Cooper Univel Sa 2009-2007 (Rpt)

Imentor - Financial Intelligence «COOPER UNIVEL SA»

© 2004-2010 Hellastat S.A. - All rights reserved. 1 / 8 Last Modified: 07/13/2010 11:08

COOPER UNIVEL SAManufacture of other electrical equipment n.e.c.Kombos Korinou, P.O. Box 48, Katerini 60100, Pieriatel. 2351041200, fax. 2351042057web. www.univel.gr, email. [email protected]

TAX ID: 095480848ISSUE NUMBER: 66119/058/Β/08/0006YEAR FORMED: 1991NO OF EMPLOYEES: 80

INDUSTRY INFORMATION

NACE INDUSTRY

31.62 Manufacture of other electrical equipment n.e.c.B16 Electrical equipment & lighting

MEMBERS / CONTACT PERSONS

NAME POSITION / TITLE EMAIL

Manolopoulos Odiseas AccountantKavounidis Panagiotis Accounting SupervisorEvagelakis Konstantinos Board Chairman, Chief Executive Officer [email protected]

Marmagkelos Charalampos Sales DirectorGrigoriou Iosif Chief Financial Officer, HR Manager [email protected]

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http://www.univel.gr



FINANCIAL STATEMENTS

12/31/2009 12/31/2008 12/31/2007

ASSETS

B. FORMATION EXPENSES

4. Other formation expenses 211,311.88 199,702.50 130,708.19Depreciation 211,310.70 199,700.29 130,706.12Net Value 1.18 2.21 2.07

TOTAL FORMATION EXPENSES 211,311.88 199,702.50 130,708.19

DEPRECIATION 211,310.70 199,700.29 130,706.12

NET VALUE 1.18 2.21 2.07

C. FIXED ASSETS

I. INTANGIBLE ASSETS

3. Goodwill 0.00 0.00 0.00Depreciation 0.00 0.00 0.00Net Value 0.00 0.00 0.00

TOTAL INTANGIBLE ASSETS 0.00 0.00 0.00

DEPRECIATION 0.00 0.00 0.00

NET VALUE 0.00 0.00 0.00

II. TANGIBLE ASSETS

3. Buildings and constructions 92,522.84 92,522.84 71,308.73Depreciation 53,987.74 50,117.48 43,141.29Net Value 38,535.10 42,405.36 28,167.44

4. Machinery, technical instalation and other mechanicalequipment

1,098,844.54 929,702.61 801,609.16

Depreciation 793,004.20 639,187.14 503,620.33Net Value 305,840.34 290,515.47 297,988.83

5. Transportation means 17,818.03 17,818.03 17,818.03Depreciation 17,818.02 17,818.02 17,599.14Net Value 0.01 0.01 218.89

6. Furniture and fittings 513,550.08 494,867.72 436,504.93Depreciation 478,227.98 459,942.74 404,274.46Net Value 35,322.10 34,924.98 32,230.47

7. Fixed assets under construction and advances 29,048.95 0.00 0.00Net Value 29,048.95 0.00 0.00

TOTAL TANGIBLE ASSETS 1,751,784.44 1,534,911.20 1,327,240.85

DEPRECIATION 1,343,037.94 1,167,065.38 968,635.22

NET VALUE 408,746.50 367,845.82 358,605.63

TOTAL TANGIBLE AND INTANGIBLE ASSETS 1,751,784.44 1,534,911.20 1,327,240.85

III. PARTICIPATIONS AND OTHER LONG TERMRECEIVABLES

7. Other financial assets 9,695.73 9,695.73 9,670.73TOTAL PARTIC. AND OTHER LONG TERM REC. 9,695.73 9,695.73 9,670.73

TOTAL FIXED ASSETS 1,761,480.17 1,544,606.93 1,336,911.58

DEPRECIATION 1,343,037.94 1,167,065.38 968,635.22

NET VALUE 418,442.23 377,541.55 368,276.36

D. CURRENT ASSETS

I. INVENTORIES

1. Merchandise 214,127.90 240,673.27 235,169.942. Finished and semifinished products byproducts and scrap 35,851.67 85,682.63 114,292.163. Production in progress 29,029.60 25,180.01 46,972.074. Raw materials and supplies consumables 638,160.56 704,788.55 633,309.525. Advances for inventory acquisition 32,027.24 66,580.86 0.00

TOTAL INVENTORIES 949,196.97 1,122,905.32 1,029,743.69

II. RECEIVABLES

1. Trade debtors 2,134,797.16 2,308,067.43 2,044,598.52Minus: Provisions 0.00 215,774.67 145,073.52

3. Postdated notes receivable 0.00 0.00 1,408.663. Checks receivable (postdated) 775,067.53 383,240.33 852,544.463. Checks receivable overdue 11,851.80 139,180.99 28,059.795. Short term receivables from affiliated companies 0.00 0.00 0.00

11. Other debtors 586,281.73 568,979.26 396,022.7012. Prepayment accounts 2,435.80 3,035.80 2,734.93

TOTAL RECEIVABLES 3,510,434.02 3,186,729.14 3,180,295.54

IV. CASH

1. Cash in hand 430.30 1,324.60 1,292.533. Current bank account 1,389,941.16 5,831,510.27 4,471,531.64

TOTAL CASH 1,390,371.46 5,832,834.87 4,472,824.17TOTAL CASH AND CASH EQUIVALENT 1,390,371.46 5,832,834.87 4,472,824.17

CURRENT ASSETS TOTAL 5,850,002.45 10,142,469.33 8,682,863.40

E. ASSETS TRANSITORY ACCOUNTS




12/31/2009 12/31/2008 12/31/2007

1. Deferred charges 0.00 9,213.76 6,088.183. Other prepayment and accrued income 0.00 0.00 0.00

TOTAL ASSETS TRANSITORY ACCOUNTS 0.00 9,213.76 6,088.18

TOTAL ASSETS 6,268,445.86 10,529,226.85 9,057,230.01

DEBIT CONTINGENT ACCOUNTS

1. Non-owned assets 0.00 0.00 0.014. Other debit contingent accounts 0.00 0.00 0.00

TOTAL CONTINGENT DEBIT ACCOUNTS 0.00 0.00 0.01

LIABILITIES AND EQUITY

A. EQUITY

I. SHARE CAPITAL

1. Paid 358,400.00 358,400.00 165,600.00SHARE CAPITAL TOTAL 358,400.00 358,400.00 165,600.00

IV. RESERVES

1. Legal reserve 119,466.67 115,369.85 60,497.133. Special reserves 0.00 30.80 0.005. Tax free reserves under special laws 420,391.87 237,338.00 192,830.80 Reserve taxed under L. 2579/98 - L. 2954/01 Art. 8 0.00 0.00 11,314.63 Reserves under other laws 30.80 11,314.63 0.00 Special reserves for participations in investments L. 1892/90

Art. 13b0.00 0.00 0.00

Reserve from income taxed separately 91,043.05 79,728.42 79,728.42 Tax-Free reserve L. 1892/90 66,787.68 66,787.68 66,787.68 Tax-Free reserve L. 2601/98 86,144.26 86,144.28 86,144.26

TOTAL RESERVES 783,864.33 596,713.66 497,302.92

V. RESULTS CARRIED FORWARD

Profit carried forward 3,425,013.07 3,279,770.91 3,266,703.62TOTAL RESULTS CARRIED FORWARD 3,425,013.07 3,279,770.91 3,266,703.62

TOTAL EQUITY 4,567,277.40 4,234,884.57 3,929,606.54

B. PROVISIONS AGAINST RISKS AND EXPENSES

2. Other provisions against riks and expenses 0.00 10,218.71 3,401.80TOTAL PROVISIONS AGAINST RISKS AND EXPENSES 0.00 10,218.71 3,401.80

C. LIABILITIES

I. LONG TERM LIABILITIES

4. Long term liabilities towards affiliated companies 0.00 0.00 0.00TOTAL LONG TERM LIABILITIES 0.00 0.00 0.00

II. CURRENT LIABILITIES

1. Suppliers 1,023,799.33 1,338,012.54 2,055,205.242. Post-dated checks payable 292,818.20 640,733.84 303,639.414. Customer advances 17,630.85 9,892.02 10,904.585. Taxes and duties 32,891.66 300,142.10 401,637.516. Social insurancies 116,459.17 118,223.93 90,655.037. Current portion of long term debt 0.00 0.00 0.008. Amounts owned to affiliated undertakings 0.00 0.00 0.00

10. Dividends payable 154,800.00 0.00 0.0011. Liabilities sundry creditors 40,769.25 3,869,873.08 2,241,815.24

CURRENT LIABILITIES TOTAL 1,679,168.46 6,276,877.51 5,103,857.01TOTAL LIABILITIES 1,679,168.46 6,276,877.51 5,103,857.01

D. LIABILITIES TRANSITORY ACCOUNTS

2. Accrued expenses 22,000.00 7,246.06 20,364.663. Other (accruals and deferred income) 0.00 0.00 0.00

TOTAL LIABILITIES TRANSITORY ACCOUNTS 22,000.00 7,246.06 20,364.66

TOTAL LIABILITIES AND EQUITY 6,268,445.86 10,529,226.85 9,057,230.01

CONTINGENT CREDIT ACCOUNTS

1. Owners of non-owned assets 0.00 0.00 0.014. Other contingent credit accounts 0.00 0.00 0.00

TOTAL CONTINGENT CREDIT ACCOUNTS 0.00 0.00 0.01

PROFIT AND LOSS STATEMENT

I. OPERATING RESULTS

Sales 11,938,316.99 14,455,181.56 13,486,872.70Minus: Cost of goods sold 9,001,675.78 10,495,880.08 9,524,347.07GROSS OPERATING RESULTS 2,936,641.21 3,959,301.48 3,962,525.63Plus: Other operating income 150,088.71 145,729.12 93,294.13GROSS PROFIT TOTAL 3,086,729.92 4,105,030.60 4,055,819.76

LESS




12/31/2009 12/31/2008 12/31/2007

1. Administrative expenses 1,171,641.19 1,152,828.06 956,754.702. Research and development costs 122,970.31 142,501.91 114,301.913. Sales and distribution costs 1,209,763.74 1,393,997.10 1,262,809.12

TOTAL OF ADMINISTRATIVE AND OTHER DISTRIBUTIONEXPENSES (SG&A)

2,504,375.24 2,689,327.07 2,333,865.73

PARTIAL OPERATING RESULTS 582,354.68 1,415,703.53 1,721,954.03

PLUS 58,694.38 136,331.98 79,821.74

LESS 17,151.89 13,387.74 10,527.54

TOTAL OPERATING RESULTS 623,897.17 1,538,647.77 1,791,248.23

II. EXTRAORDINARY RESULTS

PLUS 1. Extraordinary and non operating income 33,707.49 34,878.95 23,344.372. Extraodinary profits 0.00 999.99 0.823. Prior years income 0.00 0.00 0.004. Income from prior years provision 0.00 0.00 0.00

TOTAL EXTRAORDINARY AND NON OPERATING INCOME 33,707.49 35,878.94 23,345.19

LESS 1. Extraordinary and non operarating expenses 5,950.15 68,043.88 1,029.492. Extraordinary losses 56,513.85 27,989.77 59,898.803. Prior years expenses 0.00 0.00 0.00

TOTAL EXTRAORDINARY AND NON OPERATING EXPENSES 62,464.00 96,033.65 60,928.29TOTAL EXTRAORDINARY RESULTS -28,756.51 -60,154.71 -37,583.10OPERATING AND EXTRAORDINARY RESULTS 595,140.66 1,478,493.06 1,753,665.13

LESS Total fixed depreciation 187,582.97 277,055.82 137,718.08Minus: Depreciation included in operating results 187,582.97 277,055.82 137,718.08

DEDUCTABLE DEPRECIATION 0.00 0.00 0.00NET RESULTS (PROFIT OR LOSS) BEFORE TAX 595,140.66 1,478,493.06 1,753,665.13

PROFIT APPROPRIATION

Net profit (before tax) 595,140.66 1,478,493.06 1,753,665.13Profit or loss brought forward 3,279,770.91 3,266,703.62 2,955,906.01Minus: Prior years taxes 0.00 15,220.41 0.00

LESS Income taxes 107,947.83 315,376.84 442,867.52

TOTAL APPROPRIATION TAXES 107,947.83 315,376.84 442,867.52PROFIT APPROPRIATION 3,766,963.74 4,414,599.43 4,266,703.62

PROFITS FOR DISTRIBUTION 1. Legal reserve 4,096.82 54,872.72 0.002. First dividends 154,790.54 0.00 0.00 Dividends from current year profits 0.00 384,109.07 0.00 Dividends from profits brought forward 9.46 458,508.71 0.005. Special and extraordinary reserves 0.00 0.00 0.00 Tax-free reserve of various laws 183,053.85 237,338.02 0.006. Tax free reserves 0.00 0.00 0.006. Reserve from tax free income 0.00 0.00 0.006. Reserve from income taxed separately 0.00 0.00 0.00 Profits distributed to partners 0.00 0.00 1,000,000.008. Profit brought forward 3,425,013.07 3,279,770.91 3,266,703.62

TOTAL PROFITS FOR DISTRIBUTION 3,766,963.74 4,414,599.43 4,266,703.62

KEY FINANCIAL FIGURES

Trade creditors 1,524,368.46 6,276,877.51 5,103,857.01Operating assets 1,761,480.17 1,534,388.22 1,333,509.78Invested capital 4,567,277.40 4,234,884.57 3,929,606.54Net working capital 4,170,833.99 3,865,591.82 3,579,006.39Trading working capital 2,780,462.53 -1,967,243.05 -893,817.78Earnings before interest, taxes and depreciation - ebitda 769,937.65 1,692,759.35 1,859,672.11After tax earnings 487,192.83 1,163,116.22 1,310,797.61Bank debt

Short-term bank debt 0.00 0.00 0.00Total bank debt 0.00 0.00 0.00

The Members

06/01/2010Evagelakis Konstantinos

Board Chairman

Grigoriou IosifChief Financial Officer

Kavounidis PanagiotisAccounting Supervisor

Manolopoulos OdiseasAccountant

The Members06/01/2009

Evagelakis KonstantinosBoard Chairman

Kavounidis PanagiotisChief Financial Officer


The Auditors06/01/2009

The Members01/09/2008

Evagelakis KonstantinosBoard Chairman

Kavounidis PanagiotisChief Financial Officer






Ernst & Young AuditorsAccountants SAArgyrou Nikolaos

Ernst & Young AuditorsAccountants SA

Alifantis Georgios S.

Ernst & Young AuditorsAccountants SA

Alifantis Georgios S.



CASH FLOWS

12/31/2009 12/31/2008 12/31/2007

CASH FLOW

A. OPERATIONS CASH FLOW

Sales (net of discounts) 11,938,316.99 14,455,181.56 13,486,872.70Change in receivables 323,704.88 6,433.60 -275,461.73Collections from sales 11,614,612.11 14,448,747.96 13,762,334.43Other operating income 150,088.71 145,729.12 93,294.13Interest income 58,694.38 136,331.98 79,821.74Extraordinary and non operating income 33,707.49 35,878.94 23,345.19Total collection from sales 11,857,102.69 14,766,688.00 13,958,795.49Cost of goods sold 8,814,092.81 10,218,824.26 9,386,628.99Administrative and other distribution expenses (SG&A) 2,504,375.24 2,689,327.07 2,333,865.73Change in inventory -173,708.35 93,161.63 35,504.21Extraordinary and non operating expenses 62,464.00 96,033.65 60,928.29Minus: Change in creditors and other current liabilities -4,485,258.61 1,274,515.91 1,636,751.19Change in transitory accounts 23,967.70 -16,244.18 2,536.77Change in provision -10,218.71 6,816.91 2,863.19Income tax 375,198.27 401,651.84 626,561.69Total disburshments for operations 16,053,931.59 12,233,909.81 10,801,337.76

NET CASH FLOW FROM OPERATIONS -4,196,828.90 2,532,778.19 3,157,457.73

B. CASH FLOW FROM INVESTMENTS

Net cash outflow from aquisition and sale of fixed assets 228,482.62 509,536.97 371,475.34Change in participations and long-term investments 0.00 25.00 6,480.84

NET CASH FLOW FROM INVESTMENTS -228,482.62 -509,561.97 -377,956.18

C. CASH FLOW FROM FINANCING

Change in share capital 0.00 192,800.00 0.00Payment of board directors fees 0.00 0.00 -1,000,000.00Change in long-term liabilities 0.00 0.00 0.00Change in dividends payable 0.00 842,617.78 0.00Interest expense 17,151.89 13,387.74 10,527.54

NET CASH FLOW FROM FINANCING -17,151.89 -663,205.52 -1,010,527.54

Net Cash Flow -4,442,463.41 1,360,010.70 1,768,974.01

OPENING CASH BALANCE 5,832,834.87 4,472,824.17 2,703,850.16CLOSING CASH BALANCE 1,390,371.46 5,832,834.87 4,472,824.17

The Cash Flow Statement has been derived by Hellastat S.A. software directly from the published financial stetements, without considering any additional data or informationwhich are not publicly available, using a specific set of assumptions and calculations. Therefore, material differences may be observed when comparing the derived

figures presented in this report when to the respective statements produced by the company and which are being prepared for either internal use or public distribution.



FINANCIAL ANALYSIS

12/31/2009 12/31/2008 12/31/2007

LIQUIDITY RATIOS

I. LIQUIDITY

Current ratio 3.48 1.62 1.70Acid-test ratio 2.92 1.44 1.50Cash ratio 82.80% 92.93% 87.64%Cash to current assets 23.77% 57.51% 51.51%Cash provided by operations to average current liabilities -105.50% 44.51% 72.13%Cash provided by operations to current liabilities -249.93% 40.35% 61.86%Liquidity index 70 29 36Cash and cash equivalents to working capital 33.34% 150.89% 124.97%

II. RECEIVABLES

Accounts receivable turnover 3.40 4.54 4.24Accounts receivable turnover (AVG) 3.57 4.54 4.06Days sales in receivables 106 79 85Days sales in receivables (AVG) 101 79 89Receivables to working capital 0.84 0.82 0.89

III. INVENTORIES

Inventory turnover 9.48 9.35 9.25Inventory turnover (AVG) 8.69 9.75 9.41Days sales in inventory 38 39 39Days sales in inventory (AVG) 41 37 38Inventory to working capital 22.76% 29.05% 28.77%

IV. PAYABLES

Accounts payable turnover 5.67 1.64 1.85Accounts payable turnover (AVG) 2.22 1.81 2.15Days purchases in accounts payable 64 219 195Days purchases in accounts payable (AVG) 163 199 167Payables to working capital 0.37 1.62 1.43

V. WORKING CAPITAL

Operating cycle 144 118 124Νet trade cycle 80 -101 -71

CAPITAL STRUCTURE AND SOLVENCY

Total debt to equity 0.37 1.48 1.30Total debt ratio 26.79% 59.61% 56.35%Long-term debt to equity 0.00% 0.00% 0.00%Equity to total debt 272.00% 67.47% 76.99%Fixed assets to equity 9.16% 8.92% 9.37%Current liabilities to total liabilities 100.00% 100.00% 100.00%Current liabilities to current assets 28.70% 61.89% 58.78%Times interest earned (earnings based) 44.89 126.44 176.65Times interest earned (cash flow based) -244.69 189.19 299.92Operating cash flow to total debt -249.93% 40.35% 61.86%Working capital gearing 0.00% 0.00% 0.00%Effective borrowing cost 0.00% 0.00% 0.00%Reinvestment ratio 95.89% 100.00% 100.00%Total assets to contigent accounts 0.00 0.00 905,723,001.00Cash and cash equivalents to contigent accounts 0.00 0.00 447,282,417.00Equity to contigent accounts 0.00 0.00 392,960,654.00Sales to contigent accounts 0.00 0.00 1,348,687,270.00Sales to total debt 7.11 2.30 2.64Sales to current liabilities 7.11 2.30 2.64Sales to short-term bank debt 0.00 0.00 0.00

RETURN ON INVESTED CAPITAL

Return on assets (ROA) before tax 9.49% 14.04% 19.36%Return on equity (ROE) before tax 13.03% 34.91% 44.63%Return on assets (ROA AVG) before tax 7.09% 15.10% 21.46%Return on equity (ROE AVG) before tax 13.52% 36.22% 46.46%Return on assets (ROA) after tax 7.77% 11.05% 14.47%Return on equity (ROE) after tax 10.67% 27.47% 33.36%Return on assets (ROA AVG) after tax 5.80% 11.88% 16.04%Return on equity (ROE AVG) after tax 11.07% 28.49% 34.73%Return on long-term debt and equity 13.03% 34.91% 44.63%Financial leverage index 100.00% 100.00% 100.00%Return on operating assets 33.79% 96.36% 131.51%Return on invested capital (ROIC) 13.03% 34.91% 44.63%Sustainable growth rate 12.50% 34.91% 44.63%

DISSAGGREGATION OF RETURN ON COMMON EQUITY (αFTERTAX)

10.67% 27.47% 33.36%

Tax burden ratio 81.86% 78.67% 74.75%Interest burden ratio 97.20% 99.10% 99.40%Operating margin 5.13% 10.32% 13.08%Asset efficiency 1.90 1.37 1.49Capital structure 1.37 2.49 2.30



FINANCIAL ANALYSIS

12/31/2009 12/31/2008 12/31/2007

Interest income to earnings before taxes 9.86% 9.22% 4.55%Extraordinary income to earnings before taxes 5.66% 2.43% 1.33%

ASSET UTILISATION

Cash and equivalents turnover 8.59 2.48 3.02Receivables turnover 3.40 4.54 4.24Inventories turnover 12.58 12.87 13.10Working capital turnover 2.86 3.74 3.77Fixed assets turnover 28.53 38.29 36.62Invested capital turnover 2.61 3.41 3.43Total assets turnover 1.90 1.37 1.49Short-term liabilities turnover 7.11 2.30 2.64

PROFIT MARGINS

Gross profit margin 24.60% 27.39% 29.38%EBIT margin 5.37% 10.74% 13.36%EBITDA margin 6.45% 11.71% 13.79%Operating profit margin 5.23% 10.64% 13.28%Net profit margin (before tax) 4.99% 10.23% 13.00%Net profit margin (after tax) 4.08% 8.05% 9.72%Operating cash flow margin -35.15% 17.52% 23.41%

EFFICIENCY AND MANAGEMENT

I. SALES

Administrative expenses to sales 9.81% 7.98% 7.09%Sales and distribution costs to sales 10.13% 9.64% 9.36%Total administrative and distribution expenses (sga) to sales 20.98% 18.60% 17.30%Interest expense to sales 0.14% 0.09% 0.08%Extraordinary and νon operating εxpenses to sales 0.52% 0.66% 0.45%

II. GROSS PROFIT

Administrative expenses to gross profit 39.90% 29.12% 24.15%Sales and distribution costs to gross profit 41.20% 35.21% 31.87%Total administrative and distribution expenses (sga) to gross profit 85.28% 67.92% 58.90%Interest expense to gross profit 0.58% 0.34% 0.27%Extraordinary and νon operating εxpenses to gross profit 2.13% 2.43% 1.54%

BANKRUPTCY PREDICTION

ALTMAN'S Z''-SCORE 10.10 5.31 6.09Working capital to total assets (6,56) 4.36 2.41 2.59Retained earnings to total assets (3,26) 2.19 1.20 1.35Earnings before interest and taxes to total assets (6,72) 0.69 0.99 1.34Equity to total debt (1,05) 2.86 0.71 0.81

Z'' score is a relatively recent (1995) revision of the original Z-score (1968). The model's objective is to estimate the likelihood that a company will go bankruptin the –near- future utilising certain financial ratios which are evaluated through a multivariate linear regression. According to Professor E. Altman, founderof the Z score, this revised model (Z'') can be used for private firms in various fields of activity, basically manufacturers and non-manufacturers, howeverit is deemed to be unsuitable for certain industries, as for example the financial sector. The critical values for the score's interpretation are the following:

the safe zone is 2.6, the grey area (or ignorance zone) is between 1.1 and 2.6 and the distress zone is below 1.1 (about 90% of the cases will go bankruptin the following year). The user should have in mind the fact that as any other model, Z'' score is estimated on the basis of a set of assumptions, while itsresults have been empirically tested against a certain group of foreign companies whose size and accounting principles are quite different compared to the

Greek enterprise. The user of Z'' Score should take into consideration a set of addition information such as –indicatively- liquidity, cash flows and other, non-quantitative parameters in the company evaluation procedure. The user is strongly suggested to find detailed information on www.pages.stern.nyu.edu/~ealtman.

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Cooper Univel Sa 2009-2007 (Rpt)