Wednesday, 17 August 2011
EVERGREEN SOLAR, INC.
MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
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EVERGREEN SOLAR, INC.
Identification number
US043242254
Country
United States of America
ZIP code and city
01752 - MARLBORO
Address
138, Bartlett Street +1 508 357 2221 www.evergreensolar.com info@evergreensolar.com
Legal form Account
Consolidated
Incorporation date
1994
NACE 2 Sector
2611 - Manufacture of electronic components
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ASKMORE is the modeFinance product which gives the chance to evaluate the credit risk for every company from all around the world.
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Company name
Listed Status
Active
MORE Credit limit
Not eligible for credit on the base of the available informations
plans 2 types of reports:
Turnover (th e) Rating 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.
31/12/2009
31/12/2008
253,544
188,705
80,448
CC
B
B
42.00%
3.80%
3.80%
100%
100%
100%
-7.94
1.07
0.72
0.87
1.93
2.38
Current Ratio
3.79
3.62
2.58
Quick Ratio
2.83
3.09
2.35
Return on investement ROI (%)
-100.16
-26.17
-22.71
Return on equity ROE (%)
-761.41
-66.69
-39.21
0.80
0.33
0.11
-0.09
-0.13
-0.04
0.02
0.24
0.33
-10.50
-8.00
-10.83
Probability of default
Plus
31/12/2010
Confidence Level
TM
Solvency ratios Leverage ratio Total asset/Total liabilties Liquidity ratios
Profitability and economic equilibrium ratios
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
EVERGREEN SOLAR, INC.
Wednesday, 17 August 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Sector Analysis Company
Healthy
Balanced
Vulnerable
Risky
Leverage ratio
-7.94
Total asset/Total liabilties
0.87
0.44
1.41
1.93
3.92
3.20
1.70
1.42
1.02
Current Ratio Quick Ratio
3.79
2.78
1.52
1.31
0.75
2.83
2.17
1.11
0.91
0.46
Return on investement ROI (%)
-100.16
13.41
4.99
-4.24
-12.86
Return on equity ROE (%)
-761.41
15.45
6.28
-17.98
-109.90
Solvency ratios
Liquidity ratios
Profitability and economic equilibrium ratios
Asset turnover
0.80
1.09
1.11
0.95
1.08
Interest paid weight
-0.09
0.01
0.19
-0.05
-0.15
Gross Profit/Operating revenue
0.02
0.32
0.20
0.15
0.05
-10.50
68.31
3.34
-3.38
-5.98
Interest Coverage ratios EBIT interest coverage ratio Cash Conversion Cycle (days) Days Sales Of Inventory (DIO)
59
41
47
52
45
Days Sales Outstanding (DSO)
82
63
64
63
41 43
Days Payable Outstanding (DPO) Cash Conversion Cycle (DIO + DSO - DPO) Numer of analyzed companies (Average) Rating
0
30
36
42
141
76
76
77
50
-
663
1,339
858
219
CC
A
BB
B
CC
The sector has been chosen according to: international companies in the sector NACE 2 2611 with financial data of year 2009.
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
EVERGREEN SOLAR, INC.
Wednesday, 17 August 2011 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
EVERGREEN SOLAR, INC.
Wednesday, 17 August 2011 MORE Credit Rating
D
C
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
Exchange rate USD - EUR
0.74839
0.69416
0.71855
Total assets
317,670
574,506
722,072
Fixed assets
155,131
409,548
535,774
0
0
0
87,222
298,959
291,867
Intangible fixed assets Tangible fixed assets
67,909
110,589
243,908
162,539
164,958
186,297
Stocks
41,117
24,219
16,886
Debtors
57,240
36,995
26,879
Other current assets
64,181
103,744
142,533
Cash & cash equivalent
46,081
78,001
127,548
-45,748
277,097
418,972
260
240
1,185
Other shareholders funds
-46,009
276,857
417,787
Total liabilities
363,418
297,409
303,100
Non current liabilities
320,494
251,856
230,874
Long term debt
319,593
248,110
223,849
901
3,746
7,025
42,924
45,553
72,226
Loans
0
-
0
Creditors
0
-
0
42,924
45,553
72,226
317,670
574,506
722,072
31/12/2010
31/12/2009
31/12/2008
Other fixed assets Current assets
Shareholders funds Capital
Other non-current liabilities Current liabilities
Other current liabilities Total shareh. funds & liab. NET DEBT (th e) Short term debts Long term debt Cash & cash equivalent Net debt
0
-
0
319,593
248,110
223,849
46,081
78,001
127,548
273,511
-
96,301
31/12/2010 Working capital
31/12/2009
31/12/2008
-
-
-
119,615
119,405
114,071
31/12/2010
31/12/2009
31/12/2008
Net Current Assets
Days Sales Of Inventory (DIO)
59
47
77
Days Sales Outstanding (DSO)
82
72
122
0
-
0
141
-
199
Days Payable Outstanding (DPO) Cash Conversion Cycle (DIO + DSO - DPO)
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
EVERGREEN SOLAR, INC.
Wednesday, 17 August 2011 MORE Credit Rating
D
C
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
Exchange rate USD - EUR
0.74839
0.69416
0.71855
Sales
253,544
188,705
80,448
34.4
134.6
-
0
0
0
Operating revenue / turnover
253,544
188,705
80,448
Total operating costs
570,345
344,159
149,493
Costs growth (%)
66
130
-
Service costs
-
-
-
Material costs
-
-
-
Costs of employees
-
-
-
EBITDA
-42,870
-35,961
-56,000
Depreciation
273,931
119,494
13,046
-316,801
-155,455
-69,046
-31,527
-14,309
-101,288
Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized
EBIT Financial P/L Financial revenue
-1,367
5,121
-94,912
Financial expenses
30,161
19,431
6,376
30,161
19,431
6,376
-348,329
-169,764
-170,334
0
-20,650
6,061
-
-
-
Interest paid P/L before tax Extr. and other P/L Extr. and other revenue
-
-
-
-348,329
-190,414
-164,273
Extr. and other expenses P/L before tax + Extr. and other P/L Taxation P/L for period
0
-5,616
0
-348,329
-184,798
-164,273
31/12/2010
31/12/2009
31/12/2008
247,661
143,966
53,831
5,882
44,738
26,616
322,684
200,193
95,662
31/12/2010
31/12/2009
31/12/2008
-74,398
-65,304
-151,227
-
-
-
Costs of Good Sold Gross Profit Other Operating Expenses
Cash flow Added value
31/12/2010 Number of employees
1,034
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
31/12/2009
31/12/2008
729
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
801
EVERGREEN SOLAR, INC.
Wednesday, 17 August 2011 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
EVERGREEN SOLAR, INC.
Wednesday, 17 August 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Qualitative information Full overview
Evergreen Solar, Inc. is an American - based publicly quoted company which develops, manufactures and markets solar power products enabled by String Ribbon technology that provide environmentally clean electric power throughout the world. The company was founded in 1994 and has its registered office address in Marlboro, Massachusetts. Evergreen Solar serves three markets: wireless power, rural electrification and grid - connected applications. The company expects to exploit its proprietary and patented technology to produce distinctive products, to reduce manufacturing costs through lower materials use and streamlined processes, and to manufacture internationally for global market penetration. The solar panels produced by Evergreen Solar incorporate proprietary crystalline silicon technology known as String Ribbon wafer production, which uses approximately half the silicon and avoids the sawing of conventional approaches. The company’s revenues are primarily derived from the sale of solar modules, which are assemblies of photovoltaic cells that have been electrically interconnected and laminated in a physically durable and weather - tight package. Evergreen Solar sells its products using distributors, systems integrators and other value - added resellers, who often add value through system design by incorporating its modules with electronics, structures and wiring systems. Applications for Evergreen Solar’s products include on grid generation, in which supplemental electricity is provided to an electric utility grid, and off - grid generation for markets where access to conventional electric power is not economical or physically feasible. Its products are sold primarily in Europe and the United States.
History
Not available.
Primary business line
Develops, manufactures and markets solar power products enabled by its string ribbon technology that provide environmentally clean electric power throughout the world.
Secondary business line
Not available.
Main activity
Manufacturing; Wholesale.
Secondary activity
Not available.
Main products and services
Not available.
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
Europe.
Main production sites
United States of America.
Main distribution sites
Not available.
Main sales representation sites
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
EVERGREEN SOLAR, INC.
Wednesday, 17 August 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Main customers
Wireless power; Rural electrification; Grid - connected applications.
Auditor/Advisor/Bank name
type
address
PRICEWATERHOUSECOOPERS LLP American Stock Transfer & Trust
Auditor Transfer Agent
-
Board name
date of birth
nationality
function
Mr Edward C Grady Mr Allan H Cohen Mr Michael El - Hillow Mr Michael W McCarthy Mr Peter W Cowden Mr Satvinder Dhami
-
United States United States -
Independent Chairman of the Board Independent Director; Board Member (Finance & Administration) President, Chief Executive Officer, Director (Finance & Administration) Director Independent Director Director
Mr Tom L Cadwell Mrs Susan F Tierney
-
-
Independent Director Independent Director
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
EVERGREEN SOLAR, INC.
Wednesday, 17 August 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Sharehoders (the first twenty shareholders ordered by Direct %)) Rating:
ARISTEIA CAPITAL, L.L.C. via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
US 7.89
Total % Address: Not available
Total % Address: Not available
Information date
KR 2.38 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Direct % Total % Address: Not available
US -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees
3,648 83,844 12,834
1.90
Information date
2011/03
US 1.62
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
JP -
Operating revenue (MIL $) Total Assets (MIL $)
BBB 2,918 4,872 2009/04
Rating:
-
Rating:
8,953 160,505 28,670 2011/03
Rating:
-
1.25
Number of Employees Information date
US 0.73
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
24,460 1,890,275 57,014 2011/03
Rating:
GUGGENHEIM CAPITAL, LLC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %
2011/03
Rating:
MIZUHO FINANCIAL GROUP via its funds Country ISO code NACE Rev. 2, Core code
2,018 1,830 9,500
5.12
STATE STREET CORPORATION 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
NORTHERN TRUST CORPORATION via its funds Country ISO code NACE Rev. 2, Core code Direct %
35 2011/04
Rating: US -
OCI COMPANY LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
4
Total Assets (MIL $) Number of Employees Information date
VANGUARD GROUP, INC. THE via its funds Country ISO code NACE Rev. 2, Core code Direct %
-
Operating revenue (MIL $)
-
Address: 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
540 2011/03
EVERGREEN SOLAR, INC.
Wednesday, 17 August 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
STATE OF CALIFORNIA via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
US -
-
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees
0.70
Information date
2011/03
TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICA via its funds
Rating:
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 0.44
Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
US -
11,570 214,544 2011/03
-
Operating revenue (MIL $) Total Assets (MIL $)
0.43
Number of Employees Information date
BE 0.43
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating revenue (MIL $)
0 3 2011/03
Rating:
KBC GROEP NV/ KBC GROUPE SA via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %
-
Rating:
BRIGHTFIELD CAPITAL MANAGEMENT via its funds
-
11,195 428,684 52,110 2011/03
Address: Not available
Rating:
GEODE CAPITAL MANAGEMENT, LLC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
0.37
Total Assets (MIL $) Number of Employees Information date
DIMENSIONAL FUND ADVISORS LP via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
-
US 0.36
2 2011/03
Rating:
A
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees
37 2,187 300
Information date
2011/03
BANK OF NEW YORK MELLON CORPORATION via its funds
Rating:
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 0.35
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
0
-
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
13,848 247,259 48,000 2011/03
EVERGREEN SOLAR, INC.
Wednesday, 17 August 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
DEUTSCHE BANK AG via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
DE -
Information date
US 0.28
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Direct % Total % Address: Not available
US -
Operating revenue (MIL $) Total Assets (MIL $)
4,193 75,431
0.26
Number of Employees Information date
12,400 2011/03
FR 0.25
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
-
US
Operating revenue (MIL $)
119
BBB 8,612 178,459 9,127 2011/03
Rating:
-
Rating:
AXA via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %
2011/03
Rating:
CHARLES SCHWAB CORPORATION via its funds Country ISO code NACE Rev. 2, Core code
40,792 2,546,303 102,062
0.31
BLACKROCK, INC. 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
113,505 963,264 102,957 2011/03
Address: Not available
D. E. SHAW & CO., L.P. via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
0.25
Total Assets (MIL $) Number of Employees Information date
Rating:
CREDIT SUISSE GROUP AG via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
24,014 159 2011/03
CH -
-
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees
0.17
32,087 1,098,345 50,100
Information date
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2011/03
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
EVERGREEN SOLAR, INC.
Wednesday, 17 August 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:
EVERGREEN SOLAR GMBH Country ISO code NACE Rev. 2, Core code Direct % Total %
DE
BBB
Operating revenue (MIL $)
100.00 100.00
2
Total Assets (MIL $) Number of Employees Information date
1 2010/07
RALOS NORTHERN ITALY SRL % RALOS NORTHERN ITALY GMBH
Rating:
Country ISO code
IT
Operating revenue (MIL $)
NACE Rev. 2, Core code Direct % Total %
-
Total Assets (MIL $) Number of Employees Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
BBB 9 5 2011/07
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
EVERGREEN SOLAR, INC.
Wednesday, 17 August 2011 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
EVERGREEN SOLAR, INC.
Wednesday, 17 August 2011 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
EVERGREEN SOLAR, INC.
Wednesday, 17 August 2011 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
EVERGREEN SOLAR, INC.
Wednesday, 17 August 2011 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
EVERGREEN SOLAR, INC.
Wednesday, 17 August 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
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Notes and disclaimer NOTES
The present analysis was based on the company available financial statements as provided by Bureau Van Dijk Electronic Publishing - ORBIS database (lack of both Notes to financial statements and Report on operations).
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 Company
modeFinance
Products Where
MORE rating AREA Science Park 34149 Trieste, via Padriciano 99 - ITALY info@modefinance.com www.modefinance.com +39 040 3755337
Info web Phone
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