Tuesday, 09 April 2013
CYPRUS AIRWAYS PUBLIC LTD.
MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
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CYPRUS AIRWAYS PUBLIC LTD.
Identification number
Not available
Country
Cyprus
ZIP code and city
2404 - ENGOMI (NICOSIA)
Address
P.O. BOX 21903 +357 22 661800 www.cyprusairways.com.cy webcenter@cyprusairways.com
Legal form
Not available
Account
Consolidated
Incorporation date
1947
NACE 2 Sector
5110 - Passenger air transport
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Company name
Listed Status
Active
MORE Credit limit
Not eligible for credit on the base of the available informations
plans 3 types of reports:
Turnover (th e)
31/12/2011
31/12/2010
31/12/2009
212,953
253,516
253,571
Rating s-peek
C
CCC
CCC
56.00%
15.00%
15.00%
100%
100%
100%
-9.88
22.50
18.87
0.90
1.04
1.05
Current Ratio
0.81
1.08
1.11
Quick Ratio
0.80
1.05
1.08
Probability of default
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.
Confidence Level
TM
Solvency ratios Leverage ratio Total asset/Total liabilities Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%) Return on equity ROE (%)
-15.79
-1.13
-0.83
-149.48
2.98
-34.94
1.50
1.39
1.36
-0.05
-0.44
-1.07
0.04
0.18
0.05
-38.80
-6.92
-3.41
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
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MORE Credit Rating
D not available
non return
C
CC
extremly pathological pathological
CCC
B
BB
BBB
A
AA
AAA
high danger
weak
sufficient
adequate
good
very strong
extremely strong
CYPRUS AIRWAYS PUBLIC LTD.
Tuesday, 09 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
-9.88
0.62
2.43
5.36
-2.22
Total asset/Total liabilities
0.90
2.61
1.41
1.15
0.80
Current Ratio
0.81
2.08
1.16
1.03
0.55
Quick Ratio
0.80
1.76
1.07
0.92
0.43
Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%)
-15.79
21.00
5.96
-0.16
-18.06
Return on equity ROE (%)
-149.48
29.64
11.10
-8.50
-90.11
Asset turnover
1.50
1.94
1.45
1.29
1.63
Interest paid weight
-0.05
0.00
0.14
0.00
-0.07
Gross Profit/Operating revenue
0.04
0.24
0.22
0.10
0.01
-38.80
416.40
5.58
-0.29
-9.97
Days Sales Of Inventory (DIO)
3
10
10
8
7
Days Sales Outstanding (DSO)
84
34
41
38
33
Days Payable Outstanding (DPO)
126
17
29
36
48
Cash Conversion Cycle (DIO + DSO - DPO)
-39
25
17
15
-9
-
67
246
155
100
C
A
BB
B
C
Interest Coverage ratios EBIT interest coverage ratio Cash Conversion Cycle (days)
Numer of analyzed companies (Average) Rating
The sector has been chosen according to: international companies in the sector NACE 2 5110 with financial data of year 2011.
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
CYPRUS AIRWAYS PUBLIC LTD.
Tuesday, 09 April 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Sector Analysis - Graphs
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
CYPRUS AIRWAYS PUBLIC LTD.
Tuesday, 09 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
IFRS
IFRS
IFRS
Exchange rate EUR - EUR
1
1
1
Number of months
12
12
12
Total assets
141,861
182,853
186,939
Fixed assets
52,651
87,205
84,214
1,333
1,311
863
Tangible fixed assets
34,370
59,917
65,598
Other fixed assets
16,948
25,977
17,753
89,210
95,648
102,725
1,523
2,425
2,961
Debtors
49,218
53,198
15,264
Other current assets
38,469
40,025
84,500
28,997
29,871
71,907
Accounting practice
Intangible fixed assets
Current assets Stocks
Cash & cash equivalent Shareholders funds Capital
-15,979
7,782
9,408
35,204
35,204
35,204
Other shareholders funds
-51,183
-27,422
-25,796
Total liabilities
157,840
175,071
177,531
Non current liabilities
48,228
86,327
85,285
Long term debt
31,958
51,929
63,892
Other non-current liabilities
16,270
34,398
21,393
109,612
88,744
92,246
7,702
9,596
13,406
Creditors
73,610
53,409
16,270
Other current liabilities
28,300
25,739
62,570
141,861
182,853
186,939
31/12/2011
31/12/2010
31/12/2009
Current liabilities Loans
Total shareh. funds & liab. NET DEBT (th e) Short term debts
7,702
9,596
13,406
Long term debt
31,958
51,929
63,892
Cash & cash equivalent
28,997
29,871
71,907
Net debt
10,663
31,654
5,391
31/12/2011
31/12/2010
31/12/2009
Working capital
-22,869
2,214
1,955
Net Current Assets
-20,402
6,904
10,479
31/12/2011
31/12/2010
31/12/2009
Days Sales Of Inventory (DIO)
3
3
4
Days Sales Outstanding (DSO)
84
77
22
Days Payable Outstanding (DPO)
126
77
23
Cash Conversion Cycle (DIO + DSO - DPO)
-39
3
3
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
CYPRUS AIRWAYS PUBLIC LTD.
Tuesday, 09 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
IFRS
IFRS
IFRS
Exchange rate EUR - EUR
1
1
1
Number of months
12
12
12
212,886
236,312
248,973
-10
-5
-
67
17,204
4,598
Operating revenue / turnover
212,953
253,516
253,571
Total operating costs
260,255
259,773
259,250
Costs growth (%)
0
0
-
Service costs
-
-
-
Material costs
-
-
-
62,171
67,382
71,598
-35,270
1,089
1,543
Accounting practice
Sales Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized
Costs of employees EBITDA Depreciation
12,032
7,346
7,222
-47,302
-6,257
-5,679
23,678
3,284
2,458
1,274
1,979
3,209
-22,404
-1,305
751
1,219
904
1,665
-23,624
-2,973
-3,221
0
3,386
0
Extr. and other revenue
-
-
-
Extr. and other expenses
-
-
-
-23,624
413
-3,221
261
181
66
-23,885
232
-3,287
EBIT Financial P/L Financial revenue Financial expenses 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
31/12/2011
31/12/2010
31/12/2009
204,760
207,717
240,353
8,193
45,799
13,218
55,495
52,056
18,897
31/12/2011
31/12/2010
31/12/2009
Costs of Good Sold Gross Profit Other Operating Expenses
Cash flow
-11,853
7,578
3,935
51,798
76,045
77,264
31/12/2011
31/12/2010
31/12/2009
Added value
Number of employees
1,224
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1,385
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
-
CYPRUS AIRWAYS PUBLIC LTD.
Tuesday, 09 April 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Evolutions and trends
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
CYPRUS AIRWAYS PUBLIC LTD.
Tuesday, 09 April 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Qualitative information Full overview
The company is a public airline firm engaged in providing passenger and cargo services. It was incorporated in September of 1947, and has its registered office in Nicosia, Cyprus. The company pursues an alliance policy which provides its passengers with significantly wider options and simpler travel arrangements. It has alliances and co operation agreements with major international airlines facilitating numerous possibilities for passengers to travel all over the world. It operates code - share flights with the following partners to provide customers with an even wider network and increased frequencies. Partners include Alitalia, KLM, Gulf Air, Saudi Arabian Airlines, Aeroflot and Israel Airlines. Operating a fleet of more than 10 Airbus jets, consisting of A319s, A320s and A330s, the government - owned carrier flies to more than 30 destinations in Europe, the Middle East and Near East, and Persian Gulf areas. The company also operates a charter airline, Eurocypria Airlines, which flies to more than 50 destinations within mainland Europe. In addition, Cyprus Airways operates duty - free shops. Its subsidiary, Zenon NDC Ltd, provides and distributes electronic information for the travel industry through Sabre Global Distribution System.
History
Not available.
Primary business line
Engaged in providing passenger and cargo services.
Secondary business line
Not available.
Main activity
Services.
Secondary activity
Not available.
Main products and services
Passenger and cargo services.
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
Cyprus.
Main foreign countries or regions
Not available.
Main production sites
Not available.
Main distribution sites
Not available.
Main sales representation sites
Not available.
Main customers
Not available.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
CYPRUS AIRWAYS PUBLIC LTD.
Tuesday, 09 April 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Auditor/Advisor/Bank name
type
address
KPMG
Auditor
-
JP MORGAN CHASE & CO. EUROBANK EFG CYPRUS LTD NATIONAL BANK OF GREECE (CYPRUS) LIMITED BANK OF CYPRUS LIMITED HELLENIC BANK LTD.
Banker Banker Banker
-
Banker Banker
-
MARFIN POPULAR BANK PUBLIC COMPANY LTD CHRYSSAFINIS & POLIVIOU BANK OF CYPRUS UK LIMITED
Banker
-
Law Firm Other
-
Board name
date of birth
nationality
function
Mr. Kikis N. Lazarides
15/03/1935
-
Chairman and Managing Director, Board of Directors
Mr. Mr. Mr. Mr. Mr.
Stavros Stavridis Charalampos Alexandrou Michalakis Antoniou Minos Charalampous Marios Chatzigavriil
22/09/1958 21/04/1941 08/12/1956 27/12/1971
Cyprus Cyprus Cyprus
Chairman Non - Executive Director Non - Executive Director Director/Member of the Board Director
Mr. Mr. Mr. Mr. Mr. Mr.
Andreas Chrysafis Kypros Ellinas Alexandros - Andreas Filippou Georgios Georgiou Kyriacos Kakouris George Kallis
08/03/1960 09/03/1959 09/03/1938 20/09/1956 12/04/1959 03/07/1954
Cyprus Cyprus Cyprus Cyprus -
Director Non - Executive Director Non - Executive Director Non - Executive Director Director/Member of the Board Non - Executive Director
Mr. Mr. Mr. Mr. Mr. Mr.
Giorgos Kallis Akis Lefkariti Kiki Kikis Lefkariti Kosta Constantinos Lefkaritis George Mavrocostas Christos Patsalides
03/07/1954 14/03/1957 19/05/1926 14/03/1957 18/12/1951 08/09/1954
Cyprus Cyprus Cyprus -
Director Director Member Non - Executive Director Director Non - Executive Director
Mr. Adonis Pegasiou Mr. Pavlos Photiades Mr. Panikos Pouros Mr. Charalambos Tapas Mr. Achilleas Tsangaris Marios Xenophontos
01/10/1979 15/11/1964 29/11/1948 18/02/1954 -
-
Director/Member of the Board Member; Non - Executive Director Director/Member of the Board Director/Member of the Board Director/Member of the Board Non - Executive Director
Mr. Xenophon Xenophontos
10/06/1966
-
Director/Member of the Board
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
CYPRUS AIRWAYS PUBLIC LTD.
Tuesday, 09 April 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Sharehoders (the first twenty shareholders ordered by Direct %) Rating:
KYPRIAKI DIMOKRATIA Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
CY
Operating Revenue (MIL $)
69.57 -
Total Assets (MIL $) Number of Employees Information date
TRAPEZA EFG EUROBANK ERGASIAS ANONYMI ETAIREIA
Rating:
Country ISO code NACE Rev. 2, Core code Direct %
CY 5.21
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
Total % Address : Not available
-
Information date
2012/09
CY 4.25 -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Country ISO code NACE Rev. 2, Core code Direct %
CY 2.91
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
Total % Address : Not available
-
2010/04
Rating:
PHOTIADES PAVLOS PH.
Information date
2010/04
Rating:
LEFKARITIS CONSTANTINOS (AKIS) Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
0
Rating:
MR GEORGE KALLIS Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
2010/04
0.37 -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
2010/04
Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:
CYPRAIR TOURS LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total %
CY 100.00 100.00
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
2009/12
CYPRUS AIRWAYS PUBLIC LTD.
Tuesday, 09 April 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
PREDSTAVITELSTVO SAIPRUS ERVEIZ PABLIK LIMITED (KIPR) V G.MOSKVE
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total %
RU 100.00 100.00
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
CY 100.00 100.00
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
CY WO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
CY 25.10 -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
ZENON NDC LTD Country ISO code NACE Rev. 2, Core code Direct % Total %
2009/12
Rating:
SWISSPORT CYPRUS LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total %
2009/12
Rating:
CYPRUS AIRWAYS (DUTY - FREE SHOPS) LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total %
2013/01
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
2009/12
CYPRUS AIRWAYS PUBLIC LTD.
Tuesday, 09 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.
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
CYPRUS AIRWAYS PUBLIC LTD.
Tuesday, 09 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.
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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
CYPRUS AIRWAYS PUBLIC LTD.
Tuesday, 09 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
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
CYPRUS AIRWAYS PUBLIC LTD.
Tuesday, 09 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.
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
CYPRUS AIRWAYS PUBLIC LTD.
Tuesday, 09 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
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Phone
+39 040 3755337
Company Products Where
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741