Monday, 20 August 2012
ATP OIL & GAS CORP
MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
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ATP OIL & GAS CORP
Identification number
US760362774
Country
United States of America
ZIP code and city
77027 - HOUSTON
Address
SUITE 200 +1 713 622 3311 www.atpog.com atpinvest@atpog.com
Legal form
Not available
Account
Consolidated
Incorporation date
1991
NACE 2 Sector
0610 - Extraction of crude petroleum
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Company name
Listed Status
Active
MORE Credit limit
2,100,000 e
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.
31/12/2010
31/12/2009
531,114
327,622
216,683
CCC
CC
CCC
16.00%
42.00%
16.00%
100%
100%
100%
19.37
12.06
3.70
1.05
1.08
1.27
Current Ratio
0.35
0.75
0.92
Quick Ratio
0.35
0.75
0.92
Probability of default
Plus
Basic
31/12/2011
Confidence Level
TM
Solvency ratios Leverage ratio Total asset/Total liabilities Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%)
5.29
-4.14
-0.61
-126.50
-138.42
-8.70
Asset turnover
0.20
0.13
0.11
Interest paid weight
1.82
-1.63
-2.37
Gross Profit/Operating revenue
0.82
0.69
0.73
0.53
-0.07
-0.42
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
ATP OIL & GAS CORP
Monday, 20 August 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
19.37
0.45
1.24
1.10
-1.57
Total asset/Total liabilities
1.05
3.23
1.79
1.80
0.87
Current Ratio
0.35
2.51
1.04
0.77
0.55
Quick Ratio
0.35
2.07
0.89
0.74
0.55
Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%)
5.29
18.12
7.21
-5.32
-87.48
-126.50
17.84
10.77
-12.36
-183.70
Asset turnover
0.20
0.40
0.31
0.25
0.23
Interest paid weight
1.82
0.02
0.14
-0.05
-0.12
Gross Profit/Operating revenue
0.82
0.74
0.67
0.55
0.62
0.53
46.61
5.61
-4.73
-1.58
Days Sales Of Inventory (DIO)
0
13
13
11
NaN
Days Sales Outstanding (DSO)
38
36
48
36
83
Days Payable Outstanding (DPO)
0
22
31
40
245
Cash Conversion Cycle (DIO + DSO - DPO)
38
28
24
15
NaN
-
42
110
49
3
CCC
A
BBB
B
CC
Return on equity ROE (%)
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 0610with financial data of year 2011.
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
ATP OIL & GAS CORP
Monday, 20 August 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
ATP OIL & GAS CORP
Monday, 20 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Balance Sheet BALANCE SHEET (th e)
31/12/2011
31/12/2010
31/12/2009
Accounting practice
Local GAAP
Local GAAP
Local GAAP
0.77286
0.748
0.69416
Total assets
2,619,039
2,460,996
1,945,819
Fixed assets
2,474,404
2,226,132
1,747,354
0
0
0
2,424,779
2,172,668
1,725,749
Exchange rate USD - EUR
Intangible fixed assets Tangible fixed assets Other fixed assets Current assets
49,625
53,465
21,606
144,635
234,864
198,464
0
0
0
Debtors
54,585
69,367
36,479
Other current assets
90,049
165,496
161,986
50,760
115,712
75,636
Shareholders funds
128,595
188,486
413,668
Capital
226,283
104,758
97,217
Other shareholders funds
-97,688
83,727
316,451
Total liabilities
2,490,444
2,272,511
1,532,150
Non current liabilities
2,077,263
1,958,255
1,315,364
Long term debt
1,527,287
1,389,622
832,880
549,975
568,633
482,484
Current liabilities
413,181
314,256
216,786
Loans
26,160
16,175
11,688
0
0
0
387,021
298,080
205,098
2,619,039
2,460,996
1,945,819
31/12/2011
31/12/2010
31/12/2009
Stocks
Cash & cash equivalent
Other non-current liabilities
Creditors Other current liabilities Total shareh. funds & liab. NET DEBT (th e) Short term debts Long term debt
26,160
16,175
11,688
1,527,287
1,389,622
832,880
Cash & cash equivalent Net debt
50,760
115,712
75,636
1,502,687
1,290,086
768,932
31/12/2011
31/12/2010
Working capital Net Current Assets
31/12/2009
-
-
-
-268,546
-79,392
-18,322
31/12/2011
31/12/2010
31/12/2009
Days Sales Of Inventory (DIO)
0
0
0
Days Sales Outstanding (DSO)
38
77
61
Days Payable Outstanding (DPO) Cash Conversion Cycle (DIO + DSO - DPO)
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
0
0
0
38
77
61
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
ATP OIL & GAS CORP
Monday, 20 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Income Statement INCOME STATEMENT (th e)
31/12/2011
31/12/2010
31/12/2009
Accounting practice
Local GAAP
Local GAAP
Local GAAP
0.77286
0.748
0.69416
Exchange rate USD - EUR Sales
531,114
327,622
207,198
62
58
-
0
0
9,485
Operating revenue / turnover
531,114
327,622
216,683
Total operating costs
397,885
339,237
228,643
Costs growth (%)
17
48
-
Service costs
-
-
-
Material costs
-
-
-
Costs of employees
-
-
-
EBITDA
411,557
204,372
127,879
Depreciation
278,328
215,987
139,838
Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized
EBIT Financial P/L Financial revenue Financial expenses 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
133,228
-11,616
-11,960
-247,000
-256,407
-28,381
172
521
493
247,172
256,928
28,874
252,269
166,134
28,380
-113,772
-268,023
-40,341
-34,937
-20,010
-11,270
-
-
-
-
-
-
-148,709
-288,032
-51,611
13,964
-27,132
-15,642
-162,673
-260,900
-35,969
31/12/2011
31/12/2010
P/L for period
Costs of Good Sold
31/12/2009
95,412
100,021
59,156
Gross Profit
435,702
227,601
157,527
Other Operating Expenses
302,474
239,216
169,487
31/12/2011 Cash flow Added value
103,869
-
-
-
59
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
31/12/2009
-44,913
31/12/2011 Number of employees
31/12/2010
115,656
31/12/2010
31/12/2009
55
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
63
ATP OIL & GAS CORP
Monday, 20 August 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
ATP OIL & GAS CORP
Monday, 20 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Qualitative information Full overview
The company is engaged in the acquisition, development, and production of oil and natural gas properties in the Gulf of Mexico, the North Sea, and the United Kingdom. The company has its registered office located in Houston, United States. It was founded in the year 1991. The company is publicly traded on the NASDAQ National Market under the trading symbol ATPG. The company’s business strategy is to enhance shareholder value primarily through the acquisition, development and production of properties that the company contain oil and natural gas in commercial quantities in areas that have: undeveloped reserves or reservoirs; close proximity to developed markets for oil and natural gas; existing infrastructure of oil and natural gas pipelines and production / processing platforms; and a relatively stable regulatory environment for offshore oil and natural gas development and production. It primarily focuses its efforts on oil and natural gas properties where previous drilling has encountered reservoirs that appear to contain commercially productive quantities of oil and gas. Many of these properties contain proved undeveloped reserves that are economically attractive to the company but are not strategic to major or exploration - oriented independent oil and natural gas companies. Its management team has engineering, geological, geophysical, technical and operational expertise in successfully developing and operating properties in both its current and planned areas of operation. The company sells its oil and natural gas production under price sensitive or market price contracts. Its revenues, profitability and future growth depend on prevailing prices for oil and natural gas. As of December 2006, it had leasehold and other interests in 72 offshore blocks, 44 platforms, and 112 wells, including 14 subsea wells in the Gulf of Mexico, as well as in 11 blocks and 2 company - operated subsea wells in the North Sea. The company has estimated net proved reserves of 636. 9 billion cubic feet equivalent comprising 329. 2 billion cubic feet of natural gas and 51. 3 million barrels of crude oil. Through its subsidiaries, it is also present in the Netherlands.
History
Not available.
Primary business line
Engaged in the acquisition, development, and production of oil and natural gas properties in the Gulf of Mexico, the North Sea, and the United Kingdom.
Secondary business line
Not available.
Main activity
Services.
Secondary activity
Not available.
Main products and services
Oil and natural gas properties.
Size estimate
Not available.
Strategy, organization and policy
To enhance shareholder value primarily through the acquisition, development and production of properties that the company contain oil and natural gas in commercial quantities in areas that have: Undeveloped reserves or reservoirs; close proximity to developed markets for oil and natural gas; existing infrastructure of oil and natural gas pipelines and production / processing platforms; and a relatively stable regulatory environment for offshore oil and natural gas development and production.
Strategic alliances
Not available.
Membership of a network
Not available.
Main brand names
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
ATP OIL & GAS CORP
Monday, 20 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Main domestic country
United States of America.
Main foreign countries or regions
Gulf of Mexico; North Sea; United Kingdom; Netherlands.
Main production sites
Not available.
Main distribution sites
Not available.
Main sales representation sites
Not available.
Main customers
Not available.
Auditor/Advisor/Bank name
type
address
PRICEWATERHOUSECOOPERS LLP American Stock Transfer & Trust
Auditor Transfer Agent
-
Board name
date of birth
nationality
function
Mr. Burt A Adams Mr. Chris A Brisack
-
-
Independent Director Independent Director
Mr. Mr. Mr. Mr. Mr.
-
-
Independent Director Independent Director Independent Director Independent Director Independent Director
-
-
Independent Director
Arthur H Dilly George R Edwards Robert J Karow Brent M Longnecker Gerard J Swonke
Mr. Walter Wendlandt
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
ATP OIL & GAS CORP
Monday, 20 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Sharehoders (the first twenty shareholders ordered by Direct %)) Rating:
BULMAHN PAUL T. Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
-
Operating Revenue (MIL $)
9.27 -
-
Total Assets (MIL $) Number of Employees Information date
2012/04
ALETHEIA RESEARCH AND MANAGEMENT, INC. via its funds
Rating:
Country ISO code NACE Rev. 2, Core code Direct %
US -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
Total % Address : Not available
5.54
Information date
2012/03
Rating:
BB
US 5.07
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
9081 179896 10100 2012/03
Country ISO code NACE Rev. 2, Core code Direct %
US -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
2017.7 1830.07 9500
Total % Address : Not available
4.20
Information date
2012/03
US 4.04
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Country ISO code NACE Rev. 2, Core code
US -
Operating Revenue (MIL $) Total Assets (MIL $)
119.33 24014.19
Direct % Total % Address : Not available
2.85
Number of Employees Information date
159 2012/03
CH 2.73
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
BLACKROCK, INC. via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
Rating:
VANGUARD GROUP, INC. THE via its funds
Rating:
STATE STREET CORPORATION via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
9594 216827 29740 2012/03
Rating:
D. E. SHAW & CO., L.P. via its funds
Rating:
CREDIT SUISSE GROUP AG via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %
0.61 9
23562.55 1115065.37 49700 2012/03
Address : Not available
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
ATP OIL & GAS CORP
Monday, 20 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
ALTA ADVISERS LIMITED via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating Revenue (MIL $)
NACE Rev. 2, Core code Direct % Total % Address : Not available
1.33
Total Assets (MIL $) Number of Employees Information date
US 1.23
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating Revenue (MIL $)
0 2012/03
Rating:
BANK OF AMERICA CORPORATION via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %
34.59 21.36 28 2012/03
Rating:
SUSQUEHANNA INTL GROUP via its funds Country ISO code
BBB
GB 1.34
86393 2129046 284635 2012/03
Address : Not available
Rating:
NORTHERN TRUST CORPORATION via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
1.00
Total Assets (MIL $) Number of Employees Information date
3769.64 100223.74 14018 2012/03
TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICA via its funds
Rating:
Country ISO code NACE Rev. 2, Core code Direct %
US -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
11726.6 225931.3 0
Total % Address : Not available
0.92
Information date
2012/03
US 0.81
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Country ISO code NACE Rev. 2, Core code
US -
Operating Revenue (MIL $) Total Assets (MIL $)
28811 923225
Direct % Total % Address : Not available
0.70
Number of Employees Information date
33300 2012/03
Rating:
ANTHION CAPITAL GP LLC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
0 2012/03
Rating:
GOLDMAN SACHS GROUP, INC via its funds
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
ATP OIL & GAS CORP
Monday, 20 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
JP MORGAN CHASE & CO. via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
US 0.53
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Country ISO code
NO
Operating Revenue (MIL $)
NACE Rev. 2, Core code Direct % Total % Address : Not available
0.52
Total Assets (MIL $) Number of Employees Information date
97234 2265792 260157 2012/03
Rating:
GOVERNMENT OF NORWAY via its funds
2011/12
JACOBS LEVY EQUITY MANAGEMENT, INC. via its funds
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total %
US 0.46
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating Revenue (MIL $)
2.9 23 2012/03
Address : Not available
Rating:
MILLENNIUM MANAGEMENT, LLC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
0.39
-
Total Assets (MIL $) Number of Employees Information date
0 2012/03
BANK OF NEW YORK MELLON CORPORATION via its funds
Rating:
Country ISO code NACE Rev. 2, Core code Direct %
US -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
14730 325266 48700
Total % Address : Not available
0.38
Information date
2012/03
CA 0.35
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
ROYAL BANK OF CANADA RBC via its funds 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
24391.89 797261.24 68480 2012/03
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
ATP OIL & GAS CORP
Monday, 20 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:
ATP OIL & GAS (NETHERLANDS) B.V. Country ISO code NACE Rev. 2, Core code Direct % Total %
NL
A
Operating Revenue (MIL $)
100.00 100.00
Total Assets (MIL $) Number of Employees Information date
17.37 2 2012/02
Rating:
C
Country ISO code
GB
Operating Revenue (MIL $)
20.91
NACE Rev. 2, Core code Direct % Total %
WO WO
Total Assets (MIL $) Number of Employees Information date
Country ISO code
US
Operating Revenue (MIL $)
NACE Rev. 2, Core code Direct % Total %
MO -
Total Assets (MIL $) Number of Employees Information date
ATP OIL & GAS (UK) LIMITED
386.52 7 2012/05
Rating:
ATP ENERGY INC
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8.4 48 2012/01
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
ATP OIL & GAS CORP
Monday, 20 August 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.
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
ATP OIL & GAS CORP
Monday, 20 August 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
ATP OIL & GAS CORP
Monday, 20 August 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
ATP OIL & GAS CORP
Monday, 20 August 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.
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
ATP OIL & GAS CORP
Monday, 20 August 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
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