MIRA
INFORM REPORT
|
Report Date : |
14.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TUBOS REUNIDOS SA |
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Formerly Known As : |
TUBOS FORJADOS SA |
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Registered Office : |
Calle Sagarribai Kalea, 2
01470 Amurrio (Álava) |
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Country : |
Spain |
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Financials (as on) : |
31/12/2006 |
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Date of Incorporation : |
02/12/1892 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing of steel tubes |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of the company
TUBOS REUNIDOS SA
TAX NUMBER: A48011555
Identification and
Characteristics
|
TAX NUMBER |
A48011555 |
|
NAME |
TUBOS REUNIDOS SA |
|
TRADE NAME |
TR TUBOS REUNIDOS, S.A. |
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FORMER NAME |
TUBOS FORJADOS SA |
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BUSINESS ADDRESS |
CALLE SAGARRIBAI KALEA, 2 |
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Postcode |
01470 AMURRIO (Álava) |
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FORMER ADDRESS |
CALLE SAGARRIBAI KALEA, S/N |
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Postcode |
01470 AMURRIO (Álava) |
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URL |
http://www.tubosreunidos.es |
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TELEPHONE |
945897100 |
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FAX |
945897150 |
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LEGAL FORM |
JOINT STOCK COMPANY |
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DATE FOUNDED |
02/12/1892 |
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CAPITAL |
20.493.000,00 Euros |
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PAID-UP CAPITAL |
20.493.000,00 Euros |
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NUMBER OF
EMPLOYEES |
1.000 |
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TYPE |
SUSPENDED |
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PERIOD |
Madrid |
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PLACE |
Vizcaya; |
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ACTIVITY |
1223000 - Mfg. of steel tubes |
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CNAE |
2722 - Manufacture of steel
tubes |
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EXPORT COMPANY |
YES |
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* Characteristics of the main address |
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According to our investigations
dated 23/11/2004 these premises are rented used
as office . |
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Synthesis
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FINANCIAL SITUATION (Year
ending: 31/12/2006) |
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PROFITABILITY |
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Good |
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TREASURY |
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Excellent |
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BALANCE SHEET |
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Excellent |
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DEBT |
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Medium |
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INCIDENTS |
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COMMITMENTS |
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Respected |
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INCIDENTS |
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None or Negligible |
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PREVIOUS EXPERIENCE |
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PREVIOUS EXPERIENCE |
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Very favourable |
Credit Appraisal
|
CREDIT ACCORDING TO OBJECTIVE DATA (From 0
to 6.000.000,00 Euros): |
|
FAVOURABLE TOWARDS 5.180.724,34
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 |
203.851,00 |
251.050,00 |
273.114,00 |
|
|
|
ADDED VALUE |
65.732,00 |
97.427,00 |
111.753,00 |
40,92 |
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BUSINESS RESULT |
7.420,00 |
20.279,00 |
40.145,00 |
14,70 |
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OWN FUNDS |
78.017,00 |
90.943,00 |
120.841,00 |
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|
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DEBT |
167.624,00 |
151.418,00 |
159.238,00 |
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TOTAL ASSET |
270.908,00 |
266.413,00 |
305.514,00 |
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|
The sales of 273.114,00
thousands of Euros show a change of 8,79% compared
with 2.005 . Between 2.004 and 2.005 , this
change was 23,15% . |
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Added value grew by 14,70%
compared with the previous year. Shareholders equity are 120.841,00
thousands of Euros for an indebtedness of 159.238,00
thousands of Euros . |
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The result 40.145,00 thousands
of Euros means financial profitability of 33,22% and
economic profitability of 13,14% . This result means growth of
97,96% 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: 30/11/2007 |
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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 |
40.145.000 |
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Total of Amounts to be
distributed |
40.145.000 |
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Distribution a |
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Voluntary Reserve |
24.775.000 |
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Dividends |
15.370.000 |
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Auditors’ opinion: |
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FAVOURABLE (2.006) |
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Auditors: |
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PRICE WATERHOUSE AUDITORES S.A. |
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Comparative Sector Analysis
|
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Company |
Sector |
Difference |
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(2.006)
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% of PRODUCTION VALUE |
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SALES |
99,95 |
99,64 |
0,31 |
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ADDED
VALUE |
40,90 |
24,64 |
16,26 |
|
BUSINESS
RESULT |
14,69 |
5,26 |
9,43 |
|
% OF TOTAL ASSETS |
|
|
|
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OWN
FUNDS |
39,55 |
48,66 |
-9,11 |
|
DEBT |
52,12 |
51,34 |
0,78 |
Compared sector (CNAE): 272 - Manufacture
of tubes
Number of companies: 12
Size (Sales Figure): > 40.000.000,00
Euros
The turnover of the company is 0,31%
above the mean for the sector.
The company’s added value was 40,90%
s/ the production value, and 16,26% above the mean for the sector.
The company’s business result was
14,69% of the PV, 9,43% above the mean for the sector.
The company’s own resources are 39,55%
, 9,11% below the mean for the sector.
The company’s outside resources are
52,12% , 0,78% above the mean for the sector.
Legal Actions
|
No legal incidences registered for this
company in the official source |
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CLAIM FILED AGAINST THE
ADMINISTRATION: 1 |
( Last 26/10/2005 ) |
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1 |
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0 |
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0 |
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AFFECTED BY: No significant elemento |
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With
the Social Security:
Last claim filed against the ADministration
(Figures given
in Euros)
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With the Social Security: 1 |
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Information Date |
Organization |
Amount |
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26/10/2005 |
CENTRAL TREASURY FOR SOCIAL
SECURITY DIRECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL |
282,02 |
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Main Board members, Directors and
Auditor
|
Position |
Surname and name |
Date of
appointment |
|
CHAIRMAN |
ABASOLO ALBONIGA PEDRO |
27/09/2005 |
|
CHIEF EXECUTIVE OFFICER |
VILALLONGA MARTINEZ CAMPOS MARIAN |
16/08/1999 |
|
CHIEF EXECUTIVE OFFICER |
DELCLAUX ORAA LUIS |
16/08/1999 |
|
CHIEF EXECUTIVE OFFICER |
DENIZ HERNANDEZ FRANCISCO JAVIER |
01/12/2005 |
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ADMINISTRATOR |
PORTOCARRERO ENRIQUE |
28/05/2002 |
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ADMINISTRATOR |
DELCAUX ALBERTO |
28/05/2002 |
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ADMINISTRATOR |
GARAMENDI ANTONIO |
28/05/2002 |
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ADMINISTRATOR |
ESTEVE FRANCISCO |
29/05/2002 |
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ADMINISTRATOR |
ZORRILLA DE LEQUERICA PUIG LETICIA |
29/09/2004 |
|
AUDITOR |
PRICEWATERHOUSECOOPERS AUDITORES SL |
03/10/2007 |
Functional Managers
|
Position |
Surname and name |
|
GENERAL MANAGER |
NOGUERA ERQUIAGA LUIS FERNANDO |
|
FINANCIAL MANAGER |
POMPOSO LUIS |
|
HUMAN RESOURCES MANAGER |
BASTEGUETA ALEJANDRO |
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COMMERCIAL MANAGER |
ACHALANDABASO BARANDICA FRANCISCO JAVIER |
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EXPORTS MANAGER |
ACHALANDABASO BARANDICA FRANCISCO JAVIER |
Financial Links
|
Shareholders |
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Company Name |
CIF/Country |
|
Source |
Information Date |
|
BANCO BILBAO VIZCAYA ARGENTARIA SA |
A48265169 |
24,26% |
OWN SOURCES |
27/04/2007 |
|
ZORRILLA PUIG E HIJOS SOCIEDAD LIMITADA. |
B95044731 |
9,29% |
STOCK EXCH. |
01/10/2004 |
|
PUIG PEREZ DE GUZMAN MERCEDES |
|
5,00% |
STOCK EXCH. |
01/01/1997 |
|
CIERVANA SL |
B48069470 |
4,25% |
OWN SOURCES |
12/02/2007 |
|
BARANDIARAN ALDAY GUILLERMO |
|
3,72% |
STOCK EXCH. |
01/10/2004 |
|
CAJA DE AHORROS DE VITORIA Y ALAVA |
G01104256 |
3,00% |
EXPANSIÓN |
19/03/2004 |
|
Shareholdings |
|||||
|
Company Name |
CIF/Country |
Percent. |
Source |
Information Date |
|
|
PRODUCTOS TUBULARES SA |
A48529358 |
100,00% |
OWN SOURCES |
13/02/2007 |
|
|
TUBOS REUNIDOS COMERCIAL SA |
A01023571 |
100,00% |
M.REGISTER |
31/12/2006 |
|
|
|
A28040467 |
100,00% |
M.REGISTER |
31/12/2006 |
|
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ACECSA ACEROS CALIBRADOS SA |
A31003742 |
100,00% |
OWN SOURCES |
26/07/2007 |
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ALMACENES METALURGICOS SA |
A48532808 |
100,00% |
OWN SOURCES |
31/01/2007 |
|
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APLICACIONES TUBULARES ATUCA, CA |
VENEZUELA |
100,00% |
M.REGISTER |
31/12/2006 |
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|
Company with solvency rating
below 7 |
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CLIMA SA
Proceedings published in the
B.O.R.M.E. (Official Mercantile Register Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Other statutary acts |
08/11/2007 |
553779 |
Álava |
|
Other statutary acts |
31/10/2007 |
542480 |
Álava |
|
Fusion by absorption project |
19/10/2007 |
858147 |
Álava |
|
Other statutary acts |
19/10/2007 |
522887 |
Álava |
|
Other statutary acts |
10/10/2007 |
508207 |
Álava |
Press
articles
|
11/01/2008 |
EXPANSION DEL PAIS VASCO |
STRATEGIC INFORMATION |
|
EL CONSEJO DE ADMINISTRACION DE TUBOS
REUNIDOS HA CALIFICADO EL RESULTADO DE LA OPA SOBRE UN MAXIMO DE 30,249 MM.
DE ACCIONES PROPIAS, REPRESENTATIVAS DEL 17,75% DEL CAPITAL, COMO MUY
POSITIVA Y RESALTO QUE LOS ACCIONISTAS HAN ACUDIDO DE FORMA MAYORITARIA A LA
OFERTA LANZADA POR LA SDAD., A 5,62 EUROS POR ACCION, DE FORMA QUE HAN
PRESENTADO DECLARACIONES DE ACEPTACION POR 170,347 MM. DE ACCIONES. TRAS LA
OPERACION, BBVA, QUE TENIA EL 24,2%, SEGUI RA SIENDO EL PRIMER ACCIONISTA DE
LA EMPRESA, CON EL 23,4%. |
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|
18/12/2007 |
EXPANSIÓN |
STRATEGIC INFORMATION |
|
BBVA ACUDIRA A LA OFERTA PUBLICA DE
ADQUISICION LANZADA POR TUBOS REUNIDOS (TR) PARA LA AMORTIZACION DE UN MAXIMO
DEL 14,76% DE SU CAPITAL, OPERACION DISEÑADA PARA FACILITAR LA SALIDA DE
ALGUNOS GRUPO FAMILIARES ANTES DE LA FUSION CON CONDESA. EL BANCO CONTROLA EL
24,26% DEL CAPITAL, PARTICIPACION QUE TRAS LA OPA PODRIA REDUCIRSE HASTA
RONDAR EL 21%. ADEMAS DE BBVA, HAN ANUNCIADO QUE ACUDIRAN A LA OPA LA FAMILIA
ZORRILLA (CON EL 10,65%) Y LOS MIEMBROS DEL CONSEJO A EXCEPCION DE GUILLERMO
BARANDIARAN, QUE TIENE UN 5,42%. DEPENDIENDO DE LA OPA Y TRAS LA FUSION CON
CONDESA, LAS FAMILIAS URI BARREN E IRIBECAMPOS TENDRIAN ENTRE UN 36,25% Y UN
40% DEL NUEVO GRUPO. |
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Brands, Signs and Commercial
Names
|
Prevailing Commercial
Names |
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|
Name: |
TR TUBOS REUNIDOS, S.A. |
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Kind of Brand: |
JOINT |
File: |
N235582 |
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Request Date: |
25/07/2002 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
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|
|
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Name: |
TUBOS REUNIDOS, S.A. |
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|
Kind of Brand: |
DENOMINATIVE |
File: |
N156259 |
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Request Date: |
19/06/1990 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
RENEWED REGISTER |
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Total Marcas: 2
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Commercial Experience
|
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Suppliers |
International |
|
TUBOS REUNIDOS AMERICA INC |
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ALMACENES METALURGICOS SA |
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|
|
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Total 2 |
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Clients |
International |
|
TUBOS REUNIDOS AMERICA INC |
|
|
ALMACENES METALURGICOS SA |
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T R APLICACIONES TUBULARES DE ANDALUCIA SA |
|
|
APLICACIONES TUBULARES C A |
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Total 4 |
|
Bank Entities
|
Entity |
Branch |
Branch Address |
Town |
Province |
|
BANCO SANTANDER, S.A. |
|
|
BILBAO |
|
|
BARCLAYS BANK, S.A. |
|
|
BILBAO |
|
|
LLOYDS TSB BANK PLC, S.E. |
0050 |
GRAN VIA, 64 |
BILBAO |
Vizcaya |
|
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. |
1227 |
FRONTON, 2 |
AMURRIO |
Álava |
|
BILBAO BIZKAIA KUTXA,AURREZKI KUTXA ETA
BAHITETXEA |
|
|
BILBAO |
|
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 30/11/2007
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 |
154.170,00 |
142.392,00 |
142.345,00 |
|
|
I. Establishment expenses |
39,00 |
|
|
|
|
II. Intangible assets |
102.888,00 |
|
2.340,00 |
|
|
III. Tangible assets |
51.243,00 |
99.552,00 |
104.570,00 |
|
|
IV. Financial assets |
|
42.840,00 |
35.435,00 |
|
|
V. Owners equity |
|
|
|
|
|
VI. Long term trade liabilities |
|
|
|
|
|
C) DEFERRED EXPENSES |
672,00 |
429,00 |
291,00 |
|
|
D) CURRENT ASSETS |
116.066,00 |
123.592,00 |
162.878,00 |
|
|
I. Not paid in shareholder capital |
|
|
|
|
|
II. Inventory |
54.863,00 |
51.039,00 |
66.003,00 |
|
|
III. Debtors |
52.639,00 |
61.959,00 |
78.978,00 |
|
|
IV. Short term financial assets |
|
7.427,00 |
9.943,00 |
|
|
V. Short term owners equity |
|
|
|
|
|
VI. Cash |
8.564,00 |
3.167,00 |
7.954,00 |
|
|
VII. Prepaid expenses and accrued income |
|
|
|
|
|
ASSETS (A + B + C + D) |
270.908,00 |
266.413,00 |
305.514,00 |
Balance Sheet (LIABILITIES)
|
(Figures given in thousands of
Euros) |
31/12/2004 (12)
|
31/12/2005 (12)
|
31/12/2006 (12)
|
|
|
|
A) SHAREHOLDERS EQUITY |
78.017,00 |
90.943,00 |
120.841,00 |
|
|
I. Capital |
20.493,00 |
20.493,00 |
20.493,00 |
|
|
II. Premium share account |
387,00 |
387,00 |
387,00 |
|
|
III. Revaluation reserve |
|
|
|
|
|
IV. Reserves |
50.718,00 |
53.233,00 |
65.451,00 |
|
|
Sundry reserves |
50.718,00 |
53.233,00 |
65.451,00 |
|
|
V. Prior year earnings |
|
|
|
|
|
VI. Prior year profit or losses |
7.420,00 |
20.279,00 |
40.145,00 |
|
|
VII. Dividend paid during the year |
-1.001,00 |
-3.449,00 |
-5.635,00 |
|
|
VIII. Own shares for change in capital |
|
|
|
|
|
B) DEFERRED INCOME |
10.080,00 |
10.050,00 |
10.356,00 |
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
15.187,00 |
14.002,00 |
15.079,00 |
|
|
D) LONG TERM LIABILITIES |
68.863,00 |
63.695,00 |
69.639,00 |
|
|
E) SHORT TERM LIABILITIES |
98.761,00 |
87.723,00 |
89.599,00 |
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
270.908,00 |
266.413,00 |
305.514,00 |
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.15) |
198.828,00 |
238.288,00 |
236.621,00 |
|
|
A.1 Operating Expenses |
106.552,00 |
115.670,00 |
116.275,00 |
|
|
A.3. Labor cost |
46.894,00 |
54.427,00 |
50.780,00 |
|
|
Wages |
37.573,00 |
38.988,00 |
39.704,00 |
|
|
Social security expenses |
9.321,00 |
15.439,00 |
11.076,00 |
|
|
A.3. Assets depreciation |
8.680,00 |
11.223,00 |
8.406,00 |
|
|
A.4. Variance in provision for current
assets |
30,00 |
925,00 |
-14,00 |
|
|
A.5. Other operating costs |
31.908,00 |
37.974,00 |
45.210,00 |
|
|
A.I. OPERATING RESULT
(B.1-A.1-A.2-A.3-A.4-A.5) |
10.128,00 |
30.852,00 |
52.581,00 |
|
|
A.6. Financial expenses |
3.633,00 |
4.067,00 |
|
|
|
Other companies debts |
3.633,00 |
4.067,00 |
|
|
|
A.7. Variation in financial investments
provision |
|
-84,00 |
|
|
|
A.8. Exchange losses |
|
6.156,00 |
|
|
|
A.II. POSITIVE FINANCIAL RESULTS
(B.2+B.3-A.6-A.7-A.8) |
|
|
2.456,00 |
|
|
A.III. PROFIT FROM ORDINARY ACTIVITIES
(A.I+A.II-B.I-B.II) |
8.551,00 |
28.170,00 |
55.037,00 |
|
|
A.9. Variation in provision in fixed
assets |
|
|
|
|
|
A.10. Losses in fixed assets |
|
|
|
|
|
A.11. Losses from shares and bonds |
|
|
|
|
|
A.12. Extraordinary charges |
795,00 |
18,00 |
|
|
|
A.13. Prior year’s expenses and losses |
|
|
|
|
|
A.IV. POSITIVE EXTRAORDINARY RESULT
(B.4+B.5+B.6+B.7+B.8-A.9-A.10-A.11-A.12-A.13) |
|
21,00 |
1.072,00 |
|
|
A.V. EARNINGS / LOSS BEFORE TAXES
(A.III+A.IV-B.III-B.IV) |
7.756,00 |
28.191,00 |
56.109,00 |
|
|
A.14. Corporate Taxes |
336,00 |
7.912,00 |
15.964,00 |
|
|
A.15. Other taxes |
|
|
|
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.14-A.15) |
7.420,00 |
20.279,00 |
40.145,00 |
|
|
B) INCOMES (B.1 a B.8) |
206.248,00 |
258.567,00 |
276.766,00 |
|
|
B.1. Operating income |
204.192,00 |
251.071,00 |
273.238,00 |
|
|
Turnover |
203.851,00 |
251.050,00 |
273.114,00 |
|
|
Other operating income |
341,00 |
21,00 |
124,00 |
|
|
B.I. OPERATING LOSSES
(A.1+A.2+A.3+A.4+A.5-B.1) |
|
|
|
|
|
B.2. Financial Income |
|
2.533,00 |
2.456,00 |
|
|
In affiliated companies |
|
1.875,00 |
|
|
|
Other |
|
658,00 |
2.456,00 |
|
|
B.3. Gains on exchange |
2.056,00 |
4.924,00 |
|
|
|
B.II. FINANCIAL LOSSES
(A.6+A.7+A.8-B.2-B.3) |
1.577,00 |
2.682,00 |
|
|
|
B.III. LOSSES FROM ORDINARY ACTIVITIES
(B.I+B.II-A.I-A.II) |
|
|
|
|
|
B.4. Gains from disposal of fixed assets |
|
|
|
|
|
B.5. Gains from dealing in own shares |
|
|
|
|
|
B.6. Paid in surplus |
|
39,00 |
|
|
|
B.7. Extraordinary income |
|
|
1.072,00 |
|
|
B.8. Prior year’s income and profits |
|
|
|
|
|
B.IV. EXTRAORDINARY LOSSES
(A.9+A.10+A.11+A.12+A.13-B.4-B.5-B.6-B.7-B.8) |
795,00 |
|
|
|
|
B.V. LOSS BEFORE TAXES
(B.III+B.IV-A.III-A.IV) |
|
|
|
|
|
B.VI. NET LOSS (B.V+A.14+A.15) |
|
|
|
Main Ratios
|
(Figures given in thousands of
Euros) |
2.004 (12) |
2.005 (12) |
2.006 (12) |
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales Figures |
32,43 |
23,15 |
8,79 |
|
|
Assets Turnover |
0,75 |
0,94 |
0,89 |
|
|
Productivity |
1,40 |
1,79 |
2,20 |
|
|
Increase of the Added Value |
28,06 |
48,22 |
14,70 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
2,74 |
7,61 |
13,14 |
|
|
Financial Profitability |
9,51 |
22,30 |
33,22 |
|
|
Financial Expenses |
1,78 |
1,62 |
|
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
93,00 |
89,00 |
104,00 |
|
|
Suppliers’ Credit (In days of sales) |
|
129,00 |
149,00 |
|
|
Working Capital (In days of sales) |
31,00 |
51,00 |
97,00 |
|
|
Working Capital Requirement (In days of
sales) |
15,00 |
70,00 |
89,00 |
|
|
Treasury (In days of sales) |
15,00 |
0,00 |
8,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
17.305,00 |
35.869,00 |
73.279,00 |
|
|
Working Capital Requirement |
8.741,00 |
48.976,00 |
67.404,00 |
|
|
Treasury |
8.564,00 |
-13.107,00 |
5.875,00 |
|
|
Balance Ratio |
1,11 |
1,25 |
1,51 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
61,88 |
56,84 |
52,12 |
|
|
Own / Permanent Funds |
45,32 |
50,89 |
55,97 |
|
|
Payback Capacity |
0,79 |
0,57 |
0,57 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,18 |
1,41 |
1,82 |
|
|
Immediate Liquidity |
0,09 |
0,12 |
0,20 |
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 |
46,59 |
39,63 |
6,96 |
|
C) ACCRUED EXPENSES |
0,10 |
0,04 |
0,06 |
|
D) CURRENT ASSETS |
53,31 |
60,31 |
-7,00 |
|
TOTAL ASSETS (A + B + C
+ D) |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
A) SHAREHOLDERS EQUITY |
39,55 |
48,66 |
-9,11 |
|
B) ACCRUED INCOME |
3,39 |
1,38 |
2,01 |
|
C) RISK AND EXPENDITURE
COVER |
4,94 |
2,61 |
2,33 |
|
D) LONG-TERM CREDITORS |
22,79 |
9,18 |
13,61 |
|
E) SHORT-TERM CREDITORS |
29,33 |
38,14 |
-8,81 |
|
F) SHORT-TERM RISK AND
EXPENDITURE COVER |
0,00 |
0,00 |
0,00 |
|
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 |
99,95 |
99,64 |
0,31 |
|
Other operating income |
0,05 |
0,35 |
-0,30 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
42,55 |
61,50 |
-18,95 |
|
Other operation expenses |
16,55 |
13,85 |
2,70 |
|
Added value |
40,90 |
24,64 |
16,26 |
|
Labor cost |
18,58 |
13,20 |
5,38 |
|
Gross Economic Result |
22,31 |
11,44 |
10,87 |
|
Assets depreciation |
3,08 |
3,28 |
-0,20 |
|
Variation in provision
for current assets |
-0,01 |
0,14 |
-0,15 |
|
Net Economic Result |
19,24 |
8,00 |
11,24 |
|
Financial income |
0,90 |
0,87 |
0,03 |
|
Financial expenses |
0,00 |
1,58 |
-1,58 |
|
Variation in financial investment
provision |
0,00 |
-0,01 |
0,01 |
|
Ordinary Activities
Result |
20,14 |
7,31 |
12,83 |
|
Extraordinary income |
0,39 |
0,26 |
0,13 |
|
Extraordinary expenses |
0,00 |
0,48 |
-0,48 |
|
Variation in provision
in fixed assets |
0,00 |
-0,05 |
0,05 |
|
Results before Taxes |
20,53 |
7,15 |
13,38 |
|
Corporate taxes |
5,84 |
1,88 |
3,96 |
|
Net Result |
14,69 |
5,26 |
9,43 |
|
Assets depreciation |
3,08 |
3,28 |
-0,20 |
|
Provisions fund
variation |
-0,01 |
0,08 |
-0,09 |
|
Net Self-Financing |
17,76 |
8,63 |
9,13 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.006 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales
Figures |
8,79 |
-3,94 |
5,12 |
21,67 |
|
Assets Turnover |
0,89 |
1,04 |
1,31 |
1,67 |
|
Fixed Assets Turnover |
1,92 |
2,53 |
3,75 |
9,38 |
|
Increase of the Added
Value |
14,70 |
-26,67 |
1,15 |
22,44 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
2,20 |
1,50 |
1,89 |
2,57 |
|
Change of Personnel
Costs |
-6,70 |
2,58 |
5,05 |
9,55 |
|
Average Personnel Costs |
55,74 |
35,08 |
42,12 |
49,38 |
|
Value Added by Employees |
122,67 |
65,06 |
87,94 |
113,42 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
48.537,00 |
4.887,40 |
8.133,00 |
15.731,74 |
|
Operating Cash Flow |
60.973,00 |
6.250,19 |
10.954,30 |
22.371,61 |
|
Change in Cash Flow |
50,07 |
-42,21 |
-3,05 |
37,03 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
13,14 |
2,35 |
5,79 |
9,49 |
|
Financial Profitability |
33,22 |
5,72 |
11,01 |
20,69 |
|
Financial Expenses |
|
0,54 |
0,70 |
0,98 |
|
Gross Economic
Profitability |
19,96 |
9,84 |
14,58 |
20,20 |
|
Gross Financial
Profitability |
50,46 |
23,91 |
25,73 |
35,62 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In
days of sales) |
104,00 |
63,50 |
79,59 |
115,61 |
|
Suppliers’ Credit (In
days of sales) |
148,00 |
38,84 |
57,01 |
80,67 |
|
Working Capital (In days
of sales) |
96,00 |
36,09 |
51,98 |
72,69 |
|
Working Capital
Requirement (In days of sales) |
88,00 |
55,09 |
71,49 |
86,27 |
|
Treasury (In days of
sales) |
7,00 |
-35,51 |
-17,09 |
1,06 |
|
Operating Current Assets |
214,00 |
122,68 |
155,00 |
210,42 |
|
BALANCE |
|
|
|
|
|
Working Capital |
73.279,00 |
10.215,48 |
16.595,05 |
35.794,99 |
|
Working Capital
Requirement |
67.404,00 |
11.065,85 |
23.303,64 |
39.280,21 |
|
Treasury |
5.875,00 |
-12.030,46 |
-5.882,96 |
202,16 |
|
Balance Ratio |
1,51 |
1,37 |
1,70 |
2,62 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
52,12 |
35,99 |
48,62 |
60,00 |
|
Own / Permanent Funds |
55,97 |
79,53 |
88,37 |
95,94 |
|
Payback Capacity |
0,57 |
0,22 |
0,25 |
0,41 |
|
Long term Indebtedness |
22,79 |
1,27 |
4,01 |
10,51 |
|
Gearing |
252,82 |
156,70 |
197,62 |
267,15 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,00 |
|
Assets Guarantee |
1,92 |
1,66 |
2,06 |
2,79 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,82 |
1,41 |
1,55 |
1,67 |
|
Immediate Liquidity |
0,20 |
0,00 |
0,05 |
0,11 |
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%)