MIRA
INFORM REPORT
|
Report Date : |
16.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ERCROS INDUSTRIAL SA |
|
|
|
|
Registered Office : |
Avenida Diagonal, 595 08014 Barcelona (Barcelona) |
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|
|
|
Country : |
Spain |
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|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
30.12.1989 |
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|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Manufacturer of Pharmaceutical Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
Identification and
Characteristics
|
TAX
NUMBER |
A59095836 |
|
NAME |
ERCROS INDUSTRIAL SA |
|
TRADE
NAME |
ERKIMIA |
|
FORMER NAME |
ERKIMIA SA |
|
BUSINESS ADDRESS |
AVENIDA DIAGONAL, 595 |
|
Postcode |
08014 BARCELONA (Barcelona) |
|
FORMER ADDRESS |
PASEO GRACIA, 42 |
|
Postcode |
08007 BARCELONA (Barcelona) |
|
URL |
http://www.ercros.es |
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TELEPHONE
|
933069300 |
|
FAX
|
932321460 |
|
LEGAL
FORM |
JOINT STOCK COMPANY |
|
DATE
FOUNDED |
30/12/1989 |
|
CAPITAL |
38.494.050,00 Euros |
|
PAID-UP
CAPITAL |
38.494.050,00 Euros |
|
NUMBER
OF EMPLOYEES |
1.200 |
|
ACTIVITY |
1254000 - Mfg. of pharmaceutical
products |
|
CNAE |
2440 - Manufacture of
pharmaceuticals, medicinal chemicals and botanical products |
|
IMPORT
COMPANY |
YES |
|
* Characteristics
of the main address |
|
|
According to our investigations
dated 02/05/2005 these premises are rented used
as store located in a main commercial area . |
|
Synthesis
|
|
|
|
|
|
|
|
FINANCIAL SITUATION (Year
ending: 31/12/2006) |
|
|
|
|
|
|
|
PROFITABILITY |
Negative |
|
|
TREASURY |
Degraded |
|
|
BALANCE SHEET |
Degraded |
|
|
DEBT |
Medium |
|
|
INCIDENTS |
|
|
|
|
|
|
|
COMMITMENTS |
Respected |
|
|
INCIDENTS |
None or Negligible |
|
|
PREVIOUS EXPERIENCE |
|
|
|
|
|
|
|
PREVIOUS
EXPERIENCE |
Average |
|
Credit Appraisal
|
CREDIT ACCORDING TO OBJECTIVE DATA (From 0
to 6.000.000,00 Euros): |
|
FAVOURABLE TOWARDS 2.500.000,00
Max. |
|
|
Financial Elements
Figures given in Euros
|
|
Balance
sheet 2.004 (12) |
Balance
sheet 2.005 (12) |
Balance
sheet 2.006 (12) |
%
Sales |
|
|
SALES |
171.723.908,23 |
209.012.772,00 |
503.371.340,88 |
|
|
|
ADDED VALUE |
41.274.594,86 |
50.100.306,00 |
77.307.659,69 |
15,36 |
|
|
BUSINESS RESULT |
-21.295.107,77 |
-23.140.864,00 |
-32.462.445,51 |
-6,44 |
|
|
OWN FUNDS |
101.604.855,85 |
78.463.990,00 |
168.152.828,74 |
|
|
|
DEBT |
170.900.880,45 |
407.132.870,00 |
573.983.296,43 |
|
|
|
TOTAL ASSET |
309.529.945,83 |
531.061.039,00 |
766.461.534,45 |
|
|
|
The sales of 503.371.340,88
Euros show a change of 140,83% compared with
2.005 . Between 2.004 and 2.005 , this
change was 21,71% . |
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|
Added value grew by 54,31%
compared with the previous year. Shareholders equity are 168.152.828,74
Euros for an indebtedness of 573.983.296,43
Euros . |
|||||
|
The result -32.462.445,51
Euros means financial profitability of -19,31% and
economic profitability of -4,24% . This result means growth of
-40,28% 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: 19/11/2007 |
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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 |
|||||
|
Profit and Loss |
-32.462.446 |
||||
|
Voluntary reserves |
32.462.446 |
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|
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Auditors’
opinion: |
|||||
|
FAVOURABLE (2.006) |
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|
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Auditors: |
|||||
|
ERNST & YOUNG S.L. |
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Comparative Sector Analysis
|
|
Company |
Sector |
Difference |
|
|
(2.006) |
|
|
|
% of PRODUCTION VALUE |
|
|
|
|
SALES |
98,58 |
95,94 |
2,64 |
|
ADDED VALUE |
15,14 |
27,23 |
-12,09 |
|
BUSINESS RESULT |
-6,36 |
7,83 |
-14,19 |
|
% OF TOTAL ASSETS |
|
|
|
|
OWN FUNDS |
21,94 |
47,09 |
-25,15 |
|
DEBT |
74,89 |
52,91 |
21,98 |
Compared sector (CNAE): 244 - Manufacture
of pharmaceuticals, medicinal chemicals and botanical products
Number of companies: 64
Size (Sales Figure): > 40.000.000,00
Euros
The turnover of the company is 2,64%
above the mean for the sector.
The company’s added value was 15,14%
s/ the production value, and 12,09% below the mean for the sector.
The company’s business result was
-6,36% of the PV, 14,19% below the mean for the sector.
The company’s own resources are 21,94%
, 25,15% below the mean for the sector.
The company’s outside resources are
74,89% , 21,98% 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:
1 Company / Companies in Insolvency Proceedings
Main Board members, Directors and
Auditor
|
Position |
Surname and name |
Date of appointment |
|
SOLE ADMINISTRATOR |
ZABALZA MARTI ANTONIO |
20/01/2004 |
|
AUDITOR |
ERNST AND YOUNG SL |
30/01/2008 |
Functional Managers
|
Position |
Surname and name |
|
MANAGER |
ZABALZA MARTI ANTONIO |
|
FINANCIAL MANAGER |
BELDA RIQUELME PASCUAL |
|
FINANCIAL MANAGER |
GORDO PELAYO |
|
HUMAN RESOURCES MANAGER |
MONTSERRAT COSTA PEDRO |
|
COMMERCIAL MANAGER |
ARIAS CARLOS |
|
PURCHASES MANAGER |
RUIZ GONZALO |
|
COMPUTING MANAGER |
GUAL DE DIEGO EDUARDO |
Financial Links
|
Shareholders |
||||
|
Company Name |
CIF/Country |
|
Source |
Information Date |
|
ERCROS SA |
A08000630 |
Major. |
OWN SOURCES |
06/02/2007 |
|
UTISA TABLEROS DEL MEDITERRANEO S.L. |
B44178424 |
Indet. |
B.O.R.M.E. |
27/11/2006 |
|
ARAGONESAS INDUSTRIAS Y ENERGIA S.A. |
A08009268 |
Indet. |
B.O.R.M.E. |
27/11/2006 |
|
Shareholdings |
|||||
|
Company Name |
CIF/Country |
Percent. |
Source |
Information Date |
|
|
ERCROS PORTUGAL SA |
PORTUGAL |
100,00% |
M.REGISTER |
31/12/2006 |
|
|
FOSFATOS DE CARTAGENA S.L. |
B30756084 |
100,00% |
M.REGISTER |
31/12/2006 |
|
|
ERCROS NORTH AMERICA INC |
ESTADOS UNIDOS |
100,00% |
M.REGISTER |
31/12/2001 |
|
|
|
A08112542 |
100,00% |
M.REGISTER |
31/12/2001 |
|
|
GADES LTDA |
REINO UNIDO |
100,00% |
M.REGISTER |
31/12/2006 |
|
|
DERIVADOS FORESTALES NEDERLAND BV |
PAÍSES BAJOS |
100,00% |
M.REGISTER |
31/12/2006 |
|
|
|
Company with solvency rating
below 7 |
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INMOBILIARIA INDUSTRIAL Y URBANA SA
Proceedings published in the
B.O.R.M.E. (Official Mercantile Register Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Appointments |
30/01/2008 |
048816 |
Barcelona |
|
Registration of accounts
(2006) |
03/12/2007 |
100556 |
Barcelona |
|
Appointments |
05/07/2007 |
359566 |
Barcelona |
|
Resignations |
28/05/2007 |
287186 |
Barcelona |
|
Appointments |
28/05/2007 |
287185 |
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 |
||
|
|
||
|
12/07/2006 |
GACETA NEG |
INFORMATION ON LEGAL ANNOUNCE |
|
EL ACCIONISTA UNICO DE ERCROS INDUSTRIAL
SA (SDAD. ABSORBENTE) Y LOS ACCIO NISTAS Y SOCIOS DE LAS CIAS. DERIVADOS
FORESTALES GROUP XXI SL, DERIVADOS FORESTALES SA, FYDSA SA, AICAR SA, SA
POLIALCO, DEFOR-INFOR SA, PATENTES Y NOVEDADES SL (SDADES. ABSORBIDAS),
ACORDARON EL 30/06/06, LA FUSION DE DI CHAS CIAS. |
||
Remarks for customer
The address included in your enquiry (Paseo
Deleite s/n Aranjuez 28300 Madrid) belongs to a branch.
Brands, Signs and Commercial
Names
|
Prevailing Brands |
|||||
|
Name: |
PER-FLIX S |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M2375950 |
||
|
Request Date: |
06/02/2001 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
|
Types: 1 |
|
||||
|
Name: |
TRI-FLIX S |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M2375951 |
||
|
Request Date: |
06/02/2001 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
|
Types: 1 |
|
||||
|
Name: |
TRI-FLIX S |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M2375952 |
||
|
Request Date: |
06/02/2001 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
|
Types: 3 |
|
||||
|
Name: |
PER.KIMIA |
||||
|
Kind of Brand: |
JOINT |
File: |
M2318649 |
||
|
Request Date: |
25/05/2000 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
|
Types: 3 |
|
||||
|
Name: |
ERKIMIA |
||||
|
Kind of Brand: |
JOINT |
File: |
M2081061 |
||
|
Request Date: |
18/03/1997 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
RENEWED REGISTER |
|
Types: 1 |
|
||||
Total Marcas: 48
Branches
|
Address |
Postal Code |
Town |
Province |
|
DIAGONAL 593 |
08014 |
BARCELONA |
Barcelona |
|
SANT JOAN 15 13 |
08010 |
BARCELONA |
Barcelona |
|
DEL DELEITE S-N |
28300 |
ARANJUEZ |
Madrid |
|
JUAN HURTADO DE MENDOZA 4 |
28036 |
MADRID |
Madrid |
|
PASEO DELEITE S/N |
28300 |
MADRID |
Madrid |
|
ASUNCION 80 |
41011 |
SEVILLA |
Sevilla |
|
VALENCIA PG CANONJA S-N |
43006 |
TARRAGONA |
Tarragona |
Commercial Experience
|
|
|
|
|
|
Suppliers |
International |
|
AISCONDEL |
|
|
ERCROS PORTUGAL |
|
|
UFEFYS |
|
|
AGROCROS |
|
|
ERCEKOL |
|
|
|
|
|
Total 58 |
|
|
|
|
|
Clients |
International |
|
ARAGONESAS INDUSTRIA Y ENERGIA SAU |
|
|
FOSFATOS DE CARTAGENA SLU |
|
|
ERCROS FRANCE SA |
|
|
ERCROS ITALIA SRL |
|
|
ERCROS PORTUGAL SA |
|
|
Total 48 |
|
Bank Entities
|
Entity |
Branch |
Branch Address |
Town |
Province |
|
BANCO DE ANDALUCIA, S.A. |
|
|
BARCELONA |
|
|
BANCO SANTANDER, S.A. |
4700 |
PS DE GRACIA 5 APDO. 00000 |
BARCELONA |
Barcelona |
|
BANKINTER, S.A. |
|
|
BARCELONA |
|
|
CAIXA D’ESTALVIS DE TARRAGONA |
0010 |
RAMBLA NOVA, 68 |
TARRAGONA |
Tarragona |
|
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 19/11/2007
Balance Sheet (ASSETS)
|
(Figures given in Euros) |
31/12/2004 (12) |
31/12/2005 (12) |
31/12/2006 (12) |
|
|
|
A) DUE FROM SHAREHOLDERS FOR UNCALLED CAPITAL |
|
|
|
|
|
B) FIXED ASSETS |
213.565.142,03 |
419.250.965,00 |
536.900.821,84 |
|
|
I. Establishment expenses |
|
|
27.909,69 |
|
|
II. Intangible assets |
10.461.624,02 |
8.222.630,00 |
16.574.843,31 |
|
|
R & D expenses |
4.597.465,60 |
6.091.158,00 |
9.844.540,65 |
|
|
Concessions, patents,licences , trademarks |
1.369.670,10 |
1.369.670,00 |
2.148.179,03 |
|
|
Goodwill |
|
|
4.030.479,11 |
|
|
Acquired rights from finance leases |
|
|
4.112.108,15 |
|
|
Software |
431.085,26 |
443.939,00 |
1.880.361,37 |
|
|
Leasing |
8.706.932,34 |
5.135.093,00 |
7.621.885,68 |
|
|
Amortization |
-4.643.529,28 |
-4.817.230,00 |
-13.062.710,68 |
|
|
III. Tangible assets |
180.420.201,65 |
179.042.128,00 |
287.303.737,42 |
|
|
Property, plant and equipment |
49.574.345,02 |
48.617.686,00 |
127.624.465,72 |
|
|
Machinery, equipment and other |
369.221.666,42 |
357.234.569,00 |
519.705.329,44 |
|
|
Other property plant and equipement |
2.047.333,52 |
2.047.994,00 |
3.284.585,54 |
|
|
Prepaid expenses on fixed assets |
6.615.281,85 |
11.141.940,00 |
11.997.528,24 |
|
|
Other assets |
2.337.399,04 |
2.465.078,00 |
4.484.889,06 |
|
|
Provisions |
|
|
-3.462.782,00 |
|
|
Depreciation |
-249.375.824,20 |
-242.465.139,00 |
-376.330.278,58 |
|
|
IV. Financial assets |
22.683.316,36 |
231.986.207,00 |
232.994.331,42 |
|
|
Shares in affiliated companies |
9.644.610,47 |
95.894.885,00 |
95.522.495,10 |
|
|
Loans to affiliated companies |
587.000,00 |
96.801.031,00 |
96.801.031,60 |
|
|
Shares in associated companies |
301.326,37 |
1.738.249,00 |
1.738.247,79 |
|
|
Securities |
661.736,93 |
661.736,00 |
424.305,02 |
|
|
Other loans |
11.663.829,69 |
38.400.930,00 |
37.540.719,19 |
|
|
Long term deposits and guarantees |
1.959.136,77 |
859.673,00 |
722.155,46 |
|
|
Provisions |
-2.134.323,87 |
-2.370.297,00 |
-2.188.841,96 |
|
|
Tax refunds |
|
|
2.434.219,22 |
|
|
V. Owners equity |
|
|
|
|
|
VI. Long term trade liabilities |
|
|
|
|
|
C) DEFERRED EXPENSES |
1.972.839,78 |
2.334.388,00 |
2.157.067,70 |
|
|
D) CURRENT ASSETS |
93.991.964,02 |
109.475.686,00 |
227.403.644,91 |
|
|
I. Not paid in shareholder capital |
|
|
|
|
|
II. Inventory |
23.765.711,41 |
28.093.497,00 |
55.343.541,83 |
|
|
Raw material inventory |
12.573.027,91 |
13.522.937,00 |
30.646.318,75 |
|
|
Work in Progress |
4.339.135,90 |
4.521.008,00 |
5.784.309,60 |
|
|
Finished goods |
6.853.547,60 |
10.049.552,00 |
19.386.636,33 |
|
|
Cash advance |
|
|
90,15 |
|
|
Provisions |
|
|
-473.813,00 |
|
|
III. Debtors |
66.483.241,03 |
76.386.756,00 |
159.029.969,72 |
|
|
Clients |
38.619.780,30 |
42.598.186,00 |
119.456.646,34 |
|
|
Amounts owned by affiliated companies |
3.176.198,13 |
10.465.857,00 |
12.419.011,32 |
|
|
Amounts owned by associated companies |
234.897,82 |
129.505,00 |
132.335,73 |
|
|
Other debts |
21.437.075,09 |
21.425.894,00 |
21.160.347,56 |
|
|
Labor costs |
49.817,60 |
23.968,00 |
72.982,36 |
|
|
Taxes refunds |
4.541.480,69 |
3.319.354,00 |
8.712.013,51 |
|
|
Provisions |
-1.576.008,60 |
-1.576.008,00 |
-2.923.367,10 |
|
|
IV. Short term financial assets |
1.474.445,70 |
3.116.524,00 |
9.014.645,58 |
|
|
Receivables in affiliated companies |
688.485,81 |
588.485,00 |
2.766.661,79 |
|
|
Other loans |
164.025,62 |
1.349.276,00 |
6.213.200,61 |
|
|
Short Term Deposit and guarantees |
621.934,27 |
1.178.763,00 |
34.783,18 |
|
|
V. Short term owners equity |
|
|
|
|
|
VI. Cash |
1.084.186,41 |
957.312,00 |
3.631.630,77 |
|
|
VII. Prepaid expenses and accrued income |
1.184.379,47 |
921.597,00 |
383.857,01 |
|
|
ASSETS (A + B + C + D) |
309.529.945,83 |
531.061.039,00 |
766.461.534,45 |
Balance Sheet (LIABILITIES)
|
(Figures given in
Euros) |
31/12/2004 (12)
|
31/12/2005 (12)
|
31/12/2006 (12)
|
|
|
|
A) SHAREHOLDERS EQUITY |
101.604.855,85 |
78.463.990,00 |
168.152.828,74 |
|
|
I. Capital |
38.494.050,00 |
38.494.050,00 |
38.494.050,00 |
|
|
II. Premium share account |
37.909.114,14 |
16.614.006,00 |
|
|
|
III. Revaluation reserve |
|
|
|
|
|
IV. Reserves |
46.496.799,48 |
46.496.798,00 |
162.121.224,25 |
|
|
Retained earnings |
4.422.154,22 |
4.422.154,00 |
4.422.154,22 |
|
|
Other funds |
42.073.869,97 |
42.073.869,00 |
157.698.294,74 |
|
|
Capital adjustments in Euros |
775,29 |
775,00 |
775,29 |
|
|
V. Prior year earnings |
|
|
|
|
|
VI. Prior year profit or losses |
-21.295.107,77 |
-23.140.864,00 |
-32.462.445,51 |
|
|
VII. Dividend paid during the year |
|
|
|
|
|
VIII. Own shares for change in capital |
|
|
|
|
|
B) DEFERRED INCOME |
30.990.818,64 |
30.916.033,00 |
1.178.383,85 |
|
|
Capital grants |
|
|
1.155.246,38 |
|
|
Rate difference |
4.823,53 |
|
23.137,47 |
|
|
Other deferred income |
30.985.995,11 |
30.916.033,00 |
|
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
6.033.390,89 |
14.548.146,00 |
19.850.649,43 |
|
|
Provision for pensions plans |
3.655.775,95 |
10.049.032,00 |
8.477.231,40 |
|
|
Provision for taxes |
|
1.399.636,00 |
1.105.621,80 |
|
|
Other provisions |
2.377.614,94 |
3.099.478,00 |
10.267.796,23 |
|
|
D) LONG TERM LIABILITIES |
67.530.177,56 |
265.747.235,00 |
244.753.626,36 |
|
|
I. Bonds |
|
|
|
|
|
II. Bank loans |
43.705.400,80 |
135.804.761,00 |
121.468.495,68 |
|
|
Long term bank loans |
41.683.221,44 |
134.591.090,00 |
120.102.730,00 |
|
|
Leasing |
2.022.179,36 |
1.213.671,00 |
1.365.765,68 |
|
|
III. Debts with associed and affiliated companies |
7.395.667,10 |
121.665.793,00 |
107.595.514,68 |
|
|
Debt with affiliated companies |
7.395.667,10 |
121.665.793,00 |
107.595.514,68 |
|
|
IV. Other creditors |
16.429.109,66 |
8.276.681,00 |
15.689.616,00 |
|
|
Other debts |
16.292.679,91 |
7.140.250,00 |
1.792.926,66 |
|
|
Long term deposit and guaranties |
136.429,75 |
1.136.431,00 |
1.136.429,75 |
|
|
Taxes receivable |
|
|
12.760.259,59 |
|
|
V. Deferred debts on shares |
|
|
|
|
|
VI. Long term debt with creditor |
|
|
|
|
|
E) SHORT TERM LIABILITIES |
103.370.702,89 |
141.385.635,00 |
329.229.670,07 |
|
|
I. Negotiable bonds |
|
|
|
|
|
II. Bank loans |
49.625.284,84 |
50.263.647,00 |
118.940.196,78 |
|
|
Loans and other debts |
47.818.071,96 |
48.588.710,00 |
116.974.157,19 |
|
|
Debt interest |
105.152,37 |
582.411,00 |
1.078.737,74 |
|
|
Leasing |
1.702.060,51 |
1.092.526,00 |
887.301,85 |
|
|
III. Short term debts with associated and affiliated companies |
4.370.316,73 |
34.873.658,00 |
68.893.104,14 |
|
|
With affiliated companies |
4.359.290,84 |
34.868.689,00 |
68.893.104,14 |
|
|
Associeted companies |
11.025,89 |
4.969,00 |
|
|
|
IV. Trade creditors |
30.281.297,58 |
36.003.943,00 |
92.156.620,66 |
|
|
Accounts payable |
601.012,10 |
|
|
|
|
Expenses |
29.680.285,48 |
36.003.943,00 |
92.156.620,66 |
|
|
V. Other non trade payables |
18.617.696,20 |
19.913.739,00 |
48.290.348,00 |
|
|
Government |
7.966.365,02 |
4.365.303,00 |
2.660.852,58 |
|
|
Bills payable |
1.731,22 |
1.731,00 |
1.731,22 |
|
|
Other debts |
7.933.544,95 |
13.430.886,00 |
35.402.630,25 |
|
|
Accounts receivable |
1.716.054,95 |
1.853.229,00 |
9.962.543,89 |
|
|
Short term deposits and guarantees |
1.000.000,06 |
262.590,00 |
262.590,06 |
|
|
VI. Provisions for current assets |
96.000,00 |
|
949.400,49 |
|
|
VII. Accruals and deferred incomes |
380.107,54 |
330.648,00 |
|
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES AND EXPENSES |
|
|
3.296.376,00 |
|
|
LIABILITIES (A + B + C + D + E + F) |
309.529.945,83 |
531.061.039,00 |
766.461.534,45 |
Profit and Loss Account
|
(Figures given in Euros) |
31/12/2004 (12) |
31/12/2005 (12) |
31/12/2006 (12) |
|
|
|
A) EXPENSES (A.1 a A.16) |
201.730.560,99 |
246.826.514,00 |
559.490.368,04 |
|
|
A.1. Change in stocks of finished goods and work in progress |
|
|
|
|
|
A.2. Supplies |
79.175.991,51 |
104.443.050,00 |
324.785.220,77 |
|
|
Raw materials consumed |
74.580.085,29 |
96.324.275,00 |
316.147.795,97 |
|
|
Other expenses |
4.595.906,22 |
8.118.775,00 |
8.637.424,80 |
|
|
A.3. Labor cost |
38.492.371,29 |
36.516.342,00 |
54.754.586,20 |
|
|
Wages |
29.232.362,35 |
27.832.302,00 |
42.380.240,90 |
|
|
Social security expenses |
9.260.008,94 |
8.684.040,00 |
12.374.345,30 |
|
|
A.4. Assets depreciation |
12.395.733,72 |
13.407.120,00 |
25.022.133,53 |
|
|
A.5 Variance in provision for current assets |
283.309,19 |
|
1.686.098,48 |
|
|
Variance in provision for inventory |
|
|
473.813,00 |
|
|
Variance in provision for bad debts |
283.309,19 |
|
1.212.285,48 |
|
|
A.6. Other operating costs |
57.273.200,75 |
62.434.200,00 |
112.952.952,28 |
|
|
External costs |
55.023.988,55 |
60.114.421,00 |
106.605.212,33 |
|
|
Taxes |
2.249.212,20 |
2.319.779,00 |
3.193.514,32 |
|
|
Other day to day expenses |
|
|
3.154.225,63 |
|
|
A.I. OPERATING RESULT (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
|
176.844,00 |
|
|
|
A.7. Financial expenses |
4.836.043,56 |
11.332.183,00 |
14.385.535,05 |
|
|
Debts with related companies |
30.883,70 |
388.093,00 |
1.803.382,60 |
|
|
Other companies debts |
4.805.159,86 |
10.944.090,00 |
12.582.152,45 |
|
|
A.8. Variation in financial investments provision |
199.608,00 |
36.350,00 |
|
|
|
A.9. Exchange losses |
718.018,17 |
858.411,00 |
1.393.934,15 |
|
|
A.II. POSITIVE FINANCIAL RESULTS (B.5+B.6+B.7+B.8-A.7-A.8-A.9) |
|
|
|
|
|
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II) |
|
|
|
|
|
A.10. Variation in provision in fixed assets |
292.127,33 |
199.622,00 |
-290.823,54 |
|
|
A.11. Losses in fixed assets |
|
1.559.676,00 |
136.464,22 |
|
|
A.12. Losses from shares and bonds |
|
|
|
|
|
A.13. Extraordinary charges |
5.343.401,64 |
12.719.811,00 |
24.226.151,53 |
|
|
A.14. Prior year’s expenses and losses |
2.720.755,83 |
3.319.749,00 |
438.115,37 |
|
|
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) |
|
|
|
|
|
A.15. Corporate Taxes |
|
|
|
|
|
A.16. Other taxes |
|
|
|
|
|
A.VI. YEAR END RESULT (PROFIT) (A.V-A.15-A.16) |
|
|
|
|
|
B) INCOMES (B.1 a B13) |
180.435.453,22 |
223.685.650,00 |
527.027.922,53 |
|
|
B.1. Turnover |
171.723.908,23 |
209.012.772,00 |
503.371.340,88 |
|
|
Sales |
164.789.387,91 |
203.024.500,00 |
503.371.340,88 |
|
|
Services provided |
7.803.164,29 |
7.370.058,00 |
|
|
|
Discounts |
-868.643,97 |
-1.381.786,00 |
|
|
|
B.2. Increase in inventory of finished goods |
1.976.659,52 |
3.493.758,00 |
4.419.060,50 |
|
|
B.3. Expenses capitalized |
1.617.552,80 |
2.154.238,00 |
1.827.224,63 |
|
|
B.4. Other operating income |
2.405.666,57 |
2.316.788,00 |
5.428.206,73 |
|
|
Other incomes |
2.300.317,95 |
1.975.764,00 |
5.428.206,73 |
|
|
Grants |
105.348,62 |
341.024,00 |
|
|
|
B.I. OPERATING LOSSES (A.1+A.2+A.3+A.4+A.5+A.6-B.1-B.2-B.3-B.4) |
9.896.819,34 |
|
4.155.158,52 |
|
|
B.5. Incomes from share |
50.000,00 |
100.000,00 |
60.000,00 |
|
|
From affiliated companies |
|
|
60.000,00 |
|
|
From other companies |
50.000,00 |
100.000,00 |
|
|
|
B.6. Income from securities |
84.201,23 |
1.433.888,00 |
4.040.441,25 |
|
|
Group companies |
50.087,72 |
1.023.224,00 |
4.040.441,25 |
|
|
Other companies |
34.113,51 |
410.664,00 |
|
|
|
B.7. Other income from interrest |
299.151,62 |
156.474,00 |
789.311,44 |
|
|
From affiliated companies |
|
|
789.311,44 |
|
|
From other companies |
84.676,78 |
156.474,00 |
|
|
|
Gains from investments |
214.474,84 |
|
|
|
|
B.8. Gains on exchange |
827.229,41 |
634.419,00 |
1.598.347,81 |
|
|
B.II. FINANCIAL LOSSES (A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
4.493.087,47 |
9.902.163,00 |
9.291.368,70 |
|
|
B.III. LOSSES FROM ORDINARY ACTIVITIES (B.I+B.II-A.I-A.II) |
14.389.906,81 |
9.725.319,00 |
13.446.527,22 |
|
|
B.9. Gains from disposal of fixed assets |
452.686,71 |
313.161,00 |
2.047,07 |
|
|
B.10. Gains from dealing in own shares |
|
|
251.371,07 |
|
|
B.11. Paid in surplus |
7.482,60 |
|
3.190.597,69 |
|
|
B.12. Extraordinary income |
392.040,27 |
3.968.689,00 |
1.702.790,82 |
|
|
B.13. Prior year’s income and profits |
598.874,26 |
101.463,00 |
347.182,64 |
|
|
B.IV. EXTRAORDINARY LOSSES (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13) |
6.905.200,96 |
13.415.545,00 |
19.015.918,29 |
|
|
B.V. LOSS BEFORE TAXES (B.III+B.IV-A.III-A.IV) |
21.295.107,77 |
23.140.864,00 |
32.462.445,51 |
|
|
B.VI. NET LOSS (B.V+A.15+A.16) |
21.295.107,77 |
23.140.864,00 |
32.462.445,51 |
Main Ratios
|
(Figures given in
Euros) |
2.004 (12) |
2.005 (12) |
2.006 (12) |
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales Figures |
-3,97 |
21,71 |
140,83 |
|
|
Assets Turnover |
0,56 |
0,39 |
0,66 |
|
|
Productivity |
1,07 |
1,37 |
1,41 |
|
|
Increase of the Added Value |
9,98 |
21,38 |
54,31 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
-6,88 |
-4,36 |
-4,24 |
|
|
Financial Profitability |
-20,96 |
-29,49 |
-19,30 |
|
|
Financial Expenses |
2,82 |
5,42 |
2,86 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
139,00 |
132,00 |
114,00 |
|
|
Suppliers’ Credit (In days of sales) |
141,00 |
128,00 |
104,00 |
|
|
Working Capital (In days of sales) |
0,00 |
0,00 |
0,00 |
|
|
Working Capital Requirement (In days of sales) |
79,00 |
25,00 |
3,00 |
|
|
Treasury (In days of sales) |
0,00 |
0,00 |
0,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
-9.378.738,87 |
-31.909.949,00 |
-105.122.401,16 |
|
|
Working Capital Requirement |
37.687.913,86 |
14.279.862,00 |
4.467.895,27 |
|
|
Treasury |
-47.066.652,73 |
-46.189.811,00 |
-106.293.920,43 |
|
|
Balance Ratio |
0,96 |
0,92 |
0,81 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
55,21 |
76,66 |
74,89 |
|
|
Own / Permanent Funds |
49,29 |
20,14 |
38,75 |
|
|
Payback Capacity |
0,92 |
1,83 |
1,08 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
0,91 |
0,77 |
0,68 |
|
|
Immediate Liquidity |
0,03 |
0,03 |
0,04 |
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 |
70,05 |
37,95 |
32,10 |
|
C) ACCRUED EXPENSES |
0,28 |
0,10 |
0,18 |
|
D) CURRENT ASSETS |
29,67 |
61,93 |
-32,26 |
|
TOTAL ASSETS (A + B + C + D) |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
A) SHAREHOLDERS EQUITY |
21,94 |
47,09 |
-25,15 |
|
B) ACCRUED INCOME |
0,15 |
0,47 |
-0,32 |
|
C) RISK AND EXPENDITURE COVER |
2,59 |
1,04 |
1,55 |
|
D) LONG-TERM CREDITORS |
31,93 |
11,63 |
20,30 |
|
E) SHORT-TERM CREDITORS |
42,95 |
39,47 |
3,48 |
|
F) SHORT-TERM RISK AND EXPENDITURE COVER |
0,43 |
0,26 |
0,17 |
|
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 |
98,58 |
95,94 |
2,64 |
|
Other operating income |
1,42 |
4,05 |
-2,63 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
62,74 |
52,00 |
10,74 |
|
Other operation expenses |
22,12 |
20,76 |
1,36 |
|
Added value |
15,14 |
27,23 |
-12,09 |
|
Labor cost |
10,72 |
15,14 |
-4,42 |
|
Gross Economic Result |
4,42 |
12,08 |
-7,66 |
|
Assets depreciation |
4,90 |
3,19 |
1,71 |
|
Variation in provision for current assets |
0,33 |
0,29 |
0,04 |
|
Net Economic Result |
-0,81 |
8,59 |
-9,40 |
|
Financial income |
1,27 |
2,52 |
-1,25 |
|
Financial expenses |
3,09 |
1,18 |
1,91 |
|
Variation in financial investment provision |
0,00 |
0,02 |
-0,02 |
|
Ordinary Activities Result |
-2,63 |
9,91 |
-12,54 |
|
Extraordinary income |
1,08 |
0,72 |
0,36 |
|
Extraordinary expenses |
4,86 |
0,58 |
4,28 |
|
Variation in provision in fixed assets |
-0,06 |
0,42 |
-0,48 |
|
Results before Taxes |
-6,36 |
9,63 |
-15,99 |
|
Corporaye taxes |
0,00 |
1,80 |
-1,80 |
|
Net Result |
-6,36 |
7,83 |
-14,19 |
|
Assets depreciation |
4,90 |
3,19 |
1,71 |
|
Provisions fund variation |
0,27 |
0,73 |
-0,46 |
|
Net Self-Financing |
-1,18 |
11,76 |
-12,94 |
Ratios
|
(Figures given in )
|
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.006 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales Figures |
140,83 |
1,54 |
6,77 |
14,62 |
|
Assets Turnover |
0,66 |
0,86 |
1,09 |
1,46 |
|
Fixed Assets Turnover |
0,93 |
1,95 |
3,12 |
6,23 |
|
Increase of the Added Value |
54,31 |
-5,07 |
4,35 |
14,96 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
1,41 |
1,43 |
1,74 |
2,12 |
|
Change of Personnel Costs |
49,94 |
-0,13 |
5,09 |
11,44 |
|
Average Personnel Costs |
44.479,76 |
43.030,00 |
50.120,00 |
56.360,00 |
|
Value Added by Employees |
62.800,70 |
66.950,00 |
86.710,00 |
102.450,00 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
-6.045.037,04 |
5.293.740,00 |
10.466.900,00 |
19.313.940,00 |
|
Operating Cash Flow |
22.553.073,49 |
5.811.500,00 |
10.937.270,00 |
19.903.810,00 |
|
Change in Cash Flow |
36,35 |
-18,29 |
6,45 |
37,39 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
-4,24 |
3,31 |
6,78 |
12,86 |
|
Financial Profitability |
-19,30 |
7,26 |
15,18 |
25,11 |
|
Financial Expenses |
2,86 |
0,13 |
0,49 |
0,99 |
|
Gross Economic Profitability |
2,94 |
8,69 |
12,78 |
21,36 |
|
Gross Financial Profitability |
13,41 |
19,69 |
28,40 |
46,26 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
113,00 |
79,74 |
98,24 |
146,24 |
|
Suppliers’ Credit (In days of sales) |
103,00 |
45,49 |
75,02 |
123,35 |
|
Working Capital (In days of sales) |
0,00 |
45,28 |
75,27 |
118,37 |
|
Working Capital Requirement (In days of sales) |
3,00 |
27,67 |
59,43 |
101,43 |
|
Treasury (In days of sales) |
0,00 |
-3,76 |
5,58 |
26,53 |
|
Operating Current Assets |
162,00 |
148,48 |
191,72 |
243,01 |
|
BALANCE |
|
|
|
|
|
Working Capital |
-105.122.401,16 |
8.907.570,00 |
17.200.040,00 |
29.726.000,00 |
|
Working Capital Requirement |
4.467.895,27 |
5.501.250,00 |
16.011.020,00 |
21.921.600,00 |
|
Treasury |
-106.293.920,43 |
-533.800,00 |
1.313.650,00 |
7.951.560,00 |
|
Balance Ratio |
0,80 |
1,27 |
1,57 |
2,43 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
74,89 |
30,12 |
46,22 |
61,79 |
|
Own / Permanent Funds |
38,75 |
72,43 |
89,02 |
95,35 |
|
Payback Capacity |
1,08 |
0,26 |
0,35 |
0,52 |
|
Long term Indebtedness |
31,93 |
0,36 |
4,83 |
14,05 |
|
Gearing |
455,81 |
147,79 |
196,48 |
288,12 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,00 |
|
Assets Guarantee |
1,33 |
1,60 |
2,15 |
3,31 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
0,68 |
1,34 |
1,67 |
2,22 |
|
Immediate Liquidity |
0,04 |
0,02 |
0,10 |
0,36 |
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%)