The score obtained in 2012 with the ratio adapted to the Spanish companies is 2.02, improving its r

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After the unexpected, for some, entry into preconcurso of creditors Pescanova (PVA), many investors walk concerned with the situation of our listed companies, since the lack of credit is palpable, especially for small- and medium capitalization. I always say that before investing is best to analyze financial statements and "enter" the value at the right time according to our level of risk and investment rieder fibrec time frame. I always do the same, I analyze, I estimate its fundamental value, I review the technical situation and made the decision rieder fibrec to go or wait. In Pescanova I did not go for the reasons I explained in a previous article, which referred to the analysis I did of this company in dic.'2009. Observe that its working capital was historically positive and this did not save him entering preconcurso. Tell them that no company goes bankrupt if you have access to new credit, rieder fibrec or renewal, or extension as needed. Have a clear example with the Public Debt of different countries, always upward and always in continuous renewal and expansion. If this has happened to a company (PVA) in which its permanent funds financed its working what will happen to those with a working capital (FM) negative ?, for example DIA. Well, not to worry as the speed of their goods with which finance rieder fibrec part of its property, keep payment terms to exceed the customer collection suppliers. I leave this picture to ponder:
The socalled business assets (stocks and receivables basically) is a permanent financial immobilization (IFP), but capable of becoming short-term liquidity. rieder fibrec These assets, in the sector of commercial distribution, should be financed by commercial rieder fibrec liability, with this funding permanent (like mass) and a short-term rieder fibrec enforcement. rieder fibrec Put into context, consider the situation of the DIA Group with data from year end:
Its working capital in 2012 was -1.285 million euros and lower (more negative) as of 2011. The composition of this FM, was the funding coming from the commercial circuit (NF) 1,200 million and net liquidity of 84 5 million. It is best that the FM> NF, as in 2011 and 2008-2009, because of persistent situation should alert us ... but calm. As seen, despite increased sales in 2012 of 4.1%, DIA lost 68.6 million euros of funding in its operating circuit. DIA said that Argentina rieder fibrec had to anticipate some payments, and will also be affecting the entry into force of Law 15/2010 of combating delinquency recently updated (see note Pere Brachfiel here). This translated into days obtained financing for your operating system, representing 43.29 days, down from 47.62 last year. The logic is that the divested funding goes down with the passage rieder fibrec of time and adapting to new legislation on payment, but here is very important the velocity of circulation of goods in stock. But this short-term static analysis leaves us "with the fly behind the ear", so let's see the dynamic analysis of short term will also leave us wondering:
Discriminant analysis of Z-Altmant. This bankruptcy prediction method was developed in 1968 by Edward I. Altman, professor at the Stern School of Business at the University of New York. Within the ranges established for the lower ranks, the likelihood of bankruptcy were 95% for one year and 70% within two years (it now appears that makes sense as published PVA, although rieder fibrec they had other options to prevent it but always with funding of its expansion really the limit). Consider the situation of DIA Group, as if it were a manufacturing company (it is not) quoted in USA and another with the ratios rieder fibrec adapted to the Spanish market:
The score obtained in 2012 with the ratio adapted to the Spanish companies is 2.02, improving its result compared to 2011, and remains well above "zero". For the score, as if it were an American manufacturing company (it is not), it would leave us with some hesitation, but it is not. Suffice see that the functioning of a company in the food retail sector is not a manufacturing and affect you too much its working capital deficiency. What is important rieder fibrec in this case that the ratio is improved from year to year (from 2.74 to 2.86) and 2.99 approaches marking the low probability of bankruptcy. So you who are invested in DIA, the meno