< all projects

Wal-Cor-Corsanini di Carlo Santini&c

presented by October Italy



48 months


If I had lent to this project?

lent to this project, means…

paid back in total

taxes not included

Create your account

Warning Lending money to SMEs presents a risk of capital loss and requires your savings to be immobilised.



Solarolo, Italy




Presentation of the company

Created in 1945, Wak-Cor-Corsanini di Carlo Santini & C. is active in the production of chocolate and sugar confectionery sector. The company, managed by Carlo Santini, has 164 employees and is based in Pozzaglio ed Uniti.

The company’s main activity is the production and distribution of chocolate eggs, chocolate coins and other chocolate hollow figures.

The company works with more than 70 clients, most of them are large-scale retail trade chains and it is active in more than 50 nations.

More than 50% of its products are licensed, the rest is private label and proprietary brand products. 

Project Description

The company requests a loan of 2 000 000 € over 48 months to finance the development of a new line of chocolate coins "MEDALLION II" to be launched next Easter. The company needs to finalize the acquisition and assembling of new production facilities. The company has already performed tests on this new line and some changes on the production site to adapt it to the new production lines. These changes were already financed by the company with cashflows generated internally. This project will be realized in the next few months.

This project is a Flexible Bridge Loan, an amortizable loan with a standard commitment for the first 9 months and the possibility of early repayment at no cost for the remainder of the loan term, even in the event of refinancing by other financial institutions.

This project is a medium-term loan with a capital amortization deferment and as such presents a different method of capital repayment than standard projects. The first 3 months, the lenders will only receive interest; the following 45 months, the lenders will receive interest and principal amortization. This principal repayment profile matches the borrower’s financing needs while allowing lenders to earn a higher amount of interest.

This project is not covered by the Italian state guarantee.

The amount offered on the platform is limited to 980 000 €, which is in line with the regulatory limits.

Like all projects presented to private lenders on October, it is co-financed with institutional investors, sophisticated investors and the management of October, subscribers to the October Fund.

Analyst’s Opinion

With a turnover of 57 690 000 € in 2017 and an experienced team, the company has a good track record combined with a two-digits operating margin.

In 2017, the decrease of turnover is related to the stop of business with one client which has been replaced in 2018 by new clients. In 2018, the turnover is expected to be at the same level as 2016. The forecast is based on the performance of the last year and the company business plan.

The borrower has a correct repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,14 and a strong financial structure, with a forecast net debt / ebitda ratio of 2,41 and a net debt / shareholder equity of 169%.

Debts have been adjusted as they are financing insured receivables and some real estate assets. Wal-Cor is a personal company thus financials are not publicly available.

The analysis of the project leads to a credit rating of B and a 6,2% annual interest rate.

*The multiple of FCCR at 1,14 means that the company has a safety margin of 14% 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 (ModeFinance, Crif, Cerved). 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;
  • Correct repayment ability with a forecasted FCCR of 1,14 reinforced by the support of banking pool;
  • Historical company with more than 60 years of experience and leader in chocolate eggs and coins production.

Points of Caution:

  • High competitive market.