Monday, 08 April 2013
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
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CENTRAL EUROPEAN DISTRIBUTION CORPORATION
Identification number
Not available
Country
United States of America
ZIP code and city
08054 - MOUNT LAUREL
Address
SUITE 265 +1 856 273 6980 www.cedc.com cedc@ced - c.com
Legal form
Not available
Account
Consolidated
Incorporation date
1997/09/04
NACE 2 Sector
4634 - Wholesale of beverages
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Company name
Listed Status
Active
MORE Credit limit
2,600,000 e
plans 3 types of reports:
Turnover (th e) Rating s-peek
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.
31/12/2010
31/12/2009
641,136
525,194
478,560
CCC
B
BB
16.00%
3.80%
1.20%
100%
100%
100%
Leverage ratio
8.73
1.18
1.63
Total asset/Total liabilities
1.11
1.85
1.61
Current Ratio
1.40
1.96
1.29
Quick Ratio
1.15
1.73
1.22
Probability of default
Plus
Basic
31/12/2011
Confidence Level
TM
Solvency ratios
Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%) Return on equity ROE (%)
-57.95
-1.91
4.95
-638.31
-9.01
4.65
0.41
0.21
0.16
-0.10
-1.65
0.56
0.36
0.44
0.51
-9.22
-0.54
1.62
Asset turnover Interest paid weight Gross Profit/Operating revenue 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
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
Monday, 08 April 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
8.73
0.63
2.80
9.89
-3.07
Total asset/Total liabilities
1.11
2.59
1.36
1.08
0.97
Current Ratio
1.40
2.30
1.30
1.04
0.94
Quick Ratio
1.15
1.63
0.90
0.71
0.59
Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%)
-57.95
13.88
5.19
1.27
-7.29
Return on equity ROE (%)
-638.31
16.80
10.57
2.29
-104.60
Asset turnover
0.41
2.41
2.21
2.14
2.13
Interest paid weight
-0.10
0.01
0.11
0.24
-0.05
Gross Profit/Operating revenue
0.36
0.18
0.15
0.11
0.13
-9.22
131.70
7.65
1.13
-13.40
Interest Coverage ratios EBIT interest coverage ratio Cash Conversion Cycle (days) Days Sales Of Inventory (DIO)
52
28
36
41
36
Days Sales Outstanding (DSO)
181
42
55
60
63
Days Payable Outstanding (DPO)
64
24
46
61
59
Cash Conversion Cycle (DIO + DSO - DPO)
169
47
45
37
41
-
495
1,997
948
165
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 4634 with 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
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
Monday, 08 April 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
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
Monday, 08 April 2013 MORE Credit Rating
C
D
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
0.7729
0.748
0.6942
12
12
12
Total assets
1,558,635
2,503,648
3,081,424
Fixed assets
1,040,664
1,931,722
1,988,134
Intangible fixed assets
876,530
1,556,085
1,566,912
Tangible fixed assets
136,533
142,030
149,879
27,601
233,606
271,343
517,971
571,926
1,093,289
90,958
68,722
64,012
Debtors
317,541
324,010
329,811
Other current assets
109,473
179,195
699,466
72,965
91,343
87,768
160,233
1,146,831
1,169,764
562
530
482
159,672
1,146,301
1,169,282
Total liabilities
1,398,402
1,356,817
1,911,660
Non current liabilities
1,028,205
1,065,165
1,066,238
Long term debt
956,230
936,446
924,486
71,975
128,720
141,752
370,197
291,652
845,422
857
567
334
Creditors
111,907
69,444
78,444
Other current liabilities
257,433
221,641
766,644
1,558,635
2,503,648
3,081,424
31/12/2011
31/12/2010
31/12/2009
Exchange rate USD - EUR Number of months
Other fixed assets 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
857
567
334
956,230
936,446
924,486
72,965
91,343
87,768
884,122
845,670
837,052
31/12/2011
31/12/2010
31/12/2009
Working capital
296,591
323,287
315,380
Net Current Assets
147,774
280,274
247,867
31/12/2011
31/12/2010
31/12/2009
Days Sales Of Inventory (DIO)
52
48
49
Days Sales Outstanding (DSO)
181
225
252
Days Payable Outstanding (DPO) Cash Conversion Cycle (DIO + DSO - DPO)
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
64
48
60
169
225
241
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
Monday, 08 April 2013 MORE Credit Rating
C
D
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
0.7729
0.748
0.6942
12
12
12
Exchange rate USD - EUR Number of months Sales Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized Operating revenue / turnover
641,136
525,194
478,560
22
10
-
0
0
0
641,136
525,194
478,560
1,435,848
568,272
340,101
Costs growth (%)
153
67
-
Service costs
-
-
-
Material costs
-
-
-
Costs of employees
-
-
-
36,891
61,530
157,123
Total operating costs
EBITDA Depreciation EBIT Financial P/L Financial revenue Financial expenses
831,603
104,609
18,664
-794,712
-43,078
138,460
-194,670
-83,911
-71,297
1,067
3,329
7,587
195,737
87,239
78,884
86,203
79,120
85,311
-989,382
-126,989
67,163
-6,141
3,726
48
Extr. and other revenue
-
-
-
Extr. and other expenses
-
-
-
-995,524
-123,263
67,211
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
27,263
-19,984
12,838
-1,022,787
-103,279
54,372
31/12/2011
31/12/2010
31/12/2009
Costs of Good Sold
409,997
293,561
236,347
Gross Profit
231,139
231,633
242,213
1,025,851
274,711
103,753
Other Operating Expenses
31/12/2011 Cash flow Added value
73,036
-
-
-
4,540
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
31/12/2009
1,330
31/12/2011 Number of employees
31/12/2010
-191,184
31/12/2010
31/12/2009
4,150
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
7,550
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
Monday, 08 April 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
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
Monday, 08 April 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 importation and distribution of alcoholic beverages, as well as manufacture and marketing of vodka in the United States. It has its corporate headquarters in Bala Cynwyd, Pennsylvania in United States of America. The company was founded in 1990 by William O. Carey and his partner Jeffrey Peterson as Carey Agri International Poland Sp. z. o. o. The company is the leading distributor and importer of alcoholic beverages in Poland. It operates the largest nationwide next - day alcoholic beverage delivery service with 16 distribution centers and 76 satellite branches located throughout Poland. It imports many of the world’s leading brands to Poland, including brands such as Rémy Martin, Jagermeister, Metaxa, Jim Beam, Sauza Tequila, Grant’s, E&J Gallo, Sutter Home, Torres, Penfolds and Concha y Toro wines, Corona, Foster’s, and Guinness Stout beers and Evian. The company is also one of the world’s largest vodka producers. It produces and markets approximately 8.5 million nine - liter cases of vodka every year in the four main vodka segments in Poland: top premium, premium, mainstream, and economy. Its product mix includes imported and domestic beer, Polish vodka, imported spirits, wines, soft drinks, and water. Some of the company’s main brands include Crysta Slaska, Soplica Staropolska, Soplica Cherry, Soplica Szlachetna, Absolwet, and Batory among others. The company’s mission is to delivering products of the highest quality, enjoying consumers recognition and achieving leading positions in the market, assuring the company’s profitability and creating value for our shareholders.
History
Founded by William O. Carey and his partner Jeffrey Peterson as Carey Agri International Poland Sp. Z. O. O.
Primary business line
Engaged in the importation and distribution of alcoholic beverages, as well as manufacture and marketing of vodka in the United States.
Secondary business line
Not available.
Main activity
Wholesale; Manufacturing.
Secondary activity
Not available.
Main products and services
Alcoholic beverages.
Size estimate
Leading distributor and importer of alcoholic beverages in Poland; One of the world’s largest vodka producers.
Strategy, organization and policy
To delivering products of the highest quality, enjoying consumers recognition and achieving leading positions in the market, assuring the company’s profitability and creating value for its shareholders.
Strategic alliances
Not available.
Membership of a network
Not available.
Main brand names
Rémy Martin; Jagermeister; Metaxa; Jim Beam; Sauza Tequila; Grant’s; E&J Gallo; Sutter Home; Torres; Penfolds and Concha y Toro; Corona; Foster’s; Guinness Stout; Evian; Crysta Slaska; Soplica Staropolska; Soplica Cherry; Soplica Szlachetna; Absolwet; Batory.
Main domestic country
United States of America.
Main foreign countries or regions
Poland.
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
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
Monday, 08 April 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Main production sites
United States of America.
Main distribution sites
United States of America; Poland.
Main sales representation sites
Not available.
Main customers
Not available.
Auditor/Advisor/Bank name
type
address
ERNST & YOUNG AUDIT SP Z O.O. American Stock Transfer & Trust
Auditor Transfer Agent
-
Board name
date of birth
nationality
function
Mr. Mr. Mr. Mr. Mr.
11/07/1980 1946 -
United States -
Vice Chairman of the Board, Lead Director Director Director Director Independent Director
-
Switzerland
Independent Director
N. Scott Fine Jose Aragon David Alain Bailey Joseph J Farnan Alessandro Picchi
Mr. Markus Walter Sieger
Sharehoders (the first twenty shareholders ordered by Direct %) Rating:
ROUST TRADING LTD Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
BM 19.50
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
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
0 2013/03
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
Monday, 08 April 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
RUSSIAN STANDARD VODKA LLC Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
RU 9.90 -
B
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
THE CLOSED JOINT STOCK COMPANY RUSSIAN STANDARD CORPORATION
Rating:
Country ISO code
Operating Revenue (MIL $)
NACE Rev. 2, Core code Direct % Total % Address : Not available
RU 9.90 -
Total Assets (MIL $) Number of Employees Information date
MC 9.40 -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
NL
Operating Revenue (MIL $)
0.01 54.49 3 2011/11
Rating:
KAUFMAN MARK Country ISO code NACE Rev. 2, Core code Direct % Total %
99.89 183.42 239 2011/11
2012/11
Address : Not available
Rating:
ING GROEP NV via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
6.68
Total Assets (MIL $) Number of Employees Information date
Country ISO code NACE Rev. 2, Core code Direct %
5.60
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
Total % Address : Not available
-
23593.51 1541893.01 84718 2012/12
Rating:
CAREY WILLIAM V FAMILY
-
Information date
2012/11
Rating:
AA
US 4.49
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
9337 200451 10500 2012/12
Country ISO code NACE Rev. 2, Core code
US -
Operating Revenue (MIL $) Total Assets (MIL $)
2017.7 1830.07
Direct % Total % Address : Not available
4.48
Number of Employees Information date
9500 2012/12
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
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
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
Monday, 08 April 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
POWSZECHNY ZAKLAD UBEZPIECZEN SA via its funds
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
PL 3.33
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
4471.02 15049.03 0 2011/12
Rating:
CCC
GB
Operating Revenue (MIL $)
AVIVA PLC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
1.79
Total Assets (MIL $) Number of Employees Information date
US 1.51
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
GB
Operating Revenue (MIL $)
Rating:
STATE STREET CORPORATION via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %
46383 471968.68 45341 2011/12
9681 222582 29660 2012/12
Address : Not available
Rating:
W & L ENTERPRISES LTD Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
1.40 -
A -
Total Assets (MIL $) Number of Employees Information date
0.6 0 2012/06
Rating:
DIMENSIONAL FUND ADVISORS LP via its funds Country ISO code NACE Rev. 2, Core code Direct %
US -
Total % Address : Not available
A
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
36.72 2186.66 260
1.32
Information date
2012/12
US 1.09
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 $)
Direct % Total % Address : Not available
1.05
Rating:
NORTHERN TRUST CORPORATION via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
3896.04 97463.85 14156 2012/12
Rating:
STATE OF CALIFORNIA via its funds
Number of Employees Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
2012/12
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
Monday, 08 April 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
BANK OF AMERICA CORPORATION via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
US 0.81
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
0.71
Total Assets (MIL $) Number of Employees Information date
FR 0.63
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
GOVERNMENT OF NORWAY via its funds
2011/12
Rating:
AXA via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %
81317 2209974 267000 2012/12
99110.15 930814.85 96999 2012/12
Address : Not available
BANK OF NEW YORK MELLON CORPORATION via its funds
Rating:
Country ISO code
Operating Revenue (MIL $)
NACE Rev. 2, Core code Direct % Total % Address : Not available
US 0.49
14555
Total Assets (MIL $) Number of Employees Information date
358990 49500 2012/12
KNIGHTSBRIDGE ASSET MANAGEMENT LLC 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
0.49
1 11
Information date
2012/12
Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:
CEDC INTERNATIONAL SP. Z O.O. Country ISO code NACE Rev. 2, Core code Direct % Total %
PL 100.00 100.00
653.11 1402.43
Number of Employees Information date
250 2012/01
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
CCC
Operating Revenue (MIL $) Total Assets (MIL $)
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
Monday, 08 April 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
ARDY INVESTMENTS LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total %
CY MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
CY MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
HU MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
RU MO
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
RU MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
AUK HOLDINGS LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total %
Rating:
BRAVO PREMIUM LLC Country ISO code NACE Rev. 2, Core code Direct % Total %
B
CEDC FINANCE CORPORATION INTERNATIONAL INC
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total %
US MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
UA MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
2011/12
2011/12
2011/12
Rating:
CHORNIY & MIKOLA. Country ISO code NACE Rev. 2, Core code Direct % Total %
36.06 25.56 296 2011/12
Rating:
CEDC FINANCE CORPORATION LLC Country ISO code NACE Rev. 2, Core code Direct % Total %
2011/12
Rating:
BRAVO RETAIL LLC Country ISO code NACE Rev. 2, Core code Direct % Total %
2011/12
Rating:
BOLS HUNGARY KFT Country ISO code NACE Rev. 2, Core code Direct % Total %
2011/12
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
2011/12
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
Monday, 08 April 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
COPECRESTO ENTERPRISES LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total %
CY MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
GB MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
RU MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
RU MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
RU MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
CY MO
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
DE MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
CY MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
DANCRAIG WINE & SPIRITS TRADING LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total %
26 2011/12
Rating:
JELEGAT HOLDINGS LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total %
2011/12
Rating:
ISF GMBH Country ISO code NACE Rev. 2, Core code Direct % Total %
2011/12
Rating:
GLOBAL WINE & SPIRIT HOLDINGS LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total %
2011/12
Rating:
GLAVSPIRTTIREST OOO Country ISO code NACE Rev. 2, Core code Direct % Total %
2011/12
Rating:
FIRST TULA DISTILLERY OOO Country ISO code NACE Rev. 2, Core code Direct % Total %
2011/12
Rating:
DISTILLERY TOPAZ JSC Country ISO code NACE Rev. 2, Core code Direct % Total %
2011/12
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
2011/12
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
Monday, 08 April 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
JOIN STOCK COMPANY RUSSIAN ALCOHOL GROUP
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total %
RU MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
CY MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
554.95 450.52 91 2011/12
Rating:
LATCHEY LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total %
CCC
LIMITED LIABILITY COMPANY TH RUSSIAN ALCOHOL CENTRE
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total %
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
RU MO -
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
2011/12
2011/12
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
Monday, 08 April 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
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
Monday, 08 April 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. 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.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
The company’s capacity to meet its financial
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
Monday, 08 April 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
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
Monday, 08 April 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
CENTRAL EUROPEAN DISTRIBUTION CORPORATION
Monday, 08 April 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