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GL DEVELOPMENT

Inactive KBO/BCE: BE 0477.873.666 subsidiary of Retail Estates NV
GL DEVELOPMENT
Financial year 2011
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Annual accounts 2011

full format, filed on 02-12-2011, 60 days before the deadline
Turnover
€122,810
▼ 64.4%
Operating result
€35,197
▼ 74.1%
EBITDA
€95,467
▼ 63.7%
Cash flow
€45,364
▼ 88.0%
Solvency
80.3%
▲ 4.5 percentage points
Current ratio
0.66
▲ 0.04

Money flows

of every €100 of turnover, €12.14 was lost in 2011

Balance sheet

balance sheet total €2.9m on 30-06-2011
What the company ownsHow it is paid for

Change in equityin €m

Change in cashin euro

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend201120102009200820072006
Balance sheet: assets
Total assets20/58 2.9m2.6m4.9m5.2m4.6m3.5m
Fixed assets21/28 2.7m2.4m3.6m3.3m2.4m1.3m
Tangible fixed assets22/27 2.7m2.4m3.6m3.3m2.4m1.3m
Land and buildings22 2.7m2.4m3.6m3.3m2.4m1.3m
Financial fixed assets28 ---744743744
Current assets29/58 229,740242,0801.3m1.9m2.2m2.2m
Stocks and contracts in progress3 --10,0001.2m1.8m1.6m
Stocks30/36 --10,0001.2m1.8m1.6m
Amounts receivable within one year40/41 46,65744,3311.2m743,096404,566611,379
Trade receivables40 35,81833,517870,240106,09033,63919,333
Other amounts receivable41 10,83910,814288,375637,006370,927592,045
Cash at bank and in hand54/58 180,984195,46880,0712,636-11,347
Deferred charges and accrued income490/1 2,0992,2812,831472061
Balance sheet: equity and liabilities
Total equity and liabilities10/49 2.9m2.6m4.9m5.2m4.6m3.5m
Equity10/15 2.3m2.0m1.7m1.8m1.7m1.8m
Contributions10/11 1.6m1.6m1.6m1.6m1.6m1.6m
Issued capital100 1.6m1.6m1.6m1.6m1.6m1.6m
Revaluation surpluses12 378,920-----
Reserves13 158,400158,400158,400158,400158,400158,400
Legal reserve130 158,400158,400158,400158,400158,400158,400
Profit (loss) carried forward14 223,862238,768-13,34344,693-47,65716,217
Amounts payable17/49 573,972631,6773.2m3.4m2.9m1.7m
Amounts payable after more than one year17 226,313236,313541,989635,411725,084811,201
Financial debts170/4 150,000160,000541,989635,411725,084811,201
Credit institutions173 150,000160,000----
Other amounts payable178/9 76,31376,313----
Amounts payable within one year42/48 345,754388,0602.6m2.8m2.2m929,100
Current portion of amounts payable after more than one year42 20,00020,00093,42296,90786,117550,744
Financial debts43 --2.1m2.2m1.2m-
Credit institutions430/8 --2.1m2.2m1.2m-
Trade debts44 56,31348,649316,791443,596833,625325,736
Suppliers440/4 56,31348,649316,791443,596833,625325,736
Advances received on contracts in progress46 --1,634-10,000-
Taxes, remuneration and social security45 39,972-99,10947,63680,44752,620
Taxes450/3 39,972-99,10947,63680,44747,366
Remuneration and social security454/9 -----5,255
Other amounts payable47/48 229,469319,411--3,332-
Accrued charges and deferred income492/3 1,9057,3048,5588,1925,614-
Income statement
Operating income70/76A 137,757297,241----
Turnover70 122,810345,234----
Change in stocks of work in progress, finished goods and contracts in progress71 --125,000----
Non-recurring operating income76A -228,045----
Gross operating margin9900 --850,581509,244159,532614,064
Operating charges60/66A 102,560161,447----
Services and other goods61 34,514105,093----
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 60,270127,425195,279155,538134,402100,328
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 -2,604-112,396115,000---
Other operating charges640/8 10,38041,325579,27141,08641,36648,692
Non-recurring operating charges66A ---223--
Operating profit (loss)9901 35,197135,794-38,969312,620-16,236465,043
Financial income75/76B 2162,8546,93619,93119,0825,942
Recurring financial income75 2162,8546,93619,93119,0825,942
Income from current assets751 2162,124----
Other financial income752/9 -730----
Financial charges65/66B 10,347114,589111,005154,969109,58276,718
Recurring financial charges65 10,347114,589111,005154,969109,58276,718
Debt charges650 9,900105,281----
Other financial charges652/9 4479,308----
Profit (loss) for the period before taxes9903 25,066252,104-143,038177,359-106,736394,268
Income taxes67/77 39,972-7-85,00285,009-42,862135,019
Taxes670/3 39,972-----
Tax adjustments and reversals of tax provisions77 -7----
Profit (loss) for the period9904 -14,906252,111-58,03692,350-63,874259,249
Profit (loss) for the period to be appropriated9905 -14,906252,111-58,03692,350-63,874259,249
Appropriation of the result
Profit (loss) to be appropriated9906 223,862238,768-13,34344,693-47,657174,617
Transfer to equity691/2 -----158,400
To the legal reserve6920 -----158,400
Document PDFPDFPDFPDFPDFPDF

The accounts for 3 older financial years (2003-2005) were filed as documents without figures as data, scans for example.

Source: Annual accounts 2011 (PDF), filed on 02-12-2011.

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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
30-06-2011 full format 02-12-2011 2011-62800291 PDF
31-12-2010 full format 17-06-2011 2011-17700291 PDF
31-12-2009 abbreviated format 31-08-2010 2010-51600529 PDF
31-12-2008 abbreviated format 30-06-2009 2009-34200106 PDF
31-12-2007 abbreviated format 09-07-2008 2008-39100021 PDF
31-12-2006 abbreviated format 25-07-2007 2007-47800321 PDF
31-12-2005 abbreviated format 21-08-2006 2006-64802062 PDF
31-12-2004 abbreviated format 29-07-2005 2005-61103244 PDF
31-12-2003 abbreviated format 30-07-2004 2004-56401988 PDF

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend201120102009200820072006
EBITDA 95,467263,219156,310468,158118,166565,372
Cash flow 45,364379,536137,243247,88870,528359,577
Investment in fixed assets (approximation) 378,919-1.1m665,9191.0m1.2m605,068
Change in cash -14,484115,39777,435---
Working capital -116,014-145,980-1.4m-832,89632,1681.3m
EBIT margin 28.7%39.3%----
Solvency 80.3%75.8%35.4%34.4%36.9%50.3%
Current ratio 0.660.620.480.701.012.38
Quick ratio 0.660.620.480.270.190.67
Debt to equity 0.240.321.821.901.710.99
ROE -0.6%12.7%-3.4%5.2%-3.8%14.7%
ROA -0.5%9.6%-1.2%1.8%-1.4%7.4%
Interest coverage 9.642.50----
Customer credit 106 days35 days----
Supplier credit 596 days169 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 GL DEVELOPMENT

The operating result for 2011 is 74% lower than in 2010.

Debt's share of the balance-sheet total falls from 24.2% to 19.7%. Equity is higher and debt is lower.

Large changes and their cause
  • 2011 Turnover -64% on 2010. This financial year ran 6 months, the previous one 12.

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