MIRA
INFORM REPORT
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Report Date : |
11.09.2007 |
IDENTIFICATION DETAILS
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Name : |
BOBST SA |
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Registered Office : |
Case postale 180, 1001 Lausanne/VD |
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Country : |
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Date of Incorporation : |
01-01-1918 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Fabrication of printing machines. Provider of equipment and services for the cardboard industry |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
EUR 2.500.000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Detail
assessment: |
Payments: |
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The payment terms are met on a timely basis. The business reputation
is considered very good. |
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Individual
credit limit*: |
EUR 2.500.000.-- |
Name
BOBST SA
Line of Business
Fabrique de machines
Legal domicile
Route des Flumeaux 50
1008 Prilly/VD
Business address
Case postale 180
1001
Lausanne/VD
Switzerland
Telephone: 021 6212111
Fax: 021 6261270
Homepage: http.//www.bobstgroup.com
E-Mail: joseph.santoro@bobstgroup.com
CREDIT ADVICE
Requested credit: Maximum
credit EUR 2.500.000,--
Credit opinion: This credit
advice is based on information available at the time of conducting the research,
being the above indicated date.
All amounts in this report are given in Swiss Francs (CHF) unless
otherwise stated.
GENERAL COMPANY DATA
OFFICIAL DATA:
Legal form: Joint stock company
First Publication: 01-01-1918
Last Publication: 03-04-2007
History:
The company was founded in 1890 by Jon Bobst.
In 1913, the company was registered in the Swiss Commercial Register. In
1915, the company specialised in the production of paper production machines. In
1918, the subject was transformed into a joint stock company.
One of the major hallmarks in the history of the firm was the
development of an "Autoplatine" cutting machine, invented in 1940 by
Henri Bobst, the son of the founder, and his team of technicians.
Share capital: 30.409.730
Paid up: 30.409.730
Divided into: 30.409.730
Shares of 1
Participation capital: 6.000.000
60.000 Participation certificates at 100
History: 04-08-2004 30.409.730 Capital increase
03-09-2001 27.809.730 Capital
decrease
22-09-2000 30.895.440 Capital
decrease
30-09-1999 36.617.280 Capital
decrease
15-09-1998 41.848.320 Capital decrease
12-03-1998 47.079.360 Capital
decrease
21-08-1997 50.400.000 Capital
decrease
56.000.000 Previous capital
Shareholders:
Direct Parent com.: BOBST GROUP
SA, 1008 Prilly/VD, Switzerland/CH.
Company Management: Andreas
Koopmann
Registered name 25-06-2002 BOBST SA
Previous Bobst SA
ACTIVITY:
Line of business: Fabrication of printing machines
Sector:
Manufacture/Wholesale
Activity:
Today the company Bobst SA is the world's leading provider of equipment
and services for the cardboard industry (bookbinder's, corrugated cardboard,
flexible materials).
The production of the group Bobst is divided into the following
subgroups:
- machines for printing boxes / or for transforming cardboard in
equivalent packing forms (Bobst, Bobst-Champlain).
- machines for the production of cardboard ondule, the printing of it
and the transformation in packing forms (Peters, Asitrade, Martin, Post).
- machines for the printing and double glueing of soft materials
(Schiavi, Schiavi-Padane).
- electronic equipments for controlling the right marking of colours and
for the quality of the printing (Bobst-Registron).
- machines for cutting and bending paper and cardboard, printing of
metallic bands etc.
Bobst is the global provider of a complete machinery park of machines
for packing goods in paper, cardboard and cardboard ondule.
The company has its own research and development centre in Mex - sur -
They have been able to create several automations in the sector of
printing and moulding.
The location in Mex also comprises the halls for the assembly of the
machine production line of Bobst - Champlain, as well as printing and moulding
machines for cardboard.
Marks, Production: ASITRADE -
AUTOPLATINE - BOBST - BOBST-CHAMPLAIN -BOBST-REGISTRON CEDIGRAPH - FOILMASTER -
LEMANIC - MARTIN- SCHIAVI – SPRINTERA
The marketing of the manufacturing program required the company to set
up a worldwide service and distribution network.
A number of branches have been established all over the world.
Trading area: Worldwide
Significance: The company is well known worldwide. It is
one of the leading companies in its business sector.
EMPLOYEES:
Number of employees: 2.773
PAYMENT AND FINANCIAL DATA
PAYMENT EXPERIENCES:
Legal actions: Position per
05-09-2006.
Report from 05-09-2006, in 1000
2004 2005 2006
No. Amount No.
Amount No. Amount
Betreibungen 1 70.094 2
79.112 1 185
Rechtsvorschl. 1 70.094 2
79.112 1 185
Report from
11-07-2006, in 1000 Lausanne.
2004 2005 2006
No. Amount No.
Amount No. Amount
Betreibungen 1 70.094 2
79.112 1 185
Rechtsvorschl. 1 70.094 2
79.112 1 185
Report from 08-08-2003, in 1000
A current check of the legal actions requires a document of
justification with a legitimate signature.
The payment terms are met on a timely basis. The business reputation is
considered very good.
FINANCIAL DATA:
Financial position: The
financial situation is considered first rate.
Consolidated key figures (in CHF 1.000.000):
Groupe Bobst
31.12.2006 31.12.2005
31.12.2004 31.12.2003
Sales 1'603.7 1'591.1
1'601.8 1'409.4
Operating
Profit/Loss 120.1 75.1 79.3 90.8
Cost of
employees 497.1 523.4 519.4 496.1
Depreciation 46.4 51.2 63.3 59.9
Profit/Loss 103.3 46.8 52.4 41.6
Shareholder
funds 924.5 836.4 792.4 831.7
Balance
sheet total 2'107.4 2'115.3
2'045.8 1'780.7
Employees 5'267 5'587 5'812 5'093
Takeover from: Cedigraph SA
1008 Prilly/VD
Type: Takeover as a result of
reorganisation
Registered on: 04-08-2004
Contract date: 19-03-2004
Balance Sheet per: 31-12-2003
Assets: 17.278.959
Liabilities: 14.577.184
Take over price: 2.701.775
Takeover from: Bobst participations SA
1008
Prilly/VD
Type: Take over as a result of merger
Registered on: 20-07-2001
Contract date: 12-06-2001
Balance Sheet per: 30-04-2001
Assets: 171.440.658
Liabilities: 96.262.240
Banker(-s): UBS Ltd, 1000
Credit Suisse (CS), 1000
Cantonal Bank of Vaud (BCV), 1000
Auditors: Ernst &
Young SA,
Real estate property: The company owns an extensive number of
properties.
As at 31.12.2005, the consolidated book value of the property, plant and
equipment amounts to CHF 524.5 million.
Fiscal taxation: Year Income Net Worth
1993/1994 26.410.300 383.881.000
COMPANY AND PERSON RELATIONS
COMPANY CONNECTIONS:
Direct Parent com.: BOBST GROUP
SA, 1008 Prilly/VD, Switzerland/CH.
BOBST GROUP SA, route de Flumeaux 50, Prilly, was registered in the
commercial register on 27 June 2001. The share capital amounts to CHF
19.788.871.-- and is fully liberalized.
The latter holds participations in 38 companies, 4 of which are located
in
The majority (41.32%) of the share capital of the BOBST GROUP SA is
controlled by a group of shareholders, under the umbrella of JBF Finance SA in
Buchillon.
The JBF Finance S.A., Buchillon was registered in the commercial
register on 15 March 1999, share capital CHF 223.583.740.--. Purpose:
conservation and management of long-term capital investments in the Bobst SA.
A stake of 11.02% is held by Silchester International Investors Ltd (via
Northern Trust Co.).
Direct Investments:
BHS Corrugated
Maschinen-und Anlagenbau GmbH,
Associated companies: Bobsst Group
Thailand Ltd,
Bobst Group Taiwan Ltd,
Bobst Group Singapore Pte Ltd,
Bobst Group
Bobst Group Japan Ltd,
PT Bobst Group
Bobst India Private Ltd, Pune,
India/IN
Bobst Group Hong Kong Ltd,
Bobst (
Bobst Group Latinoamerica Norte
S.A. de CV,
The above captioned companies are all fully owned wholly controlled by
the parent company Bobst GROUP SA, Prilly, and belong to the latter's scope of
consolidation.
In addition to its affiliated companies, Bobst is present in more than
80 countries through its agents.
These agents assure the promotion and servicing of the Bobst products.
In order to add an industrial dimension as to improve its position in
the corrugated cardboard market, Bobst has signed a strategic partnership
agreement with BHS Corrugated Maschinen- und Anlagenbau GmbH in 2000. The
latter is a leading global cardboard manufacturer.
On 31 January 2004, Bobst finalized the acquisition of Metso converting,
the flexible materials business of the Finnish Metso.
BOARD OF DIRECTORS:
Dr. Andreas N. Koopmann, from Zuerich, Uster, in Paudex/VD/Switzerland,
President, collective signature.
Jean-Pascal Bobst, from Oensingen, in Corseaux/VD/Switzerland,
Member, collective signature.
Christian M. Budry, from Ecoteaux, Vernier, in Chesalles-sur-Oron/VD/Switzerland,
Member, collective signature.
MANAGEMENT:
Sophie Delorme Ohrneman, from Vallamand, in Cully/VD/Switzerland,
Secretary, collective signature.
PERSONNEL INFORMATION:
The top-level members of the management enjoy an excellent reputation in
business affairs.
COMMENTS:
After a difficult first half year in 2006, general director Andreas
Koopmann announced in December 2006 that the net profit is to exceed CHF 90
million.
As regards the entire Vaud-based group, net profits are to rise next year.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)