modeFinance Credit Report: Solid-Air B.V. by modeFinance

Monday, 10 October 2011

Solid - Air B.V.

MORE Credit Rating

CC CCC

BB BBB

AA AAA

key

Company name

Solid - Air B.V.

Identification number If you want to know more, ASKMORE modeFinanceâ&#x20AC;&#x2122;s credit report.

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

Netherlands

ZIP code and city

5657 EA - EINDHOVEN

Address

Luchthavenweg 31 +31 40 2354666 www.solid - airline.nl

Legal form

Private limited liability company - BV

Account

Unconsolidated

Incorporation date

2002

NACE 2 Sector

5110 - Passenger air transport

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:

31/12/2010

31/12/2009

31/12/2008

Turnover (th e) Rating Basic

62.00%

44.00%

50%

-3.34

-2.64

-6.37

0.70

0.62

0.84

Current Ratio

0.50

0.35

0.73

Quick Ratio

0.50

0.35

0.73

Return on investement ROI (%)

Return on equity ROE (%)

Asset turnover

Interest paid weight

EBITDA/Sales

EBIT interest coverage ratio

EBITDA interest coverage ratio

Probability of default

Plus TM

ASKMORE Basic: This report includes modeFinance â&#x20AC;&#x2122; 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

Solvency ratios Leverage ratio Total asset/Total liabilties Liquidity ratios

Profitability and economic equilibrium ratios

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

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MORE Credit Rating

D not available

non return

extremly pathological pathological

CCC

BBB

AAA

high danger

weak

sufficient

adequate

good

very strong

extremely strong

Solid - Air B.V.

Monday, 10 October 2011 MORE Credit Rating

CC CCC

BB BBB

AA AAA

key

Sector Analysis Company

Healthy

Balanced

Vulnerable

Risky

Leverage ratio

-3.34

Total asset/Total liabilties

0.70

0.56

2.40

4.74

-1.92

2.77

1.42

1.17

0.92

Current Ratio Quick Ratio

0.50

2.35

1.28

0.88

0.67

0.50

2.02

1.17

0.79

0.59

Return on investement ROI (%)

20.00

6.39

1.05

-19.55

Return on equity ROE (%)

23.37

10.40

-7.60

-108.80

Asset turnover

1.66

1.32

1.00

1.33

Interest paid weight

0.00

0.17

0.13

-0.10

EBITDA/Sales

0.15

0.08

0.04

-0.08

EBIT interest coverage ratio

331.80

4.60

0.03

-8.53

EBITDA interest coverage ratio

231.80

7.83

1.65

-5.78

Days Sales Of Inventory (DIO)

Days Sales Outstanding (DSO)

Days Payable Outstanding (DPO)

Cash Conversion Cycle (DIO + DSO - DPO)

-6

Numer of analyzed companies

279

227

145

Solvency ratios

Liquidity ratios

Profitability and economic equilibrium ratios

Interest Coverage ratios

Cash Conversion Cycle (days)

(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

Solid - Air B.V.

Monday, 10 October 2011 MORE Credit Rating

CC CCC

BB BBB

key

Sector Analysis - Graphs

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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

AA AAA

Solid - Air B.V.

Monday, 10 October 2011 MORE Credit Rating

CC CCC

BB BBB

AA AAA

key

Balance Sheet BALANCE SHEET (th e)

31/12/2010

31/12/2009

31/12/2008

Accounting practice

Local GAAP

Exchange rate EUR - EUR Total assets

4,464

3,360

4,272

Fixed assets

1,344

1,471

709

118

197

278

1,227

1,271

422

3,120

1,889

3,563

Intangible fixed assets Tangible fixed assets Other fixed assets Current assets Stocks Debtors Other current assets Cash & cash equivalent Shareholders funds Capital Other shareholders funds Total liabilities Non current liabilities Long term debt Other non-current liabilities Current liabilities

3,099

1,857

3,552

-1,909

-2,055

-795

-1,949

-2,095

-835

6,373

5,415

5,067

171

6,303

5,327

4,896

Loans

Creditors

6,303

5,327

4,896

4,464

3,360

4,272

Other current liabilities Total shareh. funds & liab. NET DEBT (th e)

31/12/2010

31/12/2009

31/12/2008

Short term debts

Long term debt

-22

-32

-10

Cash & cash equivalent Net debt

31/12/2010 Working capital

31/12/2009

31/12/2008

3,099

1,857

3,552

-3,183

-3,438

-1,333

31/12/2010

31/12/2009

31/12/2008

Net Current Assets

Days Sales Of Inventory (DIO)

Days Sales Outstanding (DSO)

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

Solid - Air B.V.

Monday, 10 October 2011 MORE Credit Rating

CC CCC

BB BBB

AA AAA

key

Income Statement INCOME STATEMENT (th e)

31/12/2010

31/12/2009

31/12/2008

Accounting practice

Local GAAP

Exchange rate EUR - EUR

Sales

Revenues growth (%)

Operating revenue / turnover

Total costs

Costs growth (%)

Service costs

Material costs

Costs of employees

EBITDA

Depreciation

EBIT

Financial P/L

Financial revenue

Financial expenses

P/L before tax

Extr. and other P/L

Extr. and other revenue

Extr. and other expenses

Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized

Interest paid

P/L before tax + Extr. and other P/L

Taxation

P/L for period

31/12/2010

31/12/2009

31/12/2008

Cash flow

Added value

31/12/2010

31/12/2009

31/12/2008

Number of employees

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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

Solid - Air B.V.

Monday, 10 October 2011 MORE Credit Rating

CC CCC

BB BBB

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

Solid - Air B.V.

Monday, 10 October 2011 MORE Credit Rating

CC CCC

BB BBB

key

Qualitative information Full overview

Not available.

History

Not available.

Primary business line

Not available.

Secondary business line

Not available.

Main activity

Not available.

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

Not available.

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.

Auditor/Advisor/Bank name

type

address

ABN - AMRO NV

Banker

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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

AA AAA

Solid - Air B.V.

Monday, 10 October 2011 MORE Credit Rating

CC CCC

BB BBB

AA AAA

key

Board name

date of birth

nationality

function

Mr Roderick Willem Pieter Buijs

Belgium

General director

Sharehoders (the first twenty shareholders ordered by Direct %)) Rating:

SOLID - AIR HOLDING B.V. Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available

NL 100.00 100.00

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

0 2011/07

Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:

SOLID HANDLING GMBH Country ISO code NACE Rev. 2, Core code Direct % Total %

DE 50.00 -

BBB

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

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

1 0 2010/10

Solid - Air B.V.

Monday, 10 October 2011 MORE Credit Rating

CC CCC

BB BBB

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 companyâ&#x20AC;&#x2122;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

Solid - Air B.V.

Monday, 10 October 2011 MORE Credit Rating

CC CCC

BB BBB

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

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

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.

The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic

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.

The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the company’s strong disequilibrium could increase. Risky

The company shows considerable pathological situations. commitments is very low.

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

Solid - Air B.V.

Monday, 10 October 2011 MORE Credit Rating

CC CCC

BB BBB

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 companyâ&#x20AC;&#x2122;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

Solid - Air B.V.

Monday, 10 October 2011 MORE Credit Rating

CC CCC

BB BBB

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

Solid - Air B.V.

Monday, 10 October 2011 MORE Credit Rating

CC CCC

BB BBB

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