Wednesday, 07 September 2011
Saab Automobile AB
MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
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Company name
Saab Automobile AB
Identification number
SE5562588912
Country
Sweden
ZIP code and city
46180 - Trollhattan
Address 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
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www.saab.com Legal form
Limited liability company - AB
Account
Unconsolidated
Incorporation date
1985
NACE 2 Sector
2910 - Manufacture of motor vehicles
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+46 520 85000
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
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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
757,124
1,509,554
1,442,961
CC
B
D
36.00%
5.00%
100.00%
100%
100%
100%
Leverage ratio
4.00
18.30
-3.79
Total asset/Total liabilties
1.25
1.05
0.74
Current Ratio
0.69
0.72
0.34
Quick Ratio
0.43
0.54
0.16
Probability of default
Plus
31/12/2010
Confidence Level
TM
Solvency ratios
Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%) Return on equity ROE (%)
-31.37
45.91
-41.75
-149.48
878.97
-124.10
0.67
1.79
1.57
Asset turnover Interest paid weight
-0.02
0.02
-0.09
Gross Profit/Operating revenue
-0.15
-0.27
-0.16
-52.10
48.29
-11.36
Interest Coverage ratios EBIT interest coverage ratio
Analysis and trend of financial strength
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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
Saab Automobile AB
Wednesday, 07 September 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Sector Analysis Company
Healthy
Balanced
Vulnerable
Risky
Leverage ratio
4.00
0.53
1.82
3.62
-1.88
Total asset/Total liabilties
1.25
2.88
1.54
1.24
0.98
Current Ratio
0.69
2.60
1.32
1.05
0.71
Quick Ratio
0.43
1.74
0.87
0.67
0.49
Solvency ratios
Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%)
-31.37
15.53
6.09
-0.41
-11.65
Return on equity ROE (%)
-149.48
17.11
8.72
-8.33
-144.80
Asset turnover
0.67
1.52
1.43
1.16
1.00
Interest paid weight
-0.02
0.01
0.15
0.00
-0.16
Gross Profit/Operating revenue
-0.15
0.21
0.16
0.11
0.02
-52.10
94.01
5.06
-0.43
-5.24
Interest Coverage ratios EBIT interest coverage ratio Cash Conversion Cycle (days) Days Sales Of Inventory (DIO)
72
35
53
47
78
Days Sales Outstanding (DSO)
21
38
44
46
44
Days Payable Outstanding (DPO)
64
23
44
53
68
Cash Conversion Cycle (DIO + DSO - DPO)
29
50
57
46
53
-
83
288
270
119
CC
A
BB
B
CC
Numer of analyzed companies (Average) Rating
The sector has been chosen according to: international companies in the sector NACE 2 2910 with financial data of year 2009.
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
Saab Automobile AB
Wednesday, 07 September 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
Saab Automobile AB
Wednesday, 07 September 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
0.11154
0.09754
0.092
1,122,079
841,589
919,779
728,794
291,162
523,275
Intangible fixed assets
79,973
780
42,962
Tangible fixed assets
23,758
266,874
432,198
Exchange rate SEK - EUR Total assets Fixed assets
625,063
23,508
48,114
393,285
550,427
396,504
149,239
139,875
213,615
42,831
14,144
21,527
201,216
396,409
161,361
160,727
211,763
11,132
224,527
43,601
-329,439
70,492
61,646
58,142
Other shareholders funds
154,035
-18,045
-387,580
Total liabilities
897,552
797,988
1,249,218
Non current liabilities
331,270
32,676
95,492
Long term debt
268,920
0
0
62,350
32,676
95,492
566,282
765,312
1,153,725
8,923
0
0
133,512
53,745
146,090
Other fixed assets Current assets Stocks Debtors Other current assets Cash & cash equivalent Shareholders funds Capital
Other non-current liabilities Current liabilities Loans Creditors
423,847
711,566
1,007,635
1,122,079
841,589
919,779
31/12/2010
31/12/2009
Other current liabilities Total shareh. funds & liab. NET DEBT (th e) Short term debts
31/12/2008
8,923
0
Long term debt
268,920
0
0
Cash & cash equivalent
160,727
211,763
11,132
Net debt
117,116
-211,763
-11,132
31/12/2010 Working capital
31/12/2009
0
31/12/2008
58,558
100,273
89,052
-172,996
-214,884
-757,221
31/12/2010
31/12/2009
31/12/2008
Net Current Assets
Days Sales Of Inventory (DIO)
72
34
Days Sales Outstanding (DSO)
21
3
5
Days Payable Outstanding (DPO)
64
13
37
Cash Conversion Cycle (DIO + DSO - DPO)
29
24
22
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
54
Saab Automobile AB
Wednesday, 07 September 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
0.11154
0.09754
0.092
Exchange rate SEK - EUR Sales Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized Operating revenue / turnover
702,805
593,053
1,438,914
18.5
-58.8
-
54,319
916,501
4,047
757,124
1,509,554
1,442,961
1,105,794
1,151,576
1,824,561
Costs growth (%)
-4
-37
-
Service costs
-
-
-
Material costs
-
-
-
Costs of employees
-
-
-
-338,520
524,774
-229,991
10,150
166,796
151,610
-348,670
357,978
-381,600
-10,038
20,971
-35,971
Financial revenue
11,488
29,067
29,715
Financial expenses
21,527
8,096
65,685
6,692
7,413
33,579
-358,708
378,949
-417,571
Total operating costs
EBITDA Depreciation EBIT Financial P/L
Interest paid P/L before tax Extr. and other P/L
-
0
0
Extr. and other revenue
-
0
0
Extr. and other expenses
-
0
0
-
378,949
-417,571
P/L before tax + Extr. and other P/L Taxation P/L for period
-23,089
-4,292
-8,740
-335,620
383,241
-408,831
31/12/2010 Costs of Good Sold
31/12/2009
31/12/2008
813,675
1,003,996
1,665,408
Gross Profit
-110,869
-410,943
-226,495
Other Operating Expenses
-237,800
147,580
159,154
31/12/2010 Cash flow Added value
-257,222
-
-
-
-
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
31/12/2008
550,037
31/12/2010 Number of employees
31/12/2009
-325,470
31/12/2009
31/12/2008
3,743
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
3,867
Saab Automobile AB
Wednesday, 07 September 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
Saab Automobile AB
Wednesday, 07 September 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Qualitative information Full overview
Saab Automobile AB is a Swedish company that manufactures passenger automobiles in the premium sector of the market. The company has a headquarters located in Trollhätten, Norway and was incorporated on September 1985. It was officially formed in 1990 when General Motors Corporation purchased 50 percent of Saab - Scania’s passenger car business. Saab Automobile is an operating subsidiary of the world’s largest automobile manufacturer, General Motors. The company, considered as a small automaker in the auto industry of the late 20th century, has an annual production capacity of approximately 125,000 cars, which include models, namely, the 9 - 3 Sport Sedan, 9 - 3 Convertible, 9 - 3 SportCombi, 9 - 5 Sedan, and the 9 - 5 SportCombi, mostly are built at its factory in Trollhätten and are sold and marketed in more than 60 countries. The largest markets for Saab automobiles are the United States, Western Europe, Australia, Japan, Canada, and Taiwan. Its automobile operations became a division of Saab - Scania AB following the 1969 merger of Saab AB and Scania - Vabis AB, a maker of trucks, buses, and diesel engines.
History
Not available.
Primary business line
Manufactures passenger automobiles in the premium sector of the market.
Secondary business line
Not available.
Main activity
Manufacturing.
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
Sweden.
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
Saab Automobile AB
Wednesday, 07 September 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Auditor/Advisor/Bank name
type
address
Enlund Sven ’Bertel’
Auditor
-
Siberg ’Helene’ Marie
Auditor
-
Board name
date of birth
nationality
function
Mr Victor Roberto Muller
13/09/1959
-
MD and Regular member
Sharehoders (the first twenty shareholders ordered by Direct %)) SWEDISH AUTOMOBILE N.V. Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
NL 100.00 100.00
Rating:
C
Operating revenue (MIL $) Total Assets (MIL $)
1,140 1,440
Number of Employees Information date
3,888 2010/12
Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:
GENERAL MOTORS NORDISKA AB Country ISO code NACE Rev. 2, Core code Direct % Total %
SE 100.00 100.00
Total Assets (MIL $) Number of Employees Information date
NACE Rev. 2, Core code Direct % Total %
SE
-
Operating revenue (MIL $)
100.00 100.00
Total Assets (MIL $) Number of Employees Information date
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126 1 2011/01
Rating:
GOLDCUP 6300 AB Country ISO code
AA
Operating revenue (MIL $)
2011/08
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
Saab Automobile AB
Wednesday, 07 September 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
SAAB AUTOMOBILE SPAIN SL. Country ISO code NACE Rev. 2, Core code Direct % Total %
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
CA 100.00 100.00
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
-
SAAB DEUTSCHLAND GESELLSCHAFT MIT BESCHRĂ„NKTER HAFTUNG
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total %
DE 100.00 100.00
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
IT 100.00 100.00
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
SE 100.00 100.00
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
SE 100.00 100.00
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
SE 100.00 100.00
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
AU 100.00 100.00
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US 100.00 100.00
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
0 0 105 2011/03 BBB
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205 89 439 2011/03 45 2011/03 -
Rating:
SAAB CARS NORTH AMERICA INC Country ISO code NACE Rev. 2, Core code Direct % Total %
B
Rating:
SAAB CARS AUSTRALIA PTY LTD Country ISO code NACE Rev. 2, Core code Direct % Total %
2011/08
Rating:
SAAB AUTOMOBILE TOOLS AB Country ISO code NACE Rev. 2, Core code Direct % Total %
144 61 2010/12 -
Rating:
SAAB AUTOMOBILE POWERTRAIN AB Country ISO code NACE Rev. 2, Core code Direct % Total %
B
Rating:
SAAB AUTOMOBILE PARTS AB Country ISO code NACE Rev. 2, Core code Direct % Total %
2010/12
Rating:
SAAB AUTOMOBILE ITALY Country ISO code NACE Rev. 2, Core code Direct % Total %
2011/08
Rating:
SAAB CANADA INC (CANADA) Country ISO code NACE Rev. 2, Core code Direct % Total %
-
ES 100.00 100.00
2011/08 -
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
2011/08
Saab Automobile AB
Wednesday, 07 September 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
SAAB RIVE GAUGE Country ISO code NACE Rev. 2, Core code Direct % Total %
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
JP MO -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
SAAB JAPAN INC. Country ISO code NACE Rev. 2, Core code Direct % Total %
-
FR 100.00 100.00
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2011/08 -
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
2010/04
Saab Automobile AB
Wednesday, 07 September 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
Saab Automobile AB
Wednesday, 07 September 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
Saab Automobile AB
Wednesday, 07 September 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
Saab Automobile AB
Wednesday, 07 September 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.
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
Saab Automobile AB
Wednesday, 07 September 2011 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
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741