Tuesday, 10 September 2013
FURNITURE BRANDS INTERNATIONAL INC
MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Company name
FURNITURE BRANDS INTERNATIONAL INC
Identification number If you want to know more, ASKMORE modeFinance’s credit report.
TM
Almost every day millions of people around the world are wondering the real creditworthiness of the companies with which they are in business. Every day these questions remain unanswered. modeFinance now aims to answer these questions in a simple, complete and immediate way. TM
TM
s-peek
TM
United States of America
ZIP code and city
63105 - ST. LOUIS
Address
1, NORTH BRENTWOOD BOULEVARD +1 314 863 1100 www.furniturebrands.com info@furniturebrands.com
Legal form Account
Consolidated
Incorporation date
16/03/1921
NACE 2 Sector
3109 - Manufacture of other furniture
TM
ASKMORE is the modeFinance product which gives the chance to evaluate the credit risk for every company from all around the world.
ASKMORE
Country
Listed Status
Active
MORE Credit limit
3,100,000 e
Black records
Available on request
plans 3 types of reports:
Plus
Basic TM
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. TM
29/12/2012
31/12/2011
31/12/2010
Turnover (th e)
813,465
856,066
867,631
Rating
CCC
CCC
B
17.11%
9.35%
4.44%
100%
100%
100%
Leverage ratio
3.72
1.96
1.08
Financial Leverage
0.69
0.31
0.20
Total asset/Total liabilities
1.10
1.27
1.62
Current Ratio
2.28
2.67
3.03
Quick Ratio
0.86
1.03
1.26
39.00
25.00
29.00
Probability of default Confidence Level Solvency ratios
Liquidity ratios
Cash Cycle Ratio Profitability ratios Return on investement ROI (%)
-7.01
-6.99
-6.62
-31.19
-17.76
-10.14
Asset turnover
1.73
1.80
1.71
Gross Profit/Operating revenue
0.25
0.26
0.26
-4.95
-8.73
-9.26
Return on equity ROE (%)
Interest Coverage ratios EBIT interest coverage ratio
Analysis and trend of financial strength modeFinance Headquarter Building A - AREA Science Park Padriciano 99 - 34149 Trieste - Italy Ph.: +39 040 375 5337 Fax: +39 040 375 6741 info@modefinance.com TM
key askMORETM is a registered mark of modeFinanceTM
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
FURNITURE BRANDS INTERNATIONAL INC
Tuesday, 10 September 2013 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
3.72
0.62
1.62
2.79
11.45
Financial Leverage
0.69
0.04
0.58
1.46
6.35
Total asset/Total liabilities
1.10
2.58
1.62
1.27
1.05
2.28
2.25
1.58
1.41
0.96
Liquidity ratios Current Ratio Quick Ratio
0.86
1.70
1.09
0.83
0.46
Cash Cycle Ratio
39.00
-17.00
-7.00
2.00
6.00
Return on investement ROI (%)
-7.01
12.60
4.88
1.67
-7.10
Return on equity ROE (%)
-31.19
14.80
7.79
-0.52
-105.30
Asset turnover
1.73
1.42
1.44
1.20
1.39
Gross Profit/Operating revenue
0.25
0.28
0.23
0.19
0.14
-4.95
112.50
4.64
0.76
-3.80
Profitability ratios
Interest Coverage ratios EBIT interest coverage ratio Cash Conversion Cycle (days) Days Sales Of Inventory (DIO)
83
33
43
52
56
Days Sales Outstanding (DSO)
43
50
55
53
63
Days Payable Outstanding (DPO)
39
26
34
43
41
Cash Conversion Cycle (DIO + DSO - DPO)
87
61
64
73
68
-
127
256
203
27
CCC
A
BB
B
CC
Numer of analyzed companies (Average) Rating
The sector has been chosen according to: international companies in the sector NACE 2 3109 with financial data of year 2012.
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
FURNITURE BRANDS INTERNATIONAL INC
Tuesday, 10 September 2013 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
FURNITURE BRANDS INTERNATIONAL INC
Tuesday, 10 September 2013 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Balance Sheet BALANCE SHEET (th e)
29/12/2012
31/12/2011
31/12/2010
Accounting practice
Local GAAP
Local GAAP
Local GAAP
0.7586
0.77286
0.748
12
12
12
Total assets
469,149
474,918
505,957
Fixed assets
170,847
188,183
186,238
Intangible fixed assets
57,733
59,903
64,708
Tangible fixed assets
78,442
89,499
93,400
Other fixed assets
34,672
38,781
28,130
298,303
286,735
319,719
185,351
176,331
186,769
Debtors
95,386
83,448
85,672
Other current assets
17,566
26,955
47,278
9,004
19,621
38,869
41,570
102,234
194,156
6,569
46,847
45,340
35,001
55,388
148,816
Total liabilities
427,580
372,683
311,801
Non current liabilities
296,849
265,137
206,281
Long term debt
79,653
59,510
57,596
217,196
205,627
148,685
130,730
107,546
105,520
0
0
0
Creditors
86,169
66,159
59,725
Other current liabilities
44,561
41,387
45,795
469,149
474,918
505,957
29/12/2012
31/12/2011
31/12/2010
Exchange rate USD - EUR Number of months
Current assets Stocks
Cash & cash equivalent Shareholders funds Capital Other shareholders funds
Other non-current liabilities Current liabilities Loans
Total shareh. funds & liab. NET DEBT (th e) Short term debts Long term debt Cash & cash equivalent Net debt
0
0
0
79,653
59,510
57,596
9,004
19,621
38,869
70,649
39,889
18,727
29/12/2012
31/12/2011
31/12/2010
Working capital
194,567
193,621
212,716
Net Current Assets
167,572
179,188
214,200
29/12/2012
31/12/2011
31/12/2010
Days Sales Of Inventory (DIO)
83
75
79
Days Sales Outstanding (DSO)
43
36
36
Days Payable Outstanding (DPO)
39
28
25
Cash Conversion Cycle (DIO + DSO - DPO)
87
83
90
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
FURNITURE BRANDS INTERNATIONAL INC
Tuesday, 10 September 2013 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Income Statement INCOME STATEMENT (th e)
29/12/2012
31/12/2011
31/12/2010
Accounting practice
Local GAAP
Local GAAP
Local GAAP
0.7586
0.77286
0.748
12
12
12
Exchange rate USD - EUR Number of months Sales
813,465
856,066
867,631
-5
-1
-
0
0
0
Operating revenue / turnover
813,465
856,066
867,631
Total operating costs
834,798
880,160
889,604
Costs growth (%)
-5
-1
-
Service costs
-
-
-
Material costs
-
-
-
Costs of employees
-
-
-
-5,898
-218
-3,310
Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized
EBITDA Depreciation EBIT Financial P/L Financial revenue Financial expenses
15,435
23,876
18,663
-21,333
-24,094
-21,973
-15,871
-11,885
-13,871
532
618
1,023
16,402
12,503
14,894
4,310
2,761
2,373
-37,204
-35,979
-35,844
-
-
-
Extr. and other revenue
-
-
-
Extr. and other expenses
-
-
-
-
-
-
-1,346
-2,166
-6,653
-35,858
-33,813
-29,191
29/12/2012
31/12/2011
31/12/2010
Costs of Good Sold
613,243
630,032
639,762
Gross Profit
200,222
226,034
227,868
Other Operating Expenses
221,555
250,128
249,842
29/12/2012
31/12/2011
31/12/2010
Interest paid P/L before tax Extr. and other P/L
P/L before tax + Extr. and other P/L Taxation P/L for period
Cash flow Added value
-20,423
-9,937
-10,528
-
-
-
29/12/2012 Number of employees
9,100
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
31/12/2011 8,800
31/12/2010 8,900
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
FURNITURE BRANDS INTERNATIONAL INC
Tuesday, 10 September 2013 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
FURNITURE BRANDS INTERNATIONAL INC
Tuesday, 10 September 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Qualitative information Full overview
The company is engaged in the design, manufacture, and sale of home furnishings in the United States and internationally. It was founded in 1836 and is headquartered in St. Louis, Missouri. The company is one of the world’s largest furniture manufacturers. Its products include dining room and living room furniture, metal and glass tables, home entertainment centers and home office furniture, motion furniture and sleep sofas, stationary upholstery products, as well as decorative accessories and accent pieces. The company markets its products under the Broyhill, Lane, Thomasville, Drexel Heritage, Henredon, Hickory Chair, Pearson, Laneventure, Maitland - Smith, and Creative Interiors names. The company has trade showrooms located in Thomasville and High Point, North Carolina; Atlanta, Georgia; Chicago, Illinois; Las Vegas, Nevada; and Tupelo, Mississippi.
History
Not available.
Primary business line
Engaged in the design, manufacture, and sale of home furnishings in the United States and internationally.
Secondary business line
Not available.
Main activity
Manufacturing.
Secondary activity
Not available.
Main products and services
Dining room and living room furniture, metal and glass tables, home entertainment centers and home office furniture, motion furniture and sleep sofas, stationary upholstery products, decorative accessories, accent pieces.
Size estimate
One of the world’s largest furniture manufacturers.
Strategy, organization and policy
Not available.
Strategic alliances
Not available.
Membership of a network
Not available.
Main brand names
Broyhill; Lane; Thomasville; Drexel Heritage; Henredon; Hickory Chair; Pearson; Laneventure; Maitland - Smith; Creative Interiors.
Main domestic country
United States of America.
Main foreign countries or regions
Not available.
Main production sites
St. Louis.
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
FURNITURE BRANDS INTERNATIONAL INC
Tuesday, 10 September 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Black records Available on request.
Auditor/Advisor/Bank name
type
address
KPMG LLP
Auditor
-
American Stock Transfer & Trust
Transfer Agent
-
Board name
date of birth
nationality
function
Mr Ralph P Scozzafava
-
-
Mr Ira David Kaplan
29/08/1958
United States of America
CHAIRMAN OF THE BOARD, CHIEF EXECUTIVE Officer; Chief Executive Officer - Chief Executive Officer Independent Director
Mrs Ann S Lieff Mr Aubrey B Patterson
1943
Mr George E Ross
-
United States of America -
Independent Director Lead Independent Director Independent Director
Shareholders (the first twenty shareholders ordered by Direct %) Rating:
SAMSON HOLDING LTD Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
KY 12.82 n.v.
434.27
Total Assets (MIL $) Number of Employees Information date
715.92 8000 03/2013
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
BBB
Operating Revenue (MIL $)
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
FURNITURE BRANDS INTERNATIONAL INC
Tuesday, 10 September 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
DIMENSIONAL FUND ADVISORS LP via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
US 5.46
Rating:
BB
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
36.72 2186.66 260 03/2013
OAKTREE CAPITAL MANAGEMENT, L.P. via its funds
Rating:
Country ISO code
Operating Revenue (MIL $)
NACE Rev. 2, Core code Direct % Total % Address : Not available
US 4.59
Total Assets (MIL $) Number of Employees Information date
US 3.40
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Country ISO code NACE Rev. 2, Core code Direct % Total %
5800 06/2013
Rating:
LEGG MASON INC via its funds
785.1
B 2557.3 7269.7 2975 06/2013
Address : Not available
HOTCHKIS AND WILEY CAPITAL MANAGEMENT LLC via its funds
Rating:
Country ISO code
Operating Revenue (MIL $)
NACE Rev. 2, Core code Direct % Total % Address : Not available
US 3.10
Total Assets (MIL $) Number of Employees Information date
145 03/2013
Rating:
VANGUARD GROUP, INC. THE via its funds Country ISO code NACE Rev. 2, Core code Direct %
US -
Total % Address : Not available
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
2017.7 1830.07 9500
2.69
Information date
03/2013
Rating:
BB
US 2.52
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
9337 200451 10500 03/2013
BLACKROCK, INC. via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
10.3
PRESCOTT GROUP CAPITAL MANAGEMENT, L.L.C. via its funds
Rating:
Country ISO code NACE Rev. 2, Core code
US -
Operating Revenue (MIL $) Total Assets (MIL $)
Direct % Total % Address : Not available
2.28
Number of Employees Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
0.7 6 03/2013
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
FURNITURE BRANDS INTERNATIONAL INC
Tuesday, 10 September 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
PERRITT CAPITAL MANAGEMENT, INC. via its funds
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
US 2.13
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating Revenue (MIL $)
Rating:
TAHITHROMOS LLC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
0.13 2 03/2013
1.64
Total Assets (MIL $) Number of Employees Information date
0 06/2013
COOPER CREEK PARTNERS MANAGEMENT LLC via its funds
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total %
US 1.34
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
0.07 1 03/2013
Rating:
BB
US
Operating Revenue (MIL $)
Address : Not available
WILLIAM BLAIR & COMPANY LLC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
-
1.15
Total Assets (MIL $) Number of Employees Information date
Country ISO code NACE Rev. 2, Core code Direct %
n.v. 0.79
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
Total % Address : Not available
n.v.
Information date
US 0.79
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Country ISO code NACE Rev. 2, Core code
BM -
Operating Revenue (MIL $) Total Assets (MIL $)
4135.3 17492.4
Direct % Total % Address : Not available
0.64
Number of Employees Information date
6128 03/2013
Rating:
SCOZZAFAVA RALPH P
03/2013
Rating:
STATE OF CALIFORNIA via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
511.4 0 06/2013
Rating:
INVESCO LTD via its funds
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
06/2013
A
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
FURNITURE BRANDS INTERNATIONAL INC
Tuesday, 10 September 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
TRUE BEARING ASSET MANAGEMENT LP via its funds
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
US 0.61
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating Revenue (MIL $)
Rating:
D. E. SHAW & CO. LP via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
0 03/2013
0.60
Total Assets (MIL $) Number of Employees Information date
0 03/2013
BRIDGEWAY CAPITAL MANAGEMENT INC via its funds
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total %
US 0.50
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating Revenue (MIL $)
0 03/2013
Address : Not available
Rating:
Y/CAP MANAGEMENT LLC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
0.49
Total Assets (MIL $) Number of Employees Information date
0 06/2013
Rating:
FIRST DALLAS HOLDINGS INC via its funds Country ISO code NACE Rev. 2, Core code Direct %
US -
Total % Address : Not available
0.48
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
5.7 40 03/2013
Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:
ACTION TRANSPORT, INC. Country ISO code NACE Rev. 2, Core code
US -
Operating Revenue (MIL $) Total Assets (MIL $)
Direct % Total %
MO n.v.
Number of Employees Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
25.2 200 06/2013
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
FURNITURE BRANDS INTERNATIONAL INC
Tuesday, 10 September 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
BROYHILL FURNITURE INDUSTRIES, INC. Country ISO code NACE Rev. 2, Core code Direct % Total %
US MO n.v.
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US MO n.v.
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US MO n.v.
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
MY MO n.v.
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US MO n.v.
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
CN MO n.v.
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
HK MO n.v.
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
CA MO n.v.
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
BROYHILL HOME FURNISHINGS, INC. Country ISO code NACE Rev. 2, Core code Direct % Total %
12/2012
Rating:
FURNITURE BRANDS CANADA ULC Country ISO code NACE Rev. 2, Core code Direct % Total %
12/2012
Rating:
FURNITURE BRANDS ASIA LTD Country ISO code NACE Rev. 2, Core code Direct % Total %
3.8 30 04/2013
Rating:
FURNITURE BRANDS (HANGZHOU) CO LTD Country ISO code NACE Rev. 2, Core code Direct % Total %
12/2012
Rating:
FAYETTE ENTERPRISES LLC Country ISO code NACE Rev. 2, Core code Direct % Total %
12/2012
Rating:
DECORATIVE HARDWARE SOLUTIONS (L) BHD Country ISO code NACE Rev. 2, Core code Direct % Total %
12/2012
Rating:
BROYHILL RETAIL INC Country ISO code NACE Rev. 2, Core code Direct % Total %
126.2 1000 12/2012
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
12/2012
FURNITURE BRANDS INTERNATIONAL INC
Tuesday, 10 September 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
FURNITURE BRANDS DE MEXICO S DE RL DE CV Country ISO code NACE Rev. 2, Core code Direct % Total %
MX MO n.v.
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US MO n.v.
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US MO n.v.
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US MO n.v.
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US MO n.v.
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US MO n.v.
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US MO
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US MO n.v.
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
FURNITURE BRANDS HOLDINGS INC Country ISO code NACE Rev. 2, Core code Direct % Total %
6 52 12/2012
Rating:
LANE FURNITURE INDUSTRIES, INC. Country ISO code NACE Rev. 2, Core code Direct % Total %
259.6 3300 05/2013
Rating:
HDM RETAIL INC Country ISO code NACE Rev. 2, Core code Direct % Total %
0.31 4 04/2013
Rating:
HDM FURNITURE INDUSTRIES, INC. Country ISO code NACE Rev. 2, Core code Direct % Total %
12/2012
Rating:
FURNITURE BRANDS RETAIL OPS IN Country ISO code NACE Rev. 2, Core code Direct % Total %
12/2012
Rating:
FURNITURE BRANDS RESOURCE COMPANY INC Country ISO code NACE Rev. 2, Core code Direct % Total %
12/2012
Rating:
FURNITURE BRANDS OPERATIONS INC Country ISO code NACE Rev. 2, Core code Direct % Total %
12/2012
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
8.21 0.52 900 12/2012
FURNITURE BRANDS INTERNATIONAL INC
Tuesday, 10 September 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
LANE HOME FURNISHINGS RETAIL, INC. Country ISO code NACE Rev. 2, Core code Direct % Total %
US MO n.v.
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
VU MO n.v.
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
MY MO n.v.
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
MAITLAND SMITH ASIA HOLDINGS LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total %
12/2012
Rating:
MAITLAND SMITH EXPORT (L) BHD Country ISO code NACE Rev. 2, Core code Direct % Total %
12/2012
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
12/2012
FURNITURE BRANDS INTERNATIONAL INC
Tuesday, 10 September 2013 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
FURNITURE BRANDS INTERNATIONAL INC
Tuesday, 10 September 2013 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.
AAA AA
Assessment
Healthy
The company has very strong creditworthiness. The company has a high solvency.
A
Capital structure and economic equilibrium are considered adequate.
BBB Balanced BB
The companyï¿ 21 s performances are adequate considering the sector and the country in which it is operating.
B
The company presents vulnerable signals with regards to its fundamentals. Vulnerable
CCC
The company shows signals of high vulnerability.
CC C D
The company has a dangerous disequilibrium on the capital structure and on its economic and financial fundamentals.
Risky
The company shows considerable pathological situations. The company has not any longer the capacity to meet its financial commitments.
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
FURNITURE BRANDS INTERNATIONAL INC
Tuesday, 10 September 2013 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
FURNITURE BRANDS INTERNATIONAL INC
Tuesday, 10 September 2013 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.
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
FURNITURE BRANDS INTERNATIONAL INC
Tuesday, 10 September 2013 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
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