MIRA
INFORM REPORT
|
Report Date : |
26.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
FERRER INTERNACIONAL SA |
|
|
|
|
Registered Office : |
Avenida Diagonal, 549, 08029 Barcelona
(Barcelona) |
|
|
|
|
Country : |
Spain |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
17/04/1940 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture of pharmaceutical preparations |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Identification and
Characteristics
|
Tax Number |
A08041162 |
|
NAME |
FERRER INTERNACIONAL SA |
|
TRADE NAME |
FERRER FARMA |
|
BUSINESS
ADDRESS |
AVENIDA DIAGONAL, 549 |
|
Postcode |
08029 BARCELONA (BARCELONA) |
|
URL |
http://www.ferrergrupo.com |
|
TELEPHONE |
936003700 |
|
FAX |
936003711 |
|
LEGAL FORM |
JOINT STOCK COMPANY |
|
DATE FOUNDED |
17/04/1940 |
|
CAPITAL |
3.606.000,00 Euros |
|
PAID-UP CAPITAL |
3.606.000,00 Euros |
|
NUMBER OF
EMPLOYEES |
360 |
|
ACTIVITY |
1254200 - Mfg. of pharm.
Preparations |
|
CNAE |
2442 - Manufacture of
pharmaceutical preparations |
|
IMPORT COMPANY |
YES |
|
* Characteristics of the main address |
|
|
According to our investigations
dated 21/06/2006 these premises are rented used
as office located in a main commercial area . |
|
Synthesis
|
FINANCIAL SITUATION (Year
ending: 31/12/2005) |
||
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|
|
|
|
PROFITABILITY |
|
Nil |
|
TREASURY |
|
Excellent |
|
BALANCE SHEET |
|
Excellent |
|
DEBT |
|
Low |
|
INCIDENTS |
||
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|
|
|
|
COMMITMENTS |
|
Respected |
|
INCIDENTS |
|
None or Negligible |
|
PREVIOUS EXPERIENCE |
||
|
|
|
|
|
PREVIOUS
EXPERIENCE |
|
Very favourable |
Credit Appraisal
|
CREDIT ACCORDING TO OBJECTIVE DATA (From 0
to 6.000.000,00 Euros): |
|
FAVOURABLE TOWARDS 1.824.000,00
Max. Euros |
|
SOLVENCY RATING: |
|
(BASED ON HOMOGENEOUS FORMULATION) |
|
|
|
Analysis made on 21/02/2007 |
Financial Elements
Figures given in
Euros
|
|
Balance
sheet 2.003 (12) |
Balance
sheet 2.004 (12) |
Balance
sheet 2.005 (12) |
%
Sales |
|
|
SALES |
85.202.257,00 |
100.680.671,00 |
107.697.810,00 |
|
|
|
ADDED VALUE |
27.077.206,00 |
26.859.763,00 |
28.772.894,00 |
26,72 |
|
|
BUSINESS RESULT |
1.479.791,00 |
2.180.280,00 |
813.111,00 |
0,75 |
|
|
OWN FUNDS |
59.631.009,00 |
53.911.291,00 |
53.724.402,00 |
|
|
|
DEBT |
24.896.044,00 |
44.314.184,00 |
45.358.792,00 |
|
|
|
TOTAL ASSET |
87.171.119,00 |
101.616.694,00 |
104.398.567,00 |
|
|
|
The sales of 107.697.810,00
Euros show a change of 6,97% compared with
2.004 . Between 2.003 and 2.004 , this
change was 18,17% . |
|||||
|
Added value grew by 7,12%
compared with the previous year. Shareholders equity are 53.724.402,00
Euros for an indebtedness of 45.358.792,00
Euros . |
|||||
|
The result 813.111,00
Euros means financial profitability of 1,51% and
economic profitability of 0,78% . This result means growth of
-62,71% compared with the 2.004 . |
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|
|||||
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THE FIGURES FOR THE LAST BALANCE SHEET ARE
RELEVANT: |
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|
SOURCE: FROM THE MERCANTILE REGISTER |
|||||
|
DATE: 15/12/2006 |
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|
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Results Distribution |
|||||
|
Annual Report Year Source: 2.005 |
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|
Figures given in Euros |
|||||
|
Distribution Base |
|||||
|
Profit and Loss |
813.111 |
||||
|
Total of Amounts to be
distributed |
813.111 |
||||
|
Distribution a |
|||||
|
Voluntary Reserve |
813.111 |
||||
|
|
|||||
|
Auditors’ opinion: |
|||||
|
FAVOURABLE (2.005) |
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|
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Auditors: |
|||||
|
DELOITTE SL |
|||||
Comparative Sector
Analysis
|
|
Company |
Sector |
Difference |
|
|
(2.005)
|
|
|
|
% of PRODUCTION VALUE |
|
|
|
|
SALES |
97,75 |
96,93 |
0,82 |
|
ADDED
VALUE |
26,12 |
26,82 |
-0,70 |
|
BUSINESS
RESULT |
0,74 |
6,70 |
-5,96 |
|
% OF TOTAL ASSETS |
|
|
|
|
OWN
FUNDS |
51,46 |
40,43 |
11,03 |
|
DEBT |
43,45 |
59,57 |
-16,12 |
Compared sector (CNAE): 244 - Fabricación
de productos farmacéuticos
Number of companies: 47
Size (Sales Figure): > 40.000.000,00
Euros
The turnover of the company is 0,82%
above the mean for the sector.
The company’s added value was 26,12%
s/ the production value, and 0,70% below the mean for the sector.
The company’s business result was
0,74% of the PV, 5,96% below the mean for the sector.
The company’s own resources are 51,46%
, 11,03% above the mean for the sector.
The company’s outside resources are
43,45% , 16,12% below 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 |
FERRER SALAT BERRA DI MIGNI SERGIO |
16/11/2004 |
|
VICE-PRESIDENT |
FOGUET AMBROS RAFAEL |
24/09/2003 |
|
BOARD MEMBER |
RAMENTOL MESA JORDI MARIA |
28/02/2000 |
|
BOARD MEMBER |
FOGUETAMBROS RAFAEL |
22/09/2000 |
|
BOARD MEMBER |
VILARASAU SALAT JOSE |
24/09/2003 |
|
BOARD MEMBER |
GRUPO FERRER INTERNACIONAL SA |
24/09/2003 |
|
BOARD MEMBER |
FERRER SALAT SERRA DI MIGNI SERGIO |
16/11/2004 |
|
BOARD MEMBER |
RAMENTOL MASSANA JORGE |
07/09/2005 |
|
AUDITOR |
DELOITTE AND TOUCHE ESPANA SL |
12/12/2005 |
Functional Managers
|
Position |
Surname and name |
|
FINANCIAL MANAGER |
FOGUET RAFAEL |
|
COMMERCIAL MANAGER |
ALONSO MIGUEL ANGEL |
|
EXPORTS MANAGER |
CAPO BENJAMIN |
|
OPERATIONS MANAGER |
ALONSO MIGUEL ANGEL |
|
GENERAL MANAGER |
RAMENTOL MESA JORDI MARIA |
Financial Links
|
Shareholders |
||||
|
Company Name |
CIF/Country |
|
Source |
Information Date |
|
GRUPO FERRER INTERNACIONAL SA |
A61738993 |
99,99% |
M.REGISTER |
31/12/2005 |
|
Shareholdings |
||||
|
Company Name |
CIF/Country |
Percent. |
Source |
Information Date |
|
TROMPHARMA GMBH |
ALEMANIA |
100,00% |
B.O.R.M.E. |
08/02/2007 |
|
FERRER EL SALVADOR SA DE CV |
SALVADOR |
96,19% |
B.O.R.M.E. |
08/02/2007 |
|
FERRER NOVAG SA DE CV |
MÉXICO |
94,62% |
B.O.R.M.E. |
08/02/2007 |
|
FERRER NICARAGUA SA |
NICARAGUA |
90,00% |
B.O.R.M.E. |
08/02/2007 |
|
H TROMMSDORFF GMBH & CO |
ALEMANIA |
76,42% |
B.O.R.M.E. |
08/02/2007 |
|
FERRER LETI S.A.V. |
VENEZUELA |
65,00% |
B.O.R.M.E. |
08/02/2007 |
Proceedings published
in the B.O.R.M.E. (Official Mercantile Register Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Fusion by absorption |
08/02/2007 |
073791 |
BARCELONA |
|
Registration of accounts
(2005) |
13/12/2006 |
012940 |
BARCELONA |
|
fusion by absorption project |
22/11/2006 |
924581 |
BARCELONA |
|
Appointments |
22/11/2006 |
558136 |
BARCELONA |
|
Appointments |
16/11/2006 |
547241 |
BARCELONA |
Press articles
|
|
||
|
20/12/2006 |
GACETA NEG |
COMPANIES AGREEMENTS INFORMATIONS |
|
LA CIA. NAVARRA DIGNA BIOTECH HA ANUNCIADO
LA FIRMA DE UN ACUERDO CON LA EM PRESA FARMACEUTICA FERRER INTERNACIONAL PARA
COMERCIALIZAR UNA PRUEBA DIAG NOSTICA. FERRER OBTIENE ASI LA LICENCIA MUNDIAL
Y EXCLUSIVA PARA COMERCIALI ZAR EL NUEVO PRODUCTO DIAGNOSTICO Y LA CAPACIDAD
PARA NEGOCIAR LICENCIAS CON TERCERAS PARTES. |
||
|
|
||
|
15/11/2006 |
GACETA NEG |
LEGAL ANNOUNCE |
|
EL ACCIONISTA UNICO DE FERRER
INTERNACIONAL, S.A. (SDAD. ABSORBENTE) Y DE FERRER PHARMA INTERNATIONAL, S.A.
(SDAD. ABSORBIDA), EN FECHA 07/11/06, ACORDO LA FUSION POR ABSORCION DE LAS
CITADAS EMPRESAS. |
||
Complementary
Information
|
12/03/03 BLOQUE DE INVESTIGACION: |
|
- Su actividad concreta es la fabricacion
de productos farmaceuticos y |
|
y comercializacion de productos
quimifarmaceuticos. |
|
- Posee un eestablecimiento sita en Juan
Busacalla s/n, San Cugat del |
|
Valles, en Barcelona; lo detenta en
concepto de propiedad. (sin |
|
verificacion registral) |
|
- Realiza operaciones comerciales
intracomunitarias de compra-venta |
|
con paises de la CEE. |
|
---------------------------------------------------------------------- |
|
El Bloque de Investigacion no esta sujeto
a actualizaciones sistemati |
|
cas. Los datos mostrados fueron aportados
por las fuentes consultadas |
|
en la fecha del encabezamiento. |
Brands, Signs and
Commercial Names
|
Prevailing Brands |
|||||
|
Name: |
FERRER |
||||
|
Kind of Brand: |
JOINT |
File: |
M2717771 |
||
|
Request Date: |
19/06/2006 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
REGISTER REQUEST |
|
Types: 1
3 5 9 10 16 |
(There’s more
types) |
||||
|
Name: |
SUTRILENT |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M2715370 |
||
|
Request Date: |
05/06/2006 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
REGISTER REQUEST |
|
Types: 5
|
|
||||
|
Name: |
SUTRIL LP |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M2715374 |
||
|
Request Date: |
05/06/2006 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
REGISTER REQUEST |
|
Types: 5
|
|
||||
|
Name: |
GINEDERMOFIX |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M2707740 |
||
|
Request Date: |
24/04/2006 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
REGISTER REQUEST |
|
Types: 5
|
|
||||
|
Name: |
MONAZOL |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M2707741 |
||
|
Request Date: |
24/04/2006 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
REGISTER REQUEST |
|
Types: 5
|
|
||||
Total Marcas: 119
Branches
|
Road |
Postal Code |
Town |
Province |
|
JOAN BUSCALLA |
08173 |
SANT CUGAT DEL
VALLES |
BARCELONA |
|
Commercial Experience |
|
|
|
|
|
Suppliers |
International |
|
GRUPO FERRER INTERNACIONAL SA |
|
|
INTERQUIM SA |
|
|
TROMMSDORFF GMBH & CO |
|
|
BIO PROJECT FERRER SA |
|
|
TARBIS FARMA SL |
|
|
|
|
|
Total 82 |
|
|
|
|
|
Clients |
International |
|
FERRER PHARMA INTERNACIONAL SA |
|
|
LABORATORIOS NOVAG SA |
|
|
TARBIS FARMA SL |
|
|
FERRER FARMA SA |
|
|
FERRER CHILE SA |
|
|
Total 92 |
|
Bank Entities
|
Entity |
Branch |
Branch Address |
Town |
Province |
|
CAJA DE AHORROS Y M.P. DE MADRID |
|
|
BARCELON |
|
|
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. |
1000 |
PL. DE CATALUŃA,
5 |
BARCELONA |
BARCELONA |
|
CAJA DE AHORROS Y PENSIONES DE BARCELONA |
0900 |
VIA LAIETANA, 56 |
BARCELONA |
BARCELONA |
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 15/12/2006
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 |
43.803.779,00 |
49.010.181,00 |
55.100.180,00 |
|
|
I. Establishment expenses |
|
|
|
|
|
II. Intangible assets |
1.395.767,00 |
1.398.284,00 |
2.106.739,00 |
|
|
Concessions, patents,licences , trademarks |
2.296.743,00 |
2.202.526,00 |
3.080.744,00 |
|
|
Software |
320.219,00 |
427.828,00 |
545.252,00 |
|
|
Amortization |
-1.221.195,00 |
-1.232.070,00 |
-1.519.257,00 |
|
|
III. Tangible assets |
15.547.373,00 |
24.342.228,00 |
36.914.869,00 |
|
|
Property, plant and equipment |
14.818.507,00 |
19.302.453,00 |
29.552.756,00 |
|
|
Machinery, equipment and other |
27.754.723,00 |
32.121.153,00 |
35.316.992,00 |
|
|
Other property plant and equipement |
2.312.539,00 |
2.470.444,00 |
2.272.046,00 |
|
|
Prepaid expenses on fixed assets |
2.379.052,00 |
1.430.761,00 |
2.837.065,00 |
|
|
Other assets |
1.710.825,00 |
1.783.328,00 |
1.820.954,00 |
|
|
Depreciation |
-33.428.273,00 |
-32.765.911,00 |
-34.884.944,00 |
|
|
IV. Financial assets |
26.860.639,00 |
23.269.669,00 |
16.078.572,00 |
|
|
Shares in affiliated companies |
4.059.141,00 |
4.148.540,00 |
4.195.118,00 |
|
|
Shares in associated companies |
|
|
11.829.114,00 |
|
|
Securities |
22.548.122,00 |
18.937.533,00 |
|
|
|
Long term deposits and guarantees |
253.376,00 |
253.917,00 |
180.592,00 |
|
|
Provisions |
|
-70.321,00 |
-126.252,00 |
|
|
V. Owners equity |
|
|
|
|
|
VI. Long term trade liabilities |
|
|
|
|
|
C) DEFERRED EXPENSES |
|
|
|
|
|
D) CURRENT ASSETS |
43.367.340,00 |
52.606.513,00 |
49.298.387,00 |
|
|
I. Not paid in shareholder capital |
|
|
|
|
|
II. Inventory |
7.837.512,00 |
18.970.706,00 |
19.181.637,00 |
|
|
Raw material inventory |
3.021.237,00 |
4.391.180,00 |
4.232.526,00 |
|
|
Work in Progress |
2.345.806,00 |
2.722.519,00 |
15.123.341,00 |
|
|
Finished goods |
3.892.368,00 |
12.007.949,00 |
|
|
|
Cash advance |
|
|
601,00 |
|
|
Provisions |
-1.421.899,00 |
-150.942,00 |
-174.831,00 |
|
|
III. Debtors |
17.155.904,00 |
19.856.061,00 |
23.803.579,00 |
|
|
Clients |
4.591.994,00 |
5.475.440,00 |
6.371.643,00 |
|
|
Amounts owned by affiliated companies |
11.128.713,00 |
11.429.411,00 |
14.669.092,00 |
|
|
Other debts |
434.123,00 |
452.528,00 |
162.985,00 |
|
|
Labor costs |
136.656,00 |
145.483,00 |
267.695,00 |
|
|
Taxes refunds |
970.825,00 |
2.414.408,00 |
2.384.774,00 |
|
|
Provisions |
-106.407,00 |
-61.209,00 |
-52.610,00 |
|
|
IV. Short term financial assets |
11.436.836,00 |
776.895,00 |
1.611.116,00 |
|
|
Receivables in affiliated companies |
10.208.097,00 |
23.956,00 |
900.168,00 |
|
|
Short term investment |
1.030.000,00 |
600.000,00 |
600.000,00 |
|
|
Other loans |
198.739,00 |
152.939,00 |
110.948,00 |
|
|
V. Short term owners equity |
|
|
|
|
|
VI. Cash |
6.891.141,00 |
12.938.101,00 |
4.183.700,00 |
|
|
VII. Prepaid expenses and accrued income |
45.947,00 |
64.750,00 |
518.355,00 |
|
|
ASSETS (A + B + C + D) |
87.171.119,00 |
101.616.694,00 |
104.398.567,00 |
Balance Sheet
(LIABILITIES)
|
(Figures given in Euros) |
31/12/2003 (12)
|
31/12/2004 (12)
|
31/12/2005 (12)
|
|
|
|
A) SHAREHOLDERS EQUITY |
59.631.009,00 |
53.911.291,00 |
53.724.402,00 |
|
|
I. Capital |
3.606.000,00 |
3.606.000,00 |
3.606.000,00 |
|
|
II. Premium share account |
|
2.919.867,00 |
2.919.867,00 |
|
|
III. Revaluation reserve |
|
2.969.333,00 |
2.969.333,00 |
|
|
IV. Reserves |
54.545.218,00 |
42.235.811,00 |
43.416.091,00 |
|
|
Retained earnings |
721.215,00 |
721.215,00 |
721.215,00 |
|
|
Other funds |
53.823.930,00 |
41.514.596,00 |
42.694.876,00 |
|
|
Capital adjustments in Euros |
73,00 |
|
|
|
|
V. Prior year earnings |
|
|
|
|
|
VI. Prior year profit or losses |
1.479.791,00 |
2.180.280,00 |
813.111,00 |
|
|
VII. Dividend paid during the year |
|
|
|
|
|
VIII. Own shares for change in capital |
|
|
|
|
|
B) DEFERRED INCOME |
377.551,00 |
1.124.704,00 |
1.452.347,00 |
|
|
Rate difference |
3.986,00 |
4.242,00 |
6.622,00 |
|
|
Other deferred income |
373.565,00 |
1.120.462,00 |
1.445.725,00 |
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
2.266.515,00 |
2.266.515,00 |
3.863.026,00 |
|
|
Other provisions |
2.266.515,00 |
2.266.515,00 |
3.863.026,00 |
|
|
D) LONG TERM LIABILITIES |
10.057.733,00 |
13.112.299,00 |
18.197.762,00 |
|
|
I. Bonds |
|
|
|
|
|
II. Bank loans |
|
|
747.080,00 |
|
|
Long term bank loans |
|
|
747.080,00 |
|
|
III. Debts with associed and affiliated
companies |
|
|
|
|
|
IV. Other creditors |
10.057.733,00 |
13.112.299,00 |
17.450.682,00 |
|
|
Other debts |
10.057.733,00 |
13.112.299,00 |
17.450.682,00 |
|
|
V. Deferred debts on shares |
|
|
|
|
|
VI. Long term debt with creditor |
|
|
|
|
|
E) SHORT TERM LIABILITIES |
14.838.311,00 |
31.201.885,00 |
27.161.030,00 |
|
|
I. Negotiable bonds |
|
|
|
|
|
II. Bank loans |
|
|
779.284,00 |
|
|
Loans and other debts |
|
|
779.284,00 |
|
|
III. Short term debts with associated and
affiliated companies |
3.252.006,00 |
9.285.218,00 |
4.421.168,00 |
|
|
With affiliated companies |
3.252.006,00 |
9.285.218,00 |
4.421.168,00 |
|
|
IV. Trade creditors |
6.075.367,00 |
12.985.929,00 |
11.757.740,00 |
|
|
Expenses |
6.075.367,00 |
12.985.929,00 |
11.757.740,00 |
|
|
V. Other non trade payables |
5.510.938,00 |
7.480.118,00 |
10.191.323,00 |
|
|
Government |
1.757.036,00 |
2.156.078,00 |
2.332.417,00 |
|
|
Other debts |
2.723.042,00 |
2.324.274,00 |
4.134.292,00 |
|
|
Accounts receivable |
1.030.860,00 |
2.999.766,00 |
3.724.614,00 |
|
|
VI. Provisions for current assets |
|
1.450.620,00 |
|
|
|
VII. Accruals and deferred incomes |
|
|
11.515,00 |
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
87.171.119,00 |
101.616.694,00 |
104.398.567,00 |
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 |
1.067.977,00 |
|
|
|
|
A.2. Supplies |
30.212.039,00 |
49.250.865,00 |
46.106.525,00 |
|
|
Raw materials consumed |
30.212.039,00 |
49.250.865,00 |
46.106.525,00 |
|
|
A.3. Labor cost |
22.788.020,00 |
23.814.027,00 |
25.932.651,00 |
|
|
Wages |
18.486.067,00 |
19.263.973,00 |
21.771.153,00 |
|
|
Social security expenses |
4.301.953,00 |
4.550.054,00 |
4.161.498,00 |
|
|
A.4. Assets depreciation |
1.836.327,00 |
2.217.357,00 |
2.661.751,00 |
|
|
A.5 Variance in provision for current
assets |
712.906,00 |
147.365,00 |
161.181,00 |
|
|
Variance in provision for inventory |
|
-31.092,00 |
23.889,00 |
|
|
Variance in provision for bad debts |
212.906,00 |
-32.298,00 |
-8.599,00 |
|
|
Variance in provision for other current
assets |
500.000,00 |
210.755,00 |
145.891,00 |
|
|
A.6. Other operating costs |
28.795.488,00 |
33.715.018,00 |
35.685.370,00 |
|
|
External costs |
28.624.584,00 |
33.537.420,00 |
35.490.948,00 |
|
|
Taxes |
170.904,00 |
177.598,00 |
194.422,00 |
|
|
A.I. OPERATING RESULT
(B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
1.739.953,00 |
681.014,00 |
17.311,00 |
|
|
A.7. Financial expenses |
804.877,00 |
1.022.577,00 |
61.131,00 |
|
|
Other companies debts |
804.877,00 |
1.022.577,00 |
61.131,00 |
|
|
A.8. Variation in financial investments
provision |
|
|
|
|
|
A.9. Exchange losses |
26.716,00 |
|
41.388,00 |
|
|
A.II. POSITIVE FINANCIAL RESULTS
(B.5+B.6+B.7+B.8-A.7-A.8-A.9) |
327.594,00 |
89.233,00 |
1.448.053,00 |
|
|
A.III. PROFIT FROM ORDINARY ACTIVITIES
(A.I+A.II-B.I-B.II) |
2.067.547,00 |
770.247,00 |
1.465.364,00 |
|
|
A.10. Variation in provision in fixed
assets |
|
|
55.931,00 |
|
|
A.11. Losses in fixed assets |
|
415.586,00 |
133.559,00 |
|
|
A.12. Losses from shares and bonds |
|
|
|
|
|
A.13. Extraordinary charges |
207.872,00 |
165.998,00 |
381.297,00 |
|
|
A.14. Prior year’s expenses and losses |
|
|
10.819,00 |
|
|
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) |
|
1.964.741,00 |
|
|
|
A.V. EARNINGS / LOSS BEFORE TAXES
(A.III+A.IV-B.III-B.IV) |
1.996.812,00 |
2.734.988,00 |
944.317,00 |
|
|
A.15. Corporate Taxes |
517.021,00 |
554.708,00 |
131.206,00 |
|
|
A.16. Other taxes |
|
|
|
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.15-A.16) |
1.479.791,00 |
2.180.280,00 |
813.111,00 |
|
|
B) INCOMES (B.1 a B13) |
|
|
|
|
|
B.1. Turnover |
85.202.257,00 |
100.680.671,00 |
107.697.810,00 |
|
|
Sales |
73.606.617,00 |
90.262.896,00 |
107.697.810,00 |
|
|
Services provided |
13.795.516,00 |
11.726.404,00 |
|
|
|
Discounts |
-2.199.876,00 |
-1.308.629,00 |
|
|
|
B.2. Increase in inventory of finished
goods |
|
8.492.294,00 |
392.873,00 |
|
|
B.3. Expenses capitalized |
|
|
|
|
|
B.4. Other operating income |
1.950.453,00 |
652.681,00 |
2.474.106,00 |
|
|
Other incomes |
1.950.453,00 |
652.681,00 |
2.474.106,00 |
|
|
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 |
13.144,00 |
10.766,00 |
9.500,00 |
|
|
From affiliated companies |
13.144,00 |
10.766,00 |
9.500,00 |
|
|
B.6. Income from securities |
|
|
477.653,00 |
|
|
Group companies |
|
|
477.653,00 |
|
|
B.7. Other income from interrest |
1.052.272,00 |
1.055.854,00 |
997.646,00 |
|
|
From affiliated companies |
319.347,00 |
253.640,00 |
997.646,00 |
|
|
From other companies |
732.925,00 |
802.214,00 |
|
|
|
B.8. Gains on exchange |
93.771,00 |
45.190,00 |
65.773,00 |
|
|
B.II. FINANCIAL LOSSES
(A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
|
|
|
|
|
B.III. LOSSES FROM ORDINARY ACTIVITIES
(B.I+B.II-A.I-A.II) |
|
|
|
|
|
B.9. Gains from disposal of fixed assets |
55.022,00 |
222.830,00 |
41.461,00 |
|
|
B.10. Gains from dealing in own shares |
|
|
|
|
|
B.11. Paid in surplus |
|
|
|
|
|
B.12. Extraordinary income |
82.115,00 |
|
7.800,00 |
|
|
B.13. Prior year’s income and profits |
|
2.323.495,00 |
11.298,00 |
|
|
B.IV. EXTRAORDINARY LOSSES
(A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13) |
70.735,00 |
|
521.047,00 |
|
|
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 |
11,30 |
18,17 |
6,97 |
|
|
Assets Turnover |
0,98 |
0,99 |
1,03 |
|
|
Productivity |
1,19 |
1,13 |
1,11 |
|
|
Increase of the Added Value |
15,40 |
-0,80 |
7,12 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
1,70 |
2,15 |
0,78 |
|
|
Financial Profitability |
2,48 |
4,04 |
1,51 |
|
|
Financial Expenses |
0,95 |
1,02 |
0,06 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
72,00 |
71,00 |
80,00 |
|
|
Suppliers’ Credit (In days of sales) |
70,00 |
115,00 |
93,00 |
|
|
Working Capital (In days of sales) |
121,00 |
77,00 |
74,00 |
|
|
Working Capital Requirement (In days of
sales) |
43,00 |
27,00 |
57,00 |
|
|
Treasury (In days of sales) |
77,00 |
49,00 |
17,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
28.529.029,00 |
21.404.628,00 |
22.137.357,00 |
|
|
Working Capital Requirement |
10.201.052,00 |
7.689.632,00 |
17.121.825,00 |
|
|
Treasury |
18.327.977,00 |
13.714.996,00 |
5.015.532,00 |
|
|
Balance Ratio |
1,65 |
1,44 |
1,40 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
28,56 |
43,61 |
43,45 |
|
|
Own / Permanent Funds |
82,44 |
76,56 |
69,56 |
|
|
Payback Capacity |
0,28 |
0,43 |
0,41 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
2,92 |
1,69 |
1,82 |
|
|
Immediate Liquidity |
1,24 |
0,44 |
0,21 |
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 |
52,78 |
36,07 |
16,71 |
|
ACCRUED EXPENSES |
0,00 |
0,17 |
-0,17 |
|
CURRENT ASSETS |
47,22 |
63,75 |
-16,53 |
|
TOTAL ASSETS |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
SHAREHOLDERS EQUITY |
51,46 |
40,43 |
11,03 |
|
ACCRUED INCOME |
1,39 |
0,67 |
0,72 |
|
RISK AND EXPENDITURE
COVER |
3,70 |
0,90 |
2,80 |
|
LONG-TERM CREDITORS |
17,43 |
10,86 |
6,57 |
|
SHORT-TERM CREDITORS |
26,02 |
46,85 |
-20,83 |
|
SHORT-TERM RISK AND
EXPENDITURE COVER |
0,00 |
0,29 |
-0,29 |
|
TOTAL LIABILITIES |
100,00 |
100,00 |
0,00 |
Analytical Account of
Results
|
(Figures given in Percentages) |
Company |
Sector |
Company |
|
|
2.005 |
|
|
|
Net turnover |
97,75 |
96,93 |
0,83 |
|
Other operating income |
2,25 |
3,07 |
-0,83 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
41,49 |
54,30 |
-12,81 |
|
Other operation expenses |
32,39 |
18,88 |
13,51 |
|
Added value |
26,12 |
26,82 |
-0,71 |
|
Labor cost |
23,54 |
14,29 |
9,25 |
|
Gross Economic Result |
2,58 |
12,53 |
-9,96 |
|
Assets depreciation |
2,42 |
2,67 |
-0,25 |
|
Variation in provision
for current assets |
0,15 |
0,28 |
-0,13 |
|
Net Economic Result |
0,02 |
9,59 |
-9,57 |
|
Financial income |
1,41 |
0,81 |
0,60 |
|
Financial expenses |
0,09 |
1,37 |
-1,27 |
|
Variation in financial
investment provision |
0,00 |
0,00 |
-0,00 |
|
Ordinary Activities
Result |
1,33 |
9,03 |
-7,70 |
|
Extraordinary income |
0,05 |
0,78 |
-0,73 |
|
Extraordinary expenses |
0,48 |
0,54 |
-0,06 |
|
Variation in provision
in fixed assets |
0,05 |
0,22 |
-0,17 |
|
Results before Taxes |
0,86 |
9,05 |
-8,19 |
|
Corporaye taxes |
0,12 |
2,35 |
-2,24 |
|
Net Result |
0,74 |
6,70 |
-5,96 |
|
Assets depreciation |
2,42 |
2,67 |
-0,25 |
|
Provisions fund
variation |
0,20 |
0,50 |
-0,31 |
|
Net Self-Financing |
3,35 |
9,87 |
-6,51 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.005 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales
Figures |
6,97 |
-4,12 |
9,29 |
17,68 |
|
Assets Turnover |
1,03 |
0,98 |
1,32 |
1,67 |
|
Fixed Assets Turnover |
1,96 |
2,10 |
4,00 |
6,29 |
|
Increase of the Added
Value |
7,12 |
-2,62 |
7,52 |
17,11 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
1,11 |
1,40 |
1,80 |
2,10 |
|
Change of Personnel
Costs |
8,90 |
3,69 |
9,03 |
16,53 |
|
Average Personnel Costs |
59.072,10 |
39.472,44 |
47.725,44 |
54.826,45 |
|
Value Added by Employees |
65.541,90 |
65.392,02 |
81.705,61 |
99.499,61 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
3.691.974,00 |
5.437.484,00 |
7.759.077,00 |
18.097.000,00 |
|
Operating Cash Flow |
2.840.243,00 |
6.088.197,00 |
9.294.721,30 |
19.061.870,00 |
|
Change in Cash Flow |
-18,77 |
-21,54 |
-0,42 |
33,09 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
0,78 |
2,81 |
8,83 |
14,02 |
|
Financial Profitability |
1,51 |
10,71 |
20,13 |
29,92 |
|
Financial Expenses |
0,06 |
0,12 |
0,50 |
1,38 |
|
Gross Economic
Profitability |
2,72 |
9,17 |
17,95 |
23,52 |
|
Gross Financial
Profitability |
5,29 |
24,61 |
37,32 |
57,55 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In
days of sales) |
79,00 |
64,98 |
82,97 |
133,27 |
|
Suppliers’ Credit (In days
of sales) |
92,00 |
27,23 |
68,50 |
103,94 |
|
Working Capital (In days
of sales) |
73,00 |
19,03 |
58,48 |
88,14 |
|
Working Capital
Requirement (In days of sales) |
57,00 |
17,40 |
41,51 |
75,65 |
|
Treasury (In days of
sales) |
16,00 |
-12,02 |
5,20 |
33,96 |
|
Operating Current Assets |
164,00 |
141,15 |
162,39 |
222,45 |
|
BALANCE |
|
|
|
|
|
Working Capital |
22.137.357,00 |
5.298.940,00 |
12.466.945,00 |
23.574.750,67 |
|
Working Capital
Requirement |
17.121.825,00 |
3.825.373,00 |
9.114.000,00 |
26.184.606,30 |
|
Treasury |
5.015.532,00 |
-2.292.688,00 |
1.252.497,89 |
9.699.000,00 |
|
Balance Ratio |
1,40 |
1,19 |
1,53 |
2,54 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
43,45 |
37,73 |
49,52 |
71,84 |
|
Own / Permanent Funds |
69,56 |
76,16 |
90,96 |
98,56 |
|
Payback Capacity |
0,41 |
0,23 |
0,34 |
0,50 |
|
Long term Indebtedness |
17,43 |
0,00 |
3,74 |
12,82 |
|
Gearing |
194,32 |
160,60 |
198,11 |
355,17 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,00 |
|
Assets Guarantee |
2,30 |
1,31 |
1,95 |
2,64 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,82 |
1,10 |
1,58 |
2,13 |
|
Immediate Liquidity |
0,21 |
0,01 |
0,16 |
0,45 |
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 |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
PRIVATE & CONFIDENTIAL : This information
is provided to you at your request, you having employed MIPL for such purpose.
You will use the information as aid only in determining the propriety of giving
credit and generally as an aid to your business and for no other purpose. You
will hold the information in strict confidence, and shall not reveal it or make
it known to the subject persons, firms or corporations or to any other. MIPL
does not warrant the correctness of the information as you hold it free of any
liability whatsoever. You will be liable to and indemnify MIPL for any loss,
damage or expense, occasioned by your breach or non observance of any one, or
more of these conditions