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Summary: Franz Haniel & Cie GmbH Jun 04 Product Image

Summary: Franz Haniel & Cie GmbH Jun 04

  • ID: 2049604
  • June 2004
  • Standard & Poors

Abstract
The ratings on Franz Haniel & Cie. GmbH (FHC) reflect the company's portfolio of investments, which provide strong annual dividend inflows that easily cover overheads and interest expenses. In addition, FHC is able to control the cash flows of its fully owned subsidiaries and exert a strong influence on its majority-owned subsidiaries, which have a history of being cash generative. The ratings benefit from FHC's stable ownership structure and successful track record of management. FHC's ratio of net financial debt to estimated portfolio market value has declined to below 20% in the first half of 2004, down from 25% in mid-2003. This is mainly due to the increase in the share prices of FHC's listed holdings, but also to the...

Companies mentioned in this report are: Franz Haniel & Cie GmbH
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

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