A.N.E.

Inactive KBO/BCE: BE 0436.127.143 subsidiary of TECHTEAM GLOBAL NV

A.N.E.

Financial year 2011

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Annual accounts 2011

full format, filed on 10-07-2012, 21 days before the deadline

Turnover

€7.1m

▲ 53.5%

Operating result

€90,366

▲ 3.5%

EBITDA

€215,336

▲ 25.8%

Cash flow

€115,991

▲ 6.3%

Solvency

22.6%

▼ 3.5 percentage points

Current ratio

1.13

▼ 0.02

Money flows

of every €100 of turnover, €0.13 was lost in 2011

Balance sheet

balance sheet total €1.7m on 31-12-2011

What the company ownsHow it is paid for

Change in equityin euro

Change in cashin euro

Staff

Staff cost per FTE€62,881

Staff costs divided by the average number of full-time equivalents.

Joined and left+1

Agency workers: 1.2 on average.

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2011	2010	2009	2006	2005
Balance sheet: assets
Total assets`20/58`	1.7m	1.5m	1.8m	1.9m	1.6m
Fixed assets`21/28`	316,480	329,232	121,241	65,400	60,617
Intangible fixed assets`21`	4,006	14,934	41,250	12,239	-
Tangible fixed assets`22/27`	309,847	304,927	73,299	46,520	54,071
Plant, machinery and equipment`23`	124,453	85,220	24,729	1,915	2,135
Furniture and vehicles`24`	3,260	4,834	7,717	33,201	42,353
Other tangible fixed assets`26`	182,134	202,182	5,959	11,404	9,583
Financial fixed assets`28`	2,628	9,371	6,692	6,641	6,546
Affiliated companies`280/1`	55	55	55	-	-
Participating interests`280`	55	55	55	-	-
Other financial fixed assets`284/8`	2,573	9,317	6,637	6,641	6,546
Amounts receivable and cash guarantees`285/8`	2,573	9,317	6,637	6,641	6,546
Current assets`29/58`	1.4m	1.2m	1.7m	1.8m	1.5m
Stocks and contracts in progress`3`	9,488	13,290	10,495	16,692	14,914
Stocks`30/36`	9,488	13,290	10,495	16,692	14,914
Raw materials and consumables`30/31`	9,488	13,290	10,495	0	0
Goods purchased for resale`34`	-	-	-	16,692	14,914
Amounts receivable within one year`40/41`	1.3m	1.0m	1.6m	1.5m	1.4m
Trade receivables`40`	1.2m	977,088	1.5m	1.5m	1.4m
Other amounts receivable`41`	40,121	47,599	47,657	-	-
Cash at bank and in hand`54/58`	7,547	65,616	77,602	301,064	92,306
Deferred charges and accrued income`490/1`	58,542	48,036	17,010	12,181	37,598
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	1.7m	1.5m	1.8m	1.9m	1.6m
Equity`10/15`	377,869	386,848	357,813	317,298	292,785
Contributions`10/11`	75,000	75,000	75,000	75,000	75,000
Issued capital`100`	75,000	75,000	75,000	75,000	75,000
Reserves`13`	128,032	128,032	128,032	128,032	128,032
Non-distributable reserves`130/1`	-	-	-	13,882	13,882
Legal reserve`130`	7,500	7,500	7,500	7,500	7,500
Own shares acquired`1312`	-	-	-	0	13,882
Other`1319`	-	-	-	13,882	-
Distributable reserves`133`	120,532	120,532	120,532	106,650	106,650
Profit (loss) carried forward`14`	174,837	183,816	154,781	114,266	89,753
Amounts payable`17/49`	1.3m	1.1m	1.4m	1.5m	1.3m
Amounts payable after more than one year`17`	-	54,473	22,205	-	-
Financial debts`170/4`	-	-	22,205	-	-
Leasing and similar obligations`172`	-	-	22,205	-	-
Trade debts`175`	-	54,473	-	-	-
Suppliers`1750`	-	54,473	-	-	-
Amounts payable within one year`42/48`	1.2m	999,227	1.4m	1.5m	1.3m
Current portion of amounts payable after more than one year`42`	26,052	46,618	12,689	-	-
Financial debts`43`	200,000	200,000	250,000	430,000	430,000
Credit institutions`430/8`	200,000	200,000	250,000	430,000	-
Other loans`439`	-	-	-	-	430,000
Trade debts`44`	640,705	560,727	1.0m	850,888	586,667
Suppliers`440/4`	640,705	560,727	1.0m	850,888	586,667
Taxes, remuneration and social security`45`	276,188	191,883	96,010	246,545	239,824
Taxes`450/3`	60,842	64,403	23,057	121,226	76,805
Remuneration and social security`454/9`	215,346	127,480	72,953	125,319	163,019
Other amounts payable`47/48`	50,899	-	55	-	-
Accrued charges and deferred income`492/3`	98,980	40,312	11,094	12,500	9,225
Income statement
Operating income`70/76A`	7.2m	4.7m	8.1m	5.5m	5.9m
Turnover`70`	7.1m	4.6m	8.1m	5.5m	5.8m
Non-recurring operating income`76A`	-	-	13,100	-	-
Operating charges`60/66A`	7.1m	4.6m	8.0m	5.4m	5.7m
Goods for resale, raw materials and consumables`60`	3.4m	2.2m	4.8m	2.6m	3.3m
Purchases`600/8`	3.4m	2.2m	4.8m	2.6m	3.2m
Change in stocks: decrease (increase)`609`	7,018	5,189	-128	-3,764	7,516
Services and other goods`61`	2.3m	1.5m	2.2m	1.6m	1.3m
Remuneration, social security and pensions`62`	1.2m	791,706	996,877	1.1m	1.1m
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	124,970	83,892	48,641	31,333	30,510
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-3,216	-127	-548	1,986	-532
Other operating charges`640/8`	24,160	16,655	38,166	45,587	25,023
Non-recurring operating charges`66A`	29,952	2,963	10,930	9,583	5,790
Operating profit (loss)`9901`	90,366	87,296	80,439	108,401	121,863
Financial income`75/76B`	1,252	1,011	14,054	16,361	3,642
Recurring financial income`75`	1,252	1,011	14,054	16,361	3,642
Income from current assets`751`	1,233	1,011	3,154	7,235	695
Other financial income`752/9`	18	0	10,900	9,126	2,947
Financial charges`65/66B`	39,204	27,861	52,682	29,160	20,098
Recurring financial charges`65`	39,204	27,861	52,682	29,160	20,098
Debt charges`650`	32,737	22,238	26,967	27,237	13,403
Other financial charges`652/9`	6,467	5,623	25,714	1,923	6,695
Profit (loss) for the period before taxes`9903`	22,462	57,483	43,981	86,019	99,617
Income taxes`67/77`	31,441	32,299	27,228	61,506	56,169
Taxes`670/3`	31,441	32,299	45,639	61,506	56,169
Tax adjustments and reversals of tax provisions`77`	-	-	18,411	-	-
Profit (loss) for the period`9904`	-8,979	25,184	16,753	24,513	43,448
Profit (loss) for the period to be appropriated`9905`	-8,979	25,184	16,753	24,513	43,448
Appropriation of the result
Profit (loss) to be appropriated`9906`	174,837	183,816	154,781	114,266	89,753
Transfer from equity`791/2`	-	-	13,882	-	-
From reserves`792`	-	-	13,882	-	-
Transfer to equity`691/2`	-	-	13,882	-	-
To other reserves`6921`	-	-	13,882	-	-
Social balance sheet
Average staff (FTE)`9087`	19.5	18.3	12.5	19.1	19.5
Agency workers`1501`	1.2	0.6	2	0.5	0.1
Hours worked`1013`	33,724	22,814	26,452	32,244	33,484
Document	PDF	PDF	PDF	PDF	PDF

The accounts for 15 older financial years (1989-2004) were filed as documents without figures as data, scans for example.

Source: Annual accounts 2011 (PDF), filed on 10-07-2012.

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Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2011	full format	10-07-2012	2012-28800526	PDF
31-12-2010	full format	12-07-2011	2011-29600034	PDF
31-03-2010	full format	26-10-2010	2010-59200197	PDF
31-03-2009	full format	28-09-2009	2009-77800361	PDF
31-12-2007	full format	15-12-2008	2008-86200247	PDF
31-12-2006	full format	21-09-2007	2007-73300034	PDF
31-12-2005	full format	23-08-2006	2006-65103306	PDF
31-12-2004	abbreviated format	15-09-2005	2005-68202159	PDF
30-06-2004	abbreviated format	30-12-2004	2004-89503699	PDF
31-03-2003	abbreviated format	30-10-2003	2003-77004813	PDF
31-03-2002	abbreviated format	24-09-2002	2002-58602454	PDF
31-03-2001	abbreviated format	02-11-2001	2001-67702868	PDF
31-03-2000	abbreviated format	14-02-2001	2001-04203390	PDF
31-03-1999	abbreviated format	17-09-1999	1999-46803050	PDF
31-03-1998	abbreviated format	20-10-1998	1998-54200161	PDF
31-12-1996	abbreviated format	15-10-1997	1997-49202617	PDF
31-12-1995	abbreviated format	23-04-1996	1996-06401921	PDF
31-12-1994	abbreviated format	19-09-1995	1995-49801212	PDF
31-12-1993	abbreviated format	18-10-1994	1994-44202343	PDF
31-12-1992	abbreviated format	15-07-1993	1993-26505284	PDF
31-12-1991	abbreviated format	04-12-1992	1992-40203520	PDF
31-12-1990	abbreviated format	19-11-1991	1991-30704952	PDF
31-12-1989	abbreviated format	17-08-1990	1990-21801920	PDF

Key figures and ratios

per financial year, computed from the annual accounts

Line	2011	2010	2009	2006	2005
EBITDA	215,336	171,188	129,080	139,734	152,373
Cash flow	115,991	109,076	65,394	55,845	73,958
Investment in fixed assets	146,358	81,902	111,666	45,604	35,103
Change in cash	-58,068	-11,987	-	208,758	-
Working capital	160,369	152,401	269,870	264,398	241,393
EBIT margin	1.3%	1.9%	1.0%	2.0%	2.1%
Solvency	22.6%	26.1%	20.1%	17.1%	18.8%
Current ratio	1.13	1.15	1.19	1.17	1.19
Quick ratio	1.13	1.14	1.19	1.16	1.18
Debt to equity	3.42	2.83	3.97	4.85	4.32
ROE	-2.4%	6.5%	4.7%	7.7%	14.8%
ROA	-0.5%	1.7%	0.9%	1.3%	2.8%
Interest coverage	6.58	7.70	4.79	5.13	11.37
Customer credit	63 days	77 days	68 days	97 days	85 days
Supplier credit	41 days	55 days	54 days	73 days	46 days

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Insights on A.N.E.

The operating result for 2011 is 4% higher than in 2010 and the highest since 2006. It is the second rise in a row.

Debt's share of the balance-sheet total rises from 73.9% to 77.4%. Equity is lower and debt is higher.

Large changes and their cause

2011 Turnover +54% on 2010. The previous financial year ran 9 months, this one 12.