MIRA INFORM REPORT
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Report Date : |
23.09.2013 |
IDENTIFICATION DETAILS
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Name : |
LPP SA |
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Registered Office : |
UL LAKOWA 39/44, Gdansk, 80-769 |
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Country : |
Poland |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
14.02.2001 |
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Legal Form : |
Public Parent |
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Line of Business : |
Company is engaged in clothing industry. |
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No. of Employees : |
423 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Poland |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
POLAND - ECONOMIC OVERVIEW
Poland has pursued a policy
of economic liberalization since 1990 and Poland's economy was the only one in
the European Union to avoid a recession through the 2008-09 economic downturn.
Although EU membership and access to EU structural funds have provided a major
boost to the economy since 2004, GDP per capita remains significantly below the
EU average while unemployment continues to exceed the EU average. The
government of Prime Minister Donald TUSK steered the Polish economy through the
economic downturn by skillfully managing public finances without stifling
economic growth and adopted controversial pension and tax reforms to further
shore up public finances. While the Polish economy has performed well over the
past five years, growth slowed in 2012, in part due to the ongoing economic
difficulties in the euro zone. The key policy challenge is to provide support
to the economy through monetary easing, while maintaining the pace of
structural fiscal consolidation. Poland's economic performance could improve
over the longer term if the country addresses some of the remaining
deficiencies in its road and rail infrastructure and its business environment.
An inefficient commercial court system, a rigid labor code, red tape, and a burdensome
tax system keep the private sector from realizing its full potential.
Source
: CIA
Company Name and Address
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LPP SA |
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Business Description
LPP SA is a Poland-based company engaged in clothing industry.
The Company designs, produces and distributes in wholesale and retail trade
clothing and clothes accessories for men, women and children. The Company
offers a range of clothing, which consists of jackets, overcoats, sweaters,
sweatshirts, trousers, dresses, tops, shirts, and underwear, as well as
accessories, such as hats, scarves, gloves and others. It also provides
footwear and bags. The Company owns four clothing brands, including Reserved,
Cropp, House and Mohito, and operates a number of retail stores in Poland. The
Company's production activities are performed in the Far East and are under
control of the LPP Shanghai office. The Company operates subsidiaries in such
countries Poland, Estonia, the Czech Republic, Lithuania, Latvia, Hungary, Russia,
Ukraine, Romania, Bulgaria, Slovakia, Cyprus and the United Arab Emirates. For
the six months ended 30 June 2013, LPP SA revenues increased 23% to PLN1.74B.
Net income increased 25% to PLN139M. Revenues reflect Other Countries segment
increase of 34% to PLN186.9M. Basic Earnings per Share excluding Extraordinary
Items increased from PLN63.21 to PLN76.83.
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
315240 -
Women’s, Girls’, and Infants’ Cut and Sew Apparel Manufacturing |
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UK SIC 2007: |
14132 -
Manufacture of women's outerwear, other than leather clothes and workwear |
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US SIC 1987: |
Key Executives
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Name |
Title |
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Vice Chairman of the Management Board, Director of Finance |
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Member of the Supervisory Board |
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Chairman of the Supervisory Board |
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Vice Chairman of the Management Board |
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Vice Chairman of the Management Board |
Significant Developments
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* number of significant developments within the last 12
months |
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News
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Title |
Date |
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Researchers
Submit Patent Application, "Target Supply Device", for Approval |
19-Sep-2013 |
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Patent
Application Titled "Device for Collecting Extreme Ultraviolet
Light" Published Online |
19-Sep-2013 |
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B&B
Protector Plans, Inc. and Aspen US Insurance Partner |
19-Sep-2013 |
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B&B
Protector Plans, Inc. and Aspen US Insurance Partner for Lawyers Professional
Liability |
19-Sep-2013 |
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Poland
capital market calendar |
19-Sep-2013 |
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Governor
Cuomo Announces 2013-2015 Class of Empire State Fellows |
19-Sep-2013 |
Financial Summary
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As of 30-Jun-2013 |
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Stock Snapshot |
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1 - Profit & Loss Item Exchange Rate: USD 1 = PLN 3.256984
2 - Balance Sheet Item Exchange Rate:
USD 1 = PLN 3.08125
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INDUSTRY CODES
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ANZSIC 2006 Codes: |
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1351 |
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Clothing Manufacturing |
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4251 |
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Clothing Retailing |
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ISIC Rev 4 Codes: |
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1410 |
- |
Manufacture of wearing apparel, except fur
apparel |
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4771 |
- |
Retail sale of clothing, footwear and
leather articles in specialized stores |
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NACE Rev 2 Codes: |
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1413 |
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Manufacture of other outerwear |
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4771 |
- |
Retail sale of clothing in specialised
stores |
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1414 |
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Manufacture of underwear |
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NAICS 2012 Codes: |
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315240 |
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Women’s, Girls’, and Infants’ Cut
and Sew Apparel Manufacturing |
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448110 |
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Men's Clothing Stores |
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315210 |
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Cut and Sew Apparel Contractors |
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448130 |
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Children's and Infants' Clothing Stores |
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315220 |
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Men’s and Boys’ Cut and Sew Apparel
Manufacturing |
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448140 |
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Family Clothing Stores |
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448120 |
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Women's Clothing Stores |
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US SIC 1987: |
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2331 |
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Women's, Misses', and Juniors' Blouses and
Shirts |
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2321 |
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Men's and Boys' Shirts, Except Work Shirts |
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5651 |
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Family Clothing Stores |
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2335 |
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Women's, Misses', and Juniors' Dresses |
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2322 |
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Men's and Boys' Underwear and Nightwear |
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5611 |
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Men's and Boys' Clothing and Accessory
Stores |
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2311 |
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Men's and Boys' Suits, Coats, and
Overcoats |
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5641 |
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Children's and Infants' Wear Stores |
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5621 |
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Women's Clothing Stores |
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2341 |
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Women's, Misses', Children's, and Infants'
Underwear and Nightwear |
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UK SIC 2007: |
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14132 |
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Manufacture of women's outerwear, other
than leather clothes and workwear |
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4771 |
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Retail sale of clothing in specialised
stores |
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14142 |
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Manufacture of women's underwear |
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14141 |
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Manufacture of men's underwear |
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14131 |
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Manufacture of men's outerwear, other than
leather clothes and workwear |
BUSINESS DESCRIPTION
LPP SA is a Poland-based company engaged in clothing industry. The Company designs, produces and distributes in wholesale and retail trade clothing and clothes accessories for men, women and children. The Company offers a range of clothing, which consists of jackets, overcoats, sweaters, sweatshirts, trousers, dresses, tops, shirts, and underwear, as well as accessories, such as hats, scarves, gloves and others. It also provides footwear and bags. The Company owns four clothing brands, including Reserved, Cropp, House and Mohito, and operates a number of retail stores in Poland. The Company's production activities are performed in the Far East and are under control of the LPP Shanghai office. The Company operates subsidiaries in such countries Poland, Estonia, the Czech Republic, Lithuania, Latvia, Hungary, Russia, Ukraine, Romania, Bulgaria, Slovakia, Cyprus and the United Arab Emirates. For the six months ended 30 June 2013, LPP SA revenues increased 23% to PLN1.74B. Net income increased 25% to PLN139M. Revenues reflect Other Countries segment increase of 34% to PLN186.9M. Basic Earnings per Share excluding Extraordinary Items increased from PLN63.21 to PLN76.83.
MORE BUSINESS DESCRIPTIONS
Design and distribution of clothing
Clothing Mfr & Distr
LPP S.A. (LPP) is one of the leading cloths company of Poland. It undertakes designing and distribution of clothing and accessories for men, women and children. The clothing products of the company comprises jackets, sweaters, overcoats, dresses, sweatshirts, trousers, tops, shirts and underwear. LPP distributes and markets its clothing and accessories products under the brand names; Reserved, Cropp, House, Promostars and Mohito brands in domestic as well as overseas markets. The company is a part of LPP Capital Group. The company operates various subsidiaries in Poland and other countries.The company divides its business on the basis of geography segments. The company operates its business through two reportable segments namely, EU Member States and other countries.Through EU Member segment the company offers its products in European countries such as, Poland, Estonia, Lithuania, Hungary, Latvia, Czech Republic, Slovakia, Bulgaria, Romania, Russia and Ukraine. For the fiscal year ended December 2011, the EU Member segment accounted for PLN2133m, indicating an increase of 24.1% over PLN1 718m in 2010. The segment contributed 85.5% of the company’s total revenue in 2011.Through Other countries segment the company operates business in United Arab Emirates. For the fiscal year ended December 2011, Other countries segment accounted for PLN359m, indicating an increase of 29.1% over PLN1 278m in 2010. The segment contributed 14.5% of the company’s total revenue in 2011.The Reserved brand offers products for men, women and children in European countries with 304 show rooms occupying a space of 212000 sq. mt. The collection of Reserved brand consists of women's, men's and children's lines. The women's line consists of City, Casual and Young & Fashion; while men’s line includes City, Casual and Young and its children’s collection is Re-Kids. For the fiscal year ended December 2011, the Reserved brand accounted for PLN1367m, indicating an increase of 24.4% over PLN1098m in 2010. The segment contributed 54.8% of the company’s total revenue in 2011.The Cropp brand is targeted at young people aged 17 to 25 in Poland and selected European countries. Its women’s line consists of Street Couture, Urban Sport Life, while its men’s line includes Street Wear Style Selector and Technical Outwear. The Esotiq brand offers women's underwear and is principally available in shopping centers across Poland, Russia and Czech Republic across 261 stores occupying a space of 60000 sq. mt. It also offers t-shirts, pajamas, dressing gowns and swimming suits in summer. The Esotiq brand consists of two lines, Woman and Young. For the fiscal year ended December 2011, the Cropp brand accounted for PLN447m, indicating an increase of 17% over PLN382m in 2010. The segment contributed 17.9% of the company’s total revenue in 2011.The House brand divides its offering into four lines, two women and two men lines. Women line consists of Starlet and Streetwise while Men line consists of Clubbing Boy and Urban College. It operates through 222 stores occupying a space of 51000sq. mt. For the fiscal year ended December 2011, the House brand accounted for PLN378m, indicating an increase of 30% over PLN289m in 2010. The segment contributed 15.2% of the company’s total revenue in 2011.The Mohito brand targets women aged 25 to 35 who value comfort as well as urban cuts. It operates 17 stores in Europe occupying a space of 17000 sq. mt. The company operates through various distribution channels. It consists of retailing through its own network of branded stores located in shopping centers such as Reserved, Cropp and Esotiq. It also provides its products to wholesalers, retail chains and advertising agencies, and exports them to Central and Eastern European countries. For the fiscal year ended December 2011, the Mohito brand accounted for PLN104m, indicating an increase of 67.2% over PLN62m in 2010. The segment contributed 5.7% of the company’s total revenue in 2011.The company also Exports its products to various countries. For the fiscal year ended December 2011, the Exports accounted for PLN54m, indicating an increase of 3.2% over PLN52m in 2010. The segment contributed 2.2% of the company’s total revenue in 2011.The company operates its production through plants in Poland, China and other countries. Designs of cloths are prepared in at the registered office of LPP S.A. in Gdansk and also in design office in Krakow.The company operates through Polish subsidiaries and foreign subsidiaries. Some of the company's subsidiaries are; G&M Sp. z o.o., TORA Sp. z o.o., DP&SL Sp. z o.o., IL&DL Sp. z o.o., AMA Sp. z o.o., AMUR Sp. z o.o., LPP Retail Estonia OU, LPP Czech Republic s.r.o., LPP Hungary Kft, LPP Retail Latvia Ltd, and UAB LPP.
LPP S.A. (LPP) is a clothes designing,
manufacturing and retailing company. LPP offers a wide range of clothing and
accessories, which comprises jackets, overcoats, sweaters, sweatshirts,
trousers, shirts, dresses, tops, under wears, hats, scarves and gloves. It also
provides footwear, bags and accessories. The company markets its products under
four brands, namely, Reserved, Cropp, House and Mohito. LPP along with its
subsidiaries operates in Poland, Estonia, Czech Republic, Lithuania, Latvia,
Hungary, Russia, Ukraine and others. LPP is a subsidiary of LPP Capital Group.
The company is headquartered in Gdansk, Poland.The company reported revenues of
(Polish Zloty) PLN 3,223.76 million during the fiscal year ended December 2012,
an increase of 29.34% over 2011. The operating profit of the company was PLN
454.42 million during the fiscal year 2012, an increase of 32.44% over 2011.
The net profit of the company was PLN 352.43 million during the fiscal year
2012, an increase of 31.15% over 2011.
Other Clothing Stores
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LPP's operates its business in Poland, Estonia, Czech
Republic, Lithuania, Latvia, Hungary, Russia, Ukraine, Romania, Bulgaria,
Slovakia, Cyprus, and United Arab Emirates. The company undertakes the design
of clothing at its design office located in Gdansk and Krakow, Poland. The
company maintains contract for the production of its products in collaboration with production plants located in
Poland and abroad. In China, the company conducts production in its trading
office located in Shanghai. The company exports its products to Belarus,
Russia, Slovakia, Ukraine and Other. |
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities |
Threats · Highly Competitive Environment |
Overview
LPP is a clothes
designer, manufacturer and retailer in Poland, Central and Eastern Europe. The
company leverages on its renowned brands and geographic landscape to tap
immense market potentials, thereby strengthening its business operations and
market position. However, highly competitive environment, changing fashion
trends and counterfeit products might have an adverse impact on the company's
revenue generation capabilities.
Strengths
The company's wide range of geographic operations help it in mitigating the
risks related to economic, political and social conditions of any particular
country. The company operates across European Union and other countries. LPP's
operates its business in Poland, Estonia, Czech Republic, Lithuania, Latvia,
Hungary, Russia, Ukraine, Romania, Bulgaria, Slovakia, Cyprus, and United Arab
Emirates. The company undertakes the design of clothing at its design office
located in Gdansk and Krakow, Poland. The company maintains contract for the
production of its products in collaboration with production plants located in
Poland and abroad. In China, the company conducts production in its trading
office located in Shanghai. The company exports its products to Belarus,
Russia, Slovakia, Ukraine and Other. For the fiscal year ended 2011, the
company generated PLN54.22m from exports, of which Belarus accounted for 6.73%,
Russia with 32.15%, Slovakia with 51.11%, Ukraine with 6.14% and Other with
3.88%. For the fiscal year ended 2011, European Union accounted for 86% of the
total revenue of the company, while other countries accounted for 14%.
The company leverages on its well established brands to tap immense
market potentials, thereby strengthening its customer base and market position.
The company through its subsidiary LPP Capital Group designs and distributes
clothing in Poland, Central Europe and Eastern Europe. The company markets its
products under the Reserved, Cropp, House, Mohito and Promostars brands. Under
these brands, the company offers wide range of clothings, including coats,
jackets, overcoats, sweatshirts, jumpers, dresses, trousers, shirts, underwear,
and other accessories such as scarves, caps, shoes and gloves, among others.
Under the Promostar brand, the company offers a range of t-shirts, polo shirts,
sweatshirts, pullovers, shirts, fleece, jackets and bags. The company also
offers clothes and footwear of other brands in its stores. As of December 31,
2011, the company operated 893 stores, of which Reserved brand consists of 304
stores with floor area of 212,000 sq. meter, Cropp with 261 stores (60,000 sq.
meter), House with 222 stores (51,000 sq. meter), Mohito with 93 stores (17,000
square meter), and 13 outlets with 4,000 sq. meter. The company offers its
products through a range of distribution channels, including Reserved brand
stores, Cropp brand stores, House brand stores, Mohito brand stores, exports
and others. For the fiscal year ended 2011, its Reserved brand stores generated
PLN1,367m, which accounted for 54.8% of the total revenue of the company, Cropp
brand stores generated PLN447.24m (17.9%), House brand stores with PLN378.46m
(15.2%), Mohito brand stores with PLN104.02m (4.2%), exports with PLN54.27m
(2.2%), and other with PLN141.47m (5.7%).
Strong
Profitability Indicators
The company reported strong profitability in 2011. The company's revenue
increased from PLN2079.36m in 2010 to PLN2492.51m in 2011, its operating income
increased from PLN199.02m in 2010 to PLN343.11m in 2011, and net income
increased from PLN137.41m in 2010 to PLN268.73m in 2011. The company also
reported an increase in its gross profit from PLN1133.21m in 2010 to
PLN1423.74m in 2011. As a result, the company reported an increase in its
profitability in 2011. Its gross margin increased from 54.49% in 2010 to 57.12%
in 2011, operating margin increased from 9.57% in 2010 to 13.76% in 2011, net
profit margin increased from 6.6% in 2010 to 10.78% in 2011, return on equity
increased from 18.72% in 2010 to 29.64% in 2011, return on capital employed
increased from 19.6% in 2010 to 34.36% in 2011, return on assets increased from
9.63% in 2010 to 16.65% in 2011, return on fixed assets increased from 28.03%
in 2010 to 46.05% in 2011, and return on working capital increased from 65.2%
in 2010 to 135.28% in 2011.
Weaknesses
The company
witnessed limited liquidity position in 2011, which could affect its operations
as the company could feel difficulties in fulfilling its operational and
working capital needs. The company’s total current assets increased
marginally from PLN716.45m in 2010 to PLN868.93m in 2011, indicating an
increase of 21% over that of 2010; and its current liabilities increased from
PLN411.24m in 2010 to PLN615.32m in 2011, indicating an increase of 50% over
that of 2010. The increment in current liabilities is relatively higher than
the increment in current assets. Moreover, the cash and short term investments
of the company declined substantially from PLN166.2m in 2010 to PLN117.13m in
2011. As a result, the current ratio of the company declined from 1.74 times in
2010 to 1.41 times in 2011, its quick ratio declined from 0.71 times in 2010 to
0.44 times in 2011 and its cash ratio also declined from 0.4 times in 2010 to
0.19 times in 2011.
Opportunities
The acquisitions
could help the company in expanding its product offerings and customer base.
During 2011, the company acquired 98.7% of Gothals Limited. The company entered
into an agreement with Gothals, pursuant to which the company transferred its Cropp
and Reserved trademarks to Gothals, following which Gothals transferred the
rights to the trademarks to Jaradi Limited, a subsidiary company in United Arab
Emirates. The company undertook this transfer of trademark in order to
establish an entity for the management of the trademark rights including its
protection, granting licenses to use the trademarks, and activities for
increasing its value.
The company focuses
on strategic expansions to accelerate growth of its business operation, thereby
expanding its offerings and market size. During 2011, the company established
two companies, namely, LPP Style Bulgaria Ltd and and LPP Fashion Bulgaria Ltd
in Bulgaria. These companies are established to distribute the Reserved, House,
Cropp and Mohito brands outside Poland. The newly established companies will
help the company in the expansion of its business in new markets, thereby
expanding and strengthening its market position. As of December31, 2011, the
company operated 880 stores for its Reserved, Cropp, House and Mohito brands;
and 13 outlets. The company has plans to establish new outlets in 2012, which
will lead to increment in the total area of retail in Poland and international
by over 20%.
Growing Opportunities in E-Retailing
Online shopping,
also called e-retailing, has been witnessing a strong growth in the recent
years, mostly due to the rising internet penetration and the user-friendly
shopping interface created by the retailers. With brand promotions and
attractive features in its website, LPP could attract more customers and
generate higher revenue. With LPP's strong brand equity, it can expect a huge
sales growth in the near future. The company offers online catalogue through
its websites, cropp.com, mohit.pl, house.pl, reserved.com and promostars.com.
According to industry experts, the online retail sales in the US are expected
to reach $229 billion in 2013. The market is expected to grow at a compound
average growth rate (CAGR) of 10% from 2009 to 2013. Further, according to
Internet World Stats, the internet penetration in the world population stood at
32.7% in 2011, compared to 28.7% before. Besides, during 2000-2011, internet
penetration recorded a growth of 528.1%. The rising popularity of e-retailing
has encouraged more and more customers to shop online and place their orders
through credit cards, thereby avoiding the time consuming journey and billing
queues.
Threats
Highly Competitive Environment
The company’s
operations could be impacted by the rising competition in the clothing
retailing industry. With growing competition, the industry has been witnessing
consolidation wherein the smaller entities are being acquired by or merged with
major players. The influx of private labels in the industry is also on the rise.
Key competitive factors include style, price, quality, comfort and brand name
prestige and recognition, among other. The company competes with various
manufacturers, importers and distributors of footwear and apparel for the shelf
space to display its products. Most of its competitors are larger and have
large market share, financial, distribution, marketing and others. The
company's key competitors include Bytom SA, Warmia S.A., GETEX, Telimena S.A.,
DCG S.A.Vistulagroup. To survive and succeed in a stiff competitive
environment, it becomes very important for the company to distinguish its
product and service offerings through a clear and unique value proposition.
The company is
engaged in specialty and casual apparel retailing. Its business depends
principally on the customer preferences and the changing trends. The company
has to adapt quickly to these changes to increase or maintain its business in
the competitive apparel industry. The fashion trends change at a rapid pace and
depend on seasons and current trends. The consumers’ purchasing decisions are
highly subjective and could be influenced by various factors, such as brand
image, marketing programs and product design. The company should anticipate and
respond to these changing consumer preferences in a time based manner. Although
the company has a consistent focus on innovation and creativity to stay abreast
of emerging lifestyle and fashion trends affecting accessories and clothing,
however, any failure to identify and respond to change in consumer preference
and the rapidly changing fashion trends could adversely affect consumer
acceptance of company’s products and brands in turn affecting its future
business growth. Moreover, as a major player in the apparels industry, the
company faces significant pricing pressure due to various factors such as
change in consumer demand, intense competition, consolidation in the retail
industry, and pressure from retailers to reduce the costs. These factors could
adversely affect the company's profitability and business.
The company's
business could be adversely affected due to the huge influx of counterfeit
products across the globe. Such high penetration of counterfeit merchandise may
lower the sales of the company and adversely affect its profit margins.
Moreover, as the customers end up buying counterfeit products bearing the
look-alike brand labels, the low quality of these counterfeits affects the
consumer confidence and also tarnishes the brand image of the genuine company.
With global annual sales of around $500 billion, the sales of counterfeit goods
are expected to cross $2 trillion in sales by 2026. Besides, since 1982, the
global trade in illegitimate goods has increased from $5.5 billion to about
$600 billion annually. The company is prone to these challenges and any under
performance of the counterfeit products will have a major effect on the
company's revenues.
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Corporate
Structure News: |
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Total Corporate
Family Members: 9 |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Gdansk |
Poland |
Clothing and Apparel Manufacturing |
989.8 |
423 |
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Subsidiary |
Krakow |
Poland |
Miscellaneous Professional Services |
369.9 |
1,000 |
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Subsidiary |
Praha 9 |
Czech Republic |
Clothing and Apparel Stores |
33.6 |
212 |
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Lpp Hungary
Kereskedelmi Es Szolgaltato Korlatolt Felelossegu Tarsasag |
Subsidiary |
Budapest |
Hungary |
Clothing and Apparel Stores |
7.0 |
92 |
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Subsidiary |
Moscow |
Russian Federation |
Home Furnishings Retail |
25.1 |
38 |
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Subsidiary |
Budapest |
Hungary |
Clothing and Apparel Manufacturing |
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Subsidiary |
Riga |
Latvia |
Clothing and Apparel Stores |
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Subsidiary |
Legnica |
Poland |
Clothing and Apparel Wholesale |
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Subsidiary |
Golub-Dobrzyn |
Poland |
Airlines |
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Competitors Report
|
Company Name |
Location |
Employees |
Ownership |
|
Arcadia Group Limited |
London, United
Kingdom |
2,044 |
Private |
|
Etam Developpement SCA |
Paris, France |
20,758 |
Public |
|
Gruppo Coin SpA |
Mestre, VE,
Italy |
9,500 |
Public |
|
Hermes International SCA |
Paris, France |
10,118 |
Public |
|
Stockmann Oyj |
Helsinki,
Finland |
14,666 |
Public |
|
Varner-Gruppen AS |
Billingstad,
Norway |
9,346 |
Private |
Executives Report
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Board
of Directors |
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Chairman of the Supervisory Board |
Chairman |
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Chairman of the Management Board |
Chairman |
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Vice Chairman of the Management Board |
Vice-Chairman |
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Vice Chairman of the Management Board |
Vice-Chairman |
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Vice Chairman of the Management Board |
Vice-Chairman |
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Vice Chairman of the Management Board, Director of Finance |
Vice-Chairman |
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EXECUTIVES |
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Member of the Supervisory Board |
Administration Executive |
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Member of the Supervisory Board |
Administration Executive |
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Member of the Supervisory Board |
Administration Executive |
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Member of the Supervisory Board |
Administration Executive |
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Vice Chairman of the Management Board, Director
of Finance |
Finance Executive |
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PROJPRZEM SA Signs
Letter of Intent with LPP SA for Construction of Distribution Center Aug 19, 2013
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LPP SA Signs
Appendix to Credit Agreement with Bank Polska Kasa Opieki SA Jul 30, 2013
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LPP SA Approves
FY 2012 Dividend Payment Jun 14, 2013
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LPP SA
Recommends FY 2012 Dividend Payments May 09, 2013
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LPP SA Signs
Annex to Credit Agreement with BNP Paribas Bank Polska SA Dec 18, 2012
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LPP SA Signs
Appendix to Credit Agreement with Bank Handlowy w Warszawie SA Nov 22, 2012
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LPP SA Signs
Appendix to Credit Agreement with Bank Polska Kasa Opieki SA Nov 08, 2012
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LPP SA Signs
Contract with Inter IKEA Centre Polska SA Oct 26, 2012
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Annual Income Statement
|
Financials
in: USD (mil) |
|
|
Except
for share items (millions) and per share items (actual units) |
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
PLN |
PLN |
PLN |
PLN |
PLN |
|
Exchange Rate (Period
Average) |
3.256984 |
2.964349 |
3.017571 |
3.113934 |
2.409971 |
|
Auditor |
Grant Thornton
Frackowiak |
Grant Thornton
Frackowiak |
Grant Thornton
Frackowiak |
Grant Thornton
Frackowiak |
Grant Thornton
International |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
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Net Sales |
989.8 |
840.8 |
689.1 |
624.7 |
673.5 |
|
Revenue |
989.8 |
840.8 |
689.1 |
624.7 |
673.5 |
|
Total Revenue |
989.8 |
840.8 |
689.1 |
624.7 |
673.5 |
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Cost of Revenue |
428.8 |
360.5 |
313.5 |
293.4 |
273.0 |
|
Cost of Revenue, Total |
428.8 |
360.5 |
313.5 |
293.4 |
273.0 |
|
Gross Profit |
561.0 |
480.3 |
375.5 |
331.3 |
400.4 |
|
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|
|
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|
Selling/General/Administrative
Expense |
417.8 |
361.0 |
307.7 |
268.8 |
303.2 |
|
Total Selling/General/Administrative Expenses |
417.8 |
361.0 |
307.7 |
268.8 |
303.2 |
|
Impairment-Assets Held for Use |
1.6 |
2.3 |
1.0 |
- |
5.8 |
|
Loss (Gain) on Sale of Assets -
Operating |
-3.0 |
-2.3 |
-3.0 |
- |
-0.1 |
|
Unusual Expense (Income) |
-1.4 |
0.0 |
-1.9 |
- |
5.7 |
|
Other Operating Expense |
10.6 |
8.1 |
8.4 |
12.7 |
5.9 |
|
Other, Net |
-5.5 |
-4.6 |
-4.5 |
-8.8 |
-3.5 |
|
Other Operating Expenses, Total |
5.1 |
3.5 |
3.9 |
3.9 |
2.4 |
|
Total Operating Expense |
850.3 |
725.1 |
623.1 |
566.1 |
584.3 |
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Operating Income |
139.5 |
115.7 |
66.0 |
58.6 |
89.1 |
|
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|
Interest
Expense - Non-Operating |
-5.3 |
-7.9 |
-8.9 |
- |
-7.5 |
|
Interest Expense, Net
Non-Operating |
-5.3 |
-7.9 |
-8.9 |
- |
-7.5 |
|
Interest
Income - Non-Operating |
0.6 |
0.5 |
1.8 |
- |
0.4 |
|
Investment
Income - Non-Operating |
-3.9 |
4.1 |
1.6 |
- |
- |
|
Interest/Investment Income -
Non-Operating |
-3.2 |
4.5 |
3.4 |
- |
0.4 |
|
Interest Income (Expense) - Net Non-Operating Total |
-8.5 |
-3.4 |
-5.5 |
- |
-7.1 |
|
Other Non-Operating Income (Expense) |
-0.8 |
-0.7 |
-0.6 |
-13.5 |
6.5 |
|
Other, Net |
-0.8 |
-0.7 |
-0.6 |
-13.5 |
6.5 |
|
Income Before Tax |
130.2 |
111.7 |
59.9 |
45.1 |
88.5 |
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Total Income Tax |
21.5 |
20.9 |
14.4 |
11.2 |
19.0 |
|
Income After Tax |
108.7 |
90.8 |
45.5 |
34.0 |
69.5 |
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Minority Interest |
-0.5 |
-0.1 |
0.0 |
- |
- |
|
Net Income Before Extraord Items |
108.2 |
90.7 |
45.5 |
34.0 |
69.5 |
|
Discontinued Operations |
- |
- |
- |
-0.4 |
- |
|
Total Extraord Items |
- |
- |
- |
-0.4 |
- |
|
Net Income |
108.2 |
90.7 |
45.5 |
33.6 |
69.5 |
|
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Income Available to Common Excl Extraord Items |
108.2 |
90.7 |
45.5 |
34.0 |
69.5 |
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Income Available to Common Incl Extraord Items |
108.2 |
90.7 |
45.5 |
33.6 |
69.5 |
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Basic/Primary Weighted Average Shares |
1.8 |
1.7 |
1.7 |
1.7 |
1.7 |
|
Basic EPS Excl Extraord Items |
60.76 |
51.90 |
26.34 |
19.68 |
41.08 |
|
Basic/Primary EPS Incl Extraord Items |
60.76 |
51.90 |
26.34 |
19.46 |
41.08 |
|
Dilution Adjustment |
0.0 |
- |
- |
- |
- |
|
Diluted Net Income |
108.2 |
90.7 |
45.5 |
33.6 |
69.5 |
|
Diluted Weighted Average Shares |
1.8 |
1.7 |
1.7 |
1.7 |
1.7 |
|
Diluted EPS Excl Extraord Items |
60.54 |
51.90 |
26.34 |
19.68 |
41.08 |
|
Diluted EPS Incl Extraord Items |
60.54 |
51.90 |
26.34 |
19.46 |
41.08 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
25.93 |
16.57 |
16.06 |
0.00 |
|
Dividends per Share - Common Stock Issue 2 |
- |
- |
- |
- |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
45.5 |
- |
27.8 |
0.0 |
|
Interest Expense, Supplemental |
5.3 |
7.9 |
8.9 |
- |
7.5 |
|
Depreciation, Supplemental |
33.5 |
30.9 |
30.2 |
29.3 |
25.8 |
|
Total Special Items |
-1.4 |
0.0 |
-1.9 |
- |
5.7 |
|
Normalized Income Before Tax |
128.8 |
111.7 |
58.0 |
45.1 |
94.2 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-0.2 |
0.0 |
-0.5 |
- |
1.2 |
|
Inc Tax Ex Impact of Sp Items |
21.3 |
20.9 |
13.9 |
11.2 |
20.2 |
|
Normalized Income After Tax |
107.5 |
90.8 |
44.1 |
34.0 |
74.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
107.0 |
90.7 |
44.1 |
34.0 |
74.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
60.09 |
51.90 |
25.49 |
19.68 |
43.73 |
|
Diluted Normalized EPS |
59.87 |
51.90 |
25.49 |
19.68 |
43.73 |
|
Amort of Intangibles, Supplemental |
1.1 |
1.3 |
1.7 |
1.6 |
1.7 |
|
Normalized EBIT |
138.1 |
115.8 |
64.0 |
58.6 |
94.8 |
|
Normalized EBITDA |
172.7 |
148.0 |
95.9 |
89.5 |
122.4 |
|
Current Tax - Total |
22.1 |
21.7 |
13.1 |
15.2 |
17.8 |
|
Current Tax - Total |
22.1 |
21.7 |
13.1 |
15.2 |
17.8 |
|
Deferred Tax - Total |
-0.6 |
-0.9 |
1.3 |
-4.2 |
1.2 |
|
Deferred Tax - Total |
-0.6 |
-0.9 |
1.3 |
-4.2 |
1.2 |
|
Other Tax |
- |
- |
- |
0.1 |
- |
|
Income Tax - Total |
21.5 |
20.9 |
14.4 |
11.2 |
19.0 |
Annual Balance Sheet
Financials
in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Restated Normal |
Reclassified
Normal |
|
Filed Currency |
PLN |
PLN |
PLN |
PLN |
PLN |
|
Exchange Rate |
3.08125 |
3.43395 |
2.95445 |
2.8617 |
2.963 |
|
Auditor |
Grant Thornton
Frackowiak |
Grant Thornton
Frackowiak |
Grant Thornton
Frackowiak |
Grant Thornton
Frackowiak |
Grant Thornton
International |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash |
33.3 |
25.6 |
22.4 |
- |
25.7 |
|
Cash &
Equivalents |
18.4 |
8.5 |
10.2 |
69.0 |
4.6 |
|
Short Term
Investments |
0.0 |
0.0 |
23.6 |
0.2 |
0.2 |
|
Cash and Short Term
Investments |
51.8 |
34.1 |
56.3 |
69.2 |
30.5 |
|
Accounts
Receivable - Trade, Gross |
44.2 |
35.1 |
34.6 |
- |
- |
|
Provision
for Doubtful Accounts |
-1.9 |
-1.9 |
-2.2 |
- |
- |
|
Trade Accounts
Receivable - Net |
42.3 |
33.3 |
32.4 |
27.4 |
34.1 |
|
Other Receivables |
21.2 |
9.7 |
8.0 |
5.3 |
- |
|
Total
Receivables, Net |
63.5 |
43.0 |
40.4 |
32.6 |
34.1 |
|
Inventories -
Finished Goods |
210.1 |
171.6 |
142.6 |
- |
153.9 |
|
Inventories - Raw
Materials |
2.8 |
1.6 |
1.0 |
- |
2.3 |
|
Total Inventory |
212.9 |
173.2 |
143.7 |
112.8 |
156.1 |
|
Other Current
Assets |
3.6 |
2.8 |
2.2 |
2.6 |
1.9 |
|
Other Current
Assets, Total |
3.6 |
2.8 |
2.2 |
2.6 |
1.9 |
|
Total Current
Assets |
331.8 |
253.0 |
242.5 |
217.2 |
222.6 |
|
|
|
|
|
|
|
|
Buildings |
230.7 |
169.0 |
178.0 |
168.1 |
148.7 |
|
Land/Improvements |
6.2 |
5.6 |
6.5 |
6.7 |
6.5 |
|
Machinery/Equipment |
56.3 |
42.8 |
44.6 |
45.6 |
38.6 |
|
Construction
in Progress |
6.4 |
5.9 |
1.5 |
8.4 |
5.5 |
|
Other
Property/Plant/Equipment |
65.6 |
39.4 |
36.9 |
31.8 |
25.2 |
|
Property/Plant/Equipment
- Gross |
365.1 |
262.7 |
267.6 |
260.5 |
224.5 |
|
Accumulated
Depreciation |
-170.9 |
-132.3 |
-125.5 |
-106.3 |
-66.2 |
|
Property/Plant/Equipment
- Net |
194.2 |
130.4 |
142.1 |
154.2 |
158.3 |
|
Goodwill - Gross |
59.6 |
- |
- |
- |
- |
|
Accumulated
Goodwill Amortization |
0.0 |
- |
- |
- |
- |
|
Goodwill, Net |
59.6 |
53.5 |
62.1 |
64.2 |
62.0 |
|
Intangibles - Gross |
16.9 |
12.4 |
12.9 |
12.3 |
10.7 |
|
Accumulated
Intangible Amortization |
-11.2 |
-9.0 |
-9.2 |
-7.8 |
-6.0 |
|
Intangibles, Net |
30.9 |
25.9 |
30.0 |
31.5 |
30.9 |
|
LT Investment -
Affiliate Companies |
0.1 |
0.1 |
0.1 |
0.3 |
0.2 |
|
LT Investments -
Other |
0.2 |
0.2 |
0.0 |
- |
- |
|
Long Term
Investments |
0.3 |
0.3 |
0.1 |
0.3 |
0.2 |
|
Note Receivable - Long Term |
2.8 |
1.3 |
0.4 |
0.4 |
0.6 |
|
Deferred Income
Tax - Long Term Asset |
7.4 |
5.4 |
5.6 |
7.7 |
6.7 |
|
Other Long Term
Assets |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Long Term
Assets, Total |
7.5 |
5.6 |
5.6 |
7.8 |
6.8 |
|
Total Assets |
627.1 |
470.0 |
482.8 |
475.5 |
481.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
155.1 |
109.9 |
105.8 |
78.7 |
83.8 |
|
Accrued Expenses |
6.4 |
4.3 |
1.1 |
1.0 |
2.8 |
|
Notes Payable/Short Term Debt |
19.8 |
59.4 |
30.7 |
28.8 |
83.5 |
|
Income Taxes
Payable |
6.2 |
3.5 |
0.3 |
5.0 |
10.4 |
|
Other Current
Liabilities |
4.0 |
2.0 |
1.4 |
1.2 |
1.3 |
|
Other Current
liabilities, Total |
10.2 |
5.6 |
1.6 |
6.2 |
11.7 |
|
Total Current
Liabilities |
191.5 |
179.2 |
139.2 |
114.7 |
181.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
40.6 |
25.2 |
94.0 |
119.8 |
103.3 |
|
Total Long Term
Debt |
40.6 |
25.2 |
94.0 |
119.8 |
103.3 |
|
Total Debt |
60.4 |
84.6 |
124.6 |
148.5 |
186.8 |
|
|
|
|
|
|
|
|
Deferred Income
Tax - LT Liability |
1.4 |
0.5 |
0.8 |
1.3 |
5.0 |
|
Deferred Income
Tax |
1.4 |
0.5 |
0.8 |
1.3 |
5.0 |
|
Minority Interest |
0.8 |
0.8 |
0.0 |
0.0 |
0.1 |
|
Reserves |
0.4 |
0.3 |
0.3 |
0.4 |
0.3 |
|
Other Long Term
Liabilities |
0.0 |
0.0 |
0.0 |
0.1 |
0.2 |
|
Other
Liabilities, Total |
0.5 |
0.4 |
0.4 |
0.4 |
0.5 |
|
Total
Liabilities |
234.9 |
206.0 |
234.4 |
236.2 |
290.7 |
|
|
|
|
|
|
|
|
Common Stock |
1.2 |
1.0 |
1.2 |
1.2 |
1.2 |
|
Common Stock |
1.2 |
1.0 |
1.2 |
1.2 |
1.2 |
|
Additional Paid-In Capital |
76.3 |
43.6 |
36.6 |
37.8 |
36.5 |
|
Retained Earnings (Accumulated Deficit) |
118.5 |
71.0 |
42.0 |
38.1 |
59.7 |
|
Treasury Stock - Common |
-15.8 |
-14.2 |
-16.5 |
-17.0 |
-16.5 |
|
Translation
Adjustment |
-1.1 |
-1.3 |
-0.2 |
0.2 |
-1.0 |
|
Other Equity |
213.2 |
163.8 |
185.3 |
179.0 |
110.8 |
|
Other Equity,
Total |
212.1 |
162.5 |
185.1 |
179.2 |
109.8 |
|
Total Equity |
392.2 |
264.0 |
248.4 |
239.2 |
190.7 |
|
|
|
|
|
|
|
|
Total
Liabilities & Shareholders’ Equity |
627.1 |
470.0 |
482.8 |
475.5 |
481.3 |
|
|
|
|
|
|
|
|
Shares Outstanding
- Common Stock Primary Issue |
1.8 |
1.4 |
1.4 |
1.4 |
1.4 |
|
Shares Outstanding
- Common Stock Issue 2 |
- |
0.4 |
0.4 |
0.4 |
0.4 |
|
Total Common
Shares Outstanding |
1.8 |
1.8 |
1.8 |
1.8 |
1.7 |
|
Treasury Shares - Common Stock Primary
Issue |
0.0 |
0.0 |
- |
- |
- |
|
Accumulated Goodwill Amortization Suppl. |
0.0 |
- |
- |
- |
- |
|
Accumulated Intangible Amort, Suppl. |
11.2 |
9.0 |
9.2 |
7.8 |
6.0 |
|
Total Long Term Debt, Supplemental |
11.8 |
- |
- |
- |
- |
|
Long Term Debt Maturing within 1 Year |
11.8 |
- |
- |
- |
- |
|
Long Term Debt Matur. in Year 6 &
Beyond |
0.0 |
- |
- |
- |
- |
|
Total Capital Leases, Supplemental |
0.8 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 1 |
0.3 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 2 |
0.1 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 3 |
0.1 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 4 |
0.1 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 5 |
0.1 |
- |
- |
- |
- |
|
Capital Lease Payments Due in 2-3 Years |
0.3 |
- |
- |
- |
- |
|
Capital Lease Payments Due in 4-5 Years |
0.3 |
- |
- |
- |
- |
|
Total Operating Leases, Supplemental |
651.2 |
- |
- |
- |
- |
|
Operating Lease Payments Due in Year 1 |
125.8 |
- |
- |
- |
- |
|
Operating Lease Payments Due in Year 2 |
92.8 |
- |
- |
- |
- |
|
Operating Lease Payments Due in Year 3 |
92.8 |
- |
- |
- |
- |
|
Operating Lease Payments Due in Year 4 |
92.8 |
- |
- |
- |
- |
|
Operating Lease Payments Due in Year 5 |
92.8 |
- |
- |
- |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
185.7 |
- |
- |
- |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
185.7 |
- |
- |
- |
- |
|
Oper. Lse. Pymts. Due in Year 6 &
Beyond |
154.0 |
- |
- |
- |
- |
Annual Cash Flows
Financials
in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
PLN |
PLN |
PLN |
PLN |
PLN |
|
Exchange Rate (Period
Average) |
3.256984 |
2.964349 |
3.017571 |
3.113934 |
2.409971 |
|
Auditor |
Grant Thornton
Frackowiak |
Grant Thornton
Frackowiak |
Grant Thornton
Frackowiak |
Grant Thornton
Frackowiak |
Grant Thornton
International |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
130.2 |
111.7 |
59.9 |
44.7 |
88.5 |
|
Depreciation |
33.5 |
32.2 |
31.8 |
30.9 |
27.5 |
|
Depreciation/Depletion |
33.5 |
32.2 |
31.8 |
30.9 |
27.5 |
|
Unusual Items |
-0.7 |
-1.7 |
-2.8 |
0.6 |
3.5 |
|
Other Non-Cash Items |
7.6 |
10.7 |
7.3 |
6.4 |
5.6 |
|
Non-Cash Items |
6.9 |
9.0 |
4.5 |
7.0 |
9.2 |
|
Accounts Receivable |
-31.6 |
-5.8 |
-9.3 |
5.8 |
-6.2 |
|
Inventories |
-22.0 |
-53.7 |
-34.1 |
40.8 |
-50.6 |
|
Payable/Accrued |
46.9 |
10.6 |
29.3 |
-5.4 |
28.8 |
|
Other Assets & Liabilities,
Net |
1.2 |
-0.5 |
0.7 |
-0.7 |
0.1 |
|
Other Operating Cash Flow |
-17.3 |
-17.8 |
-17.4 |
-20.9 |
-16.2 |
|
Changes in Working Capital |
-22.8 |
-67.2 |
-30.8 |
19.6 |
-44.1 |
|
Cash from Operating Activities |
147.8 |
85.7 |
65.4 |
102.2 |
81.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-88.5 |
-43.6 |
-33.4 |
-30.4 |
-104.9 |
|
Capital Expenditures |
-88.5 |
-43.6 |
-33.4 |
-30.4 |
-104.9 |
|
Sale of Fixed Assets |
8.2 |
7.0 |
11.4 |
7.6 |
1.6 |
|
Sale/Maturity of Investment |
1.1 |
6.1 |
0.4 |
0.2 |
0.8 |
|
Purchase of Investments |
-1.0 |
-1.6 |
-0.2 |
0.0 |
-0.4 |
|
Other Investing Cash Flow |
0.2 |
18.7 |
-21.4 |
-0.2 |
-136.7 |
|
Other Investing Cash Flow Items, Total |
8.5 |
30.3 |
-9.9 |
7.6 |
-134.6 |
|
Cash from Investing Activities |
-80.1 |
-13.4 |
-43.3 |
-22.9 |
-239.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-5.5 |
-6.3 |
-7.1 |
33.5 |
-7.5 |
|
Financing Cash Flow Items |
-5.5 |
-6.3 |
-7.1 |
33.5 |
-7.5 |
|
Cash Dividends Paid - Common |
-43.5 |
-45.6 |
-28.6 |
- |
- |
|
Total Cash Dividends Paid |
-43.5 |
-45.6 |
-28.6 |
- |
- |
|
Sale/Issuance
of Common |
0.0 |
1.0 |
- |
0.0 |
15.4 |
|
Repurchase/Retirement
of Common |
0.0 |
0.0 |
0.0 |
0.0 |
-20.2 |
|
Common Stock, Net |
0.0 |
1.0 |
0.0 |
0.0 |
-4.9 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
1.0 |
0.0 |
0.0 |
-4.9 |
|
Long Term
Debt Reduction |
0.0 |
0.0 |
-0.1 |
-0.2 |
-0.2 |
|
Long Term Debt, Net |
0.0 |
0.0 |
-0.1 |
-0.2 |
-0.2 |
|
Total Debt Issued |
1.3 |
0.9 |
5.0 |
11.8 |
247.9 |
|
Total Debt Reduction |
-7.0 |
-15.4 |
-24.8 |
-89.9 |
-61.8 |
|
Issuance (Retirement) of Debt, Net |
-5.7 |
-14.5 |
-19.9 |
-78.2 |
185.9 |
|
Cash from Financing Activities |
-54.7 |
-65.4 |
-55.6 |
-44.7 |
173.5 |
|
|
|
|
|
|
|
|
Net Change in Cash |
13.0 |
6.9 |
-33.5 |
34.6 |
15.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
35.9 |
32.5 |
65.4 |
28.8 |
22.2 |
|
Net Cash - Ending Balance |
48.9 |
39.5 |
32.0 |
63.4 |
37.3 |
|
Cash Interest Paid |
5.5 |
6.3 |
7.1 |
7.5 |
7.5 |
|
Cash Taxes Paid |
17.3 |
17.8 |
17.4 |
20.9 |
16.2 |
Annual Income
Statement
|
Financials
in: USD (mil) |
|
|
Except
for share items (millions) and per share items (actual units) |
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
PLN |
PLN |
PLN |
PLN |
PLN |
|
Exchange Rate
(Period Average) |
3.256984 |
2.964349 |
3.017571 |
3.113934 |
2.409971 |
|
Auditor |
Grant Thornton
Frackowiak |
Grant Thornton
Frackowiak |
Grant Thornton
Frackowiak |
Grant Thornton
Frackowiak |
Grant Thornton
International |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales-Merchandise&Raw
Materials |
989.8 |
840.8 |
689.1 |
624.7 |
673.5 |
|
Total Revenue |
989.8 |
840.8 |
689.1 |
624.7 |
673.5 |
|
|
|
|
|
|
|
|
Cost-Merchandise&Raw
Materials Sold |
428.8 |
360.5 |
313.5 |
293.4 |
273.0 |
|
Selling Costs |
377.2 |
326.5 |
277.5 |
240.7 |
264.5 |
|
Administrative
Expenses |
40.6 |
34.5 |
30.2 |
28.1 |
38.7 |
|
Gain on Sale of
Fixed Assets |
-3.0 |
-2.3 |
-3.0 |
- |
-0.1 |
|
Other As Reported
Other Operating Income |
-5.5 |
- |
- |
- |
- |
|
Other Operating
Income |
- |
-4.6 |
-4.5 |
-8.8 |
-3.5 |
|
Revaluation of
Non-Financial Assets |
1.6 |
2.3 |
1.0 |
- |
5.8 |
|
Other As Reported
Other Operating Costs |
10.6 |
- |
- |
- |
- |
|
Other Operating
Costs |
- |
8.1 |
8.4 |
12.7 |
5.9 |
|
Total Operating
Expense |
850.3 |
725.1 |
623.1 |
566.1 |
584.3 |
|
|
|
|
|
|
|
|
Interest Income |
0.6 |
0.5 |
1.8 |
- |
0.4 |
|
Other Total
Financial Expense |
0.0 |
- |
- |
- |
- |
|
Dividends |
0.1 |
0.1 |
0.1 |
- |
- |
|
Gain from Sale of
Investments |
0.0 |
0.8 |
0.3 |
- |
- |
|
FX Gains |
0.0 |
3.3 |
1.2 |
- |
- |
|
Other Financial
Income |
0.0 |
0.0 |
0.1 |
0.9 |
7.2 |
|
Interest Expense |
-5.3 |
-7.9 |
-8.9 |
- |
-7.5 |
|
FX Loss |
-3.9 |
- |
- |
- |
- |
|
Other Financial
Expenes |
-0.8 |
-0.7 |
-0.7 |
-14.4 |
-0.8 |
|
Net Income
Before Taxes |
130.2 |
111.7 |
59.9 |
45.1 |
88.5 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
21.5 |
20.9 |
14.4 |
11.2 |
19.0 |
|
Net Income After
Taxes |
108.7 |
90.8 |
45.5 |
34.0 |
69.5 |
|
|
|
|
|
|
|
|
Minortity Interest |
-0.5 |
-0.1 |
0.0 |
- |
- |
|
Net Income
Before Extra. Items |
108.2 |
90.7 |
45.5 |
34.0 |
69.5 |
|
Discontinued
Operations |
- |
- |
- |
-0.4 |
- |
|
Net Income |
108.2 |
90.7 |
45.5 |
33.6 |
69.5 |
|
|
|
|
|
|
|
|
Income Available
to Com Excl ExtraOrd |
108.2 |
90.7 |
45.5 |
34.0 |
69.5 |
|
|
|
|
|
|
|
|
Income Available
to Com Incl ExtraOrd |
108.2 |
90.7 |
45.5 |
33.6 |
69.5 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
1.8 |
1.7 |
1.7 |
1.7 |
1.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
60.76 |
51.90 |
26.34 |
19.68 |
41.08 |
|
Basic EPS Including ExtraOrdinary Items |
60.76 |
51.90 |
26.34 |
19.46 |
41.08 |
|
Dilution Adjustment |
0.0 |
- |
- |
- |
- |
|
Diluted Net Income |
108.2 |
90.7 |
45.5 |
33.6 |
69.5 |
|
Diluted Weighted Average Shares |
1.8 |
1.7 |
1.7 |
1.7 |
1.7 |
|
Diluted EPS Excluding ExtraOrd Items |
60.54 |
51.90 |
26.34 |
19.68 |
41.08 |
|
Diluted EPS Including ExtraOrd Items |
60.54 |
51.90 |
26.34 |
19.46 |
41.08 |
|
DPS-Ordinary Shares |
0.00 |
25.93 |
16.57 |
16.06 |
0.00 |
|
DPS-Preference Shares |
- |
- |
- |
- |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
45.5 |
- |
27.8 |
0.0 |
|
Normalized
Income Before Taxes |
128.8 |
111.7 |
58.0 |
45.1 |
94.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
21.3 |
20.9 |
13.9 |
11.2 |
20.2 |
|
Normalized
Income After Taxes |
107.5 |
90.8 |
44.1 |
34.0 |
74.0 |
|
|
|
|
|
|
|
|
Normalized Inc.
Avail to Com. |
107.0 |
90.7 |
44.1 |
34.0 |
74.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
60.09 |
51.90 |
25.49 |
19.68 |
43.73 |
|
Diluted Normalized EPS |
59.87 |
51.90 |
25.49 |
19.68 |
43.73 |
|
Depreciation |
33.5 |
30.9 |
30.2 |
29.3 |
25.8 |
|
Amortization of Intangibles |
1.1 |
1.3 |
1.7 |
1.6 |
1.7 |
|
Interest Expense |
5.3 |
- |
- |
- |
- |
|
Interest Expense |
- |
7.9 |
8.9 |
- |
7.5 |
|
Current Tax |
22.1 |
21.7 |
13.1 |
15.2 |
17.8 |
|
Current Tax - Total |
22.1 |
21.7 |
13.1 |
15.2 |
17.8 |
|
Deferred Tax |
-0.6 |
-0.9 |
1.3 |
-4.2 |
1.2 |
|
Deferred Tax - Total |
-0.6 |
-0.9 |
1.3 |
-4.2 |
1.2 |
|
Other Tax
(Discountinued) |
- |
- |
- |
0.1 |
- |
|
Income Tax - Total |
21.5 |
20.9 |
14.4 |
11.2 |
19.0 |
Annual Balance Sheet
|
|
|
|
|
Financials
in: USD (mil) |
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Restated Normal |
Reclassified
Normal |
|
Filed Currency |
PLN |
PLN |
PLN |
PLN |
PLN |
|
Exchange Rate |
3.08125 |
3.43395 |
2.95445 |
2.8617 |
2.963 |
|
Auditor |
Grant Thornton
Frackowiak |
Grant Thornton
Frackowiak |
Grant Thornton
Frackowiak |
Grant Thornton
Frackowiak |
Grant Thornton
International |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Inventory |
- |
- |
- |
112.8 |
- |
|
Materials |
2.8 |
1.6 |
1.0 |
- |
2.3 |
|
Finished Goods |
210.1 |
171.6 |
142.6 |
- |
153.9 |
|
Trade Receivables,
Gross |
44.2 |
35.1 |
34.6 |
- |
- |
|
Provisions for
Doubtful Accounts |
-1.9 |
-1.9 |
-2.2 |
- |
- |
|
ST
Receivables-Other |
- |
- |
- |
27.4 |
34.1 |
|
Tax Receivables |
1.7 |
0.6 |
0.2 |
- |
- |
|
Other Receivables |
19.5 |
9.1 |
7.8 |
5.3 |
- |
|
Accruals/Deferrals |
3.6 |
2.8 |
2.2 |
2.6 |
1.9 |
|
Other ST Financial
Assets |
0.0 |
0.0 |
18.0 |
- |
- |
|
Other Securities |
0.0 |
0.0 |
5.6 |
- |
- |
|
ST Loans |
0.0 |
0.0 |
0.1 |
0.2 |
0.2 |
|
Cash in Bank &
Cash in Hand |
33.3 |
25.6 |
22.4 |
- |
25.7 |
|
Other Equivalents |
18.4 |
8.5 |
10.2 |
- |
4.6 |
|
Cash&Equivalents |
- |
- |
- |
69.0 |
- |
|
Total Current
Assets |
331.8 |
253.0 |
242.5 |
217.2 |
222.6 |
|
|
|
|
|
|
|
|
Goodwill, Gross |
59.6 |
- |
- |
- |
- |
|
Other Intangibles,
Gross |
0.9 |
- |
- |
- |
- |
|
Research &
Development Costs, Gross |
1.7 |
- |
- |
- |
- |
|
Brand/Patent/Market/ |
1.0 |
- |
- |
- |
- |
|
Brand/Patent/Market/ArtisticIntangible,G |
13.3 |
- |
- |
- |
- |
|
Intangibles, Gross |
- |
12.4 |
12.9 |
12.3 |
10.7 |
|
Acc Amort Other
Intangibles |
0.0 |
- |
- |
- |
- |
|
Acc Amort Research
& Development Costs |
-0.1 |
- |
- |
- |
- |
|
AccAmort Brand/Pa |
-0.9 |
- |
- |
- |
- |
|
AccAmort
Brand/Patent/Market/Art Intang. |
-10.2 |
- |
- |
- |
- |
|
Accumulated
Amortization |
- |
-9.0 |
-9.2 |
-7.8 |
-6.0 |
|
Company
Goodwill |
- |
53.5 |
62.1 |
64.2 |
62.0 |
|
Trademark |
25.2 |
22.6 |
26.2 |
27.1 |
26.2 |
|
Land |
6.2 |
5.6 |
6.5 |
6.7 |
6.5 |
|
Buildings |
230.7 |
169.0 |
178.0 |
168.1 |
148.7 |
|
Equipment &
Machinery |
52.2 |
39.1 |
40.8 |
41.4 |
34.8 |
|
Vehicles |
4.1 |
3.7 |
3.8 |
4.2 |
3.8 |
|
Other Fixed Assets |
65.6 |
39.4 |
36.9 |
31.8 |
25.2 |
|
Fixed Assets
u/Construction |
6.4 |
5.9 |
1.5 |
8.4 |
5.5 |
|
Acc Depr Buildings |
-104.4 |
- |
- |
- |
- |
|
Acc Depr Plant
& Machinery |
-32.6 |
- |
- |
- |
- |
|
Acc Depr
Transportation Equipment |
-2.1 |
- |
- |
- |
- |
|
Acc Depr Other
Tangible Fixed Assets |
-31.9 |
- |
- |
- |
- |
|
Accumulated
Depreciation |
- |
-132.3 |
-125.5 |
-106.3 |
-66.2 |
|
LT Investment-Affiliated
Companies |
0.1 |
0.1 |
0.1 |
0.3 |
0.2 |
|
Investments in
Real Estate |
0.2 |
0.2 |
- |
- |
- |
|
LT
Investment/Affiliates |
0.0 |
0.0 |
0.0 |
- |
- |
|
LT Receivables |
2.8 |
1.3 |
0.4 |
0.4 |
0.6 |
|
Deferred Tax |
7.4 |
5.4 |
5.6 |
7.7 |
6.7 |
|
Other LT Deferred
Assets |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Acc Amort Goodwill |
0.0 |
- |
- |
- |
- |
|
Total Assets |
627.1 |
470.0 |
482.8 |
475.5 |
481.3 |
|
|
|
|
|
|
|
|
Trade Liabilities |
155.1 |
109.9 |
105.8 |
78.7 |
83.8 |
|
Income Tax |
6.2 |
3.5 |
0.3 |
5.0 |
10.4 |
|
Credits and Loans |
19.8 |
34.3 |
29.3 |
26.7 |
83.3 |
|
Issuance of Debt
Instruments |
0.0 |
25.1 |
1.3 |
1.9 |
0.0 |
|
Other ST Financial
Liabilities |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
ST
Liabilities-Reserves |
6.4 |
4.3 |
1.1 |
1.0 |
2.8 |
|
ST
Liabilities-Special Funds |
0.1 |
0.1 |
0.1 |
0.2 |
0.0 |
|
Accruals/Deferrals |
3.9 |
1.9 |
1.2 |
1.1 |
1.3 |
|
Total Current
Liabilities |
191.5 |
179.2 |
139.2 |
114.7 |
181.8 |
|
|
|
|
|
|
|
|
LT Debt |
40.6 |
25.2 |
52.8 |
79.4 |
103.3 |
|
Bonds |
0.0 |
0.0 |
41.1 |
40.4 |
- |
|
Total Long Term
Debt |
40.6 |
25.2 |
94.0 |
119.8 |
103.3 |
|
|
|
|
|
|
|
|
Other LT Financial
Liabilities |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Other Reserves |
- |
- |
- |
- |
0.3 |
|
Deferred
Tax-Reserves |
1.4 |
0.5 |
0.8 |
1.3 |
5.0 |
|
Pension
Liabilities-Reserves |
0.4 |
0.3 |
0.3 |
0.4 |
- |
|
LT
Liabilities-Other Companies |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Minority Interest |
0.8 |
0.8 |
0.0 |
0.0 |
0.1 |
|
Total
Liabilities |
234.9 |
206.0 |
234.4 |
236.2 |
290.7 |
|
|
|
|
|
|
|
|
Share Capital |
1.2 |
1.0 |
1.2 |
1.2 |
1.2 |
|
Treasury Shares |
-15.8 |
-14.2 |
-16.5 |
-17.0 |
-16.5 |
|
Reserve Capital |
76.3 |
43.6 |
36.6 |
37.8 |
36.5 |
|
Other Reserves |
213.2 |
163.8 |
185.3 |
179.0 |
110.8 |
|
Currency
Translation |
-1.1 |
-1.3 |
-0.2 |
0.2 |
-1.0 |
|
Profit/Loss from
Previous Years |
4.1 |
-7.2 |
-4.5 |
1.9 |
3.2 |
|
Net Profit |
114.4 |
78.3 |
46.5 |
36.2 |
56.5 |
|
Total Equity |
392.2 |
264.0 |
248.4 |
239.2 |
190.7 |
|
|
|
|
|
|
|
|
Total
Liabilities & Shareholders' Equity |
627.1 |
470.0 |
482.8 |
475.5 |
481.3 |
|
|
|
|
|
|
|
|
S/O-Ordinary
Shares |
1.8 |
1.4 |
1.4 |
1.4 |
1.4 |
|
S/O-Preference
Shares |
- |
0.4 |
0.4 |
0.4 |
0.4 |
|
Total Common
Shares Outstanding |
1.8 |
1.8 |
1.8 |
1.8 |
1.7 |
|
T/S-Ordinary Shares |
0.0 |
0.0 |
- |
- |
- |
|
Acc Amort Goodwill |
0.0 |
- |
- |
- |
- |
|
Acc Amort Other Intangibles |
0.0 |
- |
- |
- |
- |
|
Acc Amort Research & Development Costs |
0.1 |
- |
- |
- |
- |
|
AccAmort Brand/Pa |
0.9 |
- |
- |
- |
- |
|
AccAmort Brand/Patent/Market/Art Intang. |
10.2 |
- |
- |
- |
- |
|
Accumulated Intangible Amortization |
- |
9.0 |
9.2 |
7.8 |
6.0 |
|
Long Term Debt - Remaining Maturities |
0.0 |
- |
- |
- |
- |
|
Current maturities |
11.8 |
- |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
11.8 |
- |
- |
- |
- |
|
Capital Lease Payments Due within 1 Year |
0.3 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 5 |
0.5 |
- |
- |
- |
- |
|
Total Capital Leases, Supplemental |
0.8 |
- |
- |
- |
- |
|
Operating Leases Due in 1 Year |
125.8 |
- |
- |
- |
- |
|
Operating Leases Due From 1 to 5 Years |
371.4 |
- |
- |
- |
- |
|
Operating Leases Due After 5 Years |
154.0 |
- |
- |
- |
- |
|
Total Operating Leases, Supplemental |
651.2 |
- |
- |
- |
- |
Annual Cash Flows
|
|
|
Financials
in: USD (mil) |
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
PLN |
PLN |
PLN |
PLN |
PLN |
|
Exchange Rate
(Period Average) |
3.256984 |
2.964349 |
3.017571 |
3.113934 |
2.409971 |
|
Auditor |
Grant Thornton
Frackowiak |
Grant Thornton
Frackowiak |
Grant Thornton
Frackowiak |
Grant Thornton
Frackowiak |
Grant Thornton
International |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
130.2 |
111.7 |
59.9 |
44.7 |
88.5 |
|
Depreciation |
33.5 |
32.2 |
31.8 |
30.9 |
27.5 |
|
Gain/Loss-FX |
1.3 |
-0.5 |
-0.3 |
-0.6 |
0.2 |
|
Interest and
Dividends |
4.9 |
7.9 |
8.0 |
7.7 |
4.9 |
|
Gain/Loss on
Investments |
-0.7 |
-1.7 |
-2.8 |
0.6 |
3.5 |
|
Income Tax Paid |
-17.3 |
-17.8 |
-17.4 |
-20.9 |
-16.2 |
|
Change in Reserves |
1.5 |
4.3 |
0.1 |
-0.9 |
0.9 |
|
Change in
Inventories |
-22.0 |
-53.7 |
-34.1 |
40.8 |
-50.6 |
|
Change in
Receivables |
-31.6 |
-5.8 |
-9.3 |
5.8 |
-6.2 |
|
Change in ST
Liabilities |
46.9 |
10.6 |
29.3 |
-5.4 |
28.8 |
|
Change in
Deferrals & Accruals |
1.2 |
-0.5 |
0.7 |
-0.7 |
0.1 |
|
Other Adjustments |
-0.1 |
-1.0 |
-0.6 |
0.2 |
-0.4 |
|
Cash from
Operating Activities |
147.8 |
85.7 |
65.4 |
102.2 |
81.1 |
|
|
|
|
|
|
|
|
Disposal of
Intangible & Tangible Assets |
8.2 |
7.0 |
11.4 |
7.6 |
1.6 |
|
Sale of Financial
Assets/Other |
0.9 |
5.8 |
- |
- |
- |
|
Dividends |
0.1 |
0.1 |
0.2 |
0.3 |
0.5 |
|
Sale of Shares |
0.0 |
0.2 |
0.2 |
- |
- |
|
Loans- Interest
Received-Other |
0.1 |
0.2 |
0.3 |
0.0 |
0.1 |
|
Loan Repaymets
Received-Other |
0.2 |
0.1 |
0.2 |
0.2 |
0.8 |
|
Other Investing
Income |
0.0 |
18.6 |
8.3 |
- |
- |
|
Acquisition of
Tangible Assets |
-88.5 |
-43.6 |
-33.4 |
-30.4 |
-104.9 |
|
Investment-Financial
Assets-Affiliated |
- |
- |
- |
0.0 |
0.0 |
|
Investment-Financial
Assets-Others |
-0.9 |
-0.4 |
- |
- |
- |
|
Purchase of Shares |
- |
- |
-0.2 |
- |
- |
|
ST Loans Granted |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
LT Loans
Issued-Other Companies |
0.0 |
-1.1 |
0.0 |
0.0 |
-0.3 |
|
Other Investment
Expenses |
0.0 |
-0.1 |
-30.2 |
-0.5 |
-137.3 |
|
Cash from
Investing Activities |
-80.1 |
-13.4 |
-43.3 |
-22.9 |
-239.5 |
|
|
|
|
|
|
|
|
Shares
Issued/Additional Paid-In Capital |
0.0 |
1.0 |
- |
0.0 |
15.4 |
|
Loans &
Credits Issued |
1.3 |
0.9 |
5.0 |
11.8 |
247.9 |
|
Other Financial
Income |
- |
- |
- |
41.0 |
- |
|
Dividends Paid |
-43.5 |
-45.6 |
-28.6 |
- |
- |
|
Shares Repurchase |
0.0 |
0.0 |
0.0 |
0.0 |
-20.2 |
|
Credit & Loan
Repayments |
-7.0 |
-15.4 |
-24.8 |
-89.9 |
-61.8 |
|
Finance Lease
Commitments Paid |
0.0 |
0.0 |
-0.1 |
-0.2 |
-0.2 |
|
Interest Expense |
-5.5 |
-6.3 |
-7.1 |
-7.5 |
-7.5 |
|
Cash from
Financing Activities |
-54.7 |
-65.4 |
-55.6 |
-44.7 |
173.5 |
|
|
|
|
|
|
|
|
Net Change in
Cash |
13.0 |
6.9 |
-33.5 |
34.6 |
15.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
35.9 |
32.5 |
65.4 |
28.8 |
22.2 |
|
Net Cash - Ending Balance |
48.9 |
39.5 |
32.0 |
63.4 |
37.3 |
|
Cash Interest Paid |
5.5 |
6.3 |
7.1 |
7.5 |
7.5 |
|
Cash Taxes Paid |
17.3 |
17.8 |
17.4 |
20.9 |
16.2 |
Financial Health
|
Financials
in: USD (mil) |
|
|
Except
for share items (millions) and per share items (actual units) |
|
|
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Annual Ratios
|
Financials
in: USD (mil) |
|
|
Except
for share items (millions) and per share items (actual units) |
|
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.24 |
|
|
1 |
Rs.99.90 |
|
Euro |
1 |
Rs.84.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.