MIRA
INFORM REPORT
|
Report Date : |
22.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
DSM DERETIL S.A. |
|
|
|
|
Registered Office : |
Lugar Barriada Villaricos, S/N, 04610 Cuevas Del
Almanzora ( |
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|
|
|
Country : |
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|
|
|
Financials (as on) : |
31.12.2005 |
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|
|
|
Date of Incorporation : |
01/01/1961 |
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|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Manufacture of basic pharmaceutical products. |
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 : |
Excellent |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
Identification and
Characteristics
|
Tax Number |
A08127631 |
|
NAME |
DSM DERETIL S.A. |
|
ANAGRAM |
DERETIL |
|
FORMER NAME |
DERIVADOS DEL ETILO SA |
|
BUSINESS
ADDRESS |
LUGAR BARRIADA VILLARICOS, S/N |
|
Postcode |
04610 CUEVAS DEL ALMANZORA ( |
|
FORMER
ADDRESS |
PASEO GRACIA, 56 |
|
Postcode |
08007 |
|
URL |
http://www.dsm.com |
|
TELEPHONE |
934677117 |
|
FAX |
934677631 |
|
LEGAL FORM |
JOINT STOCK COMPANY |
|
DATE FOUNDED |
01/01/1961 |
|
CAPITAL |
6.400.650,00 Euros |
|
PAID-UP CAPITAL |
6.400.650,00 Euros |
|
NUMBER OF
EMPLOYEES |
318 |
|
ACTIVITY |
1254100 - Mfg. of basic
pharmaceutical products |
|
CNAE |
2441 - Manufacture of basic
pharmaceutical products |
|
EXPORT COMPANY |
YES |
|
IMPORT COMPANY |
YES |
|
* Characteristics of the main address |
|
|
According to our investigations 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 |
|
Negative |
|
TREASURY |
|
Excellent |
|
BALANCE SHEET |
|
Very good |
|
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 1.913.021,53
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 |
126.012.057,00 |
101.947.510,00 |
106.575.833,00 |
|
|
|
ADDED VALUE |
22.768.017,00 |
6.471.992,00 |
16.043.896,00 |
15,05 |
|
|
BUSINESS RESULT |
1.500.242,00 |
-7.182.011,00 |
-2.369.651,00 |
-2,22 |
|
|
OWN FUNDS |
67.015.754,00 |
59.833.743,00 |
57.464.092,00 |
|
|
|
DEBT |
36.569.569,00 |
40.071.728,00 |
42.209.999,00 |
|
|
|
TOTAL ASSET |
117.068.960,00 |
109.158.595,00 |
107.539.998,00 |
|
|
|
The sales of 106.575.833,00
Euros show a change of 4,54% compared with
2.004 . Between 2.003 and 2.004 , this
change was -19,10% . |
|||||
|
Added value grew by 147,90% compared
with the previous year. Shareholders equity are 57.464.092,00
Euros for an indebtedness of 42.209.999,00
Euros . |
|||||
|
The result -2.369.651,00
Euros means financial profitability of -4,12% and
economic profitability of -2,20% . This result means growth of
67,01% compared with the 2.004 . |
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THE FIGURES FOR THE LAST BALANCE SHEET ARE
RELEVANT: |
|||||
|
SOURCE: FROM THE MERCANTILE REGISTER |
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|
DATE: 27/12/2006 |
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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 |
-2.369.651 |
||||
|
Total of Amounts to be
distributed |
-2.369.651 |
||||
|
Distribution a |
|||||
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Prior years losses |
-2.369.651 |
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|
|
|||||
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Auditors’ opinion: |
|||||
|
FAVOURABLE WITH RESERVATIONS (2.005) |
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|
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Auditors: |
|||||
|
ERNST & YOUNG S.L. |
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|
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Auditing Provisos |
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Close Date: 31/12/2005 |
|
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Comparative Sector
Analysis
|
|
Company |
Sector |
Difference |
|
|
(2.005)
|
|
|
|
% of PRODUCTION VALUE |
|
|
|
|
SALES |
99,44 |
96,98 |
2,46 |
|
ADDED
VALUE |
14,97 |
26,12 |
-11,15 |
|
BUSINESS
RESULT |
-2,21 |
6,17 |
-8,38 |
|
% OF TOTAL ASSETS |
|
|
|
|
OWN
FUNDS |
53,44 |
50,44 |
3,00 |
|
DEBT |
39,25 |
49,56 |
-10,31 |
Compared sector (CNAE): 244 - Fabricación
de productos farmacéuticos
Number of companies: 55
Size (Sales Figure): > 40.000.000,00
Euros
The turnover of the company is 2,46%
above the mean for the sector.
The company’s added value was 14,97%
s/ the production value, and 11,15% below the mean for the sector.
The company’s business result was -2,21%
of the PV, 8,38% below the mean for the sector.
The company’s own resources are 53,44%
, 3,00% above the mean for the sector.
The company’s outside resources are
39,25% , 10,31% 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 |
DE REUVER GERARDUS FRANCISCUS |
16/03/2006 |
|
BOARD MEMBER |
CANO GARCIA JOSE |
25/05/2000 |
|
BOARD MEMBER |
MORALES MAGRAZO MANUEL |
25/05/2000 |
|
BOARD MEMBER |
BONET LLUIS FRANQUESA |
27/11/2003 |
|
BOARD MEMBER |
TRIGINER SALVAT GIL |
27/11/2003 |
|
BOARD MEMBER |
KIEMENEIJ ROBERT ALEXANDER |
24/08/2006 |
|
AUDITOR |
ERNST YOUNG SL |
05/12/2006 |
Functional Managers
|
Position |
Surname and name |
|
GENERAL MANAGER |
JULIA DINARES JOAN |
|
GENERAL MANAGER |
FRANQUESA LLUIS |
|
FINANCIAL MANAGER |
MORALES MAGRAZO MANUEL |
|
HUMAN RESOURCES MANAGER |
GARCIA SANCHEZ RAFAEL |
|
COMMERCIAL MANAGER |
TRIGINER SALVAT GIL |
|
PURCHASES MANAGER |
SANCHEZ RICO PALA RICARDO |
|
COMPUTING MANAGER |
SANCHEZ SIEIRO ALBERTO |
Financial Links
|
Shareholders |
||||
|
Company Name |
CIF/Country |
|
Source |
Information Date |
|
CONTROL Y GESTION INSTRUMENTAL SA |
A79059143 |
85,84% |
OWN SOURCES |
18/07/2006 |
|
SANDOZ INDUSTRIAL PRODUCTS SA |
A08205734 |
9,44% |
OWN SOURCES |
18/07/2006 |
|
DSM DERETIL S.A. |
A08127631 |
4,72% |
OWN SOURCES |
18/07/2006 |
|
Shareholdings |
|||||
|
Company Name |
CIF/Country |
Percent. |
Source |
Information Date |
|
|
ALPHA DRUG |
|
51,00% |
OWN SOURCES |
24/03/2004 |
|
|
SHANGYU DERETIL YUNTAO |
|
51,00% |
EXPANSION ANDALUCIA |
06/06/2005 |
|
|
DSM DERETIL S.A. |
A08127631 |
4,72% |
OWN SOURCES |
18/07/2006 |
|
|
|
A41757998 |
0,78% |
OWN SOURCES |
26/01/2007 |
|
|
DERECHIM S.R.L. |
ITALIA |
Indet. |
OWN SOURCES |
24/03/2004 |
|
|
|
Company with solvency rating
below 7 |
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COGENERACION VILLARICOS
Proceedings
published in the B.O.R.M.E.
(Official
Mercantile Register Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Resignations |
28/08/2007 |
443696 |
|
|
Registration of accounts
(2005) Consolidated |
14/02/2007 |
111217 |
|
|
Re-elections |
05/12/2006 |
581577 |
|
|
Registration of accounts
(2005) |
28/11/2006 |
936403 |
|
|
Resignations |
24/08/2006 |
421857 |
|
Remarks for
customer
The address included in your enquiry CL DE
LA LLACUNA 161, belong to a branch.
Brands, Signs and
Commercial Names
|
Prevailing Brands |
|||||
|
Name: |
DANFENIL |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M1920937 |
||
|
Request Date: |
13/09/1994 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
RENEWED REGISTER |
|
Types: 1
|
|
||||
|
Name: |
DAN-OXI |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M1920938 |
||
|
Request Date: |
13/09/1994 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
RENEWED REGISTER |
|
Types: 1
|
|
||||
|
Name: |
DERETIL |
||||
|
Kind of Brand: |
JOINT |
File: |
M1799596 |
||
|
Request Date: |
20/01/1994 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
|
Types: 1
|
|
||||
Total Marcas: 3
Branches
|
Address |
Postal Code |
Town |
Province |
|
VILLARICOS 500 |
04610 |
CUEVAS DEL
ALMANZORA |
|
|
LLACUNA 2 PIS 161 |
08018 |
|
|
|
LLACUNA 56 |
08005 |
|
|
|
Commercial Experience |
|
|
|
PURCHASES |
|
Import Percentage:
72% |
|
Imports:: |
|
Japón, Holanda, Alemania, Estados Unidos,
Italia, Francia |
|
|
|
SALES |
|
Collection (estimated) |
|
Credit sales percentage
100 % |
|
|
|
Export Percentage: 70% |
|
Exports:: |
|
Italia, Holanda, Gran Bretańa, Alemania,
Suecia, India, México, Brasil, China, Taiwan, Pakistan, Bangladesh, Japón. |
|
Suppliers |
International |
|
FERSINSA GIST-BROCADES S.A. DE C.V. |
|
|
DSM SALES OFFICE B.V. |
|
|
DSM ANTI INFECTIVES B.V. |
|
|
DSM FINE CHEMICALS |
|
|
DSM SPECIAL PRODUCTS B.V. |
|
|
|
|
|
Total 68 |
|
|
|
|
|
Clients |
International |
|
DSM ANTI-INFECTIVES CHEMFERM S.A. |
|
|
DSM ANTI INFECTIVES B.V. |
|
|
DSM FINE CHEMICALS |
|
|
HOLLAND SWETENER COMPANY VOF |
|
|
DSM ANTI-INFECTIVES |
|
|
Total 72 |
|
Bank Entities
|
Entity |
Branch |
Branch Address |
Town |
Province |
|
BANCO SANTANDER,
S.A. |
1806 |
PASEO DE GRACIA,
5 |
|
|
|
CAJA DE AHORROS
Y PENSIONES DE |
|
|
|
|
|
BANCO BILBAO
VIZCAYA ARGENTARIA, S.A. |
|
|
|
|
|
CAJA DE AHORROS |
|
|
|
|
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 27/12/2006
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 |
52.294.736,00 |
47.977.018,00 |
45.497.593,00 |
|
|
I. Establishment expenses |
|
|
|
|
|
II. Intangible assets |
180.598,00 |
128.420,00 |
72.249,00 |
|
|
Concessions, patents,licences , trademarks |
1.803.042,00 |
1.803.042,00 |
1.803.042,00 |
|
|
Software |
659.485,00 |
659.485,00 |
659.485,00 |
|
|
Amortization |
-2.281.929,00 |
-2.334.107,00 |
-2.390.278,00 |
|
|
III. Tangible assets |
51.693.763,00 |
47.429.481,00 |
45.008.942,00 |
|
|
Property, plant and equipment |
7.445.785,00 |
7.526.274,00 |
7.585.451,00 |
|
|
Machinery, equipment and other |
97.451.059,00 |
100.543.692,00 |
105.779.889,00 |
|
|
Other property plant and equipement |
753.190,00 |
759.645,00 |
761.123,00 |
|
|
Other assets |
1.459.380,00 |
1.494.211,00 |
1.502.052,00 |
|
|
Depreciation |
-55.415.651,00 |
-62.894.341,00 |
-70.619.573,00 |
|
|
IV. Financial assets |
73.744,00 |
72.486,00 |
69.771,00 |
|
|
Shares in affiliated companies |
30.051,00 |
30.051,00 |
30.051,00 |
|
|
Long term deposits and guarantees |
43.693,00 |
42.435,00 |
39.720,00 |
|
|
V. Owners equity |
346.631,00 |
346.631,00 |
346.631,00 |
|
|
VI. Long term trade liabilities |
|
|
|
|
|
C) DEFERRED EXPENSES |
6.515,00 |
|
|
|
|
D) CURRENT ASSETS |
64.767.709,00 |
61.181.577,00 |
62.042.405,00 |
|
|
I. Not paid in shareholder capital |
|
|
|
|
|
II. Inventory |
17.401.343,00 |
13.579.929,00 |
16.249.474,00 |
|
|
Raw material inventory |
10.778.025,00 |
6.593.850,00 |
8.374.300,00 |
|
|
Finished goods |
6.623.318,00 |
6.986.079,00 |
7.951.174,00 |
|
|
Provisions |
|
|
-76.000,00 |
|
|
III. Debtors |
47.346.112,00 |
47.286.687,00 |
44.548.577,00 |
|
|
Clients |
12.655.989,00 |
13.633.457,00 |
14.293.443,00 |
|
|
Amounts owned by affiliated companies |
31.138.167,00 |
30.991.877,00 |
29.216.950,00 |
|
|
Other debts |
762.052,00 |
4.954,00 |
49.259,00 |
|
|
Labor costs |
|
|
3.204,00 |
|
|
Taxes refunds |
2.945.194,00 |
2.664.287,00 |
1.459.409,00 |
|
|
Provisions |
-155.290,00 |
-7.888,00 |
-473.688,00 |
|
|
IV. Short term financial assets |
|
|
237,00 |
|
|
Receivables in affiliated companies |
|
|
237,00 |
|
|
V. Short term owners equity |
|
|
|
|
|
VI. Cash |
20.254,00 |
314.961,00 |
1.168.117,00 |
|
|
VII. Prepaid expenses and accrued income |
|
|
76.000,00 |
|
|
ASSETS (A + B + C + D) |
117.068.960,00 |
109.158.595,00 |
107.539.998,00 |
Balance Sheet
(LIABILITIES)
|
(Figures given in Euros) |
31/12/2003 (12)
|
31/12/2004 (12)
|
31/12/2005 (12)
|
|
|
|
A) SHAREHOLDERS EQUITY |
67.015.754,00 |
59.833.743,00 |
57.464.092,00 |
|
|
I. Capital |
6.400.650,00 |
6.400.650,00 |
6.400.650,00 |
|
|
II. Premium share account |
7.843.208,00 |
7.843.208,00 |
7.843.208,00 |
|
|
III. Revaluation reserve |
3.130.831,00 |
3.130.831,00 |
3.130.831,00 |
|
|
IV. Reserves |
48.140.823,00 |
49.641.065,00 |
42.459.054,00 |
|
|
Retained earnings |
1.280.156,00 |
1.280.156,00 |
1.280.156,00 |
|
|
Sinking fund from owner equity |
346.631,00 |
346.631,00 |
346.631,00 |
|
|
Other funds |
46.513.907,00 |
48.014.149,00 |
40.832.138,00 |
|
|
Capital adjustments in Euros |
129,00 |
129,00 |
129,00 |
|
|
V. Prior year earnings |
|
|
|
|
|
VI. Prior year profit or losses |
1.500.242,00 |
-7.182.011,00 |
-2.369.651,00 |
|
|
VII. Dividend paid during the year |
|
|
|
|
|
VIII. Own shares for change in capital |
|
|
|
|
|
B) DEFERRED INCOME |
6.695.818,00 |
5.949.517,00 |
6.494.310,00 |
|
|
Capital grants |
6.695.818,00 |
5.949.517,00 |
6.494.310,00 |
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
|
|
|
|
|
D) LONG TERM LIABILITIES |
1.030.709,00 |
783.704,00 |
381.168,00 |
|
|
I. Bonds |
|
|
|
|
|
II. Bank loans |
|
|
|
|
|
III. Debts with associed and affiliated
companies |
|
|
|
|
|
IV. Other creditors |
1.030.709,00 |
783.704,00 |
381.168,00 |
|
|
Other debts |
1.030.709,00 |
783.704,00 |
381.168,00 |
|
|
V. Deferred debts on shares |
|
|
|
|
|
VI. Long term debt with creditor |
|
|
|
|
|
E) SHORT TERM LIABILITIES |
35.538.860,00 |
39.288.024,00 |
41.828.831,00 |
|
|
I. Negotiable bonds |
|
|
|
|
|
II. Bank loans |
201.651,00 |
21.663,00 |
13.817,00 |
|
|
Loans and other debts |
181.201,00 |
|
|
|
|
Debt interest |
20.450,00 |
21.663,00 |
13.817,00 |
|
|
III. Short term debts with associated and
affiliated companies |
8.351.626,00 |
15.223.449,00 |
16.803.886,00 |
|
|
With affiliated companies |
8.351.626,00 |
15.223.449,00 |
16.803.886,00 |
|
|
IV. Trade creditors |
24.688.591,00 |
21.971.118,00 |
22.403.487,00 |
|
|
Expenses |
24.688.591,00 |
21.971.118,00 |
22.403.487,00 |
|
|
V. Other non trade payables |
2.296.992,00 |
2.071.794,00 |
2.607.641,00 |
|
|
Government |
1.023.549,00 |
897.240,00 |
824.327,00 |
|
|
Other debts |
247.005,00 |
324.765,00 |
324.775,00 |
|
|
Accounts receivable |
1.026.438,00 |
849.789,00 |
1.458.539,00 |
|
|
VI. Provisions for current assets |
|
|
|
|
|
VII. Accruals and deferred incomes |
|
|
|
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES AND
EXPENSES |
6.787.819,00 |
3.303.607,00 |
1.371.597,00 |
|
|
LIABILITIES (A + B + C + D + E + F) |
117.068.960,00 |
109.158.595,00 |
107.539.998,00 |
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) |
128.764.421,00 |
116.975.876,00 |
113.555.334,00 |
|
|
A.1. Change in stocks of finished goods
and work in progress |
5.063.690,00 |
|
|
|
|
A.2. Supplies |
73.368.215,00 |
70.087.587,00 |
72.059.317,00 |
|
|
Material consumed |
69.822.396,00 |
70.087.587,00 |
72.059.317,00 |
|
|
Other expenses |
3.545.819,00 |
|
|
|
|
A.3. Labor cost |
13.574.627,00 |
12.754.293,00 |
12.804.523,00 |
|
|
Wages |
10.456.871,00 |
9.873.954,00 |
10.336.365,00 |
|
|
Social security expenses |
3.117.756,00 |
2.880.339,00 |
2.468.158,00 |
|
|
A.4. Assets depreciation |
10.307.983,00 |
7.559.068,00 |
7.781.403,00 |
|
|
A.5 Variance in provision for current
assets |
-534.676,00 |
50.716,00 |
469.804,00 |
|
|
Variance in provision for bad debts |
|
7.888,00 |
465.800,00 |
|
|
Variance in provision for other current
assets |
-534.676,00 |
42.828,00 |
4.004,00 |
|
|
A.6. Other operating costs |
26.668.576,00 |
26.855.738,00 |
20.034.003,00 |
|
|
External costs |
26.302.810,00 |
26.399.533,00 |
19.673.451,00 |
|
|
Taxes |
365.766,00 |
456.205,00 |
360.552,00 |
|
|
A.I. OPERATING RESULT
(B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
|
|
|
|
|
A.7. Financial expenses |
102.456,00 |
182.718,00 |
872.757,00 |
|
|
Debts with related companies |
5.320,00 |
64.211,00 |
489.072,00 |
|
|
Other companies debts |
97.136,00 |
118.507,00 |
383.685,00 |
|
|
A.8. Variation in financial investments provision |
|
|
|
|
|
A.9. Exchange losses |
281.319,00 |
264.811,00 |
392.992,00 |
|
|
A.II. POSITIVE FINANCIAL RESULTS
(B.5+B.6+B.7+B.8-A.7-A.8-A.9) |
489.312,00 |
242.957,00 |
|
|
|
A.III. PROFIT FROM ORDINARY ACTIVITIES
(A.I+A.II-B.I-B.II) |
|
|
|
|
|
A.10. Variation in provision in fixed
assets |
|
|
|
|
|
A.11. Losses in fixed assets |
|
65.637,00 |
468,00 |
|
|
A.12. Losses from shares and bonds |
|
|
|
|
|
A.13. Extraordinary charges |
3.565,00 |
|
76.000,00 |
|
|
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) |
1.519.513,00 |
5.622.425,00 |
2.292.834,00 |
|
|
A.V. EARNINGS / LOSS BEFORE TAXES
(A.III+A.IV-B.III-B.IV) |
1.428.908,00 |
|
|
|
|
A.15. Corporate Taxes |
-71.334,00 |
-844.692,00 |
-935.933,00 |
|
|
A.16. Other taxes |
|
|
|
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.15-A.16) |
1.500.242,00 |
|
|
|
|
B) INCOMES (B.1 a B13) |
130.264.663,00 |
109.793.865,00 |
111.185.683,00 |
|
|
B.1. Turnover |
126.012.057,00 |
101.947.510,00 |
106.575.833,00 |
|
|
Sales |
126.012.057,00 |
101.947.510,00 |
106.955.707,00 |
|
|
Discounts |
|
|
-379.874,00 |
|
|
B.2. Increase in inventory of finished goods |
|
362.761,00 |
965.095,00 |
|
|
B.3. Expenses capitalized |
6.868,00 |
3.466,00 |
1.364,00 |
|
|
B.4. Other operating income |
1.849.573,00 |
1.101.580,00 |
594.924,00 |
|
|
Other incomes |
|
|
594.924,00 |
|
|
Excess in provision for liabilities and
charges |
1.849.573,00 |
1.101.580,00 |
|
|
|
B.I. OPERATING LOSSES
(A.1+A.2+A.3+A.4+A.5+A.6-B.1-B.2-B.3-B.4) |
579.917,00 |
13.892.085,00 |
5.011.834,00 |
|
|
B.5. Incomes from share |
|
|
|
|
|
B.6. Income from securities |
|
|
|
|
|
B.7. Other income from interrest |
364.163,00 |
358.318,00 |
263.026,00 |
|
|
From affiliated companies |
359.461,00 |
354.287,00 |
258.964,00 |
|
|
From other companies |
4.702,00 |
4.031,00 |
3.981,00 |
|
|
Gains from investments |
|
|
81,00 |
|
|
B.8. Gains on exchange |
508.924,00 |
332.168,00 |
416.139,00 |
|
|
B.II. FINANCIAL LOSSES
(A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
|
|
586.584,00 |
|
|
B.III. LOSSES FROM ORDINARY ACTIVITIES
(B.I+B.II-A.I-A.II) |
90.605,00 |
13.649.128,00 |
5.598.418,00 |
|
|
B.9. Gains from disposal of fixed assets |
|
|
|
|
|
B.10. Gains from dealing in own shares |
|
|
|
|
|
B.11. Paid in surplus |
1.515.575,00 |
975.548,00 |
1.219.355,00 |
|
|
B.12. Extraordinary income |
7.503,00 |
4.712.514,00 |
1.149.947,00 |
|
|
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) |
|
|
|
|
|
B.V. LOSS BEFORE TAXES (B.III+B.IV-A.III-A.IV) |
|
8.026.703,00 |
3.305.584,00 |
|
|
B.VI. NET LOSS (B.V+A.15+A.16) |
|
7.182.011,00 |
2.369.651,00 |
Main Ratios
|
(Figures given in Euros) |
2.003 (12) |
2.004 (12) |
2.005 (12) |
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales Figures |
-4,51 |
-19,10 |
4,54 |
|
|
Assets Turnover |
1,08 |
0,93 |
0,99 |
|
|
Productivity |
1,68 |
0,51 |
1,25 |
|
|
Increase of the Added Value |
-37,92 |
-71,57 |
147,90 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
1,28 |
-6,58 |
-2,20 |
|
|
Financial Profitability |
2,24 |
-12,00 |
-4,12 |
|
|
Financial Expenses |
0,08 |
0,18 |
0,82 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
135,00 |
167,00 |
150,00 |
|
|
Suppliers’ Credit (In days of sales) |
113,00 |
113,00 |
113,00 |
|
|
Working Capital (In days of sales) |
64,00 |
66,00 |
64,00 |
|
|
Working Capital Requirement (In days of
sales) |
84,00 |
76,00 |
64,00 |
|
|
Treasury (In days of sales) |
0,00 |
1,00 |
4,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
22.441.030,00 |
18.589.946,00 |
18.841.977,00 |
|
|
Working Capital Requirement |
29.410.246,00 |
21.600.255,00 |
19.059.037,00 |
|
|
Treasury |
-181.397,00 |
293.298,00 |
1.154.537,00 |
|
|
Balance Ratio |
1,43 |
1,39 |
1,41 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
31,24 |
36,71 |
39,25 |
|
|
Own / Permanent Funds |
89,66 |
89,89 |
89,31 |
|
|
Payback Capacity |
0,27 |
0,37 |
0,37 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,53 |
1,44 |
1,44 |
|
|
Immediate Liquidity |
0,00 |
0,01 |
0,03 |
Sectorial Analysis
Summary of Assets, Liability & Equity
|
(Figures given in Percentages) |
Company |
Sector |
Difference |
|
|
2.005 |
|
|
|
Assets |
|||
|
DUE FROM SHAREHOLDERS
FOR UNCALLED CAPITAL |
0,00 |
0,00 |
0,00 |
|
FIXED ASSETS |
42,31 |
31,57 |
10,74 |
|
ACCRUED EXPENSES |
0,00 |
0,18 |
-0,18 |
|
CURRENT ASSETS |
57,69 |
68,26 |
-10,57 |
|
TOTAL ASSETS |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
SHAREHOLDERS EQUITY |
53,44 |
50,44 |
3,00 |
|
ACCRUED INCOME |
6,04 |
0,65 |
5,39 |
|
RISK AND EXPENDITURE
COVER |
0,00 |
0,74 |
-0,74 |
|
LONG-TERM CREDITORS |
0,35 |
8,02 |
-7,67 |
|
SHORT-TERM CREDITORS |
38,90 |
39,30 |
-0,40 |
|
SHORT-TERM RISK AND
EXPENDITURE COVER |
1,28 |
0,86 |
0,42 |
|
TOTAL LIABILITIES |
100,00 |
100,00 |
0,00 |
Analytical Account
of Results
|
(Figures given in Percentages) |
Company |
Sector |
Difference |
|
|
2.005 |
|
|
|
Net turnover |
99,44 |
96,98 |
2,46 |
|
Other operating income |
0,56 |
3,02 |
-2,46 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
66,34 |
53,42 |
12,91 |
|
Other operation expenses |
18,69 |
20,45 |
-1,76 |
|
Added value |
14,97 |
26,12 |
-11,15 |
|
Labor cost |
11,95 |
14,72 |
-2,78 |
|
Gross Economic Result |
3,02 |
11,40 |
-8,37 |
|
Assets depreciation |
7,26 |
2,76 |
4,50 |
|
Variation in provision
for current assets |
0,44 |
0,16 |
0,28 |
|
Net Economic Result |
-4,68 |
8,48 |
-13,16 |
|
Financial income |
0,63 |
1,06 |
-0,42 |
|
Financial expenses |
1,18 |
1,08 |
0,10 |
|
Variation in financial
investment provision |
0,00 |
0,03 |
-0,03 |
|
Ordinary Activities
Result |
-5,22 |
8,42 |
-13,65 |
|
Extraordinary income |
2,21 |
0,53 |
1,68 |
|
Extraordinary expenses |
0,07 |
0,43 |
-0,36 |
|
Variation in provision
in fixed assets |
0,00 |
0,30 |
-0,30 |
|
Results before Taxes |
-3,08 |
8,23 |
-11,31 |
|
Corporaye taxes |
-0,87 |
2,06 |
-2,93 |
|
Net Result |
-2,21 |
6,17 |
-8,38 |
|
Assets depreciation |
7,26 |
2,76 |
4,50 |
|
Provisions fund
variation |
0,44 |
0,49 |
-0,05 |
|
Net Self-Financing |
5,49 |
9,42 |
-3,93 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.005 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales
Figures |
4,54 |
-2,47 |
6,45 |
11,25 |
|
Assets Turnover |
0,99 |
0,94 |
1,28 |
1,57 |
|
Fixed Assets Turnover |
2,34 |
2,03 |
3,51 |
7,97 |
|
Increase of the Added
Value |
147,90 |
-3,86 |
7,18 |
16,99 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
1,25 |
1,34 |
1,80 |
2,16 |
|
Change of Personnel
Costs |
0,39 |
1,73 |
8,42 |
14,10 |
|
Average Personnel Costs |
41.573,13 |
42.606,66 |
49.600,34 |
58.969,72 |
|
Value Added by Employees |
52.090,57 |
71.020,38 |
83.223,88 |
115.507,01 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
5.881.556,00 |
5.322.907,00 |
8.725.034,64 |
17.779.400,00 |
|
Operating Cash Flow |
3.239.373,00 |
6.218.046,00 |
10.628.144,91 |
19.721.513,00 |
|
Change in Cash Flow |
1.274,92 |
-20,34 |
9,95 |
27,51 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
-2,20 |
3,01 |
8,39 |
12,87 |
|
Financial Profitability |
-4,12 |
6,24 |
15,50 |
26,97 |
|
Financial Expenses |
0,82 |
0,12 |
0,57 |
1,18 |
|
Gross Economic
Profitability |
3,01 |
10,12 |
16,70 |
22,59 |
|
Gross Financial
Profitability |
5,64 |
20,27 |
33,54 |
52,92 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In
days of sales) |
150,00 |
66,66 |
88,65 |
123,12 |
|
Suppliers’ Credit (In
days of sales) |
113,00 |
30,43 |
68,12 |
103,82 |
|
Working Capital (In days
of sales) |
63,00 |
34,83 |
68,22 |
112,58 |
|
Working Capital Requirement
(In days of sales) |
64,00 |
32,70 |
57,11 |
90,94 |
|
Treasury (In days of
sales) |
3,00 |
-2,00 |
2,73 |
28,82 |
|
Operating Current Assets |
209,00 |
146,58 |
171,27 |
232,42 |
|
BALANCE |
|
|
|
|
|
Working Capital |
18.841.977,00 |
7.757.523,00 |
18.070.204,53 |
28.180.508,79 |
|
Working Capital
Requirement |
19.059.037,00 |
4.692.179,00 |
12.709.802,50 |
23.529.786,81 |
|
Treasury |
1.154.537,00 |
-1.183.092,85 |
636.000,00 |
7.481.218,00 |
|
Balance Ratio |
1,41 |
1,24 |
1,67 |
2,74 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
39,25 |
34,61 |
49,00 |
64,05 |
|
Own / Permanent Funds |
89,31 |
74,73 |
90,61 |
97,46 |
|
Payback Capacity |
0,37 |
0,22 |
0,35 |
0,49 |
|
Long term Indebtedness |
0,35 |
0,45 |
4,31 |
16,58 |
|
Gearing |
187,14 |
152,92 |
196,08 |
278,14 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,01 |
|
Assets Guarantee |
2,55 |
1,54 |
1,98 |
2,46 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,44 |
1,28 |
1,63 |
2,35 |
|
Immediate Liquidity |
0,03 |
0,02 |
0,10 |
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. |
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%)