MIRA INFORM REPORT
|
Report Date : |
14.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
SFERA JOVEN SA |
|
|
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Registered Office : |
Calle Hermosilla, 112, 28009 |
|
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Country : |
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Financials (as on) : |
28.02.2010 |
|
|
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Date of Incorporation : |
22.06.2001 |
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|
|
Legal Form : |
Joint stock Company |
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|
Line of Business : |
Retail sale of clothes |
RATING & COMMENTS
|
MIRAs Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
922.000,00 |
|
|
|
|
Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
SFERA JOVEN SA
TAX NUMBER: A83036137
EXECUTIVE SUMMARY
Identification
Current Business Name: SFERA JOVEN SA
Commercial name: SFERA JOVEN, S.A.
Other names: YES
Current Address: CALLE HERMOSILLA, 112
Branches: 59
Telephone number: 917748200 Fax: 917748311
URL: www.sfera.com , www.elcorteingles.es
Corporate e-mail: sfera@elcorteingles.es
Trade Risk
Credit Appraisal: 922.000,00
Incidents: YES
Bank and business defaults of payment - ASNEF INDUSTRIAL: NO
Financial
Information
Balance sheet latest sales (2010): 181.056.421,00 (Trade Register)
Result: -15.863.866
Total Assets: 178.878.392
Social Capital: 100.000.000,00
Employees: 1.603
Listed on a Stock Exchange: NO
Commercial Information
Incorporation date: 22/06/2001
Activity: Retail sale of clothes
NACE 2009 CODE: 4771
International Operations: Imports and
Exports
Corporate Structure
President:
Parent Company:
Participations: 2
Other Complementary Information
Latest act published in BORME: 24/03/2011 Appointments
Latest press article: 18/02/2011 EL CORREO DE
ANDALUCIA (BRANCHES)
Bank Entities: There are
The date when this report was last updated is 09/04/2011.
The information contained in this report has been investigated and
contrasted on 11/02/2011
TRADE RISK
Credit Appraisal
Maximum Credit
(from 0 to 6,000,000 )
Favourable to 922.000,00
Financial Situation
Exercise:2010
|
Treasury |
Degraded |
|
Indebtedness |
Very slight |
|
Profitability |
Negative |
|
Balance |
Degraded |
Performance
|
Incidents |
None or Negligible |
|
Business
Trajectory |
Acceptable |
INCIDENTS 
LEGAL ACTIONS: No legal actions registered
ADMINISTRATIVE CLAIMS: 2 ( Last:16/02/2009 , first:
16/02/2009 )
|
|
|
|
|
With the Social Security: |
2 |
|
|
With the Tax Authorities: |
0 |
|
|
With Other Official bodies: |
0 |
|
AFFECTED BY: No significant element.
Latest Administrative Claims
Figures expressed in
WITH THE SOCIAL SECURITY.
There are 2 administrative claims with the Social Security
registered
Notifications
|
DATE |
ORGANIZATION |
AMOUNT |
|
16/02/2009 |
CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE
TRABAJO Y SEGURIDAD SOCIAL |
856,57 |
|
16/02/2009 |
CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE
TRABAJO Y SEGURIDAD SOCIAL |
883,78 |
BANK AND BUSINESS DEFAULTS OF PAYMENT - ASNEF INDUSTRIAL
FINANCIAL ELEMENTS AND SECTORIAL COMPARATIVE
FINANCIAL ELEMENTS
The shaded amounts in the following financial statements have been converted to the norms established in the PGC2007 derived from RD 1514/2007 and 1515/2007, this way comparatives could be shown with the amounts of exercises initiated from 1/01/08.
Figures given in
|
|
28/02/2010 (12) |
% ASSETS |
28/02/2009 (12) |
% ASSETS |
29/02/2008 (12) |
% ASSETS |
|
ASSETS |
|
|
|
|
|
|
|
A) NON CURRENT ASSETS |
131.554.986,00 |
73,54 |
130.724.216,00 |
75,12 |
174.465.745,00 |
81,21 |
|
B) CURRENT ASSETS |
47.323.406,00 |
26,46 |
43.303.359,00 |
24,88 |
40.361.735,30 |
18,79 |
|
LIABILITIES |
|
|
|
|
|
|
|
A) NET WORTH |
114.910.080,00 |
64,24 |
55.560.105,00 |
31,93 |
135.038.061,30 |
62,86 |
|
B) NON CURRENT LIABILITIES |
379.075,00 |
0,21 |
6.000,00 |
0,00 |
54.093,00 |
0,03 |
|
C) CURRENT LIABILITIES |
63.589.237,00 |
35,55 |
118.461.470,00 |
68,07 |
79.735.326,00 |
37,12 |
|
|
|
|
|
|
|
|
|
Balance Sheet Comments
Total assets of the company grew in 2,79%
between 2.009 and 2.010.
This growth has been inferior in the case of the non current assets that
increased just in 0,64%.
This growth has been financed with a Net Worth increase
of 106,82%; this companys net increase has also covered the
reduction of 46,00% of companys indebtedness.
Total assets of the company decreased in 18,99%
between 2.008 and 2.009.
This decrease has been greater in non current assets that reduced
in 25,07%.
This assets reduction has meant a net worth decrease
of 58,86%. Nevertheless, indebtedness has experienced a growth
of 48,48%.
Profit and Loss Account Analysis
Figures given in
|
|
28/02/2010 (12) |
% NET TURNOVER |
28/02/2009 (12) |
% NET TURNOVER |
29/02/2008 (12) |
% NET TURNOVER |
|
SALES |
181.056.421,00 |
|
166.811.616,00 |
|
147.650.008,00 |
|
|
GROSS MARGIN |
84.605.955,00 |
46,73 |
75.484.955,00 |
45,25 |
84.488.201,00 |
57,22 |
|
EBITDA |
-16.600.554,00 |
-9,17 |
-27.162.780,00 |
-16,28 |
-5.265.498,00 |
-3,57 |
|
EBIT |
-25.094.685,00 |
-13,86 |
-34.607.448,00 |
-20,75 |
-20.281.416,00 |
-13,74 |
|
NET RESULT |
-15.863.866,00 |
-8,76 |
-24.773.641,00 |
-14,85 |
-13.208.082,00 |
-8,95 |
|
EFFECTIVE TAX RATE (%) |
-31,82 |
0,00 |
-30,02 |
0,00 |
-34,73 |
0,00 |
Profit and Loss Account Comments
The companys sales figure grew
in 8,54% between 2.009 and 2.010.
The companys EBIT grew
in 27,49% between 2.009 and 2.010.
This evolution implies an increase in the companys economic
profitability .
The result of these variations is an increase of the companys Economic
Profitability of 50,50% in the analysed period, being equal to -7,89% in the
year 2.010.
The Net Result of the company grew in 35,96% between 2.009 and 2.010.
The companys Financial Profitability has been positively affected by
the financial activities in comparison with EBITs behaviour .
The result of these variations is an increase of the companys Economic
Profitability of 68,01% in the analysed period, being equal to -20,38% in the
year 2.010 .
The companys sales figure grew
in 12,98% between 2.008 and 2.009.
The companys EBIT decreased
in 70,64% between 2.008 and 2.009.
This evolution implies a reduction in the economic profitability of the
company .
The result of these variations is a decrease of the companys Operating
Profitability of 310,82% in the analysed period, being this
profitability of -15,94% in
the year 2.009.
The Net Result of the company decreased in 87,56% between 2.008 and 2.009.
The companys Financial Profitability has been negatively affected by
the financial activities in comparison with EBITs behaviour .
The result of these variations is a reduction of the companys economic
profitability of 325,30% in the analysed period, being equal to -63,71% in the
year 2.009 .
COMPARATIVE SECTOR ANALYSIS
Values table
Figures expressed in %
|
|
COMPANY (2010) |
SECTOR |
DIFFERENCE |
|
BALANCE SHEET ANALYSIS: % on the total
assets |
|
|
|
|
ASSETS |
|
|
|
|
A) NON CURRENT ASSETS |
73,54 |
69,94 |
3,60 |
|
A) CURRENT ASSETS |
26,46 |
30,06 |
-3,60 |
|
LIABILITIES |
|
|
|
|
A) NET WORTH |
64,24 |
50,46 |
13,78 |
|
B) NON CURRENT LIABILITIES |
0,21 |
4,24 |
-4,02 |
|
C) CURRENT LIABILITIES |
35,55 |
45,31 |
-9,76 |
|
|
|
|
|
|
|
COMPANY (2010) |
SECTOR |
DIFFERENCE |
|
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total
operating income |
|
|
|
|
SALES |
98,97 |
98,80 |
0,17 |
|
GROSS MARGIN |
46,25 |
45,71 |
0,54 |
|
EBITDA |
-9,07 |
16,65 |
-25,73 |
|
EBIT |
-13,72 |
12,58 |
-26,30 |
|
NET RESULT |
-8,67 |
8,99 |
-17,66 |
Sector Composition
Compared sector (NACE 2009): 4771
Number of companies: 18
Size (Sales Figure): > 40,000,000.00 Euros
Comments on the sectorial comparative
Compared to its sector the assets of the companies show a greater
proportion of non current assets. Specifically the difference with the sector
average is 3,60% .
In liabilities composition the company appeals on a wider scale to self
financing, being the proportion of Net Worth of 13,78% major. As a
consequence, external financing sources are less used by the company
( 13,78% less than the sector) .
The proportion that the sales mean to the companys total ordinary
income is 98,97% , an 0,17% higher than in the sector .
The companys EBIT was negative and equal to -13,72% with regard to
the total ordinary income, 26,30% inferior to the one of the sector .
The companys capacity to generate operating income is inferior to that
of the sector as its ratio EBIT/Sales is inferior (-0,14 in comparison with 0,13)
.
The companys net result was negative and equal to -8,67% with regard to
the total ordinary income, 17,66% inferior to the one of the sector .
The financial results and the tax impact have had a positive impact on
the net result of the company; the contrary that in the sector .
OTHER DATA FROM THE ANNUAL FINANCIAL REPORT
Results
Distribution
Source: annual financial report 2009
Figures given in
|
DISTRIBUTION BASE |
APPLICATION A |
||
|
Profit and Loss |
-24.773.641,00 |
Legal Reserve |
0,00 |
|
Carry over |
0,00 |
Voluntary Reserve |
0,00 |
|
Voluntary reserves |
0,00 |
Prior years losses |
-24.773.641,00 |
|
Reserves |
0,00 |
Carry over |
0,00 |
|
Other concepts |
0,00 |
Other funds |
0,00 |
|
Total of Amounts to be distributed |
-24.773.641,00 |
Dividends |
0,00 |
|
|
|
Other Applications |
0,00 |
Auditing
Source: filing of annual financial statement 2010
Auditors opinion: FAVOURABLE
Auditor: DELOITTE S.L.
Auditing fees: 34.800,00
Facts subsequent to the closing
Source: Annual financial report 2010
Posterior to the closure there were no relevant facts that require the
inclusion in the annual accounts.
company ADDRESSES
Current Legal Seat Address:
CALLE HERMOSILLA, 112
28009
Characteristics of
the current address
Type of establishment: store
Local Situation: main
|
STREET |
POSTAL CODE |
TOWN |
PROVINCE |
|
CALLE EDUARDO DATO, 22 |
01005 |
VITORIA-GASTEIZ |
Αlava |
|
CALLE TESIFONTE GALLEGO, 1 |
02002 |
|
|
|
PASEO DE |
04001 |
|
Almerνa |
|
CALLE ENRIQUE |
06004 |
|
|
|
CALLE JUAN CARLOS I |
06186 |
|
|
|
CALLE JUAN CARLOS I REY DE ESPAΡA, 2 |
06002 |
|
|
|
CALLE SANT MIQUEL |
07002 |
|
Baleares |
|
CALLE ANGEL GUIMERA, 11 |
08241 |
|
|
|
PLAZA CATALUNYA, 23 |
08002 |
|
|
|
AVENIDA DIAGONAL, 3 |
08019 |
|
|
There are 59 branches registered
CORPORATE STRUCTURE
ADMINISTRATIVE
LINKS
Main Board
members, Directors and Auditor
|
POSITION |
NAME AND SURNAME |
APPOINTMENT DATE |
|
|
PRESIDENT |
ALVAREZ ALVAREZ ISIDORO |
25/10/2006 |
|
|
MANAGING DIRECTOR |
ALVAREZ ALVAREZ CESAR |
25/10/2006 |
|
|
MANAGING DIRECTOR |
HERMOSO ARMADA JUAN |
25/10/2006 |
|
|
MANAGING DIRECTOR |
LASAGA MUNARRIZ FLORENCIO |
25/10/2006 |
|
|
MANAGING DIRECTOR |
|
25/10/2006 |
|
|
AUDITOR |
APPOINTMENT DATE |
||
|
DELOITTE SL |
08/11/2010 |
||
There are 6 board members, directors and auditors registered
Board members remuneration
Source: Annual financial report 2010
Board members remuneration: 0,00
Functional Managers
|
POSITION |
NAME AND SURNAME |
|
General Manager |
GARCIA POVEDA AGUSTIN |
|
Human Resources Director |
VALERO FERNANDO |
|
Commercial Director |
NAVAS |
|
Marketing Director |
NAVAS |
FINANCIAL LINKS
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATE REP. |
|
|
EL CORTE INGLES S.A. |
A28017895 |
100,00 |
OWN SOURCES |
11/02/2011 |
There are 1 direct financial links through shareholders
registered
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATE REP. |
|
|
OPERADORA SFERA MEXICO SA DE CV |
|
51,00 |
TRADE REG. |
28/02/2010 |
|
|
MODA JOVEN SFERA |
|
51,00 |
TRADE REG. |
28/02/2010 |
There are 2 direct financial links through participations
registered
CREDIT INFORMATION
Incorporation date: 22/06/2001
Activity: Retail sale of clothes
NACE 2009 CODE: 4771
NACE 2009 Activity: Retail sale of clothing in specialised
stores
Business: LA COMERCIALIZACION, IMPORTACION, EXPORTACION Y
VENTA
Latest employees figure: 1.603 (2011)
% of fixed employees: 75,36%
% of temporary employees: 24,64%
% of men: 12,05%
% of women: 87,95%
Employees
evolution
|
|
|
|
Source: Annual financial report 2010
|
CATEGORY |
AVERAGE NUMBER OF EMPLOYEES |
MEN |
WOMEN |
|
Distribution by sexes |
|
220 |
1.606 |
COMMERCIAL OPERATIONS
PURCHASES
Import Percentage: 66%
Imports from: UE Y OTROS PAISES
National Distribution: 34%
SALES
Exports to: OTROS PAISES
SUPPLIERS
|
BUSINESS NAME |
INTERNATIONAL |
|
EL CORTE INGLES GRANDES ALMACENES SA |
NO |
|
CENTRO DE SEGUROS Y SERVICIOS DE CORREDURIA DE SEGUROS SA |
NO |
|
VIAJES EL CORTE INGLES SA |
NO |
|
TELECOR SA |
NO |
|
EL CORTE INGLES SA |
NO |
|
CPI SA |
NO |
There are 6 Suppliers
CLIENTS
|
BUSINESS NAME |
INTERNATIONAL |
|
EL CORTE INGLES GRANDES ALMAZENS SA |
NO |
|
FINANCIERA EL CORTE INGLES EFC SA |
NO |
|
EL CORTE INGLES SA |
NO |
There are 3 Clients
El 78.08% de su cifra de negocio corresponde a
ventas minoristas.
El 0.11% de su cifra de negocio corresponde a
prestaciσn de servicios.
El 17.89% de su cifra de negocio corresponde a
ventas a empresas
El 99.89% de su cifra de negocio corresponde a
ventas.
El 2.49% de su cifra de negocio corresponde a
ventas a asociados.
El 1.54% de su cifra de negocio corresponde a
ventas a franquicias.
|
ENTITY |
BRANCH |
ADDRESS |
TOWN OR CITY |
PROVINCE |
|
BANCO SANTANDER, S.A. |
|
|
|
|
|
BNP PARIBAS ESPAΡA, S.A. |
|
|
|
|
There are 2 bank entities registered
Brand name: HIGH FASHION LOW COST (Valid)
Type: GRAPHICAL Scope: COMMUNITARY
Date: 29/10/2009
Brand name: (SFERA) (Valid)
Type: JOINT Scope: INTERNATIONAL
Date: 09/01/2008
Brand name: COLOUR (SFERA) (Valid)
Type: GRAPHICAL Scope: COMMUNITARY
Date: 24/01/2006
Brand name: YOUNG SFERA (Valid)
Type: GRAPHICAL Scope: COMMUNITARY
Date: 20/05/2005
Brand name: SFERA (Valid)
Type: DENOMINATIVE Scope: INTERNATIONAL
Date: 29/03/2004
There are 44 brands, signs and commercial names
LEGAL STRUCTURE
Constitution Data
Register Date: 22/06/2001
Register town:
Announcement number: 285774
Legal form: Joint-stock Company
Social Capital: 100.000.000,00
Paid-up capital: 100.000.000,00
Obligation to fill in Financial Statements: YES
Chamber census: YES (2009)
B.O.R.M.E.
(OFFICIAL
COMPANIES REGISTRY GAZETTE)
Acts on activity: 0
Acts on administrators: 70 (Last: 24/03/2011, first:
17/07/2001)
Acts on capital: 4 (Last: 04/03/2010, first:
21/03/2003)
Acts on creation: 1 (Last: 17/07/2001)
Acts on filed accounts: 9 (Last: 05/11/2010, first:
10/01/2003)
Acts on identification: 0
Acts on Information: 4 (Last: 09/07/2009, first:
14/07/2005)
Latest acts in
B.O.R.M.E.
Other acts
|
ACT |
DATE |
NOTICE NUM. |
TRADE REGISTER |
|
Appointments |
24/03/2011 |
132765 |
|
|
Resignations |
18/03/2011 |
124119 |
|
|
Appointments |
10/02/2011 |
59915 |
|
|
Appointments |
31/01/2011 |
39866 |
|
|
Appointments |
26/01/2011 |
31564 |
|
|
Resignations |
26/01/2011 |
31563 |
|
|
Appointments |
22/11/2010 |
430545 |
|
|
Re-elections |
08/11/2010 |
412038 |
|
Latest filed accounts
|
ACT |
DATE |
NOTICE NUM. |
TRADE REGISTER |
|
Annual Filed Accounts (2010) |
05/11/2010 |
998216 |
|
|
Annual Filed Accounts (2009) |
19/11/2009 |
897404 |
|
|
Annual Filed Accounts (2008) |
03/11/2008 |
1041332 |
|
There are 88 acts registered
PRESS ARTICLES
Press summary by
type of information (last five years)
Legal notices: 0
Structural Data: 36 (Last: 18/02/2011, first: 04/01/2006)
Informative data: 3 (Last: 16/04/2009, first: 08/02/2007)
Financial Information: 9 (Last: 30/08/2010, first: 28/08/2006)
Negative information: 0
Business lines: 0
Historical press releases: 47 (Last: 24/10/2005, first:
03/11/2001)
Latest press
article published
18/02/2011 EL CORREO DE
ANDALUCIA (Page 28) BRANCHES
El establecimiento SFERA que EL CORTE INGLES tiene en la sevillana Plaza
del Duque, se transformarα en la nueva tienda multimarca que el grupo ha
gestado sobre todo para el pϊblico joven. Este tipo de establecimiento
multimarca estα ya presente en
03/09/2010 INFORMATION (Page 30) BRANCHES
EL CORTE INGLΙS seguirα destinando el local ubicado en Alfonso El Sabio,
27 (
En julio
Finalmente, se ha decidido mantener la moda en el establecimiento, en el
que trabajarαn 40 personas.
30/08/2010 EXPANSIΣN (Page 6) FINANCIAL
DATA
SFERA, la cadena de moda y complementos del grupo EL CORTE INGLΙS,
alcanzσ una cifra de negocio de 156 millones de euros en el ejercicio fiscal
2009, un 9% menos que el ejercicio precedente. A pesar de ello, la Cνa. redujo
las pιrdidas a 17 millones, gracias a la mejora
Al cierre de 2009, SFERA contaba con 188 puntos de venta, incluidos los
establecimientos ubicados en el exterior y los espacios que se encuentran
dentro de los propios centros de EL CORTE INGLΙS.
There are 95 press articles registered for this company
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 20/12/2010.
The shaded amounts in the following financial statements have been converted to the norms established in the PGC2007 derived from RD 1514/2007 and 1515/2007, this way comparatives could be shown with the amounts of exercises initiated from 1/01/08.
This theoretical conversion exercise has been carried out from the financial statements contained in the accounting information presented on the Trade Register, and elaborated under the accounting norms and principles collected in PGC90 derived from RD 1643/1990, not taking into account any other type of information; for this reason the conversion exercise could include certain inaccuracies.
SITUATION BALANCE-SHEET
Assets
Figures given in
|
|
28/02/2010 (12) |
% ASSETS |
28/02/2009 (12) |
% ASSETS |
29/02/2008 (12) |
% ASSETS |
|
A) NON CURRENT ASSETS |
131.554.986,00 |
73,54 |
130.724.216,00 |
75,12 |
174.465.745,00 |
81,21 |
|
I. Intangible assets |
441.638,00 |
0,25 |
3.589.427,00 |
2,06 |
3.487.608,00 |
1,62 |
|
5. Software |
136.856,00 |
0,08 |
|
|
|
|
|
7. Other intangible assets |
304.782,00 |
0,17 |
3.589.427,00 |
2,06 |
|
|
|
II. Tangible fixed assets |
111.684.050,00 |
62,44 |
107.372.845,00 |
61,70 |
147.330.337,00 |
68,58 |
|
1. Property, plant and equipment |
8.790.550,00 |
4,91 |
|
|
|
|
|
2. Technical fittings and other tangible
assets |
102.893.500,00 |
57,52 |
107.372.845,00 |
61,70 |
|
|
|
III. Real-estate investments |
|
|
|
|
|
|
|
IV. Long term investments in associated
and affiliated companies |
12.276.337,00 |
6,86 |
11.813.900,00 |
6,79 |
16.466.971,00 |
7,67 |
|
1. Net worth instruments |
|
|
|
|
16.466.971,00 |
7,67 |
|
6. Other investments |
12.276.337,00 |
6,86 |
11.813.900,00 |
6,79 |
|
|
|
V. Long Term Financial Investments |
6.611.161,00 |
3,70 |
7.406.244,00 |
4,26 |
7.180.829,00 |
3,34 |
|
5. Other financial assets |
6.611.161,00 |
3,70 |
7.406.244,00 |
4,26 |
7.180.829,00 |
3,34 |
|
VI. Assets by deferred taxes |
541.800,00 |
0,30 |
541.800,00 |
0,31 |
|
|
|
VII. Non current commercial debts |
|
|
|
|
|
|
|
B) CURRENT ASSETS |
47.323.406,00 |
26,46 |
43.303.359,00 |
24,88 |
40.361.735,30 |
18,79 |
|
I. Non-current assets maintained for sale |
|
|
|
|
|
|
|
II. Stocks |
27.813.851,00 |
15,55 |
29.517.570,00 |
16,96 |
28.969.936,00 |
13,49 |
|
1. Goods available for sale |
27.813.851,00 |
15,55 |
|
|
|
|
|
3. Work in Progress |
|
|
29.517.570,00 |
16,96 |
|
|
|
b) Short production
cycle |
|
|
29.517.570,00 |
16,96 |
|
|
|
III. Trade Debtors and other receivable
accounts |
3.737.076,00 |
2,09 |
5.674.055,00 |
3,26 |
7.308.265,30 |
3,40 |
|
1. Clients |
5.210,00 |
0,00 |
2.133,00 |
0,00 |
|
|
|
b) Clients for sales and
short term services rendering |
5.210,00 |
0,00 |
2.133,00 |
0,00 |
|
|
|
2. Clients group and associated companies |
1.187.315,00 |
0,66 |
160.992,00 |
0,09 |
106.936,00 |
0,05 |
|
3. Other debts |
2.526.660,00 |
1,41 |
5.151.616,00 |
2,96 |
4.315.397,00 |
2,01 |
|
6. Other credits with the Public
Administrations |
17.891,00 |
0,01 |
359.314,00 |
0,21 |
2.885.932,30 |
1,34 |
|
IV. Short term investments in associated
and affiliated companies |
|
|
|
|
|
|
|
V. Short term financial investments |
1.135.714,00 |
0,63 |
541.347,00 |
0,31 |
10.726,00 |
0,00 |
|
2. Credits to companies |
|
|
|
|
10.726,00 |
0,00 |
|
4. By-products |
1.124.988,00 |
0,63 |
530.621,00 |
0,30 |
|
|
|
5. Other financial assets |
10.726,00 |
0,01 |
10.726,00 |
0,01 |
|
|
|
VI. Short term periodifications |
398.975,00 |
0,22 |
1.292.203,00 |
0,74 |
662.280,00 |
0,31 |
|
VII. Cash and equivalents |
14.237.790,00 |
7,96 |
6.278.184,00 |
3,61 |
3.410.528,00 |
1,59 |
|
1. Treasury |
14.237.790,00 |
7,96 |
6.278.184,00 |
3,61 |
3.410.528,00 |
1,59 |
|
TOTAL ASSETS (A + B) |
178.878.392,00 |
100,00 |
174.027.575,00 |
100,00 |
214.827.480,30 |
100,00 |
Alerts associated to the conversion to PGC2007
In
the conversion process there have been eliminated the existing incorporation
costs of PGC90, for 9180151 , but not the amortization cost of those
periodificable expenses. Additionally, capital increase and incorporation costs
could not be identified and they should the allocated to Net Worth not going
through the Profit and Loss Account.
The
valuation norms applicable to financial instruments has changed substantially
and, for this reason the conversion of financial statements from PGC90 to
PGC2007 could include notable inaccuracy.
In
the conversion process there could not be identified the value of By-products
contracted by the Company that are susceptible to be recorded under PGC2007.
Assets composition
graphs
|
|
|
|
Assets composition per chapter |
|
|
|
|
|
Non current assets composition per epigraph |
Current assets composition per epigraph |
|
|
|
|
|
|
Net Worth and
Liabilities
Figures given in
|
|
28/02/2010 (12) |
% ASSETS |
28/02/2009 (12) |
% ASSETS |
29/02/2008 (12) |
% ASSETS |
|
A) NET WORTH |
114.910.080,00 |
64,24 |
55.560.105,00 |
31,93 |
135.038.061,30 |
62,86 |
|
A-1) Equity |
114.171.220,00 |
63,83 |
55.560.105,00 |
31,93 |
135.038.061,30 |
62,86 |
|
I. Capital |
100.000.000,00 |
55,90 |
70.000.000,00 |
40,22 |
70.000.000,00 |
32,58 |
|
1. Authorized capital |
100.000.000,00 |
55,90 |
70.000.000,00 |
40,22 |
70.000.000,00 |
32,58 |
|
II. Issue premium |
54.075.750,00 |
30,23 |
9.075.750,00 |
5,22 |
85.000.000,00 |
39,57 |
|
III. Reserves |
1.256.650,00 |
0,70 |
1.257.996,00 |
0,72 |
-5.168.109,70 |
-2,41 |
|
1. Legal and statutory |
1.256.650,00 |
0,70 |
1.256.650,00 |
0,72 |
1.256.650,00 |
0,58 |
|
2. Other funds |
|
|
1.346,00 |
0,00 |
-6.424.759,70 |
-2,99 |
|
IV. (Net worth own shares and participations) |
|
|
|
|
|
|
|
V. Results from previous years |
-25.297.314,00 |
-14,14 |
|
|
-1.585.747,00 |
-0,74 |
|
2. (Prior years losses) |
-25.297.314,00 |
-14,14 |
|
|
-1.585.747,00 |
-0,74 |
|
VI. Other loans from partners |
|
|
|
|
|
|
|
VII. Exercise Result |
-15.863.866,00 |
-8,87 |
-24.773.641,00 |
-14,24 |
-13.208.082,00 |
-6,15 |
|
VIII. (Interim dividend) |
|
|
|
|
|
|
|
IX. Other net worth instruments |
|
|
|
|
|
|
|
A-2) Value changes adjustments |
738.860,00 |
0,41 |
|
|
|
|
|
I. Financial assets available for sale |
738.860,00 |
0,41 |
|
|
|
|
|
II. Coverage operations |
|
|
|
|
|
|
|
III. Non-current assets and related liabilities, maintained for sale |
|
|
|
|
|
|
|
IV. Conversion differences |
|
|
|
|
|
|
|
V. Other |
|
|
|
|
|
|
|
A-3) Received legacies, grants and subventions |
|
|
|
|
|
|
|
B) NON CURRENT LIABILITIES |
379.075,00 |
0,21 |
6.000,00 |
0,00 |
54.093,00 |
0,03 |
|
I. Long term provisions |
|
|
|
|
|
|
|
II. Long term debts |
|
|
|
|
|
|
|
III. Long term debts with associated and affiliated companies |
62.421,00 |
0,03 |
6.000,00 |
0,00 |
54.093,00 |
0,03 |
|
IV. Liabilities by deferred taxes |
316.654,00 |
0,18 |
|
|
|
|
|
V. Long term periodifications |
|
|
|
|
|
|
|
VI. Non current trade creditors |
|
|
|
|
|
|
|
VII. Long term debts with special characteristics |
|
|
|
|
|
|
|
C) CURRENT LIABILITIES |
63.589.237,00 |
35,55 |
118.461.470,00 |
68,07 |
79.735.326,00 |
37,12 |
|
I. Liabilities related with non-current assets maintained for sale |
|
|
|
|
|
|
|
II. Short term provisions |
|
|
|
|
|
|
|
III. Short term debts |
8.089.357,00 |
4,52 |
16.217.873,00 |
9,32 |
|
|
|
5. Other financial liabilities |
8.089.357,00 |
4,52 |
16.217.873,00 |
9,32 |
|
|
|
IV. Short term debts with associated and affiliated companies |
34.664.447,00 |
19,38 |
83.766.884,00 |
48,13 |
|
|
|
V. Trade creditors and other payable accounts |
20.835.433,00 |
11,65 |
18.476.713,00 |
10,62 |
79.735.326,00 |
37,12 |
|
1. Suppliers |
16.709.609,00 |
9,34 |
15.945.477,00 |
9,16 |
38.539.004,00 |
17,94 |
|
b) Short term suppliers |
16.709.609,00 |
9,34 |
15.945.477,00 |
9,16 |
|
|
|
2. Suppliers group and associated companies |
286.884,00 |
0,16 |
296.475,00 |
0,17 |
39.252.913,00 |
18,27 |
|
3. Different creditors |
1.591.343,00 |
0,89 |
116.479,00 |
0,07 |
|
|
|
4. Staff (pending remunerations) |
839.643,00 |
0,47 |
982.097,00 |
0,56 |
634.464,00 |
0,30 |
|
6. Other debts with Public Administrations |
1.407.954,00 |
0,79 |
1.136.185,00 |
0,65 |
1.308.945,00 |
0,61 |
|
VI. Short term periodifications |
|
|
|
|
|
|
|
VII. Short term debts with special characteristics |
|
|
|
|
|
|
|
TOTAL NET WORTH AND LIABILITIES (A + B + C) |
178.878.392,00 |
100,00 |
174.027.575,00 |
100,00 |
214.827.480,30 |
100,00 |
Alerts associated to the conversion to PGC2007
In
the conversion process there has been made the assumption that the creditors
balance with the group and associated companies have a financial and not
commercial character.
In
the conversion process there has been made the assumption that the creditors
balance with the group and associated companies have a commercial and not
financial character.
In
the conversion process it has not been possible to breakdown the composition of
liabilities originated by debts with the public administrations; for this
reason the mentioned amounts are presented fully aggregated in the item other
debts with the public administrations
Net worth and
liabilities composition graphs
|
|
|
|
Net Worth and Liabilities composition per
chapter |
|
|
|
|
|
Non current liabilities composition per
epigraph |
Current liabilities composition per
epigraph |
|
|
|
|
|
|
PROFIT AND LOSS ACCOUNT
Figures given in
|
|
28/02/2010 (12) |
%OPERATING INCOME |
28/02/2009 (12) |
%OPERATING INCOME |
29/02/2008 (12) |
%OPERATING INCOME |
|
A) CONTINUED OPERATIONS |
|
|
|
|
|
|
|
1. Net Turnover |
181.056.421,00 |
98,97 |
166.811.616,00 |
97,34 |
147.650.008,00 |
86,47 |
|
A) Sales |
180.829.529,00 |
98,85 |
|
|
147.211.148,00 |
86,21 |
|
b) Services provided |
226.892,00 |
0,12 |
166.811.616,00 |
97,34 |
438.860,00 |
0,26 |
|
2. Variation in stocks of finished goods and work in progress |
|
|
|
|
|
|
|
3. Works for its own assets |
|
|
|
|
|
|
|
4. Supplies |
-98.327.980,00 |
-53,75 |
-95.882.463,00 |
-55,95 |
-86.266.239,00 |
-50,52 |
|
a) Material consumed |
-96.368.312,00 |
-52,68 |
-92.700.234,00 |
-54,09 |
-82.896.397,00 |
-48,55 |
|
b) Raw materials consumed |
-2.261.262,00 |
-1,24 |
-3.101.413,00 |
-1,81 |
-3.126.932,00 |
-1,83 |
|
c) Works carried out for other companies |
-177.985,00 |
-0,10 |
-272.254,00 |
-0,16 |
-242.910,00 |
-0,14 |
|
d) Deterioration on merchandises, raw materials and other supplies |
479.579,00 |
0,26 |
191.438,00 |
0,11 |
|
|
|
5. Other operating income |
1.877.514,00 |
1,03 |
4.555.802,00 |
2,66 |
23.104.432,00 |
13,53 |
|
a) Other incomes |
1.864.024,00 |
1,02 |
4.474.845,00 |
2,61 |
23.104.432,00 |
13,53 |
|
b) Operating grants included in the exercise result |
13.490,00 |
0,01 |
80.957,00 |
0,05 |
|
|
|
6. Labour cost |
-39.606.044,00 |
-21,65 |
-36.316.942,00 |
-21,19 |
-30.215.782,00 |
-17,70 |
|
a) Wages and similar expenses |
-30.442.741,00 |
-16,64 |
-36.316.942,00 |
-21,19 |
|
|
|
b) Social costs |
-9.163.303,00 |
-5,01 |
|
|
|
|
|
7. Other operating costs |
-61.120.886,00 |
-33,41 |
-65.370.799,00 |
-38,15 |
-58.479.732,00 |
-34,25 |
|
a) External services |
|
|
|
|
-50.479.376,00 |
-29,56 |
|
b) Taxes |
|
|
|
|
-429.170,00 |
-0,25 |
|
c) Losses, deterioration and variation on business operations
provisions |
|
|
|
|
-1.009.108,00 |
-0,59 |
|
d) Other day to day expenses |
-61.120.886,00 |
-33,41 |
-65.370.799,00 |
-38,15 |
-6.562.078,00 |
-3,84 |
|
8. Amortization of fixed assets |
-9.975.383,00 |
-5,45 |
-7.636.106,00 |
-4,46 |
-14.006.810,00 |
-8,20 |
|
9. Allocation of subventions on non financial investments and other |
|
|
|
|
|
|
|
10. Provisions excess |
|
|
|
|
|
|
|
11. Deterioration and result for fixed assets disposal |
1.001.673,00 |
0,55 |
-768.556,00 |
-0,45 |
-2.067.293,00 |
-1,21 |
|
a) Deteriorations and losses |
1.001.673,00 |
0,55 |
|
|
|
|
|
b) Results for disposals and others |
|
|
-768.556,00 |
-0,45 |
-2.067.293,00 |
-1,21 |
|
12. Negative difference of business combinations |
|
|
|
|
|
|
|
13. Other results |
|
|
|
|
|
|
|
A.1) OPERATING RESULT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 +
12 + 13) |
-25.094.685,00 |
-13,72 |
-34.607.448,00 |
-20,19 |
-20.281.416,00 |
-11,88 |
|
14. Financial income |
4.060,00 |
0,00 |
38.315,00 |
0,02 |
46.233,00 |
0,03 |
|
a) From net worth instruments participations |
4.060,00 |
0,00 |
38.315,00 |
0,02 |
|
|
|
a 2) On third parties |
4.060,00 |
0,00 |
38.315,00 |
0,02 |
|
|
|
b) From negotiable values and other financial instruments |
|
|
|
|
46.233,00 |
0,03 |
|
b 2) From third parties |
|
|
|
|
46.233,00 |
0,03 |
|
15. Financial expenses |
-1.042,00 |
0,00 |
-803,00 |
0,00 |
-533,00 |
0,00 |
|
b) For debts with third parties |
-1.042,00 |
0,00 |
-803,00 |
0,00 |
-533,00 |
0,00 |
|
16. Reasonable value variation on financial instruments |
-530.621,00 |
-0,29 |
566.430,00 |
0,33 |
|
|
|
a) Negotiation portfolio and others |
-530.621,00 |
-0,29 |
566.430,00 |
0,33 |
|
|
|
17. Exchange differences |
1.892.511,00 |
1,03 |
3.258.400,00 |
1,90 |
|
|
|
18. Deterioration and result for disposal of financial instruments |
462.437,00 |
0,25 |
-4.654.679,00 |
-2,72 |
|
|
|
b) Results for disposals and others |
462.437,00 |
0,25 |
-4.654.679,00 |
-2,72 |
|
|
|
19. Other financial income and expenses |
|
|
|
|
|
|
|
A.2) FINANCIAL RESULT (14 + 15 + 16 + 17 + 18 + 19) |
1.827.345,00 |
1,00 |
-792.337,00 |
-0,46 |
45.700,00 |
0,03 |
|
A.3) RESULT BEFORE TAXES (A.1 + A.2) |
-23.267.340,00 |
-12,72 |
-35.399.785,00 |
-20,66 |
-20.235.716,00 |
-11,85 |
|
20. Taxes on profits |
7.403.474,00 |
4,05 |
10.626.144,00 |
6,20 |
7.027.634,00 |
4,12 |
|
A.4) EXERCISE RESULT COMING FROM CONTINUED OPERATIONS (A.3 + 20) |
-15.863.866,00 |
-8,67 |
-24.773.641,00 |
-14,46 |
-13.208.082,00 |
-7,74 |
|
B) DISCONTINUED OPERATIONS |
|
|
|
|
|
|
|
21. Net of taxes exercise result coming from discontinued operations |
|
|
|
|
|
|
|
A.5) EXERCISE RESULT (A.4 + 21) |
-15.863.866,00 |
-8,67 |
-24.773.641,00 |
-14,46 |
-13.208.082,00 |
-7,74 |
Alerts associated to the conversion to PGC2007
The
valuation norms applicable to extraordinary results and other exercises ones
have changed substantially and, for this reason the conversion of financial
statements of the formulation exercise of the accounts to PGC2007 could include
notable inaccuracies.
The
valuation norms applicable to deteriorations and results for assets disposal
have changed substantially and, for this reason, the conversion of financial
statements of the formulation exercise of the accounts to PGC2007 could include
notable inaccuracies. In the conversion process there have been made the
following assumptions: 1) the total gains from disposal of fixed assets
corresponds with results for disposal of fixed assets and not of financial
instruments. 2) no sale of non functional assets derived from discontinued
operations has taken place.
Valuation
norms applicable to Financial instruments collected in PGC2007 present notable
changes with respect to PGC90. As a consequence, the conversion of the
financial statements of the accounts to PGC2007, carried out considering mainly
classification changes in the accounts might contain certain inaccuracies.
Composition of the
Profit and Loss Account graphs
|
|
|
|
Operating expenses relative weigh per
epigraph evolution |
Profit and loss account relative weigh per
epigraph evolution |
|
|
|
|
|
|
NET WORTH CHANGES STATUS
Status of
recognized income and expenses
Figures given in
|
NET WORTH CHANGES (1/3) |
28/02/2010 (12) |
28/02/2009 (12) |
|
A) PROFIT AND LOSS ACCOUNT RESULT |
-15.863.866,00 |
-24.773.641,00 |
|
INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH |
|
|
|
|
|
|
|
II. Cash flow coverage |
1.055.515,00 |
|
|
III. Received legacies, grants and subventions |
|
|
|
IV. For actuarial profits and losses and other adjustments |
|
|
|
V. Non-current assets and related liabilities, maintained for sale |
|
|
|
VI. Conversion differences |
|
|
|
VII. Tax effect |
-316.655,00 |
|
|
B) TOTAL INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH (I + II +
III + IV +V+VI+VII) |
738.860,00 |
|
|
PROFIT AND LOSS ACCOUNT TRANSFERS |
|
|
|
VIII. For valuation of financial instruments |
|
|
|
IX. Cash flow coverage |
|
|
|
X. Received legacies, grants and subventions |
|
|
|
XI. Non-current assets and related liabilities, maintained for sale |
|
|
|
XII. Conversion differences |
|
|
|
XIII. Tax effect |
|
|
|
C) TOTAL TRANSFERS TO THE PROFIT AND LOSS ACCOUNT (VIII + IX + X + XI+
XII+ XIII) |
|
|
|
TOTAL INCOME AND EXPENSES RECOGNIZED (A + B + C) |
-15.125.006,00 |
-24.773.641,00 |
Total net worth
changes status
Figures given in
|
NET WORTH CHANGES ( 2 /3) |
AUTHORIZED CAPITAL |
ISSUE PREMIUM |
RESERVES |
RESULTS FROM PREVIOUS EXERCISES |
|
FINAL ACCOUNT BALANCE OF EXERCISE (2008) |
70.000.000,00 |
85.000.000,00 |
-59.872.425,00 |
-1.585.747,00 |
|
I. Adjustments by change of criteria in the exercise (2008) |
|
|
|
|
|
II. Adjustments by errors in the exercise (2008) |
|
|
|
|
|
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2009) |
70.000.000,00 |
85.000.000,00 |
-59.872.425,00 |
-1.585.747,00 |
|
I. Total recognized income and expenses |
|
|
|
|
|
II. Operations with partners or owners |
|
|
|
|
|
III. Other net worth variations |
|
-75.924.250,00 |
61.130.421,00 |
1.585.747,00 |
|
FINAL ACCOUNT BALANCE OF EXERCISE (2009) |
70.000.000,00 |
9.075.750,00 |
1.257.996,00 |
1.346,00 |
|
I. Adjustments by change of criteria in the exercise (2009) |
|
|
|
|
|
II. Adjustments by errors in the exercise (2009) |
|
|
|
|
|
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2010) |
70.000.000,00 |
9.075.750,00 |
1.257.996,00 |
1.346,00 |
|
I. Total recognized income and expenses |
|
|
|
|
|
II. Operations with partners or owners |
30.000.000,00 |
45.000.000,00 |
|
-25.298.660,00 |
|
1. Capital Increases |
30.000.000,00 |
45.000.000,00 |
|
|
|
2. (-) Capital reductions |
|
|
|
-525.019,00 |
|
7. Other operations with partners or owners |
|
|
|
-24.773.641,00 |
|
III. Other net worth variations |
|
|
-1.346,00 |
|
|
FINAL ACCOUNT BALANCE OF EXERCISE (2010) |
100.000.000,00 |
54.075.750,00 |
1.256.650,00 |
-25.297.314,00 |
|
NET WORTH CHANGES ( 3 /3) |
EXERCISE RESULT |
VALUE CHANGES ADJUSTMENT |
TOTAL |
|
|
FINAL ACCOUNT BALANCE OF EXERCISE (2008) |
-13.208.082,00 |
|
80.333.746,00 |
|
|
I. Adjustments by change of criteria in the exercise (2008) |
|
|
|
|
|
II. Adjustments by errors in the exercise (2008) |
|
|
|
|
|
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2009) |
-13.208.082,00 |
|
80.333.746,00 |
|
|
I. Total recognized income and expenses |
-24.773.641,00 |
|
-24.773.641,00 |
|
|
II. Operations with partners or owners |
|
|
|
|
|
III. Other net worth variations |
13.208.082,00 |
|
|
|
|
FINAL ACCOUNT BALANCE OF EXERCISE (2009) |
-24.773.641,00 |
|
55.561.451,00 |
|
|
I. Adjustments by change of criteria in the exercise (2009) |
|
|
|
|
|
II. Adjustments by errors in the exercise (2009) |
|
|
|
|
|
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2010) |
-24.773.641,00 |
|
55.561.451,00 |
|
|
I. Total recognized income and expenses |
-15.863.866,00 |
738.860,00 |
-15.125.006,00 |
|
|
II. Operations with partners or owners |
24.773.641,00 |
|
74.474.981,00 |
|
|
1. Capital Increases |
|
|
74.474.981,00 |
|
|
2. (-) Capital reductions |
|
|
|
|
|
7. Other operations with partners or owners |
24.773.641,00 |
|
|
|
|
III. Other net worth variations |
|
|
-1.346,00 |
|
|
FINAL ACCOUNT BALANCE OF EXERCISE (2010) |
-15.863.866,00 |
738.860,00 |
114.910.080,00 |
|
Net Worth composition
graph
|
|
|
|
|
|
CASH FLOW STATUS
Figures given in
|
|
28/02/2010 (12) |
28/02/2009 (12) |
|
A) CASH FLOW COMING FROM OPERATING ACTIVITIES |
|
|
|
1. exercise result before taxes |
-23.267.340,00 |
-35.399.785,00 |
|
2. Results adjustments |
3.971.916,00 |
14.069.961,00 |
|
a) Amortization of fixed assets (+) |
9.975.383,00 |
7.636.106,00 |
|
c) Change of Provisions (+/-) |
-5.529.397,00 |
6.269.241,00 |
|
e) Results for decline and disposal of fixed assets (+/-) |
-1.001.673,00 |
768.556,00 |
|
g) Financial income (-) |
-4.060,00 |
-38.315,00 |
|
f) Financial expenses (+) |
1.042,00 |
803,00 |
|
j) Reasonable value variation on financial instruments (+/-) |
530.621,00 |
-566.430,00 |
|
3. Changes in current capital |
-41.730.212,00 |
70.015.901,00 |
|
a) Stocks (+/-) |
2.183.298,00 |
-356.196,00 |
|
b) Debtors and other receivable accounts (+/-) |
1.936.979,00 |
-2.925.835,00 |
|
c) Other current assets (+/-) |
893.228,00 |
-629.923,00 |
|
d) Creditors and other payable accounts (+/-) |
-46.743.717,00 |
73.927.855,00 |
|
4. Other cash flow coming from operating activities |
7.813.672,00 |
7.065.146,00 |
|
a) Interests payments (-) |
-1.042,00 |
-803,00 |
|
b) Dividends collections (+) |
|
38.315,00 |
|
c) Interests collections (+) |
4.060,00 |
|
|
d) Collections (payments) for profit tax (+/-) |
7.810.654,00 |
7.027.634,00 |
|
5. Cash flow coming from operating activities (1 + 2 + 3 + 4) |
-53.211.964,00 |
55.751.223,00 |
|
B) CASH FLOW COMING FROM INVESTING ACTIVITIES |
|
|
|
6. Investment payments (-) |
-24.467.911,00 |
-53.141.530,00 |
|
a) Group and associated companies |
|
-1.608,00 |
|
b) Intangible assets |
-64.340,00 |
-149.351,00 |
|
c) Tangible assets |
-24.292.674,00 |
-52.464.268,00 |
|
e) Other financial assets |
-110.897,00 |
-526.303,00 |
|
7. Disinvestment collections (+) |
10.583.060,00 |
306.056,00 |
|
b) Intangible assets |
467.107,00 |
|
|
c) Tangible assets |
9.209.973,00 |
5.168,00 |
|
e) Other financial assets |
905.980,00 |
300.888,00 |
|
8. Cash Flow in investment activities (6 + 7) |
-13.884.851,00 |
-52.835.474,00 |
|
C) CASH FLOW COMING FROM FINANCING ACTIVITIES |
|
|
|
9. Net worth instruments collections and payments |
75.000.000,00 |
|
|
a) Net worth instruments issue (+) |
75.000.000,00 |
|
|
10. Financial liabilities instruments collections and payments |
56.421,00 |
-48.093,00 |
|
a) Issue |
56.421,00 |
|
|
3. Debts with group and associated companies (+) |
56.421,00 |
|
|
b) Return and amortization of |
|
-48.093,00 |
|
3. Debts with group and associated companies (-) |
|
-48.093,00 |
|
11. Payments for dividends and remunerations of other net worth
instruments |
|
|
|
12. Cash Flow in financing activities (9 + 10 + 11) |
75.056.421,00 |
-48.093,00 |
|
D) Exchange rate variations effect |
|
|
|
E) NET CASH OR EQUIVALENTS INCREASE / REDUCTION (5 + 8 + 12 + D) |
7.959.606,00 |
2.867.656,00 |
|
Cash or equivalents at the beginning of the exercise |
6.278.184,00 |
3.410.528,00 |
|
Cash or equivalents at the end of the exercise |
14.237.790,00 |
6.278.184,00 |
Equilibrium
Graphic and Indebtedness
|
|
|
|
Financial Balance - Working Capital |
|
|
|
|
|
Financial Balance - Working Capital
Evolution |
Debt Evolution |
|
|
|
|
|
|
Comments on
financial balance and indebtedness
In the 2.010 the assets of the company were
formed in 73,54% by non current assets
and in 26,46% by current assets . This assets were
financed in 64,24% with own capitals, in 0,21% with
long term debt and in 35,55% with short term debt .
The result of this financial structure is a working capital
negative and equal to -16.265.831,00 euros,
which is equivalent to a proportion of -9,09% proportion of the companys total assets .
This measure has increased with respect to the previous exercise
in 78,36% having also increased its proportion with respect to the
total assets of the company .
The improvement between 2.009 and 2.010 is
due mainly to current assets increase and to current liabilities
reduction .
In the 2.009 the assets of the company were
formed in 75,12% by non current assets
and in 24,88% by current assets . This assets were
financed in 31,93% with own capitals, in 0,00% with
long term debt and in 68,07% with short term debt .
The result of this financial structure is a working capital
negative and equal to -75.158.111,00 euros,
which is equivalent to a proportion of -43,19% proportion of the companys total assets .
This measure has diminished with respect to the previous exercise
in 90,88% having also diminished its proportion with respect to the
total assets of the company .
The worsening between 2.008 and 2.009 is due
mainly to an increase of current liabilities .
In the 2.008 the assets of the company were
formed in 81,21% by non current assets
and in 18,79% by current assets . This assets were
financed in 62,86% with own
capitals, in 0,03% with long term
debt and in 37,12% with short term debt .
The result of this financial structure is a working capital
negative and equal to -39.373.590,70 euros,
which is equivalent to a proportion of -18,33% proportion of the companys total assets .
Debt service coverage decreased
in 144,87% between 2.009 and 2.010. In
the 2.010 this measure takes negative values, which implies that the
company does not generate positive liquid resources to face indebtedness.
Debt service coverage grew
in 2.538,24% between 2.008 and 2.009 which
implies a deterioration in the companys capacity to face indebtedness through
liquid resources generated by its activity.
The worsening between 2.008 and 2.009 is due
mainly to an increase of indebtedness .
Interest coverage
grew 44,12% between 2.009 and 2.010 which implies
an improvement in the capacity of the company to generate resources to face
debt service (financial charge) .
The improvement between 2.009 and 2.010 has been
mainly due to an increase in operating results.
Interest coverage decreased
in 13,26% between 2.008 and 2.009 which implies a
deterioration in the capacity of the company to generate resources to face debt
service (financial charge) .
The worsening between 2.008 and 2.009 it has been
due to a reduction in the operating result and an increase in financial
expenses .
RATIOS
|
|
28/02/2010 (12) |
CHANGE % |
28/02/2009 (12) |
CHANGE % |
29/02/2008 (12) |
|
BALANCE RATIOS |
|||||
|
Working Capital () |
-16.265.831,00 |
78,36 |
-75.158.111,00 |
-90,88 |
-39.373.590,70 |
|
Working capital ratio |
-0,09 |
79,07 |
-0,43 |
-138,89 |
-0,18 |
|
Soundness Ratio |
0,87 |
102,33 |
0,42 |
-44,16 |
0,77 |
|
Average Collection Period (days) |
8 |
-38,24 |
12 |
-30,61 |
18 |
|
Average Payment Period (days) |
125 |
-45,11 |
228 |
15,06 |
198 |
|
LIQUIDITY RATIOS |
|||||
|
Current Ratio (%) |
74,42 |
103,56 |
36,56 |
-27,78 |
50,62 |
|
Quick Ratio (%) |
24,18 |
319,79 |
5,76 |
34,27 |
4,29 |
|
DEBT RATIOS |
|||||
|
Borrowing percentage (%) |
23,94 |
-58,34 |
57,46 |
191.433,33 |
0,02 |
|
External Financing Average Cost |
0,00 |
|
0,00 |
-100,00 |
0,01 |
|
Debt Service Coverage |
-0,80 |
-144,69 |
1,79 |
2.457,14 |
0,07 |
|
Interest Coverage |
-24.083,19 |
44,12 |
-43.097,69 |
-13,26 |
-38.051,44 |
|
GENERAL AND ACTIVITIES RATIOS |
|||||
|
Auto financing generated by sales (%) |
-29,39 |
-187,94 |
33,42 |
6.088,89 |
0,54 |
|
Auto financing generated by Assets (%) |
-29,75 |
-192,85 |
32,04 |
8.559,46 |
0,37 |
|
Breakdown Point |
0,88 |
6,02 |
0,83 |
-5,68 |
0,88 |
|
Average Sales Volume per Employee |
112.948,48 |
2,51 |
110.179,40 |
-0,45 |
110.682,16 |
|
Average Cost per Employee |
24.707,45 |
3,00 |
23.987,41 |
5,90 |
22.650,51 |
|
Assets Turnover |
1,01 |
5,21 |
0,96 |
39,13 |
0,69 |
|
Inventory Turnover (days) |
102 |
-8,12 |
111 |
-8,33 |
121 |
|
RESULTS RATIOS |
|||||
|
Return on Assets (ROA) (%) |
-14,03 |
29,46 |
-19,89 |
-110,70 |
-9,44 |
|
Operating Profitability (%) |
-7,89 |
50,50 |
-15,94 |
-310,82 |
-3,88 |
|
Return on Equity (ROE) (%) |
-20,38 |
68,01 |
-63,71 |
-325,30 |
-14,98 |
Ratios comments
The economic profitability in the year 2.010 The economic
profitability in the year -14,03% .
The economic profitability in the year 2.010 has
improved from -19,89% from 2.009 up
to -14,03% from 2.010, in
spite of maintaining itself in negative values. This improvement has
contributed to the growth in assets turnover, that has evolved
to 0,96 to 1,01.
Financial profitability on 2.010 The economic profitability
in the year -20,38%.
The companys financial structure has slowed down its financial
profitability.
The economic profitability in the year 2.009 The economic
profitability in the year -19,89% .
The economic profitability in the year 2.009 has
deteriorated from -9,44% from 2.008 up to -19,89% from 2.009 current
value, going deeper into the negative values. This evolution means a dangerous
situation for the company. This deterioration has taken place in spite of
the improvement in assets turnover, from 0,69 up to its current value
of 0,96.
Financial profitability on 2.009 The economic profitability
in the year -63,71%.
The companys financial structure has slowed down its financial
profitability.
SECTORIAL ANALYSIS
Balance Sheet and
Financial Balance
Figures expressed in %
|
|
COMPANY (2010) |
SECTOR |
DIFFERENCE |
|
BALANCE SHEET ANALYSIS: % on the total
assets |
|
|
|
|
ASSETS |
|||
|
A) NON CURRENT ASSETS |
73,54 |
69,94 |
3,60 |
|
A) CURRENT ASSETS |
26,46 |
30,06 |
-3,60 |
|
LIABILITIES |
|||
|
A) NET WORTH |
64,24 |
50,46 |
13,78 |
|
B) NON CURRENT LIABILITIES |
0,21 |
4,24 |
-4,02 |
|
C) CURRENT LIABILITIES |
35,55 |
45,31 |
-9,76 |
|
|
|
|
|
Sectorial
Financial Balance Comparison
|
|
|
|
Financial Balance - Working Capital Company |
Financial Balance - Working Capital Sector |
|
|
|
|
|
|
|
|
|
Comments of the
sectorial analysis
In the 2.010 the assets of the company were formed
in 73,54% of non current assets and in 26,46% of current
assets In the sector, the proportion of non current assets was
of 69,94%, and the proportion of current assets was of 30,06% .
The assets were financed in the company in 64,24% with own
capitals, in 0,21% with long term debt and in
35,55% with short term debt. In the sector, the self financing
represented 50,46%.
On the other hand long term debts represented in the sector an average
of 4,24% the financing. Short term liabilities represented in
the sector an average of 45,31% the financing.
The result of this companys financial structure is a working capital
that represents -9,09% of
the total assets; in the sector, this same proportion is -15,25%.
Analytical Account of Results
Figures given in %
|
|
COMPANY (2010) |
SECTOR |
DIFFERENCE |
|
Net Turnover |
98,97 |
98,80 |
0,17 |
|
Other operating income |
1,03 |
1,20 |
-0,17 |
|
OPERATING INCOME |
100,00 |
100,00 |
0,00 |
|
Supplies |
-53,75 |
-54,29 |
0,54 |
|
Variation in stocks of finished goods and work in progress |
|
0,00 |
|
|
GROSS MARGIN |
46,25 |
45,71 |
0,54 |
|
Other operating costs |
-33,41 |
-16,26 |
-17,15 |
|
Labour cost |
-21,65 |
-12,87 |
-8,78 |
|
GROSS OPERATING RESULT |
-8,81 |
16,59 |
-25,40 |
|
Amortization of fixed assets |
-5,45 |
-3,96 |
-1,49 |
|
Deterioration and result for fixed assets disposal |
0,55 |
-0,04 |
0,59 |
|
NET OPERATING RESULT |
-13,72 |
12,58 |
-26,30 |
|
Financial result |
1,00 |
-0,34 |
1,34 |
|
RESULT BEFORE TAX |
-12,72 |
12,24 |
-24,96 |
|
Taxes on profits |
4,05 |
-3,25 |
7,30 |
|
RESULT COMING FROM CONTINUED OPERATIONS |
-8,67 |
|
|
|
NET RESULT |
-8,67 |
8,99 |
-17,66 |
Analytical account of results composition graphs
|
Company-sector profit and loss account
relative weighs per epigraph |
Company-sector profit and loss account
partial results relative weighs per epigraph |
|
|
|
|
|
|
Main Ratios
|
|
COMPANY (2010) |
PTILE25 |
PTILE50 |
PTILE75 |
|
BALANCE RATIOS |
|
|
|
|
|
Working Capital () |
-16.265.831,00 |
-13.483.949,15 |
-4.649.644,58 |
2.932.852,35 |
|
Working capital ratio |
-0,09 |
-0,27 |
-0,05 |
0,09 |
|
Soundness Ratio |
0,87 |
0,50 |
0,77 |
1,05 |
|
Average Collection Period (days) |
8 |
1 |
13 |
37 |
|
Average Payment Period (days) |
125 |
13 |
29 |
73 |
|
LIQUIDITY RATIOS |
|
|
|
|
|
Current Ratio (%) |
74,42 |
0,52 |
0,87 |
1,35 |
|
Quick Ratio (%) |
24,18 |
0,02 |
0,19 |
0,54 |
|
DEBT RATIOS |
|
|
|
|
|
Borrowing percentage (%) |
23,94 |
12,07 |
18,67 |
53,77 |
|
External Financing Average Cost |
0,00 |
0,00 |
0,00 |
0,03 |
|
Debt Service Coverage |
-0,80 |
0,60 |
1,41 |
3,51 |
|
Interest Coverage |
-24.083,19 |
5,73 |
47,92 |
1.348,28 |
|
GENERAL AND ACTIVITIES RATIOS |
|
|
|
|
|
Auto financing generated by sales (%) |
-29,39 |
7,31 |
10,84 |
15,09 |
|
Auto financing generated by Assets (%) |
-29,75 |
10,37 |
20,25 |
28,12 |
|
Breakdown Point |
0,88 |
1,04 |
1,08 |
1,18 |
|
Average Sales Volume per Employee |
112.948,48 |
104.217,02 |
118.881,14 |
168.229,84 |
|
Average Cost per Employee |
24.707,45 |
17.331,30 |
18.044,56 |
22.335,05 |
|
Assets Turnover |
1,01 |
1,36 |
1,82 |
2,51 |
|
Inventory Turnover (days) |
102 |
44 |
66 |
90 |
|
RESULTS RATIOS |
|
|
|
|
|
Return on Assets (ROA) (%) |
-14,03 |
6,17 |
13,75 |
30,09 |
|
Operating Profitability (%) |
-7,89 |
18,16 |
25,64 |
34,59 |
|
Return on Equity (ROE) (%) |
-20,38 |
13,13 |
33,42 |
57,15 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.48 |
|
|
1 |
Rs.72.37 |
|
Euro |
1 |
Rs.64.42 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.