European rating agency. Objective, transparent, independent.
European rating agency. Objective, transparent, independent.

Semper idem Underberg AG (Konzern)

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
BB- Outlook NEG 25.03.2020 30.03.2020
BB- Outlook STA 25.02.2019 27.02.2019
BB- Outlook STA 27.02.2018 01.03.2018 26.02.2019
B+ Outlook STA 02.03.2017 03.03.2017 01.03.2018
B+ Outlook STA 28.10.2016 31.10.2016 06.03.2017
B+ Watch UNW 29.04.2016 02.05.2016 06.03.2017
B+ 07.03.2016 08.03.2016 06.03.2017
B+ 09.03.2015 10.03.2015 08.03.2016
B+ 10.03.2014 10.03.2014 09.03.2015
BB- 08.03.2013 08.03.2013 07.03.2014
BB- 28.09.2012 28.09.2012 08.03.2013
BB+ 09.03.2012 09.03.2012 08.03.2013
BB+ 16.03.2011 16.03.2011 15.03.2012

News

  • 30.03.2020
    Creditreform Rating has confirmed the SME Issuer Rating of Semper idem Underberg AG at BB-. The outlook was set to negative. Decisive factors for the rating assessment were the comfortable liquidity situation, the improved equity ratio due to shareholder contributions, the refinancing of short- to medium-term bonds and the overall improved result of the financial ratio analysis. However, the past fiscal year 2018/19 was characterized by non-recurring extraordinary circumstances regarding the restructuring of various factors and the termination of the cooperation with Cointreau Holding GmbH as well as Simex Vertieb GmbH & Co. KG (as of March 31, 2019), which despite a noticeable sales growth led to a moderate deterioration of the results. Adjusting for these extraordinary circumstances, an improvement in profitability was evident. In the current financial year, a noticeable decline in sales and earnings is expected due to the loss of the Remy/Cointreau and Simex brands, despite partial compensation through the procurement of new distribution licenses, it will dampen the overall rating assessment. Due to the actions taken by politicians to contain the COVID-19 pandemic, which is spreading more dynamically, such as the closing of bars, nightclubs and restaurants, the cancelation of events, quarantine measures as social distancing, significant negative effects on the entire economy, the industry and thus also on Semper idem Underberg are to be expected. Considering the expected collapse in demand, we expect a significant decline in sales and earnings and therefore assess the outlook as negative.
  • 27.02.2019
    Creditreform Rating confirmed the SME issuer rating of Semper idem Underberg AG with BB-. The outlook remains stable. Significant for the rating assessment was the analysis of the key financial figures of the past fiscal year, which despite not meeting the expected business development, remained stable. The successful refinancing of the bond, which matured in December 2018, and the currently comfortable liquidity had a positive effect on the rating; whereas the delayed production relocation of the Berlin site, the termination of cooperation with the joint venture partner, Cointreau Holding GmbH, as of March 31st, 2019 and the ongoing reorganization of the subgroup Semper idem Underberg dampened the rating.
  • 01.03.2018
    Creditreform Rating has raised the corporate rating of Semper idem Underberg AG from B+ to BB-. The outlook is stable. With the present rating a satisfactory creditworthiness is attested to Semper idem Underberg. The rating is mainly based on the improved earning power which, against the backdrop of optimized cost structured, has led to an increase in profitability despite the realized decline in sales. In conjunction with a currently stable liquidity situation we consider the starting position for the refinancing of the issue due December 2018 in the amount of 20 million Euro as good. In addition, the simplification of the complex group structure which could be realized through the contribution of participations and assets to the rating object has a positive effect on the rating. On the other hand, the still high indebtedness and challenging market environment is limiting the rating. For the current business year we expect despite a moderate sales growth a result that will be slightly lower than the previous year.
  • 03.03.2017
    Creditreform rating has confirmed the corporate rating of Semper idem Underberg GmbH at B+ during the course of the follow-up rating. The outlook is stable. Main reasons have been the high indebtedness, the high receivables from affiliated and associated companies as well as the decline in sales and revenue during the current fiscal year. In addition, the key financial ratios languish at a subdued level. On the other hand, the improved maturity structure of the debts and the improved operative profitability have, in combination with a declining interest charge, a stabilizing effect. An improvement of the result for the business year 2016/2017 can be expected.