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¶
– Release Delayed ·As Of Filer Filing For·On·As Docs:Size Issuer Agent 6/24/11 ITP Energy Corp 8-K/A¶:1,2, 4/29/11 3:2.8M Global Financial Corp/FA |
Document/Exhibit Description Pages Size 1: 8-K/A Amendment to Current Report HTML 727K 3: CORRESP ¶ Comment-Response or Other Letter to the SEC HTML 113K 2: EX-99.1 Miscellaneous Exhibit HTML 527K
CONSOLIDATED FINANCIAL STATEMENTS | |
Report of Independent Registered Public Accounting Firm | 1 |
Consolidated Balance Sheets
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2
|
Consolidated Statements of Income and Comprehensive Income
|
3
|
Consolidated Statements of Stockholders' Equity
|
4
|
Consolidated Statements of Cash Flow
|
5
|
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|
6
|
1.
|
6
|
|
2.
|
Summary of Significant Accounting Policies
|
6
|
3.
|
Significant subsequent events
|
10
|
4.
|
Business Combinations
|
11
|
5.
|
Segment information
|
15
|
6.
|
Recent Accounting Pronouncements
|
16
|
7.
|
Statement of Cash flow
|
17
|
8.
|
Goodwill
|
17
|
9.
|
Property, Plant and Equipment
|
18
|
10.
|
Inventories
|
19
|
11.
|
Accounts receivable
|
19
|
12.
|
Marketable Securities
|
20
|
13.
|
Cash and cash equivalents
|
20
|
14.
|
Prepaid expenses and deferred taxes
|
20
|
15.
|
Long-term debt
|
21
|
16.
|
Current liabilities
|
22
|
17.
|
Long-term liabilities
|
23
|
18.
|
Shareholders' Equity
|
24
|
19.
|
Total revenues
|
24
|
20.
|
Cost of sales
|
24
|
21.
|
Operating expenses
|
24
|
22.
|
Income taxes
|
25
|
23.
|
Valuation and qualifying accounts
|
28
|
Deloitte & Touche S.p.A.
|
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Via della Camilluccia, 589/A
|
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00135 Roma
|
|
Italia
|
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Tel: +39 06 367491
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Fax: +39 06 36749282
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Years Ended December 31, | |||||||
2009
|
||||||||
(in USD thousand) | ||||||||
ASSETS | ||||||||
Cash and cash equivalents
|
$ | 11,934 | $ | 2,893 | ||||
Marketable securities
|
3,425 | 3,645 | ||||||
Accounts receivable, net of allowance for doubtful accounts
|
19,918 | 16,095 | ||||||
Inventory
|
14,788 | 6,975 | ||||||
Prepaid expenses and other current assets
|
4,707 | 4,682 | ||||||
Deferred income taxes
|
392 | - | ||||||
Total Current Assets
|
55,165 | 34,291 | ||||||
Property, plant and equipment, net
|
15,952 | 9,380 | ||||||
Intangible assets
|
||||||||
Goodwill
|
6,509 | 1,699 | ||||||
Other intangible assets
|
104 | 152 | ||||||
Other assets
|
773 | 39 | ||||||
Total Assets
|
$ | 78,503 | $ | 45,563 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
Years Ended December 31, | |||||||
2010 | 2009 | |||||||
(in USD thousand) | ||||||||
Current Liabilities
|
||||||||
Accounts payable and accrued expenses
|
$ | 26,911 | $ | 15,443 | ||||
Taxes payable
|
3,195 | 2,205 | ||||||
Current portion of:
|
||||||||
Advances received from customers
|
2,535 | 7,184 | ||||||
Long-term debt
|
13,105 | 3,847 | ||||||
Other liabilities
|
2,784 | 1,670 | ||||||
Total Current Liabilities
|
48,531 | 30,350 | ||||||
Long-term debt, net of current portion
|
20,395 | 6,899 | ||||||
Deferred income taxes
|
330 | |||||||
Other liabilities
|
682 | 219 | ||||||
Post-employment benefits obligation
|
1,418 | 803 | ||||||
Total Liabilities
|
71,026 | 38,601 | ||||||
Equity
|
||||||||
Capital stock
|
7,326 | 5,885 | ||||||
Accumulated other comprehensive income
|
(119 | ) | 23 | |||||
Retained earnings
|
271 | (517 | ) | |||||
Total ITP Group Stockholders’ Equity
|
7,477 | 5,391 | ||||||
Noncontrolling interests
|
- | 1,571 | ||||||
Total Equity
|
7,477 | 6,962 | ||||||
Total Liabilities and Stockholders' Equity
|
$ | 78,503 | $ | 45,563 |
Years Ended December 31, | ||||||||||||
2009
|
2008
|
|||||||||||
(in USD thousand) | ||||||||||||
Sales and other operating revenues
|
$ | 63,205 | $ | 31,324 | $ | 46,215 | ||||||
Other income
|
437 | 301 | 516 | |||||||||
Total Revenues
|
63,642 | 31,626 | 46,731 | |||||||||
Costs of Sales
|
47,831 | 23,518 | 38,822 | |||||||||
Gross Profit
|
15,812 | 8,108 | 7,909 | |||||||||
Selling, general and administrative expenses
|
9,321 | 4,177 | 3,569 | |||||||||
Provision for doubtful accounts
|
876 | 397 | 1,056 | |||||||||
Other operating costs
|
870 | 449 | 1,243 | |||||||||
Total Operating Expenses
|
11,067 | 5,023 | 5,869 | |||||||||
Operating Income
|
4,745 | 3,085 | 2,041 | |||||||||
Interest income
|
45 | 25 | 61 | |||||||||
Interest expense
|
(1,279 | ) | (745 | ) | (684 | ) | ||||||
Income before Income Taxes
|
3,511 | 2,365 | 1,417 | |||||||||
Income tax expense
|
(1,283 | ) | (1,369 | ) | (1,070 | ) | ||||||
Net Income
|
2,228 | 996 | 347 | |||||||||
Less: Net income attributable to noncontrolling interests
|
- | (11 | ) | - | ||||||||
Net Income attributable to ITP Group
|
2,228 | 984 | 347 | |||||||||
Currency translation adjustment (Net of tax of $(42),29,(30) thousand in 2010,2009,2008)
|
(151 | ) | 106 | (109 | ) | |||||||
Unrealized gain (AFS Securities) (Net of tax of $3,10,12 thousand in 2010,2009,2008)
|
9 | 35 | 43 | |||||||||
Comprehensive income
|
$ | 2,087 | $ | 1,125 | $ | 281 | ||||||
Basic earnings per share
|
$ | 0.05 | $ | 0.03 | $ | 0.02 | ||||||
Weighted average number of shares outstanding
|
42,582 | 30,247 | 16,970 |
Thousand USD
|
Capital Stock
|
Other
comperehensive
income
|
Retained
earnings
|
Noncontrolling
Interests
|
Net income
|
Total
|
||||||||||||||||||
Balance December 31, 2007
|
$ | 147 | $ | (52 | ) | $ | 2,026 | $ | - | $ | 158 | 2,280 | ||||||||||||
Stockholder's subscriptions
|
4,346 | (2,641 | ) | 1,705 | ||||||||||||||||||||
Unrealized gain on marketable securities
|
43 | 43 | ||||||||||||||||||||||
Currency translation adjustment
|
(109 | ) | (109 | ) | ||||||||||||||||||||
Distribution of profit and losses
|
158 | (158 | ) | - | ||||||||||||||||||||
Result of the period
|
347 | 347 | ||||||||||||||||||||||
Balance December 31, 2008
|
$ | 4,493 | $ | (118 | ) | $ | (457 | ) | $ | - | $ | 347 | $ | 4,266 | ||||||||||
Stockholder's subscriptions
|
1,392 | (1,392 | ) | - | ||||||||||||||||||||
Unrealized gain on marketable securities
|
35 | 35 | ||||||||||||||||||||||
Currency translation adjustment
|
106 | 106 | ||||||||||||||||||||||
Distribution of profit and losses
|
347 | (347 | ) | - | ||||||||||||||||||||
Acquisition of noncontrolling interests
|
1,560 | 1,560 | ||||||||||||||||||||||
Result of the period
|
11 | 984 | 996 | |||||||||||||||||||||
Balance December 31, 2009
|
$ | 5,885 | $ | 23 | $ | (1,501 | ) | $ | 1,571 | $ | 984 | $ | 6,962 | |||||||||||
Stockholder's subscriptions
|
1,441 | (1,441 | ) | - | ||||||||||||||||||||
Unrealized gain on marketable securities
|
9 | 9 | ||||||||||||||||||||||
Currency translation adjustment
|
(151 | ) | (151 | ) | ||||||||||||||||||||
Distribution of profit and losses
|
984 | (984 | ) | - | ||||||||||||||||||||
Acquisition of noncontrolling interests
|
(1,571 | ) | (1,571 | ) | ||||||||||||||||||||
Result of the period
|
2,228 | 2,228 | ||||||||||||||||||||||
Balance December 31, 2010
|
$ | 7,326 | $ | (119 | ) | $ | (1,958 | ) | $ | - | $ | 2,228 | $ | 7,477 |
Years Ended December 31,
|
|||||||||||||||
2009
|
2008
|
||||||||||||||
(in USD thousand)
|
|||||||||||||||
Net income of the year
|
$ | 2,228 | $ | 996 | $ | 347 | |||||||||
Adjustments to reconcile net income to net cash provided by Operating Activities
|
|||||||||||||||
- |
Depreciation and amortization
|
682 | 870 | 530 | |||||||||||
- |
Provision for doubtful accounts
|
876 | 397 | 1,056 | |||||||||||
Change in current assets and liabilities:
|
|||||||||||||||
- |
Increase (decrease) in inventory
|
(7,670 | ) | (3,435 | ) | 250 | |||||||||
- |
Increase in accounts receivables
|
(4,423 | ) | (3,678 | ) | (5,107 | ) | ||||||||
- |
Increase in other current assets
|
(745 | ) | (2,156 | ) | (1,266 | ) | ||||||||
- |
Increase in accounts payable and accrued expenses
|
10,826 | 1,080 | 7,882 | |||||||||||
- |
Increase (decrease) in other liabilities
|
(3,470 | ) | 5,339 | (4,213 | ) | |||||||||
- |
Increase (decrease) in deferred tax liability
|
(708 | ) | 106 | 133 | ||||||||||
- |
Increase (decrease) in post-employment benefit obligations
|
603 | 97 | (232 | ) | ||||||||||
- |
(Decrease) Increase in income tax payable
|
972 | 753 | 665 | |||||||||||
- |
(Decrease) in other non current liabilities
|
454 | (23 | ) | 48 | ||||||||||
Net Cash (used in) provided by Operating Activities (A)
|
$ | (374 | ) | $ | 346 | $ | 93 | ||||||||
Investing Activities
|
|||||||||||||||
- |
Capital expenditures
|
(10,692 | ) | (1,298 | ) | (3,824 | ) | ||||||||
- |
Investment in markatable securities
|
225 | (1,803 | ) | (79 | ) | |||||||||
Net Cash used in Investing Activities (B)
|
$ | (10,467 | ) | $ | (3,101 | ) | $ | (3,902 | ) | ||||||
Financing Activities
|
|||||||||||||||
- |
Principal payment of long-term debt
|
(4,175 | ) | (3,142 | ) | (1,934 | ) | ||||||||
- |
Proceeds from issuance of long-term debt
|
25,652 | 3,000 | 5,639 | |||||||||||
- |
Paid up capital increase
|
- | - | 1,937 | |||||||||||
- |
Cash proceeds from noncontrolling interests
|
(1,571 | ) | 1,560 | - | ||||||||||
Net Cash provided by (used in) from Financing Activities (C)
|
$ | 19,905 | $ | 1,418 | $ | 5,642 | |||||||||
Effect of change in foreign currency on cash and cash equivalents (D)
|
$ | (24 | ) | $ | (328 | ) | $ | (97 | ) | ||||||
Net increase (decrease) in cash and cash equivalents (A+B+C+D)
|
9,041 | (1,664 | ) | 1,735 | |||||||||||
Cash and cash equivalents at the beginning of the period (E)
|
2,893 | 4,558 | 2,823 | ||||||||||||
Cash and cash equivalents at the end of the period (A+B+C+D+E)
|
$ | 11,934 | $ | 2,893 | $ | 4,558 | |||||||||
Supplemental disclosures of cash flow information
|
|||||||||||||||
Cash paid during the year
|
|||||||||||||||
Interest
|
1,279 | 720 | 624 | ||||||||||||
Income taxes
|
945 | 801 | 805 |
Subsidiary |
Country of
Incorporation
|
Company’s
controlling
interests (%)
|
Functional
Currency
|
Consolidated in | ||||
Benelli Oil & Gas S.r.l.
|
Italy
|
51%
100%
|
Euro
|
2009
2010
|
||||
ITP Chartering S.r.l.
|
Italy
|
99%
|
Euro
|
2009, 2010
|
||||
ITP Group Brno s.r.o.
|
Czech Republic
|
100%
|
CZK
|
2010
|
||||
ITP Real Estate LLC
|
USA
|
100%
|
USD
|
2008, 2009, 2010
|
||||
ITP Surface Equipment PTE Ltd
|
Singapore
|
100%
|
USD
|
2010
|
||||
Vignati Fitting S.r.l.
|
Italy
|
100%
|
Euro
|
2008, 2009, 2010
|
||||
Surface Equipment Corporation (“SEC”)
|
USA
|
100%
|
USD
|
2008, 2009, 2010
|
Year ended December 31,
|
Average
|
At period end
|
||||||
2008
|
1.47 | 1.39 | ||||||
2009
|
1.39 | 1.44 | ||||||
2010
|
1.34 | 1.33 |
|
·
|
January 2011: ITP Benelli S.p.A. signed a contract for a project for air compressors for lifesaving equipment purposes with ERSAI. Country: Kazakistan. (Value: $ 4,501 thousand).
|
|
·
|
February 2011: ITP Benelli S.p.A. signed a contract for the design and supply of a piece of equipment called AVT2 for the refinery of Naftan, in the city of Novopolosk in Belarus. (Value: $ 28,132 thousand)
|
|
c.
|
Benelli Oil & Gas S.r.l. acquired the Sadelmi S.p.A. (“Sadelmi”) Oil & Gas business line in May 2010;
|
Acquisition of 51% of Benelli Oil & Gas S.r.l.
|
||||
Purchase price composition
|
(USD thousand) | |||
Assets acquired
|
|
|||
Property plant and equipment
|
$ | 1 | ||
Intangible assets
|
9 | |||
Work in progress
|
4,469 | |||
Accounts receivables
|
13,603 | |||
Deferred tax assets
|
224 | |||
Cash
|
490 | |||
Total Assets acquired
|
18,796 | |||
Liabilities assumed
|
||||
Employees leaving indemnity
|
7 | |||
Advances from clients
|
5,429 | |||
Accounts payables
|
9,827 | |||
Deferred tax liabilities
|
338 | |||
Social security liabilities
|
168 | |||
Total Liabilities assumed
|
15,770 | |||
Fair value of net assets
|
3,026 | |||
Goodwill
|
- | |||
Purchase price (51% of fair value)
|
$ | 1,543 |
Acquisition of 49% of Benelli Oil & Gas S.r.l.
|
||||
Purchase price composition
|
(USD thousand) | |||
Assets acquired
|
|
|||
Property plant and equipment
|
$ | 1 | ||
Intangible assets
|
8 | |||
Work in progress
|
4,165 | |||
Accounts receivables
|
12,594 | |||
Deferred tax assets
|
208 | |||
Cash
|
457 | |||
Total Assets acquired
|
17,434 | |||
Liabilities assumed
|
||||
Employees leaving indemnity
|
7 | |||
Advances from clients
|
5,060 | |||
Accounts payables
|
9,088 | |||
Deferred tax liabilities
|
315 | |||
Social security liabilities
|
156 | |||
Total Liabilities assumed
|
14,627 | |||
Fair value of net assets
|
2,807 | |||
Goodwill
|
- | |||
Purchase price (49% of fair value)
|
$ | 1,375 |
Purchase price composition
|
(USD thousand) | |||
Assets acquired
|
|
|||
Property plant and equipment
|
$ | 851 | ||
Work in progress
|
4,550 | |||
Total Assets acquired
|
5,401 | |||
Liabilities assumed
|
||||
Employees leaving indemnity
|
638 | |||
Total Liabilities assumed
|
638 | |||
Fair value of net assets
|
4,763 | |||
Goodwill
|
4,604 | |||
Total purchase price
|
$ | 9,367 |
Purchase price composition
|
(USD thousand) | |||
Assets acquired
|
|
|||
Property, plant and equipment
|
$ | 4,564 | ||
Intangible assets
|
100 | |||
Total Assets acquired
|
4,665 | |||
Liabilities assumed
|
||||
Trade accounts payables payables
|
188 | |||
Total Liabilities assumed
|
188 | |||
Fair value of net assets
|
4,476 | |||
Goodwill
|
354 | |||
Total purchase price
|
$ | 4,830 |
Revenues (USD thousand)
|
||||||||||||
Operating segment
|
2010
|
2009
|
2008
|
|||||||||
Equipments
|
$ | 15,323 | $ | 10,680 | $ | 13,438 | ||||||
Skid & Packages
|
48,319 | 10,049 | 10,766 | |||||||||
Small O&G plants
|
- | 10,897 | 22,527 | |||||||||
Total
|
$ | 63,642 | $ | 31,626 | $ | 46,731 |
Revenues (USD thousand)
|
||||||||||||
Country
|
2010
|
2009
|
2008
|
|||||||||
Italy
|
$ | 16,113 | $ | 1,056 | $ | 5,788 | ||||||
Middle East
|
13,797 | 20,919 | 25,863 | |||||||||
USA
|
13,042 | 8,530 | 10,241 | |||||||||
Other countries
|
20,691 | 1,122 | 4,840 | |||||||||
Total
|
$ | 63,642 | $ | 31,626 | $ | 46,731 |
Property, plant and equipment (USD thousand)
|
||||||||||||
Country
|
2010
|
2009
|
2008
|
|||||||||
Italy
|
$ | 11,443 | $ | 4,984 | $ | 4,182 | ||||||
Middle East
|
- | - | - | |||||||||
USA
|
4,469 | 4,397 | 4,317 | |||||||||
Other countries
|
39 | - | - | |||||||||
Total
|
$ | 15,952 | $ | 9,380 | $ | 8,499 |
|
·
|
Business Combinations (ASC 810), Disclosure of Supplementary Pro Forma Information for Business Combinations (ASU 2010-29): The FASB issued ASU 2010-29 in December 2010. The ASU affect’s public entities, as that term is defined in ASC 805, that enter into business combinations that are material individually or in the aggregate. The ASU is effective prospectively for business combinations whose acquisition date is at or after the beginning of the first annual reporting period beginning on or after December 15, 2010. Early adoption is permitted. The impact of this standard on the consolidated financial statements is not expected to be material.
|
|
·
|
Goodwill impairment (ASC 350-20) When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units With Zero or Negative Carrying Amounts (ASU 2010-28): The FASB issued ASU 2010-28 in December 2010. The ASU affect’s Entities that evaluate goodwill for impairment under ASC 350-20. For public entities, the ASU is effective for impairment tests performed during entities’ fiscal years (and interim periods within those years) that begin after December 15, 2010. Early application will not be permitted. The impact of this standard on the consolidated financial statements is not expected to be material.
|
|
·
|
Foreign Currency (Topic 830) Foreign Currency Issues: Multiple Foreign Currency Exchange Rates (SEC Update) (ASU 2010-19) The FASB issued ASU 2010-19 in May 2010. The ASU affect’s Entities in the oil and gas industry. The ASU is related to current restrictions of foreign currency exchange in Venezuela. Adoption of the standard did not have an impact on the company’s financial statements the company did not incur in any transaction based or through Venezuela.
|
|
·
|
Consolidation (ASC 810), Improvements to Financial Reporting by Enterprises Involved With Variable Interest Entities (ASU 2009-17): The FASB issued ASU 2009-17 in December 2009. This standard became effective for the company January 1, 2010. ASU 2009-17 requires the enterprise to qualitatively assess if it is the primary beneficiary of a variable-interest entity (VIE), and if so, the VIE must be consolidated. Adoption of the standard did not have an impact on the company’s results of operations, financial position or liquidity.
|
|
·
|
Accounting for Extractive Activities — Oil & Gas — amendments to paragraph 932-10-S99-1 (ASU 2010-14) The FASB issued ASU 2010-14 in April 2010. The ASU affect’s Entities in the oil and gas industry. The ASU does not contain an effective date. Adoption of the standard did not have an impact on the company’s financial statements.
|
|
·
|
Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements (ASU 2009-13) The FASB issued ASU 2009-12 in October 2009. The ASU affect’s Entities with multiple-deliverable revenue arrangements. The ASU effective date of application is for fiscal years beginning on or after June 15, 2010. The impact of this standard on the consolidated financial statements is not expected to be material.
|
|
·
|
Codification: In June 2009, the FASB issued an Accounting Standards Codification (“ASC” or “Codification”), which identifies the sources of accounting principles and the framework for selecting the principles used in the preparation of financial statements of nongovernmental entities that are presented in conformity with generally accepted accounting principles (“GAAP”) in the United States. This guidance establishes the Codification as the source of authoritative GAAP recognized by the FASB to be applied by those entities. Rules and interpretive releases of the SEC under federal securities laws are also sources of authoritative GAAP for SEC registrants. The SEC Sections in the Codification are not the authoritative sources of such content and do not contain the entire population of SEC rules, regulations, interpretive releases, and staff guidance. All guidance contained in the Codification
carries an equal level of authority. Following the issuance of this guidance, the FASB will not issue new standards in the form of Statements, FASB Staff Positions, or Emerging Issues Task Force Abstracts. Instead, it will issue Accounting Standards Updates to the Codification. This guidance is effective for financial statements issued for interim and annual periods ending after September 15, 2009. There were no changes to the accounting principles used to prepare the Company’s financial statements as a result of the adoption of the ASC.
|
Changes in the carrying amount of goodwill
|
||||
|
USD thousand
|
|||
Balance as of January 1, 2009
|
$ | 1,642 | ||
Acquisitions
|
- | |||
Currency translation effect
|
58 | |||
Balance as of December 31, 2009
|
1,699 | |||
Acquisitions
|
4,958 | |||
Currency translation effect
|
(148 | ) | ||
Balance as of December 31, 2010
|
$ | 6,509 |
Gross Property plant and equipment
|
December 31,
|
|
|
December 31,
|
||||||||||||
USD thousand
|
2009
|
Additions | Disposals |
2010
|
||||||||||||
Land and buildings
|
$ | 7,323 | $ | 6,786 | - | $ | 14,109 | |||||||||
Plant and machineries
|
1,553 | 223 | - | 1,776 | ||||||||||||
Industrial and commercial equipment
|
1,747 | 164 | - | 1,935 | ||||||||||||
Other equipment
|
1,220 | 58 | - | 1,278 | ||||||||||||
Total Gross Property plant and equipment
|
$ | 11,843 | $ | 7,231 | - | $ | 19,074 |
Accumulated depreciation Property Plant and Equipment | December 31, | December 31, | ||||||||||
USD thousand
|
2009
|
Depreciation
|
2010
|
|||||||||
Depreciation Land and buildings
|
$ | 735 | $ | 402 | $ | 1,137 | ||||||
Depreciation Plant and machineries
|
851 | 150 | 1,001 | |||||||||
Depreciation Industrial and commercial equipment
|
331 | 76 | 407 | |||||||||
Depreciation Other equipment
|
547 | 54 | 601 | |||||||||
Total Accumulated Depreciation
|
$ | 2,464 | $ | 682 | $ | 3,146 |
Net Property Plant and Equipment
|
December 31,
|
|
|
December 31,
|
||||||||||||
USD thousand
|
2009
|
Additions
|
Depreciation
|
2010
|
||||||||||||
Land and buildings
|
$ | 6,588 | $ | 6,786 | $ | (402 | ) | $ | 12,971 | |||||||
Plant and machineries
|
702 | 223 | (150 | ) | 775 | |||||||||||
Industrial and commercial equipment
|
1,417 | 164 | (76 | ) | 1,528 | |||||||||||
Other equipment
|
674 | 58 | (54 | ) | 678 | |||||||||||
Total Net Property Plant and Equipment
|
$ | 9,380 | $ | 7,231 | $ | (682 | ) | $ | 15,952 |
|
·
|
Purchase of an industrial building in Cassina de’ Pecchi (Milan – Italy), for an amount of $ 4,229 thousand.
|
|
·
|
Purchase of land together with an industrial building license in Monte Cremasco (Cremona – Italy) for an amount of $ 1,115 thousand.
|
|
·
|
Purchase of an industrial building in Via Stefini (Milan – Italy) for an amount of $ 308 thousand.
|
|
·
|
Financial lease of machineries, commercial equipment and other equipment, for an amount of $ 445 thousand.
|
Inventory
|
Year ended December 31,
|
|||||||
USD thousand
|
2010
|
2009
|
||||||
Finished goods
|
$ | - | $ | - | ||||
Work in progress
|
12,768 | 5,548 | ||||||
Raw materials
|
2,020 | 1,427 | ||||||
Total inventory
|
$ | 14,788 | $ | 6,975 |
Cash and cash equivalents
|
Year ended December 31,
|
|||||||
USD thousand
|
2010
|
2009
|
||||||
Cash
|
$ | 117 | $ | 67 | ||||
Banks deposits
|
11,817 | 2,827 | ||||||
Total cash and cash equivalents
|
$ | 11,934 | $ | 2,893 |
Prepaid expenses and other current assets
|
Year ended December 31,
|
|||||||
USD thousand
|
2010
|
2009
|
||||||
Deferred income taxes
|
$ | 392 | $ | - | ||||
Prepaid expenses
|
4,707 | 4,682 | ||||||
Total prepaid expenses and other current assets
|
$ | 5,099 | $ | 4,682 |
Long term debts
USD thousand
Lender
|
Beginning
Year
|
Duration
(years)
|
Ending
Year
|
Non current
residual
capital value
|
Interest rate %
as of
|
Interest rate
|
Covenants
|
||||||||||||||||
Unicredit
|
2010
|
3 | 2013 | $ | 1,739 | 3.20 | % |
Fixed
|
No
|
||||||||||||||
Deutsche Bank
|
2010
|
5 | 2015 | 3,478 | 2.53 | % |
Variable Euribor + spread
|
No
|
|||||||||||||||
Banca Popolare di Vicenza
|
2010
|
4 | 2014 | 232 | 2.45 | % |
Fixed
|
No
|
|||||||||||||||
Cariparma 1
|
2010
|
8 | 2018 | 6,667 | 2.78 | % |
Variable Euribor + spread
|
Yes 2
|
|||||||||||||||
Credito Cooperativo Laudense
|
2008
|
8 | 2016 | 1,783 | 2.80 | % |
Fixed
|
No
|
|||||||||||||||
Cariparma
|
2009
|
3 | 2012 | 81 | 3.08 | % |
Variable Euribor + spread
|
No
|
|||||||||||||||
Banca Popolare di Intra
|
2008
|
3 | 2011 | 289 | 3.43 | % |
Variable Euribor + spread
|
No
|
|||||||||||||||
Banca Sella
|
2010
|
8 | 2018 | 522 | 3.85 | % |
Variable Euribor + spread
|
No
|
|||||||||||||||
Popolare di Sondrio
|
2010
|
4 | 2014 | 1,995 | 3.27 | % |
Variable Euribor + spread
|
No
|
|||||||||||||||
Austin Bank
|
2009
|
6 | 2015 | 1,267 | 6.25 | % |
Variable Euribor + spread
|
No
|
|||||||||||||||
Austin Bank loan no. 15952
|
2007
|
5 | 2012 | 1,059 | 6.50 | % |
Variable Euribor + spread
|
No
|
|||||||||||||||
Austin Bank loan no. 15960
|
2007
|
6 | 2013 | 765 | 6.50 | % |
Variable Euribor + spread
|
No
|
|||||||||||||||
Austin Bank loan no. 3608030897
|
2008
|
5 | 2013 | 300 | 6.50 | % |
Variable Euribor + spread
|
No
|
|||||||||||||||
Citizens Bank
|
2009
|
2 | 2011 | 218 | 6.25 | % |
Variable Euribor + spread
|
No
|
|||||||||||||||
Total long term debts
|
$ | 20,395 |
Year ended December 31,
|
|
|||
USD thousand
|
Amount | |||
2011 (Current)
|
$ | 13,105 | ||
2012
|
4,435 | |||
2013
|
3,965 | |||
2014
|
4,013 | |||
2015
|
2,991 | |||
Thereafter
|
4,990 | |||
Total Long-Term debts
|
$ | 33,500 |
Current Liabilities
|
Year ended December 31,
|
|||||||
USD thousand
|
2010
|
2009
|
||||||
Accounts payable and accrued expenses
|
$ | 26,911 | $ | 15,443 | ||||
Taxes payable
|
3,195 | 2,205 | ||||||
Current portion of:
|
||||||||
Advances received from customers
|
2,535 | 7,184 | ||||||
Long-term debt
|
13,105 | 3,847 | ||||||
Other liabilities
|
2,784 | 1,670 | ||||||
Total Current Liabilities
|
$ | 48,531 | $ | 30,350 |
Long-term Liabilities
|
Year ended December 31,
|
|||||||
USD thousand
|
2010
|
2009
|
||||||
Long-term debt, net of current
|
$ | 20,395 | $ | 6,899 | ||||
Deferred income taxes
|
- | 330 | ||||||
Other liabilities
|
682 | 219 | ||||||
Post-employment benefit
|
1,418 | 803 | ||||||
Total Long-Term Liabilities
|
$ | 22,494 | $ | 8,251 |
Equity
|
Year ended December 31,
|
|||||||
USD thousand
|
2010
|
2009
|
||||||
Capital stock
|
$ | 7,326 | $ | 5,885 | ||||
Accumulated other comprehensive income
|
(119 | ) | 23 | |||||
Retained earnings
|
271 | (517 | ) | |||||
Total ITP Group Stockholders’ Equity
|
$ | 7,477 | $ | 5,391 | ||||
Noncontrolling interests
|
- | 1,571 | ||||||
Total Equity
|
$ | 7,477 | $ | 6,962 |
Operating Expenses
|
Year ended December 31,
|
|||||||||||
USD thousand
|
2010
|
2009
|
2008
|
|||||||||
Selling, general and administrative expenses
|
$ | (9,321 | ) | $ | (4,177 | ) | $ | (3,569 | ) | |||
Provision for doubtful accounts
|
(876 | ) | (397 | ) | (1,056 | ) | ||||||
Other operating costs
|
(870 | ) | (449 | ) | (1,243 | ) | ||||||
Total Operating Expenses
|
$ | (11,067 | ) | $ | (5,023 | ) | $ | (5,869 | ) |
Income (loss) before provision for income taxes
|
||||||||||||
USD thousand
|
2010
|
2009
|
2008
|
|||||||||
Italian companies
|
$ | 4,274 | $ | 1,798 | $ | 741 | ||||||
US companies
|
(649 | ) | 567 | 676 | ||||||||
Other foreign companies
|
(114 | ) | - | - | ||||||||
Total income before provision for income taxes
|
$ | 3,511 | $ | 2,365 | $ | 1,417 |
USD thousand
|
2010
|
2009
|
2008
|
|||||||||
Current
|
||||||||||||
Italian companies
|
$ | 2,004 | $ | 935 | $ | 672 | ||||||
US companies
|
- | 318 | 282 | |||||||||
Other foreign companies
|
- | - | ||||||||||
Total provision (receivable) for current income taxes
|
$ | 2,004 | $ | 1,254 | $ | 953 | ||||||
Deferred
|
||||||||||||
Italian companies
|
(728 | ) | (38 | ) | 117 | |||||||
US companies
|
6 | 152 | ||||||||||
Other foreign companies
|
- | - | ||||||||||
Total provision (receivable) for deferred income taxes
|
$ | (721 | ) | $ | 115 | $ | 117 | |||||
Total provision (receivable) for income taxes
|
$ | 1,283 | $ | 1,369 | $ | 1,070 |
Tax rate reconciliation
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
Italian statutory tax rate
|
32.4 | % | 32.3 | % | 31.8 | % | ||||||
Permanent differences
|
8.4 | % | 9.8 | % | 13.2 | % | ||||||
Basis differences on accounts receivable | (3.4 | )% | 6.5 | % | 25.4 | % | ||||||
Basis differences on inventory | 0.0 | % | 1.9 | % | 4.1 | % | ||||||
Otherbasis differences | (0.9 | )% | 7.4 | % | 1.0 | % | ||||||
Effective tax rate
|
36.5 | % | 57.9 | % | 75.5 | % |
Deferred tax assets - current
|
||||||||||||
USD thousand
|
2010
|
2009
|
2008
|
|||||||||
Italian companies
|
$ | (841 | ) | $ | - | $ | - | |||||
US companies
|
- | - | - | |||||||||
Other foreign companies
|
- | - | - | |||||||||
Total deferred tax assets - current
|
$ | (841 | ) | $ | - | $ | - |
Deferred tax assets - non current
|
||||||||||||
USD thousand
|
2010
|
2009
|
2008
|
|||||||||
Italian companies
|
$ | - | $ | - | $ | - | ||||||
US companies
|
- | - | - | |||||||||
Other foreign companies
|
- | - | - | |||||||||
Total deferred tax assets - non current
|
$ | - | $ | - | $ | - |
Taxes payables - current
|
||||||||||||
USD thousand
|
2010
|
2009
|
2008
|
|||||||||
Italian companies
|
$ | 3,187 | $ | 1,887 | $ | 1,070 | ||||||
US companies
|
- | 318 | 319 | |||||||||
Other foreign companies
|
8 | - | - | |||||||||
Total taxes payables - current
|
$ | 3,195 | $ | 2,205 | $ | 1,389 |
Deferred tax liabitilies
|
||||||||||||
USD thousand
|
2010
|
2009
|
2008
|
|||||||||
Italian companies
|
$ | 214 | $ | 100 | $ | 137 | ||||||
US companies
|
236 | 230 | 78 | |||||||||
Other foreign companies
|
- | - | - | |||||||||
Deferred tax liabilities
|
$ | 450 | $ | 330 | $ | 215 |
Tax reserve for current and deferred income taxes
|
||||
USD thousand
|
||||
Balance as of January 1, 2009
|
$ | 1,604 | ||
Provision
|
|
1,369 | ||
Payments/Settlements
|
|
(460 | ) | |
Exchange currency translation
|
|
22 | ||
Balance as of December 31, 2009
|
|
2,535 | ||
Provision
|
|
1,283 | ||
Payments/Settlements
|
|
(1,024 | ) | |
Exchange currency translation
|
|
11 | ||
Balance as of December 31, 2010
|
$ | 2,804 |
USD thousand
|
Assets
|
Liabilities
|
||||||
Deferred income tax as of December 31, 2010
|
||||||||
Accounts receivables
|
$ | (841 | ) | - | ||||
Fixed assets
|
- | 450 | ||||||
Deferred income tax as of December 31, 2009
|
||||||||
Fixed assets
|
- | 330 | ||||||
Deferred income tax as of December 31, 2008
|
||||||||
Fixed assets
|
$ | - | $ | 215 |
Allowance for doubtful accounts
|
||||
USD thousand
|
||||
Balance as of January 1, 2008
|
$ | 79 | ||
Charged to costs and expenses
|
1,056 | |||
Deductions
|
- | |||
Currency translation effect
|
112 | |||
Balance as of December 31, 2008
|
1,247 | |||
Charged to costs and expenses
|
397 | |||
Deductions
|
- | |||
Currency translation effect
|
20 | |||
Balance as of December 31, 2009
|
1,664 | |||
Charged to costs and expenses
|
876 | |||
Deductions
|
- | |||
Currency translation effect
|
9 | |||
Balance as of December 31, 2010
|
$ | 2,549 |
This ‘8-K/A’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on: | 6/24/11 | 3 | ||
For Period End: | 4/29/11 | 3, 8-K, 8-K/A | ||
4/28/11 | ||||
12/31/10 | 10-KT, 10-Q, NT 10-Q | |||
12/15/10 | ||||
6/15/10 | ||||
5/20/10 | ||||
1/20/10 | ||||
1/1/10 | ||||
12/31/09 | 10-Q, NT 10-Q | |||
12/4/09 | ||||
9/15/09 | ||||
3/20/09 | ||||
1/1/09 | ||||
12/31/08 | 10-Q, 10-Q/A, NT 10-Q | |||
1/1/08 | ||||
12/31/07 | 10QSB, NT 10-K | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 7/01/11 SEC UPLOAD¶ 9/30/17 1:47K ITP Energy Corp. |