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04 SMEs & MidCaps go through three phases of corporate distress prior to insolvency 06 The development of the financial profile reflects the unfolding of corporate distress 08 Profitability is a leading indicator of corporate distress 09 Capitalization and leverage follow the decline in profitability 10 Interest coverage significantly declines before insolvency

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Page 1: 04 SMEs & MidCaps go through three phases of corporate ...€¦ · 04 SMEs & MidCaps go through three phases of corporate distress prior to insolvency 06 The development of the financial

04 SMEs & MidCaps go through three phases of corporate distress prior to insolvency

06 The development of the financial profile reflects the unfolding of corporate distress

08 Profitability is a leading indicator of corporate distress

09 Capitalization and leverage follow the decline in profitability

10 Interest coverage significantly declines before insolvency

Page 2: 04 SMEs & MidCaps go through three phases of corporate ...€¦ · 04 SMEs & MidCaps go through three phases of corporate distress prior to insolvency 06 The development of the financial

Ana Boata, Senior Economist for Europe

+33 (0) 1.84.11.48.73

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Kai Gerdes, Head of Analysis at Euler Hermes Rating

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Page 5: 04 SMEs & MidCaps go through three phases of corporate ...€¦ · 04 SMEs & MidCaps go through three phases of corporate distress prior to insolvency 06 The development of the financial
Page 6: 04 SMEs & MidCaps go through three phases of corporate ...€¦ · 04 SMEs & MidCaps go through three phases of corporate distress prior to insolvency 06 The development of the financial
Page 7: 04 SMEs & MidCaps go through three phases of corporate ...€¦ · 04 SMEs & MidCaps go through three phases of corporate distress prior to insolvency 06 The development of the financial
Page 8: 04 SMEs & MidCaps go through three phases of corporate ...€¦ · 04 SMEs & MidCaps go through three phases of corporate distress prior to insolvency 06 The development of the financial
Page 9: 04 SMEs & MidCaps go through three phases of corporate ...€¦ · 04 SMEs & MidCaps go through three phases of corporate distress prior to insolvency 06 The development of the financial
Page 10: 04 SMEs & MidCaps go through three phases of corporate ...€¦ · 04 SMEs & MidCaps go through three phases of corporate distress prior to insolvency 06 The development of the financial
Page 11: 04 SMEs & MidCaps go through three phases of corporate ...€¦ · 04 SMEs & MidCaps go through three phases of corporate distress prior to insolvency 06 The development of the financial
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