Diginotar BV: modeFinance Credit Report
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If you want to know more, ASKMORE TM
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modeFinanceTM HeadquarterBuilding A - AREA Science ParkPadriciano 99 - 34149 Trieste - ItalyPh.: +39 040 375 5337Fax: +39 040 375 6741info@modefinance.com
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Diginotar B.V.Tuesday, 20 September 2011
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 Diginotar B.V.
Identification number
Country Netherlands
ZIP code and city 1942 LJ - BEVERWIJK
Address Vondellaan 8
+31 251 273829
www.diginotar.nl
Legal form Private limited liability company - BV
Account Unconsolidated
Incorporation date 1998
NACE 2 Sector 8219 - Photocopying, document preparation and other specialised office
support activities
Listed
Status Active
MORE Credit limit Not eligible for credit on the base of the available informations
31/12/2009 31/12/2008 31/12/2007
Turnover (th e) - - -
Rating CC D D
Probability of default 44.00% 100.00% 100.00%
Confidence Level 50% 50% 50%
Solvency ratios
Leverage ratio -12.17 -1.43 -1.45
Total asset/Total liabilties 0.92 0.30 0.31
Liquidity ratios
Current Ratio 0.87 0.14 0.14
Quick Ratio 0.85 0.12 0.12
Profitability and economic equili-
brium ratios
Return on investement ROI (%) - - -
Return on equity ROE (%) - - -
Asset turnover - - -
Interest paid weight - - -
EBITDA/Sales - - -
Interest Coverage ratios
EBIT interest coverage ratio - - -
EBITDA interest coverage ratio - - -
Analysis and trend of financial
strength
Diginotar B.V.Tuesday, 20 September 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number 01168840328info@modefinance.comwww.modefinance.com
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 -12.17 0.77 2.24 4.33 -4.10
Total asset/Total liabilties 0.92 2.30 1.45 1.21 0.88
Liquidity ratios
Current Ratio 0.87 1.84 1.22 1.12 0.69
Quick Ratio 0.85 1.84 1.16 1.06 0.68
Profitability and economic equilibrium ratios
Return on investement ROI (%) - 15.51 5.14 -1.60 -6.14
Return on equity ROE (%) - 21.53 9.44 -4.59 -85.72
Asset turnover - 1.92 1.69 1.85 1.31
Interest paid weight - 0.00 0.11 0.00 -0.10
EBITDA/Sales - 0.11 0.07 0.01 -0.05
Interest Coverage ratios
EBIT interest coverage ratio - +Inf 6.85 -3.80 -9.02
EBITDA interest coverage ratio - +Inf 13.67 2.46 -5.39
Cash Conversion Cycle (days)
Days Sales Of Inventory (DIO) - 7 7 7 5
Days Sales Outstanding (DSO) - 74 67 84 108
Days Payable Outstanding (DPO) - 35 32 42 84
Cash Conversion Cycle (DIO + DSO - DPO) - 37 49 41 26
Numer of analyzed companies - 32 102 73 22
(Average) Rating CC A BB B CC
The sector has been chosen according to:
international companies in the sector NACE 2 8219 with financial data of year 2009.
Diginotar B.V.Tuesday, 20 September 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number 01168840328info@modefinance.comwww.modefinance.com
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis - Graphs
Diginotar B.V.Tuesday, 20 September 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number 01168840328info@modefinance.comwww.modefinance.com
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Balance Sheet
BALANCE SHEET (th e) 31/12/2009 31/12/2008 31/12/2007
Accounting practice Local GAAP Local GAAP Local GAAP
Exchange rate EUR - EUR 1 1 1
Total assets 7,729 2,323 2,042
Fixed assets 483 1,279 1,168
Intangible fixed assets 0 0 0
Tangible fixed assets 483 1,279 1,168
Other fixed assets 0 0 0
Current assets 7,246 1,044 874
Stocks 106 88 110
Debtors 7,139 956 763
Other current assets 1 0 1
Cash & cash equivalent 1 - 1
Shareholders funds -692 -5,441 -4,516
Capital 18 18 18
Other shareholders funds -710 -5,459 -4,534
Total liabilities 8,421 7,764 6,558
Non current liabilities 64 64 129
Long term debt 0 0 0
Other non-current liabilities 64 64 129
Current liabilities 8,357 7,700 6,430
Loans 0 0 0
Creditors 0 0 0
Other current liabilities 8,357 7,700 6,430
Total shareh. funds & liab. 7,729 2,323 2,042
NET DEBT (th e) 31/12/2009 31/12/2008 31/12/2007
Short term debts 0 0 0
Long term debt 0 0 0
Cash & cash equivalent 1 - 1
Net debt -1 - -1
31/12/2009 31/12/2008 31/12/2007
Working capital 7,245 1,044 873
Net Current Assets -1,111 -6,656 -5,556
31/12/2009 31/12/2008 31/12/2007
Days Sales Of Inventory (DIO) - - -
Days Sales Outstanding (DSO) - - -
Days Payable Outstanding (DPO) - - -
Cash Conversion Cycle (DIO + DSO - DPO) - - -
Diginotar B.V.Tuesday, 20 September 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number 01168840328info@modefinance.comwww.modefinance.com
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Income Statement
INCOME STATEMENT (th e) 31/12/2009 31/12/2008 31/12/2007
Accounting practice Local GAAP Local GAAP Local GAAP
Exchange rate EUR - EUR 1 1 1
Sales - - -
Revenues growth (%) - - -
Other revenues +/- variation in inventories and contract in progress + Fixed assets
own construction capitalized- - -
Operating revenue / turnover - - -
Total costs - - -
Costs growth (%) - - -
Service costs - - -
Material costs - - -
Costs of employees - - -
EBITDA - - -
Depreciation - - -
EBIT - - -
Financial P/L - - -
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 - - -
31/12/2009 31/12/2008 31/12/2007
Cash flow - - -
Added value - - -
31/12/2009 31/12/2008 31/12/2007
Number of employees 25 - -
Diginotar B.V.Tuesday, 20 September 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number 01168840328info@modefinance.comwww.modefinance.com
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Evolutions and trends
Diginotar B.V.Tuesday, 20 September 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number 01168840328info@modefinance.comwww.modefinance.com
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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
Rabobank Banker -
Diginotar B.V.Tuesday, 20 September 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number 01168840328info@modefinance.comwww.modefinance.com
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Board
name date of birth nationality function
Mr A. de Bos - - General director
Sharehoders (the first twenty shareholders ordered by Direct %))
VASCO DATA SECURITY INTERNATIONAL INC Rating: A
Country ISO code US Operating revenue (MIL $) 108
NACE Rev. 2, Core code - Total Assets (MIL $) 143
Direct % 100.00 Number of Employees 342
Total % 100.00 Information date 2011/01
Address: Not available
Subsidiaries (the first twenty subsidiaries ordered by Direct %)
Not available.
Diginotar B.V.Tuesday, 20 September 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number 01168840328info@modefinance.comwww.modefinance.com
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.
Diginotar B.V.Tuesday, 20 September 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number 01168840328info@modefinance.comwww.modefinance.com
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. The company shows an excellent
economic and financial flow and fund equilibrium.
AAThe company has very strong creditworthiness. It also has a good capital structure and economic and financial
equilibrium. Difference from AAA is slight.
AThe 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.
BBB
Balanced
Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial
commitments could be affected by serious unfavourable events.
BBA 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.
B
Vulnerable
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.
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
Risky
The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the
company’s strong disequilibrium could increase.
CThe company shows considerable pathological situations. The company’s capacity to meet its financial
commitments is very low.
D The company has not any longer the capacity to meet its financial commitments.
Diginotar B.V.Tuesday, 20 September 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number 01168840328info@modefinance.comwww.modefinance.com
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.
Diginotar B.V.Tuesday, 20 September 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number 01168840328info@modefinance.comwww.modefinance.com
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.
Diginotar B.V.Tuesday, 20 September 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number 01168840328info@modefinance.comwww.modefinance.com
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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 MORE rating
Where AREA Science Park
34149 Trieste, via Padriciano 99 - ITALY
Info info@modefinance.com
web www.modefinance.com
Phone +39 040 3755337
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