MIRA
INFORM REPORT
|
Report Date : |
19th
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
ASEA
BROWN BOVERI SA |
|
|
|
|
Formerly Known as: |
ABB
ENERGIA SA |
|
|
|
|
Registered Office : |
Calle
San Romualdo, 13, 28037 Madrid (Madrid) |
|
|
|
|
Country : |
Spain |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
09/11/1917 |
|
|
|
|
Legal Form : |
Joint
Stock Company |
|
|
|
|
Line of Business : |
Wholesale
of other machinery for use in industry, trade and navigation . |
RATING & COMMENTS
|
MIRA’s Rating : |
|
|
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 A08002883
NAME ASEA
BROWN BOVERI SA
TRADE
NAME ABB
FORMER
NAME ABB ENERGIA SA
BUSINESS
ADDRESS CALLE SAN
ROMUALDO, 13
Postcode 28037
MADRID (MADRID)
FORMER
ADDRESS CALLE
CRONOS, 57
Postcode 28037
MADRID (MADRID)
URL http://www.abb.es
TELEPHONE 915819393
LEGAL
FORM JOINT STOCK
COMPANY
DATE
FOUNDED 09/11/1917
CAPITAL 33.317.599,00 Euros
PAID-UP
CAPITAL 33.317.599,00 Euros
NUMBER
OF EMPLOYEES 2.570
ACTIVITY 1617900 - Wholesale
of other products
CNAE 5165 - Wholesale
of other machinery for use in industry, trade and
navigation
EXPORT
COMPANY YES
IMPORT
COMPANY YES
* Characteristics of the
main address
According to our investigations
dated 30/11/2005 these premises are owned; with no official confirmation
used as office located in a secondary residential
area .
Synthesis
FINANCIAL SITUATION (Year
ending: 31/12/2005)
PROFITABILITY Medium
TREASURY Excellent
BALANCE
SHEET Excellent
DEBT Medium
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 6.000.000,00 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 |
|
|
693.497.763,00 |
|
|
ADDED VALUE |
3.532.800,11 |
1.182.667,36 |
174.652.735,00 |
25,18 |
|
BUSINESS RESULT |
11.844.643,25 |
27.940.551,79 |
25.541.970,00 |
3,68 |
|
OWN FUNDS |
98.905.522,25 |
58.814.074,04 |
107.991.097,00 |
|
|
DEBT |
50.075.160,79 |
90.667.401,31 |
360.919.821,00 |
|
|
TOTAL ASSET |
150.983.483,80 |
154.481.475,35 |
478.427.127,00 |
|
The sales of 693.497.763,00
Euros compared with 2.004 .
Added value grew by
14.667,70% compared with the previous year. Shareholders equity are
107.991.097,00 Euros for an indebtedness of
360.919.821,00 Euros .
The result 25.541.970,00
Euros means financial profitability of 23,65% and
economic profitability of 5,34% . This result means growth of
-8,58% compared with the 2.004 .
THE FIGURES FOR THE LAST BALANCE
SHEET ARE RELEVANT:
SOURCE: FROM THE MERCANTILE
REGISTER
DATE: 04/09/2006
Results Distribution
Annual Report Year Source:
2.005
Figures given in Euros
Distribution Base
Profit
and Loss 25.541.970
Total
of Amounts to be distributed 25.541.970
Distribution a
Voluntary
Reserve 41.970
Dividends 25.500.000
Auditors’ opinion:
FAVOURABLE (2.005)
Auditors:
ERNST & YOUNG S.L.
Comparative Sector Analysis
|
|
Company |
Sector |
Difference |
|
|
(2.005) |
|
|
|
% of PRODUCTION VALUE |
|
|
|
|
SALES |
99,24 |
99,11 |
0,13 |
|
ADDED
VALUE |
24,99 |
17,20 |
7,79 |
|
BUSINESS
RESULT |
3,66 |
2,98 |
0,68 |
|
% OF TOTAL ASSETS |
|
|
|
|
OWN
FUNDS |
22,57 |
32,93 |
-10,36 |
|
DEBT |
75,44 |
67,07 |
8,37 |
Compared sector (CNAE): 516 - Comercio al por mayor de
maquinaria y equipo
Number of companies: 40
Size (Sales Figure): > 40.000.000,00 Euros
The turnover of the company is 0,13%
above the mean for the sector.
The company’s added value was 24,99%
s/ the production value, and 7,79% above the mean for the sector.
The company’s business result was
3,66% of the PV, 0,68% above the mean for the sector.
The company’s own resources are 22,57%
, 10,36% below the mean for the sector.
The company’s outside resources are
75,44% , 8,37% 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: 1 Company
/ Companies in Insolvency Proceedings
Main Board members, Directors and
Auditor
|
Position |
Surname and name |
Date of appointment |
|
CHAIRMAN |
CARVAJAL Y URQUIJO JAIME |
22/12/2004 |
|
VICE-PRESIDENT |
MARCOS RAMON CARLOS ISIDRO |
22/09/2003 |
|
VICE-PRESIDENT |
FASSLER HANS PETER |
24/02/2006 |
|
BOARD MEMBER |
SMITS PETERIS |
09/05/2003 |
|
BOARD MEMBER |
CARRASCO BELMONTE JAIME |
22/09/2003 |
|
BOARD MEMBER |
PEREGRINA AYU LUIS |
22/09/2003 |
|
SECRETARY |
GUTIERREZ DE TERAN Y GOMEZ BENITA ENRIQUE |
22/12/2004 |
|
AUDITOR |
ERNST YOUNG S L |
23/10/2006 |
Functional Managers
|
Position |
Surname and name |
|
HUMAN RESOURCES MANAGER |
VERA BRUSCA JOSE |
|
MARKETING MANAGER |
ALVAREZ RAMOS NIEVES |
|
EXPORTS MANAGER |
RODRIGUEZ GONZALEZ JOSE MANUEL |
Financial Links
|
Shareholders |
||||
|
Company Name |
CIF/Country |
|
Source |
Information Date |
|
ABB HOLDINGS BV |
PAÍSES BAJOS |
99,99% |
M.REGISTER |
31/12/2005 |
|
ABB M.E.A LTD |
SUIZA |
Indet. |
M.REGISTER |
31/12/2005 |
|
Shareholdings |
||||
|
Company Name |
CIF/Country |
Percent. |
Source |
Information Date |
|
ABB SPGS SA |
PORTUGAL |
99,99% |
M.REGISTER |
31/12/2005 |
|
CIDECA |
SALVADOR |
75,00% |
B.O.R.M.E. |
20/09/2005 |
|
ASEA BROWN BOVERI SA MONTREAL MONTAJES Y
REALIZACIONES SA UTE ASMARA LEY 18-1982 |
G84644319 |
70,00% |
OWN SOURCES |
09/06/2006 |
|
UTE CONSORTIUM ABB AND INABENSA TANZANIA LEY
18-1982 |
G83500793 |
50,00% |
B.O.R.M.E. |
20/09/2005 |
|
ABB SADESPA SA CONTROL Y MONTAJES
INDUSTRIALES CYMI SA MANTENIMIENTO Y MONTAJES INDUSTRIALES SA UTE LEY 18/1982
ACM |
G82575432 |
50,00% |
B.O.R.M.E. |
20/09/2005 |
|
UTE CONSORTIUM ABB AND INABENSA LEY 18-1982 |
G83018317 |
50,00% |
B.O.R.M.E. |
20/09/2005 |
Proceedings published in the
B.O.R.M.E. (Official Mercantile Register Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Resignations |
28/12/2006 |
623317 |
MADRID |
|
Appointments |
22/12/2006 |
614260 |
MADRID |
|
Registration of accounts
(2005) Consolidated |
21/11/2006 |
907621 |
MADRID |
|
Other statutary acts |
20/11/2006 |
552675 |
MADRID |
|
Re-elections |
23/10/2006 |
506242 |
MADRID |
Press articles
12/02/2007 EXPANSIÓN LEGAL ANNOUNCE
EN JUNTA GRAL. EXTRAORDINARIA
CELEBRADA EL 02/02/07 SE ACORDO TRASLADAR EL DOMICILIO SOCIAL A LA CALLE SAN
ROMUALDO, N. 13, 28037 MADRID.
24/06/2006 EL
PERIODICO DE ARAGON BUSINESS AWARDS
INFORMATION
LA EMPRESA ABB POWER TECHNOLOGY,
CON SEDE EN ZARAGOZA, HA RECIBIDO EL PREMIO EUROPEO A LA EXCELENCIA LOGISTICA,
OTORGADO POR LA ELA (EUROPEAN LOGISTICS ASSCOCIATION).
Brands, Signs and Commercial
Names
|
Prevailing Brands |
|||||
|
Name: |
OVER NIESSEN |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M2268121 |
||
|
Request Date: |
04/11/1999 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
CESSION |
|
Types: 9 |
|
||||
|
Name: |
ARCO NIESSEN |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M2077813 |
||
|
Request Date: |
03/03/1997 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
CESSION |
|
Types: 9 |
|
||||
|
Name: |
STYLO NIESSEN |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M2036667 |
||
|
Request Date: |
26/06/1996 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
RENEWED REGISTER |
|
Types: 9 |
|
||||
|
Name: |
SIGNO NIESSEN |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M2036668 |
||
|
Request Date: |
26/06/1996 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
RENEWED REGISTER |
|
Types: 9 |
|
||||
|
Name: |
OLAS NIESSEN |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M2036669 |
||
|
Request Date: |
26/06/1996 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
RENEWED REGISTER |
|
Types: 9 |
|
||||
Total Marcas: 5
Branches
|
Road |
Postal Code |
Town |
Province |
|
CATALUNYA |
08007 |
BARCELONA |
BARCELONA |
|
DE VILADECANS SN |
|
VILADECANS |
BARCELONA |
|
ILLA DE BUDA |
08192 |
SANT QUIRZE DEL VALLES |
BARCELONA |
|
MARCELINO MENENDEZ PELAYO |
08940 |
CORNELLA DE LLOBREGAT |
BARCELONA |
|
MARIE CURIE |
08210 |
BARBERA DEL VALLES |
BARCELONA |
|
MONTCADA |
08203 |
SABADELL |
BARCELONA |
|
ESCRITOR CONDE DE ZAMORA |
14004 |
CORDOBA |
CORDOBA |
|
ARTEIJO |
|
A CORUŃA |
LA CORUNA |
|
MAESTRO MATEO |
15004 |
A CORUŃA |
LA CORUNA |
|
ARANGUREN |
20180 |
OIARTZUN |
GUIPUZCOA |
Commercial
Experience
General
Information
Foundation
Year 1917
PURCHASES
Imports::
TODO
EL MUNDO
SALES
Collection
(estimated)
Credit
sales percentage 100 %
Exports::
TODO
EL MUNDO
Bank Entities
|
Entity |
|
|
|
|
|
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. |
|
|
|
|
|
CAIXA D’ESTALVIS DE CATALUNYA |
|
|
|
|
|
CAJA AH. VALENCIA, CASTELLON Y ALICANTE,
BANCAJA |
|
|
|
|
|
BANCO ESPAŃOL DE CREDITO, S.A. |
|
|
|
|
|
BANCO ZARAGOZANO |
|
|
|
|
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 04/09/2006
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 |
54.506.604,88 |
59.620.190,99 |
102.480.762,00 |
|
|
I. Establishment expenses |
|
|
|
|
|
II. Intangible assets |
278.411,45 |
4.381.756,58 |
16.979.313,00 |
|
|
R & D expenses |
|
|
3.547.141,00 |
|
|
Concessions, patents,licences , trademarks |
|
|
559.426,00 |
|
|
Goodwill |
|
|
21.063.421,00 |
|
|
Software |
925.469,57 |
925.469,57 |
1.804.479,00 |
|
|
Leasing |
294.386,58 |
4.348.438,95 |
16.702.895,00 |
|
|
Amortization |
-941.444,70 |
-892.151,94 |
-26.698.049,00 |
|
|
III. Tangible assets |
18.425.268,01 |
16.356.043,32 |
48.904.973,00 |
|
|
Property, plant and equipment |
16.110.575,27 |
16.269.210,75 |
28.210.476,00 |
|
|
Machinery, equipment and other |
6.343.756,63 |
6.568.656,74 |
83.850.736,00 |
|
|
Other property plant and equipement |
582.139,54 |
674.810,17 |
30.522.700,00 |
|
|
Prepaid expenses on fixed assets |
1.591.970,64 |
|
1.418.495,00 |
|
|
Other assets |
733.714,51 |
1.027.296,78 |
5.983.110,00 |
|
|
Depreciation |
-6.936.888,58 |
-8.183.931,12 |
-101.080.544,00 |
|
|
IV. Financial assets |
35.802.925,42 |
38.882.391,09 |
36.596.476,00 |
|
|
Shares in affiliated companies |
35.699.932,68 |
35.639.951,67 |
30.000.000,00 |
|
|
Shares in associated companies |
|
|
4.346,00 |
|
|
Other loans |
|
3.000.000,00 |
3.000.000,00 |
|
|
Long term deposits and guarantees |
102.992,74 |
242.439,42 |
1.469.217,00 |
|
|
Tax refunds |
|
|
2.122.913,00 |
|
|
V. Owners equity |
|
|
|
|
|
VI. Long term trade liabilities |
|
|
|
|
|
C) DEFERRED EXPENSES |
|
|
381.842,00 |
|
|
D) CURRENT ASSETS |
96.476.878,92 |
94.861.284,36 |
375.564.523,00 |
|
|
I. Not paid in shareholder capital |
|
|
|
|
|
II. Inventory |
|
|
106.022.508,00 |
|
|
Goods available for sale |
|
|
8.528.711,00 |
|
|
Raw material inventory |
|
|
19.927.119,00 |
|
|
Work in Progress |
|
|
66.836.134,00 |
|
|
Finished goods |
|
|
16.145.473,00 |
|
|
Cash advance |
|
|
2.515.334,00 |
|
|
Provisions |
|
|
-7.930.263,00 |
|
|
III. Debtors |
5.279.165,17 |
7.492.844,14 |
249.235.014,00 |
|
|
Clients |
|
|
226.186.934,00 |
|
|
Amounts owned by affiliated companies |
7.015.855,28 |
7.041.419,06 |
20.219.340,00 |
|
|
Amounts owned by associated companies |
|
|
10.037,00 |
|
|
Other debts |
1.600.721,45 |
390.478,66 |
584.599,00 |
|
|
Labor costs |
12.990,82 |
531,80 |
465.987,00 |
|
|
Taxes refunds |
428.689,49 |
493.143,35 |
10.281.883,00 |
|
|
Provisions |
-3.779.091,87 |
-432.728,73 |
-8.513.766,00 |
|
|
IV. Short term financial assets |
87.410.211,24 |
81.950.050,03 |
15.292.315,00 |
|
|
Receivables in affiliated companies |
85.022.647,39 |
81.683.333,92 |
15.000.626,00 |
|
|
Other loans |
2.184.133,66 |
64.487,94 |
209.010,00 |
|
|
Short Term Deposit and guarantees |
203.430,19 |
202.228,17 |
82.679,00 |
|
|
V. Short term owners equity |
|
|
|
|
|
VI. Cash |
3.787.502,51 |
5.418.390,19 |
4.091.489,00 |
|
|
VII. Prepaid expenses and accrued income |
|
|
923.197,00 |
|
|
ASSETS (A + B + C + D) |
150.983.483,80 |
154.481.475,35 |
478.427.127,00 |
Balance Sheet (LIABILITIES)
|
(Figures given in Euros) |
31/12/2003 (12) |
31/12/2004 (12) |
31/12/2005 (12) |
|
|
|
A) SHAREHOLDERS EQUITY |
98.905.522,25 |
58.814.074,04 |
107.991.097,00 |
|
|
I. Capital |
33.317.598,58 |
33.317.598,58 |
33.317.599,00 |
|
|
II. Premium share account |
|
|
|
|
|
III. Revaluation reserve |
|
|
|
|
|
IV. Reserves |
53.743.280,42 |
9.555.923,67 |
49.131.528,00 |
|
|
Retained earnings |
6.663.532,47 |
6.663.532,47 |
6.663.532,00 |
|
|
Other funds |
47.079.666,68 |
2.892.309,93 |
42.467.915,00 |
|
|
Capital adjustments in Euros |
81,27 |
81,27 |
81,00 |
|
|
V. Prior year earnings |
|
|
|
|
|
VI. Prior year profit or losses |
11.844.643,25 |
27.940.551,79 |
25.541.970,00 |
|
|
VII. Dividend paid during the year |
|
-12.000.000,00 |
|
|
|
VIII. Own shares for change in capital |
|
|
|
|
|
B) DEFERRED INCOME |
2.800,76 |
3.000.000,00 |
3.169.767,00 |
|
|
Rate difference |
|
|
169.767,00 |
|
|
Other deferred income |
2.800,76 |
3.000.000,00 |
3.000.000,00 |
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
2.000.000,00 |
2.000.000,00 |
5.670.134,00 |
|
|
Provision for pensions plans |
|
|
2.891.926,00 |
|
|
Provision for taxes |
|
|
120.828,00 |
|
|
Other provisions |
2.000.000,00 |
2.000.000,00 |
2.657.380,00 |
|
|
D) LONG TERM LIABILITIES |
3.840.189,45 |
52.580.147,34 |
90.461.206,00 |
|
|
I. Bonds |
|
|
|
|
|
II. Bank loans |
|
3.660.775,71 |
12.657.101,00 |
|
|
Long term bank loans |
|
3.660.775,71 |
9.733.223,00 |
|
|
Leasing |
|
|
2.923.878,00 |
|
|
III. Debts with associed and affiliated
companies |
|
45.232.312,50 |
75.000.000,00 |
|
|
Debt with affiliated companies |
|
45.232.312,50 |
75.000.000,00 |
|
|
IV. Other creditors |
3.840.189,45 |
3.687.059,13 |
2.804.105,00 |
|
|
Other debts |
|
|
190.800,00 |
|
|
Long term deposit and guaranties |
|
3.687.059,13 |
2.084.030,00 |
|
|
Taxes receivable |
3.840.189,45 |
|
529.275,00 |
|
|
V. Deferred debts on shares |
|
|
|
|
|
VI. Long term debt with creditor |
|
|
|
|
|
E) SHORT TERM LIABILITIES |
46.234.971,34 |
38.087.253,97 |
270.458.615,00 |
|
|
I. Negotiable bonds |
|
|
|
|
|
II. Bank loans |
44.184,85 |
28.413,67 |
1.453.173,00 |
|
|
Loans and other debts |
|
|
516.709,00 |
|
|
Debt interest |
44.184,85 |
28.413,67 |
10.243,00 |
|
|
Leasing |
|
|
926.221,00 |
|
|
III. Short term debts with associated and
affiliated companies |
24.155.969,05 |
16.094.301,49 |
58.684.280,00 |
|
|
With affiliated companies |
24.155.969,05 |
16.094.301,49 |
58.684.280,00 |
|
|
IV. Trade creditors |
16.444.039,18 |
16.416.308,78 |
121.697.920,00 |
|
|
Accounts payable |
12.504,88 |
18.143,52 |
17.161.945,00 |
|
|
Expenses |
16.431.534,30 |
16.398.165,26 |
104.535.975,00 |
|
|
V. Other non trade payables |
5.590.778,26 |
5.548.230,03 |
36.717.136,00 |
|
|
Government |
4.916.193,59 |
4.797.562,33 |
20.209.356,00 |
|
|
Other debts |
|
|
6.820.100,00 |
|
|
Accounts receivable |
674.584,67 |
750.667,70 |
9.687.680,00 |
|
|
VI. Provisions for current assets |
|
|
49.972.177,00 |
|
|
VII. Accruals and deferred incomes |
|
|
1.933.929,00 |
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
|
|
676.308,00 |
|
|
LIABILITIES (A + B + C + D + E + F) |
150.983.483,80 |
154.481.475,35 |
478.427.127,00 |
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 |
|
|
|
|
|
A.2. Supplies |
174.444,52 |
159.738,60 |
471.828.788,00 |
|
|
Material consumed |
|
|
168.882.150,00 |
|
|
Raw materials consumed |
174.444,52 |
159.738,60 |
231.190.619,00 |
|
|
Other expenses |
|
|
71.756.019,00 |
|
|
A.3. Labor cost |
5.092.714,24 |
1.727.358,93 |
116.884.554,00 |
|
|
Wages |
4.200.236,74 |
1.480.230,80 |
89.484.988,00 |
|
|
Social security expenses |
892.477,50 |
247.128,13 |
27.399.566,00 |
|
|
A.4. Assets depreciation |
1.712.722,27 |
1.201.555,60 |
12.257.282,00 |
|
|
A.5 Variance in provision for current
assets |
5.000,00 |
|
11.920.216,00 |
|
|
Variance in provision for inventory |
|
|
659.812,00 |
|
|
Variance in provision for bad debts |
|
|
247.558,00 |
|
|
Variance in provision for other current
assets |
5.000,00 |
|
11.012.846,00 |
|
|
A.6. Other operating costs |
18.137.725,71 |
18.128.260,40 |
75.135.307,00 |
|
|
External costs |
18.069.006,96 |
17.678.792,60 |
74.004.075,00 |
|
|
Taxes |
68.718,75 |
449.467,80 |
932.821,00 |
|
|
Other day to day expenses |
|
|
198.411,00 |
|
|
A.I. OPERATING RESULT
(B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
|
|
33.590.683,00 |
|
|
A.7. Financial expenses |
973.296,45 |
1.172.617,01 |
4.994.636,00 |
|
|
Debts with related companies |
910.456,57 |
988.076,44 |
2.339.345,00 |
|
|
Other companies debts |
62.839,88 |
184.540,57 |
2.655.291,00 |
|
|
A.8. Variation in financial investments
provision |
|
|
|
|
|
A.9. Exchange losses |
125,81 |
2.073,28 |
1.984.552,00 |
|
|
A.II. POSITIVE FINANCIAL RESULTS
(B.5+B.6+B.7+B.8-A.7-A.8-A.9) |
12.859.118,19 |
29.538.918,39 |
|
|
|
A.III. PROFIT FROM ORDINARY ACTIVITIES
(A.I+A.II-B.I-B.II) |
9.581.481,79 |
27.792.671,22 |
28.365.893,00 |
|
|
A.10. Variation in provision in fixed
assets |
|
|
-33.104,00 |
|
|
A.11. Losses in fixed assets |
887.872,87 |
5.605,85 |
43.027,00 |
|
|
A.12. Losses from shares and bonds |
|
|
|
|
|
A.13. Extraordinary charges |
11.948,63 |
702.000,49 |
256.087,00 |
|
|
A.14. Prior year’s expenses and losses |
|
|
363.956,00 |
|
|
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) |
1.725.689,49 |
756.333,44 |
8.516.650,00 |
|
|
A.V. EARNINGS / LOSS BEFORE TAXES
(A.III+A.IV-B.III-B.IV) |
11.307.171,28 |
28.549.004,66 |
36.882.543,00 |
|
|
A.15. Corporate Taxes |
-537.471,97 |
608.452,87 |
11.340.573,00 |
|
|
A.16. Other taxes |
|
|
|
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.15-A.16) |
11.844.643,25 |
27.940.551,79 |
25.541.970,00 |
|
|
B) INCOMES (B.1 a B13) |
|
|
|
|
|
B.1. Turnover |
|
|
693.497.763,00 |
|
|
Sales |
|
|
709.368.438,00 |
|
|
Services provided |
|
|
27.110,00 |
|
|
Discounts |
|
|
-15.897.785,00 |
|
|
B.2. Increase in inventory of finished
goods |
|
|
22.816.462,00 |
|
|
B.3. Expenses capitalized |
|
|
1.334.595,00 |
|
|
B.4. Other operating income |
21.844.970,34 |
19.470.666,36 |
3.968.010,00 |
|
|
Other incomes |
21.844.970,34 |
19.470.666,36 |
3.756.352,00 |
|
|
Grants |
|
|
211.658,00 |
|
|
B.I. OPERATING LOSSES
(A.1+A.2+A.3+A.4+A.5+A.6-B.1-B.2-B.3-B.4) |
3.277.636,40 |
1.746.247,17 |
|
|
|
B.5. Incomes from share |
10.043.030,56 |
26.659.610,00 |
|
|
|
From affiliated companies |
10.043.030,56 |
26.659.610,00 |
|
|
|
B.6. Income from securities |
54.322,44 |
|
|
|
|
Other companies |
54.322,44 |
|
|
|
|
B.7. Other income from interrest |
3.733.073,19 |
4.053.998,68 |
673.655,00 |
|
|
From affiliated companies |
3.713.395,59 |
4.053.969,85 |
371.245,00 |
|
|
From other companies |
3.647,03 |
28,83 |
302.410,00 |
|
|
Gains from investments |
16.030,57 |
|
|
|
|
B.8. Gains on exchange |
2.114,26 |
|
1.080.743,00 |
|
|
B.II. FINANCIAL LOSSES (A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
|
|
5.224.790,00 |
|
|
B.III. LOSSES FROM ORDINARY ACTIVITIES
(B.I+B.II-A.I-A.II) |
|
|
|
|
|
B.9. Gains from disposal of fixed assets |
2.625.510,99 |
235,91 |
31.779,00 |
|
|
B.10. Gains from dealing in own shares |
|
|
|
|
|
B.11. Paid in surplus |
|
|
|
|
|
B.12. Extraordinary income |
|
1.463.703,87 |
6.013.830,00 |
|
|
B.13. Prior year’s income and profits |
|
|
3.101.007,00 |
|
|
B.IV. EXTRAORDINARY LOSSES
(A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13) |
|
|
|
|
|
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 |
|
|
|
|
|
Assets Turnover |
|
|
1,45 |
|
|
Productivity |
0,69 |
0,69 |
1,49 |
|
|
Increase of the Added Value |
14,39 |
-66,52 |
14.667,70 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
7,85 |
18,09 |
5,34 |
|
|
Financial Profitability |
11,98 |
47,51 |
23,65 |
|
|
Financial Expenses |
|
|
0,72 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
|
|
129,00 |
|
|
Suppliers’ Credit (In days of sales) |
33.935,00 |
36.997,00 |
98,00 |
|
|
Working Capital (In days of sales) |
|
|
54,00 |
|
|
Working Capital Requirement (In days of
sales) |
|
|
45,00 |
|
|
Treasury (In days of sales) |
|
|
9,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
50.241.907,58 |
56.774.030,39 |
104.429.600,00 |
|
|
Working Capital Requirement |
-40.911.621,32 |
-30.565.996,16 |
87.175.277,00 |
|
|
Treasury |
91.153.528,90 |
87.340.026,55 |
17.930.631,00 |
|
|
Balance Ratio |
1,92 |
1,95 |
2,02 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
33,17 |
58,69 |
75,44 |
|
|
Own / Permanent Funds |
94,42 |
50,53 |
52,10 |
|
|
Payback Capacity |
29,15 |
75,46 |
0,50 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
2,09 |
2,49 |
1,39 |
|
|
Immediate Liquidity |
1,97 |
2,29 |
0,07 |
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 |
21,42 |
20,74 |
0,68 |
|
ACCRUED EXPENSES |
0,08 |
0,23 |
-0,15 |
|
CURRENT ASSETS |
78,50 |
79,03 |
-0,53 |
|
TOTAL ASSETS |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
SHAREHOLDERS EQUITY |
22,57 |
32,93 |
-10,36 |
|
ACCRUED INCOME |
0,66 |
0,65 |
0,01 |
|
RISK AND EXPENDITURE
COVER |
1,19 |
0,74 |
0,45 |
|
LONG-TERM CREDITORS |
18,91 |
8,87 |
10,04 |
|
SHORT-TERM CREDITORS |
56,53 |
56,74 |
-0,21 |
|
SHORT-TERM RISK AND
EXPENDITURE COVER |
0,14 |
0,08 |
0,06 |
|
TOTAL LIABILITIES |
100,00 |
100,00 |
0,00 |
Analytical Account of Results
|
(Figures given in Percentages) |
Company |
Sector |
Company |
|
|
2.005 |
|
|
|
Net turnover |
99,24 |
99,11 |
0,13 |
|
Other operating income |
0,76 |
0,89 |
-0,13 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
64,25 |
76,25 |
-11,99 |
|
Other operation expenses |
10,75 |
6,55 |
4,21 |
|
Added value |
24,99 |
17,20 |
7,79 |
|
Labor cost |
16,73 |
10,50 |
6,22 |
|
Gross Economic Result |
8,27 |
6,70 |
1,57 |
|
Assets depreciation |
1,75 |
1,76 |
-0,01 |
|
Variation in provision
for current assets |
1,71 |
0,61 |
1,10 |
|
Net Economic Result |
4,81 |
4,33 |
0,47 |
|
Financial income |
0,25 |
0,70 |
-0,45 |
|
Financial expenses |
1,00 |
0,68 |
0,31 |
|
Variation in financial
investment provision |
0,00 |
-0,01 |
0,01 |
|
Ordinary Activities
Result |
4,06 |
4,35 |
-0,29 |
|
Extraordinary income |
1,31 |
0,29 |
1,01 |
|
Extraordinary expenses |
0,09 |
0,31 |
-0,21 |
|
Variation in provision
in fixed assets |
-0,00 |
0,07 |
-0,07 |
|
Results before Taxes |
5,28 |
4,27 |
1,01 |
|
Corporaye taxes |
1,62 |
1,29 |
0,33 |
|
Net Result |
3,66 |
2,98 |
0,68 |
|
Assets depreciation |
1,75 |
1,76 |
-0,01 |
|
Provisions fund
variation |
1,70 |
0,67 |
1,03 |
|
Net Self-Financing |
7,11 |
5,41 |
1,70 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.005 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales
Figures |
|
-2,72 |
12,29 |
17,38 |
|
Assets Turnover |
1,45 |
1,40 |
1,95 |
2,49 |
|
Fixed Assets Turnover |
6,74 |
5,48 |
11,98 |
23,27 |
|
Increase of the Added
Value |
14.667,70 |
-7,28 |
9,01 |
17,84 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
1,49 |
1,34 |
1,58 |
2,29 |
|
Change of Personnel
Costs |
6.666,66 |
3,80 |
11,12 |
18,43 |
|
Average Personnel Costs |
45.480,37 |
32.085,24 |
39.741,52 |
51.223,09 |
|
Value Added by Employees |
67.958,26 |
51.890,91 |
62.397,66 |
101.711,36 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
49.686.364,00 |
1.557.122,52 |
4.186.507,29 |
9.037.006,33 |
|
Operating Cash Flow |
57.768.181,00 |
1.757.147,83 |
5.500.298,00 |
12.029.070,43 |
|
Change in Cash Flow |
70,50 |
-25,28 |
5,86 |
20,74 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
5,34 |
2,52 |
4,96 |
8,40 |
|
Financial Profitability |
23,65 |
9,78 |
15,88 |
26,88 |
|
Financial Expenses |
0,72 |
0,21 |
0,38 |
0,95 |
|
Gross Economic
Profitability |
12,08 |
6,56 |
10,64 |
15,95 |
|
Gross Financial
Profitability |
53,49 |
22,85 |
34,37 |
56,74 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In
days of sales) |
129,00 |
76,15 |
98,53 |
115,73 |
|
Suppliers’ Credit (In
days of sales) |
97,00 |
23,45 |
53,39 |
100,76 |
|
Working Capital (In days
of sales) |
54,00 |
17,24 |
37,88 |
62,24 |
|
Working Capital
Requirement (In days of sales) |
45,00 |
14,17 |
34,67 |
52,49 |
|
Treasury (In days of
sales) |
9,00 |
-25,30 |
0,46 |
15,17 |
|
Operating Current Assets |
194,00 |
120,25 |
147,39 |
174,89 |
|
BALANCE |
|
|
|
|
|
Working Capital |
104.429.600,00 |
4.097.991,49 |
8.799.467,00 |
17.266.005,13 |
|
Working Capital
Requirement |
87.175.277,00 |
3.358.759,15 |
7.277.671,00 |
13.179.659,22 |
|
Treasury |
17.930.631,00 |
-4.044.400,50 |
312.550,00 |
3.518.625,25 |
|
Balance Ratio |
2,02 |
1,56 |
2,05 |
3,38 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
75,44 |
56,84 |
65,70 |
77,35 |
|
Own / Permanent Funds |
52,10 |
73,34 |
90,98 |
99,77 |
|
Payback Capacity |
0,50 |
0,23 |
0,31 |
0,44 |
|
Long term Indebtedness |
18,91 |
0,00 |
1,24 |
9,65 |
|
Gearing |
443,02 |
231,74 |
291,55 |
441,91 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,00 |
|
Assets Guarantee |
1,32 |
1,16 |
1,44 |
1,72 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,38 |
1,15 |
1,35 |
1,55 |
|
Immediate Liquidity |
0,07 |
0,03 |
0,09 |
0,22 |
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 |
|