MIRA
INFORM REPORT
|
Report Date : |
20.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ALCAMPO SA |
|
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Registered Office : |
Calle Zurbano, 98 28003 Madrid (Madrid) |
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Country : |
Spain |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
13/07/1979 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Retail sale of fruits, vegetables, drinks & tobacco |
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 |
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|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
Identification and
Characteristics
|
Tax Number |
A28581882 |
|
NAME |
ALCAMPO SA |
|
BUSINESS
ADDRESS |
CALLE ZURBANO, 98 |
|
Postcode |
28003 MADRID (MADRID) |
|
URL |
http://www.alcampo.es |
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TELEPHONE |
918080388 |
|
FAX |
917309837 |
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LEGAL FORM |
JOINT STOCK COMPANY |
|
DATE FOUNDED |
13/07/1979 |
|
CAPITAL |
106.956.000,00 Euros |
|
PAID-UP CAPITAL |
106.956.000,00 Euros |
|
NUMBER OF
EMPLOYEES |
15.000 |
|
ACTIVITY |
1640000 - Retail sale of fruits,
vegetables, drinks & tobacco |
|
CNAE |
5211 - Retail sale in
non-specialized stores with food, beverages or tobacco predominating |
|
IMPORT COMPANY |
YES |
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* Characteristics of the main address |
|
|
According to our investigations
dated 20/09/2005 these premises are owned; with no official
confirmation used as office located in a main
commercial area . |
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Synthesis
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FINANCIAL SITUATION (Year
ending: 31/12/2005) |
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PROFITABILITY |
|
Medium |
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TREASURY |
|
Degraded |
|
BALANCE SHEET |
|
Degraded |
|
DEBT |
|
Medium |
|
INCIDENTS |
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COMMITMENTS |
|
Met promptly |
|
INCIDENTS |
|
Exceptional |
|
PREVIOUS EXPERIENCE |
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|
|
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PREVIOUS
EXPERIENCE |
|
Normal |
Credit Appraisal
|
CREDIT ACCORDING TO OBJECTIVE DATA (From 0
to 6.000.000,00 Euros): |
|
FAVOURABLE TOWARDS 6.000.000,00
Max. |
|
SOLVENCY RATING: |
|
(BASED ON HOMOGENEOUS FORMULATION) |
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Financial Elements
Figures given in
thousands of Euros
|
|
Balance
sheet 2.003 (12) |
Balance
sheet 2.004 (12) |
Balance
sheet 2.005 (12) |
%
Sales |
|
|
SALES |
2.827.441,00 |
3.048.948,00 |
3.189.386,00 |
|
|
|
ADDED VALUE |
427.152,00 |
445.437,00 |
463.628,00 |
14,54 |
|
|
BUSINESS RESULT |
51.794,00 |
167.020,00 |
80.611,00 |
2,53 |
|
|
OWN FUNDS |
400.152,00 |
408.105,00 |
453.716,00 |
|
|
|
DEBT |
987.159,00 |
959.372,00 |
1.032.916,00 |
|
|
|
TOTAL ASSET |
1.405.550,00 |
1.389.469,00 |
1.515.150,00 |
|
|
|
The sales of 3.189.386,00
thousands of Euros show a change of 4,61% compared
with 2.004 . Between 2.003 and 2.004 , this
change was 7,83% . |
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|
Added value grew by 4,08%
compared with the previous year. Shareholders equity are 453.716,00
thousands of Euros for an indebtedness of 1.032.916,00
thousands of Euros . |
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|
The result 80.611,00 thousands
of Euros means financial profitability of 17,77% and
economic profitability of 5,32% . This result means growth of
-51,74% compared with the 2.004 . |
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THE FIGURES FOR THE LAST BALANCE SHEET ARE
RELEVANT: |
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SOURCE: FROM THE MERCANTILE REGISTER |
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DATE: 18/07/2006 |
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Results Distribution |
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Annual Report Year Source: 2.005 |
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Figures given in Euros |
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Distribution Base |
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Profit and Loss |
80.611.000 |
||||
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Total of Amounts to be
distributed |
80.611.000 |
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Distribution a |
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Voluntary Reserve |
611.000 |
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Other funds |
12.000.000 |
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Dividends |
68.000.000 |
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Auditors’ opinion: |
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FAVOURABLE WITH RESERVATIONS (2.005) |
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Auditors: |
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KPMG AUDITORES S.L. |
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Auditing Provisos |
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Close Date: 31/12/2005 |
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LOS ACCIONISTAS DEL GRUPO AUCHAN, AL CUAL PERTENECE LA SOCIEDAD, DECIDIERON EN 2004 ESTABLECER UN NUEVO MODELO DE ORGANIZACION DE ACUERDO A SUS ACTUALES LINEAS DE NEGOCIO. PARA PODER IMPLANTAR DICHO MODELO EN ESPANA, LA SOCIEDAD, DURANTE EL EJERCICIO 2004, VENDIO ACTIVOS FIJOS RELACIONADOS CON SU ACTIVIDAD INMOBILIARIA A INMOCHAN ESPANA, S.A, SOCIEDAD PERTENECIENTE AL GRUPO AUCHAN. ASIMISMO, LA SOCIEDAD VENDIO A LAS SOCIEDADES RED AREAS PARQUE, S.A. Y ZENOR OVERSEAS, S.L., AMBAS PERTENECIENTES IGUALMENTE AL GRUPO AUCHAN, ACTIVOS FIJOS ADSCRITOS A SU ACTIVIDAD INMOBILIARIA RECIBIENDO EN CONTRAPARTIDA ACTIVOS FIJOS ADSCRITOS A LA ACTIVIDAD DE HIPERMERCADOS Y UN IMPORTE MONETARIO. DICHAS OPERACIONES SE REALIZARON A VALOR DE MERCADO DETERMINADO EN FUNCION DE LA VALORACION REALIZADA POR UN EXPERTO INDEPENDIENTE DE ACUERDO CON EL METODO DE CAPITALIZACION DE LAS RENTAS FUTURAS. EN 2004 LA SOCIEDAD RECONOCIO POR DICHAS TRANSACCIONES UN BENEFICIO DE 102.040 MILES DE EUROS. LA APLICACI |
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Comparative Sector
Analysis
|
|
Company |
Sector |
Difference |
|
|
(2.005)
|
|
|
|
% of PRODUCTION VALUE |
|
|
|
|
SALES |
98,69 |
96,06 |
2,63 |
|
ADDED
VALUE |
14,35 |
16,66 |
-2,31 |
|
BUSINESS
RESULT |
2,49 |
2,11 |
0,38 |
|
% OF TOTAL ASSETS |
|
|
|
|
OWN
FUNDS |
29,95 |
40,23 |
-10,28 |
|
DEBT |
68,17 |
59,77 |
8,40 |
Compared sector (CNAE): 521 - Comercio al
por menor en establecimientos no especializados
Number of companies: 40
Size (Sales Figure): > 40.000.000,00
Euros
The turnover of the company is 2,63%
above the mean for the sector.
The company’s added value was 14,35%
s/ the production value, and 2,31% below the mean for the sector.
The company’s business result was
2,49% of the PV, 0,38% above the mean for the sector.
The company’s own resources are 29,95%
, 10,28% below the mean for the sector.
The company’s outside resources are
68,17% , 8,40% above the mean for the sector.
Legal Actions
|
LEGAL ACTIONS: 3 |
( First 29/04/2004,
Last 22/02/2006 ) |
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0 |
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3 |
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No claims registered for this company in
the official sources |
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AFFECTED BY: 2 Company /
Companies in Insolvency Proceedings |
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Insolvency
Proceeding: 0
|
Last Legal Actions |
|
(Figures given in Euros) |
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Information Date |
Incidence Status |
Actor |
Amount |
|
|
|
|
22/02/2006 |
SOCIAL LEGAL ACTION |
GARCIA PARDO GARCIA
CONSUEGRA PAULA |
1.207,54 |
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|
|
|
09/07/2004 |
SOCIAL LEGAL ACTION |
ALFIERI RICARDO |
1.540,00 |
|
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|
29/04/2004 |
SOCIAL LEGAL ACTION |
CORTIJO GONZALEZ MARIA
LUISA |
4.719,19 |
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Total: 3 |
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Main Board members,
Directors and
Auditor
|
Position |
Surname and name |
Date of appointment |
|
CHAIRMAN |
LEPOUTRE FRANCIS AUGUSTE JOSEPH |
09/08/2005 |
|
BOARD MEMBER |
MULLIEZ MATHIAS GERARD |
14/11/2001 |
|
BOARD MEMBER |
DUBRULLE CHRISTOPHE MAURICE PAULE |
30/01/2004 |
|
BOARD MEMBER |
MULLIEZ LOUIS |
09/08/2005 |
|
SECRETARY |
BRIONES GONZALEZ JOSE |
31/12/1995 |
|
AUDITOR |
KPMG AUDITORES SL |
25/07/2006 |
Functional Managers
|
Position |
Surname and name |
|
GENERAL MANAGER |
COIGNARD PATRICK |
|
FINANCIAL MANAGER |
COIGNARD PATRICK |
|
FINANCIAL MANAGER |
LEPOUTRE FRANCIS AUGUSTE JOSEPH |
|
HUMAN RESOURCES MANAGER |
ESTEBAN MARTINEZ JOSE VICENTE |
|
MARKETING MANAGER |
SAMITIER RAIMON |
|
EXPORTS MANAGER |
FIDALGO FERNANDEZ LUIS MANUEL |
|
COMPUTING MANAGER |
GONZALO RAIMUNDO |
Financial Links
|
Shareholders |
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|
Company Name |
CIF/Country |
|
Source |
Information Date |
|
AUCHANHYPER SAS |
FRANCIA |
91,30% |
M.REGISTER |
31/12/2005 |
|
SOPARCAMPO SA |
A28766558 |
8,70% |
M.REGISTER |
31/12/2005 |
|
Shareholdings |
||||
|
Company Name |
CIF/Country |
Percent. |
Source |
Information Date |
|
DAPA IMO-SOCIEDADE IMOBILIARIA SA |
PORTUGAL |
100,00% |
M.REGISTER |
31/12/1996 |
|
FLOORAGEST IMOBILIARIA SA |
PORTUGAL |
100,00% |
M.REGISTER |
31/12/1996 |
|
COMPANHIA PORTUGUESA DE HIPERMERCADOS SA |
PORTUGAL |
100,00% |
M.REGISTER |
31/12/1996 |
|
PLANCO-COMERCIO INTERNACIONAL SA |
PORTUGAL |
100,00% |
M.REGISTER |
31/12/1996 |
|
ALCAMPO DRIVE S.A. |
A84798560 |
100,00% |
B.O.R.M.E. |
25/09/2006 |
|
AUVRAC S.A. |
A84369164 |
100,00% |
M.REGISTER |
31/12/2005 |
Proceedings published
in the B.O.R.M.E.
(Official Mercantile
Register Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Resignations |
15/02/2007 |
092308 |
MADRID |
|
Appointments |
15/02/2007 |
092308 |
MADRID |
|
Appointments |
02/02/2007 |
063866 |
MADRID |
|
Resignations |
29/11/2006 |
572964 |
MADRID |
|
Appointments |
29/11/2006 |
572964 |
MADRID |
Press articles
|
|
||
|
18/01/2007 |
FARO DE VIGO |
INFORMATION ON THE ENVIRONMENT |
|
LOS 2 HIPERMERCADOS ALCAMPO DE VIGO HAN
OBTENIDO EL CERTIFICADO ISO 14001:2004, OTORGADO POR LLOYD S REGISTER QUALITY
ASSURANCE, QUE RECONOCE EL SISTEMA DE GESTION MEDIOAMBIENTAL PUESTO EN MARCHA
POR AMBOS CENTROS PARA CONTRIBUIR AL CUIDADO Y MEJORA DE SU ENTORNO. |
||
|
|
||
|
14/01/2007 |
VOZ GALIC |
FINANCIAL INFORMATION |
|
LAS VENTAS PROCEDENTES DEL COMERCIO JUSTO
CRECIERON UN 76,5% A LO LARGO DEL 2006 EN LOS HIPERMERCADOS ALCAMPO. LA CADENA
VENDIO EN 2006 MAS DE 127.000 UNIDADES DE ESTOS PRODUCTOS, Y EN TOTAL SUPUSO
UNOS INGRESOS DE 234.000 EUROS. |
||
Complementary
Information
|
Segun BORME (SECCION SEGUNDA) de fecha
08/07/98 la sociedad ha |
|
absorbido a JUMBO COMERCIAL SA NIF:A28321339,
PAN DE AZUCAR SA NIF: |
|
A78756301, NOVOMARK SA NIF:A28819944,
JUMBO INMOBILIARIA SA |
|
NIF:A79407375 y a ENTREPOSTO SL
NIF:B78920931. |
|
La Junta General de fecha 29/06/01, acordo
la fusion por absorcion |
|
de CERAMICA BLANCO SL NIF:B26015222 por
parte de ALCAMPO SA NIF: |
|
A28581882, segun anuncio publicado en
Borme Seccion 2 del 19/07/01. |
|
18/02/05 BLOQUE DE INVESTIGACION: |
|
- En Mercado Madrid 2 Sur, C/ Santiago de
Compostela s/n situado en Ma |
|
drid, ocupa establecimiento destinado a
oficinas. |
|
---------------------------------------------------------------------- |
|
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. |
Remarks for customer
NOTAS CLIENTE:
The datas included in your enquiry are
corrects. The address (C/ Santiago de Compostela, s/n 28029 Madrid) belongs to an
office. In spite of investigations using every source available (public and
private), no additional details than those contained in this report are
available.
Brands, Signs and
Commercial Names
|
Prevailing Brands |
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|
Name: |
MM TEAM MANIA |
||||
|
Kind of Brand: |
JOINT |
File: |
M2734386 |
||
|
Request Date: |
13/10/2006 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
REGISTER REQUEST |
|
Types: 16
|
|
||||
|
Name: |
AUCHAN POLLO DE CORRAL |
||||
|
Kind of Brand: |
JOINT |
File: |
M2728326 |
||
|
Request Date: |
29/08/2006 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
REGISTER REQUEST |
|
Types: 29
|
|
||||
|
Name: |
ALCAMPO DRIVE |
||||
|
Kind of Brand: |
JOINT |
File: |
M2728327 |
||
|
Request Date: |
29/08/2006 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
REGISTER REQUEST |
|
Types: 35
|
|
||||
|
Name: |
ALCAMPO DRIVE |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M2728063 |
||
|
Request Date: |
25/08/2006 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
REGISTER REQUEST |
|
Types: 35
|
|
||||
|
Name: |
EL MEJOR PRECIO,
SIEMPRE |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M2707261 |
||
|
Request Date: |
20/04/2006 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
FUND FAIL |
|
Types: 35
|
|
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Total Marcas: 79
Branches
|
Road |
Postal Code |
Town |
Province |
|
PM 27 LA LAGUNA |
07141 |
SA CABANETA |
BALEARES |
|
AUTOPISTA A-18 |
08192 |
SANT QUIRZE |
BARCELONA |
|
NACIONAL 340 |
12006 |
CASTELLON |
CASTELLON |
|
ALCALDE ALFONSO MOLINA |
15170 |
A CORUŃA |
LA CORUNA |
|
GANDARA (NARON) |
15407 |
FERROL |
LA CORUNA |
|
DE JAEN |
18013 |
GRANADA |
GRANADA |
|
TEJERAS |
26006 |
LOGROŃO |
LA RIOJA
(LOGRONO) |
|
CAMINO DE LOS VINATEROS |
28030 |
MADRID |
MADRID |
|
CENTRO COMERCIAL PARQUE DE ALCORCON |
28921 |
ALCORCON |
MADRID |
|
DE LAS MORCILLERAS |
28340 |
VALDEMORO |
MADRID |
|
Commercial Experience |
|
|
|
SALES |
|
Collection (estimated) |
|
Cash sales percentage 90
% |
|
Credit sales percentage
10 % |
|
|
Bank Entities
|
Entity |
Branch |
Branch Address |
Town |
Province |
|
CITIBANK INTERNATIONAL PLC, S.E. |
0000 |
JOSE ORTEGA Y
GASSET, 29 4 PLANTA |
MADRID |
MADRID |
|
BANKINTER, S.A. |
0010 |
PASEO DE LA
CASTELLANA, 29 |
MADRID |
MADRID |
|
BANCO SANTANDER CENTRAL HISPANO, S.A. |
|
|
|
|
|
CAJA DE AHORROS Y M.P. DE MADRID |
|
|
|
|
|
SOCIETE GENERALE, S.E. |
|
|
|
|
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 18/07/2006
Balance Sheet
(ASSETS)
|
(Figures given in thousands of
Euros) |
31/12/2003 (12)
|
31/12/2004 (12)
|
31/12/2005 (12)
|
|
|
|
A) DUE FROM SHAREHOLDERS FOR UNCALLED
CAPITAL |
|
|
|
|
|
B) FIXED ASSETS |
831.222,00 |
747.654,00 |
747.765,00 |
|
|
I. Establishment expenses |
|
|
|
|
|
II. Intangible assets |
26.114,00 |
19.506,00 |
14.346,00 |
|
|
Goodwill |
45.092,00 |
43.912,00 |
39.597,00 |
|
|
Acquired rights from finance leases |
8.508,00 |
4.301,00 |
4.301,00 |
|
|
Leasing |
16.852,00 |
16.852,00 |
16.852,00 |
|
|
Amortization |
-44.338,00 |
-45.559,00 |
-46.404,00 |
|
|
III. Tangible assets |
739.515,00 |
648.777,00 |
650.516,00 |
|
|
Property, plant and equipment |
875.253,00 |
767.226,00 |
774.314,00 |
|
|
Machinery, equipment and other |
339.805,00 |
330.600,00 |
350.164,00 |
|
|
Other property plant and equipement |
8.363,00 |
8.330,00 |
8.249,00 |
|
|
Prepaid expenses on fixed assets |
16.848,00 |
44.557,00 |
51.367,00 |
|
|
Other assets |
51.265,00 |
54.836,00 |
50.974,00 |
|
|
Provisions |
-3.679,00 |
-1.579,00 |
-827,00 |
|
|
Depreciation |
-548.340,00 |
-555.193,00 |
-583.725,00 |
|
|
IV. Financial assets |
65.593,00 |
79.371,00 |
82.903,00 |
|
|
Shares in affiliated companies |
149.785,00 |
59.910,00 |
68.988,00 |
|
|
Loans to affiliated companies |
607,00 |
5.000,00 |
5.000,00 |
|
|
Securities |
98,00 |
36,00 |
36,00 |
|
|
Other loans |
592,00 |
528,00 |
393,00 |
|
|
Long term deposits and guarantees |
5.285,00 |
1.946,00 |
2.404,00 |
|
|
Provisions |
-92.066,00 |
-6.833,00 |
-5.132,00 |
|
|
Tax refunds |
1.292,00 |
18.784,00 |
11.214,00 |
|
|
V. Owners equity |
|
|
|
|
|
VI. Long term trade liabilities |
|
|
|
|
|
C) DEFERRED EXPENSES |
410,00 |
322,00 |
136,00 |
|
|
D) CURRENT ASSETS |
573.918,00 |
641.493,00 |
767.249,00 |
|
|
I. Not paid in shareholder capital |
|
|
|
|
|
II. Inventory |
268.996,00 |
278.270,00 |
271.943,00 |
|
|
Goods available for sale |
274.851,00 |
284.877,00 |
279.488,00 |
|
|
Provisions |
-5.855,00 |
-6.607,00 |
-7.545,00 |
|
|
III. Debtors |
109.795,00 |
123.816,00 |
120.010,00 |
|
|
Clients |
8.694,00 |
10.872,00 |
9.734,00 |
|
|
Amounts owned by affiliated companies |
12.577,00 |
21.105,00 |
18.067,00 |
|
|
Other debts |
75.817,00 |
79.158,00 |
85.508,00 |
|
|
Labor costs |
206,00 |
172,00 |
179,00 |
|
|
Taxes refunds |
13.712,00 |
13.431,00 |
7.489,00 |
|
|
Provisions |
-1.211,00 |
-922,00 |
-967,00 |
|
|
IV. Short term financial assets |
100.767,00 |
180.611,00 |
310.028,00 |
|
|
Receivables in affiliated companies |
5.289,00 |
741,00 |
261.017,00 |
|
|
Short term investment |
95.478,00 |
179.870,00 |
49.011,00 |
|
|
V. Short term owners equity |
|
|
|
|
|
VI. Cash |
93.821,00 |
58.015,00 |
64.417,00 |
|
|
VII. Prepaid expenses and accrued income |
539,00 |
781,00 |
851,00 |
|
|
ASSETS (A + B + C + D) |
1.405.550,00 |
1.389.469,00 |
1.515.150,00 |
Balance Sheet
(LIABILITIES)
|
(Figures given in thousands of
Euros) |
31/12/2003 (12)
|
31/12/2004 (12)
|
31/12/2005 (12)
|
|
|
|
A) SHAREHOLDERS EQUITY |
400.152,00 |
408.105,00 |
453.716,00 |
|
|
I. Capital |
106.956,00 |
106.956,00 |
106.956,00 |
|
|
II. Premium share account |
30.593,00 |
30.593,00 |
30.593,00 |
|
|
III. Revaluation reserve |
|
|
|
|
|
IV. Reserves |
96.050,00 |
106.229,00 |
114.792,00 |
|
|
Retained earnings |
20.585,00 |
21.391,00 |
21.391,00 |
|
|
Other funds |
75.464,00 |
84.837,00 |
93.400,00 |
|
|
Capital adjustments in Euros |
1,00 |
1,00 |
1,00 |
|
|
V. Prior year earnings |
117.606,00 |
117.307,00 |
120.764,00 |
|
|
Carry over |
117.606,00 |
117.307,00 |
120.764,00 |
|
|
VI. Prior year profit or losses |
51.794,00 |
167.020,00 |
80.611,00 |
|
|
VII. Dividend paid during the year |
-2.847,00 |
-120.000,00 |
|
|
|
VIII. Own shares for change in capital |
|
|
|
|
|
B) DEFERRED INCOME |
|
2.350,00 |
2.326,00 |
|
|
Other deferred income |
|
2.350,00 |
2.326,00 |
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
18.239,00 |
19.642,00 |
26.192,00 |
|
|
Other provisions |
18.239,00 |
19.642,00 |
26.192,00 |
|
|
D) LONG TERM LIABILITIES |
39.075,00 |
20.199,00 |
12.766,00 |
|
|
I. Bonds |
|
|
|
|
|
II. Bank loans |
18.632,00 |
5.923,00 |
|
|
|
Long term bank loans |
11.000,00 |
|
|
|
|
Leasing |
7.632,00 |
5.923,00 |
|
|
|
III. Debts with associed and affiliated
companies |
|
|
|
|
|
IV. Other creditors |
20.443,00 |
14.276,00 |
12.766,00 |
|
|
Other debts |
784,00 |
301,00 |
|
|
|
Long term deposit and guaranties |
4.050,00 |
101,00 |
44,00 |
|
|
Taxes receivable |
15.609,00 |
13.874,00 |
12.722,00 |
|
|
V. Deferred debts on shares |
|
|
|
|
|
VI. Long term debt with creditor |
|
|
|
|
|
E) SHORT TERM LIABILITIES |
948.084,00 |
939.173,00 |
1.020.150,00 |
|
|
I. Negotiable bonds |
|
|
|
|
|
II. Bank loans |
5.302,00 |
8.182,00 |
10.387,00 |
|
|
Loans and other debts |
2.969,00 |
5.380,00 |
3.826,00 |
|
|
Debt interest |
801,00 |
1.079,00 |
643,00 |
|
|
Leasing |
1.532,00 |
1.723,00 |
5.918,00 |
|
|
III. Short term debts with associated and
affiliated companies |
53.069,00 |
25.759,00 |
25.296,00 |
|
|
With affiliated companies |
53.069,00 |
25.759,00 |
25.296,00 |
|
|
IV. Trade creditors |
683.697,00 |
725.104,00 |
774.126,00 |
|
|
Accounts payable |
709,00 |
676,00 |
798,00 |
|
|
Expenses |
682.988,00 |
724.428,00 |
773.328,00 |
|
|
V. Other non trade payables |
205.969,00 |
180.065,00 |
210.306,00 |
|
|
Government |
36.893,00 |
36.818,00 |
39.538,00 |
|
|
Other debts |
140.038,00 |
111.699,00 |
136.032,00 |
|
|
Accounts receivable |
29.038,00 |
31.548,00 |
34.736,00 |
|
|
VI. Provisions for current assets |
|
|
|
|
|
VII. Accruals and deferred incomes |
47,00 |
63,00 |
35,00 |
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
1.405.550,00 |
1.389.469,00 |
1.515.150,00 |
Profit and Loss
Account
|
(Figures given in thousands of
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 |
2.247.579,00 |
2.459.957,00 |
2.574.939,00 |
|
|
Material consumed |
2.247.579,00 |
2.459.957,00 |
2.574.939,00 |
|
|
A.3. Labor cost |
261.335,00 |
274.241,00 |
279.509,00 |
|
|
Wages |
203.746,00 |
214.707,00 |
219.146,00 |
|
|
Social security expenses |
57.589,00 |
59.534,00 |
60.363,00 |
|
|
A.4. Assets depreciation |
80.062,00 |
72.763,00 |
65.191,00 |
|
|
A.5 Variance in provision for current
assets |
6.571,00 |
757,00 |
1.169,00 |
|
|
Variance in provision for inventory |
5.855,00 |
752,00 |
938,00 |
|
|
Variance in provision for other current
assets |
716,00 |
5,00 |
231,00 |
|
|
A.6. Other operating costs |
203.134,00 |
195.314,00 |
193.176,00 |
|
|
External costs |
190.874,00 |
182.613,00 |
181.135,00 |
|
|
Taxes |
12.260,00 |
12.701,00 |
12.041,00 |
|
|
A.I. OPERATING RESULT
(B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
79.184,00 |
97.676,00 |
117.759,00 |
|
|
A.7. Financial expenses |
8.443,00 |
9.366,00 |
1.431,00 |
|
|
Debts with related companies |
5.349,00 |
7.428,00 |
257,00 |
|
|
Other companies debts |
3.094,00 |
1.938,00 |
1.174,00 |
|
|
A.8. Variation in financial investments
provision |
|
|
|
|
|
A.9. Exchange losses |
454,00 |
1,00 |
|
|
|
A.II. POSITIVE FINANCIAL RESULTS
(B.5+B.6+B.7+B.8-A.7-A.8-A.9) |
4.050,00 |
3.609,00 |
8.670,00 |
|
|
A.III. PROFIT FROM ORDINARY ACTIVITIES
(A.I+A.II-B.I-B.II) |
83.234,00 |
101.285,00 |
126.429,00 |
|
|
A.10. Variation in provision in fixed
assets |
7.767,00 |
-2.033,00 |
-2.453,00 |
|
|
A.11. Losses in fixed assets |
2.409,00 |
|
1.350,00 |
|
|
A.12. Losses from shares and bonds |
|
|
|
|
|
A.13. Extraordinary charges |
1.833,00 |
5.718,00 |
9.681,00 |
|
|
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) |
|
109.587,00 |
|
|
|
A.V. EARNINGS / LOSS BEFORE TAXES
(A.III+A.IV-B.III-B.IV) |
73.859,00 |
210.872,00 |
121.287,00 |
|
|
A.15. Corporate Taxes |
22.065,00 |
43.852,00 |
40.676,00 |
|
|
A.16. Other taxes |
|
|
|
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.15-A.16) |
51.794,00 |
167.020,00 |
80.611,00 |
|
|
B) INCOMES (B.1 a B13) |
|
|
|
|
|
B.1. Turnover |
2.827.441,00 |
3.048.948,00 |
3.189.386,00 |
|
|
Sales |
2.766.113,00 |
2.985.606,00 |
3.120.657,00 |
|
|
Services provided |
61.328,00 |
63.342,00 |
68.729,00 |
|
|
B.2. Increase in inventory of finished
goods |
|
|
|
|
|
B.3. Expenses capitalized |
|
|
|
|
|
B.4. Other operating income |
50.424,00 |
51.760,00 |
42.357,00 |
|
|
Other incomes |
50.424,00 |
51.760,00 |
42.357,00 |
|
|
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 |
16,00 |
|
|
|
|
From other companies |
16,00 |
|
|
|
|
B.6. Income from securities |
|
|
|
|
|
B.7. Other income from interrest |
12.931,00 |
12.976,00 |
9.644,00 |
|
|
From affiliated companies |
2.526,00 |
1.783,00 |
3.589,00 |
|
|
From other companies |
10.405,00 |
11.193,00 |
6.055,00 |
|
|
B.8. Gains on exchange |
|
|
457,00 |
|
|
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 |
|
104.518,00 |
|
|
|
B.10. Gains from dealing in own shares |
|
|
|
|
|
B.11. Paid in surplus |
|
|
|
|
|
B.12. Extraordinary income |
2.634,00 |
8.754,00 |
3.436,00 |
|
|
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) |
9.375,00 |
|
5.142,00 |
|
|
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 thousands of
Euros) |
2.003 (12) |
2.004 (12) |
2.005 (12) |
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales Figures |
8,29 |
7,83 |
4,61 |
|
|
Assets Turnover |
2,01 |
2,19 |
2,11 |
|
|
Productivity |
1,63 |
1,62 |
1,66 |
|
|
Increase of the Added Value |
9,54 |
4,28 |
4,08 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
3,69 |
12,02 |
5,32 |
|
|
Financial Profitability |
12,94 |
40,93 |
17,77 |
|
|
Financial Expenses |
0,30 |
0,31 |
0,05 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
14,00 |
15,00 |
14,00 |
|
|
Suppliers’ Credit (In days of sales) |
110,00 |
106,00 |
108,00 |
|
|
Working Capital (In days of sales) |
0,00 |
0,00 |
0,00 |
|
|
Working Capital Requirement (In days of
sales) |
0,00 |
0,00 |
0,00 |
|
|
Treasury (In days of sales) |
24,00 |
27,00 |
41,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
-374.166,00 |
-297.680,00 |
-252.901,00 |
|
|
Working Capital Requirement |
-563.452,00 |
-528.124,00 |
-616.959,00 |
|
|
Treasury |
189.286,00 |
230.444,00 |
364.058,00 |
|
|
Balance Ratio |
0,55 |
0,60 |
0,66 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
70,23 |
69,05 |
68,17 |
|
|
Own / Permanent Funds |
87,47 |
90,63 |
91,66 |
|
|
Payback Capacity |
0,34 |
0,31 |
0,32 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
0,61 |
0,68 |
0,75 |
|
|
Immediate Liquidity |
0,21 |
0,25 |
0,37 |
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 |
49,35 |
70,79 |
-21,44 |
|
ACCRUED EXPENSES |
0,01 |
0,28 |
-0,27 |
|
CURRENT ASSETS |
50,64 |
28,93 |
21,71 |
|
TOTAL ASSETS |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
SHAREHOLDERS EQUITY |
29,95 |
40,23 |
-10,28 |
|
ACCRUED INCOME |
0,15 |
0,03 |
0,12 |
|
RISK AND EXPENDITURE
COVER |
1,73 |
0,60 |
1,13 |
|
LONG-TERM CREDITORS |
0,84 |
11,92 |
-11,08 |
|
SHORT-TERM CREDITORS |
67,33 |
47,21 |
20,12 |
|
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 |
98,69 |
96,06 |
2,63 |
|
Other operating income |
1,31 |
3,94 |
-2,63 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
79,68 |
74,34 |
5,34 |
|
Other operation expenses |
5,98 |
9,00 |
-3,03 |
|
Added value |
14,35 |
16,66 |
-2,31 |
|
Labor cost |
8,65 |
10,62 |
-1,97 |
|
Gross Economic Result |
5,70 |
6,04 |
-0,34 |
|
Assets depreciation |
2,02 |
2,61 |
-0,60 |
|
Variation in provision
for current assets |
0,04 |
0,10 |
-0,07 |
|
Net Economic Result |
3,64 |
3,32 |
0,32 |
|
Financial income |
0,31 |
0,32 |
-0,01 |
|
Financial expenses |
0,04 |
0,38 |
-0,34 |
|
Variation in financial investment
provision |
0,00 |
-0,01 |
0,01 |
|
Ordinary Activities
Result |
3,91 |
3,27 |
0,64 |
|
Extraordinary income |
0,11 |
0,64 |
-0,54 |
|
Extraordinary expenses |
0,34 |
0,43 |
-0,09 |
|
Variation in provision
in fixed assets |
-0,08 |
0,31 |
-0,39 |
|
Results before Taxes |
3,75 |
3,17 |
0,58 |
|
Corporaye taxes |
1,26 |
1,06 |
0,20 |
|
Net Result |
2,49 |
2,11 |
0,38 |
|
Assets depreciation |
2,02 |
2,61 |
-0,60 |
|
Provisions fund
variation |
-0,04 |
0,40 |
-0,44 |
|
Net Self-Financing |
4,47 |
5,13 |
-0,66 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.005 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales
Figures |
4,61 |
3,87 |
8,40 |
14,67 |
|
Assets Turnover |
2,10 |
2,13 |
2,81 |
3,30 |
|
Fixed Assets Turnover |
4,26 |
3,28 |
4,37 |
6,89 |
|
Increase of the Added
Value |
4,08 |
4,59 |
10,45 |
18,01 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
1,66 |
1,23 |
1,40 |
1,58 |
|
Change of Personnel
Costs |
1,92 |
6,50 |
11,18 |
20,08 |
|
Average Personnel Costs |
20,87 |
14,87 |
16,83 |
19,68 |
|
Value Added by Employees |
34,62 |
19,61 |
21,94 |
30,29 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
144.518,00 |
1.550,81 |
4.299,82 |
9.084,13 |
|
Operating Cash Flow |
184.119,00 |
1.797,14 |
4.816,96 |
10.951,84 |
|
Change in Cash Flow |
-39,41 |
-8,84 |
6,46 |
16,85 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
5,32 |
1,01 |
2,52 |
5,20 |
|
Financial Profitability |
17,77 |
3,80 |
12,63 |
19,99 |
|
Financial Expenses |
0,04 |
0,06 |
0,26 |
0,50 |
|
Gross Economic
Profitability |
12,15 |
6,07 |
10,39 |
15,93 |
|
Gross Financial
Profitability |
40,58 |
27,02 |
32,76 |
58,64 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In
days of sales) |
13,00 |
3,07 |
6,57 |
18,54 |
|
Suppliers’ Credit (In
days of sales) |
108,00 |
16,88 |
61,68 |
82,71 |
|
Working Capital (In days
of sales) |
0,00 |
-47,52 |
-25,16 |
-5,14 |
|
Working Capital
Requirement (In days of sales) |
0,00 |
-53,87 |
-34,10 |
-16,55 |
|
Treasury (In days of
sales) |
41,00 |
-5,23 |
3,20 |
18,34 |
|
Operating Current Assets |
86,00 |
33,80 |
58,18 |
76,54 |
|
BALANCE |
|
|
|
|
|
Working Capital |
-252.901,00 |
-15.648,83 |
-6.864,41 |
-1.248,93 |
|
Working Capital
Requirement |
-616.959,00 |
-24.370,54 |
-8.413,34 |
-3.423,89 |
|
Treasury |
364.058,00 |
-759,84 |
2.066,44 |
6.421,37 |
|
Balance Ratio |
0,66 |
0,54 |
0,67 |
0,91 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
68,17 |
51,59 |
72,00 |
79,18 |
|
Own / Permanent Funds |
91,66 |
66,05 |
84,99 |
97,63 |
|
Payback Capacity |
0,32 |
0,19 |
0,24 |
0,32 |
|
Long term Indebtedness |
0,84 |
0,41 |
6,80 |
11,94 |
|
Gearing |
333,94 |
207,39 |
357,27 |
481,87 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,00 |
|
Assets Guarantee |
1,47 |
1,14 |
1,36 |
1,79 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
0,75 |
0,46 |
0,68 |
0,93 |
|
Immediate Liquidity |
0,37 |
0,05 |
0,12 |
0,24 |
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%)