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If you want to know more, ASKMORE TM
modeFinance’s credit report.
Almost every day millions of peoplearound the world are wondering the realcreditworthiness of the companies withwhich they are in business. Every daythese questions remain unanswered.modeFinance
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ASKMORETM
Basic:This report includes modeFinance TM
’ sMORE Credit Ratings and MORE CreditLimit to help you in the decision making.It covers all essential information includingfinancial statements of the last three yearsand descriptive information including tradedescription and sector analysis.This report type is ideally suited fordecisions on transactions with each levelof credit risk.
modeFinanceTM HeadquarterBuilding A - AREA Science ParkPadriciano 99 - 34149 Trieste - ItalyPh.: +39 040 375 5337Fax: +39 040 375 [email protected]
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HUSQVARNA MOTORCYCLES SRLWednesday, 22 May 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAAnot
available
non return extremlypathological
pathological highdanger
weak sufficient adequate good very
strongextremely
strong
Company name HUSQVARNA MOTORCYCLES SRL
Identification number
Country Italy
ZIP code and city 21024 - BIANDRONNO
Address VIA NINO BIXIO, 8
+39 0332756111
www.husqvarna - motorcycles.com
info@husqvarna - motorcycles.com
Legal form One - person company with limited liability - SRL
Account Unconsolidated
Incorporation date 25/02/2005
NACE 2 Sector 3091 - Manufacture of motorcycles
Listed
Status Active
MORE Credit limit 590,000 e
Black records Available on request
31/12/2012 31/12/2011 31/12/2010
Turnover (th e) 62,113 44,904 59,552
Rating CCC CCC CC
Probability of default 10.30% 14.35% 42.78%
Confidence Level 100% 100% 100%
Solvency ratios
Leverage ratio 0.75 1.28 7.59
Financial Leverage 0.00 0.00 0.00
Total asset/Total liabilities 2.33 1.78 1.13
Liquidity ratios
Current Ratio 2.68 1.99 1.15
Quick Ratio 1.76 1.48 0.91
Cash Cycle Ratio 73.00 148.00 153.00
Profitability ratios
Return on investement ROI (%) -50.17 -61.79 -113.49
Return on equity ROE (%) -80.93 -80.55 -974.43
Asset turnover 0.74 0.52 0.47
EBITDA/Sales -0.59 -1.01 -0.75
Interest Coverage ratios
EBIT interest coverage ratio -242.86 -87.10 -109.27
EBITDA interest coverage ratio -212.26 -72.30 -33.72
Analysis and trend of financial
strength
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HUSQVARNA MOTORCYCLES SRLWednesday, 22 May 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis
Company Healthy Balanced Vulnerable Risky
Solvency ratios
Leverage ratio 0.75 0.67 1.98 3.76 5.17
Financial Leverage 0.00 - - - -
Total asset/Total liabilities 2.33 2.48 1.50 1.17 1.04
Liquidity ratios
Current Ratio 2.68 2.05 1.50 1.14 1.01
Quick Ratio 1.76 1.54 0.91 0.68 0.33
Cash Cycle Ratio 73.00 - - - -
Profitability ratios
Return on investement ROI (%) -50.17 16.80 8.24 1.64 -7.36
Return on equity ROE (%) -80.93 19.15 12.28 -7.22 -82.17
Asset turnover 0.74 1.47 1.29 1.04 1.29
EBITDA/Sales -0.59 0.13 0.09 0.05 -0.04
Interest Coverage ratios
EBIT interest coverage ratio -242.86 57.19 2.85 0.45 -5.67
EBITDA interest coverage ratio -212.26 77.70 4.80 2.40 -2.17
Cash Conversion Cycle (days)
Days Sales Of Inventory (DIO) 125 38 50 88 81
Days Sales Outstanding (DSO) 90 36 35 69 20
Days Payable Outstanding (DPO) 93 25 43 72 89
Cash Conversion Cycle (DIO + DSO - DPO) 122 45 60 101 81
Numer of analyzed companies - 81 156 44 13
(Average) Rating CCC A BB B CC
The sector has been chosen according to:
international companies in the sector NACE 2 3091 with financial data of year 2012.
Page 3
HUSQVARNA MOTORCYCLES SRLWednesday, 22 May 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis - Graphs
Page 4
HUSQVARNA MOTORCYCLES SRLWednesday, 22 May 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Balance Sheet
BALANCE SHEET (th e) 31/12/2012 31/12/2011 31/12/2010
Accounting practice Local GAAP Local GAAP Local GAAP
Exchange rate EUR - EUR 1 1 1
Number of months 12 12 12
Total assets 75,094 85,256 113,537
Fixed assets 12,677 13,359 14,751
Intangible fixed assets 0 19 33
Tangible fixed assets 12,523 13,187 14,553
Other fixed assets 154 153 165
Current assets 62,417 71,897 98,786
Stocks 21,316 18,287 20,496
Debtors 15,358 19,813 31,702
Other current assets 25,742 33,798 46,589
Cash & cash equivalent 1,149 2,786 3,636
Shareholders funds 42,830 37,394 13,213
Capital 5,000 5,000 5,000
Other shareholders funds 37,830 32,394 8,213
Total liabilities 32,264 47,862 100,324
Non current liabilities 8,944 11,718 14,069
Long term debt 0 0 0
Other non-current liabilities 8,944 11,718 14,069
Current liabilities 23,319 36,144 86,255
Loans 0 0 0
Creditors 15,742 23,202 30,282
Other current liabilities 7,577 12,942 55,974
Total shareh. funds & liab. 75,094 85,256 113,537
NET DEBT (th e) 31/12/2012 31/12/2011 31/12/2010
Short term debts 0 0 0
Long term debt 0 0 0
Cash & cash equivalent 1,149 2,786 3,636
Net debt -1,149 -2,786 -3,636
31/12/2012 31/12/2011 31/12/2010
Working capital 20,932 14,897 21,915
Net Current Assets 39,097 35,753 12,530
31/12/2012 31/12/2011 31/12/2010
Days Sales Of Inventory (DIO) 125 149 126
Days Sales Outstanding (DSO) 90 161 194
Days Payable Outstanding (DPO) 93 189 186
Cash Conversion Cycle (DIO + DSO - DPO) 122 121 134
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HUSQVARNA MOTORCYCLES SRLWednesday, 22 May 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Income Statement
INCOME STATEMENT (th e) 31/12/2012 31/12/2011 31/12/2010
Accounting practice Local GAAP Local GAAP Local GAAP
Exchange rate EUR - EUR 1 1 1
Number of months 12 12 12
Sales 55,917 43,937 53,669
Revenues growth (%) 27 -18 -
Other revenues +/- variation in inventories and contract in progress + Fixed assets
own construction capitalized6,196 967 5,883
Operating revenue / turnover 62,113 44,904 59,552
Total costs 95,014 89,153 100,048
Costs growth (%) 7 -11 -
Service costs 30,433 37,963 36,132
Material costs 48,453 36,468 50,241
Costs of employees 16,128 14,722 13,675
EBITDA -32,901 -44,249 -40,496
Depreciation 4,742 9,057 90,732
EBIT -37,643 -53,306 -131,228
Financial P/L -188 18 1,173
Financial revenue 272 291 252
Financial expenses 460 273 -921
Interest paid 155 612 1,201
P/L before tax -37,832 -53,288 -130,055
Extr. and other P/L 3,168 1,070 518
Extr. and other revenue 3,453 1,705 1,251
Extr. and other expenses 286 636 733
P/L before tax + Extr. and other P/L -34,664 -52,218 -129,537
Taxation 0 -22,099 -785
P/L for period -34,664 -30,119 -128,752
31/12/2012 31/12/2011 31/12/2010
Cash flow -29,922 -21,062 -38,020
Added value -13,639 -27,827 -23,930
31/12/2012 31/12/2011 31/12/2010
Number of employees 243 243 248
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HUSQVARNA MOTORCYCLES SRLWednesday, 22 May 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Evolutions and trends
Page 7
HUSQVARNA MOTORCYCLES SRLWednesday, 22 May 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Qualitative information
Full overview The company is engaged in the manufacture and retail distribution of racing motorcycles. It was founded in 1903.
The registered business office of the company is located in Biandronno, Italy. The company offers a wide range
of units such as enduro, motocross, supermotard, and dual purpose motorcycles. It also provides after sales and
maintenance services, as well as spare parts, special kits, and accessories through its sales and assistance authorized
network. The company is active and operational in Italy.
History Not available.
Primary business line Engaged in the manufacture and retail distribution of racing motorcycles.
Secondary business line Not available.
Main activity Manufacturing; Retail.
Secondary activity Not available.
Main products and services Enduro, motocross, supermotard, and dual purpose motorcycles; After sales and maintenance services, as well as
spare parts, special kits, and accessories through its sales and assistance authorized network.
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 Italy.
Main foreign countries or regions Not available.
Main production sites Italy.
Main distribution sites Not available.
Main sales representation sites Not available.
Main customers Not available.
Page 8
HUSQVARNA MOTORCYCLES SRLWednesday, 22 May 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Black records
Available on request.
Auditor/Advisor/Bank
name type address
KPMG S.P.A. Auditor -
Board
name date of birth nationality function
Mr. Klaus Allisat 22/11/1968 Italy Chairman of the Board of Directors
Sharehoders (the first twenty shareholders ordered by Direct %)
SEESTERN HOLDING GMBH Rating:
Country ISO code AT Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 100.00 Number of Employees 3
Total % 100.00 Information date 03/2013
Address : Not available
BMW ITALIA SPA Rating: BB
Country ISO code IT Operating Revenue (MIL $) 3348.04
NACE Rev. 2, Core code - Total Assets (MIL $) 1275.56
Direct % - Number of Employees 288
Total % 100.00 Information date 12/2011
Address : Not available
Page 9
HUSQVARNA MOTORCYCLES SRLWednesday, 22 May 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Subsidiaries (the first twenty subsidiaries ordered by Direct %)
ANCMA SERVIZI E SVILUPPO SOCIETA COOPERATIVA PER AZIONI A RESPONSA-
BILITA LIMITATARating: BB
Country ISO code IT Operating Revenue (MIL $) 5.85
NACE Rev. 2, Core code - Total Assets (MIL $) 3.34
Direct % 1.31 Number of Employees 11
Total % - Information date 06/2012
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HUSQVARNA MOTORCYCLES SRLWednesday, 22 May 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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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HUSQVARNA MOTORCYCLES SRLWednesday, 22 May 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Rating scale
Rating class Rating macro class Assessment
AAA
Healthy
The company’s capacity to meet its financial commitments is extremely strong.
AA The company has very strong creditworthiness.
A The company has a high solvency.
BBB
Balanced
Capital structure and economic equilibrium are considered adequate.
BB The companyï¿ 12
s performances are adequate considering the sector and the country in which it is operating.
B
Vulnerable
The company presents vulnerable signals with regards to its fundamentals.
CCCThe company has a dangerous disequilibrium on the capital structure and on its economic and financial
fundamentals.
CC
Risky
The company shows signals of high vulnerability.
C The company shows considerable pathological situations.
D The company has not any longer the capacity to meet its financial commitments.
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HUSQVARNA MOTORCYCLES SRLWednesday, 22 May 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Fundamental Credit Rating Ratios
Analysis area Ratio Assessment
Solvency ratios
Leverage ratioThis measures the level of total liabilities of the company in comparison
with equity.
Assets to debtThis indicates company’s solvency. The company shows a level of deficit
when the value of this ratio is under one unit.
Financial ratios Fixed Assets coverage ratioThis is calculated only for holdings. It measures the capital structure i.e.
whether a company covers the fixed assets with long term capital.
Liquidity ratios
Current ratioThis measures whether a company has sufficient short-term assets to cover
its short-term liabilities.
Quick ratioThis compares current liabilities only to those assets that can be readily
turned into cash.
Profitability and economic ratios
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 coverage ratio 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.
Page 13
HUSQVARNA MOTORCYCLES SRLWednesday, 22 May 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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 =
∑Available Information∑
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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HUSQVARNA MOTORCYCLES SRLWednesday, 22 May 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Notes and disclaimer
NOTES modeFinance has based the present analysis on the company available financial statements, coming from one or
more of the following sources: local providers, Commercial Register (Companies House), websites, modeFinance’s
database etc.
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 MORE rating
Where AREA Science Park
34149 Trieste, via Padriciano 99 - ITALY
Info [email protected]
web www.modefinance.com
Phone +39 040 3755337
