MIRA
INFORM REPORT
|
Report Date : |
18.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
ZARA HOME ESPANA SA |
|
|
|
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Registered Office : |
Avenida Deputacion (Pg Industrial. Ed Inditex), S/N 15142 Arteixo La Coruña |
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|
|
|
Country : |
Spain |
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|
|
|
Financials (as on) : |
31.01.2010 |
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|
Date of Incorporation : |
10.09.1991 |
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Legal Form : |
Sole Corporation |
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|
Line of Business : |
Retail sale of household equipment |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
1.107.000,00 € |
|
|
|
|
Status : |
Moderate |
|
|
|
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
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
TAX NUMBER: A15340516
Company situation: Active
EXECUTIVE SUMMARY
Identification
Current Business Name: ZARA HOME ESPANA SA
Other names: YES
Current Address: AVENIDA DEPUTACION (PG
INDUSTRIAL. ED INDITEX), S/N
Branches: 117
Telephone number: 981185400 Fax: 981185369
URL: www.zarahome.com
Corporate e-mail: comunicacion@inditex.com
Trade Risk
Credit Appraisal: 1.107.000,00 €
Incidents: NO
R.A.I.: NO
Bank and business defaults of payment - ASNEF EMPRESAS: NO
Financial Information
Balance sheet latest sales (2010): 172.885.681,00 € (Trade Register)
Result: 15.056.661 €
Total Assets: 187.692.537 €
Social Capital: 5.500.000,00 €
Employees: 909
Listed on a Stock Exchange: NO
Commercial Information
Incorporation date: 10/09/1991
Activity: Retail sale of household equipment
NACE 2009 CODE: 4759
International Operations: Imports and Exports
Corporate Structure
President:
Parent Company:
Participations: 16
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: 26/04/2011 Appointments
Latest press article: 12/04/2011 CORDOBA (BRANCHES)
Bank Entities: There are
The date when this report was last updated is 26/04/2011.
The information contained in this report has been investigated and
contrasted on 10/03/2011
TRADE RISK
Credit Appraisal
Maximum Credit
(from 0 to
6,000,000 €)
Favourable to 1.107.000,00 €
Financial Situation
Exercise:2010
|
Treasury |
Very degraded |
|
Indebtedness |
Average |
|
Profitability |
Sufficient |
|
Balance |
Very Degraded |
Performance
|
Incidents |
None or Negligible |
|
Business Trajectory |
Acceptable |
Summary
LEGAL ACTIONS: No legal actions
ADMINISTRATIVE CLAIMS: No administrative claims
AFFECTED BY: No significant element.
BANK AND BUSINESS DEFAULTS OF PAYMENT - ASNEF EMPRESAS 
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
16/05/2011 09:05:09
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 €
|
|
31/01/2010 (12) BALANCE SHEET |
% ASSETS |
31/01/2009 (12) BALANCE SHEET |
% ASSETS |
31/01/2008 (12) BALANCE SHEET |
% ASSETS |
|
ASSETS |
|
|
|
|
|
|
|
A) NON CURRENT ASSETS |
156.694.652,00 |
83,48 |
124.769.757,00 |
78,93 |
79.580.728,00 |
67,17 |
|
B) CURRENT ASSETS |
30.997.885,00 |
16,52 |
33.301.981,00 |
21,07 |
38.903.993,00 |
32,83 |
|
LIABILITIES |
|
|
|
|
|
|
|
A) NET WORTH |
50.180.896,00 |
26,74 |
45.469.521,00 |
28,77 |
34.511.398,90 |
29,13 |
|
B) NON CURRENT LIABILITIES |
23.250.745,00 |
12,39 |
21.270.594,00 |
13,46 |
989.604,10 |
0,84 |
|
C) CURRENT LIABILITIES |
114.260.896,00 |
60,88 |
91.331.623,00 |
57,78 |
82.983.718,00 |
70,04 |
Profit and Loss Account Analysis
Figures given in €
|
|
31/01/2010 (12) BALANCE SHEET |
% NET TURNOVER |
31/01/2009 (12) BALANCE SHEET |
% NET TURNOVER |
31/01/2008 (12) BALANCE SHEET |
% NET TURNOVER |
|
SALES |
172.885.681,00 |
|
168.425.119,00 |
|
165.551.108,00 |
|
|
GROSS MARGIN |
86.486.834,00 |
50,03 |
84.164.080,00 |
49,97 |
79.108.876,00 |
47,79 |
|
EBITDA |
25.736.950,00 |
14,89 |
27.144.373,00 |
16,12 |
20.193.251,00 |
12,20 |
|
EBIT |
18.587.132,00 |
10,75 |
20.728.413,00 |
12,31 |
10.789.608,00 |
6,52 |
|
NET RESULT |
15.056.661,00 |
8,71 |
19.818.881,00 |
11,77 |
9.410.055,00 |
5,68 |
|
EFFECTIVE TAX RATE (%) |
17,12 |
|
7,47 |
|
11,00 |
|
COMPARATIVE SECTOR ANALYSIS
Values table
Figures expressed in %
|
|
COMPANY (2010) |
SECTOR |
DIFFERENCE |
|
|
|
|
|
BALANCE SHEET ANALYSIS: % on the total
assets |
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|||
|
A) NON CURRENT ASSETS |
83,48 |
59,99 |
23,50 |
|
|
|
|
|
A) CURRENT ASSETS |
16,52 |
40,01 |
-23,50 |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|||
|
A) NET WORTH |
26,74 |
26,92 |
-0,19 |
|
|
|
|
|
B) NON CURRENT LIABILITIES |
12,39 |
31,98 |
-19,59 |
|
|
|
|
|
C) CURRENT LIABILITIES |
60,88 |
41,10 |
19,78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
COMPANY (2010) |
SECTOR |
DIFFERENCE |
|
|
|
|
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PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total
operating income |
|
|
|
|
|
|
|
|
SALES |
98,85 |
97,48 |
1,37 |
|
|
|
|
|
GROSS MARGIN |
49,45 |
40,74 |
8,71 |
|
|
|
|
|
EBITDA |
14,72 |
10,80 |
3,92 |
|
|
|
|
|
EBIT |
10,63 |
6,04 |
4,58 |
|
|
|
|
|
NET RESULT |
8,61 |
5,55 |
3,06 |
|
|
|
|
Sector Composition
Compared sector (NACE 2009): 4759
Number of companies: 67
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 |
15.056.660,61 |
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 |
5.056.660,61 |
|
Total of Amounts to be distributed |
15.056.660,61 |
Dividends |
10.000.000,00 |
|
|
|
Carry over and others |
0,00 |
|
|
|
Compensation of previous exercises losses |
0,00 |
|
|
|
Application total |
15.056.660,61 |
Auditing
Source: filing of annual financial statement 2010
Auditors’ opinion: FAVOURABLE
Auditor: KPMG AUDITORES S.L.
Auditing fees: 41.298,00 €
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.
ADDRESSES
Current Legal Seat Address:
AVENIDA DEPUTACION (PG INDUSTRIAL. ED INDITEX), S/N
15142 ARTEIXO LA CORUÑA
Previous Seat Address:
AVENIDA DEPUTACION (PLGO INDUSTRIAL SABON)
15142 ARTEIXO
LA CORUÑA
|
STREET |
POSTAL CODE |
TOWN |
PROVINCE |
|
CALLE EDUARDO DATO, 18 |
01005 |
VITORIA-GASTEIZ |
Álava |
|
CALLE ZARAMAGA (C.COM. BOULEVARD DE VITORIA), 1 |
01013 |
VITORIA-GASTEIZ |
Álava |
|
CALLE MAYOR (PSJE. DE MASSO), 11 |
02001 |
ALBACETE |
Albacete |
|
CENTRO COMERCIAL L’ALJUB LOCALES 34 Y 35 |
03235 |
ELCHE/ELX |
Alicante |
|
CENTRO COMERCIAL LAS HABANERAS LOCAL C7-8 |
03180 |
TORREVIEJA |
Alicante |
|
CENTRO COMERCIAL MARINA FINESTRAT LOCAL 36 |
03500 |
BENIDORM |
Alicante |
|
CENTRO COMERCIAL PLAZA MAR LOCAL B-16 |
03016 |
ALICANTE/ALACANT |
Alicante |
|
AVENIDA CREVILLENTE |
03205 |
ELCHE/ELX |
Alicante |
|
CARRETERA CREVILLENTE |
03184 |
TORREVIEJA |
Alicante |
|
AVENIDA DENIA |
|
ALICANTE/ALACANT |
Alicante |
|
STREET |
POSTAL CODE |
TOWN |
PROVINCE |
|
POLIGONO INDUSTRIAL SABON, - PAR 79 B |
15142 |
ARTEIXO |
La Coruña |
CORPORATE STRUCTURE
ADMINISTRATIVE LINKS
|
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Distribution of the administration board |
|
|
Governing body : 6 members (latest change:
07/07/2009) Other Positions : 53 (latest change: 26/04/2011) Auditor : 1 (latest change: 24/01/2011) Operative Board Members : 5 (latest change: 16/02/2009) Non-current positions : 39 (latest change: 14/04/2011) |
|
|
Main Board members, Directors and Auditor
Governing body
|
POSITION |
NAME AND SURNAME |
DATE APPOINTMENT |
|
PRESIDENT |
DE CARDENAS BOTAS, EVA MARIA |
17/09/2008 |
|
MEMBER OF THE BOARD |
BORJA DE LA CIERVA ALVAREZ DE SOTOMAYOR, FRANCISCO |
28/04/2003 |
|
MEMBER OF THE BOARD |
CORTIZAS GONZALEZ CRIADO, VICENTE |
07/07/2009 |
|
MEMBER OF THE BOARD |
ISLA ALVAREZ DE TEJERA, PABLO |
07/07/2009 |
|
MEMBER OF THE BOARD |
RUBIO MERINO, ANTONIO |
07/07/2009 |
|
|
|
|
Auditor
|
POSITION |
NAME AND SURNAME |
DATE APPOINTMENT |
|
AUDITOR |
KPMG AUDITORES SL |
24/01/2011 |
There are 60 board members, directors and auditors
Board members remuneration
Source: Annual
financial report 2009
Board
members remuneration: 848.572,00 €
|
POSITION |
NAME AND SURNAME |
|
General Manager |
DE CARDENAS BOTAS, EVA MARIA |
|
Financial Manager |
DE CARDENAS BOTAS, EVA MARIA |
|
Human Resources Director |
LUQUE ROJAS, ISABEL |
|
Commercial Director |
SOUZA JORJE, JAVIER |
|
Quality Director |
RICO COSTA, EMILIO |
FINANCIAL LINKS
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATE REP. |
|
|
INDUSTRIA DE DISENO TEXTIL SA |
A15075062 |
100,00 |
OWN SOURCES |
12/07/2010 |
Majority shareholder of INDUSTRIA DE DISENO TEXTIL SA
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATE REP. |
|
|
GARTLER S.L. |
B70080601 |
50,01 |
TRADE REG. |
31/01/2010 |
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATE REP. |
|
|
ZARA HOME UK LTD |
UNITED KINGDOM |
100,00 |
TRADE REG. |
31/01/2010 |
|
|
ZARA HOME RO SRL |
ROMANIA |
100,00 |
TRADE REG. |
31/01/2010 |
|
|
ZARA HOME UKRAINE LLC |
UKRAINE |
100,00 |
TRADE REG. |
31/01/2010 |
|
|
ZARA HOME POLSKA SP ZOO |
POLAND |
100,00 |
TRADE REG. |
31/01/2010 |
|
|
ZARA HOME EV TEKSTILI AKSESUARLARI MOBILYA VE DEKORASYON MALZEMELERI
ITHALAT IHRACAT VE TI |
TURKEY |
100,00 |
TRADE REG. |
31/01/2010 |
|
|
ZARA HOME NEDERLAND BV |
NETHERLANDS |
100,00 |
TRADE REG. |
31/01/2010 |
|
|
ZARA HOME FRANCE |
FRANCE |
100,00 |
TRADE REG. |
31/01/2010 |
|
|
ZARA HOME DISENO SL. |
B70218888 |
100,00 |
TRADE REG. |
31/01/2010 |
|
|
ZARA HOME (PORTUGAL)-ARTIGOS E UTILIDADES PARA O LAR, UNIPESSOALLDA |
PORTUGAL |
100,00 |
TRADE REG. |
31/01/2010 |
|
|
ZARA HOME CIS LTD |
RUSSIAN FEDERATION |
100,00 |
TRADE REG. |
31/01/2010 |
BUSINESS INFORMATION
Incorporation date: 10/09/1991
Establishment date: 01/01/1991
Founder’s Name: LA TITULAR ES LA FUNDADORA INICIAL DEL NEGOCIO
NACE 2009 CODE: 4759
NACE 2009 Activity: Retail sale of furniture,
lighting equipment and other household
articles in specialized stores
Business: production, marketing, import, export and retail OR WHOLESALE LINENS
AND HOME TEXTILE
ARTICLES AND KITCHEN TABLE, towels, bathrobes, RUGS AND ACCESSORIES FOR
THE BATHROOM IN
GENERA
Latest employees figure: 909 (2010)
% of fixed employees: 100,00%
% of men: 10,55%
% of women: 89,45%
Employees evolution
|
|
|
|
Source: Annual financial report 2009
|
CATEGORY |
AVERAGE NUMBER OF EMPLOYEES |
MEN |
WOMEN |
|
Distribution by sexes |
|
98 |
831 |
• The 99.28% of its turnover corresponds to income from
sale of property.
• The 0.72% of its turnover corresponds to Others (dividends).
|
ENTITY |
BRANCH |
ADDRESS |
TOWN OR CITY |
PROVINCE |
|
CAJA DE AHORROS Y PENSIONES DE BARCELONA |
|
|
ARTEIXO |
|
|
BANCO ESPAÑOL DE CREDITO, S.A. |
|
|
ARTEIXO |
|
|
BANCO PASTOR, S.A. |
|
|
ARTEIXO |
|
Discount facilities: 0
Credit policy: 1
Mortgage loan: 0
Loans with no real security: 0
|
|
|
|
Debt type: Credit policy |
Granted limit:1.100.000,00 € Used limit:0,00 € Available limit:1.100.000,00
€ Source: Filed
Accounts (2010) |
|
|
|
FORMER NAMES:
•
BRETTOS BRT ESPANA SA
•
CUISS SA
LEGAL STRUCTURE
Constitution Data
Register Date: 10/09/1991
Register town: La Coruña
Announcement number: 215803
Legal form: Sole Corporation
Social Capital: 5.500.000,00 €
Paid-up capital: 5.500.000,00 €
Obligation to fill in Financial Statements: YES
Chamber census: YES (2009)
B.O.R.M.E. (OFFICIAL
COMPANIES REGISTRY GAZETTE)
Acts on activity: 1 (Last: 28/04/2003)
Acts on administrators: 92 (Last: 26/04/2011, first:
09/10/1991)
Acts on capital: 2 (Last: 26/08/2003, first:
28/04/2003)
Acts on creation: 1 (Last: 09/10/1991)
Acts on filed accounts: 19 (Last: 08/11/2010, first:
08/10/1992)
Acts on identification: 3 (Last: 28/04/2003, first:
22/02/1999)
Acts on Information: 6 (Last: 26/08/2003, first:
04/10/1995)
Latest acts in B.O.R.M.E.
Other acts
|
ACT |
DATE |
NOTICE NUM. |
TRADE REGISTER |
|
Appointments |
26/04/2011 |
180774 |
La Coruña |
|
Resignations |
14/04/2011 |
167970 |
La Coruña |
|
Appointments |
29/03/2011 |
139454 |
La Coruña |
|
Re-elections |
24/01/2011 |
26567 |
La Coruña |
|
Resignations |
29/11/2010 |
440077 |
La Coruña |
|
Appointments |
05/10/2010 |
372132 |
La Coruña |
|
Appointments |
26/08/2010 |
331753 |
La Coruña |
|
Resignations |
26/08/2010 |
331753 |
La Coruña |
Latest filed accounts
|
ACT |
DATE |
NOTICE NUM. |
TRADE REGISTER |
|
Annual Filed Accounts (2009) |
08/11/2010 |
1002493 |
La Coruña |
|
Annual Filed Accounts (2008) |
30/10/2009 |
784291 |
La Coruña |
|
Annual Filed Accounts (2007) |
03/11/2008 |
1036285 |
La Coruña |
Press summary by type of information (last five years)
Legal notices: 0
Structural Data: 26 (Last: 12/04/2011, first: 02/03/2006)
Informative data: 4 (Last: 15/10/2010, first: 26/10/2007)
Financial Information: 5 (Last: 17/09/2009, first: 21/09/2006)
Negative information: 0
Business lines: 2 (Last: 18/12/2009, first: 06/09/2007)
Historical press releases: 26 (Last: 29/12/2005, first: 30/12/1998)
Latest press article published
12/04/2011 CORDOBA (Page 10) BRANCHES
The Inditex Group opens a new store on
the street Gondomar its subsidiary ZARA HOME, dedicated exclusively to
household items. The new store, 300 square meters, provides for 10 to 15 jobs,
and is waiting exclusively licensed to begin work on fitness in the shortest
time possible. The implementation of ZARA HOME, the only store in time to be in
Cordoba of this subsidiary.
09/03/2011 LA VOZ DE GALICIA (Page
10) BRANCHES
The April 14 will open Marineda City mall, which among its offer will be
more than a dozen companies involved in the sector of home and decoration,
including the firm will ZARA HOME.
10/01/2011 FIVE DAYS (Page 5)
BRANCHES
Inditex is driving the growth of a brand new, or rather, the splitting of
the single string that is not absolutely linked to fashion. The signing of
Amancio Ortega has just opened in the c / Hermosilla in Madrid, a new
establishment of ZARA HOME KIDS.
The multinational has seen the potential of their child decorative corners in
ZARA HOME, little by little, not be ruled to be resizing this business into a
network of fully differentiated and in its own right.
Inditex has another 4 local ZARA HOME KIDS.
During the first 6 months of 2010, ZARA HOME INDITEX contributed 129 million
(14%).
16/12/2010 EXPANSION (Page 6)
BRANCHES
Inditex, which has already opened over 300 stores in the 9 months of this
year (from 2/1/1910 to 31/10/10) and has overcome the barrier of 5,000 units,
plans to open 425 stores this year. Europe and Asia are the two priority
regions for growth. In China, Inditex has 140 centers (68 of them for the Zara
brand) and a presence in 28 cities. The group will launch next year Uterqüe,
Zara Home and OYSHO in the Chinese market, and thus all Inditex chains are
present in the country. Along with China, Japan, South Korea and India are the
main focuses. In 2011 landed in Australia and South Africa and online store
will open in the U.S. and Japan.
02/12/2010 EXPANSION OF CATALONIA
- BRANCHES
ZARA HOME open a new store in the shopping center Pedralbes Centre in
Barcelona. The establishment of Inditex has rented the premises he occupied
until now PANS & COMPANY and have a sales area of 200 square meters.
ZARA HOME has 267 stores in 26 countries around the world and last year
achieved sales of 243 million euros.
Complementary Information
Financial Information
For reasons beyond our control the deposit accounts for the year 2009 has been
received in error.
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 24/11/2010.
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 €
|
|
31/01/2010 (12) |
% ASSETS |
31/01/2009 (12) |
% ASSETS |
31/01/2008 (12) |
% ASSETS |
|
A) NON CURRENT ASSETS |
156.694.652,00 |
83,48 |
124.769.757,00 |
78,93 |
79.580.728,00 |
67,17 |
|
I. Intangible assets |
4.098.543,00 |
2,18 |
3.927.052,00 |
2,48 |
4.102.648,00 |
3,46 |
|
3. Patents, licences , trademarks and
similars |
829.748,00 |
0,44 |
836.037,00 |
0,53 |
|
|
|
5. Software |
|
|
214,00 |
0,00 |
|
|
|
7. Other intangible assets |
3.268.795,00 |
1,74 |
3.090.801,00 |
1,96 |
|
|
|
II. Tangible fixed assets |
34.157.777,00 |
18,20 |
36.613.147,00 |
23,16 |
37.577.839,00 |
31,72 |
|
1. Property, plant and equipment |
4.719.294,00 |
2,51 |
3.904.326,00 |
2,47 |
|
|
|
2. Technical fittings and other tangible
assets |
28.892.907,00 |
15,39 |
32.574.216,00 |
20,61 |
|
|
|
3. Fixed assets in progress and advances |
545.576,00 |
0,29 |
134.605,00 |
0,09 |
|
|
|
III. Real-estate investments |
|
|
|
|
|
|
|
IV. Long term investments in associated
and affiliated companies |
116.126.354,00 |
61,87 |
82.047.903,00 |
51,91 |
36.005.199,00 |
30,39 |
|
1. Net worth instruments |
116.126.354,00 |
61,87 |
82.047.903,00 |
51,91 |
36.005.199,00 |
30,39 |
|
V. Long Term Financial Investments |
2.057.826,00 |
1,10 |
1.997.546,00 |
1,26 |
1.895.042,00 |
1,60 |
|
5. Other financial assets |
2.057.826,00 |
1,10 |
1.997.546,00 |
1,26 |
1.895.042,00 |
1,60 |
|
VI. Assets by deferred taxes |
140.662,00 |
0,07 |
99.323,00 |
0,06 |
|
|
|
VII. Non current commercial debts |
113.490,00 |
0,06 |
84.786,00 |
0,05 |
|
|
|
B) CURRENT ASSETS |
30.997.885,00 |
16,52 |
33.301.981,00 |
21,07 |
38.903.993,00 |
32,83 |
|
I. Non-current assets maintained for sale |
|
|
|
|
|
|
|
II. Stocks |
20.102.033,00 |
10,71 |
19.034.890,00 |
12,04 |
28.265.601,00 |
23,86 |
|
1. Goods available for sale |
20.102.033,00 |
10,71 |
19.034.890,00 |
12,04 |
|
|
|
III. Trade Debtors and other receivable
accounts |
9.309.232,00 |
4,96 |
9.136.926,00 |
5,78 |
8.859.504,00 |
7,48 |
|
1. Clients |
1.283.820,00 |
0,68 |
165.102,00 |
0,10 |
6.754.968,00 |
5,70 |
|
a) Clients for sales and
long term services rendering |
|
|
165.102,00 |
0,10 |
|
|
|
b) Clients for sales and
short term services rendering |
1.283.820,00 |
0,68 |
|
|
|
|
|
2. Clients group and associated companies |
6.378.189,00 |
3,40 |
7.773.516,00 |
4,92 |
344.288,00 |
0,29 |
|
3. Other debts |
786.012,00 |
0,42 |
135.545,00 |
0,09 |
367.842,00 |
0,31 |
|
4. Staff |
26.992,00 |
0,01 |
15.710,00 |
0,01 |
22.637,00 |
0,02 |
|
6. Other credits with the Public
Administrations |
834.219,00 |
0,44 |
1.047.053,00 |
0,66 |
1.369.769,00 |
1,16 |
|
IV. Short term investments in associated
and affiliated companies |
|
|
1.398.742,00 |
0,88 |
|
|
|
2. Credits to companies |
|
|
1.396.877,00 |
0,88 |
|
|
|
5. Other financial assets |
|
|
1.865,00 |
0,00 |
|
|
|
V. Short term financial investments |
|
|
2.009.028,00 |
1,27 |
1.244.148,00 |
1,05 |
|
2. Credits to companies |
|
|
|
|
1.244.148,00 |
1,05 |
|
5. Other financial assets |
|
|
2.009.028,00 |
1,27 |
|
|
|
VI. Short term periodifications |
|
|
|
|
|
|
|
VII. Cash and equivalents |
1.586.620,00 |
0,85 |
1.722.395,00 |
1,09 |
534.740,00 |
0,45 |
|
1. Treasury |
1.586.620,00 |
0,85 |
1.722.395,00 |
1,09 |
534.740,00 |
0,45 |
|
TOTAL ASSETS (A + B) |
187.692.537,00 |
100,00 |
158.071.738,00 |
100,00 |
118.484.721,00 |
100,00 |
Alerts associated to the conversion to PGC2007
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 124080 “Provisions” according to PGC90 is
associated to “Net Worth Instruments”.
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 €
|
|
31/01/2010 (12) |
% ASSETS |
31/01/2009 (12) |
% ASSETS |
31/01/2008 (12) |
% ASSETS |
|
A) NET WORTH |
50.180.896,00 |
26,74 |
45.469.521,00 |
28,77 |
34.511.398,90 |
29,13 |
|
A-1) Equity |
49.881.169,00 |
26,58 |
44.850.505,00 |
28,37 |
32.377.720,00 |
27,33 |
|
I. Capital |
5.500.000,00 |
2,93 |
5.500.000,00 |
3,48 |
5.500.000,00 |
4,64 |
|
1. Authorized capital |
5.500.000,00 |
2,93 |
5.500.000,00 |
3,48 |
5.500.000,00 |
4,64 |
|
II. Issue premium |
|
|
|
|
|
|
|
III. Reserves |
38.246.680,00 |
20,38 |
28.453.796,00 |
18,00 |
17.467.665,00 |
14,74 |
|
1. Legal and statutory |
1.100.000,00 |
0,59 |
1.100.000,00 |
0,70 |
1.100.000,00 |
0,93 |
|
2. Other funds |
37.146.680,00 |
19,79 |
27.353.796,00 |
17,30 |
16.367.665,00 |
13,81 |
|
IV. (Net worth own shares and
participations) |
|
|
|
|
|
|
|
V. Results from previous years |
|
|
|
|
|
|
|
VI. Other loans from partners |
1.077.828,00 |
0,57 |
1.077.828,00 |
0,68 |
|
|
|
VII. Exercise Result |
15.056.661,00 |
8,02 |
19.818.881,00 |
12,54 |
9.410.055,00 |
7,94 |
|
VIII. (Interim dividend) |
-10.000.000,00 |
-5,33 |
-10.000.000,00 |
-6,33 |
|
|
|
IX. Other net worth instruments |
|
|
|
|
|
|
|
A-2) Value changes adjustments |
299.727,00 |
0,16 |
619.016,00 |
0,39 |
401.496,00 |
0,34 |
|
I. Financial assets available for sale |
|
|
619.016,00 |
0,39 |
|
|
|
II. Coverage operations |
299.727,00 |
0,16 |
|
|
|
|
|
III. Non-current assets and related
liabilities, maintained for sale |
|
|
|
|
|
|
|
IV. Conversion differences |
|
|
|
|
401.496,00 |
0,34 |
|
V. Other |
|
|
|
|
|
|
|
A-3) Received legacies, grants and
subventions |
|
|
|
|
1.732.182,90 |
1,46 |
|
B) NON CURRENT LIABILITIES |
23.250.745,00 |
12,39 |
21.270.594,00 |
13,46 |
989.604,10 |
0,84 |
|
I. Long term provisions |
275.000,00 |
0,15 |
67.492,00 |
0,04 |
247.240,00 |
0,21 |
|
4. Other provisions |
275.000,00 |
0,15 |
67.492,00 |
0,04 |
247.240,00 |
0,21 |
|
II. Long term debts |
|
|
|
|
|
|
|
III. Long term debts with associated and
affiliated companies |
|
|
|
|
|
|
|
IV. Liabilities by deferred taxes |
6.365.688,00 |
3,39 |
4.681.091,00 |
2,96 |
742.364,10 |
0,63 |
|
V. Long term periodifications |
16.610.057,00 |
8,85 |
16.522.011,00 |
10,45 |
|
|
|
VI. Non current trade creditors |
|
|
|
|
|
|
|
VII. Long term debts with special
characteristics |
|
|
|
|
|
|
|
C) CURRENT LIABILITIES |
114.260.896,00 |
60,88 |
91.331.623,00 |
57,78 |
82.983.718,00 |
70,04 |
|
I. Liabilities related with non-current
assets maintained for sale |
|
|
|
|
|
|
|
II. Short term provisions |
|
|
|
|
|
|
|
III. Short term debts |
162.405,00 |
0,09 |
139.665,00 |
0,09 |
|
|
|
2. Debts with bank entities |
1.492,00 |
0,00 |
|
|
|
|
|
5. Other financial liabilities |
160.913,00 |
0,09 |
139.665,00 |
0,09 |
|
|
|
IV. Short term debts with associated and
affiliated companies |
66.642.316,00 |
35,51 |
54.448.627,00 |
34,45 |
|
|
|
V. Trade creditors and other payable
accounts |
47.456.175,00 |
25,28 |
36.743.331,00 |
23,24 |
82.710.607,00 |
69,81 |
|
1. Suppliers |
21.732.186,00 |
11,58 |
15.991.111,00 |
10,12 |
31.171.305,00 |
26,31 |
|
b) Short term suppliers |
21.732.186,00 |
11,58 |
15.991.111,00 |
10,12 |
|
|
|
2. Suppliers group and associated
companies |
19.225.339,00 |
10,24 |
15.440.474,00 |
9,77 |
46.300.109,00 |
39,08 |
|
3. Different creditors |
2.259.062,00 |
1,20 |
1.777.443,00 |
1,12 |
|
|
|
4. Staff (pending remunerations) |
2.031.658,00 |
1,08 |
1.379.998,00 |
0,87 |
2.771.116,00 |
2,34 |
|
6. Other debts with Public Administrations |
2.196.159,00 |
1,17 |
2.146.224,00 |
1,36 |
2.452.478,00 |
2,07 |
|
7. Clients pre-payments |
11.771,00 |
0,01 |
8.081,00 |
0,01 |
15.599,00 |
0,01 |
|
VI. Short term periodifications |
|
|
|
|
273.111,00 |
0,23 |
|
VII. Short term debts with special
characteristics |
|
|
|
|
|
|
|
TOTAL NET WORTH AND LIABILITIES (A + B +
C) |
187.692.537,00 |
100,00 |
158.071.738,00 |
100,00 |
118.484.721,00 |
100,00 |
Alerts associated to the conversion to PGC2007
The valuation norms applicable to
“Subventions” has changed substantially and, for this reason the conversion of
financial statements of the current exercise to PGC2007 could include notable
inaccuracy. The company maintained in the exercise a formulation of the
accounts and in the following “Subventions” for %1 and %2 euros, respectively,
presented in the subsequent exercise, under PGC2007, net of its fiscal effects.
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 €
|
|
31/01/2010 (12) |
%OPERATING INCOME |
31/01/2009 (12) |
%OPERATING INCOME |
31/01/2008 (12) |
%OPERATING INCOME |
|
A) CONTINUED OPERATIONS |
|
|
|
|
|
|
|
1. Net Turnover |
172.885.681,00 |
98,85 |
168.425.119,00 |
99,01 |
165.551.108,00 |
99,39 |
|
A) Sales |
172.093.759,00 |
98,40 |
168.425.119,00 |
99,01 |
165.453.486,00 |
99,33 |
|
b) Services provided |
791.922,00 |
0,45 |
|
|
97.622,00 |
0,06 |
|
2. Variation in stocks of finished goods
and work in progress |
|
|
|
|
6.640,00 |
0,00 |
|
3. Works for its own assets |
|
|
|
|
|
|
|
4. Supplies |
-88.412.156,00 |
-50,55 |
-85.944.289,00 |
-50,52 |
-87.464.174,00 |
-52,51 |
|
a) Material consumed |
-84.965.290,00 |
-48,58 |
-81.828.555,00 |
-48,10 |
-81.674.404,00 |
-49,03 |
|
b) Raw materials consumed |
-3.181.911,00 |
-1,82 |
-3.939.476,00 |
-2,32 |
-5.629.933,00 |
-3,38 |
|
c) Works carried out for other companies |
-264.955,00 |
-0,15 |
-176.258,00 |
-0,10 |
-159.837,00 |
-0,10 |
|
5. Other operating income |
2.013.309,00 |
1,15 |
1.683.250,00 |
0,99 |
1.015.302,00 |
0,61 |
|
a) Other incomes |
1.963.921,00 |
1,12 |
1.641.846,00 |
0,97 |
1.015.302,00 |
0,61 |
|
b) Operating grants included in the
exercise result |
49.388,00 |
0,03 |
41.404,00 |
0,02 |
|
|
|
6. Labour cost |
-20.622.371,00 |
-11,79 |
-19.691.476,00 |
-11,58 |
-19.417.608,00 |
-11,66 |
|
a) Wages and similar expenses |
-16.307.020,00 |
-9,32 |
-15.322.245,00 |
-9,01 |
|
|
|
b) Social costs |
-4.315.351,00 |
-2,47 |
-4.369.231,00 |
-2,57 |
|
|
|
7. Other operating costs |
-39.596.033,00 |
-22,64 |
-37.141.749,00 |
-21,83 |
-39.497.836,00 |
-23,71 |
|
a) External services |
-39.063.401,00 |
-22,33 |
-36.667.430,00 |
-21,56 |
-38.764.195,00 |
-23,27 |
|
b) Taxes |
-367.481,00 |
-0,21 |
-337.453,00 |
-0,20 |
-346.551,00 |
-0,21 |
|
c) Losses, deterioration and variation on
business operations provisions |
|
|
-136.866,00 |
-0,08 |
|
|
|
d) Other day to day expenses |
-165.151,00 |
-0,09 |
|
|
-387.090,00 |
-0,23 |
|
8. Amortization of fixed assets |
-7.276.310,00 |
-4,16 |
-6.880.418,00 |
-4,04 |
-5.931.514,00 |
-3,56 |
|
9. Allocation of subventions on non
financial investments and other |
|
|
|
|
|
|
|
10. Provisions excess |
126.492,00 |
0,07 |
6.000,00 |
0,00 |
|
|
|
11. Deterioration and result for fixed
assets disposal |
-197.480,00 |
-0,11 |
333.669,00 |
0,20 |
-3.472.310,00 |
-2,08 |
|
a) Deteriorations and losses |
|
|
595.324,00 |
0,35 |
-3.472.129,00 |
-2,08 |
|
b) Results for disposals and others |
-197.480,00 |
-0,11 |
-261.655,00 |
-0,15 |
-181,00 |
0,00 |
|
12. Negative difference of business
combinations |
|
|
|
|
|
|
|
13. Other results |
-334.000,00 |
-0,19 |
-61.693,00 |
-0,04 |
|
|
|
A.1) OPERATING RESULT (1 + 2 + 3 + 4 + 5 +
6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) |
18.587.132,00 |
10,63 |
20.728.413,00 |
12,19 |
10.789.608,00 |
6,48 |
|
14. Financial income |
4.629,00 |
0,00 |
2.374.621,00 |
1,40 |
2.207.583,00 |
1,33 |
|
a) From net worth instruments participations |
|
|
2.346.153,00 |
1,38 |
2.170.509,00 |
1,30 |
|
a 1) On group and
associated companies |
|
|
2.346.153,00 |
1,38 |
2.170.509,00 |
1,30 |
|
b) From negotiable values and other
financial instruments |
4.629,00 |
0,00 |
28.468,00 |
0,02 |
37.074,00 |
0,02 |
|
b 1) From group and associated
companies |
|
|
|
|
12.384,00 |
0,01 |
|
b 2) From third parties |
4.629,00 |
0,00 |
28.468,00 |
0,02 |
24.690,00 |
0,01 |
|
15. Financial expenses |
-788.619,00 |
-0,45 |
-1.598.090,00 |
-0,94 |
-1.738.118,00 |
-1,04 |
|
a) For debts with associated and
affiliated companies |
-785.289,00 |
-0,45 |
-1.588.756,00 |
-0,93 |
-1.721.266,00 |
-1,03 |
|
b) For debts with third parties |
-3.330,00 |
0,00 |
-9.334,00 |
-0,01 |
-16.852,00 |
-0,01 |
|
16. Reasonable value variation on
financial instruments |
|
|
|
|
|
|
|
17. Exchange differences |
363.687,00 |
0,21 |
-85.755,00 |
-0,05 |
-686.571,00 |
-0,41 |
|
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) |
-420.303,00 |
-0,24 |
690.776,00 |
0,41 |
-217.106,00 |
-0,13 |
|
A.3) RESULT BEFORE TAXES (A.1 + A.2) |
18.166.829,00 |
10,39 |
21.419.189,00 |
12,59 |
10.572.502,00 |
6,35 |
|
20. Taxes on profits |
-3.110.168,00 |
-1,78 |
-1.600.308,00 |
-0,94 |
-1.162.447,00 |
-0,70 |
|
A.4) EXERCISE RESULT COMING FROM CONTINUED
OPERATIONS (A.3 + 20) |
15.056.661,00 |
8,61 |
19.818.881,00 |
11,65 |
9.410.055,00 |
5,65 |
|
B) DISCONTINUED OPERATIONS |
|
|
|
|
|
|
|
21. Net of taxes exercise result coming
from discontinued operations |
|
|
|
|
|
|
|
A.5) EXERCISE RESULT (A.4 + 21) |
15.056.661,00 |
8,61 |
19.818.881,00 |
11,65 |
9.410.055,00 |
5,65 |
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) |
31/01/2010 (12) |
31/01/2009 (12) |
|
A) PROFIT AND LOSS ACCOUNT RESULT |
15.056.661,00 |
19.818.881,00 |
|
INCOME AND EXPENSES ALLOCATED DIRECTLY TO
NET WORTH |
|
|
|
I. For valuation of financial instruments |
|
|
|
II. Cash flow coverage |
|
1.294.162,00 |
|
III. Received legacies, grants and
subventions |
|
28.983,00 |
|
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 |
|
-12.421,00 |
|
B) TOTAL INCOME AND EXPENSES ALLOCATED
DIRECTLY TO NET WORTH (I + II + III + IV +V+VI+VII) |
|
1.310.724,00 |
|
PROFIT AND LOSS ACCOUNT TRANSFERS |
|
|
|
VIII. For valuation of financial
instruments |
|
|
|
IX. Cash flow coverage |
|
|
|
X. Received legacies, grants and
subventions |
|
-337.573,00 |
|
XI. Non-current assets and related liabilities,
maintained for sale |
|
-28.983,00 |
|
XII. Conversion differences |
|
|
|
XIII. Tax effect |
|
12.421,00 |
|
C) TOTAL TRANSFERS TO THE PROFIT AND LOSS
ACCOUNT (VIII + IX + X + XI+ XII+ XIII) |
|
-354.135,00 |
|
TOTAL INCOME AND EXPENSES RECOGNIZED (A +
B + C) |
15.056.661,00 |
20.775.470,00 |
Total net worth changes status
Figures given in €
|
NET WORTH CHANGES ( 2 /3) |
AUTHORIZED CAPITAL |
RESERVES |
RESULTS FROM PREVIOUS YEARS |
OTHER LOANS FROM PARTNERS |
|
FINAL ACCOUNT BALANCE OF EXERCISE (2008) |
5.500.000,00 |
19.043.741,00 |
|
|
|
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) |
5.500.000,00 |
19.043.741,00 |
|
|
|
I. Total recognized income and expenses |
|
|
|
|
|
II. Operations with partners or owners |
|
|
|
1.077.828,00 |
|
7. Other operations with partners or
owners |
|
|
|
1.077.828,00 |
|
III. Other net worth variations |
|
9.410.055,00 |
|
|
|
FINAL ACCOUNT BALANCE OF EXERCISE (2009) |
5.500.000,00 |
28.453.796,00 |
|
1.077.828,00 |
|
I. Adjustments by change of criteria in
the exercise (2009) |
|
|
|
|
|
II. Adjustments by errors in the exercise
(2009) |
|
|
|
|
|
ADJUSTED ACCOUNT BALANCE, BEGINNING OF
EXERCISE (2010) |
5.500.000,00 |
28.453.796,00 |
|
1.077.828,00 |
|
I. Total recognized income and expenses |
|
-116.113,00 |
|
|
|
II. Operations with partners or owners |
|
9.818.881,00 |
|
|
|
5. Operations with own participations or
shares (net) |
|
|
-10.000.000,00 |
|
|
7. Other operations with partners or
owners |
|
9.818.881,00 |
10.000.000,00 |
|
|
III. Other net worth variations |
|
90.116,00 |
|
|
|
FINAL ACCOUNT BALANCE OF EXERCISE (2010) |
5.500.000,00 |
38.246.680,00 |
|
1.077.828,00 |
|
NET WORTH CHANGES ( 3 /3) |
EXERCISE RESULT |
(INTERIM DIVIDEND) |
VALUE CHANGES ADJUSTMENTS |
TOTAL |
|
FINAL ACCOUNT BALANCE OF EXERCISE (2008) |
9.410.055,00 |
|
-337.573,00 |
33.616.223,00 |
|
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) |
9.410.055,00 |
|
-337.573,00 |
33.616.223,00 |
|
I. Total recognized income and expenses |
19.818.881,00 |
|
956.589,00 |
20.775.470,00 |
|
II. Operations with partners or owners |
|
|
|
1.077.828,00 |
|
7. Other operations with partners or
owners |
|
|
|
1.077.828,00 |
|
III. Other net worth variations |
-9.410.055,00 |
-10.000.000,00 |
|
-10.000.000,00 |
|
FINAL ACCOUNT BALANCE OF EXERCISE (2009) |
19.818.881,00 |
-10.000.000,00 |
619.016,00 |
45.469.521,00 |
|
I. Adjustments by change of criteria in
the exercise (2009) |
|
|
|
|
|
II. Adjustments by errors in the exercise
(2009) |
|
|
|
|
|
ADJUSTED ACCOUNT BALANCE, BEGINNING OF
EXERCISE (2010) |
19.818.881,00 |
-10.000.000,00 |
619.016,00 |
45.469.521,00 |
|
I. Total recognized income and expenses |
15.056.661,00 |
|
-229.173,00 |
14.711.375,00 |
|
II. Operations with partners or owners |
-19.818.881,00 |
10.000.000,00 |
|
|
|
5. Operations with own participations or
shares (net) |
|
|
|
-10.000.000,00 |
|
7. Other operations with partners or
owners |
-19.818.881,00 |
10.000.000,00 |
|
10.000.000,00 |
|
III. Other net worth variations |
|
-10.000.000,00 |
-90.116,00 |
-10.000.000,00 |
|
FINAL ACCOUNT BALANCE OF EXERCISE (2010) |
15.056.661,00 |
-10.000.000,00 |
299.727,00 |
50.180.896,00 |
CASH FLOW STATUS
Figures given in €
|
|
31/01/2010 (12) |
31/01/2009 (12) |
|
A) CASH FLOW COMING FROM OPERATING
ACTIVITIES |
|
|
|
1. exercise result before taxes |
18.166.829,00 |
21.419.189,00 |
|
2. Results adjustments |
8.525.724,00 |
4.758.014,00 |
|
a) Amortization of fixed assets (+) |
7.276.310,00 |
6.880.418,00 |
|
b) Value correction for deterioration
(+/-) |
|
-595.324,00 |
|
c) Change of Provisions (+/-) |
207.508,00 |
56.000,00 |
|
e) Results for decline and disposal of
fixed assets (+/-) |
197.480,00 |
261.655,00 |
|
g) Financial income (-) |
-4.629,00 |
-2.346.153,00 |
|
f) Financial expenses (+) |
785.289,00 |
1.588.756,00 |
|
i) Change difference (+/-) |
-54.265,00 |
85.755,00 |
|
j) Reasonable value variation on financial
instruments (+/-) |
422.151,00 |
-918.211,00 |
|
k) Other income and expenses (-/+) |
-304.120,00 |
-254.882,00 |
|
3. Changes in current capital |
9.571.644,00 |
17.493.767,00 |
|
a) Stocks (+/-) |
-786.404,00 |
9.114.921,00 |
|
b) Debtors and other receivable accounts
(+/-) |
363.135,00 |
-459.539,00 |
|
c) Other current assets (+/-) |
|
-153,00 |
|
d) Creditors and other payable accounts
(+/-) |
9.973.665,00 |
-4.428.784,00 |
|
e) Other current liabilities (+/-) |
21.248,00 |
-273.111,00 |
|
f) Other non-current assets and
liabilities (+/-) |
|
13.540.433,00 |
|
4. Other cash flow coming from operating
activities |
-2.987.823,00 |
-577.813,00 |
|
a) Interests payments (-) |
-1.588.756,00 |
-1.721.266,00 |
|
b) Dividends collections (+) |
|
2.346.153,00 |
|
c) Interests collections (+) |
4.629,00 |
|
|
d) Collections (payments) for profit tax
(+/-) |
-1.403.696,00 |
-1.202.700,00 |
|
5. Cash flow coming from operating
activities (1 + 2 + 3 + 4) |
33.276.374,00 |
43.093.157,00 |
|
B) CASH FLOW COMING FROM INVESTING
ACTIVITIES |
|
|
|
6. Investment payments (-) |
-39.386.303,00 |
-47.855.369,00 |
|
a) Group and associated companies |
-34.078.451,00 |
-42.413.206,00 |
|
b) Intangible assets |
-513.700,00 |
-143.483,00 |
|
c) Tangible assets |
-4.733.872,00 |
-5.298.680,00 |
|
e) Other financial assets |
-60.280,00 |
|
|
7. Disinvestment collections (+) |
2.975.506,00 |
1.244.146,00 |
|
a) Group and associated companies |
1.258.044,00 |
|
|
b) Intangible assets |
57.661,00 |
|
|
e) Other financial assets |
1.468.505,00 |
1.244.146,00 |
|
h) Other assets |
191.296,00 |
|
|
8. Cash Flow in investment activities (6 +
7) |
-36.410.797,00 |
-46.611.223,00 |
|
C) CASH FLOW COMING FROM FINANCING
ACTIVITIES |
|
|
|
9. Net worth instruments collections and
payments |
|
|
|
10. Financial liabilities instruments
collections and payments |
12.998.648,00 |
14.705.721,00 |
|
a) Issue |
12.998.648,00 |
14.730.241,00 |
|
2. Debts with bank
entities (+) |
1.492,00 |
|
|
3. Debts with group and
associated companies (+) |
12.997.156,00 |
14.730.241,00 |
|
b) Return and amortization of |
|
-24.520,00 |
|
5. Other debts (-) |
|
-24.520,00 |
|
11. Payments for dividends and
remunerations of other net worth instruments |
-10.000.000,00 |
-10.000.000,00 |
|
a) Dividends (-) |
-10.000.000,00 |
-10.000.000,00 |
|
12. Cash Flow in financing activities (9 +
10 + 11) |
2.998.648,00 |
4.705.721,00 |
|
D) Exchange rate variations effect |
|
|
|
E) NET CASH OR EQUIVALENTS INCREASE /
REDUCTION (5 + 8 + 12 + D) |
-135.775,00 |
1.187.655,00 |
|
Cash or equivalents at the beginning of
the exercise |
1.722.395,00 |
534.740,00 |
|
Cash or equivalents at the end of the
exercise |
1.586.620,00 |
1.722.395,00 |
RATIOS
|
|
31/01/2010 (12) |
CHANGE % |
31/01/2009 (12) |
CHANGE % |
31/01/2008 (12) |
|
BALANCE RATIOS |
|||||
|
Working Capital (€) |
-83.263.011,00 |
-43,48 |
-58.029.642,00 |
-31,65 |
-44.079.725,00 |
|
Working capital ratio |
-0,44 |
-18,92 |
-0,37 |
0,00 |
-0,37 |
|
Soundness Ratio |
0,32 |
-11,11 |
0,36 |
-12,20 |
0,41 |
|
Average Collection Period (days) |
19 |
0,00 |
19 |
0,00 |
19 |
|
Average Payment Period (days) |
321 |
20,24 |
267 |
13,82 |
234 |
|
LIQUIDITY RATIOS |
|||||
|
Current Ratio (%) |
27,13 |
-25,59 |
36,46 |
-22,23 |
46,88 |
|
Quick Ratio (%) |
1,39 |
-66,01 |
4,09 |
91,12 |
2,14 |
|
DEBT RATIOS |
|||||
|
Borrowing percentage (%) |
35,59 |
3,07 |
34,53 |
|
|
|
External Financing Average Cost |
0,01 |
-66,67 |
0,03 |
|
|
|
Debt Service Coverage |
2,01 |
58,27 |
1,27 |
|
|
|
Interest Coverage |
23,57 |
81,73 |
12,97 |
108,86 |
6,21 |
|
GENERAL AND ACTIVITIES RATIOS |
|||||
|
Auto financing generated by sales (%) |
19,25 |
-24,78 |
25,59 |
176,05 |
9,27 |
|
Auto financing generated by Assets (%) |
17,73 |
-34,96 |
27,26 |
110,50 |
12,95 |
|
Breakdown Point |
1,12 |
-1,75 |
1,14 |
6,54 |
1,07 |
|
Average Sales Volume per Employee |
190.193,27 |
5,47 |
180.326,68 |
1,63 |
177.439,56 |
|
Average Cost per Employee |
22.686,88 |
7,61 |
21.082,95 |
1,30 |
20.812,01 |
|
Assets Turnover |
0,92 |
-14,02 |
1,06 |
-23,57 |
1,40 |
|
Inventory Turnover (days) |
82 |
2,71 |
80 |
-31,58 |
116 |
|
RESULTS RATIOS |
|||||
|
Return on Assets (ROA) (%) |
9,90 |
-24,49 |
13,11 |
43,91 |
9,11 |
|
Operating Profitability (%) |
13,74 |
-22,29 |
17,68 |
58,14 |
11,18 |
|
Return on Equity (ROE) (%) |
36,42 |
-23,74 |
47,76 |
46,28 |
32,65 |
SECTORIAL ANALYSIS
]
Balance Sheet and Financial Balance
Figures expressed in %
|
|
COMPANY (2010) |
SECTOR |
DIFFERENCE |
|
BALANCE SHEET ANALYSIS: % on the total
assets |
|
|
|
|
ASSETS |
|||
|
A) NON CURRENT ASSETS |
83,48 |
59,99 |
23,50 |
|
A) CURRENT ASSETS |
16,52 |
40,01 |
-23,50 |
|
LIABILITIES |
|||
|
A) NET WORTH |
26,74 |
26,92 |
-0,19 |
|
B) NON CURRENT LIABILITIES |
12,39 |
31,98 |
-19,59 |
|
C) CURRENT LIABILITIES |
60,88 |
41,10 |
19,78 |
|
|
|
|
|
Analytical Account of Results
Figures given in %
|
|
COMPANY (2010) |
SECTOR |
DIFFERENCE |
|
Net Turnover |
98,85 |
97,48 |
1,37 |
|
Other operating income |
1,15 |
2,52 |
-1,37 |
|
OPERATING INCOME |
100,00 |
100,00 |
0,00 |
|
Supplies |
-50,55 |
-59,41 |
8,86 |
|
Variation in stocks of finished goods and work in progress |
|
0,15 |
|
|
GROSS MARGIN |
49,45 |
40,74 |
8,71 |
|
Other operating costs |
-22,64 |
-18,96 |
-3,68 |
|
Labour cost |
-11,79 |
-11,08 |
-0,71 |
|
GROSS OPERATING RESULT |
15,02 |
10,71 |
4,31 |
|
Amortization of fixed assets |
-4,16 |
-4,68 |
0,52 |
|
Deterioration and result for fixed assets disposal |
-0,11 |
0,01 |
-0,12 |
|
Other expenses / income |
-0,12 |
|
|
|
NET OPERATING RESULT |
10,63 |
6,04 |
4,59 |
|
Financial result |
-0,24 |
1,06 |
-1,30 |
|
RESULT BEFORE TAX |
10,39 |
7,10 |
3,29 |
|
Taxes on profits |
-1,78 |
-1,56 |
-0,22 |
|
RESULT COMING FROM CONTINUED OPERATIONS |
8,61 |
|
|
|
NET RESULT |
8,61 |
5,55 |
3,06 |
Main Ratios
|
|
COMPANY (2010) |
PTILE25 |
PTILE50 |
PTILE75 |
|
BALANCE RATIOS |
|
|
|
|
|
Working Capital (€) |
-83.263.011,00 |
634,03 |
918.551,79 |
1.973.615,09 |
|
Working capital ratio |
-0,44 |
0,00 |
0,13 |
0,29 |
|
Soundness Ratio |
0,32 |
0,63 |
1,11 |
2,20 |
|
Average Collection Period (days) |
19 |
8 |
29 |
95 |
|
Average Payment Period (days) |
321 |
30 |
78 |
112 |
|
LIQUIDITY RATIOS |
|
|
|
|
|
Current Ratio (%) |
27,13 |
1,00 |
1,21 |
1,73 |
|
Quick Ratio (%) |
1,39 |
0,03 |
0,21 |
0,62 |
|
DEBT RATIOS |
|
|
|
|
|
Borrowing percentage (%) |
35,59 |
1,06 |
11,98 |
36,12 |
|
External Financing Average Cost |
0,01 |
0,05 |
0,06 |
0,12 |
|
Debt Service Coverage |
2,01 |
0,08 |
1,44 |
7,39 |
|
Interest Coverage |
23,57 |
1,37 |
3,14 |
8,77 |
|
GENERAL AND ACTIVITIES RATIOS |
|
|
|
|
|
Auto financing generated by sales (%) |
19,25 |
2,05 |
3,71 |
5,74 |
|
Auto financing generated by Assets (%) |
17,73 |
3,40 |
6,32 |
10,61 |
|
Breakdown Point |
1,12 |
1,02 |
1,04 |
1,06 |
|
Average Sales Volume per Employee |
190.193,27 |
157.305,85 |
216.620,77 |
292.498,58 |
|
Average Cost per Employee |
22.686,88 |
23.645,63 |
27.408,02 |
33.970,71 |
|
Assets Turnover |
0,92 |
1,22 |
1,76 |
2,32 |
|
Inventory Turnover (days) |
82 |
41 |
82 |
139 |
|
RESULTS RATIOS |
|
|
|
|
|
Return on Assets (ROA) (%) |
9,90 |
3,26 |
6,26 |
9,66 |
|
Operating Profitability (%) |
13,74 |
5,62 |
10,33 |
13,68 |
|
Return on Equity (ROE) (%) |
36,42 |
5,60 |
16,51 |
27,61 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.07 |
|
|
1 |
Rs.72.97 |
|
Euro |
1 |
Rs.63.57 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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.