Imentor - Financial Intelligence «COOPER UNIVEL SA»

COOPER UNIVEL SA
Manufacture of other electrical equipment n.e.c.
Kombos Korinou, P.O. Box 48, Katerini 60100, Pieria TAX ID: 095480848
tel. 2351041200, fax. 2351042057 ISSUE NUMBER: 66119/058/Β/08/0006
web. www.univel.gr, email. [email protected] YEAR FORMED: 1991
NO 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 Accountant
Kavounidis Panagiotis Accounting Supervisor
Evagelakis Konstantinos Board Chairman, Chief Executive Officer costas.evagelidis@cooperindudtries
Marmagkelos Charalampos Sales Director
Grigoriou Iosif Chief Financial Officer, HR Manager [email protected]

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Imentor - Financial Intelligence «COOPER UNIVEL SA»

FINANCIAL STATEMENTS

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

ASSETS
B. FORMATION EXPENSES
4. Other formation expenses 211,311.88 199,702.50 130,708.19
Depreciation 211,310.70 199,700.29 130,706.12
Net 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 0.00
Depreciation 0.00 0.00 0.00
Net 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 71,308.73
Depreciation 53,987.74 50,117.48 43,141.29
Net Value 38,535.10 42,405.36 28,167.44
4. Machinery, technical instalation and other mechanical 1,098,844.54 929,702.61 801,609.16
equipment
Depreciation 793,004.20 639,187.14 503,620.33
Net Value 305,840.34 290,515.47 297,988.83
5. Transportation means 17,818.03 17,818.03 17,818.03
Depreciation 17,818.02 17,818.02 17,599.14
Net Value 0.01 0.01 218.89
6. Furniture and fittings 513,550.08 494,867.72 436,504.93
Depreciation 478,227.98 459,942.74 404,274.46
Net Value 35,322.10 34,924.98 32,230.47
7. Fixed assets under construction and advances 29,048.95 0.00 0.00
Net 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 TERM
RECEIVABLES
7. Other financial assets 9,695.73 9,695.73 9,670.73
TOTAL 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 214,127.90 240,673.27 235,169.94
2. Finished and semifinished products byproducts and scrap 35,851.67 85,682.63 114,292.16
3. Production in progress 29,029.60 25,180.01 46,972.07
4. Raw materials and supplies consumables 638,160.56 704,788.55 633,309.52
5. 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 2,044,598.52
Minus: Provisions 0.00 215,774.67 145,073.52
3. Postdated notes receivable 0.00 0.00 1,408.66
3. Checks receivable (postdated) 775,067.53 383,240.33 852,544.46
3. Checks receivable overdue 11,851.80 139,180.99 28,059.79
5. Short term receivables from affiliated companies 0.00 0.00 0.00
11. Other debtors 586,281.73 568,979.26 396,022.70
12. 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 1,292.53
3. 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 4,472,824.17
TOTAL 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

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Imentor - Financial Intelligence «COOPER UNIVEL SA»

FINANCIAL STATEMENTS

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

1. Deferred charges 0.00 9,213.76 6,088.18

3. 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 0.01
4. 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 358,400.00 358,400.00 165,600.00
SHARE CAPITAL TOTAL 358,400.00 358,400.00 165,600.00
IV. RESERVES
1. Legal reserve 119,466.67 115,369.85 60,497.13
3. Special reserves 0.00 30.80 0.00
5. 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 0.00 0.00 0.00
Art. 13b
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 3,266,703.62
TOTAL 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 3,401.80
TOTAL 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 0.00
TOTAL LONG TERM LIABILITIES 0.00 0.00 0.00
II. CURRENT LIABILITIES
1. Suppliers 1,023,799.33 1,338,012.54 2,055,205.24
2. Post-dated checks payable 292,818.20 640,733.84 303,639.41
4. Customer advances 17,630.85 9,892.02 10,904.58
5. Taxes and duties 32,891.66 300,142.10 401,637.51
6. Social insurancies 116,459.17 118,223.93 90,655.03
7. Current portion of long term debt 0.00 0.00 0.00
8. Amounts owned to affiliated undertakings 0.00 0.00 0.00
10. Dividends payable 154,800.00 0.00 0.00
11. 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 5,103,857.01
TOTAL 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 20,364.66
3. 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 0.01
4. 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 13,486,872.70
Minus: Cost of goods sold 9,001,675.78 10,495,880.08 9,524,347.07
GROSS OPERATING RESULTS 2,936,641.21 3,959,301.48 3,962,525.63
Plus: Other operating income 150,088.71 145,729.12 93,294.13
GROSS PROFIT TOTAL 3,086,729.92 4,105,030.60 4,055,819.76
LESS

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Imentor - Financial Intelligence «COOPER UNIVEL SA»

FINANCIAL STATEMENTS

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

1. Administrative expenses 1,171,641.19 1,152,828.06 956,754.70

2. Research and development costs 122,970.31 142,501.91 114,301.91
3. Sales and distribution costs 1,209,763.74 1,393,997.10 1,262,809.12
TOTAL OF ADMINISTRATIVE AND OTHER DISTRIBUTION 2,504,375.24 2,689,327.07 2,333,865.73
EXPENSES (SG&A)
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 23,344.37
2. Extraodinary profits 0.00 999.99 0.82
3. Prior years income 0.00 0.00 0.00
4. 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 1,029.49
2. Extraordinary losses 56,513.85 27,989.77 59,898.80
3. Prior years expenses 0.00 0.00 0.00
TOTAL EXTRAORDINARY AND NON OPERATING EXPENSES 62,464.00 96,033.65 60,928.29
TOTAL EXTRAORDINARY RESULTS -28,756.51 -60,154.71 -37,583.10
OPERATING AND EXTRAORDINARY RESULTS 595,140.66 1,478,493.06 1,753,665.13
LESS
Total fixed depreciation 187,582.97 277,055.82 137,718.08
Minus: Depreciation included in operating results 187,582.97 277,055.82 137,718.08
DEDUCTABLE DEPRECIATION 0.00 0.00 0.00
NET 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 1,753,665.13
Profit or loss brought forward 3,279,770.91 3,266,703.62 2,955,906.01
Minus: 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 107,947.83 315,376.84 442,867.52
PROFIT 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 0.00
2. 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 0.00
5. Special and extraordinary reserves 0.00 0.00 0.00
Tax-free reserve of various laws 183,053.85 237,338.02 0.00
6. Tax free reserves 0.00 0.00 0.00
6. Reserve from tax free income 0.00 0.00 0.00
6. Reserve from income taxed separately 0.00 0.00 0.00
Profits distributed to partners 0.00 0.00 1,000,000.00
8. 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 5,103,857.01
Operating assets 1,761,480.17 1,534,388.22 1,333,509.78
Invested capital 4,567,277.40 4,234,884.57 3,929,606.54
Net working capital 4,170,833.99 3,865,591.82 3,579,006.39
Trading working capital 2,780,462.53 -1,967,243.05 -893,817.78
Earnings before interest, taxes and depreciation - ebitda 769,937.65 1,692,759.35 1,859,672.11
After tax earnings 487,192.83 1,163,116.22 1,310,797.61
Bank debt
Short-term bank debt 0.00 0.00 0.00
Total bank debt 0.00 0.00 0.00

The Members The Members The Members

06/01/2010 06/01/2009 01/09/2008
Evagelakis Konstantinos Evagelakis Konstantinos Evagelakis Konstantinos
Board Chairman Board Chairman Board Chairman
Grigoriou Iosif Kavounidis Panagiotis Kavounidis Panagiotis
Chief Financial Officer Chief Financial Officer Chief Financial Officer
Kavounidis Panagiotis Manolopoulos Odiseas Manolopoulos Odiseas
Accounting Supervisor Accountant Accountant
Manolopoulos Odiseas The Auditors The Auditors
Accountant
06/01/2009 01/22/2008

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Imentor - Financial Intelligence «COOPER UNIVEL SA»

Ernst & Young Auditors Ernst & Young Auditors

The Auditors Accountants SA Accountants SA
06/01/2010 Alifantis Georgios S. Alifantis Georgios S.
Ernst & Young Auditors
Accountants SA
Argyrou Nikolaos

© 2004-2010 Hellastat S.A. - All rights reserved. 5/8 Last Modified: 07/13/2010 11:08
Imentor - Financial Intelligence «COOPER UNIVEL SA»

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 13,486,872.70
Change in receivables 323,704.88 6,433.60 -275,461.73
Collections from sales 11,614,612.11 14,448,747.96 13,762,334.43
Other operating income 150,088.71 145,729.12 93,294.13
Interest income 58,694.38 136,331.98 79,821.74
Extraordinary and non operating income 33,707.49 35,878.94 23,345.19
Total collection from sales 11,857,102.69 14,766,688.00 13,958,795.49
Cost of goods sold 8,814,092.81 10,218,824.26 9,386,628.99
Administrative and other distribution expenses (SG&A) 2,504,375.24 2,689,327.07 2,333,865.73
Change in inventory -173,708.35 93,161.63 35,504.21
Extraordinary and non operating expenses 62,464.00 96,033.65 60,928.29
Minus: Change in creditors and other current liabilities -4,485,258.61 1,274,515.91 1,636,751.19
Change in transitory accounts 23,967.70 -16,244.18 2,536.77
Change in provision -10,218.71 6,816.91 2,863.19
Income tax 375,198.27 401,651.84 626,561.69
Total 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 228,482.62 509,536.97 371,475.34
Change 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 0.00
Payment of board directors fees 0.00 0.00 -1,000,000.00
Change in long-term liabilities 0.00 0.00 0.00
Change in dividends payable 0.00 842,617.78 0.00
Interest 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 2,703,850.16
CLOSING 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 information
which 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.

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Imentor - Financial Intelligence «COOPER UNIVEL SA»

FINANCIAL ANALYSIS

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

LIQUIDITY RATIOS
I. LIQUIDITY
Current ratio 3.48 1.62 1.70
Acid-test ratio 2.92 1.44 1.50
Cash 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 36
Cash and cash equivalents to working capital 33.34% 150.89% 124.97%
II. RECEIVABLES
Accounts receivable turnover 3.40 4.54 4.24
Accounts receivable turnover (AVG) 3.57 4.54 4.06
Days sales in receivables 106 79 85
Days sales in receivables (AVG) 101 79 89
Receivables to working capital 0.84 0.82 0.89
III. INVENTORIES
Inventory turnover 9.48 9.35 9.25
Inventory turnover (AVG) 8.69 9.75 9.41
Days sales in inventory 38 39 39
Days sales in inventory (AVG) 41 37 38
Inventory to working capital 22.76% 29.05% 28.77%
IV. PAYABLES
Accounts payable turnover 5.67 1.64 1.85
Accounts payable turnover (AVG) 2.22 1.81 2.15
Days purchases in accounts payable 64 219 195
Days purchases in accounts payable (AVG) 163 199 167
Payables to working capital 0.37 1.62 1.43
V. WORKING CAPITAL
Operating cycle 144 118 124
Νet trade cycle 80 -101 -71
CAPITAL STRUCTURE AND SOLVENCY
Total debt to equity 0.37 1.48 1.30
Total 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) 44.89 126.44 176.65
Times interest earned (cash flow based) -244.69 189.19 299.92
Operating 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 0.00 905,723,001.00
Cash and cash equivalents to contigent accounts 0.00 0.00 447,282,417.00
Equity to contigent accounts 0.00 0.00 392,960,654.00
Sales to contigent accounts 0.00 0.00 1,348,687,270.00
Sales to total debt 7.11 2.30 2.64
Sales to current liabilities 7.11 2.30 2.64
Sales 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 (αFTER 10.67% 27.47% 33.36%
TAX)
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 1.49
Capital structure 1.37 2.49 2.30

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Imentor - Financial Intelligence «COOPER UNIVEL SA»

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 3.02
Receivables turnover 3.40 4.54 4.24
Inventories turnover 12.58 12.87 13.10
Working capital turnover 2.86 3.74 3.77
Fixed assets turnover 28.53 38.29 36.62
Invested capital turnover 2.61 3.41 3.43
Total assets turnover 1.90 1.37 1.49
Short-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 6.09
Working capital to total assets (6,56) 4.36 2.41 2.59
Retained earnings to total assets (3,26) 2.19 1.20 1.35
Earnings before interest and taxes to total assets (6,72) 0.69 0.99 1.34
Equity 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 bankrupt
in the –near- future utilising certain financial ratios which are evaluated through a multivariate linear regression. According to Professor E. Altman, founder
of the Z score, this revised model (Z'') can be used for private firms in various fields of activity, basically manufacturers and non-manufacturers, however
it 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 bankrupt
in 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 its
results 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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