MIRA INFORM REPORT

 

 

Report Date :

06.12.2012

 

IDENTIFICATION DETAILS

 

Name :

EL CORTE INGLES SA

 

 

Registered Office :

Calle Hermosilla, 112 28009 Madrid 

 

 

Country :

Spain

 

 

Financials (as on) :

29.02.2012

 

 

Date of Incorporation :

01.01.1940

 

 

Legal Form :

Joint-stock Company

 

 

Line of Business :

Retail sale of industrial products (except foodstuff)

 

 

No. of Employees :

54.922 

 

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

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Spain

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

spain - ECONOMIC OVERVIEW

 

spain's mixed capitalist economy is the 13th largest in the world, and its per capita income roughly matches that of Germany and France. However, after almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.1% in 2010, before turning positive in 2011, making Spain the last major economy to emerge from the global recession. The reversal in Spain''s economic growth reflected a significant decline in construction amid an oversupply of housing and falling consumer spending, while exports actually have begun to grow. Government efforts to boost the economy through stimulus spending, extended unemployment benefits, and loan guarantees did not prevent a sharp rise in the unemployment rate, which rose from a low of about 8% in 2007 to over 20% in 2011. The government budget deficit worsened from 3.8% of GDP in 2008 to 9.2% of GDP in 2010, more than three times the euro-zone limit. Madrid cut the deficit to 8.5% of GDP in 2011, a larger deficit than the 6% target negotiated between Spain and the EU. Spain''s large budget deficit and poor economic growth prospects have made it vulnerable to financial contagion from other highly-indebted euro zone members despite the government''s efforts to cut spending, privatize industries, and boost competitiveness through labor market reforms. Spanish banks'' high exposure to the collapsed domestic construction and real estate market also poses a continued risk for the sector. The government oversaw a restructuring of the savings bank sector in 2010, and provided some $15 billion in capital to various institutions. Investors remain concerned that Madrid may need to bail out more troubled banks. The Bank of Spain, however, is seeking to boost confidence in the financial sector by pressuring banks to come clean about their losses and consolidate into stronger groups.

 

Source : CIA

 

Company name & address 

 

EL CORTE INGLES SA

CIF/NIF: A28017895

Company situation: Active

 

Answer to the data in your request

The data of your request have been confirmed and are correct.

 

Other Complementary Information

The numbers 914028112, 914017454 are correct.

 

 

EXECUTIVE SUMMARY

   

Identification

 

Current Business Name:          EL CORTE INGLES SA

Commercial name:                  EMIDIO TUCCI; GREEN COAST ; YERA ; EMIDIO TUCCI

Other names:                           YES

Current Address:                      CALLE HERMOSILLA, 112

28009 MADRID 

Branches:                                731

Telephone number:                 914018500 Fax: 913093433

URL:                                         www.elcorteingles.es 

Corporate e-mail:                    administracion@elcorteingles.es

 

Trade Risk

Credit appraisal: 6.000.000,00 €

Incidents:  YES

R.A.I.:  NO

 

Financial Information

Balance sheet latest sales (2012):  10.464.026.000,00 € (Own Sources)

Result: 295.843.000 €

Total Assets: 13.125.135.000 €

Share capital:  486.864.000,00 €

Employees:  54.922

Listed on a Stock Exchange: NO

  

Commercial Information

Incorporation date:  02/01/1952

Activity:  Retail sale of industrial products (except foodstuff)

NACE 2009 CODE: 4719

International Operations:  Imports

 

Corporate Structure

President: 

 ALVAREZ ALVAREZ, ISIDORO

Participations:  34

 

Other Complementary Information

Latest filed accounts in the Mercantile Register: 2011

Latest act published in BORME:  14/11/2012 Re-elections

Latest press article:  30/11/2012 EXPANSIÓN DE CATALUŃA (BRANCHES)

Bank Entities:  There are

 

Rating Explanation

 

Financial situation

•          The sales performance has been negative and not the results that have been stable.
• Company owned by a solid group of companies.
• The company's financial situation is normal.
• The auditor's opinion on the latest accounts has been favorable.
• The evolution of the financial situation of the company has been stable.

 

 

Company Structure

·         The company’s capitalization degree determines that its structure is sound.

·         The company’s size is  big depending on its sales volume.

·         The employees evolution has been negative.

 

Performance and Incidences

·         The available information indicates that the company does not have payment incidences.

·         He have detected recent legal actions or claims from the Administration against this company.

 

Accounts Filing

·         The company files regularly its accounts.

 

Reasons of the last outstanding calculation in the note

DATE

CHANGE

RESULTING NOTE

EVENT

30/11/2012

  Equal

11

There has been a variation in the affected parties of the company’s non-payments information.

 

26/11/2012

  Equal

11

There has been a variation in the affected parties of the company’s non-payments information.

 

19/11/2012

  Equal

11

There has been a variation in the affected parties of the company’s non-payments information.

 

30/10/2012

  Equal

11

Variation in the rating system with regards to legal incidences information.

 

23/10/2012

  Equal

11

There has been a variation in the affected parties of the company’s non-payments information.

 

 

 

INCIDENTS

 

Summary

LEGAL ACTIONS: 5 (Last:03/10/2012 , first: 30/09/2011 )

 

 

 

Insolvency Proceeding:

0

 

Civil Court:

1

 

Labour Courts:

4

 

 

ADMINISTRATIVE CLAIMS: 9  ( Last:13/12/2011 , first: 13/11/2009 )

 

 

 

With the Social Security:

7

 

With the Tax Authorities:

0

 

With Other Official bodies:

2

 

 

AFFECTED BY: 

21 Company / Companies in Insolvency Proceedings.

 

Last Legal Actions

figures expressed in €

CIVIL COURT

DATE

CLAIM TYPE

INCIDENCE STATUS

ACTOR

AMOUNT

21/02/2012

ORDINARY

ORDINARY TRIAL JUDGMENT

 

 

There are 1 incident(s) in the civil courts registered

 

LABOUR COURT.

DATE

INCIDENCE STATUS

ACTOR

AMOUNT

03/10/2012

CLAIM FOR A SUM IN LABOUR COURT

 

 

23/05/2012

CLAIM FOR A SUM IN LABOUR COURT

 

 

03/05/2012

CLAIM FOR A SUM IN LABOUR COURT

 

 

There are 4 incident(s) in the labour courts registered

 

Details of the Latest Legal Actions

figures expressed in €

LABOUR COURT.

 

 

Conducted in

A CORUŃA, SOCIAL COURT N. 3

Writ Number

926/2010

Complaint Date

03/10/2012

 

Record of the claim

PHASE

CLAIM FOR A SUM IN LABOUR COURT

 

Date of the Edict: 30/10/2012

 

 

Source: Published in Official Gazette of GALICIA, page 40.596

 

 

Plaintiffs

NAME

DATE

AMOUNT

ENFORCEMENT NUMBER

MUŃOZ QUEIJAS ALFONSO

03/10/2012

 

 

figures expressed in €

 

CIVIL COURT

 

 

Proceeding

ORDINARY

Conducted in

GUADALAJARA, FIRST INSTANCE COURT N. 1

Writ Number

121/2011

Complaint Date

21/02/2012

 

Record of the claim

PHASE

ORDINARY TRIAL JUDGMENT

 

Date of the Edict: 04/04/2012

 

 

Source: Published in Gazette of MADRID, page 585

 

 

Plaintiffs

NAME

DATE

AMOUNT

ENFORCEMENT NUMBER

BALLESTEROS HERRANZ MIGUEL ANGEL

21/02/2012

 

 

  

Latest Administrative Claims

figures expressed in €

WITH THE SOCIAL SECURITY.

Notifications

DATE

ORGANIZATION

AMOUNT

30/11/2009

CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL

2.568,79

30/11/2009

CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL

2.661,42

13/11/2009

CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL

1.669,49

There are 7 administrative claims with the Social Security registered

WITH OTHER OFFICIAL BODIES.

Seizures

DATE

ORGANIZATION

AMOUNT

13/12/2011

DEPUTATION/ DELEGATION DE CADIZ

 

23/02/2010

TOWN/ CITY HALL DE SEVILLA

 

There are 2 administrative claims with Other Official bodies registered

  

Detail of the Latest Administrative Claims

 

figures expressed in €

Seizures

 

WITH OTHER OFFICIAL BODIES.

Phase: SEIZURE

Organization: DEPUTATION/ DELEGATION DE CADIZ

Concept: Other debts

Date of the claim: 13/12/2011

Source: Published in the Gazette of CADIZ, on 05/01/2012, page 5

figures expressed in €

Seizures

 

WITH OTHER OFFICIAL BODIES.

Phase: SEIZURE

Organization: TOWN/ CITY HALL DE SEVILLA

Concept: Other debts

Date of the claim: 23/02/2010

Source: Published in the Gazette of SEVILLA Appendix 03, on 05/04/2010, page 278

EXPERIAN BUREAU EMPRESARIAL BANK AND MULTI - SECTORIAL DEFAULTS OF PAYMENT

 

 

Summary

COMPANY NOT INCLUDED IN EXPERIAN BUREAU EMPRESARIAL BANK AND MULTI - SECTORIAL DEFAULTS OF PAYMENT

 

R.A.I.

  

COMPANY NOT REGISTERED IN THE R.A.I.

This company is not registered in the Disputed Bills register (R.A.I.)

 

DATE AND TIME OF THE CONSULTATION

30/11/2012

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

 

 Balance-sheet analysis

Figures given in thousands €

 

29/02/2012

(12)

BALANCE SHEET

 

%

ASSETS

 

28/02/2011

(12)

BALANCE SHEET

 

%

ASSETS

 

28/02/2010

(12)

BALANCE SHEET

 

%

ASSETS

 

ASSETS

 

 

 

 

 

 

A) NON CURRENT ASSETS

10.484.923,00

79,88

9.961.668,00

77,57

9.969.157,00

79,34

B) CURRENT ASSETS

2.640.212,00

20,12

2.880.541,00

22,43

2.596.145,00

20,66

LIABILITIES

 

 

 

 

 

 

A) NET WORTH

5.447.080,00

41,50

5.835.779,00

45,44

5.542.303,00

44,11

B) NON CURRENT LIABILITIES

3.063.591,00

23,34

2.863.558,00

22,30

3.090.268,00

24,59

C) CURRENT LIABILITIES

4.614.464,00

35,16

4.142.872,00

32,26

3.932.731,00

31,30

 

Profit and loss account analysis

Figures given in thousands €

 

29/02/2012

(12)

BALANCE SHEET

 

% NET TURNOVER

 

28/02/2011

(12)

BALANCE SHEET

 

% NET TURNOVER

 

28/02/2010

(12)

BALANCE SHEET

 

% NET TURNOVER

 

SALES

10.464.026,00

 

11.050.024,00

 

11.201.939,00

 

GROSS MARGIN

3.477.057,00

33,23

3.633.993,00

32,89

3.611.048,00

32,24

EBITDA

549.343,00

5,25

666.170,00

6,03

721.915,00

6,44

EBIT

220.846,00

2,11

304.964,00

2,76

364.899,00

3,26

NET RESULT

295.843,00

2,83

375.017,00

3,39

367.073,00

3,28

EFFECTIVE TAX RATE (%)

-26,68

0,00

8,83

0,00

5,40

0,00

COMPARATIVE SECTOR ANALYSIS

 Values table

Figures expressed in %

 

COMPANY

(2012)

 

SECTOR

DIFFERENCE

 

 

 

 

BALANCE SHEET ANALYSIS: % on the total assets

 

 

 

 

 

 

 

ASSETS

 

 

 

 

A) NON CURRENT ASSETS

79,88

84,76

-4,88

 

 

 

 

A) CURRENT ASSETS

20,12

15,24

4,88

 

 

 

 

LIABILITIES

 

 

 

 

A) NET WORTH

41,50

85,10

-43,60

 

 

 

 

B) NON CURRENT LIABILITIES

23,34

2,83

20,51

 

 

 

 

C) CURRENT LIABILITIES

35,16

12,07

23,09

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPANY

(2012)

 

SECTOR

DIFFERENCE

 

 

 

 

PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total operating income

 

 

 

 

 

 

 

SALES

95,32

97,44

-2,12

 

 

 

 

GROSS MARGIN

31,67

31,93

-0,26

 

 

 

 

EBITDA

5,00

7,33

-2,33

 

 

 

 

EBIT

2,01

4,15

-2,14

 

 

 

 

NET RESULT

2,69

3,04

-0,34

 

 

 

 

 

Sector Composition

 

Compared sector (NACE 2009): 4719

Number of companies: 6

Size (sales figure): > 40,000,000.00 Euros

 

OTHER DATA FROM THE ANNUAL FINANCIAL REPORT

  

Results Distribution

Source: annual financial report 2012

Figures given in €

DISTRIBUTION BASE

APPLICATION A

Profit and Loss Account Balance

295.842.482,77

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

252.313.535,17

Total of Amounts to be distributed

295.842.482,77

Dividends

43.528.947,60

 

 

Carry over and others

0,00

 

 

Compensation of previous exercises losses

0,00

 

 

Application total

295.842.482,77

 

 

Auditing

 

Source: filing of annual financial statement 2012

Auditors’ opinion: FAVOURABLE WITH RESERVATIONS

Auditor: DELOITTE S.L.

Auditing fees: 704.000,00 €

 

Facts subsequent to the closing

Source: Annual financial report 2012

As most relevant fact occurred after year end highlights opening round of Cordova Mall. 

 

ADDRESSES

  

 Business address

Current Legal Seat Address: 

CALLE HERMOSILLA, 112

28009 MADRID

Previous Seat Address: 

CALLE PRECIADOS 3

28013 MADRID

 

 Branches

STREET

POSTAL CODE

TOWN

PROVINCE

CALLE LA PAZ, 2

01004

VITORIA-GASTEIZ

Araba/Álava

PLAZA ALTOZANO, 6

02001

ALBACETE

Albacete

CALLE CABA (4 6), 2

02001

ALBACETE

Albacete

CL HELLIN. C/V A AV. DE ESPAŃA S/N

02002

ALBACETE

Albacete

CALLE HELLIN

 

ALBACETE

Albacete

CALLE IRIS, 8

02005

ALBACETE

Albacete

CALLE MARTIRES, 5

02630

LA RODA

Albacete

CALLE TESIFONTE GALLEGO, 1

02002

ALBACETE

Albacete

CALLE TINTE, 9

02001

ALBACETE

Albacete

CALLE TOLEDO, S/N

02520

CHINCHILLA DE MONTE-ARAGON

Albacete

There are 731 branches registered at INFORMA D&B, S.A.

 

Former branches

STREET

POSTAL CODE

TOWN

PROVINCE

AVENIDA CID, 22

46018

VALENCIA

Valencia

CALLE DE COLON, 1 - AV MEDITERRANEO 26

46910

SEDAVI

Valencia

PLAZA SALT

17005

GIRONA

Gerona

CALLE ISAAC ALBENIZ (SAN ANTON), 9

30009

MURCIA

Murcia

CALLE DON JUAN DE BORBON

30833

MURCIA

Murcia

There are 118 former branches registered

 

 

CORPORATE STRUCTURE

  

ADMINISTRATIVE LINKS

  

Summary

 

 

 

 

Distribution of the administration board

 

Governing body : 19 members (latest change: 08/10/2012)

Other Positions : 232 (latest change: 15/10/2012)

Auditor : 3 (latest change: 31/10/2012)

Operative Board Members : 4 (latest change: 30/08/2010)

Non-current positions : 100 (latest change: 11/10/2012)

 

 

  Men (73%)

  Companies (27%)

 

 

Main Board members, Directors and Auditor

Governing body

POSITION

NAME AND SURNAME

DATE 

APPOINTMENT

PRESIDENT

ALVAREZ ALVAREZ, ISIDORO

16/10/2008

VICE-PRESIDENT

CORPORACION CESLAR SL

25/08/2002

MANAGING DIRECTOR

CARTERA MANCOR S.L REP GARCIA PENA PALOMA

16/10/2008

MANAGING DIRECTOR

DE MINGO CONTRERAS, JUAN MANUEL

16/10/2008

MANAGING DIRECTOR

HERMOSO ARMADA, JUAN

16/10/2008

MANAGING DIRECTOR

LASAGA MUNARRIZ, FLORENCIO

16/10/2008

MANAGING DIRECTOR

MARTINEZ ECHAVARRIA, ANSELMO CARLOS

16/10/2008

MEMBER OF THE BOARD

CARTERA MANCOR SL REP GARCIA PENA PALOMA

29/08/2010

MEMBER OF THE BOARD

DEL NOGAL ROPERO, JOSE LEOPOLDO

16/11/2010

 

 

 

Auditor

POSITION

NAME AND SURNAME

DATE 

APPOINTMENT

AUDITOR

DELOITTE SL

10/11/2010

AUDITOR

DELOITTE SL

22/11/2011

CONSOLIDATED ACCOUNTS AUDITOR

DELOITTE SL

31/10/2012

There are 254 board members, directors and auditors registered

Board members remuneration

 Source: Annual financial report 2010

  Board members remuneration: 12.673.000,00 €

 

Functional Managers

POSITION

NAME AND SURNAME

Financial Manager

MARTINEZ ECHEVARRIA, CARLOS

Human Resources Director

QUINTANA, CARLOS

Purchases Director

DEL NOGAL ROPERO, LEOPOLDO

Advertising Director

AGUADO, JAVIER

 

 

FINANCIAL LINKS

 

 Direct Shareholders

 

BUSINESS NAME

TAX NUMBER/COUNTRY

%

 

DATE REP.

 

ALVAREZ ALVAREZ ISIDORO

 

15,00

 

01/03/1994

 

INGONDEL SL

B80702079

9,00

LA GACETA

13/05/2008

 

HERMANOS LUIS Y CELESTINO ARECES

 

8,00

 

01/03/1994

 

EL CORTE INGLES SA

A28017895

3,97

MERCANTILE REGISTER

28/02/2011

 

EMPLEADOS EL CORTE INGLES

 

2,00

 

01/03/1994

 

ARECES FUENTES MARIA JESUS

 

0,71

MERCANTILE REGISTER

29/02/2008

 

ARECES FUENTES CESAR CARLOS

 

0,71

MERCANTILE REGISTER

29/02/2008

 

ARECES FUENTES RAMON

 

0,71

MERCANTILE REGISTER

29/02/2008

 

ARECES FUENTES ROSARIO

 

0,71

MERCANTILE REGISTER

29/02/2008

 

LASAGA MUNARRIZ FLORENCIO

 

Indef.

 

01/03/1994

There are 15 direct financial links through shareholders registered

  

Former Shareholders

 

BUSINESS NAME

TAX NUMBER/COUNTRY

%

SOURCE

DATE REP.

 

PATRIMONIAL TRUST SL (EXTINGUIDA)

B80095458

Indef.

MERCANTILE REGISTER

27/02/2004

 

GONZALEZ FERNANDEZ DAVID

 

Indef.

LA GACETA

01/09/2003

Company with rating inferior to 7

 

Direct Participations

 

BUSINESS NAME

TAX NUMBER/COUNTRY

%

SOURCE

DATE REP.

 

SFERA JOVEN SA

A83036137

100,00

OWN SOURCES

02/08/2012

 

ASON INMOBILIARIA DE ARRIENDOS SL

B28371243

100,00

OWN SOURCES

30/05/2012

 

OPTICA 2000 SL

B08422941

100,00

OWN SOURCES

21/05/2012

 

EDITORIAL CENTRO DE ESTUDIOS RAMON ARECES SA

A78858560

100,00

OWN SOURCES

17/05/2012

 

VIAJES EL CORTE INGLES SA

A28229813

100,00

OWN SOURCES

20/04/2012

 

INFORMATICA EL CORTE INGLES SA

A28855260

100,00

OWN SOURCES

16/04/2012

 

CENTRO DE SEGUROS Y SERVICIOS CORREDURIA DE SEGUROS SA GRUPO DE SEGUROS EL CORTE INGLES

A28128189

100,00

OWN SOURCES

06/03/2012

 

PARINVER SA

A80320542

100,00

ANNUAL FINANCIAL REPORTS

29/02/2012

 

SUPERCOR SA

A78476397

100,00

ANNUAL FINANCIAL REPORTS

29/02/2012

 

CONSTRUCCION PROMOCIONES E INSTALACIONES SAU

A28436483

100,00

ANNUAL FINANCIAL REPORTS

29/02/2012

There are 34 direct financial links through participations registered

 

Indirect Participations

 

BUSINESS NAME

SHAREHOLDER

TAX NUMBER/COUNTRY

%

SOURCE

DATE REP.

 

SFERA JOVEM S.A. - SUCURSAL EM PORTUGAL

SFERA JOVEN SA

PORTUGAL

100,00

OWN SOURCES

22/02/2012

 

ESGUEVA SA

ASON INMOBILIARIA DE ARRIENDOS SL

A28264448

100,00

OWN SOURCES

06/11/2012

 

GALLERY DA VISAO SERVICOS DE OPTICA UNIPESSOAL LDA

OPTICA 2000 SL

PORTUGAL

100,00

MERCANTILE REGISTER

28/02/2011

 

VIAJES EL CORTE INGLES INC

VIAJES EL CORTE INGLES SA

UNITED STATES

100,00

MERCANTILE REGISTER

28/02/2011

You can obtain business information of foreign companies

 

Former Participations

 

BUSINESS NAME

TAX NUMBER/COUNTRY

%

SOURCE

DATE REP.

 

CADENACOR SA (EXTINGUIDA)

A83064295

100,00

EL MUNDO DEL SIGLO VEINTIUNO

23/11/2010

 

PARTICIPACIONES SA (EXTINGUIDA)

A28707818

100,00

EL MUNDO DEL SIGLO VEINTIUNO

23/11/2010

 

OPTICAS EL CORTE INGLES SA (EXTINGUIDA)

A83709634

100,00

EL MUNDO DEL SIGLO VEINTIUNO

09/11/2005

*       Company with rating inferior to 7

 

 

POTENTIAL LINKS

 

Search by similar name

Search Criterion: ”CORTE INGLES”

COMPANY FOUND

PROVINCE

INFORMATICA EL CORTE INGLES SA

MADRID

 

VIAJES EL CORTE INGLES SA

MADRID

 

SEGUROS EL CORTE INGLES VIDA PENSIONES Y REASEGUROS SA

MADRID

 

FINANCIERA EL CORTE INGLES E F C SA

MADRID

 

 

Name Search in the Internet

Search Criterion: ”EL CORTE INGLES”

URL: www.elcorteingles.es

El Corte Inglés: Electrónica, informática, hogar, supermercado ...  El Corte Ingles. Buy electronics, computers, home, supermarket, fashion, sports, travel, books, music, movies, tickets, toys.

 

 

BUSINESS INFORMATION

 

Constitution

Incorporation date: 02/01/1952

 

Origin / Establishment

Establishment date: 01/01/1940

Founder’s Name: RAMON ARECES Y CESAR RODRIGUEZ

 

Activity

Code: 1650000

Activity: Retail sale of industrial products (except foodstuff)

NACE 2009 CODE: 4719

NACE 2009 Activity: Other retail sale in non-specialised stores

Business: LA REALIZACION DE LAS ACTIVIDADES PROPIAS DEL COMERCIO INTEGRADO EN GRANDES SUPERFICIES, ABARCANDO LA COMERCIALIZACION DE TODA CLASE DE PRODUCTOS DE CONSUMO EN SU MAS AMPLIA VARIEDAD, MOBILIARIO, ARTICULOS DE REGALO, ECT

 

Employees

Latest employees figure: 54.922 (2012)

% of fixed employees: 100,00%

% of men: 36,94%

% of women: 63,06%

 

Employees distribution

Source: Annual financial report 2012

CATEGORY

AVERAGE NUMBER OF EMPLOYEES

MEN

WOMEN

Distribution by sexes

 

22.965

39.209

 

 

COMMERCIAL OPERATIONS

 

PURCHASES

Import Percentage: 11%

Imports from: U.E. Y OTROS PAÍSES

National Distribution: 89%

SALES

National Distribution: 100%

  

Sales breakdown

El 80,18% of its turnover corresponds to sales of commercial activity.

El 16,76% of its turnover corresponds to sales to Group companies.

El 3,06% of its turnover corresponds to income from the provision of services.

 

Banks

ENTITY

BRANCH

ADDRESS

TOWN OR CITY

PROVINCE

FINANCIERA EL CORTE INGLES E.F.C., S.A.

 

 

 

 

BANCO SANTANDER, S.A.

 

 

 

 

UNICAJA BANCO, S.A.

 

 

 

 

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

 

 

 

 

There are 4 bank entities registered

 

 Summary of bank operations

Discount facilities: 1

Credit policy: 1

Mortgage loan: 0

Loans with no real security: 0

 

Bank operations

 

 

 Debt type: Discount facilities

Granted limit:16.462.000,00 €

 Used limit:3.146.000,00 €

 Available limit:13.316.000,00 €

 Source: ANNUAL FINANCIAL REPORTS (2012)

 

 

 Debt type: Credit policy

Granted limit:2.775.644.000,00 €

 Used limit:1.908.695.000,00 €

 Available limit:866.949.000,00 €

 Source: ANNUAL FINANCIAL REPORTS (2012)

 

 

There are 2 bank operations registered

 

Brands

FORMER NAMES: 

EL CORTE INGLES SL

Brand name: UECCO (Valid)

Type: GRAPHICAL    Scope: COMMUNITARY    Date: 03/09/2012

Brand name: BODAMAS (Valid)

Type: GRAPHICAL    Scope: COMMUNITARY    Date: 03/09/2012

Brand name: BODAMAS EL CORTE INGLES (Valid)

Type: GRAPHICAL    Scope: COMMUNITARY    Date: 03/09/2012

Brand name: PRIVIUM (Valid)

Type: JOINT    Scope: INTERNATIONAL    Date: 13/08/2012

Brand name: TIZZAS (Valid)

Type: JOINT    Scope: INTERNATIONAL    Date: 13/08/2012

There are 2.674 brands, signs and commercial names

 

 

LEGAL STRUCTURE

  

Constitution Data

Register Date: 02/01/1952

 

Current structure data

Legal form: Joint-stock Company

Share capital: 486.864.000,00 €

Paid-up capital: 486.864.000,00 €

 

 Legal Aspects

Obligation to fill in Financial Statements: YES

Chamber census: YES (2010)

B.O.R.M.E. (OFFICIAL GAZETTE OF THE MERCANTILE REGISTER)

 

 Summary

  Acts on activity: 1 (Last: 03/11/1994)

  Acts on administrators: 524 (Last: 14/11/2012, first: 16/02/1990)

  Acts on capital: 20 (Last: 20/10/2008, first: 01/03/1991)

  Acts on creation: 0

  Acts on filed accounts: 39 (Last: 19/11/2010, first: 05/12/1990)

  Acts on identification: 0

  Acts on Information: 27 (Last: 09/10/2012, first: 12/12/1990)

  Acts on proceedings: 4 (Last: 29/10/2012, first: 14/01/2002)

 

Latest acts in B.O.R.M.E.

Most relevant acts of the last twelve months

 

ACT

DATE

NOTICE NUM.

MERCANTILE REGISTER

Company’s mergers and takeovers

29/10/2012

28415

 

 

Publishing joint announcement merger and merger.
 
In accordance with Article 51 of Law 3/2009, of 3 April, Structural Modifications of Commercial Companies (hereinafter, the "Structural Modifications Law"), made public the common draft terms of Industries and Confections, SA (Hereinafter, the "Merged Company") will be absorbed by El Corte Inglés, SA (Hereinafter, the "Surviving Company"), written and signed by the directors of the Merged Company and the Acquiring Company, dated September 27, 2012 and deposited with the Commercial Registry of Madrid on October 9, 2012 and published in said tank BORME number 205 October 24, 2012.
 
Under the proposed merger and Apparel Industries, SA, will be absorbed by the acquiring company with the consequent extinction of the acquired company, and block transfer of its assets to the acquiring company, who acquire by universal succession all the assets and liabilities, rights and obligations of the merged company.
 
It is noted that the Surviving Company, El Corte Inglés, SA, before the publication of this notice, has acquired all of the shares of the company being acquired and Apparel Industries, SA, so in accordance with the provisions of Article 49 of the Structural Modifications Law shall not be made the General Board of the Merged Company to approve the Merger.
 
In compliance with Article 51 of the Structural Modifications Law, it is stated expressly:
 
(I) The right belonging to members of El Corte Inglés, SA, and the creditors both El Corte Inglés, SA as of Industries & Apparel, Inc. to examine at the registered office of each of the companies the joint fusion, the annual accounts of the last three years and the merger balance sheet of the companies involved in the merger, in each case together with their audit reports and to get the free delivery of the full texts of these documents.
 
(Ii) The right of members of El Corte Inglés, SA representing at least one percent of its share capital, to demand the holding of the General Meeting to approve the merger, for a period of 15 days, by notarial administrators, as from the publication of this ad.
 
Finally, in compliance with Articles 51 and 43 of the Structural Modifications Law, it is stated the right of creditors of both the acquiring company and the acquired company to oppose the merger, pursuant to Article 44 of the same Act within one month from the publication of this notice. The content of the common terms of merger deposited with the Commercial Registry of Madrid, is as follows:
 
I. Fusion Procedure.
 
The merger is projected that complies with the provisions of article 50 ("Absorption company owned ninety percent") of Act 3/2009, of 3 April, on structural modifications of commercial companies, and be effected by the absorption process by El Corte Inglés, SA, society and Apparel Industries, SA, of which El Corte Inglés, SA is a shareholder with a stake of more than 90 percent but less than 100%. In particular, it is noted that participation is 94.55%.
 
The merged company will be extinguished by dissolution without liquidation and block broadcast all its assets to the acquiring company, which collectively acquire the assets of the merged company, which will happen universally in all their rights and obligations.
 
II.-name, type, address and identification details of the registration in the commercial register of the acquiring company, El Corte Inglés, SA
 
The acquiring company, El Corte Inglés, SA, is a corporation of Spanish nationality and residence, with CIF number A-28017895 and registered office at calle Hermosilla, number 112, is indefinite, limited by transformation of the same name by deed executed on January 2, 1952 before the Notary of Madrid, Eduardo Lopez-Palop Olea, duly registered in the Mercantile Registry of Madrid, Volume 519, Page 1, Page M-9880.
 
III.-name, type, address and identification details of the registration in the commercial register of the company being acquired and Apparel Industries, SA
 
The acquired company and Apparel Industries, Inc., is a corporation of Spanish nationality and residence, with CIF number A-28057388 and registered office at calle Tomas Breton, number 62, is indefinite, limited by transformation of the same name by deed executed on December 6, 1955 before the Notary of Madrid Mr. Eduardo López-Palop Olea, duly registered in the Mercantile Registry of Madrid, Volume 392, Folio 15, Sheet M-7670.
 
Society and Apparel Industries, SA, whose shareholders to the Company El Corte Inglés, SA, with a stake in its share capital of the Company and 94'55% Ceslar Corporation, SL, with CIF number B-31606395 as a minority partner , with a share of 5'45% of the capital, so the two companies have 100% of the share capital and Apparel Industries, Inc., as contained in the Book of Shareholders of the acquired company.
 
IV.-Offering by the acquiring company to a minority shareholder of the Merged Company
 
In accordance with paragraph 1 of Article 50 of Law 3/2009, of 3 April, on structural modifications of commercial companies, the acquiring company offers to the minority shareholder of the acquired company's acquisition of 5'45% of capital which holds in the company, represented by 21,000 shares of Series B of 60 euros and a face value of 6,000 shares of Series A 30 euro face value, making a total nominal value of EUR 1.44 million. The fair value per share acquisition provisions shall be 60 euros for the shares of the Series B and 30 euros for the shares of Series A, ie, this value corresponds to their nominal amount established as offering total 1440 000 euros.
 
The acquisition will be effected within a period not exceeding one month from the date of entry of the uptake in the commercial register
 
V.-merger balance sheets, valuation of assets and liabilities of the estate that is transmitted to the acquiring company. Dates of the accounts used to establish the conditions of the merger
 
In accordance with the provisions of Articles 36 and 37 of Law 3/2009, of 3 April, on structural modifications of commercial companies are established as merger balance sheets as accounts used to set the terms of the merger, balances closed to date August 31, 2012 for El Corte Inglés, SA (Acquiring company), and June 30, 2012 for Industries & Apparel, SA (Merged company), both special balances for purposes of Article 36.1 second subparagraph of Act 3/2009, of 3 April, on structural modifications of Corporations.
 
Those reports have been made by the respective Boards of Directors of each company in resolutions adopted on September 27, 2012, and has been verified by the respective auditors of each company, Deloitte, SL in the case of El Corte Inglés, SA and BDO Auditors, SL in the case of Industries & Apparel, Inc.
 
The values ​​of assets and liabilities of the acquired company assets that is transferred to the acquiring company are those that result from its balance sheet at June 30, 2012, plus any changes resulting from the implementation date until the merger, variations that have not been included or reflected in the accounts of Balance of Merger to be the date of their issue.
 
VI.-Effect of merger on industry contributions or additional services in society that is extinguished and compensation to affected shareholders in the acquiring company.
 
The merger has no impact on industry's contribution to society is extinguished. There are ancillary in society that is dying. No affected shareholders are to receive compensation in the acquiring company.
 
VII.-Rights to grant holders of shares or special rights.
 
There are in the acquiring company or the absorbed, holders of special classes or special rights other than shares. Neither necessary nor shall award a the absorbent, El Corte Inglés, SA, as a result of the merger.
 
VIII.-Advantages to attribute independent experts or administrators. Pursuant to Article 50.1 of Law 3/2009, of 3 April, on structural modifications of commercial companies, no action is required of independent experts in the merger process. It also specifically mentions that nose incurs any of the circumstances described in Article 35 of the Law 3/2009.
 
No advantage will be attributed to the directors of the merging companies.
 
IX.-Performing operations on behalf of the acquiring company.
 
Given that the companies involved in this merger process belong to the same group of companies prior to March 1, 2012, operations and Apparel Industries, SA be deemed to be made, for accounting purposes, on behalf of El Corte Inglés, SA from March 1, 2012, start date for the year of the acquiring company.
 
X.-The Statutes of the Surviving Company.
 
Given that El Corte Inglés, SA viewed as objects in their statutes the activities that will be absorbed society will not be necessary to change the purpose of the absorber due to the operation being planned, so that the acquiring company will not change its bylaws as a result of the merger and will continue to be governed by force at the time of writing this project.
 
XI. Consequences of the merger on employment, gender impact on the administrative and advocacy on social responsibility
 
The merger would have significant consequences on employment, will take place in full respect of the current employment situation of workers of the acquired company (even if changes in collective agreements) and will not cause any impact of gender in the Body Body of the absorbent, and will affect the company's social responsibility.
 
At the time, and in compliance with the provisions of Article 39 of Law 3/2009, of 3 April, on structural modifications of commercial companies, will proceed to inform the representatives of the workers in El Corte Inglés, SA and Industries and Confections, Inc.
 
XII.-Foster the taxation of Legislative Royal Decree 4/2004 for approving the revised text of the Income Tax Act.
 
According to the provisions of Article 96 of Royal Decree 4/2004 of 5 March, approving the Consolidated Text of the Corporate Income Tax Act, the merger will take place under "Special scheme mergers, divisions, transfers of assets and exchanges of securities exchange registered office ... "provisions of Chapter VIII of Title VII of this rule in accordance with the amendment introduced by Law 25/2006, of July 17, whose effects will communicate the option for the application of this system to the tax in the manner and time prescribed in Articles 42 and following of the Income Tax Regulations, approved by Royal Decree 1.777/2004 of 30 July, which reflects the changes made by the RD 1.793/2008, of 3 November. XIII.-Report of the directors and independent experts.
 
It is expressly stated that, because it is a merger of company owned more than 90% but less than 100%, making the offering by absorbing the Absorbed minority partner of the purchase of shares, in accordance with the under Article 50.1 of Law 3/2009, of 3 April, on structural modifications of commercial companies, as manifestation made in paragraph IV of this writing, does not specify the independent expert reports or the directors on the Merger.
 
Advertising and deposit XIV.-Joint Merger Project
 
It was agreed unanimously to expressly empower the members of the Boards of Directors of the companies participating in the merger, under current, so that any of them, jointly and severally, and perform all acts and grant public or private documents needed to make this Common Merger by Absorption is duly deposited in the Mercantile Register.
 
XV.-Economic Justification of the Merger.
 
This merger aims to advance the simplification of corporate structures and operational activity oriented retail in Group El Corte Ingles, thereby reducing management costs, operational and management associated with such activity, removing duplication and achieving a comprehensive verticalization core activities of these businesses, such as design, pattern making, model making garments, the purchasing function, logistics, quality control of products bought and various commercial activities , among others, whose fusion optimization proposed in this project presents multiple opportunities.
 
This process of convergence and unification of activities common to many industries, alignment of the supplier to the customer, is formalized with this merger involving integration within the acquiring company, the areas and industries of the acquired company .
 
The merger is intended to establish a model in which all the trademarks of the textile area, the two companies involved in the merger, provided policy and unified management methods to achieve full integration, from the initial processes of value chain of the business, such as design and product development, to the other components of the supply chain (purchasing and supply, transportation and storage and distribution and marketing of the final products).
 
Besides the integration of policies and management methods, it is intended, with the merger of the two companies to adapt the legal structure and management processes unique address, which will bring multiple synergies, economies of scale and improvements in both organizational and economic and financial, among others, on the whole organization and will have a direct and immediate impact in the short term and also still in a long-term scenario, in the income statement of El Corte Inglés, SA generation and professional development opportunities for all employees and a higher level of customer satisfaction of society. The main advantages of a general economic can be stated as follows:
 
-The combination and integration of staff from the departments of design, pattern making and garment styles, as well as the vertical assembly thereof with purchasing departments and sales force in a string of decisions synchronized and articulated objective criteria and unique.
 
-The resulting accumulation of unification and shopping in relations with suppliers.
 
-The unification of supply chains, logistics, storage and commercial distribution, and trade policy.
 
-The introduction of a single centralized treasury.
 
-The unification of the departments and activities within a single company, eliminating duplication of functions in various areas such as Administration and Finance, Information Technology, Personnel and Human Resources, Sales and Marketing, Legal, International Trade, Product Development (marks of each society), Purchasing and Planning, Logistics, among others.
 
This whole process simplification in the different areas of work will involve greater specialization, by the existing staff in the activities of each department and improve the company's relationship with its customers, suppliers, workers and governments, through streamlining the exponential material and human resources available.
 
In short, it seeks to enhance the "effective work" so that the simplification process, which involves the merger, allowing the optimization of time that can be allocated to tasks that generate wealth for society.
 
Madrid, October 25, 2012.-The Secretary of the Board of Directors of "El Corte Inglés, SA" and "Industries & Apparel, SA", Don Faustino Jose Soriano Atencia and Don Juan Manuel Contreras Mingo, respectively.

 

Register Data:  Inscription ID: A120074221- 1

 Publication Data:  Gazette 208, Pages  30598 - 30603, Announcement 28415 (29/10/2012)

 

 

Other acts

 

ACT

DATE

NOTICE NUM.

MERCANTILE REGISTER

Re-elections

14/11/2012

465639

Madrid

Appointments

14/11/2012

465639

Madrid

Appointments

25/10/2012

436197

Madrid

Appointments

25/10/2012

436196

Madrid

Appointments

25/10/2012

436195

Madrid

Appointments

25/10/2012

436194

Madrid

Appointments

24/10/2012

433390

Madrid

Resignations

24/10/2012

433389

Madrid

Appointments

24/10/2012

433388

Madrid

There are 615 acts registered

 

 

PRESS ARTICLES

  

Press summary by type of information (last five years)

Legal notices: 1 (Last: 29/10/2012)

Structural Data: 300 (Last: 30/11/2012, first: 06/01/2007)

Informative data: 202 (Last: 23/11/2012, first: 08/01/2007)

Financial Information: 25 (Last: 19/11/2012, first: 27/08/2007)

Negative information: 0

Business lines: 70 (Last: 14/11/2012, first: 22/02/2007)

Historical press releases: 958 (Last: 29/12/2006, first: 15/05/1993)

 

Latest press article published

 30/11/2012 EXPANSIÓN DE CATALUŃA - BRANCHES

The High Court of Justice of Catalonia (TSJC) has declared void the urban improvement plan of the area where the old factory Fabregas Can Mataró (Maresme) and where it is planned to build the English Court.

 

 29/11/2012 EL ECONOMISTA (Page 65) BRANCHES

EL CORTE INGLÉS inauguró el 28/11/12 el mayor espacio gastronómico de Madrid en la novena planta del edificio que ocupa la céntrica plaza de Callao. Bajo el nombre de Gourmet Experience, once firmas de reconocido prestigio se reunen en una sala de 1.500 metros cuadrados. El director de este espacio, Guillermo Alcenegui definió este proyecto como una nueva oferta de ocio gastronómico, que está dividido en tres áreas: restauración, venta de productos y una terraza. 

 

 23/11/2012 CINCO DIAS (Page 5) AGREEMENTS BETWEEN COMPANIES

EDreams 22/11/12 announced an agreement with the portal FILMOTECH to create the largest online video store film in Spanish. The agreement, which will be developed in phases over the coming months, including the extension of the catalog (FILMOTECH now has 2,000 titles and want to reach more than 20,000 in one or two years) and linking digital to rent physical sale of Spanish cinema in the center of the English Court.

 

 19/11/2012 EXPANSIÓN (Page 8) FINANCIAL DATA

INDUYCO, clothing subsidiary of El Corte Ingles, in the last year recorded a loss of 51.68 millones.Como consequence of this result, INDUYCO registered at the close of 2011 a negative equity of 1.44 million. To overcome this situation, eDreams approved 27/02/12 granting a shareholder loan of 150 million.
Sources of the English Court explained that the loan is part of the remodeling process of manufacturing activity, which has just completed the merger of INDUYCO and has involved the purchase of 5.45% stake that the cut English is not controlled, owned CESLAR CORPORATION. 

 16/11/2012 EL ECONOMISTA (Page 16) AGREEMENTS BETWEEN COMPANIES

EDreams has reached an agreement with Spotify for which, as of 16/11/12, will release a new system which allows you to enjoy music and streaming. You can buy cards that allow you to access all the music you want from Spotify, and that will be on sale in all El Corte Inglés. In a second phase, is also expected to be commercialized in establishments Hipercor Supercor Supercor Express, Opencor and Telecor.
EDreams thus becomes the first Spanish distribution company to reach an agreement with Spotify.
 
There are 1556 registered articles press for this company

 

Complementary Information

Corporate Social Responsibility

This company joined the Global Compact on 24/06/2002. (Source: Spanish Network of the UN Global Compact).
 Last progress report submitted: Year 2010 

 

FINANCIAL INFORMATION

  

The information contained in the Individual Filed Accounts of the current report come from own sources that have nothing to do with the Mercantile Register.

SITUATION BALANCE-SHEET

  

Assets

Figures given in thousands €

 

29/02/2012

(12)

 

%

ASSETS

 

28/02/2011

(12)

 

%

ASSETS

 

28/02/2010

(12)

 

%

ASSETS

 

A) NON CURRENT ASSETS

10.484.923,00

79,88

9.961.668,00

77,57

9.969.157,00

79,34

I. Intangible assets

312.422,00

2,38

313.240,00

2,44

322.672,00

2,57

2. Concessions

64.346,00

0,49

67.425,00

0,53

70.470,00

0,56

3. Patents, licences , trademarks and similars

5.988,00

0,05

6.107,00

0,05

6.622,00

0,05

4. Goodwill

10.688,00

0,08

10.688,00

0,08

10.688,00

0,09

5. Software

231.075,00

1,76

228.391,00

1,78

234.047,00

1,86

7. Other intangible assets

325,00

0,00

629,00

0,00

845,00

0,01

II. Tangible fixed assets

6.552.475,00

49,92

6.463.130,00

50,33

6.313.708,00

50,25

1. Property, plant and equipment

4.062.078,00

30,95

3.926.140,00

30,57

3.691.108,00

29,38

2. Technical fittings and other tangible assets

2.360.730,00

17,99

2.427.384,00

18,90

2.458.823,00

19,57

3. Fixed assets in progress and advances

129.667,00

0,99

109.606,00

0,85

163.777,00

1,30

III. Real-estate investments

 

 

 

 

 

 

IV. Long term investments in associated and affiliated companies

3.199.401,00

24,38

2.959.033,00

23,04

3.111.507,00

24,76

1. Net worth instruments

3.006.899,00

22,91

2.945.582,00

22,94

3.103.259,00

24,70

2. Credits to companies

188.451,00

1,44

10.000,00

0,08

5.000,00

0,04

5. Other financial assets

4.051,00

0,03

3.451,00

0,03

3.248,00

0,03

V. Long Term Financial Investments

164.144,00

1,25

187.868,00

1,46

167.785,00

1,34

1. Net worth instruments

73.245,00

0,56

94.940,00

0,74

79.199,00

0,63

2. Credits to third parties

81.661,00

0,62

83.364,00

0,65

77.132,00

0,61

4. By-products

 

 

1.282,00

0,01

3.340,00

0,03

5. Other financial assets

9.238,00

0,07

8.282,00

0,06

8.114,00

0,06

VI. Assets by deferred taxes

256.481,00

1,95

38.397,00

0,30

53.485,00

0,43

VII. Non current commercial debts

 

 

 

 

 

 

B) CURRENT ASSETS

2.640.212,00

20,12

2.880.541,00

22,43

2.596.145,00

20,66

I. Non-current assets maintained for sale

 

 

 

 

 

 

II. Stocks

1.685.222,00

12,84

1.810.475,00

14,10

1.686.973,00

13,43

1. Goods available for sale

1.675.628,00

12,77

1.799.913,00

14,02

1.677.515,00

13,35

2. Raw material inventory

9.594,00

0,07

10.562,00

0,08

9.458,00

0,08

III. Trade Debtors and other receivable accounts

864.963,00

6,59

989.810,00

7,71

702.549,00

5,59

1. Clients

155.184,00

1,18

146.578,00

1,14

148.419,00

1,18

   b) Clients for sales and short term services rendering

155.184,00

1,18

146.578,00

1,14

148.419,00

1,18

2. Clients group and associated companies

537.072,00

4,09

665.385,00

5,18

391.849,00

3,12

3. Other debts

164.427,00

1,25

166.811,00

1,30

145.721,00

1,16

6. Other credits with the Public Administrations

8.280,00

0,06

11.036,00

0,09

16.560,00

0,13

IV. Short term investments in associated and affiliated companies

6.016,00

0,05

13,00

0,00

10,00

0,00

2. Credits to companies

6.016,00

0,05

13,00

0,00

10,00

0,00

V. Short term financial investments

11.199,00

0,09

5.662,00

0,04

58.754,00

0,47

4. By-products

10.750,00

0,08

 

 

13.211,00

0,11

5. Other financial assets

449,00

0,00

5.662,00

0,04

45.543,00

0,36

VI. Short term periodifications

14.246,00

0,11

16.505,00

0,13

17.430,00

0,14

VII. Cash and equivalents

58.566,00

0,45

58.076,00

0,45

130.429,00

1,04

1. Treasury

58.566,00

0,45

58.076,00

0,45

130.429,00

1,04

TOTAL ASSETS (A + B)

13.125.135,00

100,00

12.842.209,00

100,00

12.565.302,00

100,00

 

Net Worth and Liabilities

Figures given in thousands €

 

29/02/2012

(12)

 

%

ASSETS

 

28/02/2011

(12)

 

%

ASSETS

 

28/02/2010

(12)

 

%

ASSETS

 

A) NET WORTH

5.447.080,00

41,50

5.835.779,00

45,44

5.542.303,00

44,11

A-1) Equity

5.481.328,00

41,76

5.868.854,00

45,70

5.568.476,00

44,32

I. Capital

486.864,00

3,71

486.864,00

3,79

486.864,00

3,87

1. Authorized capital

486.864,00

3,71

486.864,00

3,79

486.864,00

3,87

II. Issue premium

 

 

 

 

 

 

III. Reserves

5.014.300,00

38,20

5.290.134,00

41,19

4.962.010,00

39,49

1. Legal and statutory

97.373,00

0,74

97.373,00

0,76

97.373,00

0,77

2. Other funds

4.916.927,00

37,46

5.192.761,00

40,44

4.864.637,00

38,71

IV. (Net worth own shares and participations)

-315.679,00

-2,41

-283.161,00

-2,20

-247.471,00

-1,97

V. Results from previous years

 

 

 

 

 

 

VI. Other loans from partners

 

 

 

 

 

 

VII. Exercise Result

295.843,00

2,25

375.017,00

2,92

367.073,00

2,92

VIII. (Interim dividend)

 

 

 

 

 

 

IX. Other net worth instruments

 

 

 

 

 

 

A-2) Value changes adjustments

-34.248,00

-0,26

-33.075,00

-0,26

-26.173,00

-0,21

I. Financial assets available for sale

-17.201,00

-0,13

-15.564,00

-0,12

-13.239,00

-0,11

II. Coverage operations

-17.047,00

-0,13

-17.511,00

-0,14

-12.934,00

-0,10

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

3.063.591,00

23,34

2.863.558,00

22,30

3.090.268,00

24,59

I. Long term provisions

66.798,00

0,51

7.638,00

0,06

7.500,00

0,06

4. Other provisions

66.798,00

0,51

7.638,00

0,06

7.500,00

0,06

II. Long term debts

2.861.175,00

21,80

2.817.227,00

21,94

3.046.238,00

24,24

1. Debentures and other negotiable values

1.416.450,00

10,79

1.344.287,00

10,47

1.186.529,00

9,44

2. Debts with bank entities

1.323.742,00

10,09

1.322.380,00

10,30

1.677.811,00

13,35

3. Financial leasing creditors

65.665,00

0,50

28.258,00

0,22

44.130,00

0,35

4. By-products

31.261,00

0,24

23.583,00

0,18

41.021,00

0,33

5. Other financial liabilities

24.057,00

0,18

98.719,00

0,77

96.747,00

0,77

III. Long term debts with associated and affiliated companies

95.405,00

0,73

793,00

0,01

833,00

0,01

IV. Liabilities by deferred taxes

40.076,00

0,31

37.900,00

0,30

35.697,00

0,28

V. Long term periodifications

137,00

0,00

 

 

 

 

VI. Non current trade creditors

 

 

 

 

 

 

VII. Long term debts with special characteristics

 

 

 

 

 

 

C) CURRENT LIABILITIES

4.614.464,00

35,16

4.142.872,00

32,26

3.932.731,00

31,30

I. Liabilities related with non-current assets maintained for sale

 

 

 

 

 

 

II. Short term provisions

 

 

 

 

2.351,00

0,02

III. Short term debts

2.036.158,00

15,51

1.538.759,00

11,98

1.296.177,00

10,32

2. Debts with bank entities

1.920.532,00

14,63

1.274.134,00

9,92

893.277,00

7,11

3. Financial leasing creditors

9.406,00

0,07

15.873,00

0,12

8.948,00

0,07

4. By-products

1.915,00

0,01

8.498,00

0,07

16,00

0,00

5. Other financial liabilities

104.305,00

0,79

240.254,00

1,87

393.936,00

3,14

IV. Short term debts with associated and affiliated companies

230.940,00

1,76

343.977,00

2,68

453.564,00

3,61

V. Trade creditors and other payable accounts

2.345.087,00

17,87

2.257.399,00

17,58

2.179.789,00

17,35

1. Suppliers

1.550.785,00

11,82

1.681.162,00

13,09

1.710.499,00

13,61

   b) Short term suppliers

1.550.785,00

11,82

1.681.162,00

13,09

1.710.499,00

13,61

2. Suppliers group and associated companies

35.537,00

0,27

39.801,00

0,31

19.212,00

0,15

3. Different creditors

24.997,00

0,19

21.527,00

0,17

39.308,00

0,31

4. Staff (pending remunerations)

475.427,00

3,62

294.040,00

2,29

310.464,00

2,47

5. Liabilities by current taxes

 

 

32.149,00

0,25

20.580,00

0,16

6. Other debts with Public Administrations

131.119,00

1,00

69.162,00

0,54

68.635,00

0,55

7. Clients pre-payments

127.222,00

0,97

119.558,00

0,93

11.091,00

0,09

VI. Short term periodifications

2.279,00

0,02

2.737,00

0,02

850,00

0,01

VII. Short term debts with special characteristics

 

 

 

 

 

 

TOTAL NET WORTH AND LIABILITIES (A + B + C)

13.125.135,00

100,00

12.842.209,00

100,00

12.565.302,00

100,00

 

PROFIT AND LOSS ACCOUNT

 

Figures given in thousands €

 

29/02/2012

(12)

 

%OPERATING

INCOME

 

28/02/2011

(12)

 

%OPERATING

INCOME

 

28/02/2010

(12)

 

%OPERATING

INCOME

 

A) CONTINUED OPERATIONS

 

 

 

 

 

 

1. Net Turnover

10.464.026,00

95,32

11.050.024,00

95,49

11.201.939,00

95,60

A) Sales

10.111.913,00

92,11

10.711.788,00

92,57

10.836.674,00

92,49

b) Services provided

352.113,00

3,21

338.236,00

2,92

365.265,00

3,12

2. Variation in stocks of finished goods and work in progress

 

 

 

 

 

 

3. Works for its own assets

122.619,00

1,12

125.496,00

1,08

129.391,00

1,10

4. Supplies

-7.501.052,00

-68,33

-7.937.548,00

-68,60

-8.106.169,00

-69,18

a) Material consumed

-7.404.277,00

-67,45

-7.892.477,00

-68,21

-8.052.622,00

-68,72

b) Raw materials consumed

-59.916,00

-0,55

 

 

 

 

c) Works carried out for other companies

-36.859,00

-0,34

-44.596,00

-0,39

-49.255,00

-0,42

d) Deterioration on merchandises, raw materials and other supplies

 

 

-475,00

0,00

-4.292,00

-0,04

5. Other operating income

391.464,00

3,57

396.021,00

3,42

385.887,00

3,29

a) Other incomes

385.283,00

3,51

390.702,00

3,38

378.835,00

3,23

b) Operating grants included in the exercise result

6.181,00

0,06

5.319,00

0,05

7.052,00

0,06

6. Labour cost

-1.801.448,00

-16,41

-1.867.594,00

-16,14

-1.821.254,00

-15,54

a) Wages and similar expenses

-1.402.400,00

-12,77

-1.463.238,00

-12,65

-1.419.853,00

-12,12

b) Social costs

-399.048,00

-3,63

-404.356,00

-3,49

-401.401,00

-3,43

7. Other operating costs

-1.127.992,00

-10,27

-1.098.399,00

-9,49

-1.080.455,00

-9,22

a) External services

-956.403,00

-8,71

-936.161,00

-8,09

-917.616,00

-7,83

b) Taxes

-60.591,00

-0,55

-56.362,00

-0,49

-52.609,00

-0,45

c) Losses, deterioration and variation on business operations provisions

-1.632,00

-0,01

2.652,00

0,02

-6.373,00

-0,05

d) Other day to day expenses

-109.366,00

-1,00

-108.528,00

-0,94

-103.857,00

-0,89

8. Amortization of fixed assets

-326.888,00

-2,98

-363.406,00

-3,14

-346.446,00

-2,96

9. Allocation of subventions on non financial investments and other

 

 

 

 

 

 

10. Provisions excess

23,00

0,00

23,00

0,00

95,00

0,00

11. Deterioration and result for fixed assets disposal

94,00

0,00

347,00

0,00

1.911,00

0,02

b) Results for disposals and others

94,00

0,00

347,00

0,00

1.911,00

0,02

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)

220.846,00

2,01

304.964,00

2,64

364.899,00

3,11

14. Financial income

316.088,00

2,88

421.897,00

3,65

307.551,00

2,62

a) From net worth instruments participations

312.435,00

2,85

414.739,00

3,58

304.522,00

2,60

   a 1) On group and associated companies

312.382,00

2,85

414.673,00

3,58

304.481,00

2,60

   a 2) On third parties

53,00

0,00

66,00

0,00

41,00

0,00

b) From negotiable values and other financial instruments

3.653,00

0,03

7.158,00

0,06

3.029,00

0,03

   b 1) From group and associated companies

880,00

0,01

1.015,00

0,01

745,00

0,01

   b 2) From third parties

2.773,00

0,03

6.143,00

0,05

2.284,00

0,02

15. Financial expenses

-215.788,00

-1,97

-182.267,00

-1,58

-173.618,00

-1,48

a) For debts with associated and affiliated companies

-13.193,00

-0,12

-17.670,00

-0,15

-21.702,00

-0,19

b) For debts with third parties

-202.595,00

-1,85

-164.597,00

-1,42

-151.916,00

-1,30

16. Reasonable value variation on financial instruments

-345,00

0,00

19.888,00

0,17

-10.424,00

-0,09

a) Negotiation portfolio and others

-345,00

0,00

1.317,00

0,01

-10.424,00

-0,09

b) Allocation to the exercise result for financial assets available for sale

 

 

18.571,00

0,16

 

 

17. Exchange differences

316,00

0,00

2.090,00

0,02

1.176,00

0,01

18. Deterioration and result for disposal of financial instruments

-87.573,00

-0,80

-155.219,00

-1,34

-101.553,00

-0,87

a) Deteriorations and losses

-87.614,00

-0,80

-156.855,00

-1,36

-101.553,00

-0,87

b) Results for disposals and others

41,00

0,00

1.636,00

0,01

 

 

19. Other financial income and expenses

 

 

 

 

 

 

A.2) FINANCIAL RESULT (14 + 15 + 16 + 17 + 18 + 19)

12.698,00

0,12

106.389,00

0,92

23.132,00

0,20

A.3) RESULT BEFORE TAXES (A.1 + A.2)

233.544,00

2,13

411.353,00

3,55

388.031,00

3,31

20. Taxes on profits

62.299,00

0,57

-36.336,00

-0,31

-20.958,00

-0,18

A.4) EXERCISE RESULT COMING FROM CONTINUED OPERATIONS (A.3 + 20)

295.843,00

2,69

375.017,00

3,24

367.073,00

3,13

B) DISCONTINUED OPERATIONS

 

 

 

 

 

 

21. Net of taxes exercise result coming from discontinued operations

 

 

 

 

 

 

A.5) EXERCISE RESULT (A.4 + 21)

295.843,00

2,69

375.017,00

3,24

367.073,00

3,13

NET WORTH CHANGES STATUS

 

 

Status of recognized income and expenses

Figures given in thousands €

NET WORTH CHANGES (1/3)

29/02/2012

(12)

 

28/02/2011

(12)

 

28/02/2010

(12)

 

A) PROFIT AND LOSS ACCOUNT RESULT

295.843,00

375.017,00

367.073,00

INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH

 

 

 

I. For valuation of financial instruments

-2.338,00

15.250,00

12.987,00

1. Financial assets available for sale

-2.338,00

15.250,00

12.987,00

II. Cash flow coverage

-12.268,00

-25.695,00

-8.669,00

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

4.382,00

3.134,00

-1.295,00

B) TOTAL INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH (I + II + III + IV +V+VI+VII)

-10.224,00

-7.311,00

3.023,00

PROFIT AND LOSS ACCOUNT TRANSFERS

 

 

 

VIII. For valuation of financial instruments

 

-18.571,00

 

1. Financial assets available for sale

 

-18.571,00

 

IX. Cash flow coverage

12.930,00

19.156,00

6.675,00

X. Received legacies, grants and subventions

 

 

 

XI. Non-current assets and related liabilities, maintained for sale

 

 

 

XII. Conversion differences

 

 

 

XIII. Tax effect

-3.879,00

-176,00

-2.003,00

C) TOTAL TRANSFERS TO THE PROFIT AND LOSS ACCOUNT (VIII + IX + X + XI+ XII+ XIII)

9.051,00

409,00

4.672,00

TOTAL INCOME AND EXPENSES RECOGNIZED (A + B + C)

294.670,00

368.115,00

374.768,00

 

Total net worth changes status

Figures given in thousands €

NET WORTH CHANGES ( 2 /3)

AUTHORIZED CAPITAL

RESERVES

(NET WORTH OWN SHARES AND PARTICIPATIONS)

EXERCISE RESULT

FINAL ACCOUNT BALANCE OF EXERCISE (2009)

486.864,00

4.627.364,00

-130.403,00

363.046,00

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)

486.864,00

4.627.364,00

-130.403,00

363.046,00

I. Total recognized income and expenses

 

 

 

367.073,00

II. Operations with partners or owners

 

334.646,00

-117.068,00

-363.046,00

4. (-) Dividends distribution

 

 

 

-28.400,00

5. Operations with own participations or shares (net)

 

 

-117.068,00

 

7. Other operations with partners or owners

 

334.646,00

 

-334.646,00

III. Other net worth variations

 

 

 

 

FINAL ACCOUNT BALANCE OF EXERCISE (2010)

486.864,00

4.962.010,00

-247.471,00

367.073,00

I. Adjustments by change of criteria in the exercise (2010)

 

 

 

 

II. Adjustments by errors in the exercise (2010)

 

 

 

 

ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2011)

486.864,00

4.962.010,00

-247.471,00

367.073,00

I. Total recognized income and expenses

 

 

 

375.017,00

II. Operations with partners or owners

 

328.124,00

-35.690,00

-367.073,00

4. (-) Dividends distribution

 

 

 

-38.949,00

5. Operations with own participations or shares (net)

 

 

-35.690,00

 

7. Other operations with partners or owners

 

328.124,00

 

-328.124,00

III. Other net worth variations

 

 

 

 

FINAL ACCOUNT BALANCE OF EXERCISE (2011)

486.864,00

5.290.134,00

-283.161,00

375.017,00

I. Adjustments by change of criteria in the exercise (2011)

 

 

 

 

II. Adjustments by errors in the exercise (2011)

 

 

 

 

ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2012)

486.864,00

5.290.134,00

-283.161,00

375.017,00

I. Total recognized income and expenses

 

 

 

295.843,00

II. Operations with partners or owners

 

331.238,00

-32.518,00

-375.017,00

5. Operations with own participations or shares (net)

 

 

-32.518,00

 

7. Other operations with partners or owners

 

331.238,00

 

-375.017,00

III. Other net worth variations

 

-607.072,00

 

 

FINAL ACCOUNT BALANCE OF EXERCISE (2012)

486.864,00

5.014.300,00

-315.679,00

295.843,00

NET WORTH CHANGES ( 3 /3)

VALUE CHANGES ADJUSTMENTS

TOTAL

 

FINAL ACCOUNT BALANCE OF EXERCISE (2009)

-33.868,00

5.313.003,00

 

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)

-33.868,00

5.313.003,00

 

I. Total recognized income and expenses

7.695,00

374.768,00

 

II. Operations with partners or owners

 

-145.468,00

 

4. (-) Dividends distribution

 

-28.400,00

 

5. Operations with own participations or shares (net)

 

-117.068,00

 

7. Other operations with partners or owners

 

 

 

III. Other net worth variations

 

 

 

FINAL ACCOUNT BALANCE OF EXERCISE (2010)

-26.173,00

5.542.303,00

 

I. Adjustments by change of criteria in the exercise (2010)

 

 

 

II. Adjustments by errors in the exercise (2010)

 

 

 

ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2011)

-26.173,00

5.542.303,00

 

I. Total recognized income and expenses

-6.902,00

368.115,00

 

II. Operations with partners or owners

 

-74.639,00

 

4. (-) Dividends distribution

 

-38.949,00

 

5. Operations with own participations or shares (net)

 

-35.690,00

 

7. Other operations with partners or owners

 

 

 

III. Other net worth variations

 

 

 

FINAL ACCOUNT BALANCE OF EXERCISE (2011)

-33.075,00

5.835.779,00

 

I. Adjustments by change of criteria in the exercise (2011)

 

 

 

II. Adjustments by errors in the exercise (2011)

 

 

 

ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2012)

-33.075,00

5.835.779,00

 

I. Total recognized income and expenses

-1.173,00

294.670,00

 

II. Operations with partners or owners

 

-76.297,00

 

5. Operations with own participations or shares (net)

 

-32.518,00

 

7. Other operations with partners or owners

 

-43.779,00

 

III. Other net worth variations

 

-607.072,00

 

FINAL ACCOUNT BALANCE OF EXERCISE (2012)

-34.248,00

5.447.080,00

 

 

CASH FLOW STATUS

 

Figures given in thousands €

 

29/02/2012

(12)

 

28/02/2011

(12)

 

28/02/2010

(12)

 

A) CASH FLOW COMING FROM OPERATING ACTIVITIES

 

 

 

1. exercise result before taxes

233.544,00

411.353,00

388.031,00

2. Results adjustments

344.533,00

275.379,00

316.866,00

a) Amortization of fixed assets (+)

326.888,00

363.406,00

346.446,00

b) Value correction for deterioration (+/-)

87.591,00

156.855,00

101.553,00

c) Change of Provisions (+/-)

30.460,00

138,00

 

e) Results for decline and disposal of fixed assets (+/-)

-94,00

-347,00

-1.911,00

f) Results for decline and disposal of financial instruments (+/-)

-41,00

-1.636,00

 

g) Financial income (-)

-316.088,00

-421.897,00

-307.551,00

f) Financial expenses (+)

215.788,00

182.267,00

173.618,00

i) Change difference (+/-)

-316,00

-2.090,00

-1.176,00

j) Reasonable value variation on financial instruments (+/-)

345,00

-1.317,00

5.887,00

3. Changes in current capital

-190.930,00

-393.001,00

108.794,00

a) Stocks (+/-)

-33.647,00

-123.502,00

173.934,00

b) Debtors and other receivable accounts (+/-)

124.847,00

-287.261,00

9.220,00

c) Other current assets (+/-)

-9.281,00

54.014,00

-64.837,00

d) Creditors and other payable accounts (+/-)

-68.208,00

-58.388,00

-20.009,00

e) Other current liabilities (+/-)

-13.016,00

1.887,00

283,00

f) Other non-current assets and liabilities (+/-)

-191.625,00

20.249,00

10.203,00

4. Other cash flow coming from operating activities

132.448,00

234.449,00

124.706,00

a) Interests payments (-)

-215.788,00

-182.267,00

-173.618,00

b) Dividends collections (+)

312.435,00

414.739,00

304.522,00

c) Interests collections (+)

3.653,00

7.158,00

3.029,00

d) Collections (payments) for profit tax (+/-)

32.148,00

-5.181,00

-9.227,00

5. Cash flow coming from operating activities (1 + 2 + 3 + 4)

519.595,00

528.180,00

938.397,00

B) CASH FLOW COMING FROM INVESTING ACTIVITIES

 

 

 

6. Investment payments (-)

-1.048.821,00

-631.210,00

-827.719,00

a) Group and associated companies

-454.370,00

-5.451,00

-80.093,00

b) Intangible assets

-57.365,00

-47.104,00

-58.241,00

c) Tangible assets

-537.086,00

-510.241,00

-654.716,00

e) Other financial assets

 

-68.414,00

-34.669,00

7. Disinvestment collections (+)

23.436,00

53.174,00

28.185,00

a) Group and associated companies

11.388,00

1.097,00

 

b) Intangible assets

1.605,00

2.114,00

6.302,00

c) Tangible assets

3.017,00

3.343,00

4.341,00

e) Other financial assets

7.426,00

46.620,00

17.542,00

8. Cash Flow in investment activities (6 + 7)

-1.025.385,00

-578.036,00

-799.534,00

C) CASH FLOW COMING FROM FINANCING ACTIVITIES

 

 

 

9. Net worth instruments collections and payments

-32.518,00

-35.690,00

-117.068,00

c) Own net worth instruments acquisition (-)

-32.518,00

-35.690,00

-117.068,00

10. Financial liabilities instruments collections and payments

582.606,00

50.052,00

27.534,00

a) Issue

972.798,00

549.454,00

553.615,00

   1. Debentures and other negotiable values (+)

72.163,00

157.758,00

293.068,00

   2. Debts with bank entities (+)

806.023,00

384.771,00

260.512,00

   3. Debts with group and associated companies (+)

94.612,00

 

35,00

   5. Other debts (+)

 

6.925,00

 

b) Return and amortization of

-390.192,00

-499.402,00

-526.081,00

   2. Debts with bank entities (-)

-127.323,00

-355.431,00

-379.497,00

   3. Debts with group and associated companies (-)

-113.037,00

-40,00

-66.449,00

   5. Other debts (-)

-149.832,00

-143.931,00

-80.135,00

11. Payments for dividends and remunerations of other net worth instruments

-44.124,00

-38.949,00

-28.400,00

a) Dividends (-)

-43.779,00

-38.949,00

-28.400,00

b) Other net worth instruments remuneration (-)

-345,00

 

 

12. Cash Flow in financing activities (9 + 10 + 11)

505.964,00

-24.587,00

-117.934,00

D) Exchange rate variations effect

316,00

2.090,00

1.176,00

E) NET CASH OR EQUIVALENTS INCREASE / REDUCTION (5 + 8 + 12 + D)

490,00

-72.353,00

22.105,00

Cash or equivalents at the beginning of the exercise

58.076,00

130.429,00

108.324,00

Cash or equivalents at the end of the exercise

58.566,00

58.076,00

130.429,00

 

RATIOS

 

29/02/2012

(12)

 

CHANGE %

28/02/2011

(12)

 

CHANGE %

28/02/2010

(12)

 

BALANCE RATIOS

Working Capital (€)

-1.974.252,00

-56,40

-1.262.331,00

5,56

-1.336.586,00

Working capital ratio

-0,15

-50,00

-0,10

9,09

-0,11

Soundness Ratio

0,52

-11,86

0,59

5,36

0,56

Average Collection Period (days)

30

-7,78

32

42,86

23

Average Payment Period (days)

108

3,82

104

0,35

103

LIQUIDITY RATIOS

Current Ratio (%)

57,22

-17,70

69,53

5,33

66,01

Quick Ratio (%)

1,51

-1,95

1,54

-67,98

4,81

DEBT RATIOS

Borrowing percentage (%)

39,80

8,74

36,60

-4,11

38,18

External Financing Average Cost

0,04

0,00

0,04

0,00

0,04

Debt Service Coverage

10,05

12,92

8,90

74,17

5,11

Interest Coverage

1,02

-38,92

1,67

-20,48

2,10

GENERAL AND ACTIVITIES RATIOS

Auto financing generated by sales (%)

4,97

3,97

4,78

-42,96

8,38

Auto financing generated by Assets (%)

3,96

-3,65

4,11

-44,98

7,47

Breakdown Point

1,02

-0,97

1,03

0,00

1,03

Average Sales Volume per Employee

190,52

-3,86

198,17

8,81

182,12

Average Cost per Employee

32,80

-2,06

33,49

13,10

29,61

Assets Turnover

0,80

-6,98

0,86

-3,37

0,89

Inventory Turnover (days)

81

-1,32

82

9,62

75

RESULTS RATIOS

Return on Assets (ROA) (%)

1,68

-29,41

2,38

-17,93

2,90

Operating Profitability (%)

4,17

-19,96

5,21

-8,27

5,68

Return on Equity (ROE) (%)

4,26

-39,23

7,01

0,57

6,97

 

SECTORIAL ANALYSIS

 

 Balance Sheet and Financial Balance

Figures expressed in %

 

COMPANY

(2012)

 

SECTOR

DIFFERENCE

BALANCE SHEET ANALYSIS: % on the total assets

 

 

 

ASSETS

A) NON CURRENT ASSETS

79,88

84,76

-4,88

A) CURRENT ASSETS

20,12

15,24

4,88

LIABILITIES

A) NET WORTH

41,50

85,10

-43,60

B) NON CURRENT LIABILITIES

23,34

2,83

20,51

C) CURRENT LIABILITIES

35,16

12,07

23,09

 

 

 

 

 

Results Analytical Account

Figures given in  %

 

COMPANY

(2012)

 

SECTOR

 

DIFFERENCE

 

Net Turnover

95,32

97,44

-2,12

Other operating income

4,68

2,56

2,12

OPERATING INCOME

100,00

100,00

0,00

Supplies

-68,33

-68,07

-0,26

Variation in stocks of finished goods and work in progress

 

0,00

 

GROSS MARGIN

31,67

31,93

-0,26

Other operating costs

-10,27

-10,87

0,60

Labour cost

-16,41

-13,81

-2,60

GROSS OPERATING RESULT

4,99

7,26

-2,27

Amortization of fixed assets

-2,98

-3,32

0,34

Deterioration and result for fixed assets disposal

0,00

0,22

-0,22

Other expenses / income

 

0,00

 

NET OPERATING RESULT

2,01

4,15

-2,14

Financial result

0,12

-0,04

0,16

RESULT BEFORE TAX

2,13

4,12

-1,99

Taxes on profits

0,57

-1,08

1,65

RESULT COMING FROM CONTINUED OPERATIONS

2,69

3,04

-0,35

Exercise result coming from discontinued operations net of taxes

 

0,00

 

NET RESULT

2,69

3,04

-0,35

Amortization of fixed assets

-2,98

-3,32

0,34

Deterioration and provisions variation

-2,99

0,14

-3,13

 

8,66

6,21

2,45

 

Main Ratios

Figures given in thousands  €

 

COMPANY

(2012)

 

PTILE25

 

PTILE50

 

PTILE75

 

BALANCE RATIOS

 

 

 

 

Working Capital (€)

-1.974.252,00

838,50

8.137,65

24.412,92

Working capital ratio

-0,15

0,01

0,08

0,19

Soundness Ratio

0,52

0,75

1,06

1,25

Average Collection Period (days)

30

3

12

91

Average Payment Period (days)

108

49

69

105

LIQUIDITY RATIOS

 

 

 

 

Current Ratio (%)

57,22

109,17

128,72

155,66

Quick Ratio (%)

1,51

3,37

6,32

41,36

DEBT RATIOS

 

 

 

 

Borrowing percentage (%)

39,80

2,29

7,92

30,61

External Financing Average Cost

0,04

0,03

0,04

0,07

Debt Service Coverage

10,05

0,03

0,53

8,38

Interest Coverage

1,02

1,95

7,54

39,21

GENERAL AND ACTIVITIES RATIOS

 

 

 

 

Auto financing generated by sales (%)

4,97

1,06

4,76

7,40

Auto financing generated by Assets (%)

3,96

0,99

8,52

11,49

Breakdown Point

1,02

0,99

1,04

1,09

Average Sales Volume per Employee

190,52

124,79

183,62

252,10

Average Cost per Employee

32,80

21,66

25,43

30,52

Assets Turnover

0,80

0,81

2,07

3,10

Inventory Turnover (days)

81

33

52

227

RESULTS RATIOS

 

 

 

 

Return on Assets (ROA) (%)

1,68

-0,51

4,41

11,95

Operating Profitability (%)

4,17

2,27

8,97

18,33

Return on Equity (ROE) (%)

4,26

-0,14

7,40

26,22

 

 

ADDITIONAL INFORMATION

   

Consulted Sources

Tax Administration / VIES Consultation

Tax Administration / Consultation by NIF

INTERNET

Telephone directory: PÁGINAS AMARILLAS

Telephone directory: PÁGINAS BLANCAS

This company has been consulted was last displayed on 30/11/2012, 522 times in the last quarter and 29.870 total times.

 

In case you need more information please do contact our Customer Service:

 E-mail: customerservice@informa.es · Telephone number: +34 902 178 078 · Fax: +34 91 661 90 60.

This report is for internal use and may not be reproduced, published or re-distributed partial or totally in any manner without the permission of INFORMA D&B, S.A..

Due to the great quantity of information sources used in preparing this report, INFORMA D&B, S.A. does not guarantee the absolute correctness of the information, and it is not responsible of its use for any specific purpose. We also indicate that this report may not be the only element to consider in your decision making..

The information about persons in this report only refers to their business or professional activity and it may be used exclusively inside the company they represent or work for..

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.57

UK Pound

1

Rs.87.90

Euro

1

Rs.71.53

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.