MIRA INFORM REPORT
|
Report Date : |
14.05.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
INNOVACIONES TECNICAS APLICADAS A CERAMICAS
AVANZADAS S.A. |
|
|
|
|
Registered Office : |
Lugar Paraje Rambleta, S/N, 12191 La Pobla Tornesa Castellón |
|
|
|
|
Country : |
Spain |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
|
|
|
|
|
Legal Form : |
Sole Corporation |
|
|
|
|
Line of Business : |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
1.227.000,00 € |
|
Status : |
Good |
|
Payment
Behaviour : |
Usually Correct |
|
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) |
|
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
INNOVACIONES TECNICAS APLICADAS A CERAMICAS AVANZADAS S.A. ”ITACA”
TAX NUMBER: A12505293
EXECUTIVE SUMMARY
Identification
Current Business Name: INNOVACIONES TECNICAS APLICADAS A CERAMICAS
AVANZADAS S.A.
Commercial name: ITACA
Other names: YES
Current Address: LUGAR PARAJE RAMBLETA, S/N
12191 LA POBLA TORNESA CASTELLÓN
Branches: 1
Telephone number: 964657800 Fax: 964657802
URL: www.esmalglass-itaca.com
Trade Risk
Credit Appraisal: 1.227.000,00 €
Incidents: NO
R.A.I.: NO
Bank and business defaults of payment - ASNEF INDUSTRIAL: NO
Financial Information
Balance sheet latest sales (2009): 68.081.960,00 € (Trade Register)
Result: 2.215.997 €
Total Assets: 76.356.638 €
Social Capital: 999.763,00 €
Employees: 210
Listed on a Stock Exchange: NO
Commercial Information
Incorporation date: 17/06/1999
Activity: Mfg. of dyes & pigments
NACE 2009 CODE: 2012
International Operations: Imports and
Exports
Corporate Structure
President:
Parent Company:
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: 03/11/2010 Annual Filed Accounts
Latest press article: 02/04/2006 LEVANTE EL MERCANTIL
VALENCIANO (ENVIRONMENT)
Bank Entities: There are
The date when this report was last updated is 12/05/2011.
The information contained in this report has been investigated and
contrasted on 12/05/2011
Credit Appraisal
Maximum Credit
(from 0 to 6,000,000 €)
Favourable to 1.227.000,00 €
Financial Situation
Exercise:2009
|
Treasury |
Average |
|
Indebtedness |
Slight |
|
Profitability |
Average |
|
Balance |
Average |
Performance
|
Incidents |
None or Negligible |
|
Business
Trajectory |
Excellent |
INCIDENTS
Summary
LEGAL ACTIONS: No legal actions registered
ADMINISTRATIVE CLAIMS: No administrative claims registered
AFFECTED BY: No significant element.
BANK AND BUSINESS
DEFAULTS OF PAYMENT - ASNEF INDUSTRIAL
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
12/05/2011 14:05:14
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 |
34.926.728,00 |
45,74 |
34.327.315,00 |
37,59 |
40.426.984,00 |
41,47 |
|
B) CURRENT ASSETS |
41.429.910,00 |
54,26 |
56.989.274,00 |
62,41 |
57.048.873,00 |
58,53 |
|
LIABILITIES |
|
|
|
|
|
|
|
A) NET WORTH |
37.657.566,00 |
49,32 |
39.525.716,00 |
43,28 |
41.963.273,00 |
43,05 |
|
B) NON CURRENT LIABILITIES |
540.187,00 |
0,71 |
570.022,00 |
0,62 |
2.420.576,00 |
2,48 |
|
C) CURRENT LIABILITIES |
38.158.885,00 |
49,97 |
51.220.851,00 |
56,09 |
53.092.008,00 |
54,47 |
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 |
68.081.960,00 |
|
89.283.459,00 |
|
88.601.697,00 |
|
|
GROSS MARGIN |
29.129.623,00 |
42,79 |
34.579.131,00 |
38,73 |
38.608.128,00 |
43,57 |
|
EBITDA |
11.394.765,00 |
16,74 |
14.454.971,00 |
16,19 |
19.411.764,00 |
21,91 |
|
EBIT |
4.241.074,00 |
6,23 |
8.440.927,00 |
9,45 |
11.953.187,00 |
13,49 |
|
NET RESULT |
2.215.997,00 |
3,25 |
4.764.213,00 |
5,34 |
7.710.872,00 |
8,70 |
|
EFFECTIVE TAX RATE (%) |
31,22 |
|
25,21 |
|
19,52 |
|
COMPARATIVE SECTOR ANALYSIS
Values table
Figures expressed in %
|
|
COMPANY (2009) |
SECTOR |
DIFFERENCE |
|
BALANCE SHEET ANALYSIS: % on the total
assets |
|
|
|
|
ASSETS |
|
|
|
|
A) NON CURRENT ASSETS |
45,74 |
29,34 |
16,40 |
|
A) CURRENT ASSETS |
54,26 |
70,66 |
-16,40 |
|
LIABILITIES |
|
|
|
|
A) NET WORTH |
49,32 |
47,91 |
1,41 |
|
B) NON CURRENT LIABILITIES |
0,71 |
10,62 |
-9,92 |
|
C) CURRENT LIABILITIES |
49,97 |
41,47 |
8,51 |
|
|
|
|
|
|
|
COMPANY (2009) |
SECTOR |
DIFFERENCE |
|
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total
operating income |
|
|
|
|
SALES |
97,48 |
99,12 |
-1,63 |
|
GROSS MARGIN |
41,71 |
38,91 |
2,80 |
|
EBITDA |
16,32 |
7,74 |
8,58 |
|
EBIT |
6,07 |
4,58 |
1,50 |
|
NET RESULT |
3,17 |
3,28 |
-0,11 |
Sector Composition
Compared sector (NACE 2009): 2012
Number of companies: 10
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 |
2.215.997,00 |
Legal Reserve |
0,00 |
|
Carry over |
0,00 |
Goodwill reserve |
588.788,00 |
|
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 |
2.215.997,00 |
Dividends |
1.627.209,00 |
|
|
|
Carry over and others |
0,00 |
|
|
|
Compensation of previous exercises losses |
0,00 |
|
|
|
Application total |
2.215.997,00 |
Auditing
Source: filing of annual financial statement 2009
Auditors’ opinion: FAVOURABLE WITH RESERVATIONS
Auditor: DELOITTE S.L.
Auditing exceptions:
SEGUN SE INDICA EN LA NOTA 12 DE LA MEMORIA, EN RELACION CON LAS
GARANTIAS QUE TIENE PRESTADA LA SOCIEDAD SOBRE DETERMINADO CONTRATO DE
FINANCIACION SINDICABLE CONCEDIDO A SU ACCIONISTA UNICO Y A LA SOCIEDAD
CABECERA DEL GRUPO Y EN RELACION CON DETERMINADAS CLAUSULAS ESTABLECIDAS EN EL
MISMO, QUE NO SE CUMPLIAN AL CIERRE DEL EJERCICIO, DICHAS SOCIEDADES HAN
SOLICITADO DEL BANCO AGENTE LA CORRESPONDIENTE DISPENSA DE CUMPLIMIENTO, LA
CUAL ESTA PENDIENTE DE OBTENCION A LA FECHA DE EMISION DE ESTE INFORME.
Auditing fees: 25.000,00 €
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:
LUGAR PARAJE RAMBLETA, S/N
12191 LA
POBLA TORNESA CASTELLÓN
|
STREET |
POSTAL CODE |
TOWN |
PROVINCE |
|
CALLE YERMA, 24 |
18008 |
GRANADA |
Granada |
There are 1 branches registered
CORPORATE STRUCTURE
ADMINISTRATIVE LINKS
|
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|
|
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Distribution of the administration board |
|
|
Governing body : 15 members (latest change:
28/05/2010) Other Positions : 4 (latest change: 02/01/2006) Auditor : 1 (latest change: 25/05/2010) Operative Board Members : 4 (latest change: 14/04/2011) Non-current positions : 25 (latest change: 04/12/2009) |
|
|
Main Board
members, Directors and Auditor
Governing body
|
POSITION |
NAME AND SURNAME |
DATE APPOINTMENT |
|
PRESIDENT |
CERANTE SA |
28/05/2010 |
|
VICE-PRESIDENT |
AMIVI SA |
28/05/2010 |
|
MANAGING DIRECTOR |
BAGAN VARGAS, VICENTE ANTONIO |
28/05/2010 |
|
MANAGING DIRECTOR |
NITRUR DE BOR SL |
28/05/2010 |
|
MEMBER OF THE BOARD |
RODAS SERVICIOS XXI SL |
29/06/2005 |
|
MEMBER OF THE BOARD |
BAGAN VARGAS, VICENTE |
09/02/2006 |
|
MEMBER OF THE BOARD |
DEIAN SA |
28/05/2010 |
|
MEMBER OF THE BOARD |
HEAPPEY, MARK |
28/05/2010 |
|
MEMBER OF THE BOARD |
MONCON SA |
28/05/2010 |
|
|
|
|
Auditor
|
POSITION |
NAME AND SURNAME |
DATE APPOINTMENT |
|
AUDITOR |
DELOITTE SL |
25/05/2010 |
There are 20 board members, directors and auditors registered
Board members remuneration
Source: Annual financial report 2009
Board members remuneration: 0,00 €
|
POSITION |
NAME AND SURNAME |
|
General Manager |
VAGAN, VICENTE |
|
Financial Manager |
SANCHEZ PERAL, VICENTE |
|
Human Resources Director |
SANCHEZ PERAL, VICENTE |
|
Commercial Director |
BAGAN VARGAS, VICENTE ANTONIO |
FINANCIAL LINKS
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATE REP. |
|
|
ESMALGLASS SA |
A12023719 |
100,00 |
OWN SOURCES |
14/04/2011 |
There are 1 direct financial links through shareholders
registered
Majority shareholder of ESMALGLASS SA
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATE REP. |
|
|
GOROMAR XXI S.L. |
B83444661 |
100,00 |
TRADE REG. |
31/12/2009 |
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATE REP. |
|
|
NITRUR DE BOR S.L. |
B12518510 |
15,69 |
TRADE REG. |
21/09/2004 |
|
|
BAGAN VARGAS VICENTE ANTONIO |
|
Indef. |
B.O.R.M.E. |
21/09/2004 |
|
|
CERVANTES RODRIGUEZ BENITO |
|
Indef. |
B.O.R.M.E. |
21/09/2004 |
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATE REP. |
|
|
TIXSON TECHNOLOGY S.L.(EXTINGUIDA) |
B12561247 |
25,00 |
TRADE REG. |
27/07/2006 |
|
|
COATEK COLOR TECHNOLOGIES SRL |
ITALY |
22,47 |
TRADE REG. |
31/12/2003 |
You can obtain business information of foreign companies at the
page D&B INTERNATIONAL
Company with rating inferior to 7
POTENTIAL LINKS
Search for Link by Administrator
Search Criterion: ”CERANTE SA”
|
COMPANY |
POSITION |
PROVINCE |
|
ESMALGLASS SA |
Presidente |
CASTELLON |
|
GOROMAR XXI S.L. |
Presidente |
CASTELLON |
In case you need more information you can request:Board Members
Monitoring
Search Criterion: ”INNOVACIONES TECNICAS APLICADAS A CERAMICAS
AVANZADAS”
URL: www.esmalglass-itaca.com
Esmalglass - Itaca Grupo Innovaciones Técnicas Aplicadas a Cerámicas
Avanzadas, S.A.. Partida Rambleta s/ n - 12.191 Pobla Tornesa (Castellón) -
SPAIN ...
URL: www.esmalglass-itaca.com
Impresión de fax de página completa Innovaciones Técnicas Aplicadas a.
Cerámicas Avanzadas, S.A.. Partida ...
CREDIT INFORMATION
Incorporation date: 17/06/1999
Establishment date: 01/01/1989
Founder’s Name: LA TITULAR ES LA FUNDADORA INICIAL DEL NEGOCIO
Activity: Mfg. of dyes & pigments
NACE 2009 CODE: 2012
NACE 2009 Activity: Manufacture of dyes and pigments
Business: FABRICACION DISTRIBUCION, EXPORTACION, IMPORTACION,
COMERCIALIZACION, COMPRA, VENTA DE TODA CLASE DE PRODUCTOS CERAMICOS, DE
MAQUINARIA Y EQUIPOS PARA LA INDUSTRIA CERAMICA.
Activity description: fabricación y comercialización de colorantes
cerámicos.
Latest employees figure: 210 (2011)
% of fixed employees: 93,59%
% of temporary employees: 6,41%
% of men: 85,47%
% of women: 14,53%
Employees
evolution
|
|
|
|
Source: Annual financial report 2009
|
CATEGORY |
AVERAGE NUMBER OF EMPLOYEES |
MEN |
WOMEN |
|
Distribution by sexes |
|
200 |
34 |
COMMERCIAL OPERATIONS
PURCHASES
Import Percentage: 44%
Imports from: UE Y RESTO DEL MUNDO
National Distribution: 56%
SALES
Export Percentage: 82%
Exports to: UE Y RESTO DEL MUNDO
National Distribution: 18%
SUPPLIERS
|
BUSINESS NAME |
INTERNATIONAL |
|
ULTRACLIM |
NO |
|
ITURCOSA |
NO |
|
ESMALGLASS SA |
NO |
|
TALLERES TAMACA
SL |
NO |
|
GOROMAR XXI SL |
NO |
|
ESMALGLASS
PORTUGAL PRODUCTOS CERAMICOS SA |
YES |
|
ESMALGLASS SPA |
YES |
|
ESMALGLASS SAU |
NO |
|
SMALLGLASS
PORTUGAL PRODUCTOS CERÁMICOS SA |
NO |
|
ESMALGLASS
TRADING & FINANCE BV |
YES |
There are 10 Suppliers
CLIENTS
|
BUSINESS NAME |
INTERNATIONAL |
|
ITACA KUNSHAN
CEREMIC TECNOLOGY CO LTD |
YES |
|
ESMALGLASS SAU |
NO |
|
ESMALGLASS SA |
NO |
|
ESMALGLASS
PORTUGAL PRODUCTOS CERAMICOS SA |
YES |
|
ESMALGLASS DO
BRASIL FRITAS ESMALTES E CORANTES LTDA |
YES |
|
SMALGLASS DO
BRASIL-FRITAS ESMALTES E CORANTES CERAMICOS LTDA |
NO |
|
TIXSON
TECHNOLOGY SL |
NO |
|
ESMALGLASS
TRADING & FINANCE BV |
YES |
There are 8 Clients
Professional and
advertising services
Source: Annual financial report 2009
Professional services
expenses: 1.013.798,00 €
Advertising services expenses: 347.559,00 €
|
ENTITY |
BRANCH |
ADDRESS |
TOWN OR CITY |
PROVINCE |
|
CAIXA D’ESTALVIS DE CATALUNYA,TARRAGONA I MANRESA |
0700 |
AVDA. CASALDUCH ESQ. FOLA |
CASTELLON DE LA PLANA |
Castellón |
|
BANCO SANTANDER, S.A. |
|
|
CASTELLON DE LA PLANA |
|
|
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. |
2327 |
AV. REY DON JAIME, 78 1. PLANTA |
CASTELLON DE LA PLANA |
Castellón |
|
CAJA AH. VALENCIA, CASTELLON Y ALICANTE, BANCAJA |
|
|
CASTELLON |
|
There are 4 bank entities registered
Discount facilities: 1
Credit policy: 1
Mortgage loan: 0
Loans with no real security: 0
|
|
|
|
Debt type: Discount
facilities |
Granted limit:781.000,00 € Used limit:0,00 € Available limit:781.000,00
€ Source: Filed
Accounts (2009) |
|
|
|
|
Debt type: Credit policy |
Granted limit:12.404.000,00 € Used limit:964.000,00 € Available limit:11.440.000,00
€ Source: Filed
Accounts (2009) |
|
|
|
There are 2 bank operations registered
FORMER NAMES:
•
BREIPICTURE SOCIEDAD ANONIMA.
Brand name: ITACA (Valid)
Type: JOINT Scope: INTERNATIONAL
Date: 19/09/2008
There are 2 brands, signs and commercial names
LEGAL STRUCTURE
Constitution Data
Register Date: 17/06/1999
Register town: Castellón
Announcement number: 238830
Legal form: Sole Corporation
Social Capital: 999.763,00 €
Paid-up capital: 999.763,00 €
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: 27 (Last: 28/05/2010, first:
05/07/1999)
Acts on capital: 1 (Last: 18/10/1999)
Acts on creation: 1 (Last: 05/07/1999)
Acts on filed accounts: 13 (Last: 03/11/2010, first:
29/09/2000)
Acts on identification: 1 (Last: 10/11/1999)
Acts on Information: 7 (Last: 02/07/2010, first:
05/07/1999)
Acts on proceedings: 2 (Last: 18/10/1999, first:
20/07/1999)
Latest acts in
B.O.R.M.E.
Other acts
|
ACT |
DATE |
NOTICE NUM. |
TRADE REGISTER |
|
Modification of the Articles of Association |
02/07/2010 |
263944 |
Castellón |
|
Re-elections |
28/05/2010 |
213516 |
Castellón |
|
Appointments |
28/05/2010 |
213516 |
Castellón |
|
Resignations |
28/05/2010 |
213516 |
Castellón |
|
Re-elections |
25/05/2010 |
208124 |
Castellón |
|
Appointments |
04/12/2009 |
507648 |
Castellón |
|
Resignations |
04/12/2009 |
507648 |
Castellón |
|
Re-elections |
22/01/2009 |
34365 |
Castellón |
Latest filed accounts
|
ACT |
DATE |
NOTICE NUM. |
TRADE REGISTER |
|
Annual Filed Accounts (2009) |
03/11/2010 |
962106 |
Castellón |
|
Annual Filed Accounts (2008) |
27/10/2009 |
769224 |
Castellón |
|
Annual Filed Accounts (2007) |
29/10/2008 |
998192 |
Castellón |
There are 52 acts registered
PRESS ARTICLES
Press summary by
type of information (last five years)
Legal notices: 0
Structural Data: 0
Informative data: 1 (Last: 02/04/2006)
Financial Information: 0
Negative information: 0
Business lines: 0
Historical press releases: 1 (Last: 21/09/2004)
Latest press
article published
02/04/2006 LEVANTE EL MERCANTIL
VALENCIANO - ENVIRONMENT
LA CONSELLERIA DE TERRITORIO VIVIENDA HA CONCEDIDO EL MAXIMO CERTIFICADO
AMBIENTAL A LA EMPRESA ITACA SA, DEDICADA A LA FABRICACION DE COLORANTES Y
PIGMENTOS CERAMICOS EN LA POBLA TORNESA.
21/09/2004 EXPANSIÓN - SHAREHOLDERS AND HOLDINGS
EL GRUPO CASTELLONENSE ESMALGLASS, FABRICANTE DE ESMALTES, HA ADQUIRIDO
EL 40% DE SU FILIAL ITACA QUE AUN NO POSEIA AL ACTUAL EQUIPO DIRECTIVO. EL
GRUPO, PARTICIPADO POR 3I, SE HACE ASI CON EL 100% DE SU FILIAL DEDICADA A LA
FABRICACION DE COLORES PARA LA INDUSTRIA CERAMICA.
There are 2 press articles registered for this company
Complementary Information
Current situation
La Junta General de fecha 30/06/1999, acordó la fusión por absorción de
INNOVACIONES TECNICAS APLICADAS A CERAMICAS AVANZADAS SA NIF:A46607487 por
parte de BREIPICTURE SA NIF:A12505293, según anuncio publicado en Borme Seccion
2 del 17/08/99. La sociedad absorbente cambiara su denominacion por la de
INNOVACIONES TECNICAS APLICADAS A CERAMICAS AVANZADAS SA.
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 08/11/2010.
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 |
34.926.728,00 |
45,74 |
34.327.315,00 |
37,59 |
40.426.984,00 |
41,47 |
|
I. Intangible assets |
4.746.831,00 |
6,22 |
4.872.177,00 |
5,34 |
4.729.462,00 |
4,85 |
|
1. Development |
156.369,00 |
0,20 |
195.461,00 |
0,21 |
|
|
|
2. Concessions |
30.635,00 |
0,04 |
31.327,00 |
0,03 |
|
|
|
3. Patents, licences , trademarks and similars |
15.177,00 |
0,02 |
19.412,00 |
0,02 |
|
|
|
4. Goodwill |
3.757.764,00 |
4,92 |
3.757.764,00 |
4,12 |
|
|
|
5. Software |
524.359,00 |
0,69 |
587.942,00 |
0,64 |
|
|
|
7. Other intangible assets |
262.527,00 |
0,34 |
280.271,00 |
0,31 |
|
|
|
II. Tangible fixed assets |
24.060.910,00 |
31,51 |
26.501.556,00 |
29,02 |
25.286.854,00 |
25,94 |
|
1. Property, plant and equipment |
12.354.140,00 |
16,18 |
12.830.249,00 |
14,05 |
|
|
|
2. Technical fittings and other tangible assets |
9.744.683,00 |
12,76 |
12.417.499,00 |
13,60 |
|
|
|
3. Fixed assets in progress and advances |
1.962.087,00 |
2,57 |
1.253.808,00 |
1,37 |
|
|
|
III. Real-estate investments |
|
|
|
|
|
|
|
IV. Long term investments in associated and affiliated companies |
3.295.480,00 |
4,32 |
550.187,00 |
0,60 |
8.261.058,00 |
8,47 |
|
1. Net worth instruments |
|
|
550.187,00 |
0,60 |
|
|
|
2. Credits to companies |
|
|
|
|
8.261.058,00 |
8,47 |
|
5. Other financial assets |
3.295.480,00 |
4,32 |
|
|
|
|
|
V. Long Term Financial Investments |
41.978,00 |
0,05 |
16.978,00 |
0,02 |
2.149.610,00 |
2,21 |
|
2. Credits to third parties |
|
|
|
|
2.132.632,00 |
2,19 |
|
5. Other financial assets |
41.978,00 |
0,05 |
16.978,00 |
0,02 |
16.978,00 |
0,02 |
|
VI. Assets by deferred taxes |
2.781.529,00 |
3,64 |
2.386.417,00 |
2,61 |
|
|
|
VII. Non current commercial debts |
|
|
|
|
|
|
|
B) CURRENT ASSETS |
41.429.910,00 |
54,26 |
56.989.274,00 |
62,41 |
57.048.873,00 |
58,53 |
|
I. Non-current assets maintained for sale |
|
|
|
|
|
|
|
II. Stocks |
12.076.229,00 |
15,82 |
19.559.634,00 |
21,42 |
25.916.270,00 |
26,59 |
|
1. Goods available for sale |
33.713,00 |
0,04 |
67.660,00 |
0,07 |
|
|
|
2. Raw material inventory |
3.329.427,00 |
4,36 |
7.628.304,00 |
8,35 |
|
|
|
3. Work in Progress |
4.361.743,00 |
5,71 |
4.715.590,00 |
5,16 |
|
|
|
b) Short production cycle |
4.361.743,00 |
5,71 |
4.715.590,00 |
5,16 |
|
|
|
4. Finished goods |
4.351.346,00 |
5,70 |
7.148.080,00 |
7,83 |
|
|
|
b) Short production cycle |
4.351.346,00 |
5,70 |
7.148.080,00 |
7,83 |
|
|
|
III. Trade Debtors and other receivable accounts |
27.903.005,00 |
36,54 |
31.755.729,00 |
34,78 |
28.130.385,00 |
28,86 |
|
1. Clients |
14.880.693,00 |
19,49 |
16.356.108,00 |
17,91 |
27.753.917,00 |
28,47 |
|
b) Clients for sales and short term services rendering |
14.880.693,00 |
19,49 |
16.356.108,00 |
17,91 |
|
|
|
2. Clients group and associated companies |
12.758.476,00 |
16,71 |
15.188.449,00 |
16,63 |
|
|
|
3. Other debts |
|
|
|
|
41.509,00 |
0,04 |
|
5. Assets by current taxes |
263.836,00 |
0,35 |
211.172,00 |
0,23 |
|
|
|
6. Other credits with the Public Administrations |
|
|
|
|
334.959,00 |
0,34 |
|
IV. Short term investments in associated and affiliated companies |
|
|
|
|
|
|
|
V. Short term financial investments |
154.163,00 |
0,20 |
3.019.685,00 |
3,31 |
1.003.360,00 |
1,03 |
|
1. Net worth instruments |
|
|
|
|
1.000.000,00 |
1,03 |
|
3. Debt representative values |
|
|
3.000.000,00 |
3,29 |
|
|
|
4. By-products |
151.669,00 |
0,20 |
|
|
|
|
|
5. Other financial assets |
2.494,00 |
0,00 |
19.685,00 |
0,02 |
3.360,00 |
0,00 |
|
VI. Short term periodifications |
137.450,00 |
0,18 |
216.080,00 |
0,24 |
343.777,00 |
0,35 |
|
VII. Cash and equivalents |
1.159.063,00 |
1,52 |
2.438.146,00 |
2,67 |
1.655.081,00 |
1,70 |
|
1. Treasury |
1.159.063,00 |
1,52 |
2.438.146,00 |
2,67 |
1.655.081,00 |
1,70 |
|
TOTAL ASSETS (A + B) |
76.356.638,00 |
100,00 |
91.316.589,00 |
100,00 |
97.475.857,00 |
100,00 |
Alerts associated to the conversion to PGC2007
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.
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 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”.
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 |
37.657.566,00 |
49,32 |
39.525.716,00 |
43,28 |
41.963.273,00 |
43,05 |
|
A-1) Equity |
37.566.288,00 |
49,20 |
39.525.716,00 |
43,28 |
41.963.273,00 |
43,05 |
|
I. Capital |
999.763,00 |
1,31 |
999.763,00 |
1,09 |
999.763,00 |
1,03 |
|
1. Authorized capital |
999.763,00 |
1,31 |
999.763,00 |
1,09 |
999.763,00 |
1,03 |
|
II. Issue premium |
20.278.933,00 |
26,56 |
20.278.933,00 |
22,21 |
20.278.933,00 |
20,80 |
|
III. Reserves |
14.071.595,00 |
18,43 |
13.482.807,00 |
14,76 |
12.973.705,00 |
13,31 |
|
1. Legal and statutory |
199.953,00 |
0,26 |
199.953,00 |
0,22 |
199.953,00 |
0,21 |
|
2. Other funds |
13.871.642,00 |
18,17 |
13.282.854,00 |
14,55 |
12.773.752,00 |
13,10 |
|
IV. (Net worth own shares and participations) |
|
|
|
|
|
|
|
V. Results from previous years |
|
|
|
|
|
|
|
VI. Other loans from partners |
|
|
|
|
|
|
|
VII. Exercise Result |
2.215.997,00 |
2,90 |
4.764.213,00 |
5,22 |
7.710.872,00 |
7,91 |
|
VIII. (Interim dividend) |
|
|
|
|
|
|
|
IX. Other net worth instruments |
|
|
|
|
|
|
|
A-2) Value changes adjustments |
91.278,00 |
0,12 |
|
|
|
|
|
I. Financial assets available for sale |
|
|
|
|
|
|
|
II. Coverage operations |
91.278,00 |
0,12 |
|
|
|
|
|
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 |
540.187,00 |
0,71 |
570.022,00 |
0,62 |
2.420.576,00 |
2,48 |
|
I. Long term provisions |
350.000,00 |
0,46 |
|
|
|
|
|
4. Other provisions |
350.000,00 |
0,46 |
|
|
|
|
|
II. Long term debts |
41.117,00 |
0,05 |
428.572,00 |
0,47 |
2.420.576,00 |
2,48 |
|
2. Debts with bank entities |
|
|
428.572,00 |
0,47 |
1.716.463,00 |
1,76 |
|
4. By-products |
41.117,00 |
0,05 |
|
|
|
|
|
5. Other financial liabilities |
|
|
|
|
704.113,00 |
0,72 |
|
III. Long term debts with associated and affiliated companies |
|
|
|
|
|
|
|
IV. Liabilities by deferred taxes |
149.070,00 |
0,20 |
141.450,00 |
0,15 |
|
|
|
V. Long term periodifications |
|
|
|
|
|
|
|
VI. Non current trade creditors |
|
|
|
|
|
|
|
VII. Long term debts with special characteristics |
|
|
|
|
|
|
|
C) CURRENT LIABILITIES |
38.158.885,00 |
49,97 |
51.220.851,00 |
56,09 |
53.092.008,00 |
54,47 |
|
I. Liabilities related with non-current assets maintained for sale |
|
|
|
|
|
|
|
II. Short term provisions |
|
|
|
|
|
|
|
III. Short term debts |
21.279.523,00 |
27,87 |
27.345.181,00 |
29,95 |
25.908.894,00 |
26,58 |
|
2. Debts with bank entities |
21.084.567,00 |
27,61 |
26.181.556,00 |
28,67 |
25.908.894,00 |
26,58 |
|
4. By-products |
10.165,00 |
0,01 |
1.163.625,00 |
1,27 |
|
|
|
5. Other financial liabilities |
184.791,00 |
0,24 |
|
|
|
|
|
IV. Short term debts with associated and affiliated companies |
1.080.605,00 |
1,42 |
2.695.697,00 |
2,95 |
|
|
|
V. Trade creditors and other payable accounts |
15.798.757,00 |
20,69 |
21.179.973,00 |
23,19 |
27.183.114,00 |
27,89 |
|
1. Suppliers |
11.969.019,00 |
15,68 |
16.939.812,00 |
18,55 |
22.415.817,00 |
23,00 |
|
b) Short term suppliers |
11.969.019,00 |
15,68 |
16.939.812,00 |
18,55 |
|
|
|
2. Suppliers group and associated companies |
750.159,00 |
0,98 |
960.624,00 |
1,05 |
3.884.290,00 |
3,98 |
|
3. Different creditors |
2.044.329,00 |
2,68 |
2.339.658,00 |
2,56 |
|
|
|
4. Staff (pending remunerations) |
690.514,00 |
0,90 |
576.534,00 |
0,63 |
571.536,00 |
0,59 |
|
6. Other debts with Public Administrations |
344.736,00 |
0,45 |
363.345,00 |
0,40 |
311.471,00 |
0,32 |
|
VI. Short term periodifications |
|
|
|
|
|
|
|
VII. Short term debts with special characteristics |
|
|
|
|
|
|
|
TOTAL NET WORTH AND LIABILITIES (A + B + C) |
76.356.638,00 |
100,00 |
91.316.589,00 |
100,00 |
97.475.857,00 |
100,00 |
Alerts associated to the conversion to PGC2007
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
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 |
68.081.960,00 |
97,48 |
89.283.459,00 |
97,69 |
88.601.697,00 |
97,93 |
|
A) Sales |
68.081.960,00 |
97,48 |
89.283.459,00 |
97,69 |
88.601.697,00 |
97,93 |
|
2. Variation in stocks of finished goods and work in progress |
-3.055.629,00 |
-4,38 |
-5.838.904,00 |
-6,39 |
3.478.136,00 |
3,84 |
|
3. Works for its own assets |
1.563.878,00 |
2,24 |
1.940.032,00 |
2,12 |
1.732.809,00 |
1,92 |
|
4. Supplies |
-37.655.907,00 |
-53,92 |
-50.976.796,00 |
-55,78 |
-55.343.473,00 |
-61,17 |
|
a) Material consumed |
-2.347.059,00 |
-3,36 |
-1.507.877,00 |
-1,65 |
-957.722,00 |
-1,06 |
|
b) Raw materials consumed |
-35.308.848,00 |
-50,56 |
-49.207.934,00 |
-53,84 |
-54.083.522,00 |
-59,78 |
|
c) Works carried out for other companies |
|
|
|
|
-302.229,00 |
-0,33 |
|
d) Deterioration on merchandises, raw materials and other supplies |
|
|
-260.985,00 |
-0,29 |
|
|
|
5. Other operating income |
195.321,00 |
0,28 |
171.340,00 |
0,19 |
138.959,00 |
0,15 |
|
a) Other incomes |
178.421,00 |
0,26 |
171.340,00 |
0,19 |
138.959,00 |
0,15 |
|
b) Operating grants included in the exercise result |
16.900,00 |
0,02 |
|
|
|
|
|
6. Labour cost |
-9.439.054,00 |
-13,52 |
-10.520.924,00 |
-11,51 |
-10.169.133,00 |
-11,24 |
|
a) Wages and similar expenses |
-7.152.244,00 |
-10,24 |
-8.078.011,00 |
-8,84 |
|
|
|
b) Social costs |
-2.286.810,00 |
-3,27 |
-2.442.913,00 |
-2,67 |
|
|
|
7. Other operating costs |
-9.791.680,00 |
-14,02 |
-10.430.914,00 |
-11,41 |
-9.212.833,00 |
-10,18 |
|
a) External services |
-8.010.245,00 |
-11,47 |
-9.654.800,00 |
-10,56 |
-8.679.647,00 |
-9,59 |
|
b) Taxes |
-285.559,00 |
-0,41 |
-219.421,00 |
-0,24 |
-230.114,00 |
-0,25 |
|
c) Losses, deterioration and variation on business operations
provisions |
-1.495.876,00 |
-2,14 |
-556.693,00 |
-0,61 |
-133.289,00 |
-0,15 |
|
d) Other day to day expenses |
|
|
|
|
-169.783,00 |
-0,19 |
|
8. Amortization of fixed assets |
-5.657.815,00 |
-8,10 |
-5.196.366,00 |
-5,69 |
-7.325.288,00 |
-8,10 |
|
9. Allocation of subventions on non financial investments and other |
|
|
|
|
|
|
|
10. Provisions excess |
|
|
|
|
|
|
|
11. Deterioration and result for fixed assets disposal |
|
|
10.000,00 |
0,01 |
52.313,00 |
0,06 |
|
b) Results for disposals and others |
|
|
10.000,00 |
0,01 |
52.313,00 |
0,06 |
|
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) |
4.241.074,00 |
6,07 |
8.440.927,00 |
9,24 |
11.953.187,00 |
13,21 |
|
14. Financial income |
14.088,00 |
0,02 |
48.773,00 |
0,05 |
80.399,00 |
0,09 |
|
b) From negotiable values and other financial instruments |
14.088,00 |
0,02 |
48.773,00 |
0,05 |
80.399,00 |
0,09 |
|
b 2) From third parties |
14.088,00 |
0,02 |
48.773,00 |
0,05 |
80.399,00 |
0,09 |
|
15. Financial expenses |
-873.442,00 |
-1,25 |
-1.824.284,00 |
-2,00 |
-2.112.312,00 |
-2,33 |
|
b) For debts with third parties |
-873.442,00 |
-1,25 |
-1.824.284,00 |
-2,00 |
-2.112.312,00 |
-2,33 |
|
16. Reasonable value variation on financial instruments |
-41.117,00 |
-0,06 |
17.191,00 |
0,02 |
|
|
|
a) Negotiation portfolio and others |
-41.117,00 |
-0,06 |
17.191,00 |
0,02 |
|
|
|
17. Exchange differences |
-118.890,00 |
-0,17 |
-312.326,00 |
-0,34 |
-340.487,00 |
-0,38 |
|
18. Deterioration and result for disposal of financial instruments |
|
|
|
|
|
|
|
19. Other financial income and expenses |
|
|
|
|
|
|
|
A.2) FINANCIAL RESULT (14 + 15 + 16 + 17 + 18 + 19) |
-1.019.361,00 |
-1,46 |
-2.070.646,00 |
-2,27 |
-2.372.400,00 |
-2,62 |
|
A.3) RESULT BEFORE TAXES (A.1 + A.2) |
3.221.713,00 |
4,61 |
6.370.281,00 |
6,97 |
9.580.787,00 |
10,59 |
|
20. Taxes on profits |
-1.005.716,00 |
-1,44 |
-1.606.068,00 |
-1,76 |
-1.869.915,00 |
-2,07 |
|
A.4) EXERCISE RESULT COMING FROM CONTINUED OPERATIONS (A.3 + 20) |
2.215.997,00 |
3,17 |
4.764.213,00 |
5,21 |
7.710.872,00 |
8,52 |
|
B) DISCONTINUED OPERATIONS |
|
|
|
|
|
|
|
21. Net of taxes exercise result coming from discontinued operations |
|
|
|
|
|
|
|
A.5) EXERCISE RESULT (A.4 + 21) |
2.215.997,00 |
3,17 |
4.764.213,00 |
5,21 |
7.710.872,00 |
8,52 |
Alerts associated to the conversion to PGC2007
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 |
2.215.997,00 |
4.764.213,00 |
|
INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH |
|
|
|
I. For valuation of financial instruments |
|
|
|
II. Cash flow coverage |
91.278,00 |
|
|
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 |
|
|
|
B) TOTAL INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH (I + II +
III + IV +V+VI+VII) |
91.278,00 |
|
|
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) |
2.307.275,00 |
4.764.213,00 |
Total net worth
changes status
Figures given in €
|
NET WORTH CHANGES ( 2 /3) |
AUTHORIZED CAPITAL |
ISSUE PREMIUM |
RESERVES |
RESULTS FROM PREVIOUS YEARS |
|
FINAL ACCOUNT BALANCE OF EXERCISE (2007) |
999.763,00 |
20.278.933,00 |
12.973.705,00 |
|
|
I. Adjustments by change of criteria in the exercise (2007) |
|
|
509.102,00 |
|
|
II. Adjustments by errors in the exercise (2007) |
|
|
|
|
|
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2008) |
999.763,00 |
20.278.933,00 |
13.482.807,00 |
|
|
I. Total recognized income and expenses |
|
|
|
|
|
II. Operations with partners or owners |
|
|
|
|
|
4. (-) Dividends distribution |
|
|
|
|
|
III. Other net worth variations |
|
|
|
|
|
FINAL ACCOUNT BALANCE OF EXERCISE (2008) |
999.763,00 |
20.278.933,00 |
13.482.807,00 |
|
|
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) |
999.763,00 |
20.278.933,00 |
13.482.807,00 |
|
|
I. Total recognized income and expenses |
|
|
|
|
|
II. Operations with partners or owners |
|
|
|
588.788,00 |
|
4. (-) Dividends distribution |
|
|
|
-4.175.425,00 |
|
7. Other operations with partners or owners |
|
|
|
4.764.213,00 |
|
III. Other net worth variations |
|
|
588.788,00 |
-588.788,00 |
|
FINAL ACCOUNT BALANCE OF EXERCISE (2009) |
999.763,00 |
20.278.933,00 |
14.071.595,00 |
|
|
NET WORTH CHANGES ( 3 /3) |
EXERCISE RESULT |
VALUE CHANGES ADJUSTMENT |
TOTAL |
|
|
FINAL ACCOUNT BALANCE OF EXERCISE (2007) |
7.710.872,00 |
|
41.963.273,00 |
|
|
I. Adjustments by change of criteria in the exercise (2007) |
|
130.466,00 |
639.568,00 |
|
|
II. Adjustments by errors in the exercise (2007) |
|
|
|
|
|
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2008) |
7.710.872,00 |
130.466,00 |
42.602.841,00 |
|
|
I. Total recognized income and expenses |
4.764.213,00 |
|
4.764.213,00 |
|
|
II. Operations with partners or owners |
-7.710.872,00 |
|
-7.710.872,00 |
|
|
4. (-) Dividends distribution |
-7.710.872,00 |
|
-7.710.872,00 |
|
|
III. Other net worth variations |
|
-130.466,00 |
-130.466,00 |
|
|
FINAL ACCOUNT BALANCE OF EXERCISE (2008) |
4.764.213,00 |
|
39.525.716,00 |
|
|
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) |
4.764.213,00 |
|
39.525.716,00 |
|
|
I. Total recognized income and expenses |
2.215.997,00 |
91.278,00 |
2.307.275,00 |
|
|
II. Operations with partners or owners |
-4.764.213,00 |
|
-4.175.425,00 |
|
|
4. (-) Dividends distribution |
|
|
-4.175.425,00 |
|
|
7. Other operations with partners or owners |
-4.764.213,00 |
|
|
|
|
III. Other net worth variations |
|
|
|
|
|
FINAL ACCOUNT BALANCE OF EXERCISE (2009) |
2.215.997,00 |
91.278,00 |
37.657.566,00 |
|
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 |
3.221.713,00 |
6.370.281,00 |
|
2. Results adjustments |
8.161.945,00 |
8.074.690,00 |
|
a) Amortization of fixed assets (+) |
5.657.815,00 |
5.196.366,00 |
|
b) Value correction for deterioration (+/-) |
1.495.876,00 |
817.678,00 |
|
e) Results for decline and disposal of fixed assets (+/-) |
|
-10.000,00 |
|
g) Financial income (-) |
-14.088,00 |
-48.773,00 |
|
f) Financial expenses (+) |
873.442,00 |
1.824.284,00 |
|
i) Change difference (+/-) |
118.890,00 |
312.326,00 |
|
j) Reasonable value variation on financial instruments (+/-) |
41.117,00 |
-17.191,00 |
|
k) Other income and expenses (-/+) |
-11.107,00 |
|
|
3. Changes in current capital |
7.660.856,00 |
9.950.969,00 |
|
a) Stocks (+/-) |
7.483.405,00 |
6.095.651,00 |
|
b) Debtors and other receivable accounts (+/-) |
2.356.848,00 |
7.441.256,00 |
|
c) Other current assets (+/-) |
3.201.819,00 |
127.697,00 |
|
d) Creditors and other payable accounts (+/-) |
-5.381.216,00 |
-3.219.908,00 |
|
e) Other current liabilities (+/-) |
|
-253.785,00 |
|
f) Other non-current assets and liabilities (+/-) |
|
-239.942,00 |
|
4. Other cash flow coming from operating activities |
-2.864.341,00 |
-1.680.191,00 |
|
a) Interests payments (-) |
-964.320,00 |
-1.727.741,00 |
|
c) Interests collections (+) |
14.088,00 |
48.773,00 |
|
d) Collections (payments) for profit tax (+/-) |
-1.914.109,00 |
-1.223,00 |
|
5. Cash flow coming from operating activities (1 + 2 + 3 + 4) |
16.180.173,00 |
22.715.749,00 |
|
B) CASH FLOW COMING FROM INVESTING ACTIVITIES |
|
|
|
6. Investment payments (-) |
-6.844.489,00 |
-10.167.352,00 |
|
b) Intangible assets |
-1.325.266,00 |
-1.649.600,00 |
|
c) Tangible assets |
-2.748.930,00 |
-4.950.374,00 |
|
e) Other financial assets |
-2.770.293,00 |
-3.567.378,00 |
|
7. Disinvestment collections (+) |
3.539,00 |
1.772.819,00 |
|
c) Tangible assets |
3.539,00 |
35.387,00 |
|
e) Other financial assets |
|
1.737.059,00 |
|
h) Other assets |
|
373,00 |
|
8. Cash Flow in investment activities (6 + 7) |
-6.840.950,00 |
-8.394.533,00 |
|
C) CASH FLOW COMING FROM FINANCING ACTIVITIES |
|
|
|
9. Net worth instruments collections and payments |
|
|
|
10. Financial liabilities instruments collections and payments |
-6.323.991,00 |
-13.574.735,00 |
|
b) Return and amortization of |
-6.323.991,00 |
-13.574.735,00 |
|
2. Debts with bank entities (-) |
-5.540.681,00 |
-12.738.877,00 |
|
3. Debts with group and associated companies (-) |
-783.310,00 |
-835.858,00 |
|
11. Payments for dividends and remunerations of other net worth
instruments |
-4.175.425,00 |
|
|
a) Dividends (-) |
-4.175.425,00 |
|
|
12. Cash Flow in financing activities (9 + 10 + 11) |
-10.499.416,00 |
-13.574.735,00 |
|
D) Exchange rate variations effect |
-118.890,00 |
36.584,00 |
|
E) NET CASH OR EQUIVALENTS INCREASE / REDUCTION (5 + 8 + 12 + D) |
-1.279.083,00 |
783.065,00 |
|
Cash or equivalents at the beginning of the exercise |
2.438.146,00 |
1.655.081,00 |
|
Cash or equivalents at the end of the exercise |
1.159.063,00 |
2.438.146,00 |
RATIOS
|
|
31/12/2009 (12) |
CHANGE % |
31/12/2008 (12) |
CHANGE % |
31/12/2007 (12) |
|
BALANCE RATIOS |
|||||
|
Working Capital (€) |
3.271.025,00 |
-43,29 |
5.768.423,00 |
45,78 |
3.956.865,00 |
|
Working capital ratio |
0,04 |
-33,33 |
0,06 |
50,00 |
0,04 |
|
Soundness Ratio |
1,08 |
-6,09 |
1,15 |
10,58 |
1,04 |
|
Average Collection Period (days) |
148 |
15,17 |
128 |
12,30 |
114 |
|
Average Payment Period (days) |
128 |
-8,48 |
140 |
-7,60 |
152 |
|
LIQUIDITY RATIOS |
|||||
|
Current Ratio (%) |
108,57 |
-2,42 |
111,26 |
3,55 |
107,45 |
|
Quick Ratio (%) |
3,44 |
-67,73 |
10,66 |
112,77 |
5,01 |
|
DEBT RATIOS |
|||||
|
Borrowing percentage (%) |
29,34 |
-12,08 |
33,37 |
14,83 |
29,06 |
|
External Financing Average Cost |
0,04 |
-33,33 |
0,06 |
-25,00 |
0,08 |
|
Debt Service Coverage |
1,38 |
2,99 |
1,34 |
-28,72 |
1,88 |
|
Interest Coverage |
4,86 |
4,97 |
4,63 |
-18,20 |
5,66 |
|
GENERAL AND ACTIVITIES RATIOS |
|||||
|
Auto financing generated by sales (%) |
23,77 |
-6,56 |
25,44 |
49,91 |
16,97 |
|
Auto financing generated by Assets (%) |
21,19 |
-14,83 |
24,88 |
61,24 |
15,43 |
|
Breakdown Point |
1,07 |
-2,73 |
1,10 |
-5,17 |
1,16 |
|
Average Sales Volume per Employee |
290.948,55 |
-19,51 |
361.471,49 |
1,59 |
355.830,11 |
|
Average Cost per Employee |
40.337,84 |
-5,30 |
42.594,83 |
4,30 |
40.839,89 |
|
Assets Turnover |
0,89 |
-9,18 |
0,98 |
7,69 |
0,91 |
|
Inventory Turnover (days) |
116 |
-16,41 |
138 |
-17,95 |
168 |
|
RESULTS RATIOS |
|||||
|
Return on Assets (ROA) (%) |
5,55 |
-39,94 |
9,24 |
-24,63 |
12,26 |
|
Operating Profitability (%) |
12,96 |
-13,31 |
14,94 |
-24,61 |
19,83 |
|
Return on Equity (ROE) (%) |
8,58 |
-46,77 |
16,12 |
-29,39 |
22,83 |
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 |
45,74 |
29,34 |
16,40 |
|
A) CURRENT ASSETS |
54,26 |
70,66 |
-16,40 |
|
LIABILITIES |
|||
|
A) NET WORTH |
49,32 |
47,91 |
1,41 |
|
B) NON CURRENT LIABILITIES |
0,71 |
10,62 |
-9,92 |
|
C) CURRENT LIABILITIES |
49,97 |
41,47 |
8,51 |
|
|
|
|
|
Analytical Account
of Results
Figures given in %
|
|
COMPANY (2009) |
SECTOR |
DIFFERENCE |
|
Net Turnover |
97,48 |
99,12 |
-1,64 |
|
Other operating income |
2,52 |
0,88 |
1,64 |
|
OPERATING INCOME |
100,00 |
100,00 |
0,00 |
|
Supplies |
-53,92 |
-61,97 |
8,05 |
|
Variation in stocks of finished goods and work in progress |
-4,38 |
0,88 |
-5,26 |
|
GROSS MARGIN |
41,71 |
38,91 |
2,80 |
|
Other operating costs |
-14,02 |
-18,17 |
4,15 |
|
Labour cost |
-13,52 |
-13,43 |
-0,09 |
|
GROSS OPERATING RESULT |
14,17 |
7,31 |
6,86 |
|
Amortization of fixed assets |
-8,10 |
-2,74 |
-5,36 |
|
Deterioration and result for fixed assets disposal |
|
0,00 |
|
|
NET OPERATING RESULT |
6,07 |
4,58 |
1,49 |
|
Financial result |
-1,46 |
-0,67 |
-0,79 |
|
RESULT BEFORE TAX |
4,61 |
3,91 |
0,70 |
|
Taxes on profits |
-1,44 |
-0,63 |
-0,81 |
|
RESULT COMING FROM CONTINUED OPERATIONS |
3,17 |
|
|
|
NET RESULT |
3,17 |
3,28 |
-0,11 |
Main Ratios
|
|
COMPANY (2009) |
PTILE25 |
PTILE50 |
PTILE75 |
|
BALANCE RATIOS |
|
|
|
|
|
Working Capital (€) |
3.271.025,00 |
2.586.130,89 |
4.793.597,25 |
9.660.716,30 |
|
Working capital ratio |
0,04 |
0,11 |
0,35 |
0,45 |
|
Soundness Ratio |
1,08 |
1,02 |
1,95 |
3,63 |
|
Average Collection Period (days) |
148 |
95 |
109 |
142 |
|
Average Payment Period (days) |
128 |
38 |
76 |
95 |
|
LIQUIDITY RATIOS |
|
|
|
|
|
Current Ratio (%) |
108,57 |
1,22 |
2,12 |
2,32 |
|
Quick Ratio (%) |
3,44 |
0,07 |
0,14 |
0,25 |
|
DEBT RATIOS |
|
|
|
|
|
Borrowing percentage (%) |
29,34 |
12,86 |
19,86 |
41,41 |
|
External Financing Average Cost |
0,04 |
0,04 |
0,05 |
0,08 |
|
Debt Service Coverage |
1,38 |
1,02 |
1,62 |
7,57 |
|
Interest Coverage |
4,86 |
1,47 |
4,02 |
18,53 |
|
GENERAL AND ACTIVITIES RATIOS |
|
|
|
|
|
Auto financing generated by sales (%) |
23,77 |
3,97 |
6,90 |
7,88 |
|
Auto financing generated by Assets (%) |
21,19 |
4,98 |
7,01 |
9,56 |
|
Breakdown Point |
1,07 |
1,04 |
1,05 |
1,08 |
|
Average Sales Volume per Employee |
290.948,55 |
204.606,65 |
282.639,08 |
464.183,13 |
|
Average Cost per Employee |
40.337,84 |
37.399,42 |
42.421,17 |
49.945,91 |
|
Assets Turnover |
0,89 |
0,90 |
1,24 |
1,66 |
|
Inventory Turnover (days) |
116 |
90 |
114 |
169 |
|
RESULTS RATIOS |
|
|
|
|
|
Return on Assets (ROA) (%) |
5,55 |
3,80 |
4,75 |
9,84 |
|
Operating Profitability (%) |
12,96 |
7,49 |
8,05 |
13,76 |
|
Return on Equity (ROE) (%) |
8,58 |
4,09 |
9,81 |
18,16 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.91 |
|
UK Pound |
1 |
Rs.73.06 |
|
Euro |
1 |
Rs.64.03 |
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.