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Program di Autonoleggio Fiorentino #02

presented by October Italy



42 months


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Firenze, Italy



Business services

Presentation of the company

Created in 1993, Program di Autonoleggio Fiorentino S.r.l. is active in the vehicle rental sector. The company, managed by Patrizia Bacci, has 32 employees and is based in Firenze. Program is 100% owned by Salford Van Hire, a leading UK based long-term car rental group in business since the ’70s.

Ms. Patrizia Bacci, managing director, has overall 20+ years of professional experience in the sector.

The company’s main activities are:

  • Long-term rental of cars and commercial vehicles;
  • Short-term rental of commercial vehicles;

The company works with many national customers both small medium businesses and state owned companies.

Company’s fleet accounts for about 4 000 vehicles, including a small portion of commercial vehicles used for short-term rental.

Project Description

The company requests a loan of 900 000 € over 42 months to finance the purchase of new vehicle to rent. This project will be realized by the end of the year.

As a reminder, the October lending community supported Program on March 2018 with 2 100 000 € to finance the purchase of new vehicle. Repayment of the loan is regular.

This project is not covered by the Italian state guarantee.

The amount offered on the platform is limited to 441 000 €, which is in line with the regulatory limits.

Analyst’s Opinion

From 2016, the Company adopted the accounting standards IFRS / IAS to comply with the British parent company and in order to include existing leases in the financial statements. 

With a turnover of 26 988 000 € in 2018 and an experienced team, the company has a good track record combined with a two-digits operating margin.

Increase of turnover driven by the acquisition of new important customers and the increase of premium cars in the porfolio. The forecast is based on the performance recorded in 2018 the company 2019-2022 business plan and the planned expansion of portfolio.

The borrower has a good repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,24 and a strong financial structure, with a forecast net debt / ebitda ratio of 2,21 and a net debt / shareholder equity of 146%.

Considering as equity the part of long term debts to be repaid after the end of October loans.

The analysis of the project leads to a credit rating of B and a 5,8% annual interest rate.

*The multiple of FCCR at 1,24 means that the company has a safety margin of 24% relative to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the elements provided by the project holder and information from our databases (External data provider). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.

Strong points:

  • Good historical performance based on diversified client base.
  • Good repayment ability with a forecasted FCCR of 1,24.
  • Growing business addressing premium market segment and good customer diversification and imrpooving customer payment terms.

Points of caution:

  • Business with strong banks dependence.
  • Drop in the second end cars market.