MIRA
INFORM REPORT
|
Report Date : |
08.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FILTUBE SA |
|
|
|
|
Registered Office : |
Street Sant Adria, 76 08030 Barcelona |
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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 : |
Joint Stock Company |
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Line of Business : |
RATING &
COMMENTS
|
MIRAs Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
311.997,40 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
TAX NUMBER: A60539228
EXECUTIVE SUMMARY
Identification
Current Business Name: FILTUBE SA
Other names: NO
Current Address: STREET SANT
ADRIA, 76, CP 08030 BARCELONA
Telephone number: 932230160 Fax: 932233129
URL: www.inoxidables.com Corporate e-mail: fitulbe@inoxidables.com
Commercial Risk
Credit Appraisal: 311.997,40
Legal Actions: NO
Financial Information
Latest Balance sheet sales (2006): 7.444.556,77 (MERCANTILE REGISTER)
Result: 226.171,23
Total Assets:
6.420.901,09
Social Capital: 150.250,00
Employees: 9
Commercial Information
Constitution Date: 25/03/1994
Business activity: Wholesale of
iron & steel
NACE Code: 5152
International Operations: Exports
Corporate Structure
President:
Parent Company:
Participations: 1
Other Complementary Information
Latest proceeding published in BORME: 03/12/2007 Registration
of accounts
Latest press article: 22/07/2005 VANGUARDIA (INFORMATION
ON LEGAL ANNOUNCE)
Bank Entities: Yes
Rating Evolution
Financial Situation
Fiscal year2006
|
Treasury |
Good |
|
Indebtedness |
Important |
|
Profitability |
Average |
|
Balance |
Excellent |
Performance
|
Legal Actions |
None or Negligible |
|
Business
Trajectory |
Excellent |
|
|
|
INCIDENTS
Summary
LEGAL ACTIONS: No legal incidences registered at
CLAIM FILED AGAINST THE ADMINISTRATION: No administrative
claims registered at
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 |
596.571,16 |
801.278,96 |
1.027.450,19 |
16,00 |
|
|
|
|
|
|
DEBT |
3.333.141,26 |
3.491.529,27 |
5.393.450,90 |
84,00 |
|
|
|
|
|
|
FIXED ASSETS |
59.552,56 |
60.555,68 |
59.750,63 |
0,93 |
|
|
|
|
|
|
TOTAL ASSETS |
3.929.712,42 |
4.292.808,23 |
6.420.901,09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 (12) |
2005 (12) |
2006 (12) |
% SALES |
|
|
|
|
|
|
PROFIT AND LOSS ACCOUNT ANALYSIS |
|
|
|
|
|
|
|
|
|
|
SALES |
4.876.676,37 |
5.271.562,32 |
7.444.556,77 |
|
|
|
|
|
|
|
ADDED VALUE |
575.044,33 |
675.375,55 |
709.258,25 |
9,53 |
|
|
|
|
|
|
EBITDA |
253.440,95 |
354.388,90 |
433.805,61 |
5,83 |
|
|
|
|
|
|
EBIT |
236.356,18 |
345.605,73 |
422.348,35 |
5,67 |
|
|
|
|
|
|
NET RESULT |
138.866,05 |
204.707,80 |
226.171,23 |
3,04 |
|
|
|
|
|
Balance Sheets Items
Analysis
Balance Sheet
Comments
Total assets of the company grew 9,24% between 2004 and 2005.
This growth has been inferior in the case of the fixed assets that
increased just in 1,68%.
This growth has been financed, on a wider scale, with a Shareholders
equity increase of 34,31% and in a smaller proportion with an debt increase of
4,75%.
Total assets of the company grew 49,57% between 2005 and 2006.
In spite of the assets growth, the fixed assets decreased 1,33%.
This growth has been mainly financed with a debt increase of 54,47%.
Nevertheless the net worth increased 28,23%.
Profit and Loss
Account Analysis
Profit and Loss
Account Comments
The companys sales figure grew 8,10% between 2004 and 2005.
The companys EBIT grew 46,22% between 2004 and 2005.
This evolution implies an increase in the companys operating
profitability.
The result of these variations is an increase of the companys Economic
Profitability of 33,85% in the analysed period, being this profitability of
8,05% in the year 2005.
The companys Net Result grew 47,41% 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 9,75% in the analysed period, being equal to 25,55% in the
year 2005.
The companys sales figure grew 41,22% between 2005 and 2006.
The companys EBIT grew 22,21% between 2005 and 2006.
This evolution implies a reduction in the companys operating
profitability.
The result of these variations is a decrease of the companys Economic
Profitability of 18,30% in the analysed period, being this profitability of
6,58% in the year 2006.
The companys Net Result grew 10,48% between 2005 and 2006.
This evolution, compared to the EBITs performance, implies that the
financial and extraordinary activities have had a negative effect in the
companys Financial Profitability.
The result of these variations is a reduction of the companys
profitability of 13,84% in the analysed period, being equal to 22,01% in the
year 2006.
ANNUAL FINANCIAL REPORT
ADDITIONAL DATA
Source: annual financial report 2006
Results Distribution
Figures given in
|
DISTRIBUTION
BASE |
DISTRIBUTION TO |
||
|
Profit and Loss |
226.171,23 |
Retained earnings |
0,00 |
|
Carry Over |
0,00 |
Voluntary Reserve |
226.171,23 |
|
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 |
226.171,23 |
Dividends |
0,00 |
|
|
|
Other Applications |
0,00 |
Auditing
Auditors opinion: FAVOURABLE
Auditor: BARCELONA AUDITORS
S.L.
COMPARATIVE SECTOR ANALYSIS
Values table
Figures expressed in %
|
|
COMPANY (2006) |
SECTOR |
DIFFERENCE |
DIFFERENCE RELATIVE |
|
|
|
|
|
|
BALANCE SHEET ANALYSIS: % on the total
assets |
|
|
|
|
|
|
|
|
|
|
OWN FUNDS |
16,00 |
38,63 |
-22,63 |
-58,57 |
|
|
|
|
|
|
DEBT |
84,00 |
61,37 |
22,63 |
36,87 |
|
|
|
|
|
|
FIXED ASSETS |
0,93 |
26,96 |
-26,03 |
-96,55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPANY (2006) |
SECTOR |
DIFFERENCE |
DIFFERENCE RELATIVE |
|
|
|
|
|
|
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total
operating income |
|
|
|
|
|
|
|
|
|
|
SALES |
99,74 |
99,13 |
0,62 |
0,62 |
|
|
|
|
|
|
ADDED VALUE |
9,50 |
14,14 |
-4,64 |
-32,81 |
|
|
|
|
|
|
EBIT |
5,66 |
5,00 |
0,66 |
13,19 |
|
|
|
|
|
|
NET RESULT |
3,03 |
3,28 |
-0,25 |
-7,56 |
|
|
|
|
|
Sector Composition
Compared sector (NACE): 515
Number of companies: 889
Size (Sales Figure) : 7.000.000,00 -
40.000.000,00 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 -26,03% , which means a relative difference of -96,55% .
In liabilities composition the company appeals on a wider scale to self
financing, being the proportion of net worth of 22,63% inferior, which means a
relative difference of 58,57% 22,63% more than the sector, which means a
difference of 36,87% .
The proportion that the sales mean to the companys total ordinary
income is 99,74%, 0,62% higher than in the sector, which means a relative
difference of 0,62% .
The companys EBIT was positive and was 5,66% with regard to the total
ordinary income, 0,66% higher than in the sector, which means a relative
difference of 13,19% .
The companys capacity to generate operating income is higher than the
one of the sector as its ratio EBIT/Sales is higher (ES Company versus ES
Sector).
The companys net result was positive and equal to 3,03% with regard to
the total ordinary income, 0,25% less than the sector, which means a relative
difference of 7,56% .
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:
STREET SANT ADRIA, 76
08030 BARCELONA
Previous Seat Address:
STREET SANT ELOI, 6
08038
BARCELONA
Characteristics of
the current address
Type of premises: store
Property: shared
Property Description: Filinox Sa
Local Situation: secondary
CORPORATE STRUCTURE
ADMINISTRATIVE LINKS
Main Board members,
Directors and Auditor 
|
POSITION |
SURNAMES AND
NAME |
APPOINTMENT DATE |
|
|
PRESIDENT |
INSAR OB S L |
22/06/2006 |
|
|
ADMINISTRATOR |
BOSCH BONJOCH ROMA |
16/06/1994 |
|
|
ADMINISTRATOR |
SURIS JORDA LLUIS |
22/06/2006 |
|
|
ADMINISTRATOR |
BOSCH SANCHO ROMA |
22/06/2006 |
|
|
AUDITOR |
APPOINTMENT DATE |
||
|
BARCELONA AUDITORS SL |
22/06/2007 |
||
Functional Managers
|
POSITION |
SURNAMES AND
NAME |
|
General Manager |
SURIS LUIS |
|
Financial Manager |
CANTERO JOSEP |
FINANCIAL LINKS
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATA INF. |
|
|
FILINOX SA |
A08200032 |
94,00 |
OWN SOURCES |
25/10/2007 |
|
|
BLANCH JUNCA FLORENCI |
|
6,00 |
TRADE REG. |
31/12/2006 |
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATA INF. |
|
|
REDINOX S.L. |
B15409220 |
33,00 |
TRADE REG. |
31/12/2006 |
CREDIT INFORMATION
Constitution Date: 25/03/1994
Business activity 
Activity: Wholesale of iron & steel
NACE Code: 5152
NACE Activity: Wholesale of
metals and metal ores
Business: FABRICACION Y
COMERCIALIZACION DE PRODUCTOS METALICOS Y SUS ACCESORIOS
Employees 
Number of total employees: 9 (2008)
Number of fixed employees: 85,71%
Number of temporary employees: 14,29%
Employees evolution
Banks 
|
ENTITY |
BRANCH |
ADDRESS |
TOWN OR CITY |
PROVINCE |
|
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. |
|
|
BARCELONA |
|
|
BANCO DE SABADELL, S.A. |
|
|
|
|
|
BANCO GUIPUZCOANO, S.A. |
|
|
|
|
|
CAIXA DESTALVIS DE CATALUNYA |
|
|
|
|
|
BANCO SANTANDER, S.A. |
|
|
|
|
9 bank entities registered
LEGAL STRUCTURE
Constitution Data
Register Date: 25/03/1994
Register town: Barcelona
Announcement number: 170442
Current Legal Form: JOINT STOCK
COMPANY
Current Capital: 150.250,00
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) 
Registered Proceedings
|
PROCEEDINGS |
DATE |
NOTICE NUM. |
TRADE REG. |
|
Appointments |
22/06/2007 |
337120 |
Barcelona |
Other Proceedings published
|
PROCEEDINGS |
DATE |
NOTICE NUM. |
TRADE REG. |
|
Registration of accounts (2006) Individual |
03/12/2007 |
1101313 |
Barcelona |
|
Registration of accounts (2005) Individual |
26/07/2007 |
236128 |
Barcelona |
|
Registration of accounts (2004) Individual |
27/07/2006 |
178130 |
Barcelona |
|
Registration of accounts (2003) Individual |
27/07/2006 |
177688 |
Barcelona |
Press articles
22/07/2005 VANGUARDIA (INFORMATION ON LEGAL ANNOUNCE)
EL CONSEJO DE ADMINISTRACION DE LA CIA., EN SESION CELEBRADA EL
30/06/05, ACORDO TRASLADAR EL DOMICILIO SOCIAL A C/ SANT ADRIA, 74, DE
BARCELONA.
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 23/10/2007.
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 |
59.552,56 |
60.555,68 |
59.750,63 |
|
I. Incorporation costs |
|
|
|
|
II. Intangible fixed assets |
2.792,78 |
930,86 |
0,01 |
|
R & D expenses |
|
|
|
|
Concessions, patents, licences , trademarks |
|
|
|
|
Goodwill |
|
|
|
|
Acquired rights from finance leases |
|
|
|
|
Software |
20.911,44 |
20.911,44 |
20.911,44 |
|
Leasing |
|
|
|
|
Cash advance |
|
|
|
|
Provisions |
|
|
|
|
Depreciation |
-18.118,66 |
-19.980,58 |
-20.911,43 |
|
III. Tangible fixed assets |
19.572,16 |
21.017,96 |
21.143,76 |
|
Property, plant and equipment |
|
|
|
|
Machinery, equipment and other |
17.743,37 |
17.743,37 |
17.743,37 |
|
Other property plant and equipment |
31.298,16 |
33.288,25 |
34.968,93 |
|
Prepaid expenses on fixed assets |
|
|
|
|
Other assets |
13.297,38 |
13.526,38 |
16.001,38 |
|
Provisions |
|
|
|
|
Depreciation |
-42.766,75 |
-43.540,04 |
-47.569,92 |
|
IV. Financial fixed assets |
37.187,62 |
38.606,86 |
38.606,86 |
|
Shares in affiliated companies |
|
|
|
|
Receivables in affiliated companies |
|
|
|
|
Shares in associated companies |
|
|
|
|
Loans to associated companies |
|
|
|
|
Securities |
37.187,62 |
37.187,62 |
37.187,62 |
|
Other loans |
|
|
|
|
Long term deposits and guarantees |
|
1.419,24 |
1.419,24 |
|
Provisions |
|
|
|
|
Taxes receivable |
|
|
|
|
V.Owners equity |
|
|
|
|
VI.Long term trade liabilities |
|
|
|
|
C) DEFERRED EXPENSES |
28.558,00 |
26.800,58 |
15.983,68 |
|
D) CURRENT ASSETS |
3.841.601,86 |
4.205.451,97 |
6.345.166,78 |
|
I. Shareholders by required outlays |
|
|
|
|
II. Stocks |
1.782.221,81 |
2.052.413,78 |
2.860.057,90 |
|
Goods available for sale |
1.774.130,81 |
2.051.427,78 |
2.848.168,94 |
|
Raw material inventory |
|
|
|
|
Work in Progress |
|
|
|
|
Finished goods |
|
|
|
|
Subproducts and recycled materials |
|
|
|
|
Cash advance |
8.091,00 |
986,00 |
11.888,96 |
|
Provisions |
|
|
|
|
III. Debtors |
1.830.616,20 |
2.080.962,25 |
3.225.892,11 |
|
Clients |
1.815.998,28 |
2.062.207,53 |
3.163.488,42 |
|
Amounts owned by affiliated companies |
|
|
|
|
Amounts owned by associated companies |
|
|
|
|
Other debts |
2.477,52 |
7.560,77 |
22.593,82 |
|
Staff Expenses |
|
|
|
|
Government |
12.140,40 |
11.193,95 |
39.809,87 |
|
Provisions |
|
|
|
|
IV. Temporary financial investment |
|
|
|
|
Shares in affiliated companies |
|
|
|
|
Receivables in affiliated companies |
|
|
|
|
Shares in associated companies |
|
|
|
|
Loans to associated companies |
|
|
|
|
Short term investment |
|
|
|
|
Other loans |
|
|
|
|
Short Term Deposit and guarantees |
|
|
|
|
Provisions |
|
|
|
|
V. Short-term own shares |
|
|
|
|
VI. Treasury |
169.198,89 |
70.505,64 |
193.812,11 |
|
VII. Periodification adjustments |
59.564,96 |
1.570,30 |
65.404,66 |
|
ASSETS (A + B + C + D) |
3.929.712,42 |
4.292.808,23 |
6.420.901,09 |
Assets composition
Liabilities
Figures given in
|
|
31/12/2004 (12) |
31/12/2005 (12) |
31/12/2006 (12) |
|
A) SHAREHOLDERS EQUITY |
596.571,16 |
801.278,96 |
1.027.450,19 |
|
I. Share capital |
150.250,01 |
150.250,01 |
150.250,00 |
|
II. Issue bonus |
|
|
|
|
III.Revaluation reserve |
|
|
|
|
IV.Reserves |
307.455,10 |
446.321,15 |
651.028,96 |
|
Retained earnings |
30.050,00 |
30.050,00 |
30.050,00 |
|
Sinking fund from owner equity |
|
|
|
|
Reserve for the parent company capital |
|
|
|
|
Statutory reserve |
|
|
|
|
Other funds |
277.402,08 |
416.268,13 |
620.975,94 |
|
Capital adjustments in Euros |
3,02 |
3,02 |
3,02 |
|
V.Results from previous years |
|
|
|
|
Carry Over |
|
|
|
|
Prior years losses |
|
|
|
|
Loans from partners for losses compensation |
|
|
|
|
VI.Profit and Losses |
138.866,05 |
204.707,80 |
226.171,23 |
|
VII.Dividend paid during the year |
|
|
|
|
VIII.Own shares for capital reduction |
|
|
|
|
B) DEFERRED INCOME |
|
|
|
|
Capital grants |
|
|
|
|
Positive change difference |
|
|
|
|
Other deferred income |
|
|
|
|
Fiscal deferred income |
|
|
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
|
|
|
|
Provision for pensions plans |
|
|
|
|
Provision for taxes |
|
|
|
|
Other provisions |
|
|
|
|
Reversion fund |
|
|
|
|
D) LONG TERM LIABILITIES |
|
311,22 |
144,09 |
|
I.Negotiable bonds and other negotiable values |
|
|
|
|
Non convertible securities |
|
|
|
|
Convertible securities |
|
|
|
|
Other convertible debentures |
|
|
|
|
II.Debt with bank entities |
|
|
|
|
Long term bank loans |
|
|
|
|
Leasing |
|
|
|
|
III.Debts with associated and affiliated
companies |
|
|
|
|
With affiliated companies |
|
|
|
|
Associated companies |
|
|
|
|
IV. Other creditors |
|
311,22 |
144,09 |
|
Bills payable |
|
|
|
|
Other debts |
|
|
|
|
Long term deposit and guaranties |
|
|
|
|
Taxes receivable |
|
311,22 |
144,09 |
|
V. Deferred debts on shares |
|
|
|
|
From affiliated companies |
|
|
|
|
From associated companies |
|
|
|
|
Other companies |
|
|
|
|
VI. Long term debt with creditor |
|
|
|
|
E) SHORT TERM LIABILITIES |
3.333.141,26 |
3.491.218,05 |
5.393.306,81 |
|
I.Negotiable bonds and other negotiable values |
|
|
|
|
Non convertible securities |
|
|
|
|
Convertible securities |
|
|
|
|
Other convertible debentures |
|
|
|
|
Interests from bonds |
|
|
|
|
II.Debt with bank entities |
655.393,64 |
939.386,27 |
1.504.732,65 |
|
Loans and other debts |
655.393,64 |
939.386,27 |
1.504.732,65 |
|
Debt interest |
|
|
|
|
Leasing |
|
|
|
|
III. Short term debts with associated and
affiliated companies |
|
|
|
|
With affiliated companies |
|
|
|
|
Associated companies |
|
|
|
|
IV. Commercial creditors |
2.597.658,33 |
2.455.897,19 |
3.800.419,45 |
|
Accounts payable |
1.527,80 |
1.527,80 |
1.341,44 |
|
Expenses |
2.596.130,53 |
2.454.369,39 |
3.799.078,01 |
|
Bills payable |
|
|
|
|
V. Other non-commercial debt |
80.089,29 |
95.934,59 |
88.154,71 |
|
Government |
64.842,43 |
80.353,13 |
72.403,39 |
|
Bills payable |
|
|
|
|
Other debts |
|
|
|
|
Accounts receivable |
15.246,86 |
15.581,46 |
15.751,32 |
|
Short term deposits and guarantees |
|
|
|
|
VI. Provisions for current assets |
|
|
|
|
VII. Periodification adjustments |
|
|
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES AND
EXPENSES |
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
3.929.712,42 |
4.292.808,23 |
6.420.901,09 |
Liabilities
Composition
PROFIT AND LOSS ACCOUNT
Items 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.16) |
4.770.950,31 |
5.084.719,56 |
7.239.267,39 |
|
A.1.Reduction in stocks of finished goods and
work in progress |
|
|
|
|
A.2.Supplies |
3.812.508,80 |
3.871.427,82 |
5.713.614,11 |
|
Material consumed |
3.793.531,71 |
3.856.185,25 |
5.677.096,16 |
|
Raw materials consumed |
18.977,09 |
15.242,57 |
36.413,95 |
|
Other expenses |
|
|
104,00 |
|
A.3. Labour cost |
321.603,38 |
320.986,65 |
275.452,64 |
|
Wages |
257.014,06 |
268.236,04 |
223.237,49 |
|
Social security expenses |
64.589,32 |
52.750,61 |
52.215,15 |
|
A.4. Assets depreciation |
5.936,22 |
5.035,94 |
4.960,73 |
|
A.5.Variance in the traffic provisions |
11.148,55 |
3.747,23 |
6.496,53 |
|
Variance in provision for inventory |
|
|
|
|
Variance in provision for bad debts |
11.148,55 |
3.747,23 |
6.496,53 |
|
Variance in provision for other current assets |
|
|
|
|
A.6. Other operating costs |
515.362,63 |
741.897,59 |
1.040.940,84 |
|
External costs |
500.489,05 |
737.709,37 |
1.036.454,90 |
|
Taxes |
14.873,58 |
4.188,22 |
4.485,94 |
|
Other day to day expenses |
|
|
|
|
Allowance to reversion fund |
|
|
|
|
A.I.OPERATING RESULT
(B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
236.356,18 |
345.605,73 |
422.348,35 |
|
A.7.Financial expenses and similar |
45.499,17 |
50.243,27 |
106.933,16 |
|
Debts with related companies |
42.618,36 |
48.688,98 |
|
|
Debts with associated companies |
|
|
|
|
By debts with third parties and similar expenses |
2.880,81 |
1.554,29 |
106.933,16 |
|
Losses from financial investments |
|
|
|
|
A.8. Variation in financial investment provision |
|
|
|
|
A.9.Negative exchange difference |
12,61 |
8,05 |
|
|
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) |
191.271,27 |
295.388,16 |
315.504,31 |
|
A.10. Variation in provision in fixed assets |
|
|
|
|
A.11. Losses in fixed assets |
|
3.147,90 |
|
|
A.12. Losses from own shares and bonds |
|
|
|
|
A.13. Extraordinary charges |
3,70 |
0,09 |
|
|
A.14.Other exercises expenses and losses |
|
|
|
|
A.IV.POSITIVE EXTRAORDINARY RESULT
(B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14) |
6.470,03 |
|
1.536,30 |
|
A.V.PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV) |
197.741,30 |
292.932,82 |
317.040,61 |
|
A.15.Corporate Taxes |
58.875,25 |
88.225,02 |
90.869,38 |
|
A.16. Other taxes |
|
|
|
|
A.VI.EXERCISE RESULT (PROFIT) (A.V-A.14-A.15) |
138.866,05 |
204.707,80 |
226.171,23 |
|
B) INCOMES (B.1 a B13) |
4.909.816,36 |
5.289.427,36 |
7.465.438,62 |
|
B.1. Turnover |
4.876.676,37 |
5.271.562,32 |
7.444.556,77 |
|
Sales |
4.876.676,37 |
5.271.562,32 |
7.444.556,77 |
|
Services provided |
|
|
|
|
Refunds and sale reminders |
|
|
|
|
B.2.Increase in inventory of finished goods and
works in progress |
|
|
|
|
B.3.Expenses capitalized |
|
|
|
|
B.4. Other operating income |
26.239,39 |
17.138,64 |
19.256,43 |
|
Other incomes |
26.239,39 |
17.138,64 |
14.725,20 |
|
Grants |
|
|
4.531,23 |
|
Excess in provision for liabilities and charges |
|
|
|
|
B.I.OPERATING LOSSES
(A.1+A.2+A.3+A.4+A.5+A.6-B.1-B.2-B.3-B.4) |
|
|
|
|
B.5.Incomes from share participations |
|
|
|
|
From affiliated companies |
|
|
|
|
From associated companies |
|
|
|
|
From other companies |
|
|
|
|
B.6.Income from other securities and credits to
fixed assets |
|
|
|
|
From affiliated companies |
|
|
|
|
From associated companies |
|
|
|
|
Other companies |
|
|
|
|
B.7.Other interests and similar |
416,43 |
33,75 |
89,12 |
|
From affiliated companies |
207,18 |
27,45 |
|
|
From associated companies |
|
|
|
|
Other Interests |
209,25 |
6,30 |
89,12 |
|
Profits from investments |
|
|
|
|
B.8. Positive change difference |
10,44 |
|
|
|
B.II. NEGATIVE FINANCIAL RESULTS
(A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
45.084,91 |
50.217,57 |
106.844,04 |
|
B.III.LOSSES FROM ORDINARY ACTIVITIES
(B.I+B.II-A.I-A.II) |
|
|
|
|
B.9.B.9. Gains from disposal of fixed assets |
|
|
|
|
B.10.Gains from dealing in own shares |
|
|
|
|
B.11. Paid in surplus |
|
|
|
|
B.12. Extraordinary income |
6.473,73 |
692,65 |
1.536,30 |
|
B.13.Other years income and profits |
|
|
|
|
B.IV.NEGATIVE EXTRAORDINARY LOSSES
(A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13) |
|
2.455,34 |
|
|
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 |
59.552,56 |
1,52 |
60.555,68 |
1,41 |
59.750,63 |
0,93 |
|
C) DEFERRED EXPENSES |
28.558,00 |
0,73 |
26.800,58 |
0,62 |
15.983,68 |
0,25 |
|
D) CURRENT ASSETS |
3.841.601,86 |
97,76 |
4.205.451,97 |
97,97 |
6.345.166,78 |
98,82 |
|
ASSETS (A + B + C + D) |
3.929.712,42 |
|
4.292.808,23 |
|
6.420.901,09 |
|
|
|
||||||
|
A) SHAREHOLDERS EQUITY |
596.571,16 |
15,18 |
801.278,96 |
18,67 |
1.027.450,19 |
16,00 |
|
B) DEFERRED INCOME |
|
|
|
|
|
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
|
|
|
|
|
|
|
D) LONG TERM LIABILITIES |
|
|
311,22 |
0,01 |
144,09 |
0,00 |
|
E) SHORT TERM LIABILITIES |
3.333.141,26 |
84,82 |
3.491.218,05 |
81,33 |
5.393.306,81 |
84,00 |
|
F) SHORT TERM PROVISIONS FOR LIABILITIES AND EXPENSES |
|
|
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
3.929.712,42 |
|
4.292.808,23 |
|
6.420.901,09 |
|
Financial Balance
Composition
Comments on Financial
Balance
In the 2004, the assets of the company were formed in 2,24% of Fixed
Assets and in 97,76% of Current Assets.This assets were financed in 15,18% with
own capitals and in 84,82% with current liabilities.
The result of this financial structure is a positive turnover fund of
508.460,60 Euros, which is equivalent to 12,94% proportion of the
companys total assets.
In the 2005, the assets of the company were formed in 2,03% of Fixed
Assets and in 97,97% of Current Assets.This assets were financed in 18,67% with
own capitals, and in 0,01% with long term debt and in 81,33% with current
liabilities.
The result of this financial structure is a positive turnover fund of
714.233,92 Euros, which is equivalent to 16,64% proportion of the
companys total assets.
This measure has increased with respect to the previous exercise in
40,47% having also increased its proportion with respect to the total assets of
the company.
In the 2006, the assets of the company were formed in 1,18% of Fixed
Assets and in 98,82% of Current Assets.This assets were financed in 16,00% with
own capitals and in 84,00% with current liabilities.
The result of this financial structure is a positive turnover fund of 951.859,97
Euros, which is equivalent to 14,82% proportion of the companys total assets.
This measure has increased with respect to the previous exercise in
33,27% having, however, 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 |
508.460,60 |
714.233,92 |
951.859,97 |
|
Management Fund Requirement |
994.655,35 |
1.583.114,55 |
2.262.780,51 |
|
Indebtedness (%) |
84,82 |
81,33 |
84,00 |
|
External Funds on Net Worth |
5,59 |
4,36 |
5,25 |
|
GENERAL ACTIVITY RATIO |
|
|
|
|
Turnover Increase (%) |
|
8,10 |
41,22 |
|
Added value growth (%) |
|
17,45 |
5,02 |
|
Cash Flow |
155.950,82 |
213.490,97 |
237.628,49 |
|
Labour Productivity |
1,79 |
2,10 |
2,58 |
|
Assets turnover |
1,24 |
1,23 |
1,16 |
|
Breakdown Point |
3.840.161,69 |
3.999.037,52 |
5.662.687,14 |
|
Security Margin of the Breakdown Point (%) |
21,68 |
24,38 |
24,13 |
|
ACTIVITY RATIOS |
|
|
|
|
Average Payment Period |
245 |
228 |
239 |
|
Average Collection Period |
135 |
142 |
156 |
|
Inventory Turnover Period |
132 |
140 |
138 |
|
SOLVENCY RATIOS |
|
|
|
|
Payback Capacity |
0,05 |
0,06 |
0,04 |
|
Assets Guarantee |
1,17 |
1,22 |
1,19 |
|
Short Term Debts Proportion (%) |
100,00 |
99,99 |
100,00 |
|
Interest Coverage |
3,28 |
4,24 |
2,21 |
|
LIQUIDITY RATIOS |
|
|
|
|
Current Ratio |
1,15 |
1,20 |
1,18 |
|
Immediate liquidity |
0,05 |
0,02 |
0,04 |
|
Treasury |
-486.194,75 |
-868.880,63 |
-1.310.920,54 |
|
Sales on Current Assets |
457 |
451 |
422 |
Results Analysis
Ratios
|
|
31/12/2004 (12) |
31/12/2005 (12) |
31/12/2006 (12) |
|
Economic profitability (%) |
6,02 |
8,05 |
6,58 |
|
Operating Profitability (%) |
4,85 |
6,56 |
5,67 |
|
Equity gearing |
5,33 |
4,58 |
4,67 |
|
Financial profitability (%) |
23,28 |
25,55 |
22,01 |
|
General Profitability (%) |
2,85 |
3,88 |
3,04 |
Comments on the
Results Analysis Ratios
The economic profitability in the year2005 achieved a 8,05% positive
level, due to a 6,56% economic margin and to an assets turnover of1,23%.
The economic profitability in the year has increased from 6,02% up to
8,05%. This growth is due to the economic margin increase, from 4,85% to the
current 6,56% in spite of the assets turnover drop, which have decreased from
1,24 to 1,23%.
Financial profitability on 2005 achieved a 25,55%.
The companys financial structure has instigated its economic
profitability with an indebtedness level of 4,58.
The general profitability on 2005 achieved a 3,88%.
The economic profitability in the year2006 achieved a 6,58% positive
level, due to a 5,67% economic margin and to an assets turnover of1,16%.
The economic profitability in the year has reduced from 8,05% up to
6,58% of2006, even if it remains positive. This fall is due to the decrease in
operating profitability, that has passe from 6,56% to 5,67%, as assets turnover
whose index has passed from 1,23 to 1,16%.
Financial profitability on 2006 achieved a 22,01%.
The companys financial structure has instigated its economic profitability
with an indebtedness level of 4,67.
The general profitability on 2006 achieved a 3,04%.
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 |
|
0,02 |
|
|
|
|
|
|
|
|
B) FIXED ASSETS |
0,93 |
26,96 |
-26,03 |
-96,55 |
|
|
|
|
|
|
C) DEFERRED EXPENSES |
0,25 |
0,34 |
-0,09 |
-26,04 |
|
|
|
|
|
|
D) CURRENT ASSETS |
98,82 |
72,68 |
26,14 |
35,97 |
|
|
|
|
|
|
ASSETS (A + B + C + D) |
100 |
100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPANY (2006) |
SECTOR |
DIFFERENCE |
DIFFERENCE RELATIVE |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
A) SHAREHOLDERS EQUITY |
16,00 |
38,43 |
-22,43 |
-58,37 |
|
|
|
|
|
|
B) DEFERRED INCOME |
|
0,20 |
|
|
|
|
|
|
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
|
0,62 |
|
|
|
|
|
|
|
|
D) LONG TERM LIABILITIES |
0,00 |
8,08 |
-8,08 |
-100,00 |
|
|
|
|
|
|
E) SHORT TERM LIABILITIES |
84,00 |
52,66 |
31,34 |
59,50 |
|
|
|
|
|
|
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 1,18% of fixed
assets and in 98,82Current Assets % In the sector, the proportion of fixed
assets was of 27,32%, 95,68% superior, and the proportion of current assets was
of 72,68%, 35,97% inferior.
The assets were financed in the company in 16,00% with own capitals and
in 84,00% with current liabilities In the sector, the self financing
represented 38,63%, 58,58% superiorAnd, short term liabilities represented in
the sector an average of 52,67% financing, with a relative difference of 59,48%
in favour of the company
The result of this companys financial structure is a turnover fund that
represents 14,82% of the total assets; in the sector, this same proportion is
20,01%, therefore, we can say that the companys turnover fund is 25,93%
smaller than the sector one.
Analytical Account of
Results
Figures given in %
|
|
COMPANY (2006) |
SECTOR |
DIFFERENCE |
DIFFERENCE RELATIVE |
|
Turnover |
99,74 |
99,13 |
0,61 |
0,62 |
|
Other operating income |
0,26 |
0,87 |
-0,61 |
-70,22 |
|
Production Value |
100,00 |
100,00 |
0,00 |
0,00 |
|
Operating expenses |
76,55 |
77,71 |
-1,16 |
-1,49 |
|
Other operation expenses |
13,95 |
8,15 |
5,80 |
71,17 |
|
Added value |
9,50 |
14,14 |
-4,64 |
-32,82 |
|
Labour cost |
3,69 |
7,54 |
-3,85 |
-51,05 |
|
Gross Economic Result |
5,81 |
6,60 |
-0,79 |
-12,01 |
|
Assets depreciation |
0,07 |
1,28 |
-1,21 |
-94,53 |
|
Variation in provision for current assets and bad debt losses |
0,09 |
0,32 |
-0,23 |
-72,22 |
|
Net Economic Result |
5,66 |
5,00 |
0,66 |
13,22 |
|
Financial income |
0,00 |
0,64 |
-0,64 |
-100,00 |
|
Financial Charges |
1,43 |
0,84 |
0,60 |
71,26 |
|
Variation in financial investment provision |
|
0,02 |
|
|
|
Ordinary Activities Result |
4,23 |
4,78 |
-0,55 |
-11,58 |
|
Extraordinary income |
0,02 |
0,52 |
-0,50 |
-96,17 |
|
Extraordinary charges |
|
0,46 |
|
|
|
Variation in provision in fixed assets |
|
0,06 |
|
|
|
Results before Taxes |
4,25 |
4,79 |
-0,54 |
-11,20 |
|
Corporate taxes |
1,22 |
1,51 |
-0,29 |
-19,10 |
|
Net Result |
3,03 |
3,28 |
-0,25 |
-7,57 |
|
Assets depreciation |
0,07 |
1,28 |
-1,21 |
-94,53 |
|
Change of Provisions |
0,09 |
0,40 |
-0,31 |
-77,39 |
|
Net Self-Financing |
3,18 |
4,96 |
-1,78 |
-35,84 |
Principales Ratios
|
|
COMPANY (2006) |
PTILE25 |
PTILE50 |
PTILE75 |
|
STRUCTURAL RATIOS |
|
|
|
|
|
Management fund |
951.859,97 |
363,57 |
1.221,65 |
2.688,68 |
|
Management Fund Requirement |
2.262.780,51 |
-1.914,86 |
-207,60 |
920,11 |
|
Indebtedness (%) |
84,00 |
48,79 |
66,67 |
80,16 |
|
External Funds on Net Worth |
5,25 |
0,95 |
2,00 |
4,04 |
|
GENERAL ACTIVITY RATIO |
|
|
|
|
|
Turnover Increase (%) |
41,22 |
0,31 |
8,47 |
18,06 |
|
Added value growth (%) |
5,02 |
-7,30 |
5,63 |
18,74 |
|
Cash Flow |
237.628,49 |
252,22 |
522,64 |
936,04 |
|
Labour Productivity |
2,58 |
1,48 |
1,81 |
2,42 |
|
Assets turnover |
1,16 |
1,25 |
1,64 |
2,22 |
|
Breakdown Point |
5.662.687,14 |
6.944.229,48 |
9.388.034,71 |
14.205.462,50 |
|
Security Margin of the Breakdown Point (%) |
24,13 |
11,18 |
19,70 |
31,33 |
|
ACTIVITY RATIOS |
|
|
|
|
|
Average Payment Period |
239 |
29 |
69 |
111 |
|
Average Collection Period |
156 |
70 |
103 |
130 |
|
Inventory Turnover Period |
138 |
19 |
40 |
68 |
|
SOLVENCY RATIOS |
|
|
|
|
|
Payback Capacity |
0,04 |
0,06 |
0,11 |
0,22 |
|
Assets Guarantee |
1,19 |
1,24 |
1,50 |
2,04 |
|
Short Term Debts Proportion (%) |
100,00 |
82,70 |
94,68 |
99,57 |
|
Interest Coverage |
2,21 |
1,98 |
4,83 |
12,09 |
|
LIQUIDITY RATIOS |
|
|
|
|
|
Current Ratio |
1,18 |
1,08 |
1,30 |
1,74 |
|
Immediate liquidity |
0,04 |
0,03 |
0,09 |
0,26 |
|
Treasury |
-1.310.920,54 |
-1.886,00 |
-293,73 |
376,02 |
|
Sales on Current Assets |
422 |
614 |
761 |
1.015 |
Results Analysis
Ratios
|
|
COMPANY (2006) |
PTILE25 |
PTILE50 |
PTILE75 |
|
Economic profitability (%) |
6,58 |
3,48 |
6,39 |
10,50 |
|
Operating Profitability (%) |
5,67 |
1,91 |
3,64 |
6,60 |
|
Equity gearing |
4,67 |
1,68 |
2,46 |
4,00 |
|
Financial profitability (%) |
22,01 |
7,41 |
12,53 |
20,60 |
|
General Profitability (%) |
3,04 |
1,03 |
2,31 |
4,57 |
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%)