MIRA
INFORM REPORT
|
Report Date : |
07.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ARAGONESAS INDUSTRIAS Y ENERGIA S.A. |
|
|
|
|
Formerly Known As : |
AISCONDEL SA |
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Registered Office : |
Avenida Diagonal, 595
08014 Barcelona (Barcelona) |
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Country : |
Spain |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
01.04.1941 |
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|
Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing of Other Inorganic Basic Chemical 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 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
ARAGONESAS INDUSTRIAS Y ENERGIA S.A.
TAX NUMBER: A08009268
Identification and
Characteristics
|
TAX
NUMBER |
A08009268 |
|
NAME |
ARAGONESAS INDUSTRIAS Y ENERGIA S.A. |
|
FORMER NAME |
AISCONDEL SA |
|
BUSINESS ADDRESS |
AVENIDA DIAGONAL, 595 |
|
Postcode |
08014 BARCELONA (Barcelona) |
|
FORMER ADDRESS |
CALLE ARAGO, 182 |
|
Postcode |
08011 BARCELONA (Barcelona) |
|
URL |
http://www.ercros.es |
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TELEPHONE
|
934393009 |
|
FAX
|
932157510 |
|
LEGAL
FORM |
JOINT STOCK COMPANY |
|
DATE
FOUNDED |
01/04/1941 |
|
CAPITAL |
48.160.000,00 Euros |
|
PAID-UP
CAPITAL |
48.160.000,00 Euros |
|
NUMBER
OF EMPLOYEES |
2.000 |
|
ACTIVITY |
1251300 - Mfg. of other inorganic
basic chemical products |
|
CNAE |
2413 - Manufacture of other
inorganic basic chemicals |
|
EXPORT
COMPANY |
YES |
|
* Characteristics
of the main address |
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|
According to our investigations
dated 07/09/2006 these premises are rented used
as office located in a main commercial area. |
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Synthesis
|
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FINANCIAL SITUATION (Year
ending: 31/12/2006) |
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|
|
|
|
|
|
PROFITABILITY |
Medium |
|
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TREASURY |
Excellent |
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BALANCE SHEET |
Very good |
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DEBT |
Medium |
|
|
INCIDENTS |
|
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|
|
|
|
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COMMITMENTS |
Respected |
|
|
INCIDENTS |
None or Negligible |
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|
PREVIOUS EXPERIENCE |
|
|
|
|
|
|
|
PREVIOUS
EXPERIENCE |
Very favourable |
|
Credit Appraisal
|
CREDIT ACCORDING TO OBJECTIVE DATA (From 0
to 6.000.000,00 Euros): |
|
FAVOURABLE TOWARDS 5.802.771,87
Max. |
Financial Elements
Figures given in thousands of Euros
|
|
Balance
sheet 2.004 (12) |
Balance
sheet 2.005 (12) |
Balance
sheet 2.006 (12) |
%
Sales |
|
|
SALES |
163.187,00 |
313.826,00 |
341.878,00 |
|
|
|
ADDED VALUE |
29.243,00 |
77.630,00 |
69.330,00 |
20,28 |
|
|
BUSINESS RESULT |
8.000,00 |
2.426,00 |
3.507,00 |
1,03 |
|
|
OWN FUNDS |
100.953,00 |
94.604,00 |
98.111,00 |
|
|
|
DEBT |
39.523,00 |
188.395,00 |
213.080,00 |
|
|
|
TOTAL ASSET |
142.914,00 |
308.615,00 |
330.228,00 |
|
|
|
The sales of 341.878,00
thousands of Euros show a change of 8,94% compared
with 2.005 . Between 2.004 and 2.005 , this
change was 92,31% . |
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|
Added value grew by -10,69%
compared with the previous year. Shareholders equity are 98.111,00
thousands of Euros for an indebtedness of 213.080,00
thousands of Euros . |
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|
The result 3.507,00 thousands
of Euros means financial profitability of 3,57% and
economic profitability of 1,06% . This result means growth of
44,56% compared with the 2.005 . |
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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: 12/11/2007 |
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Results Distribution |
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Annual Report Year Source: 2.006 |
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Figures given in Euros |
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Distribution Base |
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Profit and Loss |
3.507.000 |
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Total of Amounts to be
distributed |
3.507.000 |
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Distribution a |
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Voluntary Reserve |
3.507.000 |
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Auditors’ opinion: |
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|
FAVOURABLE (2.006) |
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Auditors: |
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|
ERNST & YOUNG S.L. |
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Comparative Sector Analysis
|
|
Company |
Sector |
Difference |
|
|
(2.006) |
|
|
|
% of PRODUCTION VALUE |
|
|
|
|
SALES |
99,41 |
98,62 |
0,79 |
|
ADDED VALUE |
20,16 |
20,05 |
0,11 |
|
BUSINESS RESULT |
1,02 |
5,19 |
-4,17 |
|
% OF TOTAL ASSETS |
|
|
|
|
OWN FUNDS |
29,71 |
48,78 |
-19,07 |
|
DEBT |
64,53 |
51,22 |
13,31 |
Compared sector (CNAE): 241 - Manufacture
of basic chemicals
Number of companies: 48
Size (Sales Figure): > 40.000.000,00
Euros
The turnover of the company is 0,79%
above the mean for the sector.
The company’s added value was 20,16%
s/ the production value, and 0,11% above the mean for the sector.
The company’s business result was
1,02% of the PV, 4,17% below the mean for the sector.
The company’s own resources are 29,71%
, 19,07% below the mean for the sector.
The company’s outside resources are
64,53% , 13,31% above 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:
3 Company / Companies in Insolvency Proceedings
Main Board members, Directors and
Auditor
|
Position |
Surname and name |
Date of appointment |
|
SOLE ADMINISTRATOR |
ZABALZA MARTI ANTONIO |
18/07/2005 |
|
AUDITOR |
ERNST YOUNG SL |
29/08/2005 |
Functional Managers
|
Position |
Surname and name |
|
GENERAL MANAGER |
COLLANTES VIVANCOS JESUS |
|
FINANCIAL MANAGER |
BIENES BONET PEDRO |
Financial Links
|
Shareholders |
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|
Company Name |
CIF/Country |
|
Source |
Information Date |
|
ERCROS INDUSTRIAL SA |
A59095836 |
100,00% |
M.REGISTER |
31/12/2006 |
|
Shareholdings |
||||
|
Company Name |
CIF/Country |
Percent. |
Source |
Information Date |
|
ASANEFI AIE |
G60095577 |
52,50% |
M.REGISTER |
31/12/2006 |
|
AGUAS INDUSTRIALES DE TARRAGONA, S.A. |
A28137065 |
8,74% |
M.REGISTER |
31/12/2006 |
|
ERCROS INDUSTRIAL SA |
A59095836 |
Indet. |
B.O.R.M.E. |
27/11/2006 |
Proceedings published in the
B.O.R.M.E. (Official Mercantile Register Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Registration of accounts
(2006) |
04/12/2007 |
116521 |
Barcelona |
|
Appointments |
05/07/2007 |
359637 |
Barcelona |
|
Appointments |
28/05/2007 |
287184 |
Barcelona |
|
Resignations |
28/05/2007 |
287183 |
Barcelona |
|
Registration of accounts
(2005) |
26/04/2007 |
166797 |
Barcelona |
Press articles
|
|
||
|
20/01/2007 |
EXPANSIÓN |
FINANCIAL INFORMATION |
|
EL GRUPO ERCROS HA DECIDIDO RECURRIR A LA
TITULIZACION DE ACTIVOS COMO FOR MULA PARA REESTRUCTURAR SU DEUDA BANCARIA.
LA EMPRESA SE HA UNIDO A LA GES TORA TITULIZACION DE ACTIVOS Y A SANTANDER
INVESTMENT PARA CONSTITUIR UN FONDO (DENOMINADO NAOH) AL QUE CEDERA DERECHOS
DE CREDITO FRENTE A SUS CLIENTES POR UN IMPORTE INICIAL DE 100 MM. LA
DURACION DEL FONDO ES DE 4,5 AŃOS. NAOH SE NUTRIRA DE FACTURAS DE 2 FILIALES
DEL GRUPO, ERCROS INDUSTRIAL Y ARAGONESAS, Y EMITIRA BONOS DE TITULIZACION
POR UNA CIFRA INICIAL DE 70 MM. LOS RECURSOS PERMITIRAN A ERCROS SUSTITUIR
DEUDA BANCARIA A CORTO PLAZO POR LARGO PLAZO CON EL FONDO. EL PASIVO BANCARIO
DEL GRUPO ASCIENDE A 240 MM |
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|
19/12/2005 |
GACETA NEG |
INFORMATION ON LEGAL ANNOUNCE |
|
EN EL MARCO DE LA FUSION DE AISCONDEL SA
(SDAD. ABSORBENTE) CON ARAGONESAS INDUSTRIAS Y ENERGIA SA, ARAGONESAS DELSA
SA (SDADES. ABSORBIDAS) APROBADA EL 16/11/05, LA SDAD. ABSORBENTE ACORDO EN
LA MISMA FECHA, MODIFICAR SU DE NOMINACION SOCIAL POR LA DE ARAGONESAS
INDUSTRIAS Y ENERGIA SA. ASIMISMO, ACORDO AMPLIAR EL OBJETO SOCIAL A LA
EXPLOTACION DE TODA CLASE DE PROCEDI MIENTOS PATENTADOS O NO PARA LA
FABRICACION DE PRODUCTOS QUIMICOS, LA CREA CION, ADQUISICION Y EXPLOTACION DE
FUERZAS MOTRICES. ADEMAS, ACORDO TRASLA DAR EL DOMICILIO SOCIAL A AVDA.
DIAGONAL, N. 595, 08014 BARCELONA. |
||
Remarks for customer
Actividad: Fabricacion de sosa, cloro y
plastico.
Branches
|
Address |
Postal Code |
Town |
Province |
|
DE SERRABLO 102 |
22600 |
SABIŃANIGO |
Huesca |
|
NACIONAL 240 KM 197 0000 |
22400 |
MONZON |
Huesca |
|
RECOLETOS 27 |
28004 |
MADRID |
Madrid |
Commercial Experience
|
|
|
|
|
|
SALES |
|
|
Collection (estimated) |
|
|
Credit sales percentage 100
% |
|
|
|
|
|
Export Percentage: 34% |
|
|
Exports:: |
|
|
Francia, Italia, Alemania, otros paises
europeos y Japón |
|
|
|
|
|
Suppliers |
International |
|
ERCROS INDUSTRIAL SAU |
|
|
ASANEFI AIE |
|
|
AGROCROS |
|
|
ECROS INDUSTRIAL SAU |
|
|
ASANEFI AIE |
|
|
|
|
|
Total 9 |
|
|
|
|
|
Clients |
International |
|
ASANEFI AIE |
|
|
ERCROS INDUSTRIAL SAU |
|
|
ASANEFI AIE |
|
|
ECROS INDUSTRIAL SAU |
|
|
URALITA SA |
|
|
Total 10 |
|
Bank Entities
|
Entity |
Branch |
Branch Address |
Town |
Province |
|
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. |
|
|
|
|
|
BANCO ESPAŃOL DE CREDITO, S.A. |
|
|
|
|
|
BANCO SANTANDER, S.A. |
4700 |
PS DE GRACIA 5
APDO. 00000 |
BARCELONA |
Barcelona |
|
BANKINTER, S.A. |
0500 |
AVDA.DIAGONAL,507-509 |
BARCELONA |
Barcelona |
The information on the last account
contained in this report is extracted from the Mercantile Register file of the
legal address of the Company and dated 12/11/2007
Balance Sheet (ASSETS)
|
(Figures given in thousands of
Euros) |
31/12/2004 (12)
|
31/12/2005 (12)
|
31/12/2006 (12)
|
|
|
|
A) DUE FROM SHAREHOLDERS FOR UNCALLED
CAPITAL |
|
|
|
|
|
B) FIXED ASSETS |
98.415,00 |
158.575,00 |
153.513,00 |
|
|
I. Establishment expenses |
|
|
|
|
|
II. Intangible assets |
|
22,00 |
2.206,00 |
|
|
R & D expenses |
|
400,00 |
400,00 |
|
|
Concessions, patents,licences , trademarks |
|
1.949,00 |
1.949,00 |
|
|
Acquired rights from finance leases |
|
|
1.780,00 |
|
|
Software |
194,00 |
3.885,00 |
3.997,00 |
|
|
Leasing |
|
|
297,00 |
|
|
Amortization |
-194,00 |
-6.212,00 |
-6.217,00 |
|
|
III. Tangible assets |
67.913,00 |
156.659,00 |
149.451,00 |
|
|
Property, plant and equipment |
21.574,00 |
56.322,00 |
56.322,00 |
|
|
Machinery, equipment and other |
163.159,00 |
437.764,00 |
445.265,00 |
|
|
Other property plant and equipement |
1.059,00 |
3.194,00 |
3.194,00 |
|
|
Prepaid expenses on fixed assets |
3.451,00 |
7.279,00 |
6.566,00 |
|
|
Other assets |
3.213,00 |
11.601,00 |
11.575,00 |
|
|
Depreciation |
-124.543,00 |
-359.501,00 |
-373.471,00 |
|
|
IV. Financial assets |
30.502,00 |
1.894,00 |
1.856,00 |
|
|
Shares in affiliated companies |
476,00 |
476,00 |
476,00 |
|
|
Loans to affiliated companies |
29.850,00 |
|
|
|
|
Securities |
632,00 |
752,00 |
752,00 |
|
|
Other loans |
|
152,00 |
156,00 |
|
|
Long term deposits and guarantees |
21,00 |
1.013,00 |
971,00 |
|
|
Provisions |
-477,00 |
-499,00 |
-499,00 |
|
|
V. Owners equity |
|
|
|
|
|
VI. Long term trade liabilities |
|
|
|
|
|
C) DEFERRED EXPENSES |
|
|
250,00 |
|
|
D) CURRENT ASSETS |
44.499,00 |
150.040,00 |
176.465,00 |
|
|
I. Not paid in shareholder capital |
|
|
|
|
|
II. Inventory |
14.812,00 |
38.139,00 |
42.724,00 |
|
|
Raw material inventory |
3.080,00 |
10.941,00 |
10.934,00 |
|
|
Finished goods |
12.169,00 |
29.474,00 |
33.858,00 |
|
|
Subproducts and recycled materials |
|
11,00 |
11,00 |
|
|
Provisions |
-437,00 |
-2.287,00 |
-2.079,00 |
|
|
III. Debtors |
25.232,00 |
83.626,00 |
87.870,00 |
|
|
Clients |
6.197,00 |
77.684,00 |
62.376,00 |
|
|
Amounts owned by affiliated companies |
16.266,00 |
1.331,00 |
21.821,00 |
|
|
Other debts |
4.108,00 |
739,00 |
990,00 |
|
|
Labor costs |
|
32,00 |
32,00 |
|
|
Taxes refunds |
161,00 |
6.736,00 |
6.239,00 |
|
|
Provisions |
-1.500,00 |
-2.896,00 |
-3.588,00 |
|
|
IV. Short term financial assets |
4.454,00 |
28.000,00 |
45.200,00 |
|
|
Receivables in affiliated companies |
4.454,00 |
28.000,00 |
45.200,00 |
|
|
V. Short term owners equity |
|
|
|
|
|
VI. Cash |
1,00 |
210,00 |
287,00 |
|
|
VII. Prepaid expenses and accrued income |
|
65,00 |
384,00 |
|
|
ASSETS (A + B + C + D) |
142.914,00 |
308.615,00 |
330.228,00 |
Balance Sheet (LIABILITIES)
|
(Figures given in thousands of
Euros) |
31/12/2004 (12)
|
31/12/2005 (12)
|
31/12/2006 (12)
|
|
|
|
A) SHAREHOLDERS EQUITY |
100.953,00 |
94.604,00 |
98.111,00 |
|
|
I. Capital |
48.160,00 |
48.160,00 |
48.160,00 |
|
|
II. Premium share account |
|
|
|
|
|
III. Revaluation reserve |
|
|
|
|
|
IV. Reserves |
44.793,00 |
44.018,00 |
46.444,00 |
|
|
Retained earnings |
9.632,00 |
9.632,00 |
9.632,00 |
|
|
Other funds |
35.161,00 |
34.386,00 |
36.812,00 |
|
|
V. Prior year earnings |
|
|
|
|
|
VI. Prior year profit or losses |
8.000,00 |
2.426,00 |
3.507,00 |
|
|
VII. Dividend paid during the year |
|
|
|
|
|
VIII. Own shares for change in capital |
|
|
|
|
|
B) DEFERRED INCOME |
1.163,00 |
17.406,00 |
15.000,00 |
|
|
Capital grants |
1.163,00 |
2.524,00 |
2.060,00 |
|
|
Other deferred income |
|
14.882,00 |
12.940,00 |
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
1.275,00 |
210,00 |
840,00 |
|
|
Other provisions |
1.275,00 |
210,00 |
840,00 |
|
|
D) LONG TERM LIABILITIES |
81,00 |
96.491,00 |
96.598,00 |
|
|
I. Bonds |
|
|
|
|
|
II. Bank loans |
|
|
211,00 |
|
|
Leasing |
|
|
211,00 |
|
|
III. Debts with associed and affiliated companies |
|
96.214,00 |
96.214,00 |
|
|
Debt with affiliated companies |
|
96.214,00 |
96.214,00 |
|
|
IV. Other creditors |
81,00 |
277,00 |
173,00 |
|
|
Taxes receivable |
81,00 |
277,00 |
173,00 |
|
|
V. Deferred debts on shares |
|
|
|
|
|
VI. Long term debt with creditor |
|
|
|
|
|
E) SHORT TERM LIABILITIES |
39.442,00 |
91.904,00 |
116.482,00 |
|
|
I. Negotiable bonds |
|
|
|
|
|
II. Bank loans |
30,00 |
17.585,00 |
44.386,00 |
|
|
Loans and other debts |
|
17.582,00 |
44.177,00 |
|
|
Debt interest |
30,00 |
3,00 |
144,00 |
|
|
Leasing |
|
|
65,00 |
|
|
III. Short term debts with associated and
affiliated companies |
12.009,00 |
8.001,00 |
7.771,00 |
|
|
With affiliated companies |
12.009,00 |
8.001,00 |
7.771,00 |
|
|
IV. Trade creditors |
24.324,00 |
61.968,00 |
60.434,00 |
|
|
Expenses |
24.324,00 |
44.955,00 |
49.829,00 |
|
|
Bills payable |
|
17.013,00 |
10.605,00 |
|
|
V. Other non trade payables |
3.079,00 |
4.350,00 |
3.891,00 |
|
|
Government |
595,00 |
1.821,00 |
1.672,00 |
|
|
Other debts |
928,00 |
1,00 |
|
|
|
Accounts receivable |
1.556,00 |
2.528,00 |
2.219,00 |
|
|
VI. Provisions for current assets |
|
|
|
|
|
VII. Accruals and deferred incomes |
|
|
|
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
|
8.000,00 |
3.197,00 |
|
|
LIABILITIES (A + B + C + D + E + F) |
142.914,00 |
308.615,00 |
330.228,00 |
Profit and Loss Account
|
(Figures given in thousands of Euros) |
31/12/2004 (12) |
31/12/2005 (12) |
31/12/2006 (12) |
|
|
|
A) EXPENSES (A.1 a A.16) |
158.864,00 |
334.587,00 |
353.119,00 |
|
|
A.1. Change in stocks of finished goods and work in progress |
|
|
|
|
|
A.2. Supplies |
116.855,00 |
199.245,00 |
221.901,00 |
|
|
Raw materials consumed |
112.849,00 |
189.950,00 |
212.238,00 |
|
|
Other expenses |
4.006,00 |
9.295,00 |
9.663,00 |
|
|
A.3. Labor cost |
15.119,00 |
48.185,00 |
47.408,00 |
|
|
Wages |
11.543,00 |
46.772,00 |
35.593,00 |
|
|
Social security expenses |
3.576,00 |
1.413,00 |
11.815,00 |
|
|
A.4. Assets depreciation |
6.411,00 |
16.575,00 |
15.895,00 |
|
|
A.5 Variance in provision for current assets |
462,00 |
3.246,00 |
2.106,00 |
|
|
Variance in provision for inventory |
100,00 |
1.850,00 |
1.413,00 |
|
|
Variance in provision for bad debts |
362,00 |
1.396,00 |
693,00 |
|
|
A.6. Other operating costs |
19.030,00 |
55.363,00 |
57.051,00 |
|
|
External costs |
14.786,00 |
47.624,00 |
48.730,00 |
|
|
Taxes |
478,00 |
1.529,00 |
1.619,00 |
|
|
Other day to day expenses |
3.766,00 |
6.210,00 |
6.702,00 |
|
|
A.I. OPERATING RESULT (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
7.251,00 |
9.624,00 |
3.921,00 |
|
|
A.7. Financial expenses |
522,00 |
1.838,00 |
4.670,00 |
|
|
Debts with related companies |
88,00 |
1.365,00 |
3.083,00 |
|
|
Other companies debts |
434,00 |
473,00 |
1.587,00 |
|
|
A.8. Variation in financial investments provision |
|
|
|
|
|
A.9. Exchange losses |
149,00 |
1.121,00 |
750,00 |
|
|
A.II. POSITIVE FINANCIAL RESULTS (B.5+B.6+B.7+B.8-A.7-A.8-A.9) |
356,00 |
|
|
|
|
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II) |
7.607,00 |
9.442,00 |
1.164,00 |
|
|
A.10. Variation in provision in fixed assets |
|
14,00 |
|
|
|
A.11. Losses in fixed assets |
|
|
946,00 |
|
|
A.12. Losses from shares and bonds |
|
|
|
|
|
A.13. Extraordinary charges |
316,00 |
9.000,00 |
1.377,00 |
|
|
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) |
393,00 |
|
3.358,00 |
|
|
A.V. EARNINGS / LOSS BEFORE TAXES (A.III+A.IV-B.III-B.IV) |
8.000,00 |
2.426,00 |
4.522,00 |
|
|
A.15. Corporate Taxes |
|
|
1.015,00 |
|
|
A.16. Other taxes |
|
|
|
|
|
A.VI. YEAR END RESULT (PROFIT) (A.V-A.15-A.16) |
8.000,00 |
2.426,00 |
3.507,00 |
|
|
B) INCOMES (B.1 a B13) |
166.864,00 |
337.013,00 |
356.626,00 |
|
|
B.1. Turnover |
163.187,00 |
313.826,00 |
341.878,00 |
|
|
Sales |
163.187,00 |
317.599,00 |
348.442,00 |
|
|
Services provided |
|
380,00 |
|
|
|
Discounts |
|
-4.153,00 |
-6.564,00 |
|
|
B.2. Increase in inventory of finished goods |
1.511,00 |
17.316,00 |
4.369,00 |
|
|
B.3. Expenses capitalized |
|
651,00 |
|
|
|
B.4. Other operating income |
430,00 |
445,00 |
2.035,00 |
|
|
Other incomes |
424,00 |
441,00 |
2.035,00 |
|
|
Grants |
6,00 |
4,00 |
|
|
|
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 |
236,00 |
618,00 |
1.098,00 |
|
|
From affiliated companies |
236,00 |
618,00 |
1.098,00 |
|
|
B.6. Income from securities |
|
|
|
|
|
B.7. Other income from interrest |
616,00 |
734,00 |
1.232,00 |
|
|
From affiliated companies |
612,00 |
657,00 |
1.213,00 |
|
|
From other companies |
4,00 |
41,00 |
19,00 |
|
|
Gains from investments |
|
36,00 |
|
|
|
B.8. Gains on exchange |
175,00 |
1.425,00 |
333,00 |
|
|
B.II. FINANCIAL LOSSES (A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
|
182,00 |
2.757,00 |
|
|
B.III. LOSSES FROM ORDINARY ACTIVITIES (B.I+B.II-A.I-A.II) |
|
|
|
|
|
B.9. Gains from disposal of fixed assets |
30,00 |
3,00 |
151,00 |
|
|
B.10. Gains from dealing in own shares |
|
|
|
|
|
B.11. Paid in surplus |
208,00 |
670,00 |
2.174,00 |
|
|
B.12. Extraordinary income |
471,00 |
1.325,00 |
3.356,00 |
|
|
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) |
|
7.016,00 |
|
|
|
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) |
2.004 (12) |
2.005 (12) |
2.006 (12) |
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales Figures |
21,04 |
92,31 |
8,94 |
|
|
Assets Turnover |
1,14 |
1,02 |
1,03 |
|
|
Productivity |
1,93 |
1,61 |
1,46 |
|
|
Increase of the Added Value |
125,31 |
165,47 |
-10,69 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
5,60 |
0,79 |
1,06 |
|
|
Financial Profitability |
7,92 |
2,56 |
3,58 |
|
|
Financial Expenses |
0,32 |
0,59 |
1,37 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
56,00 |
96,00 |
93,00 |
|
|
Suppliers’ Credit (In days of sales) |
76,00 |
123,00 |
100,00 |
|
|
Working Capital (In days of sales) |
11,00 |
58,00 |
60,00 |
|
|
Working Capital Requirement (In days of
sales) |
1,00 |
55,00 |
62,00 |
|
|
Treasury (In days of sales) |
10,00 |
12,00 |
1,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
5.057,00 |
50.136,00 |
56.786,00 |
|
|
Working Capital Requirement |
632,00 |
47.511,00 |
58.882,00 |
|
|
Treasury |
4.425,00 |
10.625,00 |
1.101,00 |
|
|
Balance Ratio |
1,05 |
1,32 |
1,37 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
27,66 |
61,05 |
64,53 |
|
|
Own / Permanent Funds |
97,57 |
45,33 |
46,60 |
|
|
Payback Capacity |
0,23 |
0,56 |
0,59 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,13 |
1,50 |
1,47 |
|
|
Immediate Liquidity |
0,11 |
0,31 |
0,39 |
Sectorial Analysis
Summary of Assets, Liability & Equity
|
(Figures given in Percentages) |
Company |
Sector |
Difference |
|
|
2.006 |
|
|
|
Assets |
|||
|
A)
DUE FROM SHAREHOLDERS FOR UNCALLED CAPITAL |
0,00 |
0,00 |
0,00 |
|
B)
FIXED ASSETS |
46,49 |
51,37 |
-4,88 |
|
C)
ACCRUED EXPENSES |
0,08 |
0,14 |
-0,06 |
|
D)
CURRENT ASSETS |
53,44 |
48,47 |
4,97 |
|
TOTAL
ASSETS (A + B + C + D) |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
A)
SHAREHOLDERS EQUITY |
29,71 |
48,78 |
-19,07 |
|
B)
ACCRUED INCOME |
4,54 |
2,19 |
2,35 |
|
C)
RISK AND EXPENDITURE COVER |
0,25 |
1,89 |
-1,64 |
|
D)
LONG-TERM CREDITORS |
29,25 |
14,25 |
15,00 |
|
E)
SHORT-TERM CREDITORS |
35,27 |
32,71 |
2,56 |
|
F)
SHORT-TERM RISK AND EXPENDITURE COVER |
0,97 |
0,16 |
0,81 |
|
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 |
|
|
2.006 |
|
|
|
Net turnover |
99,41 |
98,62 |
0,79 |
|
Other operating income |
0,59 |
1,37 |
-0,78 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
63,25 |
62,75 |
0,50 |
|
Other operation expenses |
16,59 |
17,19 |
-0,60 |
|
Added value |
20,16 |
20,05 |
0,11 |
|
Labor cost |
13,78 |
9,95 |
3,83 |
|
Gross Economic Result |
6,37 |
10,09 |
-3,72 |
|
Assets depreciation |
4,62 |
4,04 |
0,58 |
|
Variation in provision for
current assets |
0,61 |
0,05 |
0,56 |
|
Net Economic Result |
1,14 |
6,00 |
-4,86 |
|
Financial income |
0,77 |
1,28 |
-0,51 |
|
Financial expenses |
1,58 |
1,20 |
0,38 |
|
Variation in financial
investment provision |
0,00 |
0,01 |
-0,01 |
|
Ordinary Activities
Result |
0,34 |
6,06 |
-5,72 |
|
Extraordinary income |
1,65 |
1,24 |
0,41 |
|
Extraordinary expenses |
0,68 |
1,18 |
-0,50 |
|
Variation in provision
in fixed assets |
0,00 |
-0,44 |
0,44 |
|
Results before Taxes |
1,31 |
6,57 |
-5,26 |
|
Corporaye taxes |
0,30 |
1,37 |
-1,07 |
|
Net Result |
1,02 |
5,19 |
-4,17 |
|
Assets depreciation |
4,62 |
4,04 |
0,58 |
|
Provisions fund
variation |
0,61 |
-0,37 |
0,98 |
|
Net Self-Financing |
6,25 |
8,86 |
-2,61 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.006 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales
Figures |
8,94 |
0,93 |
4,79 |
12,09 |
|
Assets Turnover |
1,04 |
0,96 |
1,33 |
1,77 |
|
Fixed Assets Turnover |
2,22 |
1,98 |
3,31 |
5,15 |
|
Increase of the Added
Value |
-10,69 |
-6,33 |
-0,98 |
11,32 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
1,46 |
1,44 |
1,69 |
2,49 |
|
Change of Personnel
Costs |
-1,61 |
-1,74 |
5,07 |
9,10 |
|
Average Personnel Costs |
53,39 |
43,41 |
52,13 |
61,28 |
|
Value Added by Employees |
78,07 |
63,75 |
83,78 |
135,93 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
21.508,00 |
3.138,56 |
5.436,32 |
17.880,25 |
|
Operating Cash Flow |
21.922,00 |
3.508,66 |
6.772,51 |
23.284,75 |
|
Change in Cash Flow |
-3,38 |
-19,37 |
-4,43 |
30,32 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
1,06 |
0,84 |
5,36 |
8,41 |
|
Financial Profitability |
3,58 |
2,77 |
9,87 |
18,01 |
|
Financial Expenses |
1,37 |
0,24 |
0,61 |
1,07 |
|
Gross Economic
Profitability |
6,64 |
5,30 |
10,29 |
14,91 |
|
Gross Financial
Profitability |
22,34 |
14,10 |
23,32 |
32,57 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In
days of sales) |
92,00 |
72,02 |
91,24 |
106,55 |
|
Suppliers’ Credit (In
days of sales) |
100,00 |
44,31 |
85,84 |
112,81 |
|
Working Capital (In days
of sales) |
59,00 |
11,76 |
35,74 |
61,87 |
|
Working Capital
Requirement (In days of sales) |
62,00 |
8,55 |
26,21 |
53,33 |
|
Treasury (In days of
sales) |
1,00 |
-8,93 |
2,67 |
29,82 |
|
Operating Current Assets |
185,00 |
117,26 |
151,40 |
197,89 |
|
BALANCE |
|
|
|
|
|
Working Capital |
56.786,00 |
3.758,31 |
9.274,74 |
26.254,73 |
|
Working Capital
Requirement |
58.882,00 |
1.309,95 |
6.931,59 |
22.669,89 |
|
Treasury |
1.101,00 |
-2.403,18 |
1.043,03 |
7.671,42 |
|
Balance Ratio |
1,37 |
1,10 |
1,31 |
1,65 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
64,52 |
41,56 |
54,68 |
69,67 |
|
Own / Permanent Funds |
46,60 |
63,10 |
89,82 |
96,77 |
|
Payback Capacity |
0,59 |
0,28 |
0,37 |
0,53 |
|
Long term Indebtedness |
29,25 |
0,46 |
2,68 |
17,40 |
|
Gearing |
336,59 |
176,28 |
239,89 |
353,29 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,00 |
|
Assets Guarantee |
1,55 |
1,43 |
1,82 |
2,40 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,47 |
1,08 |
1,33 |
1,71 |
|
Immediate Liquidity |
0,39 |
0,02 |
0,08 |
0,33 |
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%)