%20-%20146479%2001-Jul-2011_files/image003.jpg){kind=small}
MIRA INFORM REPORT
|
Report Date : |
01.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
ERCROS INDUSTRIAL SA (EXTINGUIDA) |
|
|
|
|
Registered Office : |
Avenida Diagonal, 593 – 595, 08014 Barcelona |
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Country : |
Spain |
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|
Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
30.12.1989 |
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Legal Form : |
Sole Corporation |
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Line of Business : |
Mfg. of other inorganic basic chemical products |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Poor |
|
|
|
|
Payment
Behaviour : |
Unknown |
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|
Litigation : |
---- |
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Spain |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
ERCROS INDUSTRIAL SA (EXTINGUIDA)
TAX NUMBER: A59095836
Company situation: Extinction (Date: 10/06/2010)
EXECUTIVE SUMMARY
Identification
Current Business Name: ERCROS INDUSTRIAL SA (EXTINGUIDA)
Commercial name: ERKIMIA; ERKIMIA S.A.
Other names: YES
Current Address: AVENIDA DIAGONAL, 593 - 595
Branches: 14
Telephone number: 933069300 Fax: 932321460
URL: www.ercros.es
Corporate e-mail: ercros@ercros.es
Trade Risk
Company situation: Extinction (Date: 10/06/2010)
Incidents: YES
R.A.I.: NO
Bank and business defaults of payment - ASNEF EMPRESAS: NO
Financial Information
Balance sheet latest sales (2009): 356.248.000,00 € (Trade Register)
Result: -46.352.000 €
Total Assets: 487.232.000 €
Social Capital: 38.494.000,00 €
Employees: 987
Listed on a Stock Exchange: NO
Commercial Information
Incorporation date: 30/12/1989
Activity: Mfg. of other inorganic basic
chemical products
NACE 2009 CODE: 2013
International Operations: Imports and
Exports
Other Complementary Information
Latest filed accounts published in the Mercantile Register: 2009
Type of Accounts available at the Mercantile Register: Individuals
Latest act published in BORME: 25/11/2010 Annual Filed Accounts
Latest press article: 21/04/2010 CINCO
DIAS (LEGAL ANNOUNCEMENTS)
Bank Entities: There are
The date when this report was last updated is 30/06/2011.
The information contained in this report has been investigated and
contrasted on 21/07/2010
Company situation
Extinction (Date: 10/06/2010)
INCIDENTS
%20-%20146479%2001-Jul-2011_files/image004.gif)
Summary
LEGAL ACTIONS: No legal actions registered
ADMINISTRATIVE CLAIMS: 1 ( Last:25/02/2008 )
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|
|
|
|
With the Social Security: |
0 |
|
|
With the Tax Authorities: |
0 |
|
|
With Other Official bodies: |
1 |
|
AFFECTED BY:
1 Company / Companies in Insolvency Proceedings.
Latest
Administrative Claims
Figures expressed in €
WITH OTHER OFFICIAL BODIES.
Seizures
|
DATE |
ORGANIZATION |
AMOUNT |
|
25/02/2008 |
DEPUTATION/ DELEGATION DE TARRAGONA |
|
There are 1 administrative claims with Other Official bodies
registered
Detail of the
Latest Administrative Claims
Figures expressed in €
Seizures
WITH OTHER OFFICIAL BODIES.
Phase: SEIZURE
Organization: DEPUTATION/ DELEGATION DE TARRAGONA
Concept: Other debts
Date of the claim: 25/02/2008
Source: Published in the Gazette of TARRAGONA, on 05/03/2008, page 29
R.A.I.
COMPANY NOT REGISTERED IN THE R.A.I.
This company is not registered in the Disputed Bills register (R.A.I.)
DATE AND TIME OF THE CONSULTATION
30/06/2011 13:06:43
Information from the Registro de Aceptaciones Impagados (RAI)- Disputed
Bills register.
It can only be used for information legitimate needs of the consulting
party, in accordance with its social or business activity, in order to grant a
credit or the monitoring or control of the already granted credits and can not
be transmitted or communicated to thirds, nor copied, duplicated, reproduced
nor implemented to any database , owned or external, or reused it in anyway,
direct or indirectly.
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 €
|
|
31/12/2009 (12) BALANCE SHEET |
% ASSETS |
31/12/2008 (12) BALANCE SHEET |
% ASSETS |
31/12/2007 (12) BALANCE SHEET |
% ASSETS |
|
ASSETS |
|
|
|
|
|
|
|
A) NON CURRENT ASSETS |
304.141.000,00 |
62,42 |
309.296.554,71 |
55,10 |
473.772.171,86 |
65,01 |
|
B) CURRENT ASSETS |
183.091.000,00 |
37,58 |
252.038.988,72 |
44,90 |
254.974.278,69 |
34,99 |
|
LIABILITIES |
|
|
|
|
|
|
|
A) NET WORTH |
-36.284.000,00 |
-7,45 |
9.081.080,26 |
1,62 |
130.708.180,95 |
17,94 |
|
B) NON CURRENT LIABILITIES |
321.060.000,00 |
65,89 |
151.871.015,93 |
27,06 |
155.665.096,31 |
21,36 |
|
C) CURRENT LIABILITIES |
202.456.000,00 |
41,55 |
400.383.447,24 |
71,33 |
442.373.173,29 |
60,70 |
Profit and Loss
Account Analysis
Figures given in €
|
|
31/12/2009 (12) BALANCE SHEET |
% NET TURNOVER |
31/12/2008 (12) BALANCE SHEET |
% NET TURNOVER |
31/12/2007 (12) BALANCE SHEET |
% NET TURNOVER |
|
SALES |
356.248.000,00 |
|
550.273.971,13 |
|
533.491.573,88 |
|
|
GROSS MARGIN |
153.018.000,00 |
42,95 |
206.141.583,11 |
37,46 |
198.456.809,73 |
37,20 |
|
EBITDA |
-7.570.000,00 |
-2,12 |
44.646.218,25 |
8,11 |
9.292.056,32 |
1,74 |
|
EBIT |
-41.105.000,00 |
-11,54 |
-104.409.055,67 |
-18,97 |
-32.328.138,34 |
-6,06 |
|
NET RESULT |
-46.352.000,00 |
-13,01 |
-121.299.077,32 |
-22,04 |
-37.796.775,69 |
-7,08 |
|
EFFECTIVE TAX RATE (%) |
2,32 |
0,00 |
|
|
|
|
COMPARATIVE SECTOR
ANALYSIS
Values table
Figures expressed in %
|
|
COMPANY (2009) |
SECTOR |
DIFFERENCE |
|
BALANCE SHEET ANALYSIS: % on the total
assets |
|
|
|
|
ASSETS |
|
|
|
|
A) NON CURRENT ASSETS |
62,42 |
55,37 |
7,05 |
|
A) CURRENT ASSETS |
37,58 |
44,63 |
-7,05 |
|
LIABILITIES |
|
|
|
|
A) NET WORTH |
-7,45 |
37,74 |
-45,19 |
|
B) NON CURRENT LIABILITIES |
65,89 |
13,68 |
52,21 |
|
C) CURRENT LIABILITIES |
41,55 |
48,57 |
-7,02 |
|
|
|
|
|
|
|
COMPANY (2009) |
SECTOR |
DIFFERENCE |
|
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total
operating income |
|
|
|
|
SALES |
98,80 |
97,96 |
0,83 |
|
GROSS MARGIN |
42,44 |
41,01 |
1,43 |
|
EBITDA |
-2,10 |
7,08 |
-9,18 |
|
EBIT |
-11,40 |
2,77 |
-14,17 |
|
NET RESULT |
-12,85 |
0,06 |
-12,92 |
Sector Composition
Compared sector (NACE 2009): 2013
Number of companies: 16
Size (Sales Figure): > 7,000,000.00 Euros
OTHER DATA FROM THE ANNUAL FINANCIAL REPORT
Results
Distribution
Source: annual financial report 2009
Figures given in €
|
DISTRIBUTION BASE |
APPLICATION A |
||
|
Profit and Loss Account Balance |
-46.352.000,00 |
Legal Reserve |
0,00 |
|
Carry over |
0,00 |
Goodwill reserve |
0,00 |
|
Voluntary reserves |
0,00 |
Special reserves |
0,00 |
|
Other reserves disposable at will |
0,00 |
Voluntary reserves |
0,00 |
|
Total of Amounts to be distributed |
-46.352.000,00 |
Dividends |
0,00 |
|
|
|
Carry over and others |
0,00 |
|
|
|
Compensation of previous exercises losses |
-46.352.000,00 |
|
|
|
Application total |
-46.352.000,00 |
Auditing
Source: filing of annual financial statement 2009
Auditors’ opinion: FAVOURABLE
Auditor: ERNST & YOUNG S.L.
Auditing fees: 178.000,00 €
Facts subsequent
to the closing
Source: Annual financial report 2009
Posterior to the closure there were no relevant facts that require the
inclusion in the annual accounts.
company ADDRESSES
Current Legal Seat Address:
AVENIDA DIAGONAL, 593 - 595
08014 BARCELONA
Previous Seat Address:
PASEO GRACIA 42
08007 BARCELONA
|
STREET |
POSTAL CODE |
TOWN |
PROVINCE |
|
CALLE COMERÇ, 5 |
08470 |
SANT CELONI |
Barcelona |
|
AVENIDA DIAGONAL, 593 |
08014 |
BARCELONA |
Barcelona |
|
BARRIO ESCORIALS |
08261 |
CARDONA |
Barcelona |
|
PASEO SANT JOAN (15), 13 |
08010 |
BARCELONA |
Barcelona |
|
CALLE SANTA ANNA, 105 |
08290 |
CERDANYOLA DEL VALLES |
Barcelona |
|
PASEO DEL DELEITE (S-N), S/N |
28300 |
ARANJUEZ |
Madrid |
|
CALLE JUAN HURTADO DE MENDOZA, 4 |
28036 |
MADRID |
Madrid |
|
PASEO DELEITE S/N |
28300 |
MADRID |
Madrid |
|
CALLE SAN MODESTO, 6 |
28034 |
MADRID |
Madrid |
|
CALLE ASUNCION, 80 |
41011 |
SEVILLA |
Seville |
There are 14 branches registered
|
STREET |
POSTAL CODE |
TOWN |
PROVINCE |
|
PASEO SANT JOAN, 15 |
08010 |
BARCELONA |
Barcelona |
|
CALLE RIERA DE SANT MIQUEL, 1 |
08006 |
BARCELONA |
Barcelona |
There are 2 former branches registered
CORPORATE STRUCTURE
ADMINISTRATIVE LINKS
Non-current positions : 145 (latest change: 10/06/2010)
BUSINESS INFORMATION
Incorporation date: 30/12/1989
Origin: la escisión de la actividad química de Ercros, S.A.
(excision of the chemical activity of Ercros, SA)
Activity: Mfg. of other inorganic basic chemical products
NACE 2009 CODE: 2013
NACE 2009 Activity: Manufacture of other inorganic basic
chemicals
Business: SE AMPLIA A: LA CONSTRUCCION, EXPLOTACION Y
MANTENIMIENTO DE UNA CENTRAL DE PRODUCCION DE ENERGIA ELECTRICA Y DE VAPOR.
Environmental information: YES (Page 76) Annual
financial report 2009
Latest employees figure: 987 (2009)
% of fixed employees: 97,57%
% of temporary employees: 2,43%
% of men: 83,56%
% of women: 16,44%
Employees
evolution
|
|
|
|
%20-%20146479%2001-Jul-2011_files/image006.gif)
Source: Annual financial report 2009
|
CATEGORY |
AVERAGE NUMBER OF
EMPLOYEES |
MEN |
WOMEN |
|
Distribution by sexes |
|
808 |
159 |
COMMERCIAL OPERATIONS
PURCHASES
Import Percentage: 42%
Imports from: UE Y RESTO DEL MUNDO
National Distribution: 58%
SALES
Export Percentage: 40%
Exports to: EUROPA (23,87%), ASIA (8,88%), AMERICA (4,15%),
AFRICA (2,95%), OCEANIA (0,25%)
National Distribution: 60%
SUPPLIERS
|
BUSINESS NAME |
INTERNATIONAL |
|
MARCOATING SLU |
NO |
|
ERCEKOL AIE |
NO |
|
INMOBILIARIA
UNION INDUSTRIAL SAU |
NO |
|
ERCROS
DEUTSCHLAND GMBH |
YES |
|
ERCROS PORTUGAL
SA |
YES |
|
ERCROS ITALIA
SRL |
YES |
|
ERCROS FRANCE SA |
YES |
|
UFEFYS SL |
NO |
|
ERCROS SA |
NO |
|
FOSFATOS DE
CARTAGENA SLU |
NO |
There are 11 Suppliers
CLIENTS
|
BUSINESS NAME |
INTERNATIONAL |
|
ERCROS ITALIA
SRL |
NO |
|
ERCROS FRANCE SA |
NO |
|
ARAGONESAS
INDUSTRIA Y ENERGIA SAU |
NO |
There are 3 Clients
El 42.61 % de su cifra de negocio corresponde a química básica.
•
El 37.36 % de su cifra de negocio corresponde a
química intermedia.
•
El 11.17 % de su cifra de negocio corresponde a
agroquímica minería.
•
El 8.86 % de su cifra de negocio corresponde a
farmacia.
|
ENTITY |
BRANCH |
ADDRESS |
TOWN OR CITY |
PROVINCE |
|
BANCO POPULAR ESPAÑOL, S.A. |
|
|
|
|
|
CAIXA D’ESTALVIS DE CATALUNYA,TARRAGONA I MANRESA |
|
|
|
|
|
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. |
|
|
|
|
|
CAJA DE AHORROS DE SANTANDER Y CANTABRIA |
|
|
|
|
|
CAJA DE AHORROS Y PENSIONES DE BARCELONA |
|
|
|
|
There are 21 bank entities registered
Figures given in €
|
ENTITY |
ASSERTS INVOLVED IN THE ACTIVITY |
UP TO 1 YEAR |
FROM 1 TO 5 YEARS |
|
|
|
1.073,00 |
1.982,00 |
There are 1 leasing operations registered
FORMER NAMES:
•
ERKIMIA SA
Brand name: A (Valid)
Type: JOINT Scope: INTERNATIONAL
Date: 18/08/2006
Brand name: SOLUFOS (Valid)
Type: DENOMINATIVE Scope: INTERNATIONAL
Date: 08/10/2004
Brand name: FYDPRILL (Valid)
Type: DENOMINATIVE Scope: NATIONAL
Date: 07/10/2004
Brand name: FYDSAPRILL (Valid)
Type: DENOMINATIVE Scope: NATIONAL
Date: 07/10/2004
Brand name: DEFOR (Valid)
Type: JOINT Scope: INTERNATIONAL
Date: 20/05/2004
There are 57 brands, signs and commercial names
LEGAL STRUCTURE
Constitution Data
Register Date: 30/12/1989
Register town: Barcelona
Announcement number: 41130
Legal form: Sole Corporation
Social Capital: 38.494.000,00 €
Paid-up capital: 38.494.000,00 €
Obligation to fill in Financial Statements: YES
Chamber census: YES (2009)
B.O.R.M.E.
(OFFICIAL COMPANIES
REGISTRY GAZETTE)
Acts on activity: 3 (Last: 28/02/2003, first:
09/12/1998)
Acts on administrators: 95 (Last: 28/12/2009, first:
09/05/1990)
Acts on capital: 3 (Last: 10/06/1996, first:
07/10/1994)
Acts on creation: 1 (Last: 09/05/1990)
Acts on filed accounts: 20 (Last: 25/11/2010, first:
08/11/1991)
Acts on identification: 3 (Last: 11/06/2001, first:
11/06/1998)
Acts on Information: 4 (Last: 18/02/1999, first:
26/10/1992)
Acts on proceedings: 13 (Last: 10/06/2010, first:
02/06/1998)
Latest acts in
B.O.R.M.E.
Other acts
|
ACT |
DATE |
NOTICE NUM. |
TRADE REGISTER |
|
Extinction |
10/06/2010 |
230363 |
Barcelona |
|
Appointments |
28/12/2009 |
536903 |
Barcelona |
|
Appointments |
03/11/2008 |
501344 |
Barcelona |
|
Appointments |
08/09/2008 |
422386 |
Barcelona |
|
Appointments |
30/01/2008 |
48816 |
Barcelona |
|
Appointments |
05/07/2007 |
359566 |
Barcelona |
|
Resignations |
28/05/2007 |
287186 |
Barcelona |
|
Appointments |
28/05/2007 |
287185 |
Barcelona |
Latest filed accounts
|
ACT |
DATE |
NOTICE NUM. |
TRADE REGISTER |
|
Annual Filed Accounts (2009) |
25/11/2010 |
1098030 |
Barcelona |
|
Annual Filed Accounts (2008) |
27/10/2009 |
760624 |
Barcelona |
|
Annual Filed Accounts (2007) |
28/11/2008 |
1150863 |
Barcelona |
There are 142 acts registered
PRESS ARTICLES
Press summary by
type of information (last five years)
· Legal notices: 2 (Last: 21/04/2010, first: 12/07/2006)
· Structural Data: 0
· Informative data: 1 (Last: 26/05/2009)
· Financial Information: 1 (Last: 20/01/2007)
· Negative information: 0
· Business lines: 0
· Historical press releases: 85 (Last: 29/09/2004, first: 25/11/1992)
Latest press
article published
21/04/2010 CINCO DIAS - LEGAL ANNOUNCEMENTS
EN LA JUNTA GRAL. DE ACCIONISTAS DE ERCROS SA (SDAD. ABSORBENTE), CELEBRADA
EL 9/04/10, SE ACORDO LA FUSION POR ABSORCION DE ERCROS INDUSTRIAL SA,
ARAGONESAS, INDUSTRIAS Y ENERGIA SA Y AGROCROS SA (SDADES. ABSORBIDAS).
26/05/2009 LEVANTE EL MERCANTIL
VALENCIANO - CORPORATE INFORMATION
TRABAJADORES DE FYDSA (FORMOLES Y DERIVADOS), UBICADA EN ALMUSSAFES, HAN
RECHAZADO EL EXPEDIENTE DE REGULACION DE EMPLEO PLANTEADO POR LA DIRECCION. EL
COMITE DE EMPRESA CONSIDERA QUE EL DESPIDO DE 11 TRABAJADORES Y LA SUSPENSION
TEMPORAL DE OTROS 96 PODRIA EVITARSE CON OTRAS MEDIDAS.
20/01/2007 EXPANSIÓN - FINANCIAL DATA
EL GRUPO ERCROS HA DECIDIDO RECURRIR A LA TITULIZACION DE ACTIVOS COMO
FORMULA PARA REESTRUCTURAR SU DEUDA BANCARIA. LA EMPRESA SE HA UNIDO A LA
GESTORA TITULIZACION DE ACTIVOS Y A SANTANDER INVESTMENT PARA CONSTITUIR UN FONDO
(DENOMINADO NAOH) AL QUE CEDERA DERECHOS DE CREDITO FRENTE A SUS CLIENTES POR
UN IMPORTE INICIAL DE 100 MM. LA DURACION DEL FONDO ES DE 4,5 AÑOS. NAOH SE
NUTRIRA DE FACTURAS DE 2 FILIALES DEL GRUPO, ERCROS INDUSTRIAL Y ARAGONESAS, Y
EMITIRA BONOS DE TITULIZACION POR UNA CIFRA INICIAL DE 70 MM. LOS RECURSOS
PERMITIRAN A ERCROS SUSTITUIR DEUDA BANCARIA A CORTO PLAZO POR LARGO PLAZO CON
EL FONDO. EL PASIVO BANCARIO DEL GRUPO ASCIENDE A 240 MM
12/07/2006 LA GACETA - LEGAL ANNOUNCEMENTS
EL ACCIONISTA UNICO DE ERCROS INDUSTRIAL SA (SDAD. ABSORBENTE) Y LOS
ACCIONISTAS Y SOCIOS DE LAS CIAS. DERIVADOS FORESTALES GROUP XXI SL, DERIVADOS
FORESTALES SA, FYDSA SA, AICAR SA, SA POLIALCO, DEFOR-INFOR SA, PATENTES Y
NOVEDADES SL (SDADES. ABSORBIDAS), ACORDARON EL 30/06/06, LA FUSION DE DICHAS
CIAS.
29/09/2004 EL PERIÓDICO DE
CATALUNYA - ENVIRONMENT
EL TRIBUNAL SUPERIOR DE JUSTICIA DE CATALUÑA, HA ANULADO EL PAGO DE
3.032 EUROS QUE LA CONFEDERACION HIDROGRAFICA DEL EBRO IMPUSO A ERCROS, DE
FLIX, POR VERTIDOS AL RIO EN 1998 Y 1999. ERCROS ALEGO UNA ERRONEA METODOLOGIA
EN LA TOMA DE MUESTRAS.
There are 89 press articles registered for this company
Complementary
Information
Current situation
Según Borme Sección I de fecha 10/06/10 esta sociedad ha sido absorbida
por ERCROS SA. NIF: A08000630
Según BORME de 16/03/10 esta sociedad proyecta ser absorbida por ERCROS
SA. NIF: A08000630
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 29/11/2010.
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 €
|
|
31/12/2009 (12) |
% ASSETS |
31/12/2008 (12) |
% ASSETS |
31/12/2007 (12) |
% ASSETS |
|
A) NON CURRENT ASSETS |
304.141.000,00 |
62,42 |
309.296.554,71 |
55,10 |
473.772.171,86 |
65,01 |
|
I. Intangible assets |
5.698.000,00 |
1,17 |
5.975.667,70 |
1,06 |
8.493.412,52 |
1,17 |
|
1. Development |
8.000,00 |
0,00 |
10.300,63 |
0,00 |
|
|
|
2. Concessions |
5.000,00 |
0,00 |
4.607,60 |
0,00 |
|
|
|
3. Patents, licences , trademarks and similars |
359.000,00 |
0,07 |
205.501,57 |
0,04 |
|
|
|
4. Goodwill |
1.353.000,00 |
0,28 |
1.352.977,19 |
0,24 |
|
|
|
5. Software |
2.667.000,00 |
0,55 |
1.680.874,71 |
0,30 |
|
|
|
7. Other intangible assets |
1.306.000,00 |
0,27 |
2.721.406,00 |
0,48 |
|
|
|
II. Tangible fixed assets |
102.248.000,00 |
20,99 |
121.424.384,31 |
21,63 |
279.521.450,11 |
38,36 |
|
1. Property, plant and equipment |
63.311.000,00 |
12,99 |
63.515.781,05 |
11,32 |
|
|
|
2. Technical fittings and other tangible assets |
32.525.000,00 |
6,68 |
49.093.486,09 |
8,75 |
|
|
|
3. Fixed assets in progress and advances |
6.412.000,00 |
1,32 |
8.815.117,17 |
1,57 |
|
|
|
III. Real-estate investments |
6.106.000,00 |
1,25 |
6.864.675,64 |
1,22 |
|
|
|
1. Lands |
6.106.000,00 |
1,25 |
6.105.742,67 |
1,09 |
|
|
|
2. Buildings |
|
|
758.932,97 |
0,14 |
|
|
|
IV. Long term investments in associated and affiliated companies |
175.932.000,00 |
36,11 |
167.657.802,15 |
29,87 |
180.081.598,24 |
24,71 |
|
1. Net worth instruments |
77.842.000,00 |
15,98 |
69.568.284,74 |
12,39 |
83.280.566,64 |
11,43 |
|
2. Credits to companies |
98.090.000,00 |
20,13 |
98.089.517,41 |
17,47 |
96.801.031,60 |
13,28 |
|
V. Long Term Financial Investments |
11.076.000,00 |
2,27 |
3.260.178,81 |
0,58 |
3.241.491,77 |
0,44 |
|
1. Net worth instruments |
399.000,00 |
0,08 |
399.260,03 |
0,07 |
457.005,02 |
0,06 |
|
2. Credits to third parties |
9.927.000,00 |
2,04 |
2.128.782,00 |
0,38 |
2.252.664,71 |
0,31 |
|
3. Debt representative values |
50.000,00 |
0,01 |
|
|
|
|
|
5. Other financial assets |
700.000,00 |
0,14 |
732.136,78 |
0,13 |
531.822,04 |
0,07 |
|
VI. Assets by deferred taxes |
3.081.000,00 |
0,63 |
4.113.846,10 |
0,73 |
2.434.219,22 |
0,33 |
|
VII. Non current commercial debts |
|
|
|
|
|
|
|
B) CURRENT ASSETS |
183.091.000,00 |
37,58 |
252.038.988,72 |
44,90 |
254.974.278,69 |
34,99 |
|
I. Non-current assets maintained for sale |
1.600.000,00 |
0,33 |
|
|
|
|
|
II. Stocks |
35.900.000,00 |
7,37 |
59.251.572,85 |
10,56 |
55.655.906,70 |
7,64 |
|
2. Raw material inventory |
19.724.000,00 |
4,05 |
28.533.409,01 |
5,08 |
|
|
|
3. Work in Progress |
5.718.000,00 |
1,17 |
6.420.357,30 |
1,14 |
|
|
|
b) Short production cycle |
5.718.000,00 |
1,17 |
6.420.357,30 |
1,14 |
|
|
|
4. Finished goods |
10.458.000,00 |
2,15 |
24.297.806,54 |
4,33 |
|
|
|
b) Short production cycle |
10.458.000,00 |
2,15 |
24.297.806,54 |
4,33 |
|
|
|
III. Trade Debtors and other receivable accounts |
97.660.000,00 |
20,04 |
153.673.610,68 |
27,38 |
179.389.769,04 |
24,62 |
|
1. Clients |
76.307.000,00 |
15,66 |
118.166.626,91 |
21,05 |
113.750.620,22 |
15,61 |
|
b) Clients for sales and short term services
rendering |
76.307.000,00 |
15,66 |
118.166.626,91 |
21,05 |
|
|
|
2. Clients group and associated companies |
7.181.000,00 |
1,47 |
10.352.336,97 |
1,84 |
19.065.800,01 |
2,62 |
|
3. Other debts |
11.412.000,00 |
2,34 |
23.077.148,81 |
4,11 |
39.207.574,42 |
5,38 |
|
4. Staff |
2.000,00 |
0,00 |
1.017,17 |
0,00 |
74.515,89 |
0,01 |
|
6. Other credits with the Public Administrations |
2.758.000,00 |
0,57 |
2.076.480,82 |
0,37 |
7.291.258,50 |
1,00 |
|
IV. Short term investments in associated and affiliated companies |
15.587.000,00 |
3,20 |
13.887.380,54 |
2,47 |
3.288.485,81 |
0,45 |
|
2. Credits to companies |
5.922.000,00 |
1,22 |
2.142.549,96 |
0,38 |
3.288.485,81 |
0,45 |
|
5. Other financial assets |
9.665.000,00 |
1,98 |
11.744.830,58 |
2,09 |
|
|
|
V. Short term financial investments |
22.940.000,00 |
4,71 |
19.086.460,59 |
3,40 |
6.072.881,94 |
0,83 |
|
2. Credits to companies |
|
|
|
|
5.942.535,01 |
0,82 |
|
5. Other financial assets |
22.940.000,00 |
4,71 |
19.086.460,59 |
3,40 |
130.346,93 |
0,02 |
|
VI. Short term periodifications |
329.000,00 |
0,07 |
218.125,95 |
0,04 |
239.564,46 |
0,03 |
|
VII. Cash and equivalents |
9.075.000,00 |
1,86 |
5.921.838,11 |
1,05 |
10.327.670,74 |
1,42 |
|
1. Treasury |
9.075.000,00 |
1,86 |
5.921.838,11 |
1,05 |
10.327.670,74 |
1,42 |
|
TOTAL ASSETS (A + B) |
487.232.000,00 |
100,00 |
561.335.543,43 |
100,00 |
728.746.450,55 |
100,00 |
Alerts associated to the conversion to PGC2007
%20-%20146479%2001-Jul-2011_files/image007.gif){kind=small}
In the conversion process “Goodwill”
have been identified for which there are not enough information so as to
conclude whether or not value deterioration adjustments are necessaries for
this exercise, nor could it be identified the amortization expenses for the
mentioned exercise. The amount of the Goodwill at the closing of the subsequent
exercise reaches %1.
%20-%20146479%2001-Jul-2011_files/image008.gif){kind=small}
In the conversion process the amount of
goods obtained through leasing, that under PGC90 reaches %1 of the expenses,
has been maintained in the item “Intangible Assets”, as it is not possible to
estimate in a precise way its accumulated amortization, as, according to they
nature, they should be registered in the Tangible Assets.
%20-%20146479%2001-Jul-2011_files/image009.gif){kind=small}
In the conversion process part of the
item “Property, plant and equipment” that under PGC2007 should be classified
within the item “Real-estate Investments” that in the subsequent exercise
presents a balance of %1.
%20-%20146479%2001-Jul-2011_files/image010.gif){kind=small}
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.
%20-%20146479%2001-Jul-2011_files/image011.gif){kind=small}
In the conversion process there has
been estimated that the total item 124080 “Provisions” according to PGC90 is
associated to “Net Worth Instruments”.
%20-%20146479%2001-Jul-2011_files/image012.gif){kind=small}
In the conversion process there could
not be identified and, this way reclassify “Assets by deferred taxes” within
the Non current assets that under PGC90 were, generally, classified in the
short term, in accordance with its reversion foreseen date, and it is collected
in the item 11600 “Assets by deferred taxes”, whose amount reaches %1 in the
financial statements prepared under PGC90, classified under the item “Long term
Public Administrations”.
%20-%20146479%2001-Jul-2011_files/image013.gif){kind=small}
In the conversion process there has
been estimated that the total item 143070 “Provisions on debtors” according to
PGC90, for %1, is associated to “Clients for sales and services rendering”.
%20-%20146479%2001-Jul-2011_files/image014.gif){kind=small}
In the conversion process there
has been estimated that the total debit balance with the Public Administrations
in the Financial Statements of the previous exercise corresponds to the
balances collected in the item “Other
credits with the Public Administrations” under PGC2007.
%20-%20146479%2001-Jul-2011_files/image015.gif){kind=small}
In the conversion process there has
been estimated that the total item 144080 “Provisions” according to PGC90 is
associated to “Net Worth Instruments”.
Net Worth and
Liabilities
Figures given in €
|
|
31/12/2009 (12) |
% ASSETS |
31/12/2008 (12) |
% ASSETS |
31/12/2007 (12) |
% ASSETS |
|
A) NET WORTH |
-36.284.000,00 |
-7,45 |
9.081.080,26 |
1,62 |
130.708.180,95 |
17,94 |
|
A-1) Equity |
-37.368.000,00 |
-7,67 |
8.984.290,96 |
1,60 |
130.341.123,75 |
17,89 |
|
I. Capital |
38.494.000,00 |
7,90 |
38.494.050,00 |
6,86 |
38.494.050,00 |
5,28 |
|
1. Authorized capital |
38.494.000,00 |
7,90 |
38.494.050,00 |
6,86 |
38.494.050,00 |
5,28 |
|
II. Issue premium |
|
|
|
|
|
|
|
III. Reserves |
162.048.000,00 |
33,26 |
162.048.539,48 |
28,87 |
162.106.294,95 |
22,24 |
|
1. Legal and statutory |
4.422.000,00 |
0,91 |
4.422.154,22 |
0,79 |
4.422.154,22 |
0,61 |
|
2. Other funds |
157.626.000,00 |
32,35 |
157.626.385,26 |
28,08 |
157.684.140,73 |
21,64 |
|
IV. (Net worth own shares and participations) |
|
|
|
|
|
|
|
V. Results from previous years |
-191.558.000,00 |
-39,32 |
-70.259.221,20 |
-12,52 |
-32.462.445,51 |
-4,45 |
|
2. (Prior years losses) |
-191.558.000,00 |
-39,32 |
-70.259.221,20 |
-12,52 |
-32.462.445,51 |
-4,45 |
|
VI. Other loans from partners |
|
|
|
|
|
|
|
VII. Exercise Result |
-46.352.000,00 |
-9,51 |
-121.299.077,32 |
-21,61 |
-37.796.775,69 |
-5,19 |
|
VIII. (Interim dividend) |
|
|
|
|
|
|
|
IX. Other net worth instruments |
|
|
|
|
|
|
|
A-2) Value changes adjustments |
-40.000,00 |
-0,01 |
|
|
355.786,82 |
0,05 |
|
I. Financial assets available for sale |
|
|
|
|
|
|
|
II. Coverage operations |
-40.000,00 |
-0,01 |
|
|
|
|
|
III. Non-current assets and related liabilities, maintained for sale |
|
|
|
|
|
|
|
IV. Conversion differences |
|
|
|
|
355.786,82 |
0,05 |
|
V. Other |
|
|
|
|
|
|
|
A-3) Received legacies, grants and subventions |
1.124.000,00 |
0,23 |
96.789,30 |
0,02 |
11.270,38 |
0,00 |
|
B) NON CURRENT LIABILITIES |
321.060.000,00 |
65,89 |
151.871.015,93 |
27,06 |
155.665.096,31 |
21,36 |
|
I. Long term provisions |
61.608.000,00 |
12,64 |
23.847.581,02 |
4,25 |
26.161.316,40 |
3,59 |
|
1. Long term staff benefits obligations |
1.547.000,00 |
0,32 |
1.568.475,16 |
0,28 |
10.996.648,12 |
1,51 |
|
2. Environmental actions |
25.028.000,00 |
5,14 |
10.460.000,00 |
1,86 |
|
|
|
3. Restructuring provisions |
5.230.000,00 |
1,07 |
7.460.969,58 |
1,33 |
|
|
|
4. Other provisions |
29.803.000,00 |
6,12 |
4.358.136,28 |
0,78 |
15.164.668,28 |
2,08 |
|
II. Long term debts |
11.011.000,00 |
2,26 |
9.674.421,48 |
1,72 |
10.724.936,32 |
1,47 |
|
2. Debts with bank entities |
690.000,00 |
0,14 |
1.407.651,69 |
0,25 |
4.396.394,67 |
0,60 |
|
3. Financial leasing creditors |
1.858.000,00 |
0,38 |
1.556.073,29 |
0,28 |
1.451.556,56 |
0,20 |
|
5. Other financial liabilities |
8.463.000,00 |
1,74 |
6.710.696,50 |
1,20 |
4.876.985,09 |
0,67 |
|
III. Long term debts with associated and affiliated companies |
236.740.000,00 |
48,59 |
107.165.514,68 |
19,09 |
107.590.514,68 |
14,76 |
|
IV. Liabilities by deferred taxes |
11.701.000,00 |
2,40 |
11.183.498,75 |
1,99 |
11.188.328,91 |
1,54 |
|
V. Long term periodifications |
|
|
|
|
|
|
|
VI. Non current trade creditors |
|
|
|
|
|
|
|
VII. Long term debts with special characteristics |
|
|
|
|
|
|
|
C) CURRENT LIABILITIES |
202.456.000,00 |
41,55 |
400.383.447,24 |
71,33 |
442.373.173,29 |
60,70 |
|
I. Liabilities related with non-current assets maintained for sale |
|
|
|
|
|
|
|
II. Short term provisions |
1.357.000,00 |
0,28 |
2.681.267,83 |
0,48 |
1.594.166,97 |
0,22 |
|
III. Short term debts |
63.668.000,00 |
13,07 |
95.668.718,03 |
17,04 |
53.655.209,28 |
7,36 |
|
2. Debts with bank entities |
26.117.000,00 |
5,36 |
56.515.225,20 |
10,07 |
52.820.231,13 |
7,25 |
|
3. Financial leasing creditors |
944.000,00 |
0,19 |
805.895,83 |
0,14 |
828.425,16 |
0,11 |
|
5. Other financial liabilities |
36.607.000,00 |
7,51 |
38.347.597,00 |
6,83 |
6.552,99 |
0,00 |
|
IV. Short term debts with associated and affiliated companies |
50.899.000,00 |
10,45 |
179.204.057,58 |
31,92 |
|
|
|
V. Trade creditors and other payable accounts |
86.532.000,00 |
17,76 |
122.829.403,80 |
21,88 |
386.229.038,88 |
53,00 |
|
1. Suppliers |
46.801.000,00 |
9,61 |
35.554.346,77 |
6,33 |
146.601.999,07 |
20,12 |
|
b) Short term suppliers |
46.801.000,00 |
9,61 |
35.554.346,77 |
6,33 |
|
|
|
2. Suppliers group and associated companies |
15.633.000,00 |
3,21 |
27.834.348,53 |
4,96 |
229.431.910,81 |
31,48 |
|
3. Different creditors |
16.557.000,00 |
3,40 |
53.683.173,21 |
9,56 |
|
|
|
4. Staff (pending remunerations) |
3.751.000,00 |
0,77 |
2.901.793,61 |
0,52 |
3.571.757,53 |
0,49 |
|
6. Other debts with Public Administrations |
2.981.000,00 |
0,61 |
1.030.135,83 |
0,18 |
2.330.861,14 |
0,32 |
|
7. Clients pre-payments |
809.000,00 |
0,17 |
1.825.605,85 |
0,33 |
4.292.510,33 |
0,59 |
|
VI. Short term periodifications |
|
|
|
|
894.758,16 |
0,12 |
|
VII. Short term debts with special characteristics |
|
|
|
|
|
|
|
TOTAL NET WORTH AND LIABILITIES (A + B + C) |
487.232.000,00 |
100,00 |
561.335.543,43 |
100,00 |
728.746.450,55 |
100,00 |
Alerts associated to the conversion to PGC2007
The valuation norms applicable to long
term staff benefits provisions has 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 Company maintained
in the current and subsequent exercise long term staff benefits provisions for
%1 and 2%.
The valuation norms applicable to
Environmental actions collected in the chapter “Long term provisions” has
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 Company maintained in the subsequent exercise
Environmental actions provisions for %1. In the transition date no direct
assignation to this account could be made.
The valuation norms applicable to
Restructurings collected in the chapter “Long term provisions” has 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 Company maintained in the subsequent exercise restructuring
provisions for %1. In the transition date no direct assignation to this account
could be made.
The valuation norms applicable to Taxes
collected in the chapter “Long term provisions” 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
company maintains in the mentioned exercise “Other provisions” for %1.
The valuation norms applicable to
non-commercial debts has changed and, for this reason the conversion of
financial statements of the formulation exercise of the accounts to PGC2007
could include certain inaccuracies.
The valuation norms applicable to
assets and liabilities by deferred taxes has changed substantially and, for
this reason the conversion of financial statements of the formulation exercise
of the accounts to PGC2007 could include certain inaccuracies. The company
maintained in this and the subsequent exercise a long term balance with Public
Administrations for %1 and %2.
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”
PROFIT AND LOSS
ACCOUNT
Figures given in €
|
|
31/12/2009 (12) |
%OPERATING INCOME |
31/12/2008 (12) |
%OPERATING INCOME |
31/12/2007 (12) |
%OPERATING INCOME |
|
A) CONTINUED OPERATIONS |
|
|
|
|
|
|
|
1. Net Turnover |
356.248.000,00 |
98,80 |
550.273.971,13 |
98,32 |
533.491.573,88 |
98,44 |
|
A) Sales |
306.663.000,00 |
85,05 |
538.014.537,85 |
96,13 |
525.435.532,28 |
96,95 |
|
b) Services provided |
49.585.000,00 |
13,75 |
12.259.433,28 |
2,19 |
8.056.041,60 |
1,49 |
|
2. Variation in stocks of finished goods and work in progress |
-14.542.000,00 |
-4,03 |
3.066.810,24 |
0,55 |
3.152.976,29 |
0,58 |
|
3. Works for its own assets |
227.000,00 |
0,06 |
788.520,92 |
0,14 |
501.166,54 |
0,09 |
|
4. Supplies |
-193.026.000,00 |
-53,53 |
-356.624.507,79 |
-63,72 |
-346.646.134,98 |
-63,96 |
|
a) Material consumed |
-51.122.000,00 |
-14,18 |
-119.576.321,13 |
-21,36 |
|
|
|
b) Raw materials consumed |
-120.689.000,00 |
-33,47 |
-228.263.487,93 |
-40,78 |
-336.699.694,57 |
-62,13 |
|
c) Works carried out for other companies |
-20.509.000,00 |
-5,69 |
-8.942.490,97 |
-1,60 |
-9.489.967,41 |
-1,75 |
|
d) Deterioration on merchandises, raw materials and other supplies |
-706.000,00 |
-0,20 |
157.792,24 |
0,03 |
-456.473,00 |
-0,08 |
|
5. Other operating income |
4.111.000,00 |
1,14 |
8.636.788,61 |
1,54 |
7.957.228,00 |
1,47 |
|
a) Other incomes |
4.102.000,00 |
1,14 |
8.571.582,42 |
1,53 |
7.924.140,95 |
1,46 |
|
b) Operating grants included in the exercise result |
9.000,00 |
0,00 |
65.206,19 |
0,01 |
33.087,05 |
0,01 |
|
6. Labour cost |
-53.466.000,00 |
-14,83 |
-55.639.420,80 |
-9,94 |
-56.700.206,63 |
-10,46 |
|
a) Wages and similar expenses |
-41.147.000,00 |
-11,41 |
-42.923.820,08 |
-7,67 |
|
|
|
b) Social costs |
-12.319.000,00 |
-3,42 |
-12.715.600,72 |
-2,27 |
|
|
|
7. Other operating costs |
-113.721.000,00 |
-31,54 |
-131.980.284,63 |
-23,58 |
-129.641.997,75 |
-23,92 |
|
a) External services |
-106.763.000,00 |
-29,61 |
-122.476.006,69 |
-21,88 |
-114.698.835,98 |
-21,16 |
|
b) Taxes |
-4.336.000,00 |
-1,20 |
-4.289.650,82 |
-0,77 |
-3.624.450,85 |
-0,67 |
|
c) Losses, deterioration and variation on business operations
provisions |
-906.000,00 |
-0,25 |
-588.449,01 |
-0,11 |
-299.888,74 |
-0,06 |
|
d) Other day to day expenses |
-1.716.000,00 |
-0,48 |
-4.626.178,11 |
-0,83 |
-11.018.822,18 |
-2,03 |
|
8. Amortization of fixed assets |
-8.410.000,00 |
-2,33 |
-22.455.778,71 |
-4,01 |
-24.021.235,11 |
-4,43 |
|
9. Allocation of subventions on non financial investments and other |
1.428.000,00 |
0,40 |
2.628.565,02 |
0,47 |
|
|
|
10. Provisions excess |
17.000,00 |
0,00 |
|
|
2.208,87 |
0,00 |
|
11. Deterioration and result for fixed assets disposal |
-7.198.000,00 |
-2,00 |
-124.578.424,26 |
-22,26 |
-20.423.717,45 |
-3,77 |
|
a) Deteriorations and losses |
-23.530.000,00 |
-6,53 |
-126.168.838,44 |
-22,54 |
-16.844.806,68 |
-3,11 |
|
b) Results for disposals and others |
16.332.000,00 |
4,53 |
1.590.414,18 |
0,28 |
-3.578.910,77 |
-0,66 |
|
12. Negative difference of business combinations |
|
|
|
|
|
|
|
13. Other results |
-12.773.000,00 |
-3,54 |
21.474.704,60 |
3,84 |
|
|
|
A.1) OPERATING RESULT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 +
12 + 13) |
-41.105.000,00 |
-11,40 |
-104.409.055,67 |
-18,65 |
-32.328.138,34 |
-5,97 |
|
14. Financial income |
3.171.000,00 |
0,88 |
4.302.190,74 |
0,77 |
9.330.246,31 |
1,72 |
|
a) From net worth instruments participations |
3.000,00 |
0,00 |
24.643,13 |
0,00 |
923,32 |
0,00 |
|
a 1) On group and associated companies |
3.000,00 |
0,00 |
24.643,13 |
0,00 |
|
|
|
a 2) On third parties |
|
|
|
|
923,32 |
0,00 |
|
b) From negotiable values and other financial instruments |
3.168.000,00 |
0,88 |
4.277.547,61 |
0,76 |
6.926.759,75 |
1,28 |
|
b 1) From group and associated companies |
2.950.000,00 |
0,82 |
3.164.276,88 |
0,57 |
3.031.860,11 |
0,56 |
|
b 2) From third parties |
218.000,00 |
0,06 |
1.113.270,73 |
0,20 |
3.894.899,64 |
0,72 |
|
c) Allocation of financial legacies, grants and subventions |
|
|
|
|
2.402.563,24 |
0,44 |
|
15. Financial expenses |
-4.935.000,00 |
-1,37 |
-6.604.596,80 |
-1,18 |
-13.839.803,12 |
-2,55 |
|
a) For debts with associated and affiliated companies |
-1.926.000,00 |
-0,53 |
-1.750.066,67 |
-0,31 |
-1.359.118,56 |
-0,25 |
|
b) For debts with third parties |
-3.009.000,00 |
-0,83 |
-4.854.530,13 |
-0,87 |
-12.480.684,56 |
-2,30 |
|
16. Reasonable value variation on financial instruments |
|
|
|
|
|
|
|
17. Exchange differences |
-617.000,00 |
-0,17 |
-932.137,78 |
-0,17 |
-1.068.443,26 |
-0,20 |
|
18. Deterioration and result for disposal of financial instruments |
-1.816.000,00 |
-0,50 |
-13.655.477,81 |
-2,44 |
109.362,72 |
0,02 |
|
a) Deteriorations and losses |
-1.816.000,00 |
-0,50 |
-13.655.477,81 |
-2,44 |
109.362,72 |
0,02 |
|
19. Other financial income and expenses |
|
|
|
|
|
|
|
A.2) FINANCIAL RESULT (14 + 15 + 16 + 17 + 18 + 19) |
-4.197.000,00 |
-1,16 |
-16.890.021,65 |
-3,02 |
-5.468.637,35 |
-1,01 |
|
A.3) RESULT BEFORE TAXES (A.1 + A.2) |
-45.302.000,00 |
-12,56 |
-121.299.077,32 |
-21,67 |
-37.796.775,69 |
-6,97 |
|
20. Taxes on profits |
-1.050.000,00 |
-0,29 |
|
|
|
|
|
A.4) EXERCISE RESULT COMING FROM CONTINUED OPERATIONS (A.3 + 20) |
-46.352.000,00 |
-12,85 |
-121.299.077,32 |
-21,67 |
-37.796.775,69 |
-6,97 |
|
B) DISCONTINUED OPERATIONS |
|
|
|
|
|
|
|
21. Net of taxes exercise result coming from discontinued operations |
|
|
|
|
|
|
|
A.5) EXERCISE RESULT (A.4 + 21) |
-46.352.000,00 |
-12,85 |
-121.299.077,32 |
-21,67 |
-37.796.775,69 |
-6,97 |
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.
Valuation norms with relation to
“Deteriorations and losses of fixed assets” have had notable modifications and,
for this reason the conversion process might contain certain 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.
In the financial statements conversion
process of the accounts formulation exercise to PGC2007 it could not be
identified the amount of discounts on sales for prompt payment that under PGC2007
are registered reducing sales and not as a financial expense.
NET WORTH CHANGES STATUS
Status of
recognized income and expenses
Figures given in €
|
NET WORTH CHANGES (1/3) |
31/12/2009 (12) |
31/12/2008 (12) |
|
A) PROFIT AND LOSS ACCOUNT RESULT |
-46.352.000,00 |
-121.299.077,32 |
|
INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH |
|
|
|
I. For valuation of financial instruments |
|
|
|
II. Cash flow coverage |
-57.000,00 |
|
|
III. Received legacies, grants and subventions |
4.552.000,00 |
4.338.459,97 |
|
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 |
-501.000,00 |
|
|
B) TOTAL INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH (I + II +
III + IV +V+VI+VII) |
3.994.000,00 |
4.338.459,97 |
|
PROFIT AND LOSS ACCOUNT TRANSFERS |
|
|
|
VIII. For valuation of financial instruments |
|
|
|
IX. Cash flow coverage |
|
|
|
X. Received legacies, grants and subventions |
-3.007.000,00 |
-4.257.771,21 |
|
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) |
-3.007.000,00 |
-4.257.771,21 |
|
TOTAL INCOME AND EXPENSES RECOGNIZED (A + B + C) |
-45.365.000,00 |
-121.218.388,56 |
Total net worth
changes status
Figures given in €
|
NET WORTH CHANGES ( 2 /3) |
AUTHORIZED CAPITAL |
RESERVES |
RESULTS FROM PREVIOUS EXERCISES |
EXERCISE RESULT |
|
FINAL ACCOUNT BALANCE OF EXERCISE (2007) |
38.494.050,00 |
162.121.224,25 |
-32.462.445,51 |
-37.796.775,69 |
|
I. Adjustments by change of criteria in the exercise (2007) |
|
-72.684,77 |
|
|
|
II. Adjustments by errors in the exercise (2007) |
|
|
|
|
|
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2008) |
38.494.050,00 |
162.048.539,48 |
-32.462.445,51 |
-37.796.775,69 |
|
I. Total recognized income and expenses |
|
|
|
-121.299.077,32 |
|
II. Operations with partners or owners |
|
|
|
|
|
III. Other net worth variations |
|
|
-37.796.775,69 |
37.796.775,69 |
|
FINAL ACCOUNT BALANCE OF EXERCISE (2008) |
38.494.000,00 |
162.048.000,00 |
-70.259.000,00 |
-121.299.000,00 |
|
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) |
38.494.000,00 |
162.048.000,00 |
-70.259.000,00 |
-121.299.000,00 |
|
I. Total recognized income and expenses |
|
|
|
-46.352.000,00 |
|
II. Operations with partners or owners |
|
|
|
|
|
III. Other net worth variations |
|
|
-121.299.000,00 |
121.299.000,00 |
|
FINAL ACCOUNT BALANCE OF EXERCISE (2009) |
38.494.000,00 |
162.048.000,00 |
-191.558.000,00 |
-46.352.000,00 |
|
NET WORTH CHANGES ( 3 /3) |
VALUE CHANGES ADJUSTMENT |
RECEIVED LEGACIES, GRANTS AND SUBVENTIONS |
TOTAL |
|
|
FINAL ACCOUNT BALANCE OF EXERCISE (2007) |
|
|
130.356.053,05 |
|
|
I. Adjustments by change of criteria in the exercise (2007) |
|
16.100,54 |
-56.584,23 |
|
|
II. Adjustments by errors in the exercise (2007) |
|
|
|
|
|
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2008) |
|
16.100,54 |
130.299.468,82 |
|
|
I. Total recognized income and expenses |
|
80.688,76 |
-121.218.388,56 |
|
|
II. Operations with partners or owners |
|
|
|
|
|
III. Other net worth variations |
|
|
|
|
|
FINAL ACCOUNT BALANCE OF EXERCISE (2008) |
|
97.000,00 |
9.081.000,00 |
|
|
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) |
|
97.000,00 |
9.081.000,00 |
|
|
I. Total recognized income and expenses |
-40.000,00 |
1.027.000,00 |
-45.365.000,00 |
|
|
II. Operations with partners or owners |
|
|
|
|
|
III. Other net worth variations |
|
|
|
|
|
FINAL ACCOUNT BALANCE OF EXERCISE (2009) |
-40.000,00 |
1.124.000,00 |
-36.284.000,00 |
|
CASH FLOW STATUS
Figures given in €
|
|
31/12/2009 (12) |
31/12/2008 (12) |
|
A) CASH FLOW COMING FROM OPERATING ACTIVITIES |
|
|
|
1. exercise result before taxes |
-45.302.000,00 |
-121.299.077,32 |
|
2. Results adjustments |
60.337.000,00 |
138.200.734,27 |
|
a) Amortization of fixed assets (+) |
8.410.000,00 |
22.455.778,71 |
|
b) Value correction for deterioration (+/-) |
15.268.000,00 |
140.311.517,53 |
|
c) Change of Provisions (+/-) |
37.285.000,00 |
1.021.100,70 |
|
d) Grants allocation (-) |
-3.007.000,00 |
-4.257.771,21 |
|
e) Results for decline and disposal of fixed assets (+/-) |
|
-24.170.236,95 |
|
f) Results for decline and disposal of financial instruments (+/-) |
|
-498.616,28 |
|
g) Financial income (-) |
-3.171.000,00 |
-4.302.190,74 |
|
f) Financial expenses (+) |
4.935.000,00 |
6.604.596,80 |
|
i) Change difference (+/-) |
617.000,00 |
932.137,78 |
|
k) Other income and expenses (-/+) |
|
104.417,93 |
|
3. Changes in current capital |
31.807.000,00 |
-30.861.609,74 |
|
a) Stocks (+/-) |
17.954.000,00 |
-3.437.874,15 |
|
b) Debtors and other receivable accounts (+/-) |
47.485.000,00 |
9.842.014,63 |
|
c) Other current assets (+/-) |
-111.000,00 |
21.438,51 |
|
d) Creditors and other payable accounts (+/-) |
-33.521.000,00 |
-33.974.277,26 |
|
f) Other non-current assets and liabilities (+/-) |
|
-3.312.911,47 |
|
4. Other cash flow coming from operating activities |
-8.446.000,00 |
-1.195.151,90 |
|
a) Interests payments (-) |
-9.696.000,00 |
-6.497.342,91 |
|
b) Dividends collections (+) |
|
5.302.191,01 |
|
c) Interests collections (+) |
2.541.000,00 |
|
|
e) Other payments (collections) (-/+) |
-1.291.000,00 |
|
|
5. Cash flow coming from operating activities (1 + 2 + 3 + 4) |
38.396.000,00 |
-15.155.104,69 |
|
B) CASH FLOW COMING FROM INVESTING ACTIVITIES |
|
|
|
6. Investment payments (-) |
-14.836.000,00 |
-29.793.693,66 |
|
a) Group and associated companies |
-2.806.000,00 |
-11.928.179,61 |
|
b) Intangible assets |
-1.549.000,00 |
-370.857,23 |
|
c) Tangible assets |
-6.577.000,00 |
-15.834.414,21 |
|
e) Other financial assets |
-3.904.000,00 |
-1.660.242,61 |
|
7. Disinvestment collections (+) |
2.950.000,00 |
45.347.364,65 |
|
a) Group and associated companies |
259.000,00 |
305.675,47 |
|
b) Intangible assets |
1.529.000,00 |
3.244.834,85 |
|
c) Tangible assets |
2.000,00 |
123.254,33 |
|
f) Non-current assets maintained for sale |
|
41.673.600,00 |
|
h) Other assets |
1.160.000,00 |
|
|
8. Cash Flow in investment activities (6 + 7) |
-11.886.000,00 |
15.553.670,99 |
|
C) CASH FLOW COMING FROM FINANCING ACTIVITIES |
|
|
|
9. Net worth instruments collections and payments |
4.552.000,00 |
|
|
e) Received legacies, grants and subventions (+) |
4.552.000,00 |
|
|
10. Financial liabilities instruments collections and payments |
-27.909.000,00 |
-4.804.398,93 |
|
a) Issue |
5.480.000,00 |
45.848.454,30 |
|
2. Debts with bank entities (+) |
|
45.848.454,30 |
|
3. Debts with group and associated companies (+) |
3.196.000,00 |
|
|
4. Debts with special characteristics (+) |
2.284.000,00 |
|
|
b) Return and amortization of |
-33.389.000,00 |
-50.652.853,23 |
|
2. Debts with bank entities (-) |
-31.645.000,00 |
|
|
5. Other debts (-) |
-1.744.000,00 |
-50.652.853,23 |
|
11. Payments for dividends and remunerations of other net worth
instruments |
|
|
|
12. Cash Flow in financing activities (9 + 10 + 11) |
-23.357.000,00 |
-4.804.398,93 |
|
D) Exchange rate variations effect |
3.153.000,00 |
|
|
E) NET CASH OR EQUIVALENTS INCREASE / REDUCTION (5 + 8 + 12 + D) |
6.306.000,00 |
-4.405.832,63 |
|
Cash or equivalents at the beginning of the exercise |
5.922.000,00 |
10.327.670,74 |
|
Cash or equivalents at the end of the exercise |
9.075.000,00 |
5.921.838,11 |
RATIOS
|
|
31/12/2009 (12) |
CHANGE % |
31/12/2008 (12) |
CHANGE % |
31/12/2007 (12) |
|
BALANCE RATIOS |
|||||
|
Working Capital (€) |
-19.365.000,00 |
86,95 |
-148.344.458,52 |
20,84 |
-187.398.894,60 |
|
Working capital ratio |
-0,04 |
84,62 |
-0,26 |
0,00 |
-0,26 |
|
Soundness Ratio |
-0,12 |
-500,00 |
0,03 |
-89,29 |
0,28 |
|
Average Collection Period (days) |
99 |
-1,79 |
100 |
-16,96 |
121 |
|
Average Payment Period (days) |
161 |
-27,51 |
222 |
-23,80 |
292 |
|
LIQUIDITY RATIOS |
|||||
|
Current Ratio (%) |
90,44 |
43,67 |
62,95 |
9,21 |
57,64 |
|
Quick Ratio (%) |
15,81 |
152,96 |
6,25 |
68,46 |
3,71 |
|
DEBT RATIOS |
|||||
|
Borrowing percentage (%) |
74,36 |
6,56 |
69,78 |
195,68 |
23,60 |
|
External Financing Average Cost |
0,01 |
-50,00 |
0,02 |
-75,00 |
0,08 |
|
Debt Service Coverage |
9,44 |
136,52 |
-25,85 |
-107,13 |
-12,48 |
|
Interest Coverage |
-8,33 |
47,31 |
-15,81 |
-575,64 |
-2,34 |
|
GENERAL AND ACTIVITIES RATIOS |
|||||
|
Auto financing generated by sales (%) |
10,78 |
492,00 |
-2,75 |
-6,59 |
-2,58 |
|
Auto financing generated by Assets (%) |
7,88 |
391,85 |
-2,70 |
-42,86 |
-1,89 |
|
Breakdown Point |
0,90 |
7,14 |
0,84 |
-10,64 |
0,94 |
|
Average Sales Volume per Employee |
360.940,00 |
-31,78 |
529.109,59 |
10,98 |
476.757,44 |
|
Average Cost per Employee |
54.170,00 |
1,25 |
53.499,44 |
5,58 |
50.670,43 |
|
Assets Turnover |
0,73 |
-25,51 |
0,98 |
34,25 |
0,73 |
|
Inventory Turnover (days) |
67 |
12,05 |
60 |
3,11 |
58 |
|
RESULTS RATIOS |
|||||
|
Return on Assets (ROA) (%) |
-8,44 |
54,62 |
-18,60 |
-318,92 |
-4,44 |
|
Operating Profitability (%) |
-8,18 |
77,77 |
-36,79 |
-833,76 |
-3,94 |
|
Return on Equity (ROE) (%) |
121,23 |
108,98 |
-1.350,12 |
-4.555,59 |
-29,00 |
SECTORIAL ANALYSIS
Balance Sheet and Financial Balance
Figures expressed in %
|
|
COMPANY (2009) |
SECTOR |
DIFFERENCE |
|
BALANCE SHEET ANALYSIS: % on the total
assets |
|
|
|
|
ASSETS |
|||
|
A) NON CURRENT ASSETS |
62,42 |
55,37 |
7,05 |
|
A) CURRENT ASSETS |
37,58 |
44,63 |
-7,05 |
|
LIABILITIES |
|||
|
A) NET WORTH |
-7,45 |
37,74 |
-45,19 |
|
B) NON CURRENT LIABILITIES |
65,89 |
13,68 |
52,21 |
|
C) CURRENT LIABILITIES |
41,55 |
48,57 |
-7,02 |
|
|
|
|
|
Analytical Account of Results
Figures given in %
|
|
COMPANY (2009) |
SECTOR |
DIFFERENCE |
|
Net Turnover |
98,80 |
97,96 |
0,84 |
|
Other operating income |
1,20 |
2,04 |
-0,84 |
|
OPERATING INCOME |
100,00 |
100,00 |
0,00 |
|
Supplies |
-53,53 |
-59,18 |
5,65 |
|
Variation in stocks of finished goods and work in progress |
-4,03 |
0,19 |
-4,22 |
|
GROSS MARGIN |
42,44 |
41,01 |
1,43 |
|
Other operating costs |
-31,54 |
-24,09 |
-7,45 |
|
Labour cost |
-14,83 |
-9,71 |
-5,12 |
|
GROSS OPERATING RESULT |
-3,93 |
7,21 |
-11,14 |
|
Amortization of fixed assets |
-2,33 |
-4,28 |
1,95 |
|
Deterioration and result for fixed assets disposal |
-2,00 |
-0,17 |
-1,83 |
|
Other expenses / income |
-3,14 |
|
|
|
NET OPERATING RESULT |
-11,40 |
2,77 |
-14,17 |
|
Financial result |
-1,16 |
-1,72 |
0,56 |
|
RESULT BEFORE TAX |
-12,56 |
1,05 |
-13,61 |
|
Taxes on profits |
-0,29 |
-0,99 |
0,70 |
|
RESULT COMING FROM CONTINUED OPERATIONS |
-12,85 |
|
|
|
NET RESULT |
-12,85 |
0,06 |
-12,91 |
Main Ratios
|
|
COMPANY (2009) |
PTILE25 |
PTILE50 |
PTILE75 |
|
BALANCE RATIOS |
|
|
|
|
|
Working Capital (€) |
-19.365.000,00 |
-1.208,62 |
3.055,73 |
20.230,84 |
|
Working capital ratio |
-0,04 |
-0,06 |
0,21 |
0,39 |
|
Soundness Ratio |
-0,12 |
0,61 |
1,39 |
1,94 |
|
Average Collection Period (days) |
99 |
89 |
105 |
131 |
|
Average Payment Period (days) |
161 |
56 |
76 |
101 |
|
LIQUIDITY RATIOS |
|
|
|
|
|
Current Ratio (%) |
90,44 |
0,86 |
1,60 |
2,49 |
|
Quick Ratio (%) |
15,81 |
0,04 |
0,17 |
0,54 |
|
DEBT RATIOS |
|
|
|
|
|
Borrowing percentage (%) |
74,36 |
3,37 |
13,27 |
38,92 |
|
External Financing Average Cost |
0,01 |
0,02 |
0,04 |
0,07 |
|
Debt Service Coverage |
9,44 |
0,21 |
0,62 |
3,88 |
|
Interest Coverage |
-8,33 |
1,36 |
6,24 |
64,42 |
|
GENERAL AND ACTIVITIES RATIOS |
|
|
|
|
|
Auto financing generated by sales (%) |
10,78 |
6,28 |
9,45 |
15,80 |
|
Auto financing generated by Assets (%) |
7,88 |
7,32 |
9,88 |
11,13 |
|
Breakdown Point |
0,90 |
1,02 |
1,05 |
1,10 |
|
Average Sales Volume per Employee |
360.940,00 |
260,27 |
470,87 |
572,93 |
|
Average Cost per Employee |
54.170,00 |
40,41 |
46,26 |
54,57 |
|
Assets Turnover |
0,73 |
0,64 |
1,05 |
1,29 |
|
Inventory Turnover (days) |
67 |
29 |
50 |
105 |
|
RESULTS RATIOS |
|
|
|
|
|
Return on Assets (ROA) (%) |
-8,44 |
1,70 |
5,56 |
11,08 |
|
Operating Profitability (%) |
-8,18 |
8,11 |
11,53 |
14,12 |
|
Return on Equity (ROE) (%) |
121,23 |
4,44 |
10,39 |
18,88 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
UK Pound |
1 |
Rs.71.96 |
|
Euro |
1 |
Rs.64.79 |
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 |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.