) |
114,00 |
121,00 |
123,00 |
|
|
Working Capital (In days of sales) |
115,00 |
99,00 |
101,00 |
|
|
Working Capital Requirement (In days of
sales) |
117,00 |
107,00 |
114,00 |
|
|
Treasury (In days of sales) |
0,00 |
0,00 |
0,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
18.831.221,00 |
16.403.949,00 |
17.334.737,00 |
|
|
Working Capital Requirement |
19.197.243,00 |
17.737.829,00 |
19.506.455,00 |
|
|
Treasury |
-366.022,00 |
-1.333.880,00 |
-2.171.718,00 |
|
|
Balance Ratio |
1,41 |
1,58 |
1,62 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
51,26 |
61,03 |
54,15 |
|
|
Own / Permanent Funds |
59,34 |
50,17 |
63,02 |
|
|
Payback Capacity |
0,68 |
0,59 |
0,54 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
2,24 |
2,09 |
1,93 |
|
|
Immediate Liquidity |
0,23 |
0,20 |
0,32 |
Sectorial Analysis
Summary of Assets, Liability
& Equity
|
(Figures given in Percentages) |
Company |
Sector |
Company |
|
|
2.005 |
|
|
|
Assets |
|||
|
DUE FROM SHAREHOLDERS
FOR UNCALLED CAPITAL |
0,00 |
0,00 |
0,00 |
|
FIXED ASSETS |
43,86 |
48,40 |
-4,54 |
|
ACCRUED EXPENSES |
0,00 |
0,13 |
-0,13 |
|
CURRENT ASSETS |
56,14 |
51,46 |
4,68 |
|
TOTAL ASSETS |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
SHAREHOLDERS EQUITY |
44,69 |
54,81 |
-10,12 |
|
ACCRUED INCOME |
0,30 |
0,33 |
-0,03 |
|
RISK AND EXPENDITURE
COVER |
0,85 |
1,85 |
-1,00 |
|
LONG-TERM CREDITORS |
25,07 |
6,13 |
18,94 |
|
SHORT-TERM CREDITORS |
29,08 |
36,88 |
-7,80 |
|
SHORT-TERM RISK AND
EXPENDITURE COVER |
0,00 |
0,00 |
0,00 |
|
TOTAL LIABILITIES |
100,00 |
100,00 |
0,00 |
Analytical Account of Results
|
(Figures given in Percentages) |
Company |
Sector |
Company |
|
|
2.005 |
|
|
|
Net turnover |
95,29 |
98,89 |
-3,61 |
|
Other operating income |
4,71 |
1,11 |
3,61 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
40,77 |
44,78 |
-4,01 |
|
Other operation expenses |
18,75 |
29,64 |
-10,89 |
|
Added value |
40,48 |
25,59 |
14,90 |
|
Labor cost |
25,82 |
13,41 |
12,41 |
|
Gross Economic Result |
14,66 |
12,18 |
2,48 |
|
Assets depreciation |
2,38 |
3,30 |
-0,93 |
|
Variation in provision
for current assets |
0,06 |
0,20 |
-0,14 |
|
Net Economic Result |
12,23 |
8,67 |
3,55 |
|
Financial income |
6,08 |
2,21 |
3,87 |
|
Financial expenses |
1,65 |
2,54 |
-0,89 |
|
Variation in financial
investment provision |
0,00 |
-0,01 |
0,01 |
|
Ordinary Activities
Result |
16,66 |
8,35 |
8,31 |
|
Extraordinary income |
0,19 |
0,73 |
-0,54 |
|
Extraordinary expenses |
0,51 |
0,50 |
0,01 |
|
Variation in provision
in fixed assets |
1,18 |
0,55 |
0,63 |
|
Results before Taxes |
15,16 |
8,03 |
7,13 |
|
Corporaye taxes |
1,93 |
2,64 |
-0,71 |
|
Net Result |
13,23 |
5,39 |
7,84 |
|
Assets depreciation |
2,38 |
3,30 |
-0,93 |
|
Provisions fund
variation |
1,24 |
0,75 |
0,49 |
|
Net Self-Financing |
16,84 |
9,44 |
7,41 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.005 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales
Figures |
2,69 |
-1,82 |
5,41 |
9,85 |
|
Assets Turnover |
0,96 |
0,70 |
1,13 |
1,48 |
|
Fixed Assets Turnover |
2,19 |
1,19 |
2,83 |
3,92 |
|
Increase of the Added
Value |
-0,57 |
-2,02 |
7,93 |
12,89 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
1,57 |
1,49 |
1,76 |
2,35 |
|
Change of Personnel
Costs |
6,52 |
2,02 |
8,47 |
12,06 |
|
Average Personnel Costs |
64.375,40 |
36.235,64 |
39.480,66 |
51.347,61 |
|
Value Added by Employees |
100.922,34 |
58.734,52 |
66.594,64 |
103.162,76 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
10.875.943,00 |
5.645.502,50 |
12.815.288,42 |
28.436.398,00 |
|
Operating Cash Flow |
9.465.656,00 |
7.741.519,53 |
19.567.935,83 |
28.721.123,50 |
|
Change in Cash Flow |
19,40 |
-9,23 |
12,25 |
29,09 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
13,34 |
2,45 |
5,32 |
11,36 |
|
Financial Profitability |
29,84 |
4,62 |
10,62 |
16,34 |
|
Financial Expenses |
1,73 |
0,53 |
1,13 |
1,85 |
|
Gross Economic
Profitability |
14,78 |
8,39 |
15,33 |
18,21 |
|
Gross Financial
Profitability |
33,06 |
20,24 |
27,63 |
39,06 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In
days of sales) |
124,00 |
48,70 |
82,88 |
136,05 |
|
Suppliers’ Credit (In
days of sales) |
122,00 |
94,90 |
147,22 |
185,10 |
|
Working Capital (In days
of sales) |
101,00 |
-22,06 |
45,14 |
65,01 |
|
Working Capital
Requirement (In days of sales) |
114,00 |
-47,85 |
12,08 |
43,25 |
|
Treasury (In days of
sales) |
0,00 |
-3,56 |
5,35 |
26,11 |
|
Operating Current Assets |
210,00 |
108,50 |
157,55 |
203,40 |
|
BALANCE |
|
|
|
|
|
Working Capital |
17.334.737,00 |
-2.614.907,44 |
9.088.335,50 |
55.433.944,61 |
|
Working Capital
Requirement |
19.506.455,00 |
-22.910.201,04 |
4.696.385,00 |
21.151.454,72 |
|
Treasury |
-2.171.718,00 |
-550.452,00 |
1.819.771,50 |
23.648.428,22 |
|
Balance Ratio |
1,62 |
0,96 |
1,42 |
1,70 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
54,15 |
35,22 |
49,53 |
58,31 |
|
Own / Permanent Funds |
63,02 |
79,89 |
98,12 |
99,73 |
|
Payback Capacity |
0,54 |
0,24 |
0,33 |
0,49 |
|
Long term Indebtedness |
25,08 |
0,00 |
0,09 |
1,47 |
|
Gearing |
223,76 |
154,52 |
198,15 |
239,87 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,01 |
|
Assets Guarantee |
1,85 |
1,66 |
1,99 |
2,75 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,93 |
0,92 |
1,36 |
1,69 |
|
Immediate Liquidity |
0,32 |
0,01 |
0,10 |
0,19 |
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 |
|