MIRA
INFORM REPORT
|
Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ADOLFO DOMINGUEZ SA |
|
|
|
|
Registered Office : |
Pg Ind De San Cibrao Das Vinas, 32901 San Cibrao Das Vinas
(Orense) |
|
|
|
|
Country : |
Spain |
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|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
09/03/1989 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Retail sale of textiles & footwear , etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aaa |
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
Identification and
Characteristics
|
TAX NUMBER |
A32104226 |
|
NAME |
ADOLFO DOMINGUEZ SA |
|
TRADE NAME |
ULTIMATUM |
|
FORMER NAME |
NUEVAS FRANQUICIAS S.L. |
|
BUSINESS
ADDRESS |
PG IND DE SAN CIBRAO DAS VINAS |
|
Postcode |
32901 SAN CIBRAO DAS VINAS
(Orense) |
|
FORMER
ADDRESS |
POLIGONO SAN CIBRAO DE VINAS. CL 8.
PARC, 21 |
|
Postcode |
32005 OURENSE (Orense) |
|
URL |
http://www.adolfodominguez.es |
|
TELEPHONE |
988398705 |
|
FAX |
988246761 |
|
LEGAL FORM |
JOINT STOCK COMPANY |
|
DATE FOUNDED |
09/03/1989 |
|
CAPITAL |
5.488.062,00 Euros |
|
PAID-UP CAPITAL |
5.488.062,00 Euros |
|
NUMBER OF
EMPLOYEES |
1.320 |
|
STOCK MARKET PRICE |
YES |
|
TYPE |
ORDINARY SHARES |
|
PERIOD |
Madrid |
|
PLACE |
Barcelona; Vizcaya;
Valencia; |
|
ACTIVITY |
1651000 - Retail sale of
textiles & footwear , etc. |
|
CNAE |
5241 - Retail sale of textiles |
|
EXPORT COMPANY |
YES |
|
IMPORT COMPANY |
YES |
|
* Characteristics of the main address |
|
|
According to our investigations these
premises are owned; with no official confirmation used
as store located in a main park of industries . |
|
Synthesis
|
FINANCIAL SITUATION (Year
ending: 31/12/2005) |
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|
|
|
|
|
PROFITABILITY |
|
Good |
|
TREASURY |
|
Excellent |
|
BALANCE SHEET |
|
Excellent |
|
DEBT |
|
Very 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 3.602.466,55
Max. |
|
SOLVENCY RATING: |
|
(BASED ON HOMOGENEOUS FORMULATION) |
Financial Elements
Figures given in
Euros
|
|
Balance
sheet 2.003 (12) |
Balance
sheet 2.004 (12) |
Balance
sheet 2.005 (12) |
% Sales
|
|
|
SALES |
108.371.671,00 |
112.702.698,00 |
139.436.714,00 |
|
|
|
ADDED VALUE |
42.071.803,00 |
47.543.830,00 |
60.532.877,00 |
43,41 |
|
|
BUSINESS RESULT |
11.006.769,00 |
13.857.247,00 |
20.828.226,00 |
14,94 |
|
|
OWN FUNDS |
69.456.599,00 |
80.439.148,00 |
97.608.668,00 |
|
|
|
DEBT |
18.744.711,00 |
18.712.958,00 |
30.324.944,00 |
|
|
|
TOTAL ASSET |
89.351.231,00 |
100.597.580,00 |
130.413.741,00 |
|
|
|
The sales of 139.436.714,00
Euros show a change of 23,72% compared with
2.004 . Between 2.003 and 2.004 , this
change was 4,00% . |
|||||
|
Added value grew by 27,32%
compared with the previous year. Shareholders equity are 97.608.668,00
Euros for an indebtedness of 30.324.944,00
Euros . |
|||||
|
The result 20.828.226,00 Euros
means financial profitability of 21,34% and economic
profitability of 15,97% . This result means growth of
50,31% 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 |
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|
DATE: 05/10/2006 |
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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 |
|||||
|
Profit and Loss |
20.828.226 |
||||
|
Total of Amounts to be
distributed |
20.828.226 |
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|
Distribution a |
|||||
|
Voluntary Reserve |
15.601.501 |
||||
|
Dividends |
5.226.725 |
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|
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Auditors’ opinion: |
|||||
|
FAVOURABLE (2.005) |
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|
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Auditors: |
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|
DELOITTE S.L |
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Comparative Sector Analysis
|
|
Company |
Sector |
Difference |
|
|
(2.005)
|
|
|
|
% of PRODUCTION VALUE |
|
|
|
|
SALES |
97,49 |
98,77 |
-1,28 |
|
ADDED
VALUE |
42,32 |
24,68 |
17,64 |
|
BUSINESS
RESULT |
14,56 |
6,53 |
8,03 |
|
% OF TOTAL ASSETS |
|
|
|
|
OWN
FUNDS |
74,85 |
41,02 |
33,83 |
|
DEBT |
23,25 |
58,98 |
-35,73 |
Compared sector (CNAE): 524 - Other retail
sale of new goods in specialized stores
Number of companies: 50
Size (Sales Figure): > 40.000.000,00
Euros
The turnover of the company is 1,28%
below the mean for the sector.
The company’s added value was 42,32%
s/ the production value, and 17,64% above the mean for the sector.
The company’s business result was
14,56% of the PV, 8,03% above the mean for the sector.
The company’s own resources are 74,85%
, 33,83% above the mean for the sector.
The company’s outside resources are
23,25% , 35,73% 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 |
DOMINGUEZ FERNANDEZ ADOLFO |
26/09/2006 |
|
VICE-PRESIDENT |
CROISSIER BATISTA LUIS CARLOS |
26/09/2006 |
|
ADMINISTRATOR |
GRUPO PUIG |
14/06/2001 |
|
ADMINISTRATOR |
LUXURY LIBERTY SA |
19/10/2005 |
|
ADMINISTRATOR |
GONZALEZ ALVAREZ ELENA |
19/10/2005 |
|
ADMINISTRATOR |
BERGES LOBERA ANGEL |
26/09/2006 |
|
ADMINISTRATOR |
FERNANDEZ NOVO JUAN MANUEL |
26/09/2006 |
|
ADMINISTRATOR |
GARCIA PLANAS MARCET JOSE MARIA |
26/09/2006 |
|
ADMINISTRATOR |
NUENO INIESTA JOSE LUIS |
26/09/2006 |
|
AUDITOR |
DELOITTE SL |
25/10/2006 |
Functional Managers
|
Position |
Surname and name |
|
FINANCIAL MANAGER |
FERNANDEZ NOVO JUAN MANUEL |
|
HUMAN RESOURCES MANAGER |
PAULA PRIETO DOLORES |
|
COMMERCIAL MANAGER |
MAARTINEZ ALONSO HIPOLITO |
|
COMPUTING MANAGER |
MARTINEZ MARTINEZ JOSE MANUEL |
|
OPERATIONS MANAGER |
ESTEVEZ BLANCO ANTONIO |
Financial Links
|
Shareholders |
||||
|
Company Name |
CIF/Country |
|
Source |
Information Date |
|
DOMINGUEZ FERNANDEZ ADOLFO |
|
31,29% |
STOCK EXCH. |
21/03/2006 |
|
MYRURGIA SA |
A08002180 |
15,01% |
M.REGISTER |
31/12/2005 |
|
LUXURY LIBERTY S.A. |
A97047666 |
10,36% |
STOCK EXCH. |
14/08/2007 |
|
BESTINVER GESTION
SA GESTORA DE INSTITUCIONES DE INVERSION COLECTIVA |
A78930005 |
6,56% |
GACETA NEG |
20/12/2005 |
|
JPMORGAN CHASE BANK NATIONAL ASSOCIATION
SUCURSAL EN ESPANA. |
A4001407H |
5,06% |
EXPANSIÓN |
14/10/1997 |
|
CAIXA DE AFORROS DE VIGO OURENSE E
PONTEVEDRA (CAIXANOVA). |
G36600369 |
5,05% |
M.REGISTER |
31/12/2005 |
|
Shareholdings |
||||
|
Company Name |
CIF/Country |
Percent. |
Source |
Information Date |
|
ADOLFO DOMINGUEZ JAPAN COMPANY LIMITED |
JAPÓN |
100,00% |
M.REGISTER |
31/12/2005 |
|
TRESPASS SACV |
MÉXICO |
100,00% |
M.REGISTER |
31/12/2005 |
|
ADOLFO DOMINGUEZ SARL |
FRANCIA |
100,00% |
M.REGISTER |
31/12/2005 |
|
ADOLFO DOMINGUEZ LTD |
REINO UNIDO |
99,99% |
M.REGISTER |
31/12/2005 |
|
ADOLFO DOMINGUEZ USA INC |
ESTADOS UNIDOS |
99,99% |
M.REGISTER |
31/12/2005 |
|
ADOLFO DOMINGUEZ GMBH |
ALEMANIA |
99,67% |
M.REGISTER |
31/12/2005 |
Proceedings published in the
B.O.R.M.E.
(Official Mercantile Register
Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Appointments |
05/11/2007 |
548044 |
Orense |
|
Other statutary acts |
05/11/2007 |
548043 |
Orense |
|
Change of statutes |
05/11/2007 |
548042 |
Orense |
|
Other statutary acts |
05/11/2007 |
548042 |
Orense |
|
Change of address |
05/11/2007 |
548042 |
Orense |
Complementary Information
|
Segun BORME de 1/02/06 esta sdad. ha sido
beneficiaria de la cesion |
|
global de AD COMPOSTELA SL. NIF. B15871528. |
|
Las ventas de 1997 no son comparables a
las del balance de 1996 |
|
, ya que el mismo incluye los activos y
pasivos de las 4 sociedades |
|
absorbidas mientras que la cuenta de
Perdidas y Ganancias incluye solo |
|
las operaciones realizadas antes del
proceso de fusion. |
|
La Junta General de fecha 27/04/99, acordo
la cesion global de |
|
Activo y Pasivo de TREMA SL NIF:B41364712
a su socio unico ADOLFO |
|
DOMINGUEZ SA NIF:A32104226, segun anuncio
publicado en Borme Seccion |
|
2 del 14/05/99.F:A32104226, segun anuncio
publicado en Borme Seccion |
|
La Junta General de fecha 14/06/01, acordo
la cesion global de |
|
Activo y Pasivo de ANO DE BENS SL
NIF:B32233033 a su socio unico |
|
ADOLFO DOMINGUEZ SA NIF:A32104226, segun
anuncio publicado en Borme |
|
Seccion 2 del 20/07/01. |
|
Los balances cerrados a 31/12/2002 y
31/12/2003 (Deposito 2003) y el |
|
cerrado a 31/12/2004 (Deposito 2004) estan
disponibles en INFORMA |
|
pero no han sido cargados por presentar
errores en todas sus cuentas. |
Remarks for customer
ABOUT YOUR REQUEST:
The company name of the subject ADOLFO
DOMINGUEZ SA.
The data of your request are correct.
The latest balance sheets in the Official Mercantile
Register of this company is for 2005.
Here is our final report. Even though this
company is obliged to file their balance sheets in the Mercantile Register, no
official balance sheets are available for 2006.
Branches
|
Address |
Postal Code |
Town |
Province |
|
PUJADES
DISTRITO TECNOLOGICO 22 |
08005 |
BARCELONA |
Barcelona |
|
HERRIKO C.COM. LOS FUEROS BOULEVARD |
48901 |
BARAKALDO |
Vizcaya |
|
Commercial Experience |
|
|
|
|
|
PURCHASES |
|
|
Import Percentage:
20% |
|
|
Imports:: |
|
|
Italia y Francia |
|
|
|
|
|
SALES |
|
|
Collection (estimated) |
|
|
Cash sales percentage 96
% |
|
|
Credit sales percentage
4 % |
|
|
|
|
|
Export Percentage: 30% |
|
|
Exports:: |
|
|
Japón, Francia, Inglaterra y Portugal |
|
|
|
|
|
Suppliers |
International |
|
AD COMPOSTELA SL |
|
|
TEMOS TEMPO SL |
|
|
ADOLFO DOMINGUEZ LUXEMBURGO SA |
|
|
TEMOS TEMPO SL |
|
|
ADOLFO DOMINGUEZ LUXEMBURGO SA |
|
|
|
|
|
Total 7 |
|
|
|
|
|
Clients |
International |
|
ADOLFO DOMINGUEZ, LTD |
|
|
ADOLFO DOMINGUEZ, BELGIQUE SA |
|
|
ADOLFO DOMINGUEZ (PORTUGAL)- MODA, LDA |
|
|
ADOLFO DOMINGUEZ ARGENTINA SA |
|
|
ADOLFO DOMINGUEZ (LUXEMBURGO) SA |
|
|
Total 48 |
|
Bank Entities
|
Entity |
|
|
|
|
|
BANCO PASTOR, S.A. |
|
|
|
|
|
BANCO SANTANDER, S.A. |
|
|
|
|
|
CAIXA AFORROS
VIGO,OURENSE E PONTEVEDRA(CAIXANOVA) |
|
|
|
|
|
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. |
|
|
|
|
The information on the last account contained
in this report is extracted from the Mercantile Register file of the legal
address of the Company and dated 05/10/2006
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 |
38.752.875,00 |
39.158.888,00 |
54.939.990,00 |
|
|
I. Establishment expenses |
|
|
|
|
|
II. Intangible assets |
3.097.073,00 |
2.141.891,00 |
1.432.670,00 |
|
|
Concessions, patents,licences , trademarks |
746.380,00 |
28.849,00 |
878.997,00 |
|
|
Acquired rights from finance leases |
4.573.077,00 |
4.677.837,00 |
4.677.837,00 |
|
|
Software |
560.555,00 |
1.407.646,00 |
665.296,00 |
|
|
Leasing |
2.137.848,00 |
1.206.279,00 |
670.128,00 |
|
|
Amortization |
-4.920.787,00 |
-5.178.720,00 |
-5.459.588,00 |
|
|
III. Tangible assets |
19.466.919,00 |
22.056.784,00 |
36.521.424,00 |
|
|
Property, plant and equipment |
10.424.125,00 |
11.355.694,00 |
11.903.692,00 |
|
|
Machinery, equipment and other |
25.937.209,00 |
31.230.908,00 |
39.210.396,00 |
|
|
Other property plant and equipement |
2.412.196,00 |
2.811.366,00 |
3.281.994,00 |
|
|
Prepaid expenses on fixed assets |
687.968,00 |
178.629,00 |
9.398.504,00 |
|
|
Other assets |
1.689.079,00 |
1.765.418,00 |
1.939.912,00 |
|
|
Depreciation |
-21.683.658,00 |
-25.285.231,00 |
-29.213.074,00 |
|
|
IV. Financial assets |
16.188.883,00 |
14.960.213,00 |
16.985.896,00 |
|
|
Shares in affiliated companies |
31.748.904,00 |
33.314.625,00 |
39.534.924,00 |
|
|
Loans to affiliated companies |
129.328,00 |
86.333,00 |
|
|
|
Loans to associated companies |
6.377.451,00 |
4.772.875,00 |
2.602.517,00 |
|
|
Long term deposits and guarantees |
707.283,00 |
934.473,00 |
1.427.652,00 |
|
|
Provisions |
-22.774.083,00 |
-24.148.093,00 |
-26.579.197,00 |
|
|
V. Owners equity |
|
|
|
|
|
VI. Long term trade liabilities |
|
|
|
|
|
C) DEFERRED EXPENSES |
227.255,00 |
53.081,00 |
329.095,00 |
|
|
D) CURRENT ASSETS |
50.371.101,00 |
61.385.611,00 |
75.144.656,00 |
|
|
I. Not paid in shareholder capital |
|
|
|
|
|
II. Inventory |
28.188.088,00 |
27.381.406,00 |
37.231.055,00 |
|
|
Goods available for sale |
13.993.206,00 |
|
15.871.040,00 |
|
|
Raw material inventory |
2.399.553,00 |
17.136.305,00 |
1.340.278,00 |
|
|
Work in Progress |
4.235.615,00 |
1.415.038,00 |
6.844.931,00 |
|
|
Finished goods |
7.825.301,00 |
9.518.877,00 |
13.780.437,00 |
|
|
Cash advance |
467.120,00 |
43.893,00 |
127.076,00 |
|
|
Provisions |
-732.707,00 |
-732.707,00 |
-732.707,00 |
|
|
III. Debtors |
9.279.446,00 |
10.621.035,00 |
18.569.803,00 |
|
|
Clients |
9.540.855,00 |
10.831.103,00 |
17.722.512,00 |
|
|
Other debts |
19.083,00 |
98.711,00 |
300.587,00 |
|
|
Taxes refunds |
159.076,00 |
106.665,00 |
833.624,00 |
|
|
Provisions |
-439.568,00 |
-415.444,00 |
-286.920,00 |
|
|
IV. Short term financial assets |
9.787.769,00 |
18.899.234,00 |
13.407.114,00 |
|
|
Receivables in affiliated companies |
|
|
43.339,00 |
|
|
Other loans |
9.787.769,00 |
18.899.234,00 |
13.357.663,00 |
|
|
Short Term Deposit and guarantees |
|
|
6.112,00 |
|
|
V. Short term owners equity |
|
|
|
|
|
VI. Cash |
3.099.624,00 |
4.468.251,00 |
5.874.619,00 |
|
|
VII. Prepaid expenses and accrued income |
16.174,00 |
15.685,00 |
62.065,00 |
|
|
ASSETS (A + B + C + D) |
89.351.231,00 |
100.597.580,00 |
130.413.741,00 |
Balance Sheet (LIABILITIES)
|
(Figures given in Euros) |
31/12/2003 (12)
|
31/12/2004 (12)
|
31/12/2005 (12)
|
|
|
|
A) SHAREHOLDERS EQUITY |
69.456.599,00 |
80.439.148,00 |
97.608.668,00 |
|
|
I. Capital |
5.226.726,00 |
5.226.726,00 |
5.226.726,00 |
|
|
II. Premium share account |
|
|
|
|
|
III. Revaluation reserve |
|
|
|
|
|
IV. Reserves |
53.223.104,00 |
61.355.175,00 |
71.553.716,00 |
|
|
Retained earnings |
1.045.346,00 |
1.055.538,00 |
1.055.538,00 |
|
|
Sinking fund from owner equity |
8.643,00 |
|
|
|
|
Other funds |
52.169.115,00 |
60.290.994,00 |
70.489.535,00 |
|
|
Capital adjustments in Euros |
|
8.643,00 |
8.643,00 |
|
|
V. Prior year earnings |
|
|
|
|
|
VI. Prior year profit or losses |
11.006.769,00 |
13.857.247,00 |
20.828.226,00 |
|
|
VII. Dividend paid during the year |
|
|
|
|
|
VIII. Own shares for change in capital |
|
|
|
|
|
B) DEFERRED INCOME |
192.978,00 |
206.059,00 |
619.041,00 |
|
|
Capital grants |
192.978,00 |
206.059,00 |
619.041,00 |
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
956.943,00 |
1.239.415,00 |
1.861.088,00 |
|
|
Other provisions |
956.943,00 |
1.239.415,00 |
1.861.088,00 |
|
|
D) LONG TERM LIABILITIES |
2.078.996,00 |
895.373,00 |
1.955.752,00 |
|
|
I. Bonds |
|
|
|
|
|
II. Bank loans |
2.060.590,00 |
|
|
|
|
Long term bank loans |
2.060.590,00 |
|
|
|
|
III. Debts with associed and affiliated
companies |
|
|
|
|
|
IV. Other creditors |
18.406,00 |
895.373,00 |
895.495,00 |
|
|
Other debts |
18.406,00 |
895.373,00 |
895.495,00 |
|
|
V. Deferred debts on shares |
|
|
1.060.257,00 |
|
|
Other companies |
|
|
1.060.257,00 |
|
|
VI. Long term debt with creditor |
|
|
|
|
|
E) SHORT TERM LIABILITIES |
16.665.715,00 |
17.817.585,00 |
28.369.192,00 |
|
|
I. Negotiable bonds |
|
|
|
|
|
II. Bank loans |
2.206.900,00 |
535.785,00 |
508.239,00 |
|
|
Loans and other debts |
2.206.900,00 |
535.785,00 |
508.239,00 |
|
|
III. Short term debts with associated and
affiliated companies |
22.482,00 |
12.949,00 |
|
|
|
With affiliated companies |
22.482,00 |
12.949,00 |
|
|
|
IV. Trade creditors |
9.523.267,00 |
10.043.997,00 |
15.564.256,00 |
|
|
Expenses |
9.523.267,00 |
10.043.997,00 |
15.564.256,00 |
|
|
V. Other non trade payables |
4.913.066,00 |
7.224.854,00 |
12.296.697,00 |
|
|
Government |
3.668.898,00 |
5.914.292,00 |
5.658.886,00 |
|
|
Other debts |
26.417,00 |
|
4.900.000,00 |
|
|
Accounts receivable |
1.217.751,00 |
1.310.562,00 |
1.737.811,00 |
|
|
VI. Provisions for current assets |
|
|
|
|
|
VII. Accruals and deferred incomes |
|
|
|
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
89.351.231,00 |
100.597.580,00 |
130.413.741,00 |
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) |
101.476.638,00 |
103.505.894,00 |
133.673.149,00 |
|
|
A.1. Change in stocks of finished goods
and work in progress |
4.755.178,00 |
|
|
|
|
A.2. Supplies |
46.809.628,00 |
47.554.410,00 |
64.894.908,00 |
|
|
Material consumed |
46.809.628,00 |
32.560.898,00 |
50.366.680,00 |
|
|
Raw materials consumed |
|
14.993.512,00 |
8.700.909,00 |
|
|
Other expenses |
|
|
5.827.319,00 |
|
|
A.3. Labor cost |
18.800.364,00 |
20.866.050,00 |
24.060.132,00 |
|
|
Wages |
14.533.597,00 |
16.131.637,00 |
18.401.140,00 |
|
|
Social security expenses |
4.266.767,00 |
4.734.413,00 |
5.658.992,00 |
|
|
A.4. Assets depreciation |
4.065.688,00 |
4.098.339,00 |
4.460.562,00 |
|
|
A.5 Variance in provision for current
assets |
263.935,00 |
182.202,00 |
-108.205,00 |
|
|
Variance in provision for inventory |
263.935,00 |
|
|
|
|
Variance in provision for other current
assets |
|
182.202,00 |
-108.205,00 |
|
|
A.6. Other operating costs |
17.808.511,00 |
21.227.555,00 |
27.804.918,00 |
|
|
External costs |
17.808.511,00 |
19.534.589,00 |
27.804.918,00 |
|
|
Taxes |
|
192.574,00 |
|
|
|
Other day to day expenses |
|
1.500.392,00 |
|
|
|
A.I. OPERATING RESULT
(B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
18.941.816,00 |
22.397.239,00 |
32.120.388,00 |
|
|
A.7. Financial expenses |
310.552,00 |
259.761,00 |
176.104,00 |
|
|
Debts with related companies |
310.552,00 |
|
|
|
|
Other companies debts |
|
259.761,00 |
176.104,00 |
|
|
A.8. Variation in financial investments
provision |
|
|
|
|
|
A.9. Exchange losses |
665.883,00 |
350.996,00 |
637.560,00 |
|
|
A.II. POSITIVE FINANCIAL RESULTS
(B.5+B.6+B.7+B.8-A.7-A.8-A.9) |
|
90.778,00 |
3.391,00 |
|
|
A.III. PROFIT FROM ORDINARY ACTIVITIES
(A.I+A.II-B.I-B.II) |
18.492.706,00 |
22.488.017,00 |
32.123.779,00 |
|
|
A.10. Variation in provision in fixed
assets |
3.134.844,00 |
1.374.010,00 |
2.585.053,00 |
|
|
A.11. Losses in fixed assets |
|
|
140.206,00 |
|
|
A.12. Losses from shares and bonds |
|
|
|
|
|
A.13. Extraordinary charges |
62.458,00 |
455.156,00 |
311.840,00 |
|
|
A.14. Prior year’s expenses and losses |
50.906,00 |
127.103,00 |
153.665,00 |
|
|
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) |
|
|
|
|
|
A.V. EARNINGS / LOSS BEFORE TAXES
(A.III+A.IV-B.III-B.IV) |
15.755.460,00 |
20.867.559,00 |
29.384.632,00 |
|
|
A.15. Corporate Taxes |
4.748.691,00 |
7.010.312,00 |
8.530.856,00 |
|
|
A.16. Other taxes |
|
|
25.550,00 |
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.15-A.16) |
11.006.769,00 |
13.857.247,00 |
20.828.226,00 |
|
|
B) INCOMES (B.1 a B13) |
112.483.407,00 |
117.363.141,00 |
154.501.375,00 |
|
|
B.1. Turnover |
108.371.671,00 |
112.702.698,00 |
139.436.714,00 |
|
|
Sales |
107.373.891,00 |
112.702.698,00 |
138.742.465,00 |
|
|
Services provided |
997.780,00 |
|
694.249,00 |
|
|
B.2. Increase in inventory of finished
goods |
|
232.985,00 |
10.209.302,00 |
|
|
B.3. Expenses capitalized |
|
|
|
|
|
B.4. Other operating income |
3.073.449,00 |
3.390.112,00 |
3.586.687,00 |
|
|
Other incomes |
3.073.449,00 |
3.390.112,00 |
3.477.744,00 |
|
|
Grants |
|
|
108.943,00 |
|
|
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 |
|
|
|
|
|
B.6. Income from securities |
132.000,00 |
297.162,00 |
|
|
|
Group companies |
132.000,00 |
|
|
|
|
Other companies |
|
297.162,00 |
|
|
|
B.7. Other income from interrest |
118.472,00 |
74.438,00 |
817.055,00 |
|
|
From affiliated companies |
102.270,00 |
57.561,00 |
|
|
|
From other companies |
16.202,00 |
16.877,00 |
817.055,00 |
|
|
B.8. Gains on exchange |
276.853,00 |
329.935,00 |
|
|
|
B.II. FINANCIAL LOSSES
(A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
449.110,00 |
|
|
|
|
B.III. LOSSES FROM ORDINARY ACTIVITIES (B.I+B.II-A.I-A.II) |
|
|
|
|
|
B.9. Gains from disposal of fixed assets |
129,00 |
268,00 |
32.621,00 |
|
|
B.10. Gains from dealing in own shares |
|
|
|
|
|
B.11. Paid in surplus |
133.732,00 |
145.865,00 |
145.731,00 |
|
|
B.12. Extraordinary income |
109.323,00 |
142.550,00 |
238.622,00 |
|
|
B.13. Prior year’s income and profits |
267.778,00 |
47.128,00 |
34.643,00 |
|
|
B.IV.
EXTRAORDINARY LOSSES (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13) |
2.737.246,00 |
1.620.458,00 |
2.739.147,00 |
|
|
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 |
4,81 |
4,00 |
23,72 |
|
|
Assets Turnover |
1,21 |
1,12 |
1,07 |
|
|
Productivity |
2,24 |
2,28 |
2,52 |
|
|
Increase of the Added Value |
17,83 |
13,01 |
27,32 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
12,32 |
13,78 |
15,97 |
|
|
Financial Profitability |
15,85 |
17,23 |
21,34 |
|
|
Financial Expenses |
0,29 |
0,23 |
0,13 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
31,00 |
34,00 |
48,00 |
|
|
Suppliers’ Credit (In days of sales) |
66,00 |
76,00 |
102,00 |
|
|
Working Capital (In days of sales) |
112,00 |
139,00 |
121,00 |
|
|
Working Capital Requirement (In days of
sales) |
76,00 |
66,00 |
72,00 |
|
|
Treasury (In days of sales) |
35,00 |
73,00 |
48,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
33.705.386,00 |
43.568.026,00 |
46.775.464,00 |
|
|
Working Capital Requirement |
23.024.893,00 |
20.736.326,00 |
28.001.970,00 |
|
|
Treasury |
10.680.493,00 |
22.831.700,00 |
18.773.494,00 |
|
|
Balance Ratio |
1,87 |
2,11 |
1,85 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
20,98 |
18,60 |
23,25 |
|
|
Own / Permanent Funds |
95,56 |
97,17 |
95,65 |
|
|
Payback Capacity |
0,16 |
0,16 |
0,21 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
3,02 |
3,45 |
2,65 |
|
|
Immediate Liquidity |
0,77 |
1,31 |
0,68 |
Sectorial Analysis
Summary of Assets, Liability & Equity
|
(Figures given in Percentages) |
Company |
Sector |
Difference |
|
|
2.005 |
|
|
|
Assets |
|||
|
A) DUE FROM SHAREHOLDERS
FOR UNCALLED CAPITAL |
0,00 |
0,00 |
0,00 |
|
B) FIXED ASSETS |
42,13 |
54,83 |
-12,70 |
|
C) ACCRUED EXPENSES |
0,25 |
0,17 |
0,08 |
|
D) CURRENT ASSETS |
57,62 |
44,99 |
12,63 |
|
TOTAL ASSETS (A + B + C
+ D) |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
A) SHAREHOLDERS EQUITY |
74,85 |
41,02 |
33,83 |
|
B) ACCRUED INCOME |
0,47 |
0,35 |
0,12 |
|
C) RISK AND EXPENDITURE
COVER |
1,43 |
1,20 |
0,23 |
|
D) LONG-TERM CREDITORS |
1,50 |
11,98 |
-10,48 |
|
E) SHORT-TERM CREDITORS |
21,75 |
45,42 |
-23,67 |
|
F) SHORT-TERM RISK AND EXPENDITURE
COVER |
0,00 |
0,04 |
-0,04 |
|
TOTAL LIABILITIES (A + B
+ C + D + E + F) |
100,00 |
100,00 |
0,00 |
Analytical Account of Results
|
(Figures given in Percentages) |
Company |
Sector |
Difference |
|
|
2.005 |
|
|
|
Net turnover |
97,49 |
98,77 |
-1,27 |
|
Other operating income |
2,51 |
1,23 |
1,27 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
38,24 |
61,33 |
-23,09 |
|
Other operation expenses |
19,44 |
14,00 |
5,44 |
|
Added value |
42,32 |
24,68 |
17,65 |
|
Labor cost |
16,82 |
11,17 |
5,65 |
|
Gross Economic Result |
25,50 |
13,50 |
12,00 |
|
Assets depreciation |
3,12 |
3,23 |
-0,11 |
|
Variation in provision
for current assets |
-0,08 |
0,31 |
-0,39 |
|
Net Economic Result |
22,46 |
9,96 |
12,50 |
|
Financial income |
0,57 |
0,88 |
-0,31 |
|
Financial expenses |
0,57 |
0,79 |
-0,22 |
|
Variation in financial
investment provision |
0,00 |
0,04 |
-0,04 |
|
Ordinary Activities
Result |
22,46 |
10,01 |
12,45 |
|
Extraordinary income |
0,32 |
0,32 |
-0,01 |
|
Extraordinary expenses |
0,42 |
0,48 |
-0,06 |
|
Variation in provision
in fixed assets |
1,81 |
0,81 |
1,00 |
|
Results before Taxes |
20,55 |
9,05 |
11,50 |
|
Corporaye taxes |
5,98 |
2,51 |
3,47 |
|
Net Result |
14,56 |
6,53 |
8,03 |
|
Assets depreciation |
3,12 |
3,23 |
-0,11 |
|
Provisions fund
variation |
1,73 |
1,16 |
0,57 |
|
Net Self-Financing |
19,41 |
10,92 |
8,49 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.005 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales
Figures |
23,72 |
6,18 |
10,61 |
27,92 |
|
Assets Turnover |
1,07 |
1,30 |
1,77 |
2,32 |
|
Fixed Assets Turnover |
2,52 |
2,82 |
4,11 |
10,78 |
|
Increase of the Added
Value |
27,32 |
-0,81 |
9,85 |
28,31 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
2,52 |
1,61 |
1,94 |
2,39 |
|
Change of Personnel
Costs |
15,31 |
6,97 |
14,81 |
21,54 |
|
Average Personnel Costs |
18.227,37 |
17.270,02 |
21.069,91 |
26.983,50 |
|
Value Added by Employees |
45.858,24 |
33.218,97 |
43.383,13 |
54.238,19 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
27.765.636,00 |
2.870.965,25 |
6.905.534,20 |
15.568.074,24 |
|
Operating Cash Flow |
36.472.745,00 |
4.100.630,21 |
11.077.618,00 |
19.507.988,64 |
|
Change in Cash Flow |
42,30 |
-5,14 |
7,49 |
30,85 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
15,97 |
3,70 |
8,44 |
13,82 |
|
Financial Profitability |
21,34 |
10,41 |
19,81 |
33,30 |
|
Financial Expenses |
0,13 |
0,06 |
0,29 |
1,05 |
|
Gross Economic
Profitability |
27,97 |
13,00 |
19,42 |
26,46 |
|
Gross Financial
Profitability |
37,37 |
32,65 |
42,93 |
77,89 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In
days of sales) |
47,00 |
6,59 |
26,77 |
69,47 |
|
Suppliers’ Credit (In
days of sales) |
102,00 |
35,09 |
80,19 |
120,45 |
|
Working Capital (In days
of sales) |
120,00 |
-12,19 |
19,89 |
72,19 |
|
Working Capital
Requirement (In days of sales) |
72,00 |
-38,95 |
-2,64 |
37,65 |
|
Treasury (In days of
sales) |
48,00 |
0,15 |
9,40 |
41,96 |
|
Operating Current Assets |
194,00 |
79,32 |
109,00 |
151,49 |
|
BALANCE |
|
|
|
|
|
Working Capital |
46.775.464,00 |
-3.233.780,50 |
4.043.464,31 |
15.237.077,31 |
|
Working Capital
Requirement |
28.001.970,00 |
-19.630.159,75 |
-255.721,53 |
7.006.753,98 |
|
Treasury |
18.773.494,00 |
186.683,78 |
3.321.687,13 |
10.462.875,10 |
|
Balance Ratio |
1,85 |
0,77 |
1,27 |
2,02 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
23,25 |
39,75 |
56,32 |
76,26 |
|
Own / Permanent Funds |
95,65 |
68,62 |
91,31 |
99,79 |
|
Payback Capacity |
0,21 |
0,19 |
0,29 |
0,38 |
|
Long term Indebtedness |
1,50 |
0,00 |
1,77 |
13,76 |
|
Gearing |
133,61 |
166,07 |
228,92 |
422,39 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,00 |
|
Assets Guarantee |
4,29 |
1,27 |
1,56 |
2,29 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
2,65 |
0,89 |
1,24 |
1,93 |
|
Immediate Liquidity |
0,68 |
0,04 |
0,18 |
0,54 |
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. |
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%)