Wednesday, 06 March 2013
YTB INTERNATIONAL, INC.
MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
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
YTB INTERNATIONAL, INC.
Identification number
Not available
Country
United States of America
ZIP code and city
62095 - WOOD RIVER
Address
1901, EAST EDWARDSVILLE ROAD +1 618 655 9477 www.ytb.com information@ytb.com
Legal form
Not available
Account
Consolidated
Incorporation date
1982/06
NACE 2 Sector
7911 - Travel agency activities
TM
ASKMORE is the modeFinance product which gives the chance to evaluate the credit risk for every company from all around the world.
ASKMORE
Company name
Listed Status
Active
MORE Credit limit
490,000 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.
31/12/2009
31/12/2008
27,221
46,731
114,575
CCC
CCC
CCC
16.00%
16.00%
16.00%
100%
100%
100%
Leverage ratio
3.16
1.92
1.84
Total asset/Total liabilities
1.32
1.52
1.54
Current Ratio
0.34
0.60
0.63
Quick Ratio
0.33
0.59
0.58
Probability of default
Plus
Basic
31/12/2010
Confidence Level
TM
Solvency ratios
Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%) Return on equity ROE (%)
-22.40
-34.79
-7.41
-106.96
-132.98
-29.45
2.32
3.11
3.70
-0.09
-0.01
-0.02
0.48
0.49
0.39
-10.80
-68.24
-44.39
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
YTB INTERNATIONAL, INC.
Wednesday, 06 March 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Sector Analysis Company
Healthy
Balanced
Vulnerable
Risky
Solvency ratios Leverage ratio
3.16
0.80
3.23
8.23
-3.18
Total asset/Total liabilities
1.32
2.25
1.31
1.08
0.93
Current Ratio
0.34
2.00
1.19
1.01
0.77
Quick Ratio
0.33
1.95
1.17
0.98
0.76
Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%)
-22.40
18.94
5.90
0.91
-10.18
Return on equity ROE (%)
-106.96
25.25
14.80
0.00
-102.10
Asset turnover
2.32
3.25
3.36
2.82
3.19
Interest paid weight
-0.09
0.00
0.04
0.05
-0.04
Gross Profit/Operating revenue
0.48
0.35
0.17
0.12
0.12
-10.80
2,123.00
16.50
0.80
-19.78
Interest Coverage ratios EBIT interest coverage ratio Cash Conversion Cycle (days) Days Sales Of Inventory (DIO)
1
3
3
5
6
Days Sales Outstanding (DSO)
7
10
25
30
24
Days Payable Outstanding (DPO)
14
10
21
33
35
Cash Conversion Cycle (DIO + DSO - DPO)
-6
14
9
11
2
Numer of analyzed companies
-
269
1,118
599
201
CCC
A
BB
B
CC
(Average) Rating
The sector has been chosen according to: international companies in the sector NACE 2 7911 with financial data of year 2010.
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
YTB INTERNATIONAL, INC.
Wednesday, 06 March 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
YTB INTERNATIONAL, INC.
Wednesday, 06 March 2013 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Balance Sheet BALANCE SHEET (th e)
31/12/2010
31/12/2009
31/12/2008
Accounting practice
Local GAAP
Local GAAP
Local GAAP
0.748
0.6942
0.7185
12
12
12
Total assets
11,709
15,005
30,959
Fixed assets
9,022
9,897
18,791
Intangible fixed assets
1,892
1,756
3,809
Tangible fixed assets
2,559
4,465
13,457
Other fixed assets
4,571
3,677
1,525
2,688
5,108
12,169
66
87
959
Exchange rate USD - EUR Number of months
Current assets Stocks
524
468
1,926
2,098
4,553
9,284
390
490
1,045
2,818
5,146
10,917
87
76
74
Other shareholders funds
2,732
5,069
10,843
Total liabilities
8,891
9,859
20,042
Non current liabilities
983
1,329
683
Long term debt
-
-
-
983
1,329
683
7,908
8,530
19,359
-
-
-
Creditors
1,064
885
1,758
Other current liabilities
6,843
7,645
17,602
11,709
15,005
30,959
31/12/2010
31/12/2009
31/12/2008
Debtors Other current assets Cash & cash equivalent Shareholders funds Capital
Other non-current liabilities Current liabilities Loans
Total shareh. funds & liab. NET DEBT (th e) Short term debts
-
-
Long term debt
-
-
-
390
490
1,045
-
-
-
Cash & cash equivalent Net debt
31/12/2010 Working capital
31/12/2009
-
31/12/2008
-475
-330
1,127
-5,220
-3,423
-7,190
31/12/2010
31/12/2009
31/12/2008
Net Current Assets
Days Sales Of Inventory (DIO)
1
1
3
Days Sales Outstanding (DSO)
7
4
6
Days Payable Outstanding (DPO)
14
7
6
Cash Conversion Cycle (DIO + DSO - DPO)
-6
-2
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
YTB INTERNATIONAL, INC.
Wednesday, 06 March 2013 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Income Statement INCOME STATEMENT (th e)
31/12/2010
31/12/2009
31/12/2008
Accounting practice
Local GAAP
Local GAAP
Local GAAP
0.748
0.6942
0.7185
12
12
12
27,112
46,548
112,925
-42
-59
-
109
183
1,651
Operating revenue / turnover
27,221
46,731
114,575
Total operating costs
29,911
52,054
116,972
Costs growth (%)
-43
-55
-
Service costs
-
-
-
Material costs
-
-
-
Costs of employees
-
-
-
-756
2,082
1,995
Exchange rate USD - EUR Number of months Sales Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized
EBITDA Depreciation EBIT Financial P/L
1,934
7,405
4,392
-2,690
-5,323
-2,397
-182
25
49
Financial revenue
70
107
144
Financial expenses
252
82
96
249
78
54
-2,872
-5,298
-2,348
-20
-2,137
-548
Extr. and other revenue
-
-
-
Extr. and other expenses
-
-
-
-2,892
-7,435
-2,896
Interest paid P/L before tax Extr. and other P/L
P/L before tax + Extr. and other P/L Taxation
123
-592
320
-3,014
-6,843
-3,215
31/12/2010
31/12/2009
31/12/2008
Costs of Good Sold
14,290
23,925
70,259
Gross Profit
12,931
22,806
44,316
Other Operating Expenses
15,621
28,129
46,713
31/12/2010
31/12/2009
31/12/2008
P/L for period
Cash flow Added value
-1,081
562
1,176
-
-
-
31/12/2010 Number of employees
122
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
31/12/2009
31/12/2008
160
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
288
YTB INTERNATIONAL, INC.
Wednesday, 06 March 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
YTB INTERNATIONAL, INC.
Wednesday, 06 March 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Qualitative information Full overview
It operates as a travel company. It was incorporated in the year 1982 and it conducts its business from its headquarters in Wood River, Illinois. The company offers an interactive, real - time travel booking engine with access to travel inventories with travel industry suppliers to its licensees and to small office and home office entrepreneurs and independent travel agencies. It has two goals. The first idea is to become the world’s largest travel company. The other, provide people with an opportunity to work from home, either full - time or part - time, and take control of their own lifestyle. The company has thousands of people who own travel booking engines in the United States, Bermuda, the Bahamas and Canada. It has been featured in the top 35 largest travel agencies in North America for the last five years straight.
History
Not available.
Primary business line
Operates as a travel company.
Secondary business line
Not available.
Main activity
Services.
Secondary activity
Not available.
Main products and services
Travel 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
United States of America.
Main foreign countries or regions
Bermuda, the Bahamas and Canada.
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
YTB INTERNATIONAL, INC.
Wednesday, 06 March 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Auditor/Advisor/Bank name
type
address
MARCUM LLP
Auditor
-
Board name
date of birth
nationality
function
Mrs. Kim J Sorensen Mr. Louis C Brock Mr. Andrew Fletcher Cauthen Mr. Paul A Hemings Mr. Jack H Humes
31/07/1943 1952
-
Vice Chairman of the Board, Treasurer, Secretary Director President, Chief Executive Officer, Director Independent Director Independent Director
Mr. Fred E Lutzeier Mr. Burt L Saunders Mrs. Patricia S Williams
-
United States -
Independent Director Independent Director; Board Member YTB International, Inc. Independent Director
Sharehoders (the first twenty shareholders ordered by Direct %) Not available.
Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:
YTB TRAVEL NETWORK, INC. Country ISO code NACE Rev. 2, Core code Direct % Total %
US WO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US WO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
ZAMZUU, INC. Country ISO code NACE Rev. 2, Core code Direct % Total %
2010/12
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
2010/12
YTB INTERNATIONAL, INC.
Wednesday, 06 March 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
ENFINITY TRAVEL LLC 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
US MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
YTB INTERNATIONAL, INC. Country ISO code NACE Rev. 2, Core code Direct % Total %
.62 3 2011/09
Rating:
YTB TRAVEL NETWORK OF ILLINOIS INC. Country ISO code NACE Rev. 2, Core code Direct % Total %
.02 3 2011/03
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
15.2 200 2012/10
YTB INTERNATIONAL, INC.
Wednesday, 06 March 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
YTB INTERNATIONAL, INC.
Wednesday, 06 March 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
YTB INTERNATIONAL, INC.
Wednesday, 06 March 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
YTB INTERNATIONAL, INC.
Wednesday, 06 March 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
YTB INTERNATIONAL, INC.
Wednesday, 06 March 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