MIRA INFORM REPORT

 

 

Report Date :

22.01.2008

 

IDENTIFICATION DETAILS

 

Name :

THE BREWERY EGILS

 

 

Registered Office :

Grjothalsi 7-11 110 Reykjavík

 

 

Country :

Iceland

 

 

Financials (as on) :

2006

 

 

Date of Incorporation :

02.03.1969

 

 

Com. Reg. No.:

420369-7789

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturing Ale, Beer and Carbonated Soft Drinks etc

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

ISK 286,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

Credit Report

 

 

 

Name:

The Brewery Egils

Registration number:

420369-7789

Legal address:

Grjóthálsi 7-11

Telephone:

580 9000

Postal code:

110

Fax :

580 9090

City/Province:

Reykjavík

VAT number:

11211

Postbox:

 

Established:

02.03.69

Icelandic name:

Ölgerđin Egill Skallagrímsson ehf

Former name:

Ölgerđin Egill Skallagrímss ehf

Trade name(s):

Egils, Ölgerđin / Danol

Website:

www.egils.is

Email:

keg@egils.is

 

 

 

 

Currency

 

 

All currency values are shown in thousands ISK, unless otherwise stated.

 

 

Legal form

 

 

Private limited company

 

 

Credit Score

 

 

Probability of default within the next 12 months: 1.56%

 

 

 

History

 

Established in 1913 by late Mr. Tomas Tomasson, registered as a private limited liability company in 1932 following a merger with Olgerdin Thor hf. October 2000: Islandsbanki-FBA and Gilding Investment Company acquired the company. January 2002: The company acquired Thorsbrunnur hf (reg.no.(711290-1419) April 2003: Lind ehf (reg.no.530354-0169) acquired the company. January 2003: The company sold Thorsbrunnur hf. January 2007: Mr. Einar F Kristinsson, the majority shareholder of Lind ehf, sold the company to Mr. Okto Einarsson, Mr. Andri Thor Gudmundsson and Kaupthing bank. May 2007: Kaupthing bank sold all its share to Mr. Fridjon Holmbertsson and Mr. Kristjan Elvar Gudlaugsson. January 2008: The company Daniel Olafsson ehf (DANOL), reg.no.500169-1689 was merged with subject company.

 

 

Customer type

 

Airlines
Transportation Services
Companies
Hotels
Café´s
Cinemas
Theaters
Consumers
Public Institutions
Government Bodies
Co-operatives
Retailers
Supermarkets
Municipalities
Restaurants and Bars
Restaurants
Consumer Stores
Sports Clubs
Service Companies

 

 

Number of Employees

 

2008 - 227
2007 - 150
2006 - 150
2005 - 150
2004 - 150
2003 - 150
2002 - 150
2001 - 150
2000 - 150
1999 - 140
1998 - 125
1997 - 106
1996 - 106
1995 - 104
1994 - 105

 

 

NACE Code(s)

 

15980, Production of mineral waters and soft drinks.

 

 

Operation

 

A brewery, manufacturing ale, beer and carbonated soft drinks etc. Wholesaler and distributor of same. Import and wholesale of wine and spirits. Import, wholesale, distribution and commission agent dealing in groceries. Exclusive agent in Iceland for: Pepsi Cola Corporation (USA), Tuborg (Denmark), Guinness (UK), Grolsch, Dorritos and Lays. Agent for or trading with: United distillers, Plodimex, Holsten Brauerei AG-Germany, Sovidis, Baron Philippe de Rothschild, Hugel & Fils, Joseph Drouhin, I.L. Ruffino, Ranualt/Bisquit, Champagne Taittinger, Vina Santa Rita, Vinos De Los Herederos Del, Fourcroy S.A., Sapporo Breweries Ltd.(UK), Ritmecster/Dannemann, Jim Beam (USA), Ron Rico, Larsen, Asti Gancia, Budweiser, Smirnoff, Baileys, Merrild, Nestlé, Hatting, Daloon, Burton's, Göteborg's, Casa Fiesta, Blue Dragon, Figaro, Pickwick, L’Oréal, Garnier, Vichy, Maybelline, Neutrogena, Band-aid, Carefree, Lambi, Serla and Katrin.

 

 

Conditions of Purchase

 

Cash Against Documents
Open Account
Cash

 

 

Import Countries

 

Denmark, Netherlands, United States of America, Switzerland, Belgium, Germany, Sweden, France, United Kingdom, Spain, Ireland, Norway,

 

 

Conditions of Sale

 

Credit Cards
Open Account
Cash
Special Agreements
Progress Payments

 

 

Owners/Shareholders

ID no./Reg no.:

Holding in %:

Operation:

OA eignarhaldsfélag ehf

530207-1020

0.0

Telecommunications

F-13 ehf

700407-0980

0.0

Telecommunications

 

Board

 

ID Number:

Education:

Title:

Októ Einarsson

071162-4789

 

Chairman of the Board 

Einar F Kristinsson

210841-3349

 

Member of Board of Directors 

 

 

Principals

 

ID Number:

Education:

Title:

Kristján Elvar Guđlaugsson

100874--334

 

CFO

Pétur Kristján Ţorgrímsson

260170-2959

 

Vice CEO

Ásgeir Jónsson

280469-5489

 

Production Manager

Hörđur Harđarson

260672-4879

 

CMO

Andri Ţór Guđmundsson

240966-2989

 

Chief Executive Officer, CEO

Lárus B Sigurbergsson

090345-4359

 

CEO

Kjartan Páll Eyjólfsson

301069-6189

 

Sales Manager

Elísabet Einarsdóttir

071258-3199

 

Human Resource Manager

 

 

Subsidiaries/Affiliates

 

Company name:

ID Number:

Ownership% :

Operation:

Catco Vín ehf

700304-3370

100

 

Catco Vatn-Icel Spring Ísl ehf

700304-3450

67

 

 

 

 

Real Estates

 

Address: Grjótháls 7

Postal code: 110

Assessed value for fire insurance: 398,500

Year built: 1997

Rateable Value: 293,150

Square measure m2: 2505.2

Location: Industrial area

Premises: Factory

Tenure: Rented

 

 

Address: Grjótháls 9

Postal code: 110

Assessed value for fire insurance: 809,100

Year built: 1981

Rateable Value: 514,850

Square measure m2: 4514.7

Location: Industrial area

Premises: Factory

Tenure: Rented

 

 

 

Negative payment information

 

None found.

 

 

Trade bank(s)

 

Bank: 301, Kaupthing Bank, Austurstrćti 5

 

 

Additional Information

 

Real estated occupied by subject company are owned by G-7 ehf which is an associate company of Olgerdin.

 

 

 

Balance Sheet

2006

2005

2004

2003

2002

 

 

 

 

 

 

 

ISK

ISK

ISK

ISK

ISK

 

 

Current assets:

Cash

184,413

488,599

212,814

139,197

119,182

 

Receivables

741,507

625,150

520,372

603,095

461,510

 

Other short-term receivables

432,551

73,373

51,012

56,556

90,820

 

Stock

393,222

295,056

249,421

278,046

142,216

 

Current assets total

1,751,693

1,482,178

1,033,619

1,076,894

813,728

 

 

 

Long term assets:

Investments

469,603

468,066

245,915

158,392

359,257

 

Fixed assets

1,352,341

1,369,536

2,157,457

2,016,217

1,731,759

 

Long term costs

121,586

156,529

183,146

169,861

201,052

 

Total long term assets:

1,943,530

1,994,131

2,586,518

2,344,470

2,292,068

 

 

Total assets:

3,695,223

3,476,309

3,620,137

3,421,364

3,105,796

 

 

 

Current debts:

Lines of credit

0

0

0

0

0

 

Accounts payable

520,748

615,169

531,184

375,889

209,575

 

Acquired liabilities

571,444

314,510

290,854

310,006

253,077

 

Current maturities

38,689

8,072

216,353

183,058

121,483

 

 

Total current debts

1,130,881

937,751

1,038,391

868,953

584,135

 

 

Long term debts

1,052,611

1,036,471

1,484,021

1,463,840

1,418,407

 

 

Deferred income tax liability

77,450

97,973

144,063

112,946

116,919

 

Pension fund liability

0

0

0

0

0

 

Other liabilities

4,280

3,296

3,524

2,250

11,699

 

 

Total liabilities

81,730

101,269

147,587

115,196

128,618

 

 

Total debt

2,265,222

2,075,491

2,669,999

2,447,989

2,131,160

 

 

 

Equity:

Nominal capital

106,238

106,238

106,238

106,238

106,238

 

Other equity

1,323,763

1,298,713

843,900

867,137

868,398

 

Equity total

1,430,001

1,404,951

950,138

973,375

974,636

 

Minority interest

0

-4,133

0

0

0

 

 

Total debts and equity:

3,695,223

3,476,309

3,620,137

3,421,364

3,105,796

 

 

 

 

Income Statement

               2006

           2005

2004

2003

2002

 

 

Turnover

Operational profit

Profit

Capital from operation

Cash from operation

Change in cash

 

Performance ratios:

Profit margin

Current ratio

Quick ratio

Equity ratio

Debt ratio

Collection time

Stock turnover

 

Audited

3,883,352

3,913,523

3,203,633

3,151,491

2,429,397

 

 

168,707

699,607

109,968

181,824

23,709

 

 

31,420

579,812

126,763

106,102

94,991

 

 

0

357,892

233,008

338,368

155,287

 

 

308,894

407,885

357,657

344,067

111,714

 

 

-304,187

249,461

73,739

16,910

75,740

 

 

 

 

2006

2005

2004

2003

2002

 

 

 

00.81 %

14.82 %

03.96 %

03.37 %

03.91 %

 

 

 

1.55

1.58

1.0

1.24

1.39

 

 

 

1.2

1.27

0.76

0.92

1.15

 

 

 

39.53 %

41.54 %

27.33 %

29.42 %

32.61 %

 

 

 

60.47 %

58.46 %

72.67 %

70.58 %

67.39 %

 

 

 

64.0

53.0

64.0

61.0

65.0

 

 

 

5.0

6.0

6.0

7.0

8.0

 

 

 

 

 

Yes

Yes

Yes

Yes

Yes

 

 

 

 

 

Maximum credit

 

 

The maximum credit recommendation for this business is : 286,000.

 

 

 

 

Definition of ratios

 

 

Prof. margin, %:

Profit / turnover

 

Current ratio:

Current assets / Current debt

 

Quick ratio:

(Current assets-stocks) / Current debt

 

Equity ratio:

Equity / Total assets

 

Debt ratio:

Debt / Total(debts and equity)

 

Collection time:

((Account payables 01.01 + Account payables 31.12) / 2) / (Turnover / 365)

 

Stock turnover:

Product purchases / (Stock 01.01 + Stock 31.12) / 2

 

 

 

 

 

 

 

 

Media Coverage -the past 12 months

 

 

 

Feb 2007

Mar 2007

Apr 2007

Mai 2007

Jun 2007

Jul 2007

Aug 2007

Sep 2007

Okt 2007

Nov 2007

Dec 2007

Jan 2008

Frettabladid

3

2

1

-

1

-

-

-

3

-

1

-

Morgunbladid

1

2

1

1

1

2

3

1

-

3

2

2

Bladid

2

1

-

1

1

-

-

1

-

-

-

-

DV

-

-

-

-

1

1

1

-

1

1

2

1

Ríkisútvarpiđ - Rás 1 og 2

-

-

-

-

-

-

-

-

-

1

-

-

Sjónvarpiđ

-

-

-

-

-

-

-

-

-

1

-

-

NFS

-

-

-

-

-

-

-

-

-

-

-

-

Bylgjan

-

-

-

-

-

-

-

-

-

-

-

-

Total

6

5

2

2

4

3

4

2

4

6

5

3

 

 

 

Total coverage count: 46

Total media coverage in minutes: 6:50

 

 

 

 

 

Covered Issues

 

 

 

Feb 2007

Mar 2007

Apr 2007

Mai 2007

Jun 2007

Jul 2007

Aug 2007

Sep 2007

Okt 2007

Nov 2007

Dec 2007

Jan 2008

Food industry

1

1

-

1

2

1

-

1

1

6

6

4

Drugs

-

3

-

-

3

-

1

-

-

2

2

2

Financial market

-

4

-

1

-

-

1

-

1

-

-

-

Incurance affairs

-

3

-

-

-

-

-

-

2

-

-

2

Business

-

-

-

-

1

-

-

-

2

4

-

-

 

 

 

 

Media coverage statistics are obtained from the database of Fjolmidlavaktin ehf, which monitores and analyses media coverage. The information are based on coverage in newspapers and main news of broadcast medias. The deviation of registration numbers in coverage is +/- 1.5%

 

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions