Monday, 30 January 2012
SPANAIR SA
MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Company name
SPANAIR SA
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
Spain
ZIP code and city
08007 - BARCELONA
Address
PS GRACIA, 2 +34 90 2131415 www.spanair.es
Legal form
Joint stock company - SA
Account
Consolidated
Incorporation date
1986
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)
31/12/2009
31/12/2008
31/12/2007
694,620
1,145,188
1,291,312
Rating Basic
C
C
CC
45.00%
45.00%
32.00%
100%
100%
100%
-3.22
-1.68
-2.95
0.69
0.41
0.66
Current Ratio
0.68
0.27
0.51
Quick Ratio
0.62
0.24
0.48
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 Return on investement ROI (%)
-67.71
-57.59
-0.56
-160.86
-49.07
-75.64
2.62
3.66
3.16
Interest paid weight
-0.05
-0.09
-9.50
EBITDA/Sales
-0.23
-0.13
0.01
EBIT interest coverage ratio
-18.45
-10.79
0.24
EBITDA interest coverage ratio
-17.36
-10.06
0.75
Return on equity ROE (%) 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
SPANAIR SA
Monday, 30 January 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Sector Analysis Company
Healthy
Balanced
Vulnerable
Risky
Leverage ratio
-3.22
Total asset/Total liabilties
0.69
0.56
2.40
4.74
-1.92
2.77
1.42
1.17
0.92
Current Ratio Quick Ratio
0.68
2.35
1.28
0.88
0.67
0.62
2.02
1.17
0.79
0.59
Solvency ratios
Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%)
-67.71
20.00
6.39
1.05
-19.55
Return on equity ROE (%)
-160.86
23.37
10.40
-7.60
-108.80
Asset turnover
2.62
1.66
1.32
1.00
1.33
Interest paid weight
-0.05
0.00
0.17
0.13
-0.10
EBITDA/Sales
-0.23
0.15
0.08
0.04
-0.08
EBIT interest coverage ratio
-18.45
331.80
4.60
0.03
-8.53
EBITDA interest coverage ratio
-17.36
231.80
7.83
1.65
-5.78
Days Sales Of Inventory (DIO)
6
14
8
11
7
Days Sales Outstanding (DSO)
34
34
33
33
33
Days Payable Outstanding (DPO)
37
12
27
37
48
Cash Conversion Cycle (DIO + DSO - DPO)
3
36
20
9
-6
Numer of analyzed companies
-
70
279
227
145
C
A
BB
B
CC
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
SPANAIR SA
Monday, 30 January 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
SPANAIR SA
Monday, 30 January 2012 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Balance Sheet BALANCE SHEET (th e)
31/12/2009
31/12/2008
31/12/2007
IFRS
IFRS
Local GAAP
1
1
1
Total assets
256,876
303,148
398,170
Fixed assets
125,715
136,951
169,594
7,041
10,118
9,109
34,084
40,675
44,206
Accounting practice Exchange rate EUR - EUR
Intangible fixed assets Tangible fixed assets
84,590
86,158
116,279
131,161
166,197
228,576
Stocks
11,688
14,662
14,581
Debtors
64,314
94,126
140,909
Other current assets
55,159
57,409
73,086
21,488
15,450
50,804
-115,723
-445,070
-204,097
66,000
66,845
66,845
-181,723
-511,915
-270,942
Total liabilities
372,599
748,218
602,267
Non current liabilities
179,534
129,230
152,665
Long term debt
131,250
67,674
68,300
48,284
61,556
84,365
193,065
618,988
449,602
Other fixed assets Current assets
Cash & cash equivalent Shareholders funds Capital Other shareholders funds
Other non-current liabilities Current liabilities
0
6,395
269,519
71,208
47,280
108,945
121,857
565,313
71,138
256,876
303,148
398,170
31/12/2009
31/12/2008
31/12/2007
Loans Creditors Other current liabilities Total shareh. funds & liab. NET DEBT (th e) Short term debts
0
6,395
269,519
131,250
67,674
68,300
21,488
15,450
50,804
109,762
58,619
287,015
31/12/2009
Long term debt Cash & cash equivalent Net debt
Working capital Net Current Assets
31/12/2008
31/12/2007
4,794
61,508
46,545
-
-
-
31/12/2009
31/12/2008
31/12/2007
Days Sales Of Inventory (DIO)
6
5
4
Days Sales Outstanding (DSO)
34
30
40
Days Payable Outstanding (DPO)
37
15
31
3
20
13
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
SPANAIR SA
Monday, 30 January 2012 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Income Statement INCOME STATEMENT (th e)
31/12/2009
31/12/2008
31/12/2007
IFRS
IFRS
Local GAAP
1
1
1
673,492
1,110,248
1,258,364
-39.3
-11.8
-
21,128
34,940
32,948
Operating revenue / turnover
694,620
1,145,188
1,291,312
Total costs
852,618
1,294,619
1,275,379
Costs growth (%)
-34
1
-
Service costs
41,788
54,524
54,706
Material costs
628,657
996,435
1,001,108
Costs of employees
182,173
243,660
219,565
-157,998
-149,431
15,933
9,869
10,861
10,940
-167,867
-160,292
4,993
-15,165
-29,148
-28,356
Accounting practice Exchange rate EUR - EUR Sales Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized
EBITDA Depreciation EBIT Financial P/L
544
752
150,428
15,709
29,900
178,784
9,099
14,860
21,139
-183,032
-189,440
-23,363
-3,118
-
-130,127
-
-
6,715
-
-
136,842
-186,150
-
-153,490
Financial revenue Financial expenses 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 P/L for period
Cash flow
-
28,941
885
-186,150
-218,381
-154,375
31/12/2009
31/12/2008
31/12/2007
-176,281
-207,520
-143,435
14,991
79,941
98,154
Added value
31/12/2009 Number of employees
2,791
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
31/12/2008
31/12/2007
3,247
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
3,928
SPANAIR SA
Monday, 30 January 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
SPANAIR SA
Monday, 30 January 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Qualitative information Full overview
Spanair SA, with registered office in Palma de Mallorca, Spain, is an airline specialized in the operation of scheduled and non - scheduled passenger air transportation. It was founded in 1986 by SAS and the Spanish firm Teinver. Spanair provides a scheduled passenger network within Spain and Europe, with an extension to West Africa. Worldwide charters are also flown for tour companies. Its primary base is Son Sant Joan Airport (PMI), with hubs at Barajas International Airport (MAD) in Madrid and El Prat International Airport (BCN) in Barcelona. Spanair’s fleet comprises approximately 61 aircraft distributed as follows: 35 MD (82/83), with 120/170 seats; 16 AIRBUS 320, with 156 - 180 seats; 5 AIRBUS 321, with 212 seats; and 5 BOEING 717, with 115 seats. Spanair’s international offices are located in Germany, Austria, Denmark, Norway, Sweden, Finland, Brazil, the United States of America, Equatorial Guinea, Morocco, Algeria, Gambia and the United Kingdom. Spanair is a member of the International Air Transport Association (IATA), an international trade body that represents more than 250 airlines comprising 94% of the international scheduled air traffic, and the Star Alliance network, which is the oldest, largest and most awarded airline alliance in the world. Spanair is a subsidiary of SAS AB (Scandinavian Airlines System), the parent company of the SAS Group and the Nordic - listed airline and travel group. SAS offers air transport, airline - related services and hospitality services.
History
Founded by SAS and Teinver.
Primary business line
Operation of scheduled and non - scheduled passenger air transportation.
Secondary business line
Not available.
Main activity
Services.
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
International Air Transport Association (IATA); Star Alliance.
Main brand names
Not available.
Main domestic country
Spain.
Main foreign countries or regions
West Africa; Germany; Austria; Denmark; Norway; Sweden; Finland; Brazil; United States of America; Equatorial Guinea; Morocco; Algeria; Gambia; United Kingdom.
Main production sites
Not available.
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
SPANAIR SA
Monday, 30 January 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Main customers
Not available.
Auditor/Advisor/Bank name
type
address
BANESTO.OF - 2446.PALMA BBVA.OF - 4907.CAN PASTILLA CAJAMADRID.OF - 896
Banker Banker Banker
-
DELOITTE S.L.
Auditor
-
Board name
date of birth
nationality
function
Mr Ferran Soriano Compte Mr Miquel Marti Escursell Mr Bo Benny Helge Zakrisson
16/06/1967 01/12/1959
Spain -
President of the Board Vice - president of the Board Vice - president of the Board; Member of the Board of Directors
Sharehoders (the first twenty shareholders ordered by Direct %)) Rating:
INICIATIVES EMPRESARIALS AERONAUTIQUES SA Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
194 2011/03
Rating:
BB
SE -
Operating revenue (MIL $) Total Assets (MIL $)
SCANDINAVIAN AIRLINES SYSTEM AB Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
CCC
ES 85.00 -
10.90 -
Number of Employees Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
0 0 2011/09
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
SPANAIR SA
Monday, 30 January 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
CATALANA D’INICIATIVES S C R DE REGIMEN COMUN SA
Rating:
Country ISO code NACE Rev. 2, Core code Direct %
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees
Total % Address: Not available
ES -
Direct % Total % Address: Not available
Rating:
-
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
ES -
Operating revenue (MIL $) Total Assets (MIL $)
2009/03
Rating:
-
-
Number of Employees Information date
2011/04
Rating:
INVERSIONES EMPRESARIALES AERONAUTICAS SA Country ISO code NACE Rev. 2, Core code Direct % Total %
2009/01
ES -
FIRA DE BARCELONA Country ISO code NACE Rev. 2, Core code
0 88 11
Information date
FEMCAT FUNDACIO PRIVADA D’EMPRESARIS Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
B
-
ES -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
SE
Operating revenue (MIL $)
2011/03
Address: Not available
Rating:
SAS AB Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
CCC
-
Total Assets (MIL $) Number of Employees Information date
Country ISO code NACE Rev. 2, Core code Direct %
-
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees
Total % Address: Not available
-
Information date
Rating:
SELF OWNED
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
6,069 6,234 14,862 2009/04
2011/03
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
SPANAIR SA
Monday, 30 January 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:
CLUB DE VACACIONES SA Country ISO code NACE Rev. 2, Core code Direct % Total %
ES 100.00 100.00
NACE Rev. 2, Core code Direct % Total %
NACE Rev. 2, Core code Direct % Total %
NACE Rev. 2, Core code Direct % Total %
A
Operating revenue (MIL $)
100.00 100.00
-
Total Assets (MIL $) Number of Employees Information date
0 2011/05
Rating: ES
CCC
Operating revenue (MIL $)
6.00 -
1
Total Assets (MIL $) Number of Employees Information date
0 1 2011/09
Rating:
EUROPEAN AVIATION COLLEGE, SA Country ISO code
5 86 2011/09
Rating: ES
AUGUSTIN CLARKE AND ASOCIATES SL Country ISO code
10
Total Assets (MIL $) Number of Employees Information date
SPANAIR HANDLING SL Country ISO code
C
Operating revenue (MIL $)
ES
BBB
Operating revenue (MIL $)
-
Total Assets (MIL $) Number of Employees Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
5 7 24 2011/03
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
SPANAIR SA
Monday, 30 January 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
SPANAIR SA
Monday, 30 January 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
SPANAIR SA
Monday, 30 January 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
SPANAIR SA
Monday, 30 January 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
SPANAIR SA
Monday, 30 January 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