2002 SUMMARY FINANCIAL STATEMENTS (in Euro)
COMPANY IDENTIFICATION
Company name:
PITAGORA S.P.A.
Legal form:
JOINT STOCK COMPANY
Registered office:
VIA G. ROSSINI CAP 87036 RENDE (CS)
CCIAA/NREA
CS/123407
Tax code:
01917150789
Balance sheet: assets
Item description
Amount (Euro)
%Total assets
SUBSCRIBED CAPITAL UNPAID
FIXED ASSETS
0
0
1,337,328
19.71
INTANGIBLE ASSETS
404,908
5.97
TANGIBLE ASSETS
851,920
12.55
LAND & BUILDINGS
0
0
FINANCIAL ASSETS
80,500
1.19
AMOUNTS OWED BY ASSOC./AFFILIATED CO.S
0
0
38,520
0.57
0
0
5,381,060
79.29
0
0
EQUITY INVESTMENTS
OWN SHARES
CURRENT ASSETS
STOCKS
FINISHED GOODS AND WORK IN PROGRESS
DEBTORS
SHORT-TERM DEBTORS
0
0
5,251,057
77.38
5,251,057
77.38
TRADE DEBTORS
903,041
13.31
SHORT-TERM TRADE DEBTORS
903,041
13.31
0
0
0
0
130,003
1.92
67,866
1
6,786,254
100
FINANCIAL ASSETS
OWN SHARES
CASH AND BANK
PREPAYMENTS & ACCRUED INCOME
TOTAL ASSETS
Balance sheet: liabilities & shareholders' equity
Item description
SHAREHOLDERS' EQUITY
Amount (Euro)
%Total liabilities
3,176,941
46.81
1,032,000
15.21
SHARE PREMIUM RESERVE
0
0
REVALUATION RESERVES
0
0
4,485
0.07
SHARE CAPITAL
PROVISIONS FOR RISKS & CHARGES
PROVISION FOR TAXATION
PROVISION FOR SEVERANCE INDEMNITY
CREDITORS
4,485
0.07
612,913
9.03
2,943,288
43.37
SHORT-TERM CREDITORS
2,943,288
43.37
944,505
13.92
AMOUNTS DUE TO BANKS - MEDIUM/LONG TERM
0
0
AMOUNTS DUE TO BANKS - CURRENT
0
0
TRADE CREDITORS
ACCRUED EXPENSES AND DEFERRED INCOME
48,627
0.72
6,786,254
100
MEMORANDUM ACCOUNTS
N/A
N/A
ACCUMULATED DEPRECIATION OF TANGIBLE ASSETS
N/A
N/A
TOTAL LIABILITIES
Profit & loss account
Item description
Amount (Euro)
VALUE OF PRODUCTION
Revenues
Change in stocks of finished goods & work in progress
Other revenues
PRODUCTION COSTS
PURCHASE OF RAW MATERIALS & GOODS
CHANGE IN RAW MATERIALS & GOODS
%Production Value
11,360,974
100
11,205,154
98.63
0
0
155,820
1.37
10,126,600
89.13
71,349
0.63
0
0
71,349
0.63
3,966,258
34.91
0
0
7,323,367
64.46
4,939,022
43.47
143,769
1.27
2,228,525
19.62
962,660
8.47
Amortisation of intangible assets
187,663
1.65
Depreciation of tangible assets
774,997
6.82
1,265,865
11.14
-22,118
-0.19
9,373
0.08
1,243,747
10.95
CONSUMPTION OF MATERIALS
OVERHEADS
Provisions for risks & other provisions
VALUE ADDED
STAFF COSTS
Provision for severance indemnity
G.O.M.
AMORTISATION/DEPRECIATION/WRITEDOWNS
PROFIT / (LOSS) FROM ORDINARY OPERATING
ACTIVITIES
INCOME/CHARGES FROM OTHER ACTIVITIES
Interest receivable & similar income
OPERATING PROFIT / (LOSS)
0
0
PROFIT / (LOSS) PRIOR TO EXTRAORDINARY OP.S
INTEREST PAYABLE & SIMILAR CHARGES
1,243,747
10.95
ADJUSTMENTS TO VALUE OF FINANCIAL ASSETS
-3,153
-0.03
9,088
0.08
EXTRAORDINARY INCOME/CHARGES
1,249,682
11
TAXATION
PROFIT / (LOSS) PRIOR TO TAXATION
635,910
5.60
PROFIT (LOSS) FOR THE PERIOD
613,772
5.40
1,576,432
13.88
137
0
CASH FLOW
EMPLOYEES
RATIOS
Returns ratios
Value
R.O.E. (Return on Equity)
(Profit for the period/Shareholders' Equity)
19.32%
R.O.I. Cerved (Return on Investment)
(Operating profit / (loss)/Total Assets)
18.65%
R.O.S. (Return on Sales)
(Profit / (Loss) prior to Financial Operations/Revenues.)
11.02%
R.O.A. Cerved (Return on Assets)
(Profit (Loss) prior to Financial Operations/Total Assets)
18.19%
G.O.M. on Returns
(Gross Operating Margin / Revenues)
19.89%
Turnover ratios
Value
Invested Capital Turnover
(Revenues/Total Assets)
165.12%
Current Assets Turnover
(Revenues/Current Assets)
208.23%
Warehouse Turnover
(Revenues/Stocks)
N/A
Equity and financial ratios
Value
Fixed Assets Cover
(Shareholders' Equity/Fixed Assets)
237.56%
Banks on Current Assets
(Total amounts owed to Banks/Current Assets)
N/A
Short-term Banks on Current Assets
(Short-term Amounts owed to Banks/Current Assets)
N/A
Gearing
(Debts/Total Assets)
53.19%
Shareholders' Equity / Invested Capital
(Shareholders' Equity / Total Assets)
46.81%
Financial Charges on Turnover
(Financial Charges/Revenues)
N/A
Financial Charges on G.O.M.
(Financial Charges/G.O.M.)
N/A
Productivity ratios
Value
Turnover per Employee
(Revenues/Average Employees)
81,789(Euro)
Operating Value Added per Employee
(Operating Value Added/Average Employees)
53,455(Euro)
Labour Cost per Employee
(Staff/Average Employees)
36,051(Euro)
Labour Cost on Turnover
(Staff/Revenues)
44.08%
Value Added on Turnover
(Value Added/Revenues)
65.36%
Liquidity ratios
Value
Current Ratio
(Current Assets/Current Liabilities)
182.12%
Acid-Test Ratio
(((Current Assets - Stocks)/Current Liabilities))
182.12%
Days of Credit to Customers or Duration of Amounts owed by
Customers
(360 days * (Amounts owed by Customers/Revenues))
29.01
Days of Credit from Suppliers or Duration of Amounts owed to
Suppliers
(360days*[suppliers/(purchase+services+expenses for usage of
third-party goods)])
84.21
Days of Stocks or Duration of Stocks
(360 days * (Stocks/Revenues))
N/A
Rate of intensity of Current Assets
(Current Assets/Revenues)
48.63%
Incidence ratios for costs
Value
Consumption of Materials on Costs
(Consumption of Materials/Production Costs)
0.70%
External Costs on Costs
((Consumption of Materials + Overheads - Provisions for Risks
and Other))
39.87%
Labour Costs on Costs
(Staff/Production Costs)
48.77%
Depreciation and Devaluation on Costs
(Depreciation and Devaluation/Production Costs)
9.51%
Development ratios
Value
Revenues Variations
([R.(t)-R.(t-1)]/R.(t-1))
8.13%
Variations in Production Costs
([P.C.(t)-P.C.(t-1)]/P.C.(t-1))
9.78%
Variations in Shareholders' Equity
([S.E.(t)-S.E.(t-1)]/S.E.(t-1))
8.87%
Variations in Total Assets
([T.A.(t)-T.A.(t-1)]/T.A.(t-1))
4.88%
End of Summary financial statements
29/09/2003