1. Eléonore Michel, Jules Diss, Vivien
Vandeik, Pierre Urier-Cattoire

2. The Flying Saucers

3. Problem:
Was it a good
strategy for
Delfingen to
invest in 2008, in
the middle of a
crisis ?

4. Financial Risk Analysis

5. Default Risk Analysis

6.  Liquidity ratio
 Current ratio ( should be > 1)
 2007 : 0,88 not safe
 2008 : 1,11 safe
+ 79 % short terms debts
The weight of the short term debts in the curretn liabilities went from
42,39% to 65,8 %
 Quick Ratio ( should be > 1 )
 2008 : 0,60 not safe
 2007 : 0,84 not safe
Increase of 20 % of the inventories

7. Interest coverage ( should be 4 at least )
 2008 : -1,19 not safe
 2007 : + 4,34 safe
 Negative EBIT in 2008 and more debts,
 Positive EBIT in 2007 and low investment
 High risk of default
Gearing ratio (should be >1)
 2007 : 1,32 safe
 2008 : 2,04 safe
 More equity in 2007 than 2008

8. CFS Analysis

9. Financial Statements - CFS
 WC Analysis
 Investment opportunities
 Dividends analysis
 Loan repayments