MIRA INFORM REPORT
|
Report No. : |
301968 |
|
Report Date : |
06.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
TOMMY HILFIGER EUROPE B.V. |
|
|
|
|
Registered Office : |
Stadhouderskade 6 1054ES Amsterdam |
|
|
|
|
Country : |
Netherlands |
|
|
|
|
Financials (as on) : |
2013 |
|
|
|
|
Date of Incorporation : |
01.01.1997 |
|
|
|
|
Com. Reg. No.: |
33290078 |
|
|
|
|
Legal Form : |
Besloten Vennootschap |
|
|
|
|
Line of Business : |
|
|
|
|
|
No. of Employee : |
310 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Netherland |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
NETHERLANDS ECONOMIC OVERVIEW
Netherlands is the sixth-largest economy in the euro-zone and is noted for its stable industrial relations, moderate unemployment and inflation, sizable trade surplus, and important role as a European transportation hub. Industrial activity is predominantly in food processing, chemicals, petroleum refining, and electrical machinery. A highly mechanized agricultural sector employs only 2% of the labor force but provides large surpluses for the food-processing industry and for exports. Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. The Dutch financial sector suffered as a result of the global financial crisis, due in part to the high exposure of some Dutch banks to US mortgage-backed securities. In 2008, the government nationalized two banks and injected billions of dollars of capital into other financial institutions, to prevent further deterioration of a crucial sector. After 26 years of uninterrupted economic growth, the Dutch economy - highly dependent on an international financial sector and international trade - contracted by 3.5% in 2009. To recover, the government sought to boost the domestic economy by accelerating infrastructure programs, offering corporate tax breaks for employers to retain workers, and expanding export credit facilities. The stimulus programs and bank bailouts, however, resulted in a government budget deficit of 5.3% of GDP in 2010 that contrasted sharply with a surplus of 0.7% in 2008. The government of Prime Minister Mark RUTTE began implementing austerity measures in early 2011, mainly reducting expenditures, which resulted in an improved budget deficit in 2011. However, in 2012 tax revenues dropped, GDP contracted, and the budget deficit deteriorated. In 2013, the government budget deficit decreased to 3.3% of GDP due to increased government revenue from higher taxes. However, spending on social benefits also increased, due to a rise in unemployment benefits and payments for pensions. The high unemployment rate and tax increases have contributed to continued decreases in household disposable income, causing the Dutch economy to contract.
|
Source
: CIA |
Summary
|
Company name |
Tommy Hilfiger Europe B.V. |
|
Operative address |
Stadhouderskade 6 1054ES
Amsterdam Netherlands |
|
Legal form |
Besloten Vennootschap |
|
Registration number |
KvK-nummer: 33290078 |
|
VAT-number |
805768713 |
Contact
information
|
Company name |
TOMMY HILFIGER EUROPE B.V. |
|
Trade names |
Tommy
Hilfiger Europe B.V. |
|
Operative address |
Stadhouderskade 6 1054ES Amsterdam Netherlands |
|
Correspondence address |
Stadhouderskade 6 1054ES Amsterdam Netherlands |
|
Telephone number |
0205899888 |
|
Fax number |
0205899880 |
|
Email address |
|
|
Website |
|
Registration
|
|
|
Registration number |
KvK-nummer:
33290078 |
|
Branch number |
000019163495 |
|
VAT-number |
805768713 |
|
Status |
Active |
|
First registration company register |
1997-06-03 |
|
Memorandum |
1997-05-26 |
|
Establishment date |
1997-01-01 |
|
Legal form |
Besloten
Vennootschap |
|
Legal person since |
1997-05-26 |
|
Last proposed admendment |
2013-07-05 |
|
Issued placed capital |
EUR
90.756 |
|
Paid up share capital |
EUR
90.756 |
Activities
|
SBI |
Wholesale trade (no motor
vehicles and motorcycles) (46) Wholesale of outerwear
(46421) Shops selling clothing
accessories (47717) Leasing of intellectual property and similar
products, except copyrighted works (7740) |
|
Exporter |
Yes |
|
Importer |
Yes |
|
Goal |
Het exploiteren van rechten van intellectuele en/of
industriële eigendom, waaronder mede begrepen al dan niet geoctrooieerde
know-how en auteursrechtelijk beschermde zaken. |
Relations
|
Shareholders |
PVH Europe B.V. Stadhouderskade 6 1054ES Amsterdam Netherlands Registration number: 575635350000 Percentage: 100% |
|
Branches |
Tommy Hilfiger Europe B.V. Kaldenkerkerweg 95/B 5932DA TEGELEN Netherlands Registration number: 332900780002 Tommy Hilfiger Europe B.V. Tesselschadestraat 18-22 1054ET AMSTERDAM Netherlands Registration number: 332900780004 |
|
Companies on same address |
Amount: 18 |
Management
|
Active management |
M. Hagman (Martijn) Netherlands Competence: Jointly authorized Function: Manager Starting date: 2012-05-30 Date of birth: 1975-01-11, Bovenkarspel, NL Involved with the following companies
Stadhouderskade 6 1054ES Amsterdam Netherlands Registration number: 552806090000
Function: Manager
Stadhouderskade 6 1054ES Amsterdam Netherlands Registration number: 341541070000
Function: Manager
Stadhouderskade 6 1054ES Amsterdam Netherlands Registration number: 575635350000
Function: Manager
Stadhouderskade 6 1054ES Amsterdam Netherlands Registration number: 242718190000 Function: Manager
Netherlands Competence: Jointly authorized Function: Manager Starting date: 2011-12-15 Date of birth: 1968-03-18, Mijdrecht, NL Involved with the following companies
Stadhouderskade 6 1054ES Amsterdam Netherlands Registration number: 552806090000 Function: Manager
Stadhouderskade 6 1054ES Amsterdam Netherlands Registration number: 545906120000 F unction: Manager
Stadhouderskade 6 1054ES Amsterdam Netherlands Registration number: 341541070000 Function: Manager
Stadhouderskade 6 1054ES Amsterdam Netherlands Registration number: 575635350000
Function: Manager
Stadhouderskade 6 1054ES Amsterdam Netherlands Registration number: 242718190000 Function: Manager D.H. Grieder
(Daniel Heinrich) Netherlands Competence: Jointly authorized Function: Manager Starting date: 2014-05-01 Date of birth: 1961-11-06, Basel, CH Involved with the following companies
Stadhouderskade 6 1054ES Amsterdam Netherlands Registration
number: 341541070000 Function: Manager
Stadhouderskade 6 1054ES Amsterdam Netherlands Registration
number: 575635350000 Function: Manager
Stadhouderskade 6 1054ES Amsterdam Netherlands Registration
number: 242718190000 Function: Manager G. Lenz (Gernot) Netherlands Competence:
Jointly authorized Function: Manager Starting date:
2014-07-01 Date of birth:
1974-06-07, Reutlingen, DE Involved with the following companies
Stadhouderskade 6 1054ES Amsterdam Netherlands Registration number: 341541070000 Function: Manager |
Employees
|
Year |
2014 |
2013 |
2012 |
2011 |
2010 |
|
Total |
310 |
3745 |
3122 |
2810 |
2644 |
Payments
|
Description |
Payments are made
regularly no complaints are known |
Key
figures
|
Year |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Quick ratio |
0,84 |
2,64 |
2,49 |
2,76 |
2,07 |
|
Current ratio |
1,69 |
3,46 |
3,15 |
3,09 |
2,57 |
|
|
|
|
|
|
|
|
Working capital/ balance
total |
0,27 |
0,59 |
0,56 |
0,56 |
0,47 |
|
Equity / balance total |
0,46 |
0,67 |
0,68 |
0,67 |
0,61 |
|
Equity / Fixed assets |
1,41 |
3,89 |
3,63 |
3,84 |
2,71 |
|
Equity / liabilities |
0,85 |
2,01 |
2,09 |
1,99 |
1,55 |
|
Balance total /
liabilities |
1,85 |
3,01 |
3,09 |
2,99 |
2,55 |
|
|
|
|
|
|
|
|
Working capital |
172.309.000 |
547.405.000 |
371.706.000 |
376.445.000 |
255.471.000 |
|
Equity |
288.981.000 |
620.492.000 |
452.170.000 |
448.022.000 |
328.277.000 |
|
Mutation equity |
-53,43 |
37,23 |
0,93 |
36,48 |
26,01 |
|
Mutation short term
liabilities |
12,64 |
28,65 |
-4,13 |
10,51 |
28,95 |
|
|
|
|
|
|
|
|
Return on total assets (ROA) |
33,67 |
21,65 |
17,96 |
17,87 |
15,26 |
|
Year |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Return on equity (ROE) |
73,11 |
32,42 |
26,57 |
26,86 |
25,10 |
|
Gross profit margin |
17,72 |
18,86 |
17,22 |
15,24 |
10,99 |
|
Net profit margin |
15,70 |
14,45 |
14,47 |
14,10 |
8,62 |
|
|
|
|
|
|
|
|
Average collection ratio |
4,74 |
4,85 |
4,28 |
4,26 |
4,88 |
|
Average payment ratio |
7,91 |
1,98 |
2,00 |
2,25 |
2,77 |
|
Equity turnover ratio |
4,11 |
1,74 |
1,63 |
1,71 |
2,42 |
|
Total assets turnover
ratio |
1,89 |
1,16 |
1,10 |
1,14 |
1,47 |
|
Fixed assets turnover
ratio |
5,80 |
6,76 |
5,94 |
6,59 |
6,56 |
|
Inventory conversion ratio |
5,57 |
5,91 |
6,50 |
12,90 |
9,87 |
|
|
|
|
|
|
|
|
Turnover |
1.187.547.000 |
1.078.322.000 |
739.243.000 |
768.195.000 |
795.709.000 |
|
Gross margin |
740.596.000 |
660.470.000 |
484.512.000 |
457.834.000 |
466.434.000 |
|
Operating result |
210.446.000 |
203.388.000 |
127.277.000 |
117.036.000 |
87.442.000 |
|
Net result after taxes |
186.482.000 |
155.850.000 |
106.976.000 |
108.352.000 |
68.561.000 |
|
|
|
|
|
|
|
|
Cashflow |
229.494.000 |
188.816.000 |
130.094.000 |
146.026.000 |
|
|
EBIT |
210.446.000 |
203.388.000 |
127.277.000 |
117.036.000 |
87.442.000 |
|
EBITDA |
253.458.000 |
236.354.000 |
150.395.000 |
154.710.000 |
|
Summary The 2013 financial result structure is a postive working captial of 172.309.000 euro, which is in agreement with 27 % of the total assets of the company.
The working capital has diminished with -68.52 % compared to previous year. The ratio, with respect to the total assets of the company has however, declined.
The deterioration between 2012 and 2013 has mainly been caused by an increase of the current liabilities.
The current ratio of the company in 2013 was 1.69. A company with a current ratio between
1.5 and 3.0 generally indicates good short-term financial strength.
The quick ratio in 2013 of the company was 0.84. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.
The 2012 financial result structure is a postive working captial of 547.405.000 euro, which is in agreement with 59 % of the total assets of the company.
The working capital has increased with 47.27 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased.
The improvement between 2011 and 2012 has mainly been caused by an increase of the current assets.
The current ratio of the company in 2012 was 3.46. If the current ratio
exeeds 3.0, the company may not be using its current assets or its short-term
financing facilities efficiently . The quick ratio in 2012 of the company was
2.64. A company with a Quick Ratio of more than 1 can currently pay back its
current liabilities.
Financial
statement
|
Last annual account |
2013 |
|
Remark annual
account |
The company is obliged to file its financial statements. |
|
Type of annual
account |
Consolidated |
|
Annual account |
Tommy Hilfiger Europe B.V. Stadhouderskade 6 1054ES Amsterdam Netherlands Registration number: 332900780000 |
Balance
|
Year |
2013 |
2012 |
2011 |
2010 |
2009 |
|
End date |
2013-01-31 |
2012-01-31 |
2011-01-31 |
2010-03-31 |
2009-03-31 |
|
Intangible fixed assets |
71.643.000 |
46.735.000 |
45.351.000 |
44.656.000 |
48.849.000 |
|
Tangible fixed assets |
109.460.000 |
87.015.000 |
68.762.000 |
62.694.000 |
62.958.000 |
|
Financial fixed assets |
23.615.000 |
25.817.000 |
10.292.000 |
9.277.000 |
9.532.000 |
|
Fixed assets |
204.718.000 |
159.567.000 |
124.405.000 |
116.627.000 |
121.339.000 |
|
Total stock |
213.103.000 |
182.479.000 |
113.816.000 |
59.556.000 |
80.623.000 |
|
Accounts receivable |
72.085.000 |
98.934.000 |
109.279.000 |
149.365.000 |
187.652.000 |
|
Other receivables |
78.106.000 |
444.561.000 |
260.717.000 |
191.692.000 |
99.233.000 |
|
Total receivables |
150.191.000 |
543.495.000 |
369.996.000 |
341.057.000 |
286.885.000 |
|
Liquid funds |
59.547.000 |
43.859.000 |
60.783.000 |
156.171.000 |
51.155.000 |
|
Current assets |
422.841.000 |
769.833.000 |
544.595.000 |
556.784.000 |
418.663.000 |
|
Total assets |
627.559.000 |
929.400.000 |
669.000.000 |
673.411.000 |
540.002.000 |
|
|
|
|
|
|
|
|
Total equity |
288.981.000 |
620.492.000 |
452.170.000 |
448.022.000 |
328.277.000 |
|
|
|
|
|
|
|
|
Provisions |
54.668.000 |
55.871.000 |
29.868.000 |
33.262.000 |
29.861.000 |
|
Long term interest
yielding debt |
33.378.000 |
30.609.000 |
14.073.000 |
11.788.000 |
18.672.000 |
|
Long term liabilities |
33.378.000 |
30.609.000 |
14.073.000 |
11.788.000 |
18.672.000 |
|
Accounts payable |
89.065.000 |
91.555.000 |
55.248.000 |
149.365.000 |
57.508.000 |
|
Other short term
liabilities |
161.467.000 |
130.873.000 |
117.641.000 |
30.974.000 |
105.684.000 |
|
Short term liabilities |
250.532.000 |
222.428.000 |
172.889.000 |
180.339.000 |
163.192.000 |
|
Total short and long term liabilities |
338.578.000 |
308.908.000 |
216.830.000 |
225.389.000 |
211.725.000 |
|
Year |
2013 |
2012 |
2011 |
2010 |
2009 |
|
End date |
2013-01-31 |
2012-01-31 |
2011-01-31 |
2010-03-31 |
2009-03-31 |
|
Total liabilities |
627.559.000 |
929.400.000 |
669.000.000 |
673.411.000 |
540.002.000 |
Summary The total assets of the company decreased
with -32.48 % between 2012 and 2013.
Despite the total assets decrease, non
current assets grew with 28.3 %.
The asset reduction results in an equity decrease of -53.43 %. Despite
the decrease, the indebtness increased with 9.6 %.
In 2013 the assets of the company were 32.62 % composed of fixed assets
and 67.38 % by current assets. The assets are being financed by an equity of
46.05 %, and total debt of 53.95 %.
The total assets of the company increased with 38.92 % between 2011 and
2012.
The fixed asset growth of 28.26 % is lower
than the total asset growth.
The asset growth has mainly been financed by a debt increase of 42.47
%. The Net Worth, however, grew with 37.23 %.
In 2012 the assets of the company were 17.17 % composed of fixed assets
and 82.83 % by current assets. The assets are being financed by an equity of
66.76 %, and total debt of 33.24 %.
Profit
and loss
|
Year |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Revenues |
1.187.547.000 |
1.078.322.000 |
739.243.000 |
768.195.000 |
795.709.000 |
|
Net turnover |
1.187.547.000 |
1.078.322.000 |
739.243.000 |
768.195.000 |
795.709.000 |
|
|
|
|
|
|
|
|
Gross margin |
740.596.000 |
660.470.000 |
484.512.000 |
457.834.000 |
466.434.000 |
|
|
|
|
|
|
|
|
Wages and salaries |
177.240.000 |
137.061.000 |
89.250.000 |
105.096.000 |
|
|
Year |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Amorization and
depreciation |
43.012.000 |
32.966.000 |
23.118.000 |
37.674.000 |
|
|
Sales |
446.951.000 |
417.852.000 |
254.731.000 |
310.361.000 |
378.992.000 |
|
other operating costs |
309.898.000 |
287.055.000 |
244.867.000 |
198.028.000 |
|
|
Operating expenses |
977.101.000 |
874.934.000 |
611.966.000 |
651.159.000 |
708.267.000 |
|
Operating result |
210.446.000 |
203.388.000 |
127.277.000 |
117.036.000 |
87.442.000 |
|
|
|
|
|
|
|
|
Financial income |
1.608.000 |
1.497.000 |
1.083.000 |
4.917.000 |
1.222.000 |
|
Financial expenses |
771.000 |
3.693.000 |
8.213.000 |
1.619.000 |
6.271.000 |
|
Financial result |
837.000 |
-2.196.000 |
-7.130.000 |
3.298.000 |
-5.049.000 |
|
Result on ordinary operations before taxes |
211.283.000 |
201.192.000 |
120.147.000 |
120.334.000 |
82.393.000 |
|
|
|
|
|
|
|
|
Taxation on the result of
ordinary activities |
24.801.000 |
44.121.000 |
12.217.000 |
11.982.000 |
13.832.000 |
|
Result of ordinary activities after taxes |
186.482.000 |
157.071.000 |
107.930.000 |
108.352.000 |
68.561.000 |
|
|
|
|
|
|
|
|
Extraordinary expense |
|
1.221.000 |
954.000 |
|
|
|
Extraordinary result after
taxation |
|
-1.221.000 |
-954.000 |
|
|
|
Net result |
186.482.000 |
155.850.000 |
106.976.000 |
108.352.000 |
68.561.000 |
Summary The turnover of the company grew with 10.13 % between 2012 and 2013.
The gross profit of the company grew with 12.13 % between 2012 and 2013. The operating result of the company grew with 3.47 % between 2012 and 2013. This evolution implies an increase of the company's economic profitability.
The result of these changes is an increase of the company's Economic Profitability of 55.52 % of the analysed period, being equal to 2012 % in the year 2013.
This growth has contributed to the increase in assets turnover, increasing by 62.93 % reaching 1.89.
The Net Result of the company decreased by 19.65 % between 2012 and 2013.
The company's Financial Profitability has been negatively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability reduction of 125.51 % of the analysed period, being 73.11 % in the year 2013.
The company's financial structure has slowed down its financial profitability.
The turnover of the company grew with 45.87 % between 2011 and 2012.
The gross profit of the company grew with 36.32 % between 2011 and 2012. The operating result of the company grew with 59.8 % between 2011 and 2012. This evolution implies an increase of the company's economic profitability.
The result of these changes is an increase of the company's Economic Profitability of 20.55 % of the analysed period, being equal to 2011 % in the year 2012.
Analysis
|
Branch (SBI) |
Retail trade (not in motor vehicles) (47) |
|
Region |
Groot Amsterdam In the Netherlands 120043
of the companies are registered with the SBI code 47 In the region Groot
Amsterdam 11502 of the companies are registered with the SBI code 47 In the Netherlands 2540 of
the bankrupcties are published within this sector In the region Groot
Amsterdam 220 of the bankruptcies are published within this sector The risk of this specific
sector in the Netherlands is normal The risk of this specific sector in the region Groot
Amsterdam is normal |
Publications
|
Filings |
13-06-2013:
De jaarrekening over 2013 (gebroken boekjaar) is gepubliceerd. 11-04-2013:
De jaarrekening over 2012 (gebroken boekjaar) is gepubliceerd. 29-06-2012:
De jaarrekening over 2011 (gebroken boekjaar) is gepubliceerd. 11-03-2011:
De jaarrekening over 2010 (gebroken boekjaar) is gepubliceerd. 21-01-2011: De
jaarrekening over 2009 (gebroken boekjaar) is gepubliceerd. |
|
Functions |
02-07-2014:
Per 01-07-2014 is bestuurder Gernot Lenz in functie getreden. 08-05-2014:
Per 01-05-2014 is bestuurder Daniel Heinrich Grieder in functie getreden. 08-05-2014:
Per 01-05-2014 is bestuurder Ludovicus Rudolf Onnink uit functie getreden. 08-05-2014:
Per 01-05-2014 is bestuurder Fred Gehring uit functie getreden. 15-06-2012:
Per 30-05-2012 is bestuurder Martijn Hagman in functie getreden. 21-12-2011: Per
15-12-2011 is bestuurder Michiel Alfons Johannes Rubenkamp in functie
getreden. 21-12-2011: Per
15-12-2011 is bestuurder 27278835 Tommy Hilfiger B.V. uit functie getreden. 18-07-2011:
Per 07-07-2011 is bestuurder 27278835 Tommy Hilfiger B.V. in functie
getreden. 26-04-2011: Per
21-04-2011 is bestuurder Daniel Heinrich Grieder uit functie getreden. |
|
Amendments |
09-07-2013: Per 5-7-2013
statuten gewijzigd. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.39 |
|
|
1 |
Rs.96.84 |
|
Euro |
1 |
Rs.75.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ANK |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.