The Balance of MONDRAGON Corporation to date 31.12.10 was 33,099 million Euros, after registering a slight -235 million euros variation, 0.7% less in percentage terms.
It can be observed that, from the three big areas in the corporation, Industry is the only area which has increased its balance. Assets, after settlement, have increased in 424 million euros.
The most remarkable aspects in each balancing item to date 12.31.2010 are:
Balance Sheet Sheet for MONDRAGON Corporation
(After Distribution of Net Surplus) [millions euros]
| HEADING |
31.12.09 |
31.12.10 |
Annual variation |
| Amount |
% distr. |
Amount |
% distr. |
Amount |
% |
| ASSETS Fixed |
7,591 |
22.8 |
7,318 |
22.1 |
-273 |
-3.6 |
| Current |
25,743 |
77.2 |
25,781 |
77.9 |
38 |
0.1 |
| TOTAL ASSETS |
33,334 |
100.0 |
33,099 |
100.0 |
-235 |
-0.7 |
| LIABILITIES Equity |
4,284 |
12.9 |
4,287 |
13.0 |
3 |
0.1 |
| Minority interests |
189 |
0.6 |
181 |
0.5 |
-8 |
-4.1 |
| Non-current liabilities |
11,811 |
35.4 |
11,824 |
35.7 |
13 |
0.1 |
| Current liabilities |
17,050 |
51.1 |
16,807 |
51.8 |
-243 |
-1.4 |
| TOTAL LIABILITIES |
33,334 |
100.0 |
33,099 |
100.0 |
-235 |
-0.7 |
Fixed Assets
By the end of 2010 the fixed financial assets were 7,318 million euros after a capital reduction of 273 million euros (3.6%) during the year.
Investments during this fiscal year have been made mainly by the Industrial Area, a total of 377 million euros in 2010 despite low internal demand. The Retail area has registered dis-inversions in net terms due to the sale of some premises which it continues using as rent. Total repayments during the last fiscal year reach € 582m, 2.3% less than in the previous year.
Current Assets
Current assets represent the biggest current resources (25,781 million euros), although in 2010 there has only been a slight increase of € 38m, 0.1% in relative terms.
The evolution of this item has been different regarding the different areas:
The Finance and Retail areas have experienced downturns of 78 and € 241m each, while in the Industrial area, this item has increased by 373 million euros, both in stocks and debit balance.
Net Worth
By the end of last fiscal year Mondragon net worth rose to € 4,287m without including the amount of external partners, who are also part of the business net worth where they take part. Of this net worth, € 2,299m belonged to shared capital and € 1,988m to Reserves.
External Partners
During the last years the Mondragon Corporation has combined its internal growth with the settlement of new companies in the domestic and international market in collaboration with other partners.
The total amount of these interests rose up to 181 million euros to date 12.31.2010 and it is mainly located in stockholding companies in the co-operatives and the retail area.
Non-current liabilities
The amount of long-term finance from third parties used by the co-operatives and investee companies has remained stable in the last fiscal year with only a variation of € 13m (0.1%), reaching the amount of € 11,824m.
There has been a remarkable increase in the Financial area due to long-term savings and in the Retail area there has been a debt reduction.
This evolution has increased the circulating capital available in MONDRAGON to € 281m in relation to 2009 by rising up to € 8,974m.
Current liabilities
This balance sheet item has suffered a drop of € 243m in 2010, -1.4% less in relative terms.
This contraction has been due to the increase of longterm savings in the Finance area, which has acted to the detriment of short-term and savings at sight, originating a drop of € 492m in this item.