Wednesday, 22 May 2013
HUSQVARNA MOTORCYCLES SRL
MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Company name
HUSQVARNA MOTORCYCLES SRL
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
TM
Italy
ZIP code and city
21024 - BIANDRONNO
Address
VIA NINO BIXIO, 8 +39 0332756111 www.husqvarna - motorcycles.com info@husqvarna - motorcycles.com
Legal form
One - person company with limited liability - SRL
Account
Unconsolidated
Incorporation date
25/02/2005
NACE 2 Sector
3091 - Manufacture of motorcycles
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
590,000 e
Black records
Available on request
plans 3 types of reports:
31/12/2012
s-peek
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
31/12/2011
31/12/2010 59,552
Turnover (th e)
62,113
44,904
Rating
CCC
CCC
CC
10.30%
14.35%
42.78%
100%
100%
100%
Leverage ratio
0.75
1.28
7.59
Financial Leverage
0.00
0.00
0.00
Total asset/Total liabilities
2.33
1.78
1.13
Current Ratio
2.68
1.99
1.15
Quick Ratio
1.76
1.48
0.91
73.00
148.00
153.00
Return on investement ROI (%)
-50.17
-61.79
-113.49
Return on equity ROE (%)
-80.93
-80.55
-974.43
0.74
0.52
0.47
-0.59
-1.01
-0.75
EBIT interest coverage ratio
-242.86
-87.10
-109.27
EBITDA interest coverage ratio
-212.26
-72.30
-33.72
Probability of default Confidence Level Solvency ratios
Liquidity ratios
Cash Cycle Ratio Profitability ratios
Asset turnover EBITDA/Sales Interest Coverage ratios
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
Analysis and trend of financial strength
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
HUSQVARNA MOTORCYCLES SRL
Wednesday, 22 May 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
0.75
0.67
1.98
3.76
Financial Leverage
0.00
-
-
-
5.17 -
Total asset/Total liabilities
2.33
2.48
1.50
1.17
1.04
2.68
2.05
1.50
1.14
1.01
Quick Ratio
1.76
1.54
0.91
0.68
0.33
Cash Cycle Ratio
73.00
-
-
-
-
Return on investement ROI (%)
-50.17
16.80
8.24
1.64
-7.36
Return on equity ROE (%)
-80.93
19.15
12.28
-7.22
-82.17
Liquidity ratios Current Ratio
Profitability ratios
Asset turnover
0.74
1.47
1.29
1.04
1.29
EBITDA/Sales
-0.59
0.13
0.09
0.05
-0.04
EBIT interest coverage ratio
-242.86
57.19
2.85
0.45
-5.67
EBITDA interest coverage ratio
-212.26
77.70
4.80
2.40
-2.17
Days Sales Of Inventory (DIO)
125
38
50
88
81
Days Sales Outstanding (DSO)
90
36
35
69
20
Days Payable Outstanding (DPO)
93
25
43
72
89
Cash Conversion Cycle (DIO + DSO - DPO)
122
45
60
101
81
-
81
156
44
13
CCC
A
BB
B
CC
Interest Coverage ratios
Cash Conversion Cycle (days)
Numer of analyzed companies (Average) Rating
The sector has been chosen according to: international companies in the sector NACE 2 3091 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
HUSQVARNA MOTORCYCLES SRL
Wednesday, 22 May 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
HUSQVARNA MOTORCYCLES SRL
Wednesday, 22 May 2013 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Balance Sheet BALANCE SHEET (th e)
31/12/2012
31/12/2011
31/12/2010
Accounting practice
Local GAAP
Local GAAP
Local GAAP
Exchange rate EUR - EUR
1
1
1
Number of months
12
12
12
Total assets
75,094
85,256
113,537
Fixed assets
12,677
13,359
14,751
0
19
33
12,523
13,187
14,553
Intangible fixed assets Tangible fixed assets
154
153
165
62,417
71,897
98,786
Stocks
21,316
18,287
20,496
Debtors
15,358
19,813
31,702
Other current assets
25,742
33,798
46,589
1,149
2,786
3,636
42,830
37,394
13,213
5,000
5,000
5,000
Other shareholders funds
37,830
32,394
8,213
Total liabilities
32,264
47,862
100,324
Non current liabilities
8,944
11,718
14,069
Long term debt
0
0
0
8,944
11,718
14,069
23,319
36,144
86,255
0
0
0
15,742
23,202
30,282
7,577
12,942
55,974
75,094
85,256
113,537
31/12/2012
31/12/2011
31/12/2010
Other fixed assets Current assets
Cash & cash equivalent Shareholders funds Capital
Other non-current liabilities Current liabilities Loans Creditors Other current liabilities Total shareh. funds & liab. NET DEBT (th e) Short term debts
0
0
Long term debt
0
0
0
1,149
2,786
3,636
-1,149
-2,786
-3,636
Cash & cash equivalent Net debt
0
31/12/2012
31/12/2011
31/12/2010
Working capital
20,932
14,897
21,915
Net Current Assets
39,097
35,753
12,530
31/12/2012
31/12/2011
31/12/2010
Days Sales Of Inventory (DIO)
125
149
126
Days Sales Outstanding (DSO)
90
161
194
Days Payable Outstanding (DPO)
93
189
186
122
121
134
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
HUSQVARNA MOTORCYCLES SRL
Wednesday, 22 May 2013 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Income Statement INCOME STATEMENT (th e)
31/12/2012
31/12/2011
31/12/2010
Accounting practice
Local GAAP
Local GAAP
Local GAAP
Exchange rate EUR - EUR
1
1
1
Number of months
12
12
12
55,917
43,937
53,669
27
-18
-
6,196
967
5,883
Operating revenue / turnover
62,113
44,904
59,552
Total costs
95,014
89,153
100,048
Sales Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized
Costs growth (%)
7
-11
-
Service costs
30,433
37,963
36,132
Material costs
48,453
36,468
50,241
Costs of employees
16,128
14,722
13,675
-32,901
-44,249
-40,496
EBITDA Depreciation EBIT Financial P/L
4,742
9,057
90,732
-37,643
-53,306
-131,228 1,173
-188
18
Financial revenue
272
291
252
Financial expenses
460
273
-921
Interest paid P/L before tax Extr. and other P/L Extr. and other revenue Extr. and other expenses P/L before tax + Extr. and other P/L Taxation
155
612
1,201
-37,832
-53,288
-130,055
3,168
1,070
518
3,453
1,705
1,251
286
636
733
-34,664
-52,218
-129,537
0
-22,099
-785
-34,664
-30,119
-128,752
31/12/2012
31/12/2011
31/12/2010
Cash flow
-29,922
-21,062
-38,020
Added value
-13,639
-27,827
-23,930
31/12/2012
31/12/2011
31/12/2010
P/L for period
Number of employees
243
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
243
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
248
HUSQVARNA MOTORCYCLES SRL
Wednesday, 22 May 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
HUSQVARNA MOTORCYCLES SRL
Wednesday, 22 May 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 manufacture and retail distribution of racing motorcycles. It was founded in 1903. The registered business office of the company is located in Biandronno, Italy. The company offers a wide range of units such as enduro, motocross, supermotard, and dual purpose motorcycles. It also provides after sales and maintenance services, as well as spare parts, special kits, and accessories through its sales and assistance authorized network. The company is active and operational in Italy.
History
Not available.
Primary business line
Engaged in the manufacture and retail distribution of racing motorcycles.
Secondary business line
Not available.
Main activity
Manufacturing; Retail.
Secondary activity
Not available.
Main products and services
Enduro, motocross, supermotard, and dual purpose motorcycles; After sales and maintenance services, as well as spare parts, special kits, and accessories through its sales and assistance authorized network.
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
Italy.
Main foreign countries or regions
Not available.
Main production sites
Italy.
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
HUSQVARNA MOTORCYCLES SRL
Wednesday, 22 May 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 S.P.A.
Auditor
-
Board name
date of birth
nationality
function
Mr. Klaus Allisat
22/11/1968
Italy
Chairman of the Board of Directors
Sharehoders (the first twenty shareholders ordered by Direct %) Rating:
SEESTERN HOLDING GMBH Country ISO code NACE Rev. 2, Core code Direct %
AT 100.00
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
Total % Address : Not available
100.00
Information date
Rating:
BB
IT 100.00
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
3348.04 1275.56 288 12/2011
BMW ITALIA SPA Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
3 03/2013
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
HUSQVARNA MOTORCYCLES SRL
Wednesday, 22 May 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Subsidiaries (the first twenty subsidiaries ordered by Direct %) ANCMA SERVIZI E SVILUPPO SOCIETA COOPERATIVA PER AZIONI A RESPONSABILITA LIMITATA
Rating:
Country ISO code NACE Rev. 2, Core code Direct %
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
Total %
IT 1.31 -
BB
Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
5.85 3.34 11 06/2012
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
HUSQVARNA MOTORCYCLES SRL
Wednesday, 22 May 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
HUSQVARNA MOTORCYCLES SRL
Wednesday, 22 May 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
HUSQVARNA MOTORCYCLES SRL
Wednesday, 22 May 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
HUSQVARNA MOTORCYCLES SRL
Wednesday, 22 May 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
HUSQVARNA MOTORCYCLES SRL
Wednesday, 22 May 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