Friday, 03 February 2012
MALEV Hungarian Airlines Ltd. MALEV Ltd.
MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Company name
MALEV Hungarian Airlines Ltd. MALEV Ltd.
Identification number 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
Hungary
ZIP code and city
1097 - BUDAPEST
Address
Konyves Kalman krt. 12 - 14. +36 1 2353535 www.malev.hu malev@malev.hu
Legal form
Limited liability company
Account
Consolidated
Incorporation date
1992
NACE 2 Sector
5110 - Passenger air transport
TM
ASKMORE is the modeFinance product which gives the chance to evaluate the credit risk for every company from all around the world.
ASKMORE
Country
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)
31/12/2010
31/12/2009
31/12/2008
385,107
434,185
563,890
Rating Basic
C
C
C
42.00%
42.00%
42.00%
100%
100%
100%
-2.33
-1.64
-2.35
0.57
0.39
0.58
Current Ratio
0.63
0.33
0.38
Quick Ratio
0.57
0.29
0.33
Return on investement ROI (%)
-46.72
-72.00
-35.27
Return on equity ROE (%)
-69.84
-52.25
-55.97
2.04
3.18
3.65
Interest paid weight
-0.13
-0.14
-0.18
EBITDA/Sales
-0.20
-0.16
-0.06
EBIT interest coverage ratio
-7.21
-6.02
-4.60
EBITDA interest coverage ratio
-6.63
-5.17
-3.36
Probability of default
Plus 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 liabilties Liquidity ratios
Profitability and economic equilibrium ratios
Asset turnover
Interest Coverage ratios
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
MALEV Hungarian Airlines Ltd. MALEV Ltd.
Friday, 03 February 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Sector Analysis Company
Healthy
Balanced
Vulnerable
Risky
Leverage ratio
-2.33
Total asset/Total liabilties
0.57
0.56
2.40
4.74
-1.92
2.77
1.42
1.17
0.92
Current Ratio Quick Ratio
0.63
2.35
1.28
0.88
0.67
0.57
2.02
1.17
0.79
0.59
Return on investement ROI (%)
-46.72
20.00
6.39
1.05
-19.55
Return on equity ROE (%)
-69.84
23.37
10.40
-7.60
-108.80
Solvency ratios
Liquidity ratios
Profitability and economic equilibrium ratios
Asset turnover
2.04
1.66
1.32
1.00
1.33
Interest paid weight
-0.13
0.00
0.17
0.13
-0.10
EBITDA/Sales
-0.20
0.15
0.08
0.04
-0.08
EBIT interest coverage ratio
-7.21
331.80
4.60
0.03
-8.53
EBITDA interest coverage ratio
-6.63
231.80
7.83
1.65
-5.78
Days Sales Of Inventory (DIO)
8
14
8
11
7
Days Sales Outstanding (DSO)
24
34
33
33
33
Days Payable Outstanding (DPO)
51
12
27
37
48
Cash Conversion Cycle (DIO + DSO - DPO)
-19
36
20
9
-6
-
70
279
227
145
C
A
BB
B
CC
Interest Coverage ratios
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 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
MALEV Hungarian Airlines Ltd. MALEV Ltd.
Friday, 03 February 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Sector Analysis - Graphs
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
MALEV Hungarian Airlines Ltd. MALEV Ltd.
Friday, 03 February 2012 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 HUF - EUR
3.587E-03
3.691E-03
3.824E-03
Total assets
167,658
120,495
139,896
Fixed assets
86,760
45,412
62,689
1,410
1,885
2,680
Tangible fixed assets
66,444
42,899
58,284
Other fixed assets
18,905
628
1,725
80,898
75,083
77,207
Intangible fixed assets
Current assets
7,972
8,411
9,040
Debtors
25,445
28,053
35,772
Other current assets
47,481
38,618
32,395
29,791
13,048
8,363
-125,900
-189,433
-103,344
1,489
1,476
13,766
-127,389
-190,909
-117,110
Total liabilities
293,558
309,927
243,240
Non current liabilities
164,677
80,739
39,096
Long term debt
-
-
-
Other non-current liabilities
-
-
-
128,881
229,188
204,144
Stocks
Cash & cash equivalent Shareholders funds Capital Other shareholders funds
Current liabilities
-
23,399
29,770
53,815
71,736
88,030
-
134,053
86,344
167,658
120,495
139,896
31/12/2010
Loans Creditors Other current liabilities Total shareh. funds & liab. NET DEBT (th e)
31/12/2009
31/12/2008
Short term debts
-
23,399
29,770
Long term debt
-
-
-
29,791
13,048
8,363
-
-
-
Cash & cash equivalent Net debt
31/12/2010
31/12/2009
Working capital
-20,398
-35,272
31/12/2008 -43,218
Net Current Assets
-47,982
-154,105
-126,937
31/12/2010
31/12/2009
31/12/2008
Days Sales Of Inventory (DIO)
8
7
6
Days Sales Outstanding (DSO)
24
24
23
Days Payable Outstanding (DPO) Cash Conversion Cycle (DIO + DSO - DPO)
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
51
60
57
-19
-29
-28
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
MALEV Hungarian Airlines Ltd. MALEV Ltd.
Friday, 03 February 2012 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 HUF - EUR
3.587E-03
3.691E-03
3.824E-03
341,792
383,134
510,424
-10.8
-24.9
-
43,314
51,051
53,466
Operating revenue / turnover
385,107
434,185
563,890
Total costs
453,443
496,552
594,063
Costs growth (%)
-9
-16
-
Service costs
368,881
396,026
481,706
Sales Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized
314
1,470
612
84,248
99,057
111,744
-68,337
-62,367
-30,173
5,970
10,160
11,123
EBIT
-74,306
-72,527
-41,295
Financial P/L
-14,332
-26,279
-17,019
Financial revenue
27,944
37,596
56,872
Financial expenses
42,276
63,875
73,891
10,302
12,055
8,979
-88,638
-98,806
-58,314
826
153
831
13,458
202
880
Material costs Costs of employees EBITDA Depreciation
Interest paid P/L before tax Extr. and other P/L Extr. and other revenue Extr. and other expenses P/L before tax + Extr. and other P/L Taxation
12,632
49
49
-87,812
-98,653
-57,483
116
321
358
-87,928
-98,973
-57,841
31/12/2010
31/12/2009
31/12/2008
-81,958
-88,813
-46,719
12,708
22,619
74,363
31/12/2010
31/12/2009
31/12/2008
P/L for period
Cash flow Added value
Number of employees
2,761
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
3,000
3,277
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
MALEV Hungarian Airlines Ltd. MALEV Ltd.
Friday, 03 February 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Evolutions and trends
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
MALEV Hungarian Airlines Ltd. MALEV Ltd.
Friday, 03 February 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Qualitative information Full overview
The company, with registered office located in Budapest, Hungary, is an airline primarily engaged in passenger transport services. It is the national carrier of Hungary. The company also operates scheduled cargo and charter services. The company is recognized as one of the leading airlines in Central - Eastern Europe. Its fleet comprises six Boeing 737 - 600 NG (102 seats), seven Boeing 737 - 700 NG (119 seats), five Boeing 737 - 800 NG (three with 180 seats, two with 160 seats), one Boeing 767 - 200ER (185 seats), one Boeing 767 - 300ER (229 seats), five Fokker 70 (72 seats), and three CRJ 200 ER (50 seats). Throughout the winter period, the company operates scheduled flights to 48 cities in 34 countries (71 cities in 38 countries when taken together with code - share partner airlines). Its charter flights are conducted with Boeing 737 - 800 aircraft specially configured for charter traffic and long - haul Boeing 767 200ERs. The company is a private firm which was incorporated in December 1992.
History
Not available.
Primary business line
Primarily engaged in passenger transport services.
Secondary business line
Not available.
Main activity
Services.
Secondary activity
Not available.
Main products and services
Passenger transport services.
Size estimate
One of the leading airlines in Central - Eastern Europe.
Strategy, organization and policy
Not available.
Strategic alliances
Not available.
Membership of a network
Not available.
Main brand names
Not available.
Main domestic country
Hungary.
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
MALEV Hungarian Airlines Ltd. MALEV Ltd.
Friday, 03 February 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Auditor/Advisor/Bank name
type
Deloitte Könyvvizsgáló és Tanácsadó Kft.
Auditor
address -
Gábor Gion MKB Bank Nyrt. Citibank Europe Plc. Mo - i Fióktelepe
Auditor Banker Banker
-
Board name
date of birth
nationality
function
dr. Janos Berenyi Mr Zoltan Kamaras
-
-
member of the board Member of the board of directors
Deloveri Anatoly dr. Marton Domonkos Schneller
-
-
Management member Management member
Sharehoders (the first twenty shareholders ordered by Direct %)) Rating:
STATE OF HUNGARY Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
HU 95.00
-
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees
-
Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
2010/03
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
MALEV Hungarian Airlines Ltd. MALEV Ltd.
Friday, 03 February 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Subsidiaries (the first twenty subsidiaries ordered by Direct %) AEROPLEX KÖZÉP - EURÓPAI LÉGIJÁRMU MUSZAKI KÖZPONT KORLÁTOLT FELELOSSÉGU TÁRSASÁG
Rating:
C
Country ISO code NACE Rev. 2, Core code Direct %
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees
54 45 650
Total %
HU -
Information date
2008/11
AIR BUDAPEST CLUB LÉGIKÖZLEKEDÉSI SZOLGÁLTATÓ KORLÁTOLT FELELOSSÉGU TÁRSASÁG
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total %
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
HU -
BBB
MALÉV GH FÖLDI KISZOLGÁLÓ KORLÁTOLT FELELÕSSÉGÛ TÁRSASÁG
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total %
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
HU -
-
MALÉV GH FÖLDI KISZOLGÁLÓ ZÁRTKÖRUEN MUKÖDO RÉSZVÉNYTÁRSASÁG
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total %
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
HU -
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total %
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
Country ISO code
Operating revenue (MIL $)
HU -
0 0 288 2008/11
CCC 12
Total Assets (MIL $) Number of Employees Information date
2 26 2008/11
PANNON AIR CARGO NEMZETKÖZI SZÁLLÍTMÁNYOZÓ ÉS VÁMÜGYNÖK KORLÁTOLT FELELOSSÉGU TÁRSASÁG
Rating:
Country ISO code NACE Rev. 2, Core code Direct %
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees
Total %
49 25 736 2008/11 A
MALÉV AIR TOURS IDEGENFORGALMI ÉS SZOLGÁLTATÓ KORLÁTOLT FELELOSSÉGU TÁRSASÁG NACE Rev. 2, Core code Direct % Total %
15 2 2008/11 BBB
MALEV PASSENGER SERVICE LIMITED LIABILITY COMPANY HU -
3 1 204 2008/11
HU -
BBB
Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
3 1 35 2008/11
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
MALEV Hungarian Airlines Ltd. MALEV Ltd.
Friday, 03 February 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
TRAVELPORT HUNGARY ÜGYNÖKSÉGI ÉRTÉKESÍTÉSI RENDSZERT SZOLGÁLTATÓ KORLÁTOLT FELELOSSÉGU TÁRSASÁG
Rating:
BB
Country ISO code NACE Rev. 2, Core code Direct % Total %
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
3 2 10 2008/11
HU -
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
MALEV Hungarian Airlines Ltd. MALEV Ltd.
Friday, 03 February 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
ASKMORE rating guide General vision
A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk factors. The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial companies by using data included in financial statements. The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the model are obtained by applying newly developed numerical methodologies, drawing together financial theory, data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective algorithm that produces a classification of each company, by taking into account any attributes (such as sector and country) characterizing a firm. The model gives the opportunity to assign a rating to a company even without considering a complete data analysis and allows to process quality information. It induces a better understanding of a company’s strength and weakness thanks to sophisticated data mining tools and taking into account the analyst knowledge. The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium between the different aspects, better will be the final rating. This is done studying, evaluating and aggregating the most important sections of the financial and economic behavior of a company such as: profitability, liquidity, solvency, interest coverage and efficiency.
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
MALEV Hungarian Airlines Ltd. MALEV Ltd.
Friday, 03 February 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating scale Rating class
Rating macro class
The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent
AAA
AA
Assessment
economic and financial flow and fund equilibrium. Healthy
The company has very strong creditworthiness. It also has a good capital structure and economic and financial equilibrium. Difference from AAA is slight. The company has a high solvency. The company is however more susceptible to the adverse effects of changes in
A
circumstances and economic conditions than companies in higher rated categories. Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial commitments could be affected by serious unfavourable events.
BBB Balanced
A company rated BB is more vulnerable than companies rated BBB. Furthermore the company faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions.
BB
The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic
B
conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments. Vulnerable
CCC
A company rated CCC has a dangerous disequilibrium on the capital structure and on its economic and financial fundamentals. Adverse market events and an inadequate management could affect with high probability the company’s solvency.
CC
The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the company’s strong disequilibrium could increase. Risky
C
The company shows considerable pathological situations. commitments is very low.
D
The company has not any longer the capacity to meet its financial commitments.
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
MALEV Hungarian Airlines Ltd. MALEV Ltd.
Friday, 03 February 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Fundamental Credit Rating Ratios Analysis area
Ratio
Assessment This measures the level of total liabilities of the company in comparison
Leverage ratio
with equity.
Solvency ratios
Financial ratios
Assets to debt
This indicates company’s solvency. The company shows a level of deficit when the value of this ratio is under one unit.
Fixed Assets coverage ratio
This is calculated only for holdings. It measures the capital structure i.e. whether a company covers the fixed assets with long term capital.
Current ratio
This measures whether a company has sufficient short-term assets to cover its short-term liabilities.
Liquidity ratios This compares current liabilities only to those assets that can be readily
Quick ratio
turned into cash.
Return on Investement(ROI)
This measures the profitability of company investments without regard to the way the investment is financed.
Return on Equity(ROE)
This measures the profitability of the equity.
Asset turnover
This indicates the investments turnover with regards to sales. The level assumed from the ratio depends on the sector in which the company operates.
Profit margin
This indicates the profitability of sales.
Interest Paid coverage
This indicate the ability of the company to cover interest expenses through the economic margins (Gross profit and EBIT) and through the cash flow from operating activities.
Profitability and economic ratios
Interest coverage ratio
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
MALEV Hungarian Airlines Ltd. MALEV Ltd.
Friday, 03 February 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
MORE Credit Limit, Probability of default and Confidence Level MORE Credit Limit
MORE Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial relationship with the analyzed company with an outlook of one year. modeFinance used the following values associated with the company analyzed while computing the credit limit:
• Size; • Years in Business; • Average number of suppliers; • Liquidity of the company and the comparison with its sector; • The funds dedicated to be paid to suppliers; • The likelihood that a company may pay its debts in the next 12 months (MORE Ratings).
The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual public data. This value should be reviewed by paying attention to the Confidence Level value and by using other information such as other business information, news... etc; and private information such as the relationship with client, history of payments, guarantees and the knowledge of the sector.
Probability of default e Confidence Level
In addition to the MORE Rating, modeFinance also estimates the probability of default and provides a level of confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go into default. As the probability of default is strongly affected by the economic climate that the company is operating in, companies in the same MORE class will not necessarily have the same probability of default. The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level:
Confidence =
P Available Information P Total Information
The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the MORE rating is able to take into account for each company. For companies with fully populated records a confidence level of 100% would be applied: companies where no financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
MALEV Hungarian Airlines Ltd. MALEV Ltd.
Friday, 03 February 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
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