MIRA
INFORM REPORT
|
Report Date : |
05.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SUCESORES DE MUNOZ Y PUJANTE S L |
|
|
|
|
Registered Office : |
Lugar Finca Campillo - Cr Autovia Cabezo
Torres, S/N, Cp 30163 Murci |
|
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|
Country : |
Spain |
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|
|
|
Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
RATING &
COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
162.002,81 |
|
|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
FINANCIAL REPORT
SUCESORES DE MUNOZ Y PUJANTE S L
TAX NUMBER: B30075311
EXECUTIVE SUMMARY
Identification
Current Business Name: SUCESORES DE MUNOZ
Y PUJANTE S L
Other names: YES
Current Address: LUGAR FINCA
CAMPILLO - CR AUTOVIA CABEZO TORRES, S/N, CP 30163 MURCIA
Telephone number: 968858030 Fax: 968835255
URL: www.muniozypujante.com Corporate
e-mail: mip@muniozypujante.com
Commercial Risk
Credit Appraisal: 162.002,81
Legal Actions: NO
Financial Information
Latest Balance sheet sales (2006): 3.738.800,18 (MERCANTILE REGISTER)
Result: 24.542,04
Total Assets:
2.021.547,31
Social Capital: 30.050,61
Employees: 18
Commercial Information
Constitution Date: 31/08/1984
Business activity: Mfg. of
aromatic herbs, sauces & other dressings
NACE Code: 1587
International Operations: Imports and
Exports
Corporate Structure
Administrator:
Other Complementary Information
Latest proceeding published in BORME: 04/12/2007 Registration
of accounts
Bank Entities: Yes
Credit Appraisal
Maximum Credit (from 0 a 6,000,000 ):
162.002,81
Rating Evolution
Financial Situation
Fiscal year2006
|
Treasury |
Average |
|
Indebtedness |
Average |
|
Profitability |
Null |
|
Balance |
Good |
Performance
|
Legal Actions |
None or Negligible |
|
Business
Trajectory |
Excellent |
INCIDENTS
Summary
LEGAL ACTIONS: No legal
incidences registered
CLAIM FILED AGAINST THE ADMINISTRATION: No administrative
claims registered
AFFECTED BY: No significant
element.
FINANCIAL ELEMENTS AND SECTORIAL
COMPARATIVE
FINANCIAL ELEMENTS
Figures given in
|
|
2004 (12) |
2005 (12) |
2006 (12) |
% ASSETS |
|
|
|
|
|
|
BALANCE SHEET ANALYSIS |
|
|
|
|
|
|
|
|
|
|
OWN FUNDS |
443.253,77 |
454.303,42 |
478.845,46 |
23,69 |
|
|
|
|
|
|
DEBT |
990.940,69 |
1.192.945,58 |
1.542.701,85 |
76,31 |
|
|
|
|
|
|
FIXED ASSETS |
300.070,59 |
347.654,98 |
479.564,65 |
23,72 |
|
|
|
|
|
|
TOTAL ASSETS |
1.434.194,46 |
1.647.249,00 |
2.021.547,31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
2004 (12) |
2005 (12) |
2006 (12) |
% SALES |
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|
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|
|
PROFIT AND LOSS ACCOUNT ANALYSIS |
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|
|
|
|
|
|
|
|
SALES |
2.448.876,28 |
2.800.940,88 |
3.738.800,18 |
|
|
|
|
|
|
|
ADDED VALUE |
464.440,24 |
504.524,88 |
730.129,37 |
19,53 |
|
|
|
|
|
|
EBITDA |
149.767,44 |
144.389,61 |
220.983,80 |
5,91 |
|
|
|
|
|
|
EBIT |
107.473,81 |
91.534,50 |
121.018,95 |
3,24 |
|
|
|
|
|
|
NET RESULT |
3.007,56 |
11.049,65 |
24.542,04 |
0,66 |
|
|
|
|
|
Balance Sheets Items Analysis
Balance Sheet Comments
Total assets of the company grew 14,86% between 2004 and 2005.
This growth is a consequence of the fixed assets increase of 15,86%.
This growth has been mainly financed with a debt increase of 20,39%.
Nevertheless the net worth increased 2,49%.
Total assets of the company grew 22,72% between 2005 and 2006.
This growth is a consequence of the fixed assets increase of 37,94%.
This growth has been mainly financed with a debt increase of 29,32%.
Nevertheless the net worth increased 5,40%.
Profit and Loss Account Analysis
Profit and Loss Account Comments
The companys sales figure grew 14,38% between 2004 and 2005.
The companys EBIT decreased in 14,83% between 2004 and 2005.
This evolution implies a reduction in the companys operating
profitability.
The result of these variations is a decrease of the companys Economic
Profitability of 25,85% in the analysed period, being this profitability of
5,56% in the year 2005.
The companys Net Result grew 267,40% between 2004 and 2005.
This evolution, compared to the EBITs performance, implies that the
financial and extraordinary activities have had a positive effect in the
companys Financial Profitability.
The result of these variations is an increase of the companys Economic
Profitability of 258,47% in the analysed period, being equal to 2,43% in the
year 2005.
The companys sales figure grew 33,48% between 2005 and 2006.
The companys EBIT grew 32,21% between 2005 and 2006.
This evolution implies a reduction in the companys operating
profitability.
The result of these variations is an increase of the companys Economic Profitability
of 7,73% in the analysed period, being this profitability of 5,99% in the year
2006.
The companys Net Result grew 122,11% between 2005 and 2006.
This evolution, compared to the EBITs performance, implies that the
financial and extraordinary activities have had a positive effect in the
companys Financial Profitability.
The result of these variations is an increase of the companys Economic
Profitability of 110,73% in the analysed period, being equal to 5,13% in the
year 2006.
ANNUAL FINANCIAL REPORT
ADDITIONAL DATA
Source: annual financial report 2005
Results Distribution
Figures given in
|
DISTRIBUTION
BASE |
DISTRIBUTION TO |
||
|
Profit and Loss |
11.049,65 |
Retained earnings |
0,00 |
|
Carry Over |
0,00 |
Voluntary Reserve |
11.049,65 |
|
Voluntary reserves |
0,00 |
Prior years losses |
0,00 |
|
Reserves |
0,00 |
Carry Over |
0,00 |
|
Other concepts |
0,00 |
Other funds |
0,00 |
|
Total of Amounts to be distributed |
11.049,65 |
Dividends |
0,00 |
|
|
|
Other Applications |
0,00 |
COMPARATIVE SECTOR ANALYSIS
Values table
Figures expressed in %
|
|
COMPANY (2006) |
SECTOR |
DIFFERENCE |
DIFFERENCE RELATIVE |
|
|
|
|
|
|
BALANCE SHEET ANALYSIS: % on the total
assets |
|
|
|
|
|
|
|
|
|
|
OWN FUNDS |
23,69 |
45,06 |
-21,38 |
-47,44 |
|
|
|
|
|
|
DEBT |
76,31 |
54,94 |
21,38 |
38,91 |
|
|
|
|
|
|
FIXED ASSETS |
23,72 |
46,59 |
-22,86 |
-49,08 |
|
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|
|
|
|
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|
|
|
COMPANY (2006) |
SECTOR |
DIFFERENCE |
DIFFERENCE RELATIVE |
|
|
|
|
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|
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total
operating income |
|
|
|
|
|
|
|
|
|
|
SALES |
99,96 |
98,98 |
0,98 |
0,99 |
|
|
|
|
|
|
ADDED VALUE |
19,52 |
29,48 |
-9,96 |
-33,79 |
|
|
|
|
|
|
EBIT |
3,24 |
5,20 |
-1,97 |
-37,79 |
|
|
|
|
|
|
NET RESULT |
0,66 |
3,32 |
-2,66 |
-80,22 |
|
|
|
|
|
Sector Composition
Compared sector (NACE): 158
Number of companies: 226
Size (Sales Figure) : 2.800.000,00 -
7.000.000,00 Euros
Comments on the sectorial
comparative
Compared to its sector the assets of the companies show an inferior
proportion of fixed assets. Specifically the difference with the sector average
is -22,86% , which means a relative difference of -49,08% .
In liabilities composition the company appeals on a wider scale to self
financing, being the proportion of net worth of 21,38% inferior, which means a
relative difference of 47,44% 21,38% more than the sector, which means a
difference of 38,91% .
The proportion that the sales mean to the companys total ordinary
income is 99,96%, 0,98% higher than in the sector, which means a relative
difference of 0,99% .
The companys EBIT was positive and was 3,24% with regard to the total
ordinary income, 1,97% less than the sector, which means a relative difference
of 37,79% .
The companys capacity to generate operating income is equal to that of
the sector as its ratio EBIT/Sales is also equal.
The companys net result was positive and equal to 0,66% with regard to
the total ordinary income, 2,66% less than the sector, which means a relative
difference of 80,22% .
The financial and extraordinary results and the tax impact have had a
negative impact on the Net result in the company with a worse behaviour than in
the sector; as a consequence, the company shows a worse Net Result/EBIT ratio
(REBEmpresa vs. REBSector).
ADDRESSES
Current Legal Seat Address:
LUGAR FINCA CAMPILLO - CR AUTOVIA CABEZO TORRES, S/N
30163
MURCIA
Characteristics
of the current address
Type of premises: office, warehouse
Area: 3500m
Property: rented
Local Situation: main
CORPORATE STRUCTURE
ADMINISTRATIVE LINKS
Main Board members,
Directors and Auditor 
|
POSITION |
SURNAMES AND
NAME |
APPOINTMENT DATE |
|
ADMINISTRATOR |
MUNOZ CARBONELL MANUEL |
20/08/1997 |
|
ADMINISTRATOR |
MUNOZ CARBONELL CARMEN |
20/08/1997 |
Functional Managers
|
POSITION |
SURNAMES AND
NAME |
|
General Manager |
MUNOZ CARBONELL MANUEL |
|
Financial Manager |
MUNOZ CARBONELL CARMEN |
|
Exports Manager |
MUNOZ CARBONELL MANUEL |
FINANCIAL LINKS
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATA INF. |
|
|
MUNOZ CARBONELL MANUEL |
|
50,00 |
OWN SOURCES |
15/04/2008 |
|
|
MUNOZ CARBONELL CARMEN |
|
50,00 |
OWN SOURCES |
15/04/2008 |
CREDIT INFORMATION
Constitution Date: 31/08/1984
Foundation Date: 01/01/1954
Founder / Origin: Muρoz y Caravaca,
S.A., la cual fue continuado por la titular
Activity: Mfg. of aromatic herbs, sauces & other
dressings
NACE Code: 1587
NACE Activity: Manufacture of
condiments and seasonings
Business: ELABORACION
ESPECIAS Y CONDIMENTOS
Employees 
Number of total employees: 18 (2008)
Number of fixed employees: 69,57%
Number of temporary employees: 30,43%
Employees evolution
COMMERCIAL OPERATIONS 
|
ENTITY |
BRANCH |
ADDRESS |
TOWN OR CITY |
PROVINCE |
|
BANCO SANTANDER, S.A. |
3356 |
CL CARMEN 11 CABEZO DE TORRES APDO. 0006 |
CABEZO DE TORRES |
Murcia |
|
CAJA DE AHORROS DEL MEDITERRANEO |
0139 |
AV. DE MURCIA, 4 |
300301001 |
Murcia |
|
BANCO GUIPUZCOANO, S.A. |
|
|
|
|
3 bank entities registered
Brands, Signs and Commercial
Names 
Brand name: LA FLOR DE LAS ESPECIAS (Valid)
Type: JOINT Date: 07/06/2005
Brand name: LA PICAZA (Valid)
Type: DENOMINATIVE Date: 25/11/2003
Brand name: PIMENTON NON PLUS NP (Valid)
Type: JOINT Date: 13/12/2001
Brand name: CARMEN SAURA (Valid)
Type: DENOMINATIVE Date: 14/10/1999
Brand name: ROYALGUS (Valid)
Type: DENOMINATIVE Date: 18/05/1998
LEGAL STRUCTURE
Constitution Data
Register Date: 31/08/1984
Current structure data 
Current Legal Form: LIMITED LIABILITY
COMPANY
Current Capital: 30.050,61
Legal Aspects
Obligation to fill in Financial
Statements: YES
Chamber census: YES (2006)
Listed on a Stock Exchange: NO
B.O.R.M.E.(Official Companies
Registry Gazette) 
Other Proceedings published
|
PROCEEDINGS |
DATE |
NOTICE NUM. |
TRADE REG. |
|
Registration of accounts (2006) Individual |
04/12/2007 |
1129165 |
Murcia |
|
Registration of accounts (2005) Individual |
21/11/2006 |
918769 |
Murcia |
|
Registration of accounts (2004) Individual |
03/10/2005 |
640296 |
Murcia |
|
Registration of accounts (2003) Individual |
13/08/2004 |
212315 |
Murcia |
|
Registration of accounts (2002) Individual |
13/10/2003 |
616438 |
Murcia |
FINANCIAL INFORMATION
The information on the last account contained in this report is extracted
from the Mercantile Register file of the legal address of the Company and
dated 27/11/2007.
BALANCE SHEET
Assets
Figures given in
|
|
31/12/2004 (12) |
31/12/2005 (12) |
31/12/2006 (12) |
|
A) DUE FROM SHAREHOLDERS FOR UNCALLED CAPITAL |
|
|
|
|
B) FIXED ASSETS |
300.070,59 |
347.654,98 |
479.564,65 |
|
I. Incorporation costs |
|
|
|
|
II. Intangible fixed assets |
9.888,23 |
23.895,76 |
87.744,49 |
|
III. Tangible fixed assets |
289.034,02 |
322.397,78 |
390.382,16 |
|
IV. Financial fixed assets |
1.148,34 |
1.361,44 |
1.438,00 |
|
V.Owners equity |
|
|
|
|
VI.Long term trade liabilities |
|
|
|
|
C) DEFERRED EXPENSES |
|
414,99 |
6.393,65 |
|
D) CURRENT ASSETS |
1.134.123,87 |
1.299.179,03 |
1.535.589,01 |
|
I. Shareholders by required outlays |
|
|
|
|
II. Stocks |
770.867,22 |
839.429,44 |
891.007,35 |
|
III. Debtors |
328.349,22 |
372.138,38 |
587.767,70 |
|
IV. Temporary financial investment |
90,15 |
90,15 |
90,15 |
|
V. Short-term own shares |
|
|
|
|
VI. Treasury |
34.817,28 |
87.521,06 |
56.723,81 |
|
VII. Periodification adjustments |
|
|
|
|
ASSETS (A + B + C + D) |
1.434.194,46 |
1.647.249,00 |
2.021.547,31 |
Assets composition
Liabilities
Figures given in
|
|
31/12/2004 (12) |
31/12/2005 (12) |
31/12/2006 (12) |
|
A) SHAREHOLDERS EQUITY |
443.253,77 |
454.303,42 |
478.845,46 |
|
I. Share capital |
30.050,61 |
30.050,61 |
30.050,61 |
|
II. Issue bonus |
|
|
|
|
III.Revaluation reserve |
|
|
|
|
IV.Reserves |
410.195,60 |
413.203,16 |
424.252,81 |
|
Capital adjustments in Euros |
|
|
|
|
Sundry reserves |
410.195,60 |
413.203,16 |
424.252,81 |
|
V.Results from previous years |
|
|
|
|
VI.Profit and Losses |
3.007,56 |
11.049,65 |
24.542,04 |
|
VII.Dividend paid during the year |
|
|
|
|
VIII.Own shares for capital reduction |
|
|
|
|
B) DEFERRED INCOME |
|
|
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
|
|
|
|
D) LONG TERM LIABILITIES |
74.380,96 |
52.056,29 |
74.292,30 |
|
E) SHORT TERM LIABILITIES |
916.559,73 |
1.140.889,29 |
1.468.409,55 |
|
F) SHORT TERM PROVISIONS FOR LIABILITIES AND
EXPENSES |
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
1.434.194,46 |
1.647.249,00 |
2.021.547,31 |
Liabilities Composition
PROFIT AND LOSS ACCOUNT
Itams of the Profit
and Loss Account
Figures given in
|
|
31/12/2004 (12) |
31/12/2005 (12) |
31/12/2006 (12) |
|
A) EXPENSES (A.1 a A.15) |
2.468.585,58 |
2.875.404,64 |
3.799.388,31 |
|
A.1.Operating costs |
1.722.392,72 |
2.048.637,27 |
2.682.490,11 |
|
A.2. Labour cost |
314.672,80 |
360.135,27 |
509.145,57 |
|
Wages |
262.948,54 |
291.255,58 |
405.954,83 |
|
Social security expenses |
51.724,26 |
68.879,69 |
103.190,74 |
|
A.3. Assets depreciation |
41.877,99 |
52.855,11 |
63.329,36 |
|
A.4. Variation in provision for current assets |
415,64 |
|
36.635,49 |
|
A.5. Other operating costs |
263.311,19 |
247.778,73 |
327.492,53 |
|
A.I. OPERATING RESULT (B.1-A.1-A.2-A.3-A.4-A.5) |
107.473,81 |
91.534,50 |
121.018,95 |
|
A.6.Financial expenses and similar |
44.427,38 |
65.448,52 |
76.578,33 |
|
Debts with related companies |
36.191,67 |
53.090,73 |
64.675,96 |
|
Debts with associated companies |
|
|
|
|
By debts with third parties and similar expenses |
8.235,71 |
12.357,79 |
11.902,37 |
|
Losses from financial investments |
|
|
|
|
A.7. Variation in financial investment provision |
|
|
|
|
A.8.Negative exchange difference |
62.017,70 |
72.737,27 |
93.129,10 |
|
A.II.POSITIVE FINANCIAL RESULTS
(B.2+B.3-A.6-A.7-A.8) |
|
|
|
|
A.III.PROFIT FROM ORDINARY ACTIVITIES
(A.I+A.II-B.I-B.II) |
17.127,33 |
|
32.759,83 |
|
A.9. Variation in provision in fixed assets |
|
|
|
|
A.10. Losses in fixed assets |
1.911,47 |
23.644,07 |
|
|
A.11. Losses from own shares and bonds |
|
|
|
|
A.12. Extraordinary charges |
8.207,77 |
8,69 |
|
|
A.13.Other exercises expenses and losses |
6.883,63 |
|
317,21 |
|
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) |
|
16.804,46 |
2.052,82 |
|
A.V.PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV) |
5.474,85 |
15.209,36 |
34.812,65 |
|
A.14.Corporate Taxes |
2.467,29 |
4.159,71 |
10.270,61 |
|
A.15. Other taxes |
|
|
|
|
A.VI.EXERCISE RESULT (PROFIT) (A.V-A.14-A.15) |
3.007,56 |
11.049,65 |
24.542,04 |
|
B) INCOMES (B.1 a B.8) |
2.471.593,14 |
2.886.454,29 |
3.823.930,35 |
|
B.1.Operating income |
2.450.144,15 |
2.800.940,88 |
3.740.112,01 |
|
Turnover |
2.448.876,28 |
2.800.940,88 |
3.738.800,18 |
|
Other operating income |
1.267,87 |
|
1.311,83 |
|
B.I.OPERATING LOSSES (A.1+A.2+A.3+A.4+A.5-B.1) |
|
|
|
|
B.2.Financial Income |
331,78 |
2.635,70 |
3.478,72 |
|
From affiliated companies |
313,35 |
2.549,51 |
1.390,84 |
|
From associated companies |
|
|
|
|
Other |
1,65 |
76,46 |
2.083,76 |
|
Gains from investments |
16,78 |
9,73 |
4,12 |
|
B.3. Positive change difference |
15.766,82 |
42.420,49 |
77.969,59 |
|
B.II. NEGATIVE FINANCIAL RESULTS
(A.6+A.7+A.8-B.2-B.3) |
90.346,48 |
93.129,60 |
88.259,12 |
|
B.III.LOSSES FROM ORDINARY ACTIVITIES
(B.I+B.II-A.I-A.II) |
|
1.595,10 |
|
|
B.4.B.9. Gains from disposal of fixed assets |
|
|
2.369,69 |
|
B.5.Gains from dealing in own shares |
|
|
|
|
B.6. Paid in surplus |
|
|
|
|
B.7. Extraordinary income |
5.350,39 |
40.457,22 |
0,34 |
|
B.8.Other years income and profits |
|
|
|
|
B.IV.NEGATIVE EXTRAORDINARY LOSSES
(A.9+A.10+A.11+A.12+A.13-B.4-B.5-B.6-B.7-B.8) |
11.652,48 |
|
|
|
B.V.LOSS BEFORE TAXES (B.III+B.IV-A.III-A.IV) |
|
|
|
|
B.VI.EXERCISE RESULTS (LOSS) (B.V+A.14+A.15) |
|
|
|
Composition of the
Profit and Loss Account
FINANCIAL BALANCE
Here the Main Capital Amounts of the company and the Revolving Fund
Evolution are analysed.
Financial Balance
Table
Figures given in
|
|
31/12/2004 (12) |
% |
31/12/2005 (12) |
% |
31/12/2006 (12) |
% |
|
A) DUE FROM SHAREHOLDERS FOR UNCALLED CAPITAL |
|
|
|
|
|
|
|
B) FIXED ASSETS |
300.070,59 |
20,92 |
347.654,98 |
21,11 |
479.564,65 |
23,72 |
|
C) DEFERRED EXPENSES |
|
|
414,99 |
0,03 |
6.393,65 |
0,32 |
|
D) CURRENT ASSETS |
1.134.123,87 |
79,08 |
1.299.179,03 |
78,87 |
1.535.589,01 |
75,96 |
|
ASSETS (A + B + C + D) |
1.434.194,46 |
|
1.647.249,00 |
|
2.021.547,31 |
|
|
|
||||||
|
A) SHAREHOLDERS EQUITY |
443.253,77 |
30,91 |
454.303,42 |
27,58 |
478.845,46 |
23,69 |
|
B) DEFERRED INCOME |
|
|
|
|
|
|
|
C) PROVISIONS
FOR LIABILITIES AND EXPENSES |
|
|
|
|
|
|
|
D) LONG TERM
LIABILITIES |
74.380,96 |
5,19 |
52.056,29 |
3,16 |
74.292,30 |
3,68 |
|
E) SHORT TERM
LIABILITIES |
916.559,73 |
63,91 |
1.140.889,29 |
69,26 |
1.468.409,55 |
72,64 |
|
F) SHORT TERM
PROVISIONS FOR LIABILITIES AND EXPENSES |
|
|
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
1.434.194,46 |
|
1.647.249,00 |
|
2.021.547,31 |
|
Financial Balance Composition
Comments on Financial
Balance
In the 2004, the assets of the company were formed in 20,92% of Fixed
Assets and in 79,08% of Current Assets.This assets were financed in 30,91% with
own capitals, and in 5,19% with long term debt and in 63,91% with current
liabilities.
The result of this financial structure is a positive turnover fund of
217.564,14 Euros, which is equivalent to 15,17% proportion of the
companys total assets.
In the 2005, the assets of the company were formed in 21,13% of Fixed
Assets and in 78,87% of Current Assets.This assets were financed in 27,58% with
own capitals, and in 3,16% with long term debt and in 69,26% with current
liabilities.
The result of this financial structure is a positive turnover fund of
158.289,74 Euros, which is equivalent to 9,61% proportion of the
companys total assets.
This measure has diminished with respect to the previous exercise in
27,24% having also diminished its proportion with respect to the total assets
of the company.
In the 2006, the assets of the company were formed in 24,04% of Fixed
Assets and in 75,96% of Current Assets.This assets were financed in 23,69% with
own capitals, and in 3,68% with long term debt and in 72,64% with current
liabilities.
The result of this financial structure is a positive turnover fund of
67.179,46 Euros, which is equivalent to 3,32% proportion of the companys
total assets.
This measure has diminished with respect to the previous exercise in
57,56% having also diminished its proportion with respect to the total assets
of the company.
RATIOS
Main Ratios
|
|
31/12/2004 (12) |
31/12/2005 (12) |
31/12/2006 (12) |
|
STRUCTURAL RATIOS |
|
|
|
|
Management fund |
217.564,14 |
158.289,74 |
67.179,46 |
|
Indebtedness (%) |
69,09 |
72,42 |
76,31 |
|
External Funds on Net Worth |
2,24 |
2,63 |
3,22 |
|
GENERAL ACTIVITY RATIO |
|
|
|
|
Turnover Increase (%) |
-6,54 |
14,38 |
33,48 |
|
Added value growth (%) |
-10,29 |
8,63 |
44,72 |
|
Cash Flow |
45.301,19 |
63.904,76 |
124.506,89 |
|
Labour Productivity |
1,48 |
1,40 |
1,43 |
|
Assets turnover |
1,71 |
1,70 |
1,85 |
|
Breakdown Point |
2.088.308,62 |
2.460.144,00 |
3.312.147,70 |
|
Security Margin of the Breakdown Point (%) |
14,77 |
12,17 |
11,44 |
|
ACTIVITY RATIOS |
|
|
|
|
Average Collection Period |
48 |
48 |
57 |
|
Inventory Turnover Period |
113 |
108 |
86 |
|
SOLVENCY RATIOS |
|
|
|
|
Payback Capacity |
0,05 |
0,05 |
0,08 |
|
Assets Guarantee |
1,45 |
1,38 |
1,31 |
|
Short Term Debts Proportion (%) |
92,49 |
95,64 |
95,18 |
|
Interest Coverage |
0,54 |
-0,33 |
0,53 |
|
LIQUIDITY RATIOS |
|
|
|
|
Current Ratio |
1,24 |
1,14 |
1,05 |
|
Immediate liquidity |
0,04 |
0,08 |
0,04 |
|
Sales on Current Assets |
777 |
776 |
877 |
Results Analysis
Ratios
|
|
31/12/2004 (12) |
31/12/2005 (12) |
31/12/2006 (12) |
|
Economic profitability (%) |
7,49 |
5,56 |
5,99 |
|
Operating Profitability (%) |
4,39 |
3,27 |
3,24 |
|
Equity gearing |
0,52 |
-0,06 |
1,14 |
|
Financial profitability (%) |
0,68 |
2,43 |
5,12 |
|
General Profitability (%) |
0,12 |
0,39 |
0,66 |
Comments on the
Results Analysis Ratios
The economic profitability in the year2005 achieved a 5,56% positive level,
due to a 3,27% economic margin and to an assets turnover of1,70%.
The economic profitability in the year has reduced from 7,49% up to
5,56% of2005, even if it remains positive. This fall is due to the decrease in operating
profitability, that has passe from 4,39% to 3,27%, as assets turnover whose
index has passed from 1,71 to 1,70%.
Financial profitability on 2005 achieved a 2,43%.
The companys financial structure has endangered its profitability with
an indebtedness level -0,06.
The general profitability on 2005 achieved a 0,39%.
The economic profitability in the year2006 achieved a 5,99% positive
level, due to a 3,24% economic margin and to an assets turnover of1,85%.
The economic profitability in the year has increased from 5,56% up to
5,99%. This growth is due to the assets turnover increase, from 1,70% to the
current 1,85, as operating profitability has dropped from 3,27% up to reaching
3,24%.
Financial profitability on 2006 achieved a 5,12%.
The companys financial structure has instigated its economic
profitability with an indebtedness level of 1,14.
The general profitability on 2006 achieved a 0,66%.
SECTORIAL ANΑLYSIS
Large Capital Amounts
and Financial Balance
Figures given in %
|
|
COMPANY (2006) |
SECTOR |
DIFFERENCE |
DIFFERENCE RELATIVE |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
A) DUE FROM SHAREHOLDERS FOR UNCALLED CAPITAL |
|
0,01 |
|
|
|
|
|
|
|
|
B) FIXED ASSETS |
23,72 |
46,59 |
-22,87 |
-49,08 |
|
|
|
|
|
|
C) DEFERRED EXPENSES |
0,32 |
0,39 |
-0,07 |
-18,16 |
|
|
|
|
|
|
D) CURRENT ASSETS |
75,96 |
53,01 |
22,95 |
43,29 |
|
|
|
|
|
|
ASSETS (A + B + C + D) |
100 |
100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPANY (2006) |
SECTOR |
DIFFERENCE |
DIFFERENCE RELATIVE |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
A) SHAREHOLDERS EQUITY |
23,69 |
43,56 |
-19,87 |
-45,62 |
|
|
|
|
|
|
B) DEFERRED INCOME |
|
1,50 |
|
|
|
|
|
|
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
|
0,14 |
|
|
|
|
|
|
|
|
D) LONG TERM LIABILITIES |
3,68 |
17,20 |
-13,52 |
-78,60 |
|
|
|
|
|
|
E) SHORT TERM LIABILITIES |
72,64 |
37,58 |
35,06 |
93,27 |
|
|
|
|
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES AND EXPENSES |
|
0,01 |
|
|
|
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
100 |
100 |
|
|
|
|
|
|
|
Financial Balance
Composition
Comments to the
Sectorial Analysis
In the 2006, the assets of the company were formed in 24,04% of fixed
assets and in 75,96Current Assets % In the sector, the proportion of fixed
assets was of 46,99%, 48,84% superior, and the proportion of current assets was
of 53,01%, 43,29% inferior.
The assets were financed in the company in 23,69% with own capitals , in
3,68% with fixed liabilities and in 72,64% with current liabilities In the
sector, the self financing represented 45,06%, 47,43% superior. On the other
hand the long term debts represented in the sector an average of 17,34%
financing, with a relative difference of 78,78% favourable to the sectorAnd,
short term liabilities represented in the sector an average of 37,60%
financing, with a relative difference of 93,21% in favour of the company
The result of this companys financial structure is a turnover fund that
represents 3,32% of the total assets; in the sector, this same proportion is
15,42%, therefore, we can say that the companys turnover fund is 78,46%
smaller than the sector one.
Analytical Account of
Results
Figures given in %
|
|
COMPANY (2006) |
SECTOR |
DIFFERENCE |
DIFFERENCE RELATIVE |
|
Turnover |
99,96 |
98,98 |
0,97 |
0,98 |
|
Other operating income |
0,04 |
1,02 |
-0,97 |
-96,06 |
|
Production Value |
100,00 |
100,00 |
0,00 |
0,00 |
|
Operating expenses |
71,72 |
53,76 |
17,96 |
33,41 |
|
Other operation expenses |
8,76 |
16,76 |
-8,00 |
-47,72 |
|
Added value |
19,52 |
29,48 |
-9,96 |
-33,80 |
|
Labour cost |
13,61 |
19,99 |
-6,38 |
-31,93 |
|
Gross Economic Result |
5,91 |
9,49 |
-3,58 |
-37,74 |
|
Assets depreciation |
1,69 |
4,07 |
-2,38 |
-58,46 |
|
Variation in provision for current assets and bad debt losses |
0,98 |
0,22 |
0,76 |
337,50 |
|
Net Economic Result |
3,24 |
5,20 |
-1,96 |
-37,70 |
|
Financial income |
2,18 |
0,29 |
1,89 |
656,94 |
|
Financial Charges |
4,54 |
1,25 |
3,29 |
262,04 |
|
Variation in financial investment provision |
|
-0,01 |
|
|
|
Ordinary Activities Result |
0,88 |
4,24 |
-3,36 |
-79,25 |
|
Extraordinary income |
0,06 |
0,91 |
-0,85 |
-93,40 |
|
Extraordinary charges |
0,01 |
0,37 |
-0,36 |
-97,33 |
|
Variation in provision in fixed assets |
|
0,00 |
|
|
|
Results before Taxes |
0,93 |
4,78 |
-3,85 |
-80,54 |
|
Corporate taxes |
0,27 |
1,46 |
-1,19 |
-81,51 |
|
Net Result |
0,66 |
3,32 |
-2,66 |
-80,10 |
|
Assets depreciation |
1,69 |
4,07 |
-2,38 |
-58,46 |
|
Change of Provisions |
0,98 |
0,22 |
0,76 |
353,70 |
|
Net Self-Financing |
3,33 |
7,60 |
-4,27 |
-56,19 |
Main Ratios
|
|
COMPANY (2006) |
PTILE25 |
PTILE50 |
PTILE75 |
|
STRUCTURAL RATIOS |
|
|
|
|
|
Management fund |
67.179,46 |
-36,76 |
367,18 |
804,18 |
|
Indebtedness (%) |
76,31 |
40,27 |
58,16 |
72,35 |
|
External Funds on Net Worth |
3,22 |
0,67 |
1,39 |
2,62 |
|
GENERAL ACTIVITY RATIO |
|
|
|
|
|
Turnover Increase (%) |
33,48 |
-2,55 |
3,52 |
14,03 |
|
Added value growth (%) |
44,72 |
-4,48 |
4,98 |
14,66 |
|
Cash Flow |
124.506,89 |
144,09 |
279,37 |
431,61 |
|
Labour Productivity |
1,43 |
1,27 |
1,49 |
1,83 |
|
Assets turnover |
1,85 |
1,02 |
1,44 |
1,84 |
|
Breakdown Point |
3.312.147,70 |
2.882.524,15 |
3.628.046,86 |
4.563.419,98 |
|
Security Margin of the Breakdown Point (%) |
11,44 |
4,49 |
10,18 |
18,36 |
|
ACTIVITY RATIOS |
|
|
|
|
|
Average Collection Period |
57 |
44 |
74 |
105 |
|
Inventory Turnover Period |
86 |
8 |
24 |
50 |
|
SOLVENCY RATIOS |
|
|
|
|
|
Payback Capacity |
0,08 |
0,09 |
0,18 |
0,33 |
|
Assets Guarantee |
1,31 |
1,38 |
1,70 |
2,48 |
|
Short Term Debts Proportion (%) |
95,18 |
58,62 |
78,65 |
93,85 |
|
Interest Coverage |
0,53 |
2,18 |
6,66 |
19,03 |
|
LIQUIDITY RATIOS |
|
|
|
|
|
Current Ratio |
1,05 |
0,98 |
1,28 |
1,95 |
|
Immediate liquidity |
0,04 |
0,04 |
0,16 |
0,50 |
|
Sales on Current Assets |
877 |
684 |
920 |
1.326 |
Results Analysis
Ratios
|
|
COMPANY (2006) |
PTILE25 |
PTILE50 |
PTILE75 |
|
Economic profitability (%) |
5,99 |
2,85 |
6,17 |
11,08 |
|
Operating Profitability (%) |
3,24 |
1,87 |
4,42 |
8,04 |
|
Equity gearing |
1,14 |
1,23 |
1,72 |
2,72 |
|
Financial profitability (%) |
5,12 |
3,71 |
8,97 |
15,56 |
|
General Profitability (%) |
0,66 |
0,81 |
2,46 |
5,05 |
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 SCs 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%)