DOCSLIB.ORG

Analisi Del Settore Automotive Tramite Applicazione Della Metodologia Rating Moody’S

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Analisi Del Settore Automotive Tramite Applicazione Della Metodologia Rating Moody’S POLITECNICO DI TORINO Collegio di Ingegneria Gestionale Corso di Laurea Magistrale in Ingegneria Gestionale percorso Finanza Tesi di Laurea Magistrale Analisi del settore automotive tramite applicazione della Metodologia Rating Moody’s Relatore Candidato Prof. Franco Varetto Vincenzo Navarra Anno Accademico 2020/2021 Indice Introduzione .............................................................................................................................. 5 1. Le Agenzie di Rating ......................................................................................................... 6 1.1 Il ruolo delle Agenzie di Rating ................................................................................... 6 1.2 Le Agenzie di Rating nel processo di Regulation Bancaria ........................................ 8 1.3 L’intermediazione nel rating del credito .................................................................... 12 1.4 Gli step nell’emissione di un rating ........................................................................... 14 2. Il Settore Automotive ...................................................................................................... 18 2.1 Gli anni di crisi del Settore Automobilistico: 2009-2013 .......................................... 19 2.2 Il rilancio del settore automotive: 2014-2015 ............................................................ 21 2.3 Il rinnovato trend di crescita: 2016-2017 ................................................................... 26 2.4 La battuta d’arresto: 2018-2019 ................................................................................. 35 2.5 La profonda crisi del settore automotive: 2020 ......................................................... 42 3. La Metodologia Rating Moody’s ................................................................................... 49 3.1 Il perimetro dell’analisi rating ................................................................................... 49 3.2 I fattori di Rating ........................................................................................................ 51 3.3 Profilo Business ......................................................................................................... 55 3.4 Profilo Finanziario ..................................................................................................... 59 3.5 Politica Finanziaria .................................................................................................... 66 4. Applicazione Metodologia Rating al settore Automotive ............................................ 69 4.1 Campione e Banca Dati ............................................................................................. 69 4.2 Calcolo dei Rating ..................................................................................................... 72 4.2.1 Profittabilità: Margine EBITA............................................................................ 74 4.2.2 Leva e Copertura Finanziaria ............................................................................. 76 4.2.2.1 Debiti/EBITDA ............................................................................................... 76 4.2.2.2 Cassa e titoli negoziabili/Debito ..................................................................... 77 4.2.2.3 RCF/Debiti ...................................................................................................... 78 4.2.2.4 FCF/Debiti ...................................................................................................... 79 4.2.2.5 EBITA/Oneri finanziari .................................................................................. 80 4.3 Rating complessivo finale .......................................................................................... 81 4.4 Classi di Sintesi .......................................................................................................... 82 4.5 Matrici di Transizione ................................................................................................ 91 4.6 Limitazioni nella Procedura Rating applicata ............................................................ 99 Conclusioni ............................................................................................................................ 106 5. Bibliografia e Sitografia ................................................................................................ 108 6. Appendice ....................................................................................................................... 110 Indice delle Figure Figura 1.1 Attori nel processo di Rating ............................................................................................... 13 Figura 1.2 Iter di assegnazione di un rating ......................................................................................... 17 Figura 2.1 Produzione nazionale: Fonte Anfia..................................................................................... 19 Figura 2.2 Produzione autobus 1996-2015: Fonte Anfia ..................................................................... 22 Figura 2.3 Produzione industriale 2015: Fonte Anfia .......................................................................... 22 Figura 2.4 Tipologia di alimentazione su tot immatricolazioni: Fonte Aida........................................ 25 Figura 2.5 Istogramma Produzione-Fatturato-Ordinativi 2016: Fonte Anfia ..................................... 27 Figura 2.6 Trend import ed export componentistica Auto: Fonte Anfia ............................................... 28 Figura 2.7 Distribuzione privati e società per tipologia di combustibile 2016: Fonte Anfia ............... 30 Figura 2.8 Istogramma Produzione-Fatturato-Ordinativi 2017: Fonte Anfia ..................................... 32 Figura 2.9 Variazione Produzione, Fatturato ed ordinativi 2018: Fonte Anfia ................................... 36 Figura 2.10 Indici di produzione industriale, fatturato ed ordinativi 2019: Fonte ISTAT ................... 38 Figura 2.11 Produzione Domestica di Auto Diesel 2015-2019: Fonte Anfia ....................................... 38 Figura 2.12 Parco circolante per anzianità 2019: Fonte Anfia ........................................................... 40 Figura 2.13 Variazioni % immatricolazioni mensili tendenziali 2020-2019: Fonte Anfia ................... 44 Figura 2.14 Clima di fiducia, indice destagionalizzato (base2010=100): Fonte ISTAT ...................... 46 Figura 2.15 Trend annuale immatricolazioni autovetture: Fonte Anfia ............................................... 47 Figura 4.1 Scala Rating Moody's: Fonte Moody's Investitor Service ................................................... 73 Figura 4.2 Andamento temporale classi di Rating................................................................................ 84 Figura 4.3 Classi di sintesi 2013/17 ..................................................................................................... 87 Figura 4.4 Andamento Temporale Classi Investiment e Speculative grade ......................................... 88 Indice delle Tabelle Tabella 1.1 Classi di Ponderazione Basilea 1 ........................................................................................ 9 Tabella 1.2 Ponderazione rischi Basilea 2 ........................................................................................... 10 Tabella 2.1 Volumi di produzione 2014-2015: Fonte Anfia ................................................................. 23 Tabella 2.2 Immatricolazioni 2015: Fonte Anfia .................................................................................. 24 Tabella 2.3 Produzione Domestica Autoveicoli 2016: Fonte Anfia ...................................................... 26 Tabella 2.4 Immatricolazioni autoveicoli anno 2016: Fonte Anfia ...................................................... 29 Tabella 2.5 Produzione nazionale autoveicoli 2016: Fonte Anfia ........................................................ 31 Tabella 2.6 Immatricolazioni autoveicoli 2017: Fonte Anfia ............................................................... 33 Tabella 2.7 Parco vetture per alimentazione 2017: Fonte ACI ............................................................ 35 Tabella 2.8 Immatricolazioni autovetture per regione: Fonte Anfia .................................................... 48 Tabella 3.1 Fattori di Rating: Fonte Moody's ...................................................................................... 52 Tabella 3.2 Scala rating fattori qualitativi ............................................................................................ 53 Tabella 3.3 Scala rating fattori quantitativi .......................................................................................... 54 Tabella 3.4 Intervalli score numerici per classi di rating: Fonte Moody's ........................................... 54 Tabella 3.5 Tabella Rating Profilo Business: Fonte Moody’s .............................................................. 59 Tabella 3.6 Scorecard Profittabilità ed Efficienza: Fonte Moody's ...................................................... 61 Tabella 3.7 Scorecard Leva e Copertura finanziaria: Fonte Moody's ................................................. 66 Tabella 3.8 Scorecard profilo finanziario: Fonte Moody's ................................................................... 68 Tabella 4.1 Estremi classe Margine EBITA .........................................................................................
Load more

Recommended publications
  • 100 Italian E-Mobility Stories
    100 ITALIAN E-MOBILITY STORIES KEY IMPRESE CENTRI DI RICERCA / TERZO SETTORE / COMPANIES UNIVERSITÀ AGENZIE PUBBLICHE RESEARCH CENTERS / THIRD SECTOR / UNIVERSITIES PUBLIC AGENCIES LEGENDA COMUNICAZIONE VEICOLI DESIGN BATTERIE & STUDI · · · · VEHICLES DESIGN BATTERIES COMMUNICATIONS & RESEARCH COMPONENTI RICARICA DIGITALE SERVIZI · · · · COMPONENTS RECHARGE DIGITAL SERVICES PREF~ ACE “There is one thing Mobility is entering a new era, one which is more sustainable and efficient. Electricity storage and engine technologies are mature, clean stronger than all the energy sources and smart grids are widely available, climate change armies in the world, imposes new challenges, new life styles emerge and consumers, like and that is an idea institutions, are becoming increasingly aware: All of which allows us to say that electric mobility may prove to be the mobility of the whose time has New Millennium. Together with improved public transport and more come.” cycling, this form of mobility can ensure freedom of movement whilst decreasing pollution and noise in our cities. The new mobility reduces Victor Hugo the negative effects of global warming (in Europe, a quarter of climate changing emissions is produced by vehicles), reflects many aspects of the sharing economy and fits perfectly with the new frontiers that ICT is striving to push further and further. The beginning of this new era offers new challenges for Italy as well as great opportunities. Our enterprises and our research centres are not in the spotlight, but they are already very active. With 100 Italian e-mobility stories, Enel and Fondazione Symbola plan to give a voice to this innovative side of Italy, often at the edge, but certainly worth betting on.
    [Show full text]
  • Cuit Denominacion 30-68575489-0 Compañia De Tratamientos Ecologicos S.A. 30-69731202-8 Adm Argentina S a 30-71511877-3 Molinos Agro S.A
    CUIT DENOMINACION 30-68575489-0 COMPAÑIA DE TRATAMIENTOS ECOLOGICOS S.A. 30-69731202-8 ADM ARGENTINA S A 30-71511877-3 MOLINOS AGRO S.A. 30-54724233-1 MASTELLONE HERMANOS S.A. 30-68898993-7 SOUTH AMERICAN TRUST S.A. 30-71224991-5 MARFRIG ARGENTINA SOCIEDAD ANONIMA 30-70457852-7 ROVI S.A 30-62197317-3 ADM AGRO S R L 30-69617058-0 AEROPUERTOS ARGENTINA 2000 SA 30-71187897-8 LOGISTICA URBANA S.A. 30-50085862-8 MOLINOS RIO DE LA PLATA SOCIEDAD ANONIMA 30-71066719-1 CONCAR S.A. 30-53449612-1 DROGUERIA ARGENTINA S.A. 30-70745959-6 REALTY I FIDEICOMISO FINANCIERO SOUTH AMRICAN TRUST SA FIDUCIARIO 30-70788745-8 ENRIQUE JONNERET E HIJOS S.A. 30-56037805-6 SWIFT ARGENTINA SA 30-52543681-7 JOSE MINETTI Y CIA LTDA SACI 20-12669191-3 NIZETICH OSCAR MARCELO 30-52924642-7 LA LACTEO S:A 30-53625919-4 ORGANIZACION COORDINADORA ARGENTINA S R L 30-70755361-4 ADOLFO ZAKIAN S A 30-71040739-4 TRES JOTAS S.R.L. 20-06657896-9 BARALE LUIS ALBERTO 20-11865747-1 BARALE ABEL MIGUEL 20-07989953-5 ALONSO VICTORIANO 30-68075477-9 SIERRAS GRANDES SRL 20-21400111-0 VINAY JUAN FRANCISCO 30-71213231-7 CARTAGO S.A. ( E.F) 30-71028984-7 WSK CONSTRUCTORA S.R.L. 30-51631613-2 CATYC SRL 30-67389809-9 FRIDECO S.A. 30-70933260-7 VICBOR S.R.L. 30-61147320-2 PERFIL SA 20-06449257-9 GANDOLFO RICARDO ALBERTO 30-69847703-9 PARUSSA S.A. 30-64116024-1 ARINCO S.A. 30-71227999-7 SALERNO S.A.
    [Show full text]
  • 100 Italian E-Mobility Stories 2020 100 Italian E-Mobility Stories
    100 ITALIAN E-MOBILITY STORIES 2020 100 ITALIAN E-MOBILITY STORIES 2020 In collaborazione con KEY IMPRESE CENTRI DI RICERCA / TERZO SETTORE / UNIVERSITÀ AGENZIE PUBBLICHE LEGENDA COMUNICAZIONE VEICOLI DESIGN BATTERIE & STUDI COMPONENTI RICARICA DIGITALE SERVIZI MOTORI ELETTRONICA PREFA~ ZIONE “Non c’è nulla di L’ingresso nel paniere Istat ad inizio 2020 dell’auto elettrica e dei monopattini elettrici sancisce la presenza di queste tecnologie nella vita di tutti i giorni. sbagliato in Italia che Negli ultimi anni gli italiani hanno visto progressivamente crescere il numero non possa essere delle colonnine di ricarica, delle automobili ibride ed elettriche circolanti, ma soprattutto di e-bike e monopattini elettrici che ormai fanno parte del nostro corretto con quanto di paesaggio urbano. 1 1 giusto c’è in Italia ” Per accompagnare questo fenomeno in crescita, da tre anni Fondazione Symbola e Enel, e da quest’anno in collaborazione con FCA scesa con Manifesto di Assisi forza in campo con un piano industriale per l’elettrificazione, realizzano un rapporto sull’e-mobility italiana raccontando cento storie di imprese, università, centri di ricerca e associazioni che, nel proprio segmento della catena del valore, stanno contribuendo allo sviluppo di questa tecnologia: dal design alla produzione di veicoli, dalla componentistica alle batterie fino alle infrastrutture di ricarica. Un settore che, nonostante le incertezze della delicata fase economica, vede proprio in queste settimane confermati gli investimenti nel comparto automobilistico elettrico da parte delle case produttrici, dell’Europa attraverso Next Generation EU e il Green Deal – che saranno gli assi principali della ripartenza – e di governi nazionali a partire da Germania e Francia.
    [Show full text]
  • Pág. 1 N CUIT APYN 30584620389 CARREFOUR ARGENTINA S.A
    Pág. 1 Anexo Disposición 2.794/07 DF DRC Reempadronamiento obligatorio - Lote 3 N_CUIT APYN 30584620389 CARREFOUR ARGENTINA S.A. 30678519681 FORD ARGENTINA S.C.A. 33702669869 CTI PCS S.A. 30678186445 TELECOM PERSONAL S.A. 30538006404 COMPAÑIA FINANCIERA ARGENTINA S.A. 30685849751 DIA ARGENTINA S.A. 30612865333 MAYCAR S.A. 30657864117 GAS NATURAL BAN S.A. 30500006613 BANCO PATAGONIA S.A. 30678775319 NEXTEL COMMUNICATIONS ARGETNINA S.A. 30551497492 SUPERMERCADOS TOLEDO SA 30500010912 BANCO DE LA NACION ARGENTINA 30590578971 EXOLGAN S.A. 30607371799 AUTOSERVICIO MAYORISTA DIARCO S.A. 30567794845 DROGUERIA SUIZO ARGENTINA S.A. 30547242331 MASTELLONE HNOS. S.A. 30624418650 CIA DE RADIOCOMUNICACIONES MOVILES S.A. 30519764608 CENTRO AUTOMOTORES S.A. 30696887752 COLCAR MERBUS S.A. 30500858628 MOLINOS RIO DE LA PLATA S.A. 30501677643 SANCOR COOPERATIVAS UNIDAS LIMITADA 30632137261 DESCARTABLES CAROMAR S A 30503858327 AGCO ARGENTINA S.A. 30516544542 FORD CREDIT COMPAÑIA FINANCIERA SA 30500012516 BANCO DE LA PAMPA S.E.M. 30536623104 REGINALD LEE S. A. 30538880627 DROGUERIA DEL SUD S.A 30666774910 PARDO S.A. 30697465983 NALDO LOMBARDI S.A. 30538055391 GUILLERMO SIMONE SACIYF 30604733169 COLGATE-PALMOLIVE ARGENTINA S.A. 30525577763 STRIANESE HNOS. S.A.C.I. Y F. 30637182907 CAÑUELAS GAS SA 30573652084 CABLEVISION S.A. 30707270159 HENDEL HOGAR S.A. 30658720712 CNH ARGENTINA S.A. 30622216309 CREDIL S.R.L. 30688087720 CASA HUMBERTO LUCAIOLI S.A. 30525479591 SKF ARGENTINA SA 30526058190 COMPAÑIA ERICSSON SACI 30649416229 SUPERMERCADOS EKONO S.A. 30500846301 ABBOTT LABORATORIES ARGENTINA S.A. 30665659786 AUTOSIGLO S.A. 30534672434 BANCO SAENZ S.A. 30547188760 LONCO HUE S.A. 30580528933 INMOBAL NUTRER S.A. 30707263993 AUTOMOVILES SURAUTO SA 30707092072 TIBBETT & BRITTEN GROUP ARGENTINA S.A 30688579275 BETA AUTOMOTORES SA 33693804049 EXOLOGISTICA SA 30692175243 ASAHI MOTORS S.A.
    [Show full text]
  • FIRST-HALF REPORT 2006 IFIL - FIRST-HALF REPORT 2006 Cover SEM Ifil ING 2006 15-11-2006 9:36 Pagina 2
    Cover SEM ifil ING 2006 15-11-2006 9:36 Pagina 1 FIRST-HALF REPORT 2006 IFIL - FIRST-HALF REPORT 2006 Cover SEM ifil ING 2006 15-11-2006 9:36 Pagina 2 Società per Azioni Capital stock € 1,075,995,737 fully paid-in Registered office in Turin - Corso Matteotti 26 -Turin Company Register No. 00914230016 TABLE OF CONTENTS 1 Board of Directors, Committees, Board of Statutory Auditors and Independent Auditors 2 IFIL Group profile 9 Major events in the first half of 2006 10 Review of the condensed interim consolidated financial statements at June 30, 2006 17 Review of the IFIL Group interim consolidated financial statements at June 30, 2006 19 Related party disclosures 19 Significant events subsequent to the end of the first half of 2006 20 Business outlook 20 Review of the operating performance of the major Group subsidiaries and associates 25 IFIL Group - Interim consolidated financial statements at June 30, 2006 and Notes 26 - Consolidated balance sheet 27 - Consolidated income statement 28 - Statement of changes in consolidated equity 29 - Consolidated statement of cash flows 30 - Notes 51 IFIL S.p.A. - Interim financial statements at June 30, 2006 and Operating performance 52 - Separate balance sheet 53 - Separate income statement 54 - Separate statement of changes in equity 55 - Separate statement of cash flows 56 - Operating performance 61 - Appendix - Transition to International Financial Reporting Standards (IFRS) by the parent, IFIL S.p.A. 77 List of IFIL Group companies and significant investments at June 30, 2006 105 Reports of the independent auditors This is an English translation of the Italian original document “Relazione Semestrale 2006” approved by the IFIL board of directors on September 13, 2006, which has been prepared solely for the convenience of the reader.
    [Show full text]
  • Half-Year Financial Report 2012
    Half-year Financial R eport 2012 Società per Azioni Share capital Euro 246,229,850, fully paid-in Registered office in Turin, Italy – Via Nizza 250 - Turin Comp any Register No. 00470400011 The Half-year Financial Report for the fir st half ended June 30, 2012 has been prepared i n accordance with Legislative Decree 58/1998 (Consolidated Law on Finance), as amended, and the Regulatio n on Issuers issued by Consob. This Half-year Report also conforms with the requirements of the International Financial R eporting Standards (“IFRS”) issued by the International Accou nting Standards Board (“IASB”) and adopted by t he European Union and has been prepared in a ccordance with IAS 34 - Interim Fin ancial Reportin g. The accounting principles applied are c onsistent with those used for the preparation o f the Consolidated Financial Statements at December 31, 2011, except as otherwise stated under “Acc ounting standards, amendments and interpretations adopted from Januar y 1, 2012” in the Notes to the Ha lf-year Condensed Consolidated Financial Statements. The Half-year Financial Report includes th e Interim Report on Operations, the half-year cond ensed consolidated financial statements at June 30, 2012 and the attestation pursuant to art. 154-bis, paragra ph 5, of Legislative Decree 58/1998. The Half-year Financial Report 2012 also includes the independent audito rs' review report on the limited review of the half-year condens ed consolidated financial statements at June 30, 2012, and the list of the EXOR Group companies at June 30, 2 012. Interim
    [Show full text]
  • Half-Year Financial Report 2016
    Half-year Financial Report 2016 WorldReginfo - 425eb84f-1ef0-4b24-8089-358b7ebd941a WorldReginfo - 425eb84f-1ef0-4b24-8089-358b7ebd941a Società per Azioni Share Capital Euro 246,229,850, fully paid-in Registered Office in Turin, Italy – Via Nizza 250 – Turin Company Register No. 00470400011 The Half-year Financial Report 2016 is prepared pursuant to Legislative Decree 58/1998 (Consolidated Finance Act) and subsequent revisions, as well as the Issuers’ Regulation issued by Consob. This Half-year Financial Report has been drawn up in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) and adopted by the European Union and has been prepared in accordance with IAS 34 – Interim Financial Reporting. The accounting principles applied are consistent with those used for the preparation of the annual consolidated financial statements at December 31, 2015, except as stated otherwise in the Notes under Standards and amendments effective January 1, 2016. The Report includes the Interim Report on Operations, the half-year condensed consolidated financial statements at June 30, 2016, the list of EXOR Group companies at June 30, 2016 and the attestation pursuant to art. 154-bis, paragraph 5 of Legislative Decree 58/1998. The Half-year Financial Report 2016 is also published with the independent Auditors’ Review Report on the half-year condensed consolidated financial statements. HALF-YEAR FINANCIAL REPORT 2016 Interim Report on Operations 1 Board of Directors, Committees,
    [Show full text]
  • Annual Report Faces His Destiny
    The artist faces the work he wishes to create. He also Annual Report faces his destiny. A struggle begins out of which a © Roberto Borgo Roberto © sculpture, painting or photograph emerges from the artist’s At 31 December 2011 subconscious, revealing his imagination, his sensitivity, his creativity. Often it begins in the unknown, arrives at a junction, takes a side street, changes course and takes yet another route to culminate in the work that embodies “his” truth within. The manager goes through the same process. He faces decisions that will determine the destiny of his enterprise and the men and women in it. A duel begins – to make plans, set targets, establish strategies, evaluate results. Most of the time, just as the artist, he must act with the unknowns of the market, reckon with many variables and explore new roads, to then finally give form to “his” enterprise. The artist and the manager have a need in common: to take a decision, chart a course. Whether we are talking of a painting or photographic technique, as in one case, or an alliance or product launch, as in the other, the artist and the manager have to stay the course, to work in uncertainty without prevaricating. It’s about intuition and clearness of purpose. Artist or manager, we seek a truth for the continuity of our respective enterprises, the artwork I create or the leadership of this Group. I like to imagine the moment when each of us, in our own way, sets out on a course and makes choices, convinced financial year th of our own truth.
    [Show full text]
  • Half-Year Financial Report 2014
    Half-year Financial Report 2014 Società per Azioni Share Capital Euro 246,229,850,fully paid-in Registered office in Turin, Italy – Via Nizza, 250 – Turin Company Register No. 00470400011 The Half-year Financial Report for the first half ended June 30, 2014 has been prepared in accordance with Legislative Decree 58/1998 (Consolidated Law on Finance), as amended, and the Regulation on Issuers issued by Consob. This Half-year Report also conforms with the requirements of the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and adopted by the European Union and has been prepared in accordance with IAS 34 - Interim Financial Reporting. The accounting principles applied are consistent with those used for the preparation of the Consolidated Financial Statements at December 31, 2013, except as otherwise stated under “Accounting principles, amendments and interpretations adopted from January 1, 2014” in the Notes to the half-year condensed consolidated financial statements. The Half-year Financial Report includes the Interim Report on Operations, the Half-year Condensed Consolidated Financial Statements at June 30, 2014, the list of EXOR Group companies at June 30, 2014 and the attestation pursuant to art. 154-bis, paragraph 5, of Legislative Decree 58/1998. The Half-year Financial Report 2014 also includes the independent auditors' review report on the half-year condensed consolidated financial statements at June 30, 2014. HALF-YEAR FINANCIAL REPORT 2014 Interim Report on Operations
    [Show full text]
  • Automobiles D'exception
    30.06.19 Automobiles d’exception Château de Chantilly, France | 30 Juin 2019 LOT 33 BMW 507 3,2 LITRES SÉRIE II ROADSTER 1959 J’ai le très grand plaisir de vous présenter cette quatrième It gives me very great pleasure to introduce this fourth vente aux enchères tenue lors de cette édition 2019 du auction sale to you during the 2019 edition of the Chantilly concours Chantilly Art et Elégance Richard Mille organisé dans Art et Elégance Richard Mille concours to be held in the le magnifique décor de ce lieu chargé d’histoire. Déjà présent spectacular surroundings of this historical venue. After les trois premières années à cette manifestation en tant que attending the first three years’ events as a class judge I juge de classe, j’en avais aussitôt perçu tout le potentiel et immediately realized the enormous potential and guessed justement deviné qu’elle allait se transformer en un éclatant right away that it would turn out to be a resounding success succès – ce fut également le cas pour nos trois ventes – which was also the case for last year’s third Bonhams précédentes. Nous sommes bien entendu ravis de notre sale. We are therefore delighted to be associated with this association avec ce fabuleux événement en tant que maison fabulous event as the auction house of choice. de ventes élue et associée. We have once again sourced an exciting and varied selection Nous avons donc voulu à nouveau présenter une sélection of motor cars, some of which are spectacular, in the catalogue passionnante et variée d’automobiles dont certaines sont of the 2019 edition.
    [Show full text]
  • FCA Consent Decree January 10, 2019
    Case 3:17-md-02777-EMC Document 484-1 Filed 01/10/19 Page 1 of 224 1 LEIGH P. RENDÉ (PA Bar No. 203452) JOSEPH W.C. WARREN (DC Bar No. 452913) 2 Environment and Natural Resources Division Environmental Enforcement Section P.O. Box 7611, Ben Franklin Station 3 Washington, DC 20044-7611 Telephone: (202) 514-1461 4 Email: [email protected] Email: [email protected] 5 Counsel for the United States 6 XAVIER BECERRA Attorney General of California 7 NICKLAS A. AKERS Senior Assistant Attorney General 8 JUDITH A. FIORENTINI (CA Bar No. 201747) Supervising Deputy Attorney General 9 JON F. WORM (CA Bar No. 248260) LAUREL M. CARNES (CA Bar No. 285690) Deputy Attorneys General 10 600 West Broadway, Suite 1800 San Diego, CA 92101 11 Telephone: (619) 738-9325 Email: [email protected] 12 Email: [email protected] Email: [email protected] 13 Counsel for the People of the State of California 14 UNITED STATES DISTRICT COURT 15 NORTHERN DISTRICT OF CALIFORNIA 16 SAN FRANCISCO DIVISION 17 IN RE: CHRYSLER-DODGE-JEEP No. 3:17-md-02777-EMC 18 ECODIESEL MARKETING, SALES PRACTICES, AND PRODUCTS CONSENT DECREE 19 LIABILITY LITIGATION Hon. Edward M. Chen 20 21 22 23 24 25 CONSENT DECREE 3:17-md-2777-EMC Case 3:17-md-02777-EMC Document 484-1 Filed 01/10/19 Page 2 of 224 1 UNITED STATES, 2 Plaintiff, 3 v. 4 FCA US LLC, 3:17-cv-3446-EMC 5 FIAT CHRYSLER AUTOMOBILES N.V., V.M.
    [Show full text]
  • Elenco in Formato PDF Delle Concessioni Relative
    Beneficiario Codice Fiscale Partita Iva Importo Erogato/Concesso Descrizione Fondo e Agevolazione Responsabile Procedimento Modalità Individuazione Beneficiario COMUNE DI CERESOLE REALE '01774080012' '01774080012' 198.000,00 € LR2/09 ART43 FDO NEVE 2011 ‐ Contributo a fondo perduto GRAMAGLIA FABRIZIO BANDO PUBBLICO FEV ITALIA SRL '09005180014' '09005180014' 140.154,65 € 34/04 CDI GRANDI IMPRESE ESTERE ‐ Contributo a fondo perduto MARZUCCHI FILIPPO BANDO PUBBLICO POLITECNICO DI TORINO '00518460019' '00518460019' 80.677,98 € 34/04 CDI GRANDI IMPRESE ESTERE ‐ Contributo a fondo perduto MARZUCCHI FILIPPO BANDO PUBBLICO POLITECNICO DI TORINO '00518460019' '00518460019' 130.559,82 € 34/04 CDI GRANDI IMPRESE ESTERE ‐ Contributo a fondo perduto MARZUCCHI FILIPPO BANDO PUBBLICO UNIVERSITA' DEGLI STUDI DEL PIEMONTE ORIENTALE '94021400026' '01943490027' 129.406,04 € 34/04 CDI GRANDI IMPRESE ESTERE ‐ Contributo a fondo perduto MARZUCCHI FILIPPO BANDO PUBBLICO B.C.M. S.R.L. '08948170017' '08948170017' 78.000,00 € POR FESR 14/20 ‐ OT3 ‐ INN. PROC. PROD. ‐ Finanziamento agevolato GRAMAGLIA FABRIZIO BANDO PUBBLICO BLUETHINK SPA '10120610018' '10120610018' 41.472,59 € POR FESR 14/20 ‐ OT1 ‐ MANUNET II 2016 ‐ Contributo a fondo perduto MARZUCCHI FILIPPO BANDO PUBBLICO BARILLA G. E R. FRATELLI ‐ SPA '01654010345' '01654010345' 124.346,99 € POR FESR 14/20 ‐ ENERGIA SOSTENIBILE ‐ Contributo a fondo perduto MARZUCCHI FILIPPO BANDO PUBBLICO MECAL SRL '01328270069' '01328270069' 86.400,00 € POR FESR 14/20 ‐ ENERGIA SOSTENIBILE ‐ Contributo a fondo perduto MARZUCCHI FILIPPO BANDO PUBBLICO O.L.F.A. SRL '00455130013' '00455130013' 20.000,00 € POR FESR 14/20 ‐ ENERGIA SOSTENIBILE ‐ Contributo a fondo perduto MARZUCCHI FILIPPO BANDO PUBBLICO ABAZIA SPA '00156410060' '00156410060' 256.380,00 € POR FESR 14/20 ‐ ENERGIA SOSTENIBILE ‐ Finanziamento agevolato GRAMAGLIA FABRIZIO BANDO PUBBLICO ERMES S.R.L.
    [Show full text]