MIRA
INFORM REPORT
|
Report Date : |
24.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
ACERINOX SA |
|
|
|
|
Registered Office : |
Calle Santiago De Compostela, 100, 28035 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
30/09/1970 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture of basic iron and steel and of ferro-alloys |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular
|
|
|
|
|
Litigation : |
Clear
|
Name
ACERINOX SA
Identification and
Characteristics
|
Tax
Number |
A28250777 |
|
NAME |
ACERINOX SA |
|
BUSINESS
ADDRESS |
CALLE SANTIAGO DE
COMPOSTELA, 100 |
|
Postcode |
28035 |
|
FORMER
ADDRESS |
CALLE DOCTOR
FLEMING, 51 |
|
Postcode |
28036 |
|
URL |
http://www.acerinox.com |
|
TELEPHONE |
913985100 |
|
FAX |
913985196 |
|
LEGAL
FORM |
JOINT STOCK COMPANY |
|
DATE
FOUNDED |
30/09/1970 |
|
CAPITAL |
64.875.000,00 Euros |
|
PAID-UP
CAPITAL |
64.875.000,00 Euros |
|
NUMBER
OF EMPLOYEES |
2.330 |
|
BANKS |
B GUIPUZCOANO;
BSCH; B DE VASCONIA OF 4713; BBVA; |
|
STOCK
MARKET PRICE |
YES |
|
TYPE |
ORDINARY SHARES |
|
PERIOD |
|
|
PLACE |
|
|
ACTIVITY |
1222000 - Iron &
steel industry |
|
CNAE |
2710 - Manufacture of
basic iron and steel and of ferro-alloys (ECSC) |
|
IMPORT
COMPANY |
YES |
Synthesis
|
||
|
FINANCIAL SITUATION |
||
|
|
|
|
|
PROFITABILITY |
|
Medium |
|
TREASURY |
|
Excellent |
|
BALANCE
SHEET |
|
Good |
|
DEBT |
|
Very low |
|
INCIDENTS |
||
|
|
|
|
|
COMMITMENTS |
|
Respected |
|
INCIDENTS |
|
None or Negligible |
|
PREVIOUS EXPERIENCE |
||
|
|
|
|
|
PREVIOUS
EXPERIENCE |
|
Very favourable |
Credit Appraisal
|
CREDIT ACCORDING TO OBJECTIVE
DATA (From 0 to 500.000,00 Euros): |
|
FAVOURABLE
TOWARDS 499.501,16 Max. |
|
SOLVENCY RATING: |
|
(BASED ON HOMOGENEOUS
FORMULATION) |
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 |
1.436.085,00 |
1.724.276,00 |
1.603.288,00 |
|
|
ADDED VALUE |
278.685,00 |
298.303,00 |
221.408,00 |
13,81 |
|
BUSINESS RESULT |
102.690,00 |
103.238,00 |
71.524,00 |
4,46 |
|
OWN FUNDS |
1.301.993,00 |
1.325.614,00 |
1.266.661,00 |
|
|
DEBT |
412.539,00 |
538.596,00 |
705.149,00 |
|
|
TOTAL ASSET |
1.732.918,00 |
1.880.415,00 |
1.986.339,00 |
|
|
The sales of 1.603.288,00
thousands of Euros show a change of -7,02% compared
with 2.004 . Between 2.003 and 2.004 , this
change was 20,07% . |
||||
|
Added value grew by
-25,78% compared with the previous year. Shareholders equity are
1.266.661,00 thousands of Euros for an indebtedness of
705.149,00 thousands of Euros . |
||||
|
The result 71.524,00
thousands of Euros means financial profitability of
5,65% and economic profitability of 3,60% . This
result means growth of -30,72% compared with the
2.004 . |
||||
|
|
||||
|
THE FIGURES FOR THE LAST
BALANCE SHEET ARE RELEVANT: |
||||
|
SOURCE: FROM THE
MERCANTILE REGISTER |
||||
|
DATE: 17/07/2006 |
||||
|
|
||||
|
Auditors’ opinion: |
||||
|
FAVOURABLE (2.005) |
||||
|
|
||||
|
Auditors: |
||||
|
KPMG AUDITORES S.L. |
||||
Comparative Sector Analysis
|
|
Company |
Sector |
Difference |
|
|
(2.005) |
|
|
|
% of
PRODUCTION VALUE |
|
|
|
|
SALES |
99,45 |
98,83 |
0,62 |
|
ADDED
VALUE |
13,73 |
20,11 |
-6,38 |
|
BUSINESS
RESULT |
4,44 |
3,07 |
1,37 |
|
% OF TOTAL
ASSETS |
|
|
|
|
OWN
FUNDS |
63,77 |
59,25 |
4,52 |
|
DEBT |
35,50 |
40,75 |
-5,25 |
Compared sector (CNAE): 271 -
Fabricación de productos básicos de hierro, acero y ferroaleaciones (CECA)*
Number of companies: 23
Size (Sales Figure): >
7.000.000,00 Euros
The turnover of the company is
0,62% above the mean for the sector.
The company’s added value was
13,73% s/ the production value, and 6,38% below the mean for the
sector.
The company’s business result was
4,44% of the PV, 1,37% above the mean for the sector.
The company’s own resources are
63,77% , 4,52% above the mean for the sector.
The company’s outside resources
are 35,50% , 5,25% below the mean for the sector.
Legal Actions
|
LEGAL ACTIONS: 1 |
( Last 16/06/1998 ) |
|
|
|
|
|
0 |
|
|
1 |
|
CLAIM FILED AGAINST THE
ADMINISTRATION: 1 |
( Last 20/03/2000 ) |
|
|
0 |
|
|
0 |
|
|
1 |
|
AFFECTED BY:
1 Company / Companies in Insolvency Proceedings |
|
|
Last Legal Actions |
|
(Figures given in Euros) |
|
|||||
|
|
|||||
|
|
Information
Date |
Incidence
Status |
Actor |
Amount |
|
|
|
16/06/1998 |
SOCIAL LEGAL
ACTION |
MARCHANTE
MELGAR FRANCISCO Y OTROS |
4.172,83 |
|
|
Total: 1 |
|||||
|
|
|||||
|
Last claim filed against the administration |
|
||||
|
(Figures given in Euros) |
|
||||
|
||||
|
Rest of Organisms: 1 |
||||
|
|
||||
|
|
Information Date |
Organization |
Amount |
|
|
|
20/03/2000 |
DEPUTATION/
DELEGATION FORAL DE BIZKAIA |
|
|
|
|
||||
Main Board members, Directors and
Auditor
|
Position |
Surname and name |
Date of
appointment |
|
CHAIRMAN |
MUNOZ CAVA VICTORIANO |
18/07/2003 |
|
BOARD MEMBER |
LLADO FERNANDEZ URRUTIA JOSE |
20/07/2000 |
|
BOARD MEMBER |
CORPORACION FINANCIERA ALBA SA |
31/05/2002 |
|
BOARD MEMBER |
ANGLO AMERICAN |
31/05/2002 |
|
BOARD MEMBER |
BOYD LESLIE |
31/07/2002 |
|
BOARD MEMBER |
LEJEUNE CASTRILLO JOSE LUIS |
31/07/2002 |
|
BOARD MEMBER |
HOSHINO KAZUO |
18/07/2003 |
|
BOARD MEMBER |
KOMORI SUSUMU EN REPR DE METAL
ONE |
10/06/2004 |
|
BOARD MEMBER |
MARCHA DE LA LASTRA JUAN |
10/06/2004 |
|
AUDITOR |
PRICEWATERHOUSECOOPERS
AUDITORES SL |
13/10/2003 |
Financial Links
|
Shareholders |
||||
|
Company Name |
CIF/Country |
Percent. |
Source |
Information Date |
|
ALBA PARTICIPACIONES |
A28363125 |
15,83% |
STOCK EXCH. |
01/06/2006 |
|
FEYNMAN CAPITAL S.L. |
B82406638 |
11,11% |
OWN SOURCES |
18/05/2006 |
|
NISSHIN STEEL CO LTD |
JAPÓN |
Indet. |
OWN SOURCES |
18/05/2006 |
|
CHASE MANHATTAN BANK N.A. |
ESTADOS UNIDOS |
5,21% |
OWN SOURCES |
18/05/2006 |
|
CHASE NOMINEES LTD |
PAÍSES DIVERSOS |
4,82% |
OWN SOURCES |
18/05/2006 |
|
LANDIS INVERSIONES S.L. |
B82160987 |
4,27% |
OWN SOURCES |
18/05/2006 |
Shareholdings
|
||||
|
Company Name |
CIF/Country |
Percent. |
Source |
Information Date |
|
INOXIDABLES DE EUSKADI SA |
A01055912 |
100,00% |
M.REGISTER |
31/12/2005 |
|
ACERINOX |
SUECIA |
100,00% |
M.REGISTER |
31/12/2003 |
|
ACERINOX ARGENTINA SA |
|
100,00% |
M.REGISTER |
31/12/2005 |
|
ACERINOX PACIFIC LTD |
|
100,00% |
M.REGISTER |
31/12/2005 |
|
ACERINOX ITALIA SRL |
ITALIA |
100,00% |
M.REGISTER |
31/12/2005 |
|
ACERINOX |
MALASIA |
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. |
|
Registration of accounts
(2005) Consolidated |
27/07/2006 |
181068 |
|
|
Other statutary acts |
18/07/2006 |
369274 |
|
|
Registration of accounts
(2005) |
12/07/2006 |
163281 |
|
|
Appointments |
05/07/2006 |
349069 |
|
|
Re-elections |
05/07/2006 |
349069 |
|
Brands, Signs and Commercial
Names
|
Prevailing Brands |
|||||
|
Name: |
CEDINOX |
||||
|
Kind of Brand: |
JOINT |
File: |
M2574004 |
||
|
Request Date: |
29/12/2003 |
Bulletin Date: |
Bulletin Date: |
Current
situation: |
APPROVED
REGISTER |
|
Types: 41 |
|
||||
|
Name: |
GRUPOACERINOX |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M2544360 |
||
|
Request Date: |
04/06/2003 |
Bulletin Date: |
Bulletin Date: |
Current
situation: |
CONCESSION
WITH MODIFICATIONS |
|
Types: 6 |
|
||||
|
Name: |
ACERINOXGROUP |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M2544361 |
||
|
Request Date: |
04/06/2003 |
Bulletin Date: |
Bulletin Date: |
Current
situation: |
CONCESSION
WITH MODIFICATIONS |
|
Types: 6 |
|
||||
|
Name: |
ACXGROUP |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M2544362 |
||
|
Request Date: |
04/06/2003 |
Bulletin Date: |
Bulletin Date: |
Current
situation: |
CONCESSION
WITH MODIFICATIONS |
|
Types: 6 |
|
||||
|
Name: |
ACERINOX.COM |
||||
|
Kind of Brand: |
JOINT |
File: |
M2350558 |
||
|
Request Date: |
16/10/2000 |
Bulletin Date: |
Bulletin Date: |
Current
situation: |
APPROVED
REGISTER |
|
Types: 35 |
|
||||
Total Marcas: 14
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 17/07/2006
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 |
1.051.763,00 |
1.067.233,00 |
1.158.592,00 |
|
|
I. Establishment expenses |
|
|
|
|
|
II. Intangible assets |
9.148,00 |
10.213,00 |
14.883,00 |
|
|
R & D expenses |
3.231,00 |
5.030,00 |
3.707,00 |
|
|
Concessions, patents,licences ,
trademarks |
15.890,00 |
16.352,00 |
19.876,00 |
|
|
Acquired rights from finance
leases |
168,00 |
168,00 |
168,00 |
|
|
Software |
9.699,00 |
10.571,00 |
12.669,00 |
|
|
Provisions |
|
|
2.333,00 |
|
|
Amortization |
-19.840,00 |
-21.908,00 |
-23.870,00 |
|
|
III. Tangible assets |
124.867,00 |
105.346,00 |
115.907,00 |
|
|
Property, plant and equipment |
148.934,00 |
151.188,00 |
153.153,00 |
|
|
Machinery, equipment and other |
673.337,00 |
688.843,00 |
718.267,00 |
|
|
Other property plant and
equipement |
4.062,00 |
4.401,00 |
4.547,00 |
|
|
Prepaid expenses on fixed
assets |
2.714,00 |
4.285,00 |
5.132,00 |
|
|
Other assets |
32.172,00 |
35.266,00 |
38.617,00 |
|
|
Depreciation |
-736.352,00 |
-778.637,00 |
-803.809,00 |
|
|
IV. Financial assets |
917.748,00 |
951.674,00 |
1.027.802,00 |
|
|
Shares in affiliated companies |
870.019,00 |
931.971,00 |
1.018.608,00 |
|
|
Loans to affiliated companies |
28.384,00 |
|
|
|
|
Shares in associated companies |
912,00 |
912,00 |
912,00 |
|
|
Securities |
17.977,00 |
18.355,00 |
18.355,00 |
|
|
Other loans |
63,00 |
51,00 |
35,00 |
|
|
Long term deposits and
guarantees |
646,00 |
638,00 |
454,00 |
|
|
Provisions |
-253,00 |
-253,00 |
-10.562,00 |
|
|
V. Owners equity |
|
|
|
|
|
VI. Long term trade liabilities |
|
|
|
|
|
C) DEFERRED EXPENSES |
|
|
|
|
|
D) CURRENT ASSETS |
681.155,00 |
813.182,00 |
827.747,00 |
|
|
I. Not paid in shareholder
capital |
|
|
|
|
|
II. Inventory |
291.408,00 |
347.359,00 |
385.591,00 |
|
|
Raw material inventory |
120.608,00 |
153.174,00 |
147.366,00 |
|
|
Work in Progress |
76.012,00 |
91.785,00 |
98.209,00 |
|
|
Finished goods |
93.249,00 |
96.540,00 |
144.708,00 |
|
|
Subproducts and recycled
materials |
2.743,00 |
7.118,00 |
12.308,00 |
|
|
Cash advance |
|
75,00 |
155,00 |
|
|
Provisions |
-1.204,00 |
-1.333,00 |
-17.155,00 |
|
|
III. Debtors |
385.051,00 |
460.534,00 |
438.242,00 |
|
|
Clients |
75.065,00 |
76.419,00 |
64.778,00 |
|
|
Amounts owned by affiliated companies |
298.279,00 |
372.304,00 |
360.233,00 |
|
|
Amounts owned by associated
companies |
3.660,00 |
3.310,00 |
904,00 |
|
|
Other debts |
1.925,00 |
1.284,00 |
1.155,00 |
|
|
Labor costs |
88,00 |
102,00 |
56,00 |
|
|
Taxes refunds |
11.391,00 |
12.578,00 |
16.638,00 |
|
|
Provisions |
-5.357,00 |
-5.463,00 |
-5.522,00 |
|
|
IV. Short term financial assets |
3.116,00 |
3.116,00 |
949,00 |
|
|
Other loans |
|
|
947,00 |
|
|
Short Term Deposit and
guarantees |
3.116,00 |
3.116,00 |
2,00 |
|
|
V. Short term owners equity |
|
|
|
|
|
VI. Cash |
1.342,00 |
1.738,00 |
2.149,00 |
|
|
VII. Prepaid expenses and
accrued income |
238,00 |
435,00 |
816,00 |
|
|
ASSETS (A + B + C + D) |
1.732.918,00 |
1.880.415,00 |
1.986.339,00 |
Balance Sheet (LIABILITIES)
|
(Figures given in
thousands of Euros) |
31/12/2003 (12)
|
31/12/2004 (12)
|
31/12/2005 (12)
|
|
|
|
A) SHAREHOLDERS EQUITY |
1.301.993,00 |
1.325.614,00 |
1.266.661,00 |
|
|
I. Capital |
65.800,00 |
65.800,00 |
64.875,00 |
|
|
II. Premium share account |
294.905,00 |
273.849,00 |
253.089,00 |
|
|
III. Revaluation reserve |
21.834,00 |
21.834,00 |
21.834,00 |
|
|
IV. Reserves |
831.898,00 |
879.317,00 |
873.504,00 |
|
|
Retained earnings |
13.160,00 |
13.160,00 |
12.975,00 |
|
|
Other funds |
818.738,00 |
866.157,00 |
860.529,00 |
|
|
V. Prior year earnings |
|
|
|
|
|
VI. Prior year profit or losses |
102.690,00 |
103.238,00 |
71.524,00 |
|
|
VII. Dividend paid during the
year |
-15.134,00 |
-18.424,00 |
-18.165,00 |
|
|
VIII. Own shares for change in
capital |
|
|
|
|
|
B) DEFERRED INCOME |
193,00 |
|
276,00 |
|
|
Other deferred income |
193,00 |
|
276,00 |
|
|
C) PROVISIONS FOR LIABILITIES
AND EXPENSES |
18.193,00 |
16.205,00 |
14.253,00 |
|
|
Provision for taxes |
623,00 |
622,00 |
650,00 |
|
|
Other provisions |
17.570,00 |
15.583,00 |
13.603,00 |
|
|
D) LONG TERM LIABILITIES |
727,00 |
637,00 |
102.727,00 |
|
|
I. Bonds |
|
|
|
|
|
II. Bank loans |
|
|
101.329,00 |
|
|
Long term bank loans |
|
|
101.329,00 |
|
|
III. Debts with associed and
affiliated companies |
|
|
|
|
|
IV. Other creditors |
727,00 |
637,00 |
1.398,00 |
|
|
Other debts |
680,00 |
589,00 |
|
|
|
Long term deposit and
guaranties |
47,00 |
48,00 |
1.398,00 |
|
|
V. Deferred debts on shares |
|
|
|
|
|
VI. Long term debt with
creditor |
|
|
|
|
|
E) SHORT TERM LIABILITIES |
411.812,00 |
537.959,00 |
602.422,00 |
|
|
I. Negotiable bonds |
|
|
|
|
|
II. Bank loans |
158.396,00 |
227.300,00 |
383.975,00 |
|
|
Loans and other debts |
158.024,00 |
226.914,00 |
382.603,00 |
|
|
Debt interest |
372,00 |
386,00 |
1.372,00 |
|
|
III. Short term debts with associated
and affiliated companies |
4.949,00 |
10.388,00 |
1.933,00 |
|
|
With affiliated companies |
4.949,00 |
10.388,00 |
1.933,00 |
|
|
IV. Trade creditors |
159.233,00 |
213.127,00 |
146.591,00 |
|
|
Accounts payable |
4.540,00 |
5.762,00 |
7.943,00 |
|
|
Expenses |
89.287,00 |
162.992,00 |
106.097,00 |
|
|
Bills payable |
65.406,00 |
44.373,00 |
32.551,00 |
|
|
V. Other non trade payables |
46.257,00 |
70.961,00 |
52.951,00 |
|
|
Government |
26.088,00 |
33.639,00 |
8.884,00 |
|
|
Bills payable |
2.407,00 |
2.132,00 |
9.257,00 |
|
|
Other debts |
17.762,00 |
35.190,00 |
34.810,00 |
|
|
VI. Provisions for current
assets |
|
|
|
|
|
VII. Accruals and deferred
incomes |
42.977,00 |
16.183,00 |
16.972,00 |
|
|
F) SHORT TERM PROVISIONS FOR
LIABILITIES AND EXPENSES |
|
|
|
|
|
LIABILITIES (A + B + C + D + E
+ F) |
1.732.918,00 |
1.880.415,00 |
1.986.339,00 |
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 |
1.057.786,00 |
1.326.133,00 |
1.296.638,00 |
|
|
Material consumed |
164.055,00 |
164.435,00 |
1.098,00 |
|
|
Raw materials consumed |
893.731,00 |
1.161.698,00 |
1.295.540,00 |
|
|
A.3. Labor cost |
97.539,00 |
104.156,00 |
112.146,00 |
|
|
Wages |
73.939,00 |
78.525,00 |
84.926,00 |
|
|
Social security expenses |
23.600,00 |
25.631,00 |
27.220,00 |
|
|
A.4. Assets depreciation |
49.511,00 |
45.780,00 |
29.152,00 |
|
|
A.5 Variance in provision for
current assets |
298,00 |
113,00 |
15.861,00 |
|
|
Variance in provision for
inventory |
|
|
15.823,00 |
|
|
Variance in provision for bad
debts |
298,00 |
113,00 |
38,00 |
|
|
A.6. Other operating costs |
142.501,00 |
132.447,00 |
153.967,00 |
|
|
External costs |
140.876,00 |
130.817,00 |
150.228,00 |
|
|
Taxes |
1.625,00 |
1.630,00 |
1.520,00 |
|
|
Other day to day expenses |
|
|
2.219,00 |
|
|
A.I. OPERATING RESULT
(B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
131.337,00 |
148.254,00 |
64.249,00 |
|
|
A.7. Financial expenses |
6.540,00 |
9.441,00 |
14.698,00 |
|
|
Debts with related companies |
52,00 |
64,00 |
71,00 |
|
|
Other companies debts |
6.488,00 |
9.377,00 |
14.627,00 |
|
|
A.8. Variation in financial
investments provision |
-9.082,00 |
|
|
|
|
A.9. Exchange losses |
22.048,00 |
21.732,00 |
24.412,00 |
|
|
A.II. POSITIVE FINANCIAL
RESULTS (B.5+B.6+B.7+B.8-A.7-A.8-A.9) |
11.078,00 |
|
24.633,00 |
|
|
A.III. PROFIT FROM ORDINARY
ACTIVITIES (A.I+A.II-B.I-B.II) |
142.415,00 |
147.599,00 |
88.882,00 |
|
|
A.10. Variation in provision in
fixed assets |
|
|
10.309,00 |
|
|
A.11. Losses in fixed assets |
|
7,00 |
12,00 |
|
|
A.12. Losses from shares and
bonds |
|
|
|
|
|
A.13. Extraordinary charges |
|
|
|
|
|
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) |
37,00 |
1.161,00 |
|
|
|
A.V. EARNINGS / LOSS BEFORE
TAXES (A.III+A.IV-B.III-B.IV) |
142.452,00 |
148.760,00 |
80.938,00 |
|
|
A.15. Corporate Taxes |
39.762,00 |
45.522,00 |
6.663,00 |
|
|
A.16. Other taxes |
|
|
2.751,00 |
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.15-A.16) |
102.690,00 |
103.238,00 |
71.524,00 |
|
|
B) INCOMES (B.1 a B13) |
|
|
|
|
|
B.1. Turnover |
1.436.085,00 |
1.724.276,00 |
1.603.288,00 |
|
|
Sales |
1.444.925,00 |
1.735.793,00 |
1.614.121,00 |
|
|
Services provided |
462,00 |
652,00 |
988,00 |
|
|
Discounts |
-9.302,00 |
-12.169,00 |
-11.821,00 |
|
|
B.2. Increase in inventory of finished
goods |
33.109,00 |
23.309,00 |
59.783,00 |
|
|
B.3. Expenses capitalized |
4.797,00 |
3.923,00 |
4.002,00 |
|
|
B.4. Other operating income |
4.981,00 |
5.375,00 |
4.940,00 |
|
|
Other incomes |
4.981,00 |
5.375,00 |
4.940,00 |
|
|
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 |
2.485,00 |
1.522,00 |
37.247,00 |
|
|
From affiliated companies |
2.323,00 |
1.030,00 |
36.827,00 |
|
|
From other companies |
162,00 |
492,00 |
420,00 |
|
|
B.6. Income from securities |
|
|
|
|
|
B.7. Other income from
interrest |
1.536,00 |
2.723,00 |
2.968,00 |
|
|
From affiliated companies |
943,00 |
2.137,00 |
2.333,00 |
|
|
From other companies |
593,00 |
586,00 |
635,00 |
|
|
B.8. Gains on exchange |
26.563,00 |
26.273,00 |
23.528,00 |
|
|
B.II. FINANCIAL LOSSES
(A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
|
655,00 |
|
|
|
B.III. LOSSES FROM ORDINARY
ACTIVITIES (B.I+B.II-A.I-A.II) |
|
|
|
|
|
B.9. Gains from disposal of
fixed assets |
37,00 |
1.168,00 |
2,00 |
|
|
B.10. Gains from dealing in own
shares |
|
|
156,00 |
|
|
B.11. Paid in surplus |
|
|
|
|
|
B.12. Extraordinary income |
|
|
2.219,00 |
|
|
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) |
|
|
7.944,00 |
|
|
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 |
19,89 |
20,07 |
-7,02 |
|
|
Assets Turnover |
0,83 |
0,92 |
0,81 |
|
|
Productivity |
2,86 |
2,86 |
1,97 |
|
|
Increase of the Added Value |
1,95 |
7,04 |
-25,78 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
5,93 |
5,49 |
3,60 |
|
|
Financial Profitability |
7,89 |
7,79 |
5,65 |
|
|
Financial Expenses |
0,46 |
0,55 |
0,92 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of
sales) |
97,00 |
96,00 |
98,00 |
|
|
Suppliers’ Credit (In days of
sales) |
56,00 |
59,00 |
43,00 |
|
|
Working Capital (In days of
sales) |
68,00 |
57,00 |
51,00 |
|
|
Working Capital Requirement (In
days of sales) |
106,00 |
104,00 |
136,00 |
|
|
Treasury (In days of sales) |
0,00 |
0,00 |
0,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
269.343,00 |
275.223,00 |
225.325,00 |
|
|
Working Capital Requirement |
423.281,00 |
497.669,00 |
606.202,00 |
|
|
Treasury |
-153.938,00 |
-222.446,00 |
-380.877,00 |
|
|
Balance Ratio |
1,26 |
1,26 |
1,19 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
23,81 |
28,64 |
35,50 |
|
|
Own / Permanent Funds |
98,55 |
98,75 |
91,53 |
|
|
Payback Capacity |
0,28 |
0,30 |
0,43 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,65 |
1,51 |
1,37 |
|
|
Immediate Liquidity |
0,01 |
0,01 |
0,01 |
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 |
58,33 |
60,92 |
-2,59 |
|
ACCRUED
EXPENSES |
0,00 |
0,18 |
-0,18 |
|
CURRENT
ASSETS |
41,67 |
38,90 |
2,77 |
|
TOTAL ASSETS |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
SHAREHOLDERS
EQUITY |
63,77 |
59,25 |
4,52 |
|
ACCRUED
INCOME |
0,01 |
0,25 |
-0,24 |
|
RISK AND
EXPENDITURE COVER |
0,72 |
3,63 |
-2,91 |
|
LONG-TERM
CREDITORS |
5,17 |
8,11 |
-2,94 |
|
SHORT-TERM
CREDITORS |
30,33 |
28,76 |
1,57 |
|
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 |
99,45 |
98,83 |
0,61 |
|
Other
operating income |
0,55 |
1,17 |
-0,61 |
|
Production
Value |
100,00 |
100,00 |
0,00 |
|
Operating
expenses |
76,72 |
61,26 |
15,46 |
|
Other
operation expenses |
9,55 |
18,63 |
-9,08 |
|
Added value |
13,73 |
20,11 |
-6,38 |
|
Labor cost |
6,96 |
11,51 |
-4,55 |
|
Gross
Economic Result |
6,78 |
8,61 |
-1,83 |
|
Assets
depreciation |
1,81 |
5,05 |
-3,24 |
|
Variation in
provision for current assets |
0,98 |
-0,01 |
0,99 |
|
Net Economic
Result |
3,99 |
3,56 |
0,42 |
|
Financial
income |
3,95 |
1,24 |
2,71 |
|
Financial
expenses |
2,43 |
1,35 |
1,08 |
|
Variation in
financial investment provision |
0,00 |
-0,12 |
0,12 |
|
Ordinary
Activities Result |
5,51 |
3,57 |
1,94 |
|
Extraordinary
income |
0,15 |
0,71 |
-0,57 |
|
Extraordinary
expenses |
0,00 |
0,46 |
-0,46 |
|
Variation in
provision in fixed assets |
0,64 |
0,29 |
0,35 |
|
Results
before Taxes |
5,02 |
3,54 |
1,49 |
|
Corporaye
taxes |
0,58 |
0,46 |
0,12 |
|
Net Result |
4,44 |
3,07 |
1,36 |
|
Assets
depreciation |
1,81 |
5,05 |
-3,24 |
|
Provisions
fund variation |
1,62 |
0,17 |
1,45 |
|
Net
Self-Financing |
7,87 |
8,30 |
-0,43 |
Ratios
|
(Figures given in ) |
Company |
Ptile25
|
Medium
|
Ptile75
|
|
|
2.005 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of
the Sales Figures |
-7,02 |
4,09 |
9,86 |
17,44 |
|
Assets
Turnover |
0,81 |
0,75 |
1,15 |
1,38 |
|
Fixed Assets
Turnover |
1,38 |
1,66 |
2,27 |
4,45 |
|
Increase of
the Added Value |
-25,78 |
-8,37 |
-1,84 |
7,93 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
1,97 |
1,33 |
1,70 |
2,56 |
|
Change of
Personnel Costs |
7,67 |
3,07 |
5,81 |
10,80 |
|
Average
Personnel Costs |
46,88 |
33,22 |
42,82 |
49,61 |
|
Value Added
by Employees |
92,56 |
52,73 |
79,31 |
122,34 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
126.846,00 |
1.067,99 |
10.059,02 |
25.623,00 |
|
Operating Cash
Flow |
109.262,00 |
1.922,36 |
11.711,04 |
35.143,29 |
|
Change in
Cash Flow |
-14,94 |
-32,68 |
-14,59 |
7,72 |
|
PROFITABILITY |
|
|
|
|
|
Economic
Profitability |
3,60 |
0,21 |
1,43 |
5,24 |
|
Financial
Profitability |
5,65 |
0,76 |
2,34 |
9,30 |
|
Financial
Expenses |
0,92 |
0,36 |
0,68 |
2,05 |
|
Gross
Economic Profitability |
5,50 |
6,16 |
8,17 |
11,18 |
|
Gross
Financial Profitability |
8,63 |
13,91 |
18,60 |
28,75 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’
Credit (In days of sales) |
98,00 |
58,62 |
86,63 |
111,73 |
|
Suppliers’
Credit (In days of sales) |
42,00 |
55,77 |
92,91 |
139,38 |
|
Working
Capital (In days of sales) |
50,00 |
12,69 |
33,86 |
67,47 |
|
Working Capital
Requirement (In days of sales) |
136,00 |
9,32 |
47,38 |
106,06 |
|
Treasury (In
days of sales) |
0,00 |
-50,59 |
-33,86 |
11,46 |
|
Operating
Current Assets |
185,00 |
149,16 |
170,75 |
197,93 |
|
BALANCE |
|
|
|
|
|
Working Capital |
225.325,00 |
1.081,19 |
6.937,53 |
29.851,00 |
|
Working
Capital Requirement |
606.202,00 |
2.101,40 |
7.161,05 |
31.496,08 |
|
Treasury |
-380.877,00 |
-15.802,24 |
-2.674,32 |
7.715,00 |
|
Balance Ratio |
1,19 |
1,10 |
1,17 |
1,70 |
|
SOLVENCY |
|
|
|
|
|
Borrowing
Ratio |
35,50 |
43,10 |
52,18 |
64,06 |
|
Own /
Permanent Funds |
91,53 |
71,21 |
88,54 |
97,12 |
|
Payback
Capacity |
0,42 |
0,31 |
0,39 |
0,69 |
|
Long term
Indebtedness |
5,17 |
0,69 |
5,15 |
14,26 |
|
Gearing |
156,82 |
175,74 |
209,11 |
278,28 |
|
Financing
Basic Ratio |
1,00 |
1,00 |
1,00 |
1,01 |
|
Assets
Guarantee |
2,82 |
1,53 |
1,92 |
2,32 |
|
LIQUIDITY |
|
|
|
|
|
General
Liquidity |
1,37 |
1,09 |
1,19 |
1,57 |
|
Immediate
Liquidity |
0,00 |
0,01 |
0,11 |
0,32 |
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%)