Monday, 07 May 2012
Cimber Sterling A/S
MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Company name
Cimber Sterling A/S
Identification number If you want to know more, ASKMORE modeFinance’s credit report.
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Denmark
ZIP code and city
6400 - SONDERBORG
Address
Lufthavnsvej 2 +45 70101218 www.cimber.dk ir@cimber.dk
Legal form
Limited company
Account
Consolidated
Incorporation date
1971
NACE 2 Sector
5110 - Passenger air transport
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ASKMORE is the modeFinance product which gives the chance to evaluate the credit risk for every company from all around the world.
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Country
Listed Status
Active
MORE Credit limit
Not eligible for credit on the base of the available informations
plans 3 types of reports:
Turnover (th e) Rating s-peek
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ASKMORE Basic: This report includes modeFinance ’ s MORE Credit Ratings and MORE Credit Limit to help you in the decision making. It covers all essential information including financial statements of the last three years and descriptive information including trade description and sector analysis. This report type is ideally suited for decisions on transactions with each level of credit risk.
30/04/2010
30/04/2009
245,459
194,932
161,853
CC
CC
CCC
39.00%
39.00%
17.00%
78%
78%
78%
-4.06
-3.87
10.37
0.75
0.74
1.10
Current Ratio
0.41
0.37
0.61
Quick Ratio
0.40
0.36
0.58
Probability of default
Plus
Basic
30/04/2011
Confidence Level
TM
Solvency ratios Leverage ratio Total asset/Total liabilities Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%) Return on equity ROE (%)
-
-
-
-119.76
-118.47
-114.12
2.97
2.30
1.99
Asset turnover Interest paid weight Gross Profit/Operating revenue
-
-
-
0.22
0.22
0.38
-
-
-
Interest Coverage ratios EBIT interest coverage ratio
Analysis and trend of financial strength
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MORE Credit Rating
D not available
non return
C
CC
extremly pathological pathological
CCC
B
BB
BBB
A
AA
AAA
high danger
weak
sufficient
adequate
good
very strong
extremely strong
Cimber Sterling A/S
Monday, 07 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Sector Analysis Company
Healthy
Balanced
Vulnerable
Risky
Solvency ratios Leverage ratio
-4.06
0.54
2.59
4.35
-2.31
Total asset/Total liabilities
0.75
2.85
1.39
1.15
0.89
Current Ratio
0.41
2.35
1.14
0.99
0.65
Quick Ratio
0.40
1.96
1.05
0.85
0.56
-
18.34
6.97
0.26
-15.69
-119.76
21.21
10.10
-4.02
-100.70
2.97
1.99
1.24
1.48
1.84
-
0.00
0.17
0.02
-0.06
0.22
0.20
0.20
0.09
0.02
-
391.30
5.07
0.05
-11.25
Days Sales Of Inventory (DIO)
2
12
9
10
8
Days Sales Outstanding (DSO)
21
31
32
28
34
Days Payable Outstanding (DPO)
34
15
29
27
45
Cash Conversion Cycle (DIO + DSO - DPO)
-11
19
15
6
-5
-
83
249
171
108
CC
A
BB
B
C
Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%) Return on equity ROE (%) Asset turnover Interest paid weight Gross Profit/Operating revenue Interest Coverage ratios EBIT interest coverage ratio Cash Conversion Cycle (days)
Numer of analyzed companies (Average) Rating
The sector has been chosen according to: international companies in the sector NACE 2 5110 with financial data of year 2010.
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
Cimber Sterling A/S
Monday, 07 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Sector Analysis - Graphs
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
Cimber Sterling A/S
Monday, 07 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Balance Sheet BALANCE SHEET (th e)
30/04/2011
30/04/2010
30/04/2009
Accounting practice
Local GAAP
Local GAAP
Local GAAP
0.13378
0.13378
0.13378
Total assets
82,541
84,874
81,359
Fixed assets
43,620
49,452
50,079
1,013
1,144
0
Tangible fixed assets
27,040
35,431
38,511
Other fixed assets
15,566
12,877
11,568
38,921
35,422
31,280
1,201
1,070
1,344
Debtors
14,002
14,894
14,075
Other current assets
23,718
19,458
15,861
1,969
7,367
22
-26,971
-29,575
7,153
5,378
5,378
5,312
Other shareholders funds
-32,349
-34,953
1,841
Total liabilities
109,512
114,449
74,206
Non current liabilities
15,032
19,583
22,915
Long term debt
-
-
-
Other non-current liabilities
-
-
-
94,480
94,866
51,290
Exchange rate DKK - EUR
Intangible fixed assets
Current assets Stocks
Cash & cash equivalent Shareholders funds Capital
Current liabilities Loans Creditors
-
-
11,692
12,043
-
-
-
82,541
84,874
81,359
30/04/2011
30/04/2010
30/04/2009
Other current liabilities Total shareh. funds & liab. NET DEBT (th e)
23,063
Short term debts
-
-
Long term debt
-
-
-
1,969
7,367
22
-
-
-
Cash & cash equivalent Net debt
30/04/2011 Working capital
30/04/2010
-
30/04/2009
-7,859
4,273
3,376
-55,559
-59,444
-20,011
30/04/2011
30/04/2010
30/04/2009
Net Current Assets
Days Sales Of Inventory (DIO)
2
2
3
Days Sales Outstanding (DSO)
21
28
32
34
22
27
-11
8
8
Days Payable Outstanding (DPO) Cash Conversion Cycle (DIO + DSO - DPO)
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
Cimber Sterling A/S
Monday, 07 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Income Statement INCOME STATEMENT (th e)
30/04/2011
30/04/2010
30/04/2009
Accounting practice
Local GAAP
Local GAAP
Local GAAP
0.13378
0.13378
0.13378
Sales
-
-
-
Revenues growth (%)
-
-
-
-
-
-
Operating revenue / turnover
245,459
194,932
161,853
Total operating costs
279,300
234,130
169,445
Costs growth (%)
19
38
-
Service costs
-
-
-
Material costs
-
-
-
50,838
48,880
42,201
-25,251
-30,702
-1,685
8,590
8,495
5,907
-33,840
-39,197
-7,592
-3,320
-1,284
-3,369
113
2,982
958
3,433
4,265
4,327
Exchange rate DKK - EUR
Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized
Costs of employees EBITDA Depreciation EBIT Financial P/L Financial revenue Financial expenses Interest paid P/L before tax Extr. and other P/L
-
-
-
-43,000
-46,672
-10,961
-
-
-
Extr. and other revenue
-
-
-
Extr. and other expenses
-
-
-
-
-
-
Taxation
-10,700
-11,633
-2,798
P/L for period
-32,300
-35,038
-8,163
30/04/2011
30/04/2010
30/04/2009
P/L before tax + Extr. and other P/L
Costs of Good Sold
192,473
151,083
99,761
Gross Profit
52,986
43,849
62,092
Other Operating Expenses
86,827
83,047
69,684
30/04/2011
30/04/2010
30/04/2009
-23,710
-26,543
-2,256
-
-
-
Cash flow Added value
30/04/2011 Number of employees
657
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
30/04/2010
30/04/2009
635
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
515
Cimber Sterling A/S
Monday, 07 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Evolutions and trends
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
Cimber Sterling A/S
Monday, 07 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Qualitative information Full overview
The company, formerly known as Cimber Air A/s, is engaged in scheduled air transportation. It was incorporated in 1970 and has its registered head office strategically located in Sonderborg, Denmark. The company’s business operation specializes in operating a fleet of aircrafts in Denmark. It offers airline services to Scandinavia, Europe, Copenhagen, Billund, and Norrkoping destinations, as well as provides reservation services. It is a Danish based airline counting more than 850 employees with offices in five Danish airports and a fleet of 26 large and small aircraft. The company conducts more than 1000 flights every week and transports approximately 2.4 million leisure and business passengers per year.
History
Formerly known as Cimber Air A/s.
Primary business line
Engaged in scheduled air transportation.
Secondary business line
Not available.
Main activity
Services.
Secondary activity
Not available.
Main products and services
Operating a fleet of aircrafts in Denmark.
Size estimate
Not available.
Strategy, organization and policy
Not available.
Strategic alliances
Not available.
Membership of a network
Not available.
Main brand names
Not available.
Main domestic country
Denmark.
Main foreign countries or regions
Not available.
Main production sites
Not available.
Main distribution sites
Not available.
Main sales representation sites
Not available.
Main customers
Not available.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
Cimber Sterling A/S
Monday, 07 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Auditor/Advisor/Bank name
type
address
Danske Bank
Banker
-
Board name
date of birth
nationality
function
Mr Vilhelm Eigil Hahn Petersen Mr Joergen Groenlund Nielsen Mr. Jesper Jarlbaek
20/03/1960 09/03/1956
-
Chairman Deputy chairman Member of the board
Sharehoders (the first twenty shareholders ordered by Direct %)) Rating:
CIMBER STERLING GROUP A/S Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
DK
CC
Operating revenue (MIL $)
100.00 100.00
Total Assets (MIL $) Number of Employees Information date
387 193 840 2012/02
Subsidiaries (the first twenty subsidiaries ordered by Direct %) CIMBER AIR GESELLSCHAFT MIT BESCHRĂ„NKTER HAFTUNG
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total %
DE 100.00 100.00
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
DK 9.00 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
AIRPORT COORDINATION DENMARK A/S Country ISO code NACE Rev. 2, Core code Direct % Total %
-
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1 15 2012/02 A
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
0 0 2011/10
Cimber Sterling A/S
Monday, 07 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
ASKMORE rating guide General vision
A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk factors. The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial companies by using data included in financial statements. The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the model are obtained by applying newly developed numerical methodologies, drawing together financial theory, data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective algorithm that produces a classification of each company, by taking into account any attributes (such as sector and country) characterizing a firm. The model gives the opportunity to assign a rating to a company even without considering a complete data analysis and allows to process quality information. It induces a better understanding of a company’s strength and weakness thanks to sophisticated data mining tools and taking into account the analyst knowledge. The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium between the different aspects, better will be the final rating. This is done studying, evaluating and aggregating the most important sections of the financial and economic behavior of a company such as: profitability, liquidity, solvency, interest coverage and efficiency.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
Cimber Sterling A/S
Monday, 07 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating scale Rating class
Rating macro class
The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent
AAA
AA
Assessment
economic and financial flow and fund equilibrium. Healthy
The company has very strong creditworthiness. It also has a good capital structure and economic and financial equilibrium. Difference from AAA is slight. The company has a high solvency. The company is however more susceptible to the adverse effects of changes in
A
circumstances and economic conditions than companies in higher rated categories. Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial commitments could be affected by serious unfavourable events.
BBB Balanced
A company rated BB is more vulnerable than companies rated BBB. Furthermore the company faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions.
BB
The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic
B
conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments. Vulnerable
CCC
A company rated CCC has a dangerous disequilibrium on the capital structure and on its economic and financial fundamentals. Adverse market events and an inadequate management could affect with high probability the company’s solvency.
CC
The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the company’s strong disequilibrium could increase. Risky
C
The company shows considerable pathological situations. commitments is very low.
D
The company has not any longer the capacity to meet its financial commitments.
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The company’s capacity to meet its financial
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
Cimber Sterling A/S
Monday, 07 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Fundamental Credit Rating Ratios Analysis area
Ratio
Assessment This measures the level of total liabilities of the company in comparison
Leverage ratio
with equity.
Solvency ratios
Financial ratios
Assets to debt
This indicates company’s solvency. The company shows a level of deficit when the value of this ratio is under one unit.
Fixed Assets coverage ratio
This is calculated only for holdings. It measures the capital structure i.e. whether a company covers the fixed assets with long term capital.
Current ratio
This measures whether a company has sufficient short-term assets to cover its short-term liabilities.
Liquidity ratios This compares current liabilities only to those assets that can be readily
Quick ratio
turned into cash.
Return on Investement(ROI)
This measures the profitability of company investments without regard to the way the investment is financed.
Return on Equity(ROE)
This measures the profitability of the equity.
Asset turnover
This indicates the investments turnover with regards to sales. The level assumed from the ratio depends on the sector in which the company operates.
Profit margin
This indicates the profitability of sales.
Interest Paid coverage
This indicate the ability of the company to cover interest expenses through the economic margins (Gross profit and EBIT) and through the cash flow from operating activities.
Profitability and economic ratios
Interest coverage ratio
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
Cimber Sterling A/S
Monday, 07 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
MORE Credit Limit, Probability of default and Confidence Level MORE Credit Limit
MORE Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial relationship with the analyzed company with an outlook of one year. modeFinance used the following values associated with the company analyzed while computing the credit limit:
• Size; • Years in Business; • Average number of suppliers; • Liquidity of the company and the comparison with its sector; • The funds dedicated to be paid to suppliers; • The likelihood that a company may pay its debts in the next 12 months (MORE Ratings).
The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual public data. This value should be reviewed by paying attention to the Confidence Level value and by using other information such as other business information, news... etc; and private information such as the relationship with client, history of payments, guarantees and the knowledge of the sector.
Probability of default e Confidence Level
In addition to the MORE Rating, modeFinance also estimates the probability of default and provides a level of confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go into default. As the probability of default is strongly affected by the economic climate that the company is operating in, companies in the same MORE class will not necessarily have the same probability of default. The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level:
Confidence =
P Available Information P Total Information
The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the MORE rating is able to take into account for each company. For companies with fully populated records a confidence level of 100% would be applied: companies where no financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
Cimber Sterling A/S
Monday, 07 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Notes and disclaimer NOTES
modeFinance has based the present analysis on the company available financial statements, coming from one or more of the following sources: local providers, Commercial Register (Companies House), websites, modeFinance’s database etc.
DISCLAIMER
All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher modeFinance. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that modeFinance delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such modeFinance can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.
Contacts
Info web
modeFinance MORE rating AREA Science Park 34149 Trieste, via Padriciano 99 - ITALY info@modefinance.com www.modefinance.com
Phone
+39 040 3755337
Company Products Where
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741