MIRA INFORM REPORT

 

 

Report Date :

25.07.2011

 

IDENTIFICATION DETAILS

 

Name :

PRIMA INDUSTRIE SPA

 

 

Registered Office :

Via Antonelli, 32 R. Margherita di Collegno Collegno, 10097

 

 

Country :

Italy

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

18.09.1980

 

 

Com. Reg. No.:

03736080015

 

 

Legal Form :

Public Parent

 

 

Line of Business :

Manufacturer of Machine Tool and Parts

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

Litigation :

--

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Italy

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

Prima Industrie SpA

                       

 

Via Antonelli, 32

R. Margherita di Collegno

 

Collegno, 10097

Italy

 

 

Tel:

39-011-41031

Fax:

39-011-4112827

 

www.primaindustrie.com

 

Employees:

1,361

Company Type:

Public Parent

Corporate Family:

14 Companies

Traded:

Italian SE (Mercato Continuo Italia):

PRI

Incorporation Date:

18-Sep-1980

Auditor:

Ernst & Young LLP

Financials in:

USD (mil)

 

 

Fiscal Year End:

31-Dec-2010

Reporting Currency:

Euro

Annual Sales:

334.5  1

Net Income:

(7.9)

Total Assets:

473.9  2

Market Value:

97.9

 

(08-Jul-2011)

           

Business Description       

 

 

Prima Industrie SpA is an Italy-based company engaged in the field of laser and sheet metal machinery. It operates in three sectors: Lasers Systems designing, manufacturing and selling laser machines and laser sources for cutting, welding and drilling three-dimensional (3D) and two-dimensional (2D) components; Sheetmetal Machinery designing, manufacturing and selling machine tools for sheetmetal fabricating operations; and Electronics designing and developping power and control electronics, together with the associated software. In addition, the Company designs and produces its own in-house Numeric Control units for its laser machine lineup. It also offers after-sale services and training. The Company operates through subsidiaries, branch offices and dealers in France, Germany, Great Britain, Spain, Switzerland, Sweden, the United States, Canada and China, and by a number of agents and service centers in European and non-European countries. For the three months 31 March 2011, Prima Industrie SpA's total revenue decreased 26% to EUR61.1M. Net loss for the period totaled EUR2.2M, vs. a profit of EUR2.3M. Total revenue reflects a decrease in demand for the Company's services and products in Italia, Europe, North America as well as the Rest of the World geographic segments. Net loss reflects a decrease in both gross and operating margins due to lower financial income.

 

Industry

 

 

Industry

Construction and Agriculture Machinery

ANZSIC 2006:

2463 - Machine Tool and Parts Manufacturing

NACE 2002:

2943 - Manufacture of other machine tools not elsewhere classified

NAICS 2002:

333992 - Welding and Soldering Equipment Manufacturing

UK SIC 2003:

2943 - Manufacture of other machine tools not elsewhere classified

US SIC 1987:

3548 - Electric and Gas Welding and Soldering Equipment

 

 

Key Executives   

 

 

Name

Title

Gianfranco Carbonato

Chairman of the Board, Chief Executive Officer

Massimo Ratti

Chief Financial Officer, Secretary, Financial Reporting Officer

Chiara Roncolini

Compliance Officer, Investor Relations

Domenico Appendino

Direttore-Marketing

Cinzia Beltramo

Direttore-Amministrazione

  Significant Developments

             

 

Topic

#*

Most Recent Headline

Date

Restructuring / Reorganization

1

Prima Industrie SpA Announces Completion of Reorganization

22-Mar-2011

Officer Changes

1

Prima Industrie SpA Appoints Chief Executive Officer of the Company

2-May-2011

* number of significant developments within the last 12 months

 

 

News

 

 

 

 

 

Title

Date

Italian Prima Industrie narrows 2010 net loss to EUR 6m
ADP Italy News (147 Words)

15-Mar-2011

Banca Akros lifts Prima Industrie price target to EUR 10.20
ADP Italy News (82 Words)

25-Jan-2011

Italian Prima Industrie's orders return to pre-crisis levels in 2010
ADP Italy News (159 Words)

24-Jan-2011

UniCredit MIB cuts Italy's Prima Industrie price target to EUR 7.90
ADP Italy News (76 Words)

1-Oct-2010

Italy's Prima Industrie loss swells to EUR 5m in H1 2010
ADP Italy News (196 Words)

30-Aug-2010

 

 

Financial Summary

             

 

As of 31-Mar-2011

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.02

2.15

Quick Ratio (MRQ)

0.54

1.00

Debt to Equity (MRQ)

2.04

2.35

Sales 5 Year Growth

17.27

6.89

Net Profit Margin (TTM) %

-1.31

7.21

Return on Assets (TTM) %

-1.00

5.95

Return on Equity (TTM) %

-4.66

26.91

 

 

 

Stock Snapshot  

 

 

Traded: Italian SE (Mercato Continuo Italia): PRI

 

As of 8-Jul-2011

   Financials in: EUR

Recent Price

7.95

 

EPS

-0.85

52 Week High

10.03

 

Price/Sales

0.27

52 Week Low

5.81

 

Price/Book

0.90

Avg. Volume (mil)

0.01

 

Beta

1.20

Market Value (mil)

68.69

 

 

 

 

Price % Change

Rel S&P 500%

4 Week

-8.62%

-3.63%

13 Week

-10.07%

4.92%

52 Week

15.22%

20.90%

Year to Date

9.73%

16.06%

 

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

 


Corporate Overview

 

Location
Via Antonelli, 32
R. Margherita di Collegno
Collegno, 10097
Italy

 

Tel:

39-011-41031

Fax:

39-011-4112827

 

www.primaindustrie.com

Quote Symbol - Exchange

PRI - Italian SE (Mercato Continuo Italia)

Sales EUR(mil):

252.6

Assets EUR(mil):

353.3

Employees:

1,361

Fiscal Year End:

31-Dec-2010

 

Industry:

Construction and Agriculture Machinery

Incorporation Date:

18-Sep-1980

Company Type:

Public Parent

Quoted Status:

Quoted

Registered No.(ITA):

03736080015

 

Chairman of the Board, Chief Executive Officer:

Gianfranco Carbonato

 

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Employment Opportunities

 

Executives

Financial Information

Home Page

 

Investor Relations

News Releases

Products/Services

 

Contents

 

·         Industry Codes

·         Business Description

·         Brand/Trade Names

·         Financial Data

Market Data

Shareholders

Subsidiaries

Key Corporate Relationships

Industry Codes

 

ANZSIC 2006 Codes:

2463

-

Machine Tool and Parts Manufacturing

2499

-

Other Machinery and Equipment Manufacturing Not Elsewhere Classified

 

NACE 2002 Codes:

2943

-

Manufacture of other machine tools not elsewhere classified

2942

-

Manufacture of other metalworking machine tools

2924

-

Manufacture of other general purpose machinery not elsewhere classified

 

NAICS 2002 Codes:

333512

-

Machine Tool (Metal Cutting Types) Manufacturing

333992

-

Welding and Soldering Equipment Manufacturing

333999

-

All Other Miscellaneous General Purpose Machinery Manufacturing

 

US SIC 1987:

3569

-

General Industrial Machinery and Equipment, Not Elsewhere Classified

3548

-

Electric and Gas Welding and Soldering Equipment

3541

-

Machine Tools, Metal Cutting Types

 

UK SIC 2003:

2943

-

Manufacture of other machine tools not elsewhere classified

2942

-

Manufacture of other metalworking machine tools

2924

-

Manufacture of other general purpose machinery not elsewhere classified

 

 

Business Description

 

Prima Industrie SpA is an Italy-based company engaged in the field of laser and sheet metal machinery. It operates in three sectors: Lasers Systems designing, manufacturing and selling laser machines and laser sources for cutting, welding and drilling three-dimensional (3D) and two-dimensional (2D) components; Sheetmetal Machinery designing, manufacturing and selling machine tools for sheetmetal fabricating operations; and Electronics designing and developping power and control electronics, together with the associated software. In addition, the Company designs and produces its own in-house Numeric Control units for its laser machine lineup. It also offers after-sale services and training. The Company operates through subsidiaries, branch offices and dealers in France, Germany, Great Britain, Spain, Switzerland, Sweden, the United States, Canada and China, and by a number of agents and service centers in European and non-European countries. For the three months 31 March 2011, Prima Industrie SpA's total revenue decreased 26% to EUR61.1M. Net loss for the period totaled EUR2.2M, vs. a profit of EUR2.3M. Total revenue reflects a decrease in demand for the Company's services and products in Italia, Europe, North America as well as the Rest of the World geographic segments. Net loss reflects a decrease in both gross and operating margins due to lower financial income.

 

 

More Business Descriptions

 

Design and manufacture of 2D and 3D laser machines for industrial applications

 

Prima Industrie SpA is primarily engaged in manufacture of electrical signalling, safety or traffic control equipment for motorways, roads or streets, railways and tramways, inland waterways, ports and harbours and airports; manufacture of diverse electrical sound or visual signalling apparatus (bells, sirens, indicator panels, burglar and fire alarms, etc.); manufacture of electromagnets including electromagnetic or permanent magnet chucks, clutches, brakes, couplings, clamps or lifting heads; manufacture of electrical insulators and insulating fittings, except of glass or ceramics; manufacture of insulating fittings for electrical machines or equipment, except of ceramics or plastics; manufacture of carbon or graphite electrodes; manufacture of electrical conduit tubing and joints for such tubing, of base metal lined with insulating material; and manufacture of diverse electrical machines and apparatus (particle accelerators, signal generators, mine detectors, electrical detonators, etc.).

 

 

PRIMA INDUSTRIE designs, manufactures, sells and services high power laser machines and lasers for the cutting, welding and drilling of three-dimensional and bi-dimensional parts. Established in 1977, the company's original intent was to operate in the field of engineering and research and development, however, in the 1990s, the company gradually started to focus its activity in the specific field of laser machines. Recent acquisitions include Convergent Energy and the Laserdyne division from GSI Lumonics, both located in the United States. The company is ISO 9001:2000 certified. PRIMA INDUSTRIE employs more than 450 people total in its locations in Italy, the United States and China. PRIMA INDUSTRIE is headquartered in Torino, Italy.

 

 

 

 

 

 

 

Brand/Trade Names

Optimo

Rapido

Domino

Platino

 

 

 

Financial Data

 

Financials in:

EUR(mil)

 

 

 

Revenue:

252.6

 

Net Income:

-6.0

 

Assets:

353.3

 

Long Term Debt:

103.0

 

Total Liabilities:

277.0

 

Working Capital:

0.0

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

7.1%

NA

1.8%

 

 

 

 

Market Data

Quote Symbol:

PRI

Exchange:

Italian SE (Mercato Continuo Italia)

Currency:

EUR

Stock Price:

8.0

Stock Price Date:

07-08-2011

52 Week Price Change %:

15.2

Market Value (mil):

68,691.9

 

SEDOL:

7135110

ISIN:

IT0003124663

 

 

 

 

Subsidiaries

 

Company

Percentage Owned

Country

Prima Laserdyne Inc

 

United States of America

Prima Finn-Power Sweden Ab

 

Sweden

Finn-Power Oy

 

Finland

Prima Electro SpA

 

Italy

Prima Finn Power UK Ltd

100%

UK

Prima Industrie (Beijing) Company Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Prima Industrie GmbH

100%

GERMANY

Prima Electronics SpA

100%

ITALY

Prima North America Inc

100%

USA

Prima Finn Power Sweden AB

100%

SWEDEN

Prima Finn Power Central Eruope Spzoo

100%

POLAND

Finn-Power Oy

100%

FINLAND

 

 

 

 

 

 

Shareholders

 

 

 

Major Shareholders

Erste International Holding SA (28.03%); Han's Laser (12.89%); Lestri Holding BV (5.12%)

 

 

 

 

 

 

Key Corporate Relationships

 

Auditor:

Ernst & Young LLP

Bank:

Banca Nazionale del Lavoro Ag, Intesa Sanpaolo Ag, Unicredit Banca Ag

 

Auditor:

Ernst & Young LLP, Reconta Ernst & Young SpA

 

 

 

 

 

 

 

 

Corporate Family

 

 

Total Corporate Family Members: 14

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Prima Industrie SpA

Parent

Collegno

Italy

Construction and Agriculture Machinery

334.5

1,361

Finn-Power Oy

Subsidiary

Kauhava

Finland

Miscellaneous Capital Goods

176.8

504

Finn-Power Italia SRL

Subsidiary

Cologna Veneta, Verona

Italy

Personal and Household Products

 

203

Prima Power Benelux

Subsidiary

Nazareth

Belgium

Miscellaneous Capital Goods

5.4

16

Lillbacka Power Co USA Inc

Subsidiary

Schaumburg, IL

United States

Miscellaneous Capital Goods

7.4

13

Finn-Power Oy

Subsidiary

Kauhava

Finland

Miscellaneous Fabricated Products

99.4

411

Prima Power France

Subsidiary

St Pierre Du Perray

France

Construction and Agriculture Machinery

 

34

Prima Electro SpA

Subsidiary

Moncalieri, Torino (Turin)

Italy

Electronic Instruments and Controls

37.7

204

Prima North America

Subsidiary

Chicopee, MA

United States

Scientific and Technical Instruments

84.9

130

PRIMA North America, Inc./ CONVERGENT LASERS Division

Division

Chicopee, MA

United States

Electronic Instruments and Controls

 

125

Laserdyne Systems

Division

Champlin, MN

United States

Construction and Agriculture Machinery

12.5

35

PRIMA North America, Inc./ PRIMA LASER TOOLS Division

Division

Chicopee, MA

United States

Electronic Instruments and Controls

 

13

PRIMA FINN-POWER GmbH

Subsidiary

Dietzenbach, Hessen

Germany

Appliance and Tool

13.3

17

Prima Industrie S. P. A.

Subsidiary

Warwick

United Kingdom

 

 

 

 

 

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

 

Gianfranco Carbonato

 

Chairman of the Board, Chief Executive Officer

Chairman

 

 

Reuters Biography (Prima Industrie SpA)

Eng. Gianfranco Carbonato serves as Chairman of the Board and Chief Executive Officer of Prima Industrie Societa per Azioni. He has been Chairman of the Company since May 13, 2005 and Chief Executive Officer since 1995. He graduated in Electronic Engineering from Politecnico di Torino in 1969. In 1970 he served as Adjunct Professor of Digital Electronics within Politecnico di Torino. He started his career in Dea SpA from 1969 to 1977, year in which he co-founded Prima Industrie, where he became Chief Executive Officer in 1995. In 2000 he was appointed Member of the Management Council, in 2004 Member of the Executive Council of the Industrial Union of Turin. He has been Cavaliere del Lavoro since June 2, 2007. He currently serves as Chairman of the Unione Industriale di Torino (Industrial Union of Turin) and as Independent Director of Iride SpA and RCS Group SpA. He serves as Director of CCIAA Torino, Confindustria and Fondo Italiano d’Investimento SGR SpA.



Electronic Enigneering, Politecnico di Torino


Compensation/Salary: 340,000

Ezio Giovanni Basso

 

Executive Director, General Manager

Director/Board Member

 

 

Reuters Biography (Prima Industrie SpA)

Dr. Ezio Giovanni Basso has served as Executive Director and General Manager of Prima Industrie Societa per Azioni since March 13, 2009. He graduated in Information Sciences from Universita degli Studi di Torino in March 1979. He has served as General Manager of the Company Since January 2002 and also served in the Company’s Board of Director from June 28, 2007, to April 29, 2008. He has been a Manager of the Company since January 1987. From February 1999 to December 2001, he served as Deputy General Manager and Chief Operating Officer of the Company. From September 1992 to January 1999, he served as Director of Production of the Company. From July 1989 to August 1992, he served as Responsible for the Production of the Company’s Laser Department. From January 1986 to June 1989, he served as Responsible in the commercial and post sales areas. From July 1985 to December 1985, he served as Responsible for a team of production of software for warehouse automation within A.I.C. From September 1980 to December 1984, he served as Analyst-Programmer for Prima Progetti. From April 1980 to August 1980, he served as Analyst-Programmer within Olivetti. From October 1978 to March 1980, he served as Analyst-Programmer for BZ System.



Information Sciences, Universita degli Studi di Torino


Compensation/Salary: 237,751

Stefano Devescovi

 

Director

Director/Board Member

 

 

Sandro D'Isidoro

 

Non-Executive Lead Independent Director

Director/Board Member

 

 

Reuters Biography (Prima Industrie SpA)

Mr. Sandro D'Isidoro serves as Non-Executive Lead Independent Director of Prima Industrie Societa per Azioni since 2007. He has been Non-Executive Independent Director of the Company since April 2001. He also serves as Member of the Remuneration Committee and Chairman of the Audit Committee of the Company. He also serves as Member of the Related Parties Transactions Committee of the Company. He also serves as Member of the Statutory Body of the Company. He started his career in Banca Commerciale Italiana in 1967, where he became General Manager in 1989. He has been Director of the Italian-Swiss Chamber of Commerce since January 1990. He has also been Director of Patsystem plc and GDD - Global Direct Dealing Ltd since 2000. He currently serves as Director of Credit Agricole Suisse Conseil, First Private Equity LTD, Terra Nova Capital Srl, Terra Nova Digital Srl and Terra Nova Espo Srl.


Compensation/Salary: 20,000

Michael R. Mansour

 

Non-Executive Director

Director/Board Member

 

 

Reuters Biography (Prima Industrie SpA)

Mr. Michael R. Mansour has served as Non-Executive Director of Prima Industrie Societa per Azioni since May 14, 2007. He has also served as Member of the Audit Committee and as Member of the Related Parties Transactions Committee within the Company. He graduated form St. Peters College of the University of Oxford in 2002. After stages at the National Bank di Abu Dhabi, Natwest Bank and Credit Suisse First Boston, from 2003 to 2007 he served at Lubbock Fine Chartered Accountants of London, where he became Audit Senior. He has been Financial Controller of Steadfast Engineering Group since June 2007. He has been Treasury & Working capital manager at Finn Power since 2008.


Education

, University of Oxford


Compensation/Salary: 20,000

Rafic Y. Mansour

 

Non-Executive Director

Director/Board Member

 

 

Reuters Biography (Prima Industrie SpA)

Eng. Rafic Y. Mansour has served as Non-Executive Director of Prima Industrie Societa per Azioni since April 29, 2008. He also serves as Member of the Remuneration Committee of the Company. He graduated in Civil Engineering from American University of Beirut in 1964. He is the founder and Executive Director of companies in the United Arab Emirates, such as Astraco Construction, Matrix Construction, Matrix Trading/Freight Contracting. He also serves as Non-Executive Director of several companies in the United Arab Emirates specialized in materials for constructions and in British companies specialized in industrial fasteners for the oil and gas industry. Apart from the industrial sector, he is also an investor in the real estate and in the financial sector. He currently serves as Executive Director of Astraco Construction, Matrix Construction and Matrix trading/freight contracting and as Director of PASCO – Paving stones Co. LLC, Plaxit Dry Mix Co. LLC, and Steadfast Engineering Company limited.


Education

Civil Engineering, American University of Beirut


Compensation/Salary: 20,000

Mario Mauri

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (Prima Industrie SpA)

Mr. Mario Mauri serves as Non-Executive Independent Director of Prima Industrie Societa per Azioni. He has been in the Company’s Board since 2005. He also serves as Chairman of the Remuneration and Member of the Audit Committees of the Company. He also serves as Member of the Related Parties Transactions Committee within the Company. He graduated in Economics from Universita Commerciale Luigi Bocconi of Milan. He has been Chairman of the Board and Chief Executive Officer of Cambria Ltd since 1990. He has been Chairman of the Board of PayperMoon Italia Srl since 2001. He has been Director of Delmi SpA since 2005 and of RCF SA since 2006. From 2002 to 2008, he served as Director, Chairman of the Remuneration Committee and Member of the Strategic Committee of Edison SpA. From 1998 to 2006, he served as Consultant of the Mayor of Milan concerning privatizations. From 1989 to 1993, he served as Chairman and co-founder of Solofin SIM SpA. From 1977 to 1988, he started his career in the Montedison Group as Assistant of Chairman for special assignments till 1978, he served as Financial Director from 1978 to 1988, and from 1986 to 1988, as Secretary General of the Executive Committee of the company. From 1986 to 1988, he also served as Chairman of the Financial Committee of Himont Inc. He served as Director of several listed companies such as Fondiaria SpA, Montefibre SpA, Moplefan SpA, SELM SpA and Himont Inc. He also currently serves as Vice Chairman of Palomar and as Chairman of Aislin Group Ltd. (UK).


Education

Economics, Universita Commerciale Luigi Bocconi


Compensation/Salary: 20,000

Domenico Peiretti

 

Executive Director

Director/Board Member

 

 

Reuters Biography (Prima Industrie SpA)

Eng. Domenico Peiretti serves as Executive Director of Prima Industrie Societa per Azioni. He graduated in Electronics Engineering from Politecnico di Torino in March 1975. He started his career in September 1975 within ST Microelectronics. In March 1978 he enters in Prima Progetti as Designer. In 1981 he was appointed Industrial Manager and became Head of the Custom Product Development Department of Prima Progetti. In 1985 he was appointed Director of the Product Development Department of Prima Industrie. In 1987 he joined Prima Electronics SpA, of which he was already a Director since 1984, as General Manager, and in 1995 he became Chief Executive Officer. In July 2007 he became Chief Executive Officer of Osai SpA. He also served as Member of the Management Board of ANIPLA, the Italian Association for Automation.


Education

Electronics Engineering, Politecnico di Torino


Compensation/Salary: 20,000

Pio Pellegrini

 

Director

Director/Board Member

 

 

Marco Pinciroli

 

Director

Director/Board Member

 

 

 

Executives

 

Name

Title

Function

Gianfranco Carbonato

 

Chairman of the Board, Chief Executive Officer

Chief Executive Officer

Reuters Biography (Prima Industrie SpA)

Eng. Gianfranco Carbonato serves as Chairman of the Board and Chief Executive Officer of Prima Industrie Societa per Azioni. He has been Chairman of the Company since May 13, 2005 and Chief Executive Officer since 1995. He graduated in Electronic Engineering from Politecnico di Torino in 1969. In 1970 he served as Adjunct Professor of Digital Electronics within Politecnico di Torino. He started his career in Dea SpA from 1969 to 1977, year in which he co-founded Prima Industrie, where he became Chief Executive Officer in 1995. In 2000 he was appointed Member of the Management Council, in 2004 Member of the Executive Council of the Industrial Union of Turin. He has been Cavaliere del Lavoro since June 2, 2007. He currently serves as Chairman of the Unione Industriale di Torino (Industrial Union of Turin) and as Independent Director of Iride SpA and RCS Group SpA. He serves as Director of CCIAA Torino, Confindustria and Fondo Italiano d’Investimento SGR SpA.


Education

Electronic Enigneering, Politecnico di Torino


Compensation/Salary: 340,000

Ezio Giovanni Basso

 

Executive Director, General Manager

Division Head Executive

 

 

Reuters Biography (Prima Industrie SpA)

Dr. Ezio Giovanni Basso has served as Executive Director and General Manager of Prima Industrie Societa per Azioni since March 13, 2009. He graduated in Information Sciences from Universita degli Studi di Torino in March 1979. He has served as General Manager of the Company Since January 2002 and also served in the Company’s Board of Director from June 28, 2007, to April 29, 2008. He has been a Manager of the Company since January 1987. From February 1999 to December 2001, he served as Deputy General Manager and Chief Operating Officer of the Company. From September 1992 to January 1999, he served as Director of Production of the Company. From July 1989 to August 1992, he served as Responsible for the Production of the Company’s Laser Department. From January 1986 to June 1989, he served as Responsible in the commercial and post sales areas. From July 1985 to December 1985, he served as Responsible for a team of production of software for warehouse automation within A.I.C. From September 1980 to December 1984, he served as Analyst-Programmer for Prima Progetti. From April 1980 to August 1980, he served as Analyst-Programmer within Olivetti. From October 1978 to March 1980, he served as Analyst-Programmer for BZ System.


Education

Information Sciences, Universita degli Studi di Torino


Compensation/Salary: 237,751

Tomas Hedenborg

 

Chief Executive Officer of Finn Power OY

Division Head Executive

 

 

Cinzia Beltramo

 

Direttore-Amministrazione

Administration Executive

 

 

Massimo Ratti

 

Chief Financial Officer, Secretary, Financial Reporting Officer

Company Secretary

 

 

Riccardo Formica

 

Statutory Auditor

Accounting Executive

 

 

Andrea Mosca

 

Statutory Auditor

Accounting Executive

 

 

Roberto Petrignagni

 

Statutory Auditor

Accounting Executive

 

 

Adriano Gallea

 

Human Resources Manager

Human Resources Executive

 

 

Alberto Delle Piane

 

Direttore-Relazioni Clienti

Customer Service Executive

 

 

Claudio Bianchi

 

Direttore-Commerciale

Sales Executive

 

 

Domenico Appendino

 

Direttore-Marketing

Marketing Executive

 

 

Flavio Gregori

 

Marketing manager

Marketing Executive

 

 

Chiara Roncolini

 

Compliance Officer, Investor Relations

Investor Relations Executive

 

 

Anna Maria Ainardi

 

Executive

Other

 

 

Maurizio Gattiglio

 

Executive

Other

 

 

 

Significant Developments

 

 

 

Prima Industrie SpA Appoints Chief Executive Officer of the Company

May 02, 2011


Prima Industrie SpA announced that it has appointed Mr. Gianfranco Carbonato as Chief Executive Officer of the Company.

Prima Industrie SpA Announces Completion of Reorganization

Mar 22, 2011


Prima Industrie SpA announced that it has completed the reorganization started with the merger by incorporation of Finn-Power Oy into the Company on February 2008. The Company is currently structured in the two divisions Machinery and Components. Machinery, which will changed the name into Prima Power, including the activities of production and sale of laser, cut, melt and micro drilling of three and two dimensions metal equipment and metal sheet working machineries. Components which will change name into Prima Electro, includes the development, implementation and marketing of power and control electronics equipment and of high power laser sources for industrial applications.

 

 

 

 

 

Italian Prima Industrie narrows 2010 net loss to EUR 6m

 

ADP Italy News

15 March 2011

 

[What follows is the full text of the news story.]

(ADPnews) � Mar 15, 2011 � Italian laser machinery maker Prima Industrie (BIT:PRI) closed 2010 with a net loss of EUR 5.965 million (USD 8.3m), down from a EUR 8.7 million loss in 2009.

Consolidated revenues of the Prima Industrie group rose by 7.8% on the year to EUR 250 million. The turnover does not include the revenues of the company's Chinese joint ventures, equal to some EUR 59.3 million.

The company booked an operating profit of EUR 352,000 against an operating loss of EUR 3.86 million a year ago.

Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at EUR 10.4 million, up from EUR 6.2 million.

The group's net financial debt narrowed to EUR 141.3 million as at December 31, 2010, versus EUR 150 million at end-2009.

(EUR 1 = USD 1.394)

 

 

Related Companies

 

Prima Industrie SpA

[profile]

 

Related Topics

 

Earnings & Financial Performance

 

Finance & Accounting Standards

 

Financial Markets

 

Related Industries

 

3500 Machinery, exc electrical

 

3990 Miscellaneous manufacturing industries

 

Misc. Capital Goods

[profile]

 

Personal & Household Prods.

[profile]

 

29110 Manufacture of engines and turbines, except aircraft, vehicle and cycle engines

 

36220 Manufacture of jewellery and related articles not elsewhere classified

 

2841 Computer and Business Machine Manufacturing

 

2940 Other Manufacturing

 

 

 

Banca Akros lifts Prima Industrie price target to EUR 10.20

 

 

ADP Italy News

25 January 2011

 

 

[What follows is the full text of the news story.]

(ADPnews) - Jan 25, 2011 - Banca Akros revised up to EUR 10.20 from EUR 6.80 the share price target on Italian laser machinery maker Prima Industrie (BIT:PRI).

The analysts confirmed the "accumulate" rating.

The change comes as a result of the revised estimates after the release of the orders backlog amount for 2010.

Prima Industrie was gaining 6.24% to EUR 9.03 on the Milan Stock Exchange at 1132 CET.

(EUR 1 = USD 1.360)

 

 

Related Companies

 

Prima Industrie SpA

[profile]

 

Related Industries

 

3500 Machinery, exc electrical

 

3990 Miscellaneous manufacturing industries

 

Misc. Capital Goods

[profile]

 

Personal & Household Prods.

[profile]

 

29110 Manufacture of engines and turbines, except aircraft, vehicle and cycle engines

 

36220 Manufacture of jewellery and related articles not elsewhere classified

 

2841 Computer and Business Machine Manufacturing

 

2940 Other Manufacturing

 

 

Italian Prima Industrie's orders return to pre-crisis levels in 2010

 

 

ADP Italy News

24 January 2011

 

 

[What follows is the full text of the news story.]

(ADPnews) � Jan 24, 2011 � Italian laser machinery maker Prima Industrie SpA (BIT:PRI) brought its order intake to the pre-crisis levels in 2010, winning orders for EUR 271.8 million (USD 368.6m), up around 20% compared with 2009, the company said in a statement on Friday.

The new orders in the last quarter of 2010 totalled EUR 83.6 million and marked an increase of over 40% year-on-year.

With an average order intake of EUR 28.5 million a month the company has registered the best quarterly result since mid-2008, before the global financial crisis swept up.

China represents about 11% of Prima Industrie's new orders obtained in the last quarter of 2010, while the North American market took a 26% portion.

Prima Industrie started 2011 with an order backlog of EUR 82.3 million, 26% higher than the EUR-65.1-million backlog registered on January 1 last year.

(EUR 1.0 = USD 1.356)

 

 

Related Companies

 

Prima Industrie SpA

[profile]

 

Related Geographies

 

Asia

 

China

 

Related Industries

 

3500 Machinery, exc electrical

 

3990 Miscellaneous manufacturing industries

 

Misc. Capital Goods

[profile]

 

Personal & Household Prods.

[profile]

 

29110 Manufacture of engines and turbines, except aircraft, vehicle and cycle engines

 

36220 Manufacture of jewellery and related articles not elsewhere classified

 

2841 Computer and Business Machine Manufacturing

 

2940 Other Manufacturing

 

 

 

UniCredit MIB cuts Italy's Prima Industrie price target to EUR 7.90

 

 

ADP Italy News

01 October 2010

 

 

[What follows is the full text of the news story.]

(ADPnews) - Oct 1, 2010 - UniCredit MIB revised down the share price target on Italian laser machinery maker Prima Industrie SpA (BIT:PRI) to EUR 7.90 from EUR 8.50, yet, raising the rating on the company.

The broker lifted its recommendation to "hold" from "sell".

Prima Industrie was inching up 0.14% to EUR 7.01 at 1715 CET on the Milan stock market on Friday.

(EUR 1 = USD 1.373)

 

 

Related Companies

 

Prima Industrie SpA

[profile]

 

Related Geographies

 

Europe

 

Italy

 

Related Industries

 

3500 Machinery, exc electrical

 

3990 Miscellaneous manufacturing industries

 

Misc. Capital Goods

[profile]

 

Personal & Household Prods.

[profile]

 

29110 Manufacture of engines and turbines, except aircraft, vehicle and cycle engines

 

36220 Manufacture of jewellery and related articles not elsewhere classified

 

2841 Computer and Business Machine Manufacturing

 

2940 Other Manufacturing

 

 

 

Italy's Prima Industrie loss swells to EUR 5m in H1 2010

 

 

ADP Italy News

30 August 2010

 

 

[What follows is the full text of the news story.]

(ADPnews) � Aug 30, 2010 � Italian laser machinery maker Prima Industrie (BIT:PRI) widened its net loss in the first half of 2010 to EUR 5 million (USD 6.4m) from EUR 525,000 a year earlier.

The first-half 2009 net result was influenced by EUR-7.6-million one-off gain, while the non recurring items in the first six months of this year were EUR 660,000, the company said in a statement.

Prima Industrie registered a strong sales growth in the second quarter with sales rising 29% on the year and 38% quarter-on-quarter. Consolidated revenues at the end of the six-month period stood at EUR 114.5 million, down 3% on the year.

Production value stood at EUR 122.8 million, up 18%.

The group's earnings before interest, tax, depreciation and amortisation (EBITDA) came in at EUR 2.4 million, compared with EUR 5.1 million.

Prima Industrie booked an operating loss of EUR 2.7 million, versus an operating profit of EUR 397,000.

The net debt at the end of June 2010 was EUR 143.3 million, down by EUR 6.8 million from end-2009.

(EUR 1.0 = USD 1.273)

 

Related Companies

 

Prima Industrie SpA

[profile]

 

Related Topics

 

Finance & Accounting Standards

 

Mergers and Acquisitions

 

Related Industries

 

3500 Machinery, exc electrical

 

3990 Miscellaneous manufacturing industries

 

Misc. Capital Goods

[profile]

 

Personal & Household Prods.

[profile]

 

29110 Manufacture of engines and turbines, except aircraft, vehicle and cycle engines

 

36220 Manufacture of jewellery and related articles not elsewhere classified

 

2841 Computer and Business Machine Manufacturing

 

2940 Other Manufacturing

 

 

 

            Annual Profit & Loss

 

 

 

 

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

0.719047

0.683679

0.730637

Consolidated

No

No

No

 

 

 

 

Total income

87.4

182.5

159.3

Net sales

88.0

175.7

152.5

Other operating income

6.7

4.0

3.2

Raw materials and consumables employed

37.2

86.5

80.7

Other expenses

25.0

41.5

37.4

Total payroll costs

22.5

28.9

24.5

Fixed asset depreciation and amortisation

1.8

1.6

1.9

Other operating costs

1.1

2.8

0.8

Net operating income

-

21.3

13.9

Total financial income

4.2

11.3

4.4

Total expenses

8.2

14.5

1.7

Profit before tax

-

18.0

16.7

Profit after extraordinary items and before tax

-

18.0

16.7

Total taxation

-

5.4

6.4

Net profit

-

12.7

10.3

Net loss

3.6

-

-

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

31-Dec-2009

31-Dec-2008

31-Dec-2007

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.696986

0.719399

0.683971

Consolidated

No

No

No

 

 

 

 

Total stockholders equity

85.8

87.8

53.6

Provision for risks

4.4

5.5

5.8

Provision for pensions

4.7

4.8

4.9

Mortgages and loans

-

6.9

16.4

Other long-term liabilities

165.4

43.3

1.1

Trade creditors

23.2

32.7

34.1

Bank loans and overdrafts

50.4

163.7

6.2

Other current liabilities

27.2

27.7

34.9

Accruals and deferred income

0.6

0.3

0.6

Total current liabilities

101.4

224.5

75.8

Total liabilities (including net worth)

361.7

372.8

157.6

Intangibles

5.3

2.5

0.5

Buildings

8.4

-

-

Total tangible fixed assets

10.1

10.1

5.2

Long-term investments

153.7

146.5

20.0

Total financial assets

272.5

259.5

29.1

Receivables due after 1 year

3.1

2.9

4.0

Loans to associated companies

118.8

110.2

7.5

Total non-current assets

290.9

275.0

38.8

Finished goods

9.3

-

-

Net stocks and work in progress

20.5

36.9

33.6

Trade debtors

25.3

33.1

41.2

Other receivables

22.9

18.5

25.9

Cash and liquid assets

1.9

3.3

17.8

Marketable securities

-

5.8

0.0

Accruals

0.1

0.3

0.2

Total current assets

70.8

97.9

118.7

Total assets

361.7

372.8

157.6

 

Annual Ratios

Financials in: USD (mil)

 

 

 

 

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.696986

0.719399

0.683971

Consolidated

No

No

No

 

 

 

 

Sales per employee

0.47

0.81

1.08

Profit per employee

-

0.08

0.12

Average wage per employee

0.12

0.13

0.17

Net worth

85.8

87.8

53.6

Number of employees

259

287

200

 

 

Annual Income Statement

 

Financials in: USD (mil)                                                                

Except for share items (millions) and per share items (actual units)   

 

  Financial Glossary

                                                                                                                                           

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

0.796979

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Reconta Ernst & Young SpA

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

331.1

322.5

537.2

241.4

185.2

Revenue

331.1

322.5

537.2

241.4

185.2

    Other Revenue

3.4

5.5

6.0

3.5

2.1

Other Revenue, Total

3.4

5.5

6.0

3.5

2.1

Total Revenue

334.5

328.0

543.2

244.9

187.2

 

 

 

 

 

 

    Cost of Revenue

151.7

156.3

250.5

103.2

85.5

Cost of Revenue, Total

151.7

156.3

250.5

103.2

85.5

Gross Profit

179.4

166.2

286.7

138.3

99.6

 

 

 

 

 

 

    Selling/General/Administrative Expense

-

-

-

3.4

2.5

    Labor & Related Expense

100.9

108.4

130.5

50.9

37.7

    Advertising Expense

8.2

2.8

-

2.2

1.2

Total Selling/General/Administrative Expenses

109.2

111.3

130.5

56.5

41.4

    Depreciation

4.2

5.5

5.6

1.8

1.5

    Amortization of Intangibles

8.8

8.3

6.9

0.3

0.2

Depreciation/Amortization

12.9

13.8

12.5

2.1

1.7

    Loss (Gain) on Sale of Assets - Operating

-2.6

-3.7

-

-

-

    Other Unusual Expense (Income)

0.3

0.2

0.0

0.5

0.6

Unusual Expense (Income)

-2.3

-3.4

0.0

0.5

0.6

    Other Operating Expense

62.5

55.5

115.8

50.4

34.8

Other Operating Expenses, Total

62.5

55.5

115.8

50.4

34.8

Total Operating Expense

334.0

333.4

509.2

212.6

164.1

 

 

 

 

 

 

Operating Income

0.5

-5.4

34.0

32.3

23.2

 

 

 

 

 

 

        Interest Expense - Non-Operating

-

-

-

-1.8

-1.5

    Interest Expense, Net Non-Operating

-

-

-

-1.8

-1.5

        Interest Income - Non-Operating

-

-

-

0.9

0.8

        Investment Income - Non-Operating

2.9

0.4

1.1

0.2

0.0

    Interest/Investment Income - Non-Operating

2.9

0.4

1.1

1.1

0.7

Interest Income (Expense) - Net Non-Operating Total

2.9

0.4

1.1

-0.7

-0.8

    Other Non-Operating Income (Expense)

-10.1

-8.4

-17.9

-0.3

-0.3

Other, Net

-10.1

-8.4

-17.9

-0.3

-0.3

Income Before Tax

-6.8

-13.4

17.2

31.3

22.1

 

 

 

 

 

 

Total Income Tax

1.1

-1.3

9.1

12.5

4.8

Income After Tax

-7.9

-12.1

8.0

18.8

17.2

 

 

 

 

 

 

    Minority Interest

0.0

0.0

0.0

0.0

0.0

Net Income Before Extraord Items

-7.9

-12.1

8.0

18.8

17.2

Net Income

-7.9

-12.1

8.0

18.8

17.2

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-7.9

-12.1

8.0

18.8

17.2

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-7.9

-12.1

8.0

18.8

17.2

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

8.4

6.4

5.4

4.6

4.6

Basic EPS Excl Extraord Items

-0.95

-1.89

1.50

4.09

3.74

Basic/Primary EPS Incl Extraord Items

-0.95

-1.89

1.50

4.09

3.74

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

-7.9

-12.1

8.0

18.8

17.2

Diluted Weighted Average Shares

8.4

6.4

5.5

4.6

4.6

Diluted EPS Excl Extraord Items

-0.95

-1.89

1.46

4.09

3.74

Diluted EPS Incl Extraord Items

-0.95

-1.89

1.46

4.09

3.74

Dividends per Share - Common Stock Primary Issue

-

0.65

0.95

0.89

0.82

Gross Dividends - Common Stock

-

-

4.4

4.1

3.7

Interest Expense, Supplemental

-

-

-

1.8

1.5

Depreciation, Supplemental

4.2

5.5

5.6

1.7

1.4

Total Special Items

-2.3

-3.4

0.0

0.5

0.6

Normalized Income Before Tax

-9.1

-16.9

17.2

31.9

22.7

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-0.8

-1.2

0.0

0.2

0.1

Inc Tax Ex Impact of Sp Items

0.3

-2.5

9.2

12.7

5.0

Normalized Income After Tax

-9.4

-14.3

8.0

19.1

17.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-9.4

-14.3

8.0

19.1

17.7

 

 

 

 

 

 

Basic Normalized EPS

-1.13

-2.24

1.50

4.16

3.85

Diluted Normalized EPS

-1.13

-2.24

1.46

4.16

3.85

Amort of Intangibles, Supplemental

8.8

8.3

6.9

0.3

0.2

Rental Expenses

8.2

7.7

-

3.4

2.5

Advertising Expense, Supplemental

3.4

2.8

-

2.2

1.2

Research & Development Exp, Supplemental

18.9

18.9

30.5

13.8

10.1

Normalized EBIT

-1.8

-8.8

34.0

32.8

23.8

Normalized EBITDA

11.1

5.0

46.5

34.9

25.4

    Current Tax - Domestic

0.3

0.8

6.5

7.8

3.7

    Current Tax - Foreign

-0.4

0.0

0.2

1.1

0.8

    Current Tax - Local

1.4

1.3

2.2

2.0

1.5

Current Tax - Total

1.3

2.0

8.9

10.9

6.0

    Deferred Tax - Total

-0.2

0.9

0.7

1.6

-1.4

Deferred Tax - Total

-0.2

0.9

0.7

1.6

-1.4

    Other Tax

0.0

-4.2

-0.4

0.0

0.2

Income Tax - Total

1.1

-1.3

9.1

12.5

4.8

Interest Cost - Domestic

0.4

0.5

0.6

0.4

0.4

Service Cost - Domestic

-

-

0.2

0.1

0.7

Domestic Pension Plan Expense

0.4

0.5

0.9

0.5

1.1

Defined Contribution Expense - Domestic

1.2

2.7

1.1

0.6

0.7

Total Pension Expense

1.7

3.3

2.0

1.0

1.8

Discount Rate - Domestic

4.50%

5.10%

5.00%

-

-

Pension Payment Rate - Domestic

3.00%

3.00%

3.00%

-

-

Total Plan Interest Cost

0.4

0.5

0.6

0.4

0.4

Total Plan Service Cost

-

-

0.2

0.1

0.7

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

  Financial Glossary                                                                                                      

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Restated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

0.683971

0.758351

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Reconta Ernst & Young SpA

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash

19.9

21.6

20.1

31.5

27.3

    Short Term Investments

0.0

-

0.0

0.0

0.0

Cash and Short Term Investments

19.9

21.6

20.1

31.5

27.3

        Accounts Receivable - Trade, Gross

91.2

91.4

108.9

79.3

53.1

        Provision for Doubtful Accounts

-5.6

-8.4

-8.4

-4.3

-3.4

    Trade Accounts Receivable - Net

86.7

84.4

100.5

75.6

51.4

    Other Receivables

15.7

14.9

15.3

7.5

5.9

Total Receivables, Net

102.3

99.3

115.8

83.1

57.2

    Inventories - Finished Goods

40.7

51.5

67.2

22.5

13.9

    Inventories - Work In Progress

16.8

13.1

30.9

17.5

12.9

    Inventories - Raw Materials

44.3

46.8

59.6

27.6

22.4

    Inventories - Other

-7.7

-8.4

-10.1

-6.3

-4.5

Total Inventory

94.1

103.0

147.6

61.4

44.7

Total Current Assets

216.3

224.0

283.5

176.0

129.2

 

 

 

 

 

 

        Land/Improvements

32.0

34.0

43.3

9.8

4.7

        Machinery/Equipment

31.0

32.0

31.2

16.3

13.5

        Construction in Progress

0.7

1.0

0.6

0.4

0.0

        Other Property/Plant/Equipment

19.0

19.7

19.5

8.8

7.4

    Property/Plant/Equipment - Gross

82.6

86.7

94.5

35.3

25.6

    Accumulated Depreciation

-49.1

-48.7

-45.2

-20.4

-17.1

Property/Plant/Equipment - Net

33.6

37.9

49.4

14.9

8.5

Goodwill, Net

137.7

147.1

142.6

-

3.1

Intangibles, Net

68.5

73.7

70.3

9.8

0.2

    LT Investment - Affiliate Companies

9.5

6.7

5.6

3.3

2.4

    LT Investments - Other

1.3

1.5

1.8

2.9

1.4

Long Term Investments

10.8

8.2

7.5

6.1

3.8

Note Receivable - Long Term

0.1

0.0

2.3

0.0

0.1

    Other Long Term Assets

6.9

7.1

8.8

7.4

9.9

Other Long Term Assets, Total

6.9

7.1

8.8

7.4

9.9

Total Assets

473.9

498.0

564.4

214.3

154.7

 

 

 

 

 

 

Accounts Payable

79.2

73.8

91.6

49.3

34.4

Accrued Expenses

8.2

9.6

-

-

-

Notes Payable/Short Term Debt

16.1

16.9

9.4

0.5

0.5

Current Portion - Long Term Debt/Capital Leases

44.6

46.5

168.2

7.6

6.4

    Customer Advances

25.6

28.2

44.8

15.4

9.7

    Income Taxes Payable

3.3

3.8

3.9

7.6

6.7

    Other Payables

10.8

12.5

31.6

14.4

7.8

    Other Current Liabilities

11.0

13.3

14.5

8.0

6.2

Other Current liabilities, Total

50.7

57.8

94.8

45.4

30.4

Total Current Liabilities

198.9

204.6

364.0

102.9

71.7

 

 

 

 

 

 

    Long Term Debt

135.4

159.8

59.0

22.2

16.1

    Capital Lease Obligations

2.9

3.0

-

-

0.6

Total Long Term Debt

138.2

162.8

59.0

22.2

16.7

Total Debt

198.9

226.2

236.7

30.4

23.6

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

14.6

15.6

16.2

2.8

3.1

Deferred Income Tax

14.6

15.6

16.2

2.8

3.1

Minority Interest

0.0

0.0

0.0

0.3

0.1

    Reserves

0.1

0.1

0.1

0.1

0.0

    Pension Benefits - Underfunded

9.4

10.8

12.5

11.1

7.3

    Other Long Term Liabilities

10.4

10.8

8.1

0.0

0.0

Other Liabilities, Total

19.9

21.6

20.8

11.1

7.4

Total Liabilities

371.6

404.7

460.0

139.4

99.0

 

 

 

 

 

 

    Common Stock

29.0

23.0

22.2

16.8

15.2

Common Stock

29.0

23.0

22.2

16.8

15.2

Retained Earnings (Accumulated Deficit)

73.8

73.7

84.6

61.9

41.6

Treasury Stock - Common

-

-

0.0

-0.1

-0.1

    Translation Adjustment

-0.5

-3.4

-2.5

-3.7

-0.8

Other Equity, Total

-0.5

-3.4

-2.5

-3.7

-0.8

Total Equity

102.3

93.2

104.4

74.9

55.8

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

473.9

498.0

564.3

214.3

154.7

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

8.6

6.4

6.4

4.6

4.6

Total Common Shares Outstanding

8.6

6.4

6.4

4.6

4.6

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

1,353

1,463

1,663

733

546

Deferred Revenue - Current

25.6

28.2

44.8

15.4

9.7

Total Long Term Debt, Supplemental

198.9

-

-

-

-

Long Term Debt Maturing within 1 Year

60.7

-

-

-

-

Long Term Debt Maturing in Year 2

14.5

-

-

-

-

Long Term Debt Maturing in Year 3

28.7

-

-

-

-

Long Term Debt Maturing in Year 4

7.2

-

-

-

-

Long Term Debt Maturing in 2-3 Years

43.2

-

-

-

-

Long Term Debt Maturing in 4-5 Years

7.2

-

-

-

-

Long Term Debt Matur. in Year 6 & Beyond

87.8

-

-

-

-

Pension Obligation - Domestic

7.8

9.2

11.1

11.1

7.3

Post-Retirement Obligation

1.6

1.6

1.4

-

-

Funded Status - Domestic

-7.8

-9.2

-11.1

-11.1

-7.3

Funded Status - Post-Retirement

-1.6

-1.6

-1.4

-

-

Total Funded Status

-9.4

-10.8

-12.5

-11.1

-7.3

Discount Rate - Domestic

4.50%

5.10%

5.00%

-

4.60%

Expected Rate of Return - Domestic

-

-

-

-

3.00%

Compensation Rate - Domestic

-

-

-

-

3.50%

Pension Payment Rate - Domestic

3.00%

3.00%

3.00%

-

-

Accrued Liabilities - Post-Retirement

-1.6

-1.6

-1.4

-

-

Net Assets Recognized on Balance Sheet

-1.6

-1.6

-1.4

-

-

Total Plan Obligations

9.4

10.8

12.5

11.1

7.3

 

 

 

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Reclassified Normal
31-Dec-2008

Updated Normal
31-Dec-2006

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

0.796979

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Reconta Ernst & Young SpA

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

-7.9

-12.1

8.0

31.3

22.1

    Depreciation

13.3

14.1

12.5

2.1

1.7

Depreciation/Depletion

13.3

14.1

12.5

2.1

1.7

Deferred Taxes

-0.3

0.9

0.7

-

-

    Equity in Net Earnings (Loss)

-

-

-

0.0

-

    Other Non-Cash Items

-0.6

-2.1

0.0

1.6

2.5

Non-Cash Items

-0.6

-2.1

0.0

1.6

2.5

    Accounts Receivable

-7.6

18.7

28.8

-8.1

1.4

    Inventories

2.2

47.8

-2.4

-6.1

3.5

    Other Assets

-2.4

-1.1

-1.2

-0.6

0.0

    Accounts Payable

4.2

-46.0

-37.5

5.6

-7.7

    Other Operating Cash Flow

-

-

-

-5.0

-4.1

Changes in Working Capital

-3.7

19.4

-12.3

-14.3

-6.9

Cash from Operating Activities

0.8

20.2

8.9

20.7

19.3

 

 

 

 

 

 

    Purchase of Fixed Assets

-2.2

-1.6

-9.7

-2.3

-2.4

    Purchase/Acquisition of Intangibles

-0.2

-0.6

-2.8

-0.4

-

Capital Expenditures

-2.4

-2.2

-12.5

-2.7

-2.4

    Acquisition of Business

-

0.0

-125.0

-11.5

0.0

    Sale of Fixed Assets

0.4

0.9

0.5

0.1

0.2

    Investment, Net

-0.1

0.0

0.1

0.0

-0.9

    Intangible, Net

-

-

-

-

0.1

    Other Investing Cash Flow

-8.4

-1.4

-8.1

1.0

0.8

Other Investing Cash Flow Items, Total

-8.1

-0.5

-132.5

-10.4

0.2

Cash from Investing Activities

-10.5

-2.7

-145.0

-13.2

-2.2

 

 

 

 

 

 

    Other Financing Cash Flow

2.1

-7.2

1.3

-5.1

-1.2

Financing Cash Flow Items

2.1

-7.2

1.3

-5.1

-1.2

    Cash Dividends Paid - Common

-

0.0

-4.4

-4.1

-1.6

Total Cash Dividends Paid

-

0.0

-4.4

-4.1

-1.6

        Sale/Issuance of Common

20.1

-

36.1

0.0

-

        Repurchase/Retirement of Common

-

-0.4

-

-

-

    Common Stock, Net

20.1

-0.4

36.2

0.1

0.0

Issuance (Retirement) of Stock, Net

20.1

-0.4

36.2

0.1

0.0

        Long Term Debt Issued

15.5

53.1

258.0

10.7

17.2

        Long Term Debt Reduction

-28.1

-60.9

-164.9

-7.2

-19.9

    Long Term Debt, Net

-12.8

-9.1

92.6

2.7

-2.8

Issuance (Retirement) of Debt, Net

-12.8

-9.1

92.6

2.7

-2.8

Cash from Financing Activities

9.4

-16.7

125.7

-6.4

-5.6

 

 

 

 

 

 

Net Change in Cash

-0.3

0.9

-10.4

1.2

11.6

 

 

 

 

 

 

Net Cash - Beginning Balance

20.0

20.1

31.5

28.3

14.4

Net Cash - Ending Balance

19.7

21.0

21.2

29.5

26.0

Cash Interest Paid

-

-

-

2.1

2.0

Cash Taxes Paid

-

-

-

5.0

2.2

 

 

Annual Income Statement

 

Financials in: USD (mil)                                                             

Except for share items (millions) and per share items (actual units)   

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

0.796979

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Ernst & Young LLP

Ernst & Young LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Sales/Services

331.1

322.5

537.2

241.4

185.2

    Sundry

3.4

5.5

6.0

3.5

2.1

Total Revenue

334.5

328.0

543.2

244.9

187.2

 

 

 

 

 

 

    Change in Semi Finished and Fin. Goods

4.6

32.6

3.7

-5.3

4.4

    Inc. Internal Work

-9.1

-9.9

-11.0

-0.3

-0.2

    Raw Materials

156.3

133.6

257.8

108.8

81.3

    Lease/Rent Costs

-

-

-

3.4

2.5

    Staff Cost

100.9

108.4

130.5

50.9

37.7

    Amortisation Int.

8.8

8.3

6.9

0.3

0.2

    Depreciation

4.2

5.5

5.6

1.8

1.5

    Impairment

0.3

0.2

0.0

0.0

-

    Other Expenses

62.5

55.5

115.8

50.4

34.8

    Publicity

8.2

2.8

-

2.2

1.2

    Gains from Disposal

-2.6

-3.7

-

-

-

    Extraordinary Exp.

-

-

-

0.5

0.6

Total Operating Expense

334.0

333.4

509.2

212.6

164.1

 

 

 

 

 

 

    Financial Income

1.0

0.5

1.2

-

-

    Interest Income

-

-

-

0.9

0.8

    Other Fin. Inc.

-

-

-

0.0

0.1

    Interest/Other Exp.

-

-

-

-1.8

-1.5

    Derivates, Net

-

-

-

0.0

-0.1

    Other Financial Expenses

-11.1

-8.9

-19.1

-0.3

-0.4

    Exchange Difference

0.5

-0.1

-0.1

-0.5

0.0

    Net Result from Associates and JV

2.4

0.5

1.2

0.6

0.0

Net Income Before Taxes

-6.8

-13.4

17.2

31.3

22.1

 

 

 

 

 

 

Provision for Income Taxes

1.1

-1.3

9.1

12.5

4.8

Net Income After Taxes

-7.9

-12.1

8.0

18.8

17.2

 

 

 

 

 

 

    Minority Interests

0.0

0.0

0.0

0.0

0.0

Net Income Before Extra. Items

-7.9

-12.1

8.0

18.8

17.2

Net Income

-7.9

-12.1

8.0

18.8

17.2

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-7.9

-12.1

8.0

18.8

17.2

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-7.9

-12.1

8.0

18.8

17.2

 

 

 

 

 

 

Basic Weighted Average Shares

8.4

6.4

5.4

4.6

4.6

Basic EPS Excluding ExtraOrdinary Items

-0.95

-1.89

1.50

4.09

3.74

Basic EPS Including ExtraOrdinary Item

-0.95

-1.89

1.50

4.09

3.74

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

-7.9

-12.1

8.0

18.8

17.2

Diluted Weighted Average Shares

8.4

6.4

5.5

4.6

4.6

Diluted EPS Excluding ExtraOrd Items

-0.95

-1.89

1.46

4.09

3.74

Diluted EPS Including ExtraOrd Items

-0.95

-1.89

1.46

4.09

3.74

DPS-Ordinary Shares

-

0.65

0.95

0.89

0.82

Gross Dividends - Common Stock

-

-

4.4

4.1

3.7

Normalized Income Before Taxes

-9.1

-16.9

17.2

31.9

22.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.3

-2.5

9.2

12.7

5.0

Normalized Income After Taxes

-9.4

-14.3

8.0

19.1

17.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-9.4

-14.3

8.0

19.1

17.7

 

 

 

 

 

 

Basic Normalized EPS

-1.13

-2.24

1.50

4.16

3.85

Diluted Normalized EPS

-1.13

-2.24

1.46

4.16

3.85

Interest Expense

-

-

-

1.8

1.5

Amort of Intangibles

8.8

8.3

6.9

0.3

0.2

Rental Expense

8.2

7.7

-

3.4

2.5

Depreciation

4.2

5.5

5.6

1.7

1.4

Advertising Expense

3.4

2.8

-

2.2

1.2

Research and Development Expense

18.9

18.9

30.5

13.8

10.1

    Current Tax - Regional

1.4

1.3

2.2

2.0

1.5

    Current Tax - Corporation

0.3

0.8

6.5

7.8

3.7

    Current Tax - Foreign

-0.4

0.0

0.2

1.1

0.8

Current Tax - Total

1.3

2.0

8.9

10.9

6.0

    Deferred Tax

-0.2

0.9

0.7

1.6

-1.4

Deferred Tax - Total

-0.2

0.9

0.7

1.6

-1.4

    Prepaid Tax

-

-

0.8

-

0.2

    Previous Year Tax

0.0

0.0

-

-

-

    Other Tax

-

-4.3

-1.1

0.0

0.0

Income Tax - Total

1.1

-1.3

9.1

12.5

4.8

Service Costs

-

-

0.2

0.1

0.7

Financial Costs

0.4

0.5

0.6

0.4

0.4

Domestic Pension Plan Expense

0.4

0.5

0.9

0.5

1.1

Indemnities Paid During Period

1.2

2.7

1.1

0.6

0.7

Total Pension Expense

1.7

3.3

2.0

1.0

1.8

Discount Rate

4.50%

5.10%

5.00%

-

-

Pension Payment Rate

3.00%

3.00%

3.00%

-

-

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Restated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

0.683971

0.758351

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Ernst & Young LLP

Ernst & Young LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Raw Materials

44.3

46.8

59.6

27.6

22.4

    Writedown Raw Materials

-4.3

-4.9

-5.4

-4.1

-3.6

    Work in Progress

16.8

13.1

30.9

17.5

12.9

    Writedown Work in Progress

-0.2

-0.3

-0.3

0.0

-

    Finished Goods

40.7

51.5

67.2

22.5

13.9

    Writedown Finished Goods

-3.2

-3.3

-4.4

-2.2

-0.9

    Trade Receivable

91.2

91.4

108.9

79.3

53.1

    Less Bad Debts

-5.6

-8.4

-8.4

-4.3

-3.4

    Subordinate Receivables

1.1

1.4

-

-

-

    Associated Co.

-

-

-

0.6

1.7

    Taxation

6.3

8.6

4.9

3.8

2.2

    Other Receivable

9.4

6.3

10.4

3.8

3.7

    Other Security/Derivatives

0.0

-

0.0

0.0

0.0

    Cash and Equivalent

19.9

21.6

20.1

31.5

27.3

Total Current Assets

216.3

224.0

283.5

176.0

129.2

 

 

 

 

 

 

    Goodwill

137.7

147.1

142.6

-

3.1

    Other Intangible

68.5

73.7

70.3

9.8

0.2

    Land/Buildings

32.0

34.0

43.3

9.8

4.7

    Plant/Machinery

22.9

23.9

23.7

9.0

7.7

    Industrial Equip

8.0

8.2

7.5

7.3

5.8

    Other Tangible

19.0

19.7

19.5

8.8

7.4

    In Progress

0.7

1.0

0.6

0.4

0.0

    Depreciation

-49.1

-48.7

-45.2

-20.4

-17.1

    Investment Properties

0.0

0.2

0.2

0.0

-

    Invest. Assoc.

9.5

6.7

5.6

3.3

2.4

    Invest. Others

1.3

1.2

1.1

1.2

1.1

    Other Securities

0.0

0.1

0.5

1.7

0.4

    Other Receivables

0.1

0.0

2.3

0.0

0.1

    Prepaid Taxes

6.9

7.1

8.8

7.4

9.9

    Derivatives

-

-

0.0

0.0

0.0

Total Assets

473.9

498.0

564.4

214.3

154.7

 

 

 

 

 

 

    Bank Borrowings

42.6

44.7

164.2

6.0

5.6

    Other Borrowings

1.7

1.4

4.0

1.6

0.5

    Financial Leasing

0.3

0.4

-

-

0.3

    Bank Overdrafts

16.1

16.9

9.4

0.5

0.5

    Payments/Account

25.6

28.2

44.8

15.4

9.7

    Trade Payables

79.2

73.8

91.6

49.3

34.4

    Taxes Payable

3.3

3.8

3.9

7.6

6.7

    Risk Provision

11.0

13.3

14.5

8.0

6.2

    Other Payables

10.8

12.5

31.6

14.4

7.8

    Accrued Expenses

8.2

9.6

-

-

-

    Financial Derivatives

0.1

0.0

-

-

0.0

Total Current Liabilities

198.9

204.6

364.0

102.9

71.7

 

 

 

 

 

 

    LT Borrowings

135.4

159.8

59.0

22.2

16.1

    Financial Leasing

2.9

3.0

-

-

0.6

Total Long Term Debt

138.2

162.8

59.0

22.2

16.7

 

 

 

 

 

 

    Derivatives

10.4

10.8

8.1

0.0

0.0

    Minority Int.

0.0

0.0

0.0

0.3

0.1

    Other Provisions

0.1

0.1

0.1

0.1

0.0

    Prov. Def. Tax

14.6

15.6

16.2

2.8

3.1

    Severance Indem.

9.4

10.8

12.5

11.1

7.3

Total Liabilities

371.6

404.7

460.0

139.4

99.0

 

 

 

 

 

 

    Share Capital

29.0

23.0

22.2

16.8

15.2

    Legal Reserve

3.7

3.9

3.2

3.4

3.0

    Treasury Stock

-

-

0.0

-0.1

-0.1

    Other Reserves

70.1

64.8

52.5

24.9

22.2

    Retained Earning

8.0

17.4

21.3

13.6

-1.7

    Net Income

-8.0

-12.5

7.6

20.1

18.1

    Translation Adj.

-0.5

-3.4

-2.5

-3.7

-0.8

Total Equity

102.3

93.2

104.4

74.9

55.8

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

473.9

498.0

564.3

214.3

154.7

 

 

 

 

 

 

    S/O-Ordinary Shares

8.6

6.4

6.4

4.6

4.6

Total Common Shares Outstanding

8.6

6.4

6.4

4.6

4.6

T/S-Ordinary Shares

0.0

0.0

0.0

0.0

0.0

Deferred Revenue - Current

25.6

28.2

44.8

15.4

9.7

Full-Time Employees

1,353

1,463

1,663

733

546

Long Term Debt Maturing within 1 Year

60.7

-

-

-

-

Long Term Debt Maturing in Year 3

14.5

-

-

-

-

Long Term Debt Maturing in Year 3

14.5

-

-

-

-

Long Term Debt Maturing in Year 3

14.3

-

-

-

-

Long Term Debt Maturing in Year 4

7.2

-

-

-

-

Long Term Debt - Remaining Maturities

87.8

-

-

-

-

Total Long Term Debt, Supplemental

198.9

-

-

-

-

Total Employee Benefits

7.8

9.2

11.1

11.1

7.3

Funded Status

-7.8

-9.2

-11.1

-11.1

-7.3

Fidelity Premium

1.6

1.6

1.4

-

-

Funded Status Fidelity Premium

-1.6

-1.6

-1.4

-

-

Total Funded Status

-9.4

-10.8

-12.5

-11.1

-7.3

Discount Rate

4.50%

5.10%

5.00%

-

4.60%

Compensation Rate

-

-

-

-

3.50%

Expected Rate of Return

-

-

-

-

3.00%

Pension Payment Rate

3.00%

3.00%

3.00%

-

-

Accrued Liabilities - Fidelity Premium

-1.6

-1.6

-1.4

-

-

Net Assets Recognized on Balance Sheet

-1.6

-1.6

-1.4

-

-

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Reclassified Normal
31-Dec-2008

Updated Normal
31-Dec-2006

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

0.796979

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Ernst & Young LLP

Ernst & Young LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

Net Profit before Taxes

-7.9

-12.1

8.0

31.3

22.1

    Depreciation

13.3

14.1

12.5

2.1

1.7

    Assets Change for Accrued/Deferred Taxes

-0.3

0.9

0.7

-

-

    Severance Indemnity

-

-

-

0.1

1.4

    Exchange Differences

-

-

-

0.5

0.0

    Provisions Change for Personnel

-0.6

-2.1

0.0

-

-

    Financial Assets

-2.4

-1.1

-1.2

-0.6

0.0

    Share-Based Payments

-

-

-

0.0

-

    Other Fin. Expenses

-

-

-

2.1

2.0

    Other Fin. Income

-

-

-

-1.0

-0.8

    Trade Receivables

-7.6

18.7

28.8

-8.1

1.4

    Inventories

2.2

47.8

-2.4

-6.1

3.5

    Trade Accounts Pybl.

9.4

-37.5

-27.6

7.3

-10.6

    Other Payables

-5.2

-8.4

-9.9

-1.8

3.0

    Interest Payment

-

-

-

-

-2.0

    Tax Paid

-

-

-

-5.0

-2.2

Cash from Operating Activities

0.8

20.2

8.9

20.7

19.3

 

 

 

 

 

 

    Consolidation MLTA

-

-

-

0.0

0.0

    Acquisition of FINN-PWER Group

-

0.0

-124.6

0.0

-

    Acquisition of Business

-

-

-

-

0.0

    Acquisition OSAI Group (Net Cash)

-

0.0

-0.4

0.0

-

    Acquisition OSAI UK Minorities

-

-

-

-11.5

-

    Cash at OSAI Acquisition

-

-

-

0.0

0.0

    Intangibles

-

-

-

-

0.1

    Capitalization of Development Costs

-8.4

-9.0

-8.1

-

-

    Acquisition of Tangibles

-2.2

-1.6

-9.7

-2.3

-2.4

    Acquistion of Intangibles

-0.2

-0.6

-2.8

-0.4

-

    Financial Assets

-

-

-

-

-0.9

    Changes in Financial Credits

-

0.0

1.3

-

-

    Sell/Purchase of Invest.

-0.1

0.0

-1.2

0.0

0.0

    Purchase/Sale of Securities at FV

-

-

-

-

0.0

    Change in Assets for Contract Leasing

0.0

7.7

0.0

-

-

    Sale Fixed Assets

0.4

0.9

0.5

0.1

0.2

    Interest Income

-

-

-

1.0

0.8

Cash from Investing Activities

-10.5

-2.7

-145.0

-13.2

-2.2

 

 

 

 

 

 

    Changes in Liab., Non-Current

-0.6

2.5

6.2

-

-

    Exchange Dif. Reserve

-

-

-

-

-1.2

    Treasury Shares

-

0.0

0.1

0.1

0.0

    Other Equity Variation

-

-

-

-2.7

0.0

    Derivatives

-

-

-

-

0.0

    Issuance Debt

15.5

53.1

258.0

10.7

17.2

    Retirement Debt

-28.1

-60.9

-164.9

-7.2

-19.0

    Other Debt

-

-

-

-

-0.6

    Capital Lease Retirement

-

-

-

-

-0.3

    Other Financial Assets/Liabilities - Net

-

-

-

-0.3

-

    Interest Paid

-

-

-

-2.1

-

    Dividends Paid

-

0.0

-4.4

-4.1

-1.6

    Changes in Liab. due to Contract Leasing

0.0

-8.1

0.0

-

-

    Capital Lease - Net

-0.3

-1.2

-0.4

-0.8

-

    Change in Consolidation Area

-

-

-

-

0.0

    Other Changes

2.7

-1.6

-4.9

-

-

    Equity Increase

20.1

-

36.1

0.0

-

    Decrease Share Cap.

-

-0.4

-

-

-

Cash from Financing Activities

9.4

-16.7

125.7

-6.4

-5.6

 

 

 

 

 

 

Net Change in Cash

-0.3

0.9

-10.4

1.2

11.6

 

 

 

 

 

 

Net Cash - Beginning Balance

20.0

20.1

31.5

28.3

14.4

Net Cash - Ending Balance

19.7

21.0

21.2

29.5

26.0

    Cash Interest Paid

-

-

-

2.1

2.0

    Cash Taxes Paid

-

-

-

5.0

2.2

 

 

Financial Health

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

Key Indicators USD (mil)

 

Quarter
Ending
31-Mar-2011

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2010

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 (?)

83.5

25.98%

334.5

7.08%

12.17%

17.27%

Operating Income1 (?)

0.9

-

0.5

-

-75.38%

-46.35%

Income Available to Common Excl Extraord Items1 (?)

-3.0

-

-7.9

-

-

-

Basic EPS Excl Extraord Items1 (?)

-0.34

-

-0.95

-

-

-

Capital Expenditures2 (?)

2.2

563.88%

2.4

13.59%

-3.23%

15.06%

Cash from Operating Activities2 (?)

2.3

-

0.8

-96.07%

-66.46%

-43.39%

Free Cash Flow (?)

0.1

-

-1.7

-

-

-

Total Assets3 (?)

513.9

5.98%

473.9

1.79%

34.09%

26.34%

Total Liabilities3 (?)

408.5

8.40%

371.6

-1.79%

42.70%

28.55%

Total Long Term Debt3 (?)

139.3

-10.24%

138.2

-9.23%

89.22%

79.22%

Employees3 (?)

-

-

1353

-7.52%

22.67%

22.13%

Total Common Shares Outstanding3 (?)

8.6

0.00%

8.6

35.00%

23.41%

13.48%

1-ExchangeRate: EUR to USD Average for Period

0.731463

 

0.755078

 

 

 

2-ExchangeRate: EUR to USD Average for Period

0.731463

 

0.755078

 

 

 

3-ExchangeRate: EUR to USD Period End Date

0.704672

 

0.745406

 

 

 

Key Ratios

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Profitability

Gross Margin (?)

54.17%

51.55%

53.38%

57.27%

53.81%

Operating Margin (?)

0.14%

-1.64%

6.26%

13.18%

12.38%

Pretax Margin (?)

-2.03%

-4.09%

3.16%

12.80%

11.78%

Net Profit Margin (?)

-2.36%

-3.69%

1.47%

7.67%

9.18%

Financial Strength

Current Ratio (?)

1.09

1.09

0.78

1.71

1.80

Long Term Debt/Equity (?)

1.35

1.75

0.57

0.30

0.30

Total Debt/Equity (?)

1.94

2.43

2.27

0.41

0.42

Management Effectiveness

Return on Assets (?)

-1.70%

-2.31%

1.98%

10.42%

12.08%

Return on Equity (?)

-8.45%

-12.42%

8.67%

29.37%

37.48%

Efficiency

Receivables Turnover (?)

3.47

3.09

5.30

3.57

3.40

Inventory Turnover (?)

1.61

1.26

2.31

1.99

1.94

Asset Turnover (?)

0.72

0.63

1.34

1.36

1.31

Market Valuation USD (mil)

Enterprise Value2 (?)

290.3

.

Price/Sales (TTM) (?)

0.26

Enterprise Value/Revenue (TTM) (?)

0.77

.

Price/Book (MRQ) (?)

0.92

Enterprise Value/EBITDA (TTM) (?)

13.75

.

Market Cap1 (?)

97.9

1-ExchangeRate: EUR to USD on 8-Jul-2011

0.701336

 

 

 

2-ExchangeRate: EUR to USD on 31-Mar-2011

0.704672

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil)                                                             

Except for share items (millions) and per share items (actual units)   



 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Financial Strength

Current Ratio (?)

1.09

1.09

0.78

1.71

1.80

Quick/Acid Test Ratio (?)

0.61

0.59

0.37

1.11

1.18

Working Capital1 (?)

17.5

19.4

-80.5

73.1

57.5

Long Term Debt/Equity (?)

1.35

1.75

0.57

0.30

0.30

Total Debt/Equity (?)

1.94

2.43

2.27

0.41

0.42

Long Term Debt/Total Capital (?)

0.46

0.51

0.17

0.21

0.21

Total Debt/Total Capital (?)

0.66

0.71

0.69

0.29

0.30

Payout Ratio (?)

-

-34.59%

63.54%

21.76%

21.79%

Effective Tax Rate (?)

-

-

53.31%

39.97%

21.94%

Total Capital1 (?)

301.2

319.4

341.0

105.2

79.4

 

 

 

 

 

 

Efficiency

Asset Turnover (?)

0.72

0.63

1.34

1.36

1.31

Inventory Turnover (?)

1.61

1.26

2.31

1.99

1.94

Days In Inventory (?)

226.10

289.11

157.90

183.64

187.94

Receivables Turnover (?)

3.47

3.09

5.30

3.57

3.40

Days Receivables Outstanding (?)

105.12

117.99

68.86

102.24

107.24

Revenue/Employee2 (?)

250,419

231,301

310,438

356,938

360,368

Operating Income/Employee2 (?)

349

-3,788

19,421

47,041

44,597

EBITDA/Employee2 (?)

10,030

5,952

26,549

50,037

47,788

 

 

 

 

 

 

Profitability

Gross Margin (?)

54.17%

51.55%

53.38%

57.27%

53.81%

Operating Margin (?)

0.14%

-1.64%

6.26%

13.18%

12.38%

EBITDA Margin (?)

4.01%

2.57%

8.55%

14.02%

13.26%

EBIT Margin (?)

0.14%

-1.64%

6.26%

13.18%

12.38%

Pretax Margin (?)

-2.03%

-4.09%

3.16%

12.80%

11.78%

Net Profit Margin (?)

-2.36%

-3.69%

1.47%

7.67%

9.18%

COGS/Revenue (?)

45.37%

47.64%

46.10%

42.12%

45.68%

SG&A Expense/Revenue (?)

32.64%

33.92%

24.02%

23.08%

22.12%

 

 

 

 

 

 

Management Effectiveness

Return on Assets (?)

-1.70%

-2.31%

1.98%

10.42%

12.08%

Return on Equity (?)

-8.45%

-12.42%

8.67%

29.37%

37.48%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 (?)

-0.19

2.90

-0.53

4.18

3.87

Operating Cash Flow/Share 2 (?)

0.09

3.26

1.32

4.82

4.42

1-ExchangeRate: EUR to USD Period End Date

0.745406

0.696986

0.719399

0.683971

0.758351

2-ExchangeRate: EUR to USD Average for Period

0.745406

0.696986

0.719399

0.683971

0.758351

 

Current Market Multiples

Market Cap/Earnings (TTM) (?)

-19.86

Market Cap/Equity (MRQ) (?)

0.92

Market Cap/Revenue (TTM) (?)

0.26

Market Cap/EBIT (TTM) (?)

13.66

Market Cap/EBITDA (TTM) (?)

4.62

Enterprise Value/Earnings (TTM) (?)

-59.14

Enterprise Value/Equity (MRQ) (?)

2.75

Enterprise Value/Revenue (TTM) (?)

0.77

Enterprise Value/EBIT (TTM) (?)

40.68

Enterprise Value/EBITDA (TTM) (?)

13.75

 

 

Annual Income Statement

Standardized

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

0.796979

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Reconta Ernst & Young SpA

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

331.1

322.5

537.2

241.4

185.2

Revenue

331.1

322.5

537.2

241.4

185.2

    Other Revenue

3.4

5.5

6.0

3.5

2.1

Other Revenue, Total

3.4

5.5

6.0

3.5

2.1

Total Revenue

334.5

328.0

543.2

244.9

187.2

 

 

 

 

 

 

    Cost of Revenue

151.7

156.3

250.5

103.2

85.5

Cost of Revenue, Total

151.7

156.3

250.5

103.2

85.5

Gross Profit

179.4

166.2

286.7

138.3

99.6

 

 

 

 

 

 

    Selling/General/Administrative Expense

-

-

-

3.4

2.5

    Labor & Related Expense

100.9

108.4

130.5

50.9

37.7

    Advertising Expense

8.2

2.8

-

2.2

1.2

Total Selling/General/Administrative Expenses

109.2

111.3

130.5

56.5

41.4

    Depreciation

4.2

5.5

5.6

1.8

1.5

    Amortization of Intangibles

8.8

8.3

6.9

0.3

0.2

Depreciation/Amortization

12.9

13.8

12.5

2.1

1.7

    Loss (Gain) on Sale of Assets - Operating

-2.6

-3.7

-

-

-

    Other Unusual Expense (Income)

0.3

0.2

0.0

0.5

0.6

Unusual Expense (Income)

-2.3

-3.4

0.0

0.5

0.6

    Other Operating Expense

62.5

55.5

115.8

50.4

34.8

Other Operating Expenses, Total

62.5

55.5

115.8

50.4

34.8

Total Operating Expense

334.0

333.4

509.2

212.6

164.1

 

 

 

 

 

 

Operating Income

0.5

-5.4

34.0

32.3

23.2

 

 

 

 

 

 

        Interest Expense - Non-Operating

-

-

-

-1.8

-1.5

    Interest Expense, Net Non-Operating

-

-

-

-1.8

-1.5

        Interest Income - Non-Operating

-

-

-

0.9

0.8

        Investment Income - Non-Operating

2.9

0.4

1.1

0.2

0.0

    Interest/Investment Income - Non-Operating

2.9

0.4

1.1

1.1

0.7

Interest Income (Expense) - Net Non-Operating Total

2.9

0.4

1.1

-0.7

-0.8

    Other Non-Operating Income (Expense)

-10.1

-8.4

-17.9

-0.3

-0.3

Other, Net

-10.1

-8.4

-17.9

-0.3

-0.3

Income Before Tax

-6.8

-13.4

17.2

31.3

22.1

 

 

 

 

 

 

Total Income Tax

1.1

-1.3

9.1

12.5

4.8

Income After Tax

-7.9

-12.1

8.0

18.8

17.2

 

 

 

 

 

 

    Minority Interest

0.0

0.0

0.0

0.0

0.0

Net Income Before Extraord Items

-7.9

-12.1

8.0

18.8

17.2

Net Income

-7.9

-12.1

8.0

18.8

17.2

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-7.9

-12.1

8.0

18.8

17.2

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-7.9

-12.1

8.0

18.8

17.2

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

8.4

6.4

5.4

4.6

4.6

Basic EPS Excl Extraord Items

-0.95

-1.89

1.50

4.09

3.74

Basic/Primary EPS Incl Extraord Items

-0.95

-1.89

1.50

4.09

3.74

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

-7.9

-12.1

8.0

18.8

17.2

Diluted Weighted Average Shares

8.4

6.4

5.5

4.6

4.6

Diluted EPS Excl Extraord Items

-0.95

-1.89

1.46

4.09

3.74

Diluted EPS Incl Extraord Items

-0.95

-1.89

1.46

4.09

3.74

Dividends per Share - Common Stock Primary Issue

-

0.65

0.95

0.89

0.82

Gross Dividends - Common Stock

-

-

4.4

4.1

3.7

Interest Expense, Supplemental

-

-

-

1.8

1.5

Depreciation, Supplemental

4.2

5.5

5.6

1.7

1.4

Total Special Items

-2.3

-3.4

0.0

0.5

0.6

Normalized Income Before Tax

-9.1

-16.9

17.2

31.9

22.7

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-0.8

-1.2

0.0

0.2

0.1

Inc Tax Ex Impact of Sp Items

0.3

-2.5

9.2

12.7

5.0

Normalized Income After Tax

-9.4

-14.3

8.0

19.1

17.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-9.4

-14.3

8.0

19.1

17.7

 

 

 

 

 

 

Basic Normalized EPS

-1.13

-2.24

1.50

4.16

3.85

Diluted Normalized EPS

-1.13

-2.24

1.46

4.16

3.85

Amort of Intangibles, Supplemental

8.8

8.3

6.9

0.3

0.2

Rental Expenses

8.2

7.7

-

3.4

2.5

Advertising Expense, Supplemental

3.4

2.8

-

2.2

1.2

Research & Development Exp, Supplemental

18.9

18.9

30.5

13.8

10.1

Normalized EBIT

-1.8

-8.8

34.0

32.8

23.8

Normalized EBITDA

11.1

5.0

46.5

34.9

25.4

    Current Tax - Domestic

0.3

0.8

6.5

7.8

3.7

    Current Tax - Foreign

-0.4

0.0

0.2

1.1

0.8

    Current Tax - Local

1.4

1.3

2.2

2.0

1.5

Current Tax - Total

1.3

2.0

8.9

10.9

6.0

    Deferred Tax - Total

-0.2

0.9

0.7

1.6

-1.4

Deferred Tax - Total

-0.2

0.9

0.7

1.6

-1.4

    Other Tax

0.0

-4.2

-0.4

0.0

0.2

Income Tax - Total

1.1

-1.3

9.1

12.5

4.8

Interest Cost - Domestic

0.4

0.5

0.6

0.4

0.4

Service Cost - Domestic

-

-

0.2

0.1

0.7

Domestic Pension Plan Expense

0.4

0.5

0.9

0.5

1.1

Defined Contribution Expense - Domestic

1.2

2.7

1.1

0.6

0.7

Total Pension Expense

1.7

3.3

2.0

1.0

1.8

Discount Rate - Domestic

4.50%

5.10%

5.00%

-

-

Pension Payment Rate - Domestic

3.00%

3.00%

3.00%

-

-

Total Plan Interest Cost

0.4

0.5

0.6

0.4

0.4

Total Plan Service Cost

-

-

0.2

0.1

0.7

 

 

Interim Income Statement

Standardized

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

31-Mar-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Updated Normal
30-Jun-2010

Updated Normal
31-Mar-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.731463

0.736368

0.774922

0.785482

0.722987

 

 

 

 

 

 

    Net Sales

82.9

110.5

69.9

84.6

66.5

Revenue

82.9

110.5

69.9

84.6

66.5

    Other Revenue

0.6

1.2

1.6

2.6

0.6

Other Revenue, Total

0.6

1.2

1.6

2.6

0.6

Total Revenue

83.5

111.6

71.4

87.2

67.1

 

 

 

 

 

 

    Cost of Revenue

33.0

54.1

31.4

39.1

27.1

Cost of Revenue, Total

33.0

54.1

31.4

39.1

27.1

Gross Profit

49.9

56.3

38.4

45.5

39.3

 

 

 

 

 

 

    Labor & Related Expense

27.4

27.4

22.1

25.5

26.1

Total Selling/General/Administrative Expenses

27.4

27.4

22.1

25.5

26.1

    Depreciation

3.3

3.4

3.2

3.1

3.2

Depreciation/Amortization

3.3

3.4

3.2

3.1

3.2

    Other Unusual Expense (Income)

0.0

0.0

0.0

0.3

0.0

Unusual Expense (Income)

0.0

0.0

0.0

0.3

0.0

    Other Operating Expense

18.9

22.6

14.6

17.4

16.2

Other Operating Expenses, Total

18.9

22.6

14.6

17.4

16.2

Total Operating Expense

82.6

107.5

71.4

85.5

72.6

 

 

 

 

 

 

Operating Income

0.9

4.1

0.0

1.7

-5.6

 

 

 

 

 

 

        Investment Income - Non-Operating

0.0

1.6

0.5

0.3

0.0

    Interest/Investment Income - Non-Operating

0.0

1.6

0.5

0.3

0.0

Interest Income (Expense) - Net Non-Operating Total

0.0

1.6

0.5

0.3

0.0

    Foreign Currency Adjustment

-0.8

0.3

-1.5

1.1

0.6

    Other Non-Operating Income (Expense)

-2.5

-1.7

-2.8

-2.7

-2.9

Other, Net

-3.3

-1.4

-4.3

-1.6

-2.3

Income Before Tax

-2.5

4.3

-3.8

0.5

-7.9

 

 

 

 

 

 

Total Income Tax

0.5

1.1

0.4

1.0

-1.5

Income After Tax

-3.0

3.2

-4.2

-0.5

-6.4

 

 

 

 

 

 

    Minority Interest

0.0

0.0

0.0

0.0

0.0

Net Income Before Extraord Items

-3.0

3.2

-4.2

-0.5

-6.4

Net Income

-3.0

3.2

-4.2

-0.5

-6.4

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-3.0

3.2

-4.2

-0.5

-6.4

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-3.0

3.2

-4.2

-0.5

-6.4

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

8.6

8.4

8.6

8.1

7.5

Basic EPS Excl Extraord Items

-0.34

0.38

-0.49

-0.07

-0.85

Basic/Primary EPS Incl Extraord Items

-0.34

0.38

-0.49

-0.07

-0.85

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-3.0

3.2

-4.2

-0.5

-6.4

Diluted Weighted Average Shares

8.6

8.4

8.6

8.1

7.5

Diluted EPS Excl Extraord Items

-0.34

0.38

-0.49

-0.07

-0.85

Diluted EPS Incl Extraord Items

-0.34

0.38

-0.49

-0.07

-0.85

Dividends per Share - Common Stock Primary Issue

0.00

-

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

-

0.0

0.0

0.0

Depreciation, Supplemental

1.0

1.1

1.1

1.0

1.0

Total Special Items

0.0

0.0

0.0

0.3

0.0

Normalized Income Before Tax

-2.5

4.3

-3.8

0.8

-7.9

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.1

0.0

Inc Tax Ex Impact of Sp Items

0.5

1.1

0.4

1.1

-1.5

Normalized Income After Tax

-3.0

3.2

-4.2

-0.3

-6.4

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-3.0

3.2

-4.2

-0.3

-6.4

 

 

 

 

 

 

Basic Normalized EPS

-0.34

0.38

-0.49

-0.04

-0.85

Diluted Normalized EPS

-0.34

0.38

-0.49

-0.04

-0.85

Amort of Intangibles, Supplemental

2.3

2.3

1.8

2.5

2.2

Research & Development Exp, Supplemental

3.3

4.3

4.5

7.3

2.7

Normalized EBIT

0.9

4.1

0.0

2.1

-5.6

Normalized EBITDA

4.2

7.5

2.8

5.5

-2.4

Annual Balance Sheet

Standardized

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Restated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

0.683971

0.758351

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Reconta Ernst & Young SpA

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash

19.9

21.6

20.1

31.5

27.3

    Short Term Investments

0.0

-

0.0

0.0

0.0

Cash and Short Term Investments

19.9

21.6

20.1

31.5

27.3

        Accounts Receivable - Trade, Gross

91.2

91.4

108.9

79.3

53.1

        Provision for Doubtful Accounts

-5.6

-8.4

-8.4

-4.3

-3.4

    Trade Accounts Receivable - Net

86.7

84.4

100.5

75.6

51.4

    Other Receivables

15.7

14.9

15.3

7.5

5.9

Total Receivables, Net

102.3

99.3

115.8

83.1

57.2

    Inventories - Finished Goods

40.7

51.5

67.2

22.5

13.9

    Inventories - Work In Progress

16.8

13.1

30.9

17.5

12.9

    Inventories - Raw Materials

44.3

46.8

59.6

27.6

22.4

    Inventories - Other

-7.7

-8.4

-10.1

-6.3

-4.5

Total Inventory

94.1

103.0

147.6

61.4

44.7

Total Current Assets

216.3

224.0

283.5

176.0

129.2

 

 

 

 

 

 

        Land/Improvements

32.0

34.0

43.3

9.8

4.7

        Machinery/Equipment

31.0

32.0

31.2

16.3

13.5

        Construction in Progress

0.7

1.0

0.6

0.4

0.0

        Other Property/Plant/Equipment

19.0

19.7

19.5

8.8

7.4

    Property/Plant/Equipment - Gross

82.6

86.7

94.5

35.3

25.6

    Accumulated Depreciation

-49.1

-48.7

-45.2

-20.4

-17.1

Property/Plant/Equipment - Net

33.6

37.9

49.4

14.9

8.5

Goodwill, Net

137.7

147.1

142.6

-

3.1

Intangibles, Net

68.5

73.7

70.3

9.8

0.2

    LT Investment - Affiliate Companies

9.5

6.7

5.6

3.3

2.4

    LT Investments - Other

1.3

1.5

1.8

2.9

1.4

Long Term Investments

10.8

8.2

7.5

6.1

3.8

Note Receivable - Long Term

0.1

0.0

2.3

0.0

0.1

    Other Long Term Assets

6.9

7.1

8.8

7.4

9.9

Other Long Term Assets, Total

6.9

7.1

8.8

7.4

9.9

Total Assets

473.9

498.0

564.4

214.3

154.7

 

 

 

 

 

 

Accounts Payable

79.2

73.8

91.6

49.3

34.4

Accrued Expenses

8.2

9.6

-

-

-

Notes Payable/Short Term Debt

16.1

16.9

9.4

0.5

0.5

Current Portion - Long Term Debt/Capital Leases

44.6

46.5

168.2

7.6

6.4

    Customer Advances

25.6

28.2

44.8

15.4

9.7

    Income Taxes Payable

3.3

3.8

3.9

7.6

6.7

    Other Payables

10.8

12.5

31.6

14.4

7.8

    Other Current Liabilities

11.0

13.3

14.5

8.0

6.2

Other Current liabilities, Total

50.7

57.8

94.8

45.4

30.4

Total Current Liabilities

198.9

204.6

364.0

102.9

71.7

 

 

 

 

 

 

    Long Term Debt

135.4

159.8

59.0

22.2

16.1

    Capital Lease Obligations

2.9

3.0

-

-

0.6

Total Long Term Debt

138.2

162.8

59.0

22.2

16.7

Total Debt

198.9

226.2

236.7

30.4

23.6

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

14.6

15.6

16.2

2.8

3.1

Deferred Income Tax

14.6

15.6

16.2

2.8

3.1

Minority Interest

0.0

0.0

0.0

0.3

0.1

    Reserves

0.1

0.1

0.1

0.1

0.0

    Pension Benefits - Underfunded

9.4

10.8

12.5

11.1

7.3

    Other Long Term Liabilities

10.4

10.8

8.1

0.0

0.0

Other Liabilities, Total

19.9

21.6

20.8

11.1

7.4

Total Liabilities

371.6

404.7

460.0

139.4

99.0

 

 

 

 

 

 

    Common Stock

29.0

23.0

22.2

16.8

15.2

Common Stock

29.0

23.0

22.2

16.8

15.2

Retained Earnings (Accumulated Deficit)

73.8

73.7

84.6

61.9

41.6

Treasury Stock - Common

-

-

0.0

-0.1

-0.1

    Translation Adjustment

-0.5

-3.4

-2.5

-3.7

-0.8

Other Equity, Total

-0.5

-3.4

-2.5

-3.7

-0.8

Total Equity

102.3

93.2

104.4

74.9

55.8

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

473.9

498.0

564.3

214.3

154.7

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

8.6

6.4

6.4

4.6

4.6

Total Common Shares Outstanding

8.6

6.4

6.4

4.6

4.6

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

1,353

1,463

1,663

733

546

Deferred Revenue - Current

25.6

28.2

44.8

15.4

9.7

Total Long Term Debt, Supplemental

198.9

-

-

-

-

Long Term Debt Maturing within 1 Year

60.7

-

-

-

-

Long Term Debt Maturing in Year 2

14.5

-

-

-

-

Long Term Debt Maturing in Year 3

28.7

-

-

-

-

Long Term Debt Maturing in Year 4

7.2

-

-

-

-

Long Term Debt Maturing in 2-3 Years

43.2

-

-

-

-

Long Term Debt Maturing in 4-5 Years

7.2

-

-

-

-

Long Term Debt Matur. in Year 6 & Beyond

87.8

-

-

-

-

Pension Obligation - Domestic

7.8

9.2

11.1

11.1

7.3

Post-Retirement Obligation

1.6

1.6

1.4

-

-

Funded Status - Domestic

-7.8

-9.2

-11.1

-11.1

-7.3

Funded Status - Post-Retirement

-1.6

-1.6

-1.4

-

-

Total Funded Status

-9.4

-10.8

-12.5

-11.1

-7.3

Discount Rate - Domestic

4.50%

5.10%

5.00%

-

4.60%

Expected Rate of Return - Domestic

-

-

-

-

3.00%

Compensation Rate - Domestic

-

-

-

-

3.50%

Pension Payment Rate - Domestic

3.00%

3.00%

3.00%

-

-

Accrued Liabilities - Post-Retirement

-1.6

-1.6

-1.4

-

-

Net Assets Recognized on Balance Sheet

-1.6

-1.6

-1.4

-

-

Total Plan Obligations

9.4

10.8

12.5

11.1

7.3

 

 

 

Interim Balance Sheet

Standardized

 

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

31-Mar-2010

UpdateType/Date

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Updated Normal
30-Jun-2010

Updated Normal
31-Mar-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.704672

0.745406

0.732493

0.816393

0.739044

 

 

 

 

 

 

    Cash & Equivalents

22.6

19.9

16.3

13.1

11.5

    Short Term Investments

0.1

0.0

-

-

-

Cash and Short Term Investments

22.8

19.9

16.3

13.1

11.5

        Accounts Receivable - Trade, Gross

89.8

91.2

86.4

86.0

78.2

        Provision for Doubtful Accounts

-5.9

-5.6

-5.3

-6.9

-7.7

    Trade Accounts Receivable - Net

84.6

86.7

82.1

79.1

70.4

    Other Receivables

20.5

15.7

17.1

14.6

14.9

Total Receivables, Net

105.1

102.3

99.2

93.8

85.3

    Inventories - Finished Goods

44.0

40.7

47.2

43.4

48.6

    Inventories - Work In Progress

23.0

16.8

24.9

18.0

17.6

    Inventories - Raw Materials

47.0

44.3

48.6

44.6

47.2

    Inventories - Other

-

-7.7

-8.4

-7.8

-8.2

Total Inventory

114.0

94.1

112.2

98.2

105.1

Total Current Assets

241.9

216.3

227.6

205.1

202.0

 

 

 

 

 

 

        Buildings

33.0

32.0

32.3

29.4

32.0

        Machinery/Equipment

32.9

31.0

31.7

28.4

30.6

        Construction in Progress

0.8

0.7

0.9

0.7

0.9

        Other Property/Plant/Equipment

20.1

19.0

19.2

17.5

18.9

    Property/Plant/Equipment - Gross

86.9

82.6

84.0

76.1

82.5

    Accumulated Depreciation

-52.4

-49.1

-49.4

-44.1

-47.2

Property/Plant/Equipment - Net

34.4

33.6

34.6

32.0

35.3

Goodwill, Net

145.5

137.7

140.1

126.0

138.9

Intangibles, Net

72.0

68.5

69.5

62.7

69.6

    LT Investment - Affiliate Companies

9.6

9.5

7.8

7.2

6.9

    LT Investments - Other

1.4

1.3

1.3

1.1

1.4

Long Term Investments

11.0

10.8

9.1

8.2

8.3

Note Receivable - Long Term

0.0

0.1

0.0

0.0

0.0

    Deferred Income Tax - Long Term Asset

7.2

6.9

8.0

7.4

8.4

    Discontinued Operations - Long Term Asset

1.8

-

-

-

-

Other Long Term Assets, Total

9.1

6.9

8.0

7.4

8.4

Total Assets

513.9

473.9

488.9

441.5

462.4

 

 

 

 

 

 

Accounts Payable

88.9

79.2

82.7

74.7

72.2

Accrued Expenses

9.0

-

-

-

-

Notes Payable/Short Term Debt

0.0

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

76.2

60.7

62.4

44.4

42.1

    Customer Advances

33.4

25.6

34.7

28.3

27.5

    Income Taxes Payable

5.2

3.3

3.8

4.1

2.1

    Other Payables

12.9

19.0

19.6

19.3

20.6

    Other Current Liabilities

10.3

11.0

10.2

9.5

11.4

Other Current liabilities, Total

61.9

58.9

68.2

61.2

61.7

Total Current Liabilities

236.0

198.9

213.3

180.4

176.0

 

 

 

 

 

 

    Long Term Debt

139.3

138.2

140.7

133.0

148.0

Total Long Term Debt

139.3

138.2

140.7

133.0

148.0

Total Debt

215.6

198.9

203.1

177.5

190.1

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

15.1

14.6

15.0

13.1

14.4

Deferred Income Tax

15.1

14.6

15.0

13.1

14.4

Minority Interest

0.0

0.0

0.0

0.0

-

    Reserves

0.1

0.1

0.1

0.1

0.1

    Pension Benefits - Underfunded

9.9

9.4

9.5

8.5

9.7

    Other Long Term Liabilities

8.0

10.4

12.3

11.2

11.1

Other Liabilities, Total

18.0

19.9

21.9

19.8

20.9

Total Liabilities

408.5

371.6

390.9

346.3

359.3

 

 

 

 

 

 

    Common Stock

30.7

29.0

29.5

26.5

29.2

Common Stock

30.7

29.0

29.5

26.5

29.2

Retained Earnings (Accumulated Deficit)

77.3

73.8

69.8

66.8

75.1

    Translation Adjustment

-2.5

-0.5

-1.3

1.9

-1.2

Other Equity, Total

-2.5

-0.5

-1.3

1.9

-1.2

Total Equity

105.5

102.3

98.0

95.2

103.1

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

513.9

473.9

488.9

441.5

462.4

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

8.6

8.6

8.6

8.6

8.6

Total Common Shares Outstanding

8.6

8.6

8.6

8.6

8.6

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

1,361

1,353

1,355

1,378

1,409

Deferred Revenue - Current

33.4

25.6

34.7

28.3

27.5

Pension Obligation - Domestic

9,912.8

9.4

9.5

8.5

1.5

Funded Status - Domestic

-9,912.8

-9.4

-9.5

-8.5

-1.5

Total Funded Status

-9,912.8

-9.4

-9.5

-8.5

-1.5

Accrued Liabilities - Domestic

-9,912.8

-9.4

-9.5

-8.5

-1.5

Net Assets Recognized on Balance Sheet

-9,912.8

-9.4

-9.5

-8.5

-1.5

Total Plan Obligations

9,912.8

9.4

9.5

8.5

1.5

 

 

Annual Cash Flows

Standardized

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Reclassified Normal
31-Dec-2008

Updated Normal
31-Dec-2006

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

0.796979

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Reconta Ernst & Young SpA

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

-7.9

-12.1

8.0

31.3

22.1

    Depreciation

13.3

14.1

12.5

2.1

1.7

Depreciation/Depletion

13.3

14.1

12.5

2.1

1.7

Deferred Taxes

-0.3

0.9

0.7

-

-

    Equity in Net Earnings (Loss)

-

-

-

0.0

-

    Other Non-Cash Items

-0.6

-2.1

0.0

1.6

2.5

Non-Cash Items

-0.6

-2.1

0.0

1.6

2.5

    Accounts Receivable

-7.6

18.7

28.8

-8.1

1.4

    Inventories

2.2

47.8

-2.4

-6.1

3.5

    Other Assets

-2.4

-1.1

-1.2

-0.6

0.0

    Accounts Payable

4.2

-46.0

-37.5

5.6

-7.7

    Other Operating Cash Flow

-

-

-

-5.0

-4.1

Changes in Working Capital

-3.7

19.4

-12.3

-14.3

-6.9

Cash from Operating Activities

0.8

20.2

8.9

20.7

19.3

 

 

 

 

 

 

    Purchase of Fixed Assets

-2.2

-1.6

-9.7

-2.3

-2.4

    Purchase/Acquisition of Intangibles

-0.2

-0.6

-2.8

-0.4

-

Capital Expenditures

-2.4

-2.2

-12.5

-2.7

-2.4

    Acquisition of Business

-

0.0

-125.0

-11.5

0.0

    Sale of Fixed Assets

0.4

0.9

0.5

0.1

0.2

    Investment, Net

-0.1

0.0

0.1

0.0

-0.9

    Intangible, Net

-

-

-

-

0.1

    Other Investing Cash Flow

-8.4

-1.4

-8.1

1.0

0.8

Other Investing Cash Flow Items, Total

-8.1

-0.5

-132.5

-10.4

0.2

Cash from Investing Activities

-10.5

-2.7

-145.0

-13.2

-2.2

 

 

 

 

 

 

    Other Financing Cash Flow

2.1

-7.2

1.3

-5.1

-1.2

Financing Cash Flow Items

2.1

-7.2

1.3

-5.1

-1.2

    Cash Dividends Paid - Common

-

0.0

-4.4

-4.1

-1.6

Total Cash Dividends Paid

-

0.0

-4.4

-4.1

-1.6

        Sale/Issuance of Common

20.1

-

36.1

0.0

-

        Repurchase/Retirement of Common

-

-0.4

-

-

-

    Common Stock, Net

20.1

-0.4

36.2

0.1

0.0

Issuance (Retirement) of Stock, Net

20.1

-0.4

36.2

0.1

0.0

        Long Term Debt Issued

15.5

53.1

258.0

10.7

17.2

        Long Term Debt Reduction

-28.1

-60.9

-164.9

-7.2

-19.9

    Long Term Debt, Net

-12.8

-9.1

92.6

2.7

-2.8

Issuance (Retirement) of Debt, Net

-12.8

-9.1

92.6

2.7

-2.8

Cash from Financing Activities

9.4

-16.7

125.7

-6.4

-5.6

 

 

 

 

 

 

Net Change in Cash

-0.3

0.9

-10.4

1.2

11.6

 

 

 

 

 

 

Net Cash - Beginning Balance

20.0

20.1

31.5

28.3

14.4

Net Cash - Ending Balance

19.7

21.0

21.2

29.5

26.0

Cash Interest Paid

-

-

-

2.1

2.0

Cash Taxes Paid

-

-

-

5.0

2.2

 

 

Interim Cash Flows

Standardized

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

31-Mar-2010

Period Length

3 Months

12 Months

9 Months

6 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Updated Normal
30-Jun-2010

Updated Normal
31-Mar-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.731463

0.755078

0.761121

0.754409

0.722987

 

 

 

 

 

 

Net Income/Starting Line

-3.0

-7.9

-10.9

-6.7

-6.4

    Depreciation

3.3

13.3

9.9

6.7

3.2

Depreciation/Depletion

3.3

13.3

9.9

6.7

3.2

Deferred Taxes

-0.3

-0.3

-1.2

-1.8

-2.1

    Equity in Net Earnings (Loss)

0.0

-2.4

-0.9

-0.4

0.0

    Other Non-Cash Items

0.0

-0.6

-0.7

-0.7

-0.5

Non-Cash Items

-0.1

-3.0

-1.6

-1.1

-0.5

    Accounts Receivable

6.8

-7.6

-1.7

-7.7

9.4

    Inventories

-13.9

2.2

-13.6

-11.1

-8.1

    Accounts Payable

11.0

9.4

19.6

17.2

3.6

    Other Assets & Liabilities, Net

-1.6

-5.2

-6.7

-2.7

-3.7

Changes in Working Capital

2.3

-1.3

-2.3

-4.3

1.1

Cash from Operating Activities

2.3

0.8

-6.1

-7.1

-4.7

 

 

 

 

 

 

    Purchase of Fixed Assets

-2.1

-2.2

-1.6

-1.0

-0.3

    Purchase/Acquisition of Intangibles

-0.1

-0.2

-0.1

-0.1

0.0

Capital Expenditures

-2.2

-2.4

-1.8

-1.0

-0.3

    Acquisition of Business

-

-

-0.1

-0.1

-

    Sale of Fixed Assets

-

0.4

0.4

0.2

-

    Investment, Net

0.0

-0.1

-

-

-0.1

    Other Investing Cash Flow

-1.9

-8.4

-6.0

-4.0

-2.1

Other Investing Cash Flow Items, Total

-1.9

-8.1

-5.6

-3.9

-2.2

Cash from Investing Activities

-4.1

-10.5

-7.4

-4.9

-2.5

 

 

 

 

 

 

    Other Financing Cash Flow

-2.4

2.1

1.2

4.1

0.4

Financing Cash Flow Items

-2.4

2.1

1.2

4.1

0.4

        Sale/Issuance of Common

0.0

20.1

20.0

20.2

21.0

    Common Stock, Net

0.3

20.1

20.0

20.2

21.9

Issuance (Retirement) of Stock, Net

0.3

20.1

20.0

20.2

21.9

        Long Term Debt Issued

12.5

15.5

14.4

4.1

1.8

        Long Term Debt Reduction

-7.2

-28.1

-26.3

-22.1

-25.8

    Long Term Debt, Net

5.3

-12.8

-11.9

-18.0

-24.2

Issuance (Retirement) of Debt, Net

5.3

-12.8

-11.9

-18.0

-24.2

Cash from Financing Activities

3.3

9.4

9.3

6.3

-1.9

 

 

 

 

 

 

Net Change in Cash

1.5

-0.3

-4.2

-5.8

-9.1

 

 

 

 

 

 

Net Cash - Beginning Balance

20.3

20.0

19.8

20.0

20.9

Net Cash - Ending Balance

21.8

19.7

15.6

14.2

11.8

 

 

Annual Income Statement

As Reported

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

0.796979

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Ernst & Young LLP

Ernst & Young LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Sales/Services

331.1

322.5

537.2

241.4

185.2

    Sundry

3.4

5.5

6.0

3.5

2.1

Total Revenue

334.5

328.0

543.2

244.9

187.2

 

 

 

 

 

 

    Change in Semi Finished and Fin. Goods

4.6

32.6

3.7

-5.3

4.4

    Inc. Internal Work

-9.1

-9.9

-11.0

-0.3

-0.2

    Raw Materials

156.3

133.6

257.8

108.8

81.3

    Lease/Rent Costs

-

-

-

3.4

2.5

    Staff Cost

100.9

108.4

130.5

50.9

37.7

    Amortisation Int.

8.8

8.3

6.9

0.3

0.2

    Depreciation

4.2

5.5

5.6

1.8

1.5

    Impairment

0.3

0.2

0.0

0.0

-

    Other Expenses

62.5

55.5

115.8

50.4

34.8

    Publicity

8.2

2.8

-

2.2

1.2

    Gains from Disposal

-2.6

-3.7

-

-

-

    Extraordinary Exp.

-

-

-

0.5

0.6

Total Operating Expense

334.0

333.4

509.2

212.6

164.1

 

 

 

 

 

 

    Financial Income

1.0

0.5

1.2

-

-

    Interest Income

-

-

-

0.9

0.8

    Other Fin. Inc.

-

-

-

0.0

0.1

    Interest/Other Exp.

-

-

-

-1.8

-1.5

    Derivates, Net

-

-

-

0.0

-0.1

    Other Financial Expenses

-11.1

-8.9

-19.1

-0.3

-0.4

    Exchange Difference

0.5

-0.1

-0.1

-0.5

0.0

    Net Result from Associates and JV

2.4

0.5

1.2

0.6

0.0

Net Income Before Taxes

-6.8

-13.4

17.2

31.3

22.1

 

 

 

 

 

 

Provision for Income Taxes

1.1

-1.3

9.1

12.5

4.8

Net Income After Taxes

-7.9

-12.1

8.0

18.8

17.2

 

 

 

 

 

 

    Minority Interests

0.0

0.0

0.0

0.0

0.0

Net Income Before Extra. Items

-7.9

-12.1

8.0

18.8

17.2

Net Income

-7.9

-12.1

8.0

18.8

17.2

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-7.9

-12.1

8.0

18.8

17.2

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-7.9

-12.1

8.0

18.8

17.2

 

 

 

 

 

 

Basic Weighted Average Shares

8.4

6.4

5.4

4.6

4.6

Basic EPS Excluding ExtraOrdinary Items

-0.95

-1.89

1.50

4.09

3.74

Basic EPS Including ExtraOrdinary Item

-0.95

-1.89

1.50

4.09

3.74

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

-7.9

-12.1

8.0

18.8

17.2

Diluted Weighted Average Shares

8.4

6.4

5.5

4.6

4.6

Diluted EPS Excluding ExtraOrd Items

-0.95

-1.89

1.46

4.09

3.74

Diluted EPS Including ExtraOrd Items

-0.95

-1.89

1.46

4.09

3.74

DPS-Ordinary Shares

-

0.65

0.95

0.89

0.82

Gross Dividends - Common Stock

-

-

4.4

4.1

3.7

Normalized Income Before Taxes

-9.1

-16.9

17.2

31.9

22.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.3

-2.5

9.2

12.7

5.0

Normalized Income After Taxes

-9.4

-14.3

8.0

19.1

17.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-9.4

-14.3

8.0

19.1

17.7

 

 

 

 

 

 

Basic Normalized EPS

-1.13

-2.24

1.50

4.16

3.85

Diluted Normalized EPS

-1.13

-2.24

1.46

4.16

3.85

Interest Expense

-

-

-

1.8

1.5

Amort of Intangibles

8.8

8.3

6.9

0.3

0.2

Rental Expense

8.2

7.7

-

3.4

2.5

Depreciation

4.2

5.5

5.6

1.7

1.4

Advertising Expense

3.4

2.8

-

2.2

1.2

Research and Development Expense

18.9

18.9

30.5

13.8

10.1

    Current Tax - Regional

1.4

1.3

2.2

2.0

1.5

    Current Tax - Corporation

0.3

0.8

6.5

7.8

3.7

    Current Tax - Foreign

-0.4

0.0

0.2

1.1

0.8

Current Tax - Total

1.3

2.0

8.9

10.9

6.0

    Deferred Tax

-0.2

0.9

0.7

1.6

-1.4

Deferred Tax - Total

-0.2

0.9

0.7

1.6

-1.4

    Prepaid Tax

-

-

0.8

-

0.2

    Previous Year Tax

0.0

0.0

-

-

-

    Other Tax

-

-4.3

-1.1

0.0

0.0

Income Tax - Total

1.1

-1.3

9.1

12.5

4.8

Service Costs

-

-

0.2

0.1

0.7

Financial Costs

0.4

0.5

0.6

0.4

0.4

Domestic Pension Plan Expense

0.4

0.5

0.9

0.5

1.1

Indemnities Paid During Period

1.2

2.7

1.1

0.6

0.7

Total Pension Expense

1.7

3.3

2.0

1.0

1.8

Discount Rate

4.50%

5.10%

5.00%

-

-

Pension Payment Rate

3.00%

3.00%

3.00%

-

-

 

Interim Income Statement

As Reported

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

31-Mar-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Updated Normal
30-Jun-2010

Updated Normal
31-Mar-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.731463

0.736368

0.774922

0.785482

0.722987

 

 

 

 

 

 

    Sales/Services

82.9

110.5

69.9

84.6

66.5

    Other Revenues

0.6

1.2

1.6

2.6

0.6

Total Revenue

83.5

111.6

71.4

87.2

67.1

 

 

 

 

 

 

    Change in Semi Finished and Fin. Goods

-10.8

14.4

-6.0

0.6

-4.0

    Inc. Internal Work

-2.1

-2.7

-2.1

-2.2

-2.2

    Raw Materials

45.9

42.5

39.5

40.7

33.4

    Salaries and Wages

27.4

27.4

22.1

25.5

26.1

    Depreciation

3.3

3.4

3.2

3.1

3.2

    Impairment

0.0

0.0

0.0

0.3

0.0

    Other Expenses

18.9

22.6

14.6

17.4

16.2

Total Operating Expense

82.6

107.5

71.4

85.5

72.6

 

 

 

 

 

 

    Financial Income

0.1

0.9

0.0

0.0

0.1

    Financial Expenses

-2.6

-2.6

-2.9

-2.8

-3.0

    Net Result from Associates and JV

0.0

1.6

0.5

0.3

0.0

    Exchange Adjustment

-0.8

0.3

-1.5

1.1

0.6

Net Income Before Taxes

-2.5

4.3

-3.8

0.5

-7.9

 

 

 

 

 

 

Provision for Income Taxes

0.5

1.1

0.4

1.0

-1.5

Net Income After Taxes

-3.0

3.2

-4.2

-0.5

-6.4

 

 

 

 

 

 

    Minority Interests

0.0

0.0

0.0

0.0

0.0

Net Income Before Extra. Items

-3.0

3.2

-4.2

-0.5

-6.4

Net Income

-3.0

3.2

-4.2

-0.5

-6.4

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-3.0

3.2

-4.2

-0.5

-6.4

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-3.0

3.2

-4.2

-0.5

-6.4

 

 

 

 

 

 

Basic Weighted Average Shares

8.6

8.4

8.6

8.1

7.5

Basic EPS Excluding ExtraOrdinary Items

-0.34

0.38

-0.49

-0.07

-0.85

Basic EPS Including ExtraOrdinary Item

-0.34

0.38

-0.49

-0.07

-0.85

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-3.0

3.2

-4.2

-0.5

-6.4

Diluted Weighted Average Shares

8.6

8.4

8.6

8.1

7.5

Diluted EPS Excluding ExtraOrd Items

-0.34

0.38

-0.49

-0.07

-0.85

Diluted EPS Including ExtraOrd Items

-0.34

0.38

-0.49

-0.07

-0.85

DPS-Ordinary Shares

0.00

-

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

-

0.0

0.0

0.0

Normalized Income Before Taxes

-2.5

4.3

-3.8

0.8

-7.9

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.5

1.1

0.4

1.1

-1.5

Normalized Income After Taxes

-3.0

3.2

-4.2

-0.3

-6.4

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-3.0

3.2

-4.2

-0.3

-6.4

 

 

 

 

 

 

Basic Normalized EPS

-0.34

0.38

-0.49

-0.04

-0.85

Diluted Normalized EPS

-0.34

0.38

-0.49

-0.04

-0.85

Amort of Intangibles

2.3

2.3

1.8

2.5

2.2

Research & Development

3.3

4.3

4.5

7.3

2.7

Depreciation

1.0

1.1

1.1

1.0

1.0

 

 

 Annual Balance Sheet

As Reported

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Restated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

0.683971

0.758351

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Ernst & Young LLP

Ernst & Young LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Raw Materials

44.3

46.8

59.6

27.6

22.4

    Writedown Raw Materials

-4.3

-4.9

-5.4

-4.1

-3.6

    Work in Progress

16.8

13.1

30.9

17.5

12.9

    Writedown Work in Progress

-0.2

-0.3

-0.3

0.0

-

    Finished Goods

40.7

51.5

67.2

22.5

13.9

    Writedown Finished Goods

-3.2

-3.3

-4.4

-2.2

-0.9

    Trade Receivable

91.2

91.4

108.9

79.3

53.1

    Less Bad Debts

-5.6

-8.4

-8.4

-4.3

-3.4

    Subordinate Receivables

1.1

1.4

-

-

-

    Associated Co.

-

-

-

0.6

1.7

    Taxation

6.3

8.6

4.9

3.8

2.2

    Other Receivable

9.4

6.3

10.4

3.8

3.7

    Other Security/Derivatives

0.0

-

0.0

0.0

0.0

    Cash and Equivalent

19.9

21.6

20.1

31.5

27.3

Total Current Assets

216.3

224.0

283.5

176.0

129.2

 

 

 

 

 

 

    Goodwill

137.7

147.1

142.6

-

3.1

    Other Intangible

68.5

73.7

70.3

9.8

0.2

    Land/Buildings

32.0

34.0

43.3

9.8

4.7

    Plant/Machinery

22.9

23.9

23.7

9.0

7.7

    Industrial Equip

8.0

8.2

7.5

7.3

5.8

    Other Tangible

19.0

19.7

19.5

8.8

7.4

    In Progress

0.7

1.0

0.6

0.4

0.0

    Depreciation

-49.1

-48.7

-45.2

-20.4

-17.1

    Investment Properties

0.0

0.2

0.2

0.0

-

    Invest. Assoc.

9.5

6.7

5.6

3.3

2.4

    Invest. Others

1.3

1.2

1.1

1.2

1.1

    Other Securities

0.0

0.1

0.5

1.7

0.4

    Other Receivables

0.1

0.0

2.3

0.0

0.1

    Prepaid Taxes

6.9

7.1

8.8

7.4

9.9

    Derivatives

-

-

0.0

0.0

0.0

Total Assets

473.9

498.0

564.4

214.3

154.7

 

 

 

 

 

 

    Bank Borrowings

42.6

44.7

164.2

6.0

5.6

    Other Borrowings

1.7

1.4

4.0

1.6

0.5

    Financial Leasing

0.3

0.4

-

-

0.3

    Bank Overdrafts

16.1

16.9

9.4

0.5

0.5

    Payments/Account

25.6

28.2

44.8

15.4

9.7

    Trade Payables

79.2

73.8

91.6

49.3

34.4

    Taxes Payable

3.3

3.8

3.9

7.6

6.7

    Risk Provision

11.0

13.3

14.5

8.0

6.2

    Other Payables

10.8

12.5

31.6

14.4

7.8

    Accrued Expenses

8.2

9.6

-

-

-

    Financial Derivatives

0.1

0.0

-

-

0.0

Total Current Liabilities

198.9

204.6

364.0

102.9

71.7

 

 

 

 

 

 

    LT Borrowings

135.4

159.8

59.0

22.2

16.1

    Financial Leasing

2.9

3.0

-

-

0.6

Total Long Term Debt

138.2

162.8

59.0

22.2

16.7

 

 

 

 

 

 

    Derivatives

10.4

10.8

8.1

0.0

0.0

    Minority Int.

0.0

0.0

0.0

0.3

0.1

    Other Provisions

0.1

0.1

0.1

0.1

0.0

    Prov. Def. Tax

14.6

15.6

16.2

2.8

3.1

    Severance Indem.

9.4

10.8

12.5

11.1

7.3

Total Liabilities

371.6

404.7

460.0

139.4

99.0

 

 

 

 

 

 

    Share Capital

29.0

23.0

22.2

16.8

15.2

    Legal Reserve

3.7

3.9

3.2

3.4

3.0

    Treasury Stock

-

-

0.0

-0.1

-0.1

    Other Reserves

70.1

64.8

52.5

24.9

22.2

    Retained Earning

8.0

17.4

21.3

13.6

-1.7

    Net Income

-8.0

-12.5

7.6

20.1

18.1

    Translation Adj.

-0.5

-3.4

-2.5

-3.7

-0.8

Total Equity

102.3

93.2

104.4

74.9

55.8

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

473.9

498.0

564.3

214.3

154.7

 

 

 

 

 

 

    S/O-Ordinary Shares

8.6

6.4

6.4

4.6

4.6

Total Common Shares Outstanding

8.6

6.4

6.4

4.6

4.6

T/S-Ordinary Shares

0.0

0.0

0.0

0.0

0.0

Deferred Revenue - Current

25.6

28.2

44.8

15.4

9.7

Full-Time Employees

1,353

1,463

1,663

733

546

Long Term Debt Maturing within 1 Year

60.7

-

-

-

-

Long Term Debt Maturing in Year 3

14.5

-

-

-

-

Long Term Debt Maturing in Year 3

14.5

-

-

-

-

Long Term Debt Maturing in Year 3

14.3

-

-

-

-

Long Term Debt Maturing in Year 4

7.2

-

-

-

-

Long Term Debt - Remaining Maturities

87.8

-

-

-

-

Total Long Term Debt, Supplemental

198.9

-

-

-

-

Total Employee Benefits

7.8

9.2

11.1

11.1

7.3

Funded Status

-7.8

-9.2

-11.1

-11.1

-7.3

Fidelity Premium

1.6

1.6

1.4

-

-

Funded Status Fidelity Premium

-1.6

-1.6

-1.4

-

-

Total Funded Status

-9.4

-10.8

-12.5

-11.1

-7.3

Discount Rate

4.50%

5.10%

5.00%

-

4.60%

Compensation Rate

-

-

-

-

3.50%

Expected Rate of Return

-

-

-

-

3.00%

Pension Payment Rate

3.00%

3.00%

3.00%

-

-

Accrued Liabilities - Fidelity Premium

-1.6

-1.6

-1.4

-

-

Net Assets Recognized on Balance Sheet

-1.6

-1.6

-1.4

-

-

 

 

 

 

Interim Balance Sheet

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

31-Mar-2010

UpdateType/Date

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Updated Normal
30-Jun-2010

Updated Normal
31-Mar-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.704672

0.745406

0.732493

0.816393

0.739044

 

 

 

 

 

 

    Raw Materials

47.0

44.3

48.6

44.6

47.2

    Writedown Raw Materials

-

-4.3

-5.2

-4.6

-4.9

    Work in Progress

23.0

16.8

24.9

18.0

17.6

    Writedown Work in Progress

-

-0.2

-0.2

-0.2

-0.2

    Finished Goods

44.0

40.7

47.2

43.4

48.6

    Writedown Finished Goods

-

-3.2

-3.0

-2.9

-3.0

    Trade Receivable Gross

89.8

91.2

86.4

86.0

78.2

    Bad Debts

-5.9

-5.6

-5.3

-6.9

-7.7

    Subordinate Receivables

0.7

1.1

1.0

-

-

    Other Receivables

11.6

9.4

-

-

-

    Taxation

8.9

6.3

8.9

6.9

8.0

    Other Receivable

-

-

8.2

7.7

6.9

    Other Security/Derivatives

0.1

0.0

-

-

-

    Cash and Equivalent

22.6

19.9

16.3

13.1

11.5

Total Current Assets

241.9

216.3

227.6

205.1

202.0

 

 

 

 

 

 

    Research & Dev.

-

-

23.8

-

-

    Goodwill

145.5

137.7

140.1

126.0

138.9

    Other Intangible

72.0

68.5

45.7

62.7

69.6

    Land/Buildings

33.0

32.0

32.3

29.4

32.0

    Plant/Machinery

24.3

22.9

23.4

21.2

22.8

    Industrial Equipment

8.6

8.0

8.2

7.3

7.8

    Other Tangible

20.1

19.0

19.2

17.5

18.9

    In Progress

0.8

0.7

0.9

0.7

0.9

    Depreciation

-52.4

-49.1

-49.4

-44.1

-47.2

    Investment Properties

-

0.0

0.0

0.0

0.2

    Invest. Assoc.

9.6

9.5

7.8

7.2

6.9

    Invest. Others

1.4

1.3

1.2

1.1

1.2

    Fin.Rcvbl./Other

-

0.0

-

-

-

    Other Receivables

0.0

0.1

0.0

0.0

0.0

    Other Securities

-

0.0

0.1

0.0

-

    Deferred Tax

7.2

6.9

8.0

7.4

8.4

    Assets Held for Sale

1.8

-

-

-

-

Total Assets

513.9

473.9

488.9

441.5

462.4

 

 

 

 

 

 

    Bank Borrowings

76.2

60.7

62.4

44.4

42.1

    Payments/Account

33.4

25.6

34.7

28.3

27.5

    Trade Payables

88.9

79.2

82.7

74.7

72.2

    Taxes Payable

5.2

3.3

3.8

4.1

2.1

    Other Payables

12.9

19.0

19.6

19.3

20.6

    Accrued Expenses

9.0

-

-

-

-

    Provisions

10.3

11.0

10.1

9.5

11.4

    Financial Derivatives

0.0

0.1

0.0

0.0

0.0

Total Current Liabilities

236.0

198.9

213.3

180.4

176.0

 

 

 

 

 

 

    LT Borrowings

139.3

138.2

140.7

133.0

148.0

Total Long Term Debt

139.3

138.2

140.7

133.0

148.0

 

 

 

 

 

 

    Derivatives

8.0

10.4

12.3

11.2

11.1

    Minority Int.

0.0

0.0

0.0

0.0

-

    Other Provisions

0.1

0.1

0.1

0.1

0.1

    Prov. Def. Tax

15.1

14.6

15.0

13.1

14.4

    Severance Indem.

9.9

9.4

9.5

8.5

9.7

Total Liabilities

408.5

371.6

390.9

346.3

359.3

 

 

 

 

 

 

    Share Capital

30.7

29.0

29.5

26.5

29.2

    Legal Reserve

3.9

3.7

3.7

3.3

3.7

    Other Reserves

76.5

70.1

72.7

65.5

73.0

    Retained Earning

0.0

8.0

4.7

4.2

4.7

    Net Income

-3.1

-8.0

-11.3

-6.2

-6.3

    Translation Adj.

-2.5

-0.5

-1.3

1.9

-1.2

Total Equity

105.5

102.3

98.0

95.2

103.1

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

513.9

473.9

488.9

441.5

462.4

 

 

 

 

 

 

    S/O-Ordinary Shares

8.6

8.6

8.6

8.6

8.6

Total Common Shares Outstanding

8.6

8.6

8.6

8.6

8.6

T/S-Ordinary Shares

0.0

0.0

0.0

0.0

0.0

Deferred Revenue - Current

33.4

25.6

34.7

28.3

27.5

Full-Time Employees

1,361

1,353

1,355

1,378

1,409

Pension Obligation

8,139.6

7.8

7.9

7.1

-

Funded Status

-8,139.6

-7.8

-7.9

-7.1

-

Pension Obligatiosn - Fidelity Premium

1,773.2

1.6

1.6

1.4

1.5

Funded Status - Fidelity Premium

-1,773.2

-1.6

-1.6

-1.4

-1.5

Total Funded Status

-9,912.8

-9.4

-9.5

-8.5

-1.5

Accrued Liabilities

-8,139.6

-7.8

-7.9

-7.1

-

Accrued Liabilities - Fidelity Premium

-1,773.2

-1.6

-1.6

-1.4

-1.5

Net Assets Recognized on Balance Sheet

-9,912.8

-9.4

-9.5

-8.5

-1.5

 

 

Annual Cash Flows

As Reported

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Reclassified Normal
31-Dec-2008

Updated Normal
31-Dec-2006

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

0.796979

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Ernst & Young LLP

Ernst & Young LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

Net Profit before Taxes

-7.9

-12.1

8.0

31.3

22.1

    Depreciation

13.3

14.1

12.5

2.1

1.7

    Assets Change for Accrued/Deferred Taxes

-0.3

0.9

0.7

-

-

    Severance Indemnity

-

-

-

0.1

1.4

    Exchange Differences

-

-

-

0.5

0.0

    Provisions Change for Personnel

-0.6

-2.1

0.0

-

-

    Financial Assets

-2.4

-1.1

-1.2

-0.6

0.0

    Share-Based Payments

-

-

-

0.0

-

    Other Fin. Expenses

-

-

-

2.1

2.0

    Other Fin. Income

-

-

-

-1.0

-0.8

    Trade Receivables

-7.6

18.7

28.8

-8.1

1.4

    Inventories

2.2

47.8

-2.4

-6.1

3.5

    Trade Accounts Pybl.

9.4

-37.5

-27.6

7.3

-10.6

    Other Payables

-5.2

-8.4

-9.9

-1.8

3.0

    Interest Payment

-

-

-

-

-2.0

    Tax Paid

-

-

-

-5.0

-2.2

Cash from Operating Activities

0.8

20.2

8.9

20.7

19.3

 

 

 

 

 

 

    Consolidation MLTA

-

-

-

0.0

0.0

    Acquisition of FINN-PWER Group

-

0.0

-124.6

0.0

-

    Acquisition of Business

-

-

-

-

0.0

    Acquisition OSAI Group (Net Cash)

-

0.0

-0.4

0.0

-

    Acquisition OSAI UK Minorities

-

-

-

-11.5

-

    Cash at OSAI Acquisition

-

-

-

0.0

0.0

    Intangibles

-

-

-

-

0.1

    Capitalization of Development Costs

-8.4

-9.0

-8.1

-

-

    Acquisition of Tangibles

-2.2

-1.6

-9.7

-2.3

-2.4

    Acquistion of Intangibles

-0.2

-0.6

-2.8

-0.4

-

    Financial Assets

-

-

-

-

-0.9

    Changes in Financial Credits

-

0.0

1.3

-

-

    Sell/Purchase of Invest.

-0.1

0.0

-1.2

0.0

0.0

    Purchase/Sale of Securities at FV

-

-

-

-

0.0

    Change in Assets for Contract Leasing

0.0

7.7

0.0

-

-

    Sale Fixed Assets

0.4

0.9

0.5

0.1

0.2

    Interest Income

-

-

-

1.0

0.8

Cash from Investing Activities

-10.5

-2.7

-145.0

-13.2

-2.2

 

 

 

 

 

 

    Changes in Liab., Non-Current

-0.6

2.5

6.2

-

-

    Exchange Dif. Reserve

-

-

-

-

-1.2

    Treasury Shares

-

0.0

0.1

0.1

0.0

    Other Equity Variation

-

-

-

-2.7

0.0

    Derivatives

-

-

-

-

0.0

    Issuance Debt

15.5

53.1

258.0

10.7

17.2

    Retirement Debt

-28.1

-60.9

-164.9

-7.2

-19.0

    Other Debt

-

-

-

-

-0.6

    Capital Lease Retirement

-

-

-

-

-0.3

    Other Financial Assets/Liabilities - Net

-

-

-

-0.3

-

    Interest Paid

-

-

-

-2.1

-

    Dividends Paid

-

0.0

-4.4

-4.1

-1.6

    Changes in Liab. due to Contract Leasing

0.0

-8.1

0.0

-

-

    Capital Lease - Net

-0.3

-1.2

-0.4

-0.8

-

    Change in Consolidation Area

-

-

-

-

0.0

    Other Changes

2.7

-1.6

-4.9

-

-

    Equity Increase

20.1

-

36.1

0.0

-

    Decrease Share Cap.

-

-0.4

-

-

-

Cash from Financing Activities

9.4

-16.7

125.7

-6.4

-5.6

 

 

 

 

 

 

Net Change in Cash

-0.3

0.9

-10.4

1.2

11.6

 

 

 

 

 

 

Net Cash - Beginning Balance

20.0

20.1

31.5

28.3

14.4

Net Cash - Ending Balance

19.7

21.0

21.2

29.5

26.0

    Cash Interest Paid

-

-

-

2.1

2.0

    Cash Taxes Paid

-

-

-

5.0

2.2

 

 

Interim Cash Flows

As Reported

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

31-Mar-2010

Period Length

3 Months

12 Months

9 Months

6 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Updated Normal
30-Jun-2010

Updated Normal
31-Mar-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.731463

0.755078

0.761121

0.754409

0.722987

 

 

 

 

 

 

Net Profit

-3.0

-7.9

-10.9

-6.7

-6.4

    Depreciation

3.3

13.3

9.9

6.7

3.2

    Severance Indem.

0.0

-0.6

-0.7

-0.7

-0.5

    Equity Investments Gain

0.0

-2.4

-0.9

-0.4

0.0

    Trade Receivables

6.8

-7.6

-1.7

-7.7

9.4

    Inventories

-13.9

2.2

-13.6

-11.1

-8.1

    Trade Accounts Payables

11.0

9.4

19.6

17.2

3.6

    Change in Tax Assets/Liabilities

-0.3

-0.3

-1.2

-1.8

-2.1

    Change in Assets/Liabilities

-1.6

-5.2

-6.7

-2.7

-3.7

Cash from Operating Activities

2.3

0.8

-6.1

-7.1

-4.7

 

 

 

 

 

 

    Acquisition of Gruppo Finn-Power

-

-

-

-0.1

-

    Acquisition of Tangibles

-2.1

-2.2

-1.6

-1.0

-0.3

    Capitalization of Development Costs

-2.0

-8.4

-6.0

-4.0

-2.1

    Purch. of Intang.

-0.1

-0.2

-0.1

-0.1

0.0

    Purchase/Sale of Securities at FV

0.0

-

-

-

-

    Acquisition of Sh. Equity Participation

-

-

-0.1

-

-

    Investments

0.0

-0.1

-

-

-0.1

    Devaluation of Shenyang

-

-

0.0

-

-

    Change in Assets

0.1

0.0

-

-

0.0

    Sale Fixed Assets

-

0.4

0.4

0.2

-

Cash from Investing Activities

-4.1

-10.5

-7.4

-4.9

-2.5

 

 

 

 

 

 

    Exchange Dif. Reserve

-

2.7

-0.2

3.4

-

    Derivatives

-

-0.6

1.3

0.7

-

    Issuance Debt

12.5

15.5

14.4

4.1

1.8

    Retirement Debt

-7.2

-28.1

-26.0

-21.9

-25.8

    Capital Lease Retirement

-

-

-0.2

-0.2

-

    Financial Expense

-2.4

-

-

-

0.4

    Change in Assets due to Contract Leasing

-

0.0

-

-

-

    Capital Lease Net Change

0.0

-0.3

-

-

-0.1

    Increase in Capital

0.0

20.1

20.0

20.2

21.0

    Other Equity Change

0.3

-

-

-

0.8

Cash from Financing Activities

3.3

9.4

9.3

6.3

-1.9

 

 

 

 

 

 

Net Change in Cash

1.5

-0.3

-4.2

-5.8

-9.1

 

 

 

 

 

 

Net Cash - Beginning Balance

20.3

20.0

19.8

20.0

20.9

Net Cash - Ending Balance

21.8

19.7

15.6

14.2

11.8

 

 

 

 

Geographic Segments

Financials in: As Reported (mil)

Annual

 

 

 

External Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Italy

71.8

21.7 %

72.1

22.4 %

128.1

23.8 %

58.8

24.4 %

44.9

24.3 %

Europe

111.5

33.7 %

135.4

42 %

229.5

42.7 %

106.2

44 %

85.8

46.4 %

United States

62.1

18.8 %

53.1

16.5 %

94.9

17.7 %

40.7

16.9 %

36.9

19.9 %

Rest of the World

85.7

25.9 %

61.8

19.2 %

84.8

15.8 %

35.7

14.8 %

17.5

9.5 %

Segment Total

331.1

100 %

322.5

100 %

537.2

100 %

241.4

100 %

185.2

100 %

Consolidated Total

331.1

100 %

322.5

100 %

537.2

100 %

241.4

100 %

185.2

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

0.796979

 

Total Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Italy

71.8

21.7 %

72.1

22.4 %

128.1

23.8 %

58.8

24.4 %

44.9

24.3 %

Europe

111.5

33.7 %

135.4

42 %

229.5

42.7 %

106.2

44 %

85.8

46.4 %

United States

62.1

18.8 %

53.1

16.5 %

94.9

17.7 %

40.7

16.9 %

36.9

19.9 %

Rest of the World

85.7

25.9 %

61.8

19.2 %

84.8

15.8 %

35.7

14.8 %

17.5

9.5 %

Segment Total

331.1

100 %

322.5

100 %

537.2

100 %

241.4

100 %

185.2

100 %

Consolidated Total

331.1

100 %

322.5

100 %

537.2

100 %

241.4

100 %

185.2

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

0.796979

 

 

Long Lived Assets   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

Italy

44.1

18.4 %

45.7

17.7 %

42.0

16 %

Europe

186.2

77.6 %

204.2

78.9 %

211.9

80.7 %

United States

9.5

4 %

9.0

3.5 %

8.7

3.3 %

Rest of the World

0.0

0 %

0.0

0 %

0.0

0 %

Segment Total

239.8

100 %

258.9

100 %

262.5

100 %

Consolidated Total

239.8

100 %

258.9

100 %

262.5

100 %

Exchange Rate: EUR to USD

0.745406

 

0.696986

 

0.719399

 

 

 

 

Geographic Segments

Financials in: As Reported (mil)

 

Interim

 

 

External Revenue   USD (mil)

 

31-Mar-11

31-Dec-10

30-Jun-10

31-Mar-10

31-Dec-09

Italy

9.3

11.2 %

37.2

20.7 %

20.7

24.5 %

13.6

20.5 %

26.9

27.1 %

Europe

33.9

40.9 %

60.2

33.6 %

23.9

28.2 %

27.6

41.5 %

39.2

39.4 %

North America

18.6

22.4 %

33.3

18.6 %

20.1

23.8 %

8.2

12.4 %

11.7

11.8 %

Rest of the World

21.1

25.5 %

48.6

27.1 %

19.9

23.5 %

17.0

25.6 %

21.7

21.8 %

Segment Total

82.9

100 %

179.3

100 %

84.6

100 %

66.5

100 %

99.5

100 %

Consolidated Total

82.9

100 %

179.3

100 %

84.6

100 %

66.5

100 %

99.5

100 %

Exchange Rate: EUR to USD

0.731463

 

0.755770

 

0.785482

 

0.722987

 

0.677648

 

Total Revenue   USD (mil)

 

31-Mar-11

31-Dec-10

30-Jun-10

31-Mar-10

31-Dec-09

Italy

9.3

11.2 %

37.2

20.7 %

20.7

24.5 %

13.6

20.5 %

26.9

27.1 %

Europe

33.9

40.9 %

60.2

33.6 %

23.9

28.2 %

27.6

41.5 %

39.2

39.4 %

North America

18.6

22.4 %

33.3

18.6 %

20.1

23.8 %

8.2

12.4 %

11.7

11.8 %

Rest of the World

21.1

25.5 %

48.6

27.1 %

19.9

23.5 %

17.0

25.6 %

21.7

21.8 %

Segment Total

82.9

100 %

179.3

100 %

84.6

100 %

66.5

100 %

99.5

100 %

Consolidated Total

82.9

100 %

179.3

100 %

84.6

100 %

66.5

100 %

99.5

100 %

Exchange Rate: EUR to USD

0.731463

 

0.755770

 

0.785482

 

0.722987

 

0.677648

 

 

 

 

Business Segments

Financials in: As Reported (mil)

Annual

 

 

 

External Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Laser Systems

139.7

38.4 %

126.7

37 %

218.3

39.8 %

198.7

79.5 %

164.4

85.9 %

Electronic Systems

41.8

11.5 %

39.2

11.5 %

60.9

11.1 %

51.1

20.5 %

27.1

14.1 %

Machinery Manufacturing

182.3

50.1 %

176.8

51.6 %

269.7

49.1 %

0.0

0 %

-

-

Unallocated

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

-

-

Segment Total

363.9

100 %

342.7

100 %

549.0

100 %

249.9

100 %

191.5

100 %

Consolidated Total

363.9

100 %

342.7

100 %

549.0

100 %

249.9

100 %

191.5

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

0.796979

 

Intersegment Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Laser Systems

-17.1

52.2 %

-14.6

72 %

-2.2

18.9 %

0.0

0 %

0.0

0 %

Electronic Systems

-5.4

16.5 %

-3.4

16.6 %

-9.2

78.4 %

-8.4

100 %

-6.3

100 %

Machinery Manufacturing

-10.3

31.3 %

-2.3

11.3 %

-0.3

2.7 %

0.0

0 %

-

-

Unallocated

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

-

-

Segment Total

-32.8

100 %

-20.2

100 %

-11.8

100 %

-8.4

100 %

-6.3

100 %

Consolidated Total

-32.8

100 %

-20.2

100 %

-11.8

100 %

-8.4

100 %

-6.3

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

0.796979

 

 

Total Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Laser Systems

122.6

37 %

112.1

34.8 %

216.1

40.2 %

198.7

82.3 %

164.4

88.8 %

Electronic Systems

36.4

11 %

35.9

11.1 %

51.7

9.6 %

42.7

17.7 %

20.7

11.2 %

Machinery Manufacturing

172.1

52 %

174.5

54.1 %

269.4

50.2 %

0.0

0 %

-

-

Unallocated

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

-

-

Segment Total

331.1

100 %

322.5

100 %

537.2

100 %

241.4

100 %

185.2

100 %

Consolidated Total

331.1

100 %

322.5

100 %

537.2

100 %

241.4

100 %

185.2

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

0.796979

 

Earn. bef. Int., Tax & Depr.   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

Laser Systems

7.8

56.7 %

3.5

40.3 %

31.3

67.2 %

Electronic Systems

3.6

26.2 %

1.9

22.3 %

4.8

10.3 %

Machinery Manufacturing

2.3

17 %

3.3

37.4 %

10.5

22.5 %

Unallocated

0.0

0 %

0.0

0 %

-0.3

-0.7 %

Segment Total

13.7

100 %

8.7

100 %

46.5

100 %

Consolidated Total

13.7

100 %

8.7

100 %

46.5

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

 

EBITDA Margin (%)  

 

31-Dec-10

31-Dec-09

31-Dec-08

Laser Systems

6.4

-

3.1

-

14.5

-

Electronic Systems

9.9

-

5.4

-

9.3

-

Machinery Manufacturing

1.4

-

1.9

-

3.9

-

Segment Total

4.1

-

2.7

-

8.7

-

Consolidated Total

4.1

-

2.7

-

8.7

-

Depreciation   USD (mil)

 

31-Dec-08

31-Dec-07

31-Dec-06

Laser Systems

1.9

14.9 %

1.4

66.5 %

1.2

69.3 %

Electronic Systems

1.0

7.9 %

0.7

33.5 %

0.5

30.7 %

Machinery Manufacturing

9.6

77.2 %

-

-

-

-

Unallocated

0.0

0 %

0.0

0 %

0.0

0 %

Segment Total

12.5

100 %

2.1

100 %

1.7

100 %

Consolidated Total

12.5

100 %

2.1

100 %

1.7

100 %

Exchange Rate: EUR to USD

0.683679

 

0.730637

 

0.796979

 

 

Operating Income/Loss   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Laser Systems

5.2

1,112.8 %

1.5

-27.6 %

29.4

86.5 %

25.1

77.7 %

21.1

91 %

Electronic Systems

2.3

485.2 %

0.6

-10.4 %

3.8

11.2 %

7.2

22.3 %

2.1

9 %

Machinery Manufacturing

-7.0

-1,498 %

-7.4

138 %

0.8

2.3 %

0.0

0 %

-

-

Unallocated

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

-

-

Segment Total

0.5

100 %

-5.4

100 %

34.0

100 %

32.3

100 %

23.2

100 %

Consolidated Total

0.5

100 %

-5.4

100 %

34.0

100 %

32.3

100 %

23.2

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

0.796979

 

Operating Margin (%)  

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Laser Systems

4.2

-

1.3

-

13.6

-

12.6

-

12.8

-

Electronic Systems

6.2

-

1.6

-

7.3

-

16.8

-

10.0

-

Machinery Manufacturing

-4.1

-

-4.2

-

0.3

-

-

-

-

-

Segment Total

0.1

-

-1.7

-

6.3

-

13.4

-

12.5

-

Consolidated Total

0.1

-

-1.7

-

6.3

-

13.4

-

12.5

-

 

Interest Income (Expense) - Net Non-Operating   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Laser Systems

-5.8

60.2 %

-4.0

46.5 %

-9.0

49.7 %

-1.3

81 %

-1.1

96.7 %

Electronic Systems

-0.4

4.3 %

-0.7

8.6 %

-0.7

3.6 %

-0.3

19 %

0.0

3.3 %

Machinery Manufacturing

-3.4

35.4 %

-3.8

44.8 %

-8.4

46.7 %

0.0

0 %

-

-

Unallocated

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

-

-

Segment Total

-9.6

100 %

-8.6

100 %

-18.0

100 %

-1.6

100 %

-1.1

100 %

Consolidated Total

-9.6

100 %

-8.6

100 %

-18.0

100 %

-1.6

100 %

-1.1

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

0.796979

 

Total Income Tax   USD (mil)

 

31-Dec-10

31-Dec-09

Laser Systems

0.0

0 %

0.0

0 %

Electronic Systems

0.0

0 %

0.0

0 %

Machinery Manufacturing

0.0

0 %

0.0

0 %

Unallocated

-1.1

100 %

1.3

100 %

Segment Total

-1.1

100 %

1.3

100 %

Consolidated Total

-1.1

100 %

1.3

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

 

Equity In Affiliates   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Laser Systems

2.4

102 %

0.5

100 %

1.2

100 %

0.6

100 %

0.0

100 %

Electronic Systems

0.0

-2 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Machinery Manufacturing

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

-

-

Unallocated

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Segment Total

2.4

100 %

0.5

100 %

1.2

100 %

0.6

100 %

0.0

100 %

Consolidated Total

2.4

100 %

0.5

100 %

1.2

100 %

0.6

100 %

0.0

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

0.796979

 

Total Assets   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Laser Systems

91.0

19.2 %

84.2

16.9 %

207.5

36.8 %

136.4

62.5 %

93.8

60.6 %

Electronic Systems

45.8

9.7 %

43.5

8.7 %

46.4

8.2 %

32.3

14.8 %

21.2

13.7 %

Machinery Manufacturing

304.0

64.2 %

332.9

66.9 %

276.1

48.9 %

-

-

-

-

Unallocated

33.1

7 %

37.3

7.5 %

34.3

6.1 %

49.6

22.7 %

39.7

25.7 %

Segment Total

473.9

100 %

498.0

100 %

564.3

100 %

218.3

100 %

154.7

100 %

Consolidated Total

473.9

100 %

498.0

100 %

564.3

100 %

218.3

100 %

154.7

100 %

Exchange Rate: EUR to USD

0.745406

 

0.696986

 

0.719399

 

0.683971

 

0.758351

 

 

Operating Return on Assets (%)  

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Laser Systems

5.8

-

1.8

-

13.5

-

19.7

-

23.6

-

Electronic Systems

5.0

-

1.3

-

7.8

-

23.7

-

10.3

-

Machinery Manufacturing

-2.3

-

-2.3

-

0.3

-

-

-

-

-

Unallocated

0.0

-

0.0

-

0.0

-

0.0

-

-

-

Segment Total

0.1

-

-1.1

-

5.7

-

15.8

-

15.7

-

Consolidated Total

0.1

-

-1.1

-

5.7

-

15.8

-

15.7

-

Total Liabilities   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Laser Systems

44.1

11.9 %

39.6

9.8 %

70.9

15.4 %

73.0

51 %

55.2

55.8 %

Electronic Systems

19.5

5.3 %

17.4

4.3 %

20.2

4.4 %

25.3

17.7 %

10.2

10.4 %

Machinery Manufacturing

80.7

21.7 %

91.3

22.6 %

104.0

22.6 %

-

-

-

-

Unallocated

227.4

61.2 %

256.5

63.4 %

264.9

57.6 %

44.8

31.3 %

33.4

33.8 %

Segment Total

371.6

100 %

404.7

100 %

460.0

100 %

143.1

100 %

98.9

100 %

Consolidated Total

371.6

100 %

404.7

100 %

460.0

100 %

143.1

100 %

98.9

100 %

Exchange Rate: EUR to USD

0.745406

 

0.696986

 

0.719399

 

0.683971

 

0.758351

 

 

Employees  

 

31-Dec-10

31-Dec-09

31-Dec-08

Laser Systems

471.0

-

471.0

-

535.0

-

Electronic Systems

194.0

-

194.0

-

238.0

-

Machinery Manufacturing

689.0

-

798.0

-

890.0

-

Segment Total

1,354.0

-

1,463.0

-

1,663.0

-

Consolidated Total

1,354.0

-

1,463.0

-

1,663.0

-

 

 

 

Business Segments

Financials in: As Reported (mil)

 

Interim

 

 

External Revenue   USD (mil)

 

31-Mar-11

31-Dec-10

30-Sep-10

30-Jun-10

31-Mar-10

Laser Systems

72.1

86.9 %

50.2

41.6 %

31.6

39.8 %

33.2

36.4 %

24.8

34 %

Electronic Systems

15.6

18.8 %

11.8

9.8 %

8.8

11.1 %

9.6

10.5 %

11.8

16.2 %

Machinery Manufacturing

-

-

58.7

48.6 %

38.9

49.1 %

48.4

53 %

36.4

49.8 %

Non-Allocated

-4.8

-5.7 %

-

-

-

-

-

-

-

-

Segment Total

82.9

100 %

120.7

100 %

79.3

100 %

91.2

100 %

73.0

100 %

Consolidated Total

82.9

100 %

120.7

100 %

79.3

100 %

91.2

100 %

73.0

100 %

Exchange Rate: EUR to USD

0.731463

 

0.736368

 

0.774922

 

0.785482

 

0.722987

 

Intersegment Revenue   USD (mil)

 

31-Dec-10

30-Sep-10

30-Jun-10

31-Mar-10

Laser Systems

-3.4

32.9 %

-5.4

57.5 %

-4.2

64.1 %

-4.0

61.9 %

Electronic Systems

-1.8

17.3 %

-1.0

10.8 %

-1.5

22.6 %

-1.1

17.2 %

Machinery Manufacturing

-5.1

49.8 %

-3.0

31.7 %

-0.9

13.3 %

-1.4

20.9 %

Segment Total

-10.3

100 %

-9.4

100 %

-6.6

100 %

-6.5

100 %

Consolidated Total

-10.3

100 %

-9.4

100 %

-6.6

100 %

-6.5

100 %

Exchange Rate: EUR to USD

0.736368

 

0.774922

 

0.785482

 

0.722987

 

 

Total Revenue   USD (mil)

 

31-Mar-11

31-Dec-10

30-Sep-10

30-Jun-10

31-Mar-10

Laser Systems

72.1

86.9 %

46.8

42.4 %

26.2

37.5 %

29.0

34.3 %

20.8

31.3 %

Electronic Systems

15.6

18.8 %

10.0

9.1 %

7.8

11.1 %

8.1

9.6 %

10.7

16.1 %

Machinery Manufacturing

-

-

53.6

48.5 %

35.9

51.4 %

47.5

56.1 %

35.0

52.6 %

Non-Allocated

-4.8

-5.7 %

-

-

-

-

-

-

-

-

Segment Total

82.9

100 %

110.5

100 %

69.9

100 %

84.6

100 %

66.5

100 %

Consolidated Total

82.9

100 %

110.5

100 %

69.9

100 %

84.6

100 %

66.5

100 %

Exchange Rate: EUR to USD

0.731463

 

0.736368

 

0.774922

 

0.785482

 

0.722987

 

Earn. bef. Int., Tax & Depr.   USD (mil)

 

31-Mar-11

31-Dec-10

30-Sep-10

30-Jun-10

31-Mar-10

Laser Systems

3.0

72.6 %

4.3

57.1 %

1.3

40.9 %

3.0

57.7 %

-0.9

37.2 %

Electronic Systems

1.2

28.7 %

0.9

12.1 %

1.4

42.5 %

0.3

5.6 %

1.1

-45 %

Machinery Manufacturing

-

-

2.3

30.8 %

0.5

16.5 %

1.9

36.8 %

-2.6

107.8 %

Non-Allocated

-0.1

-1.3 %

-

-

-

-

-

-

-

-

Segment Total

4.2

100 %

7.5

100 %

3.2

100 %

5.2

100 %

-2.4

100 %

Consolidated Total

4.2

100 %

7.5

100 %

3.2

100 %

5.2

100 %

-2.4

100 %

Exchange Rate: EUR to USD

0.731463

 

0.736368

 

0.774922

 

0.785482

 

0.722987

 

 

EBITDA Margin (%)  

 

31-Mar-11

31-Dec-10

30-Sep-10

30-Jun-10

31-Mar-10

Laser Systems

4.2

-

9.1

-

5.0

-

10.3

-

-4.2

-

Electronic Systems

7.7

-

9.0

-

17.5

-

3.5

-

10.0

-

Machinery Manufacturing

-

-

4.3

-

1.5

-

4.0

-

-7.3

-

Non-Allocated

1.1

-

-

-

-

-

-

-

-

-

Segment Total

5.0

-

6.8

-

4.6

-

6.1

-

-3.6

-

Consolidated Total

5.0

-

6.8

-

4.6

-

6.1

-

-3.6

-

Operating Income/Loss   USD (mil)

 

31-Mar-11

31-Dec-10

30-Sep-10

30-Jun-10

31-Mar-10

Laser Systems

0.2

21.6 %

3.5

86 %

0.7

0 %

2.4

136.1 %

-1.5

26 %

Electronic Systems

0.7

84.2 %

0.5

13 %

1.0

0 %

0.0

-1.6 %

0.7

-13 %

Machinery Manufacturing

-

-

0.0

1 %

-1.7

0 %

-0.6

-34.5 %

-4.9

87 %

Two-D Laser Systems

-0.1

-5.8 %

-

-

-

-

-

-

-

-

Segment Total

0.9

100 %

4.1

100 %

0.0

0 %

1.7

100 %

-5.6

100 %

Consolidated Total

0.9

100 %

4.1

100 %

0.0

0 %

1.7

100 %

-5.6

100 %

Exchange Rate: EUR to USD

0.731463

 

0.736368

 

0.774922

 

0.785482

 

0.722987

 

 

Operating Margin (%)  

 

31-Mar-11

31-Dec-10

30-Sep-10

30-Jun-10

31-Mar-10

Laser Systems

0.3

-

7.6

-

2.5

-

8.1

-

-7.0

-

Electronic Systems

4.7

-

5.3

-

13.4

-

-0.3

-

6.8

-

Machinery Manufacturing

-

-

0.1

-

-4.7

-

-1.3

-

-13.9

-

Segment Total

1.1

-

3.7

-

0.0

-

2.0

-

-8.4

-

Consolidated Total

1.1

-

3.7

-

0.0

-

2.0

-

-8.4

-

Total Income Tax   USD (mil)

 

31-Dec-10

30-Jun-10

31-Mar-10

Laser Systems

0.0

0 %

0.0

0 %

0.0

0 %

Electronic Systems

0.0

0 %

0.0

0 %

0.0

0 %

Machinery Manufacturing

0.0

0 %

0.0

0 %

0.0

0 %

Non-Allocated

-1.5

100 %

-1.0

100 %

1.5

100 %

Segment Total

-1.5

100 %

-1.0

100 %

1.5

100 %

Consolidated Total

-1.5

100 %

-1.0

100 %

1.5

100 %

Exchange Rate: EUR to USD

0.736368

 

0.785482

 

0.722987

 

 

Total Assets   USD (mil)

 

31-Mar-11

31-Dec-10

30-Sep-10

30-Jun-10

31-Mar-10

Laser Systems

402.1

78.2 %

91.0

19.2 %

88.8

18.2 %

80.9

18.3 %

79.0

17.1 %

Electronic Systems

72.9

14.2 %

45.8

9.7 %

46.5

9.5 %

40.3

9.1 %

44.0

9.5 %

Machinery Manufacturing

38.9

7.6 %

304.0

64.2 %

320.3

65.5 %

292.7

66.3 %

311.5

67.4 %

Non-Allocated

-

-

33.1

7 %

33.3

6.8 %

27.5

6.2 %

27.9

6 %

Segment Total

513.9

100 %

473.9

100 %

488.9

100 %

441.5

100 %

462.4

100 %

Consolidated Total

513.9

100 %

473.9

100 %

488.9

100 %

441.5

100 %

462.4

100 %

Exchange Rate: EUR to USD

0.704672

 

0.745406

 

0.732493

 

0.816393

 

0.739044

 

Operating Return on Assets (%)  

 

31-Mar-11

31-Dec-10

30-Sep-10

30-Jun-10

31-Mar-10

Laser Systems

0.0

-

3.8

-

0.8

-

2.8

-

-1.8

-

Electronic Systems

1.0

-

1.2

-

2.4

-

-0.1

-

1.6

-

Machinery Manufacturing

-

-

0.0

-

-0.6

-

-0.2

-

-1.5

-

Segment Total

0.2

-

0.9

-

0.0

-

0.4

-

-1.2

-

Consolidated Total

0.2

-

0.9

-

0.0

-

0.4

-

-1.2

-

 

Total Liabilities   USD (mil)

 

31-Mar-11

31-Dec-10

30-Sep-10

30-Jun-10

31-Mar-10

Laser Systems

140.7

17.2 %

44.1

11.9 %

51.6

13.2 %

45.8

13.2 %

45.6

12.7 %

Electronic Systems

23.9

2.9 %

19.5

5.3 %

19.7

5 %

17.2

5 %

18.7

5.2 %

Machinery Manufacturing

243.9

29.9 %

80.7

21.7 %

85.5

21.9 %

77.4

22.4 %

77.2

21.5 %

Non-Allocated

408.5

50 %

227.4

61.2 %

234.2

59.9 %

205.8

59.4 %

217.7

60.6 %

Segment Total

816.9

100 %

371.6

100 %

390.9

100 %

346.3

100 %

359.3

100 %

Consolidated Total

816.9

100 %

371.6

100 %

390.9

100 %

346.3

100 %

359.3

100 %

Exchange Rate: EUR to USD

0.704672

 

0.745406

 

0.732493

 

0.816393

 

0.739044

 

 

Bottom of Form

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.37

UK Pound

1

Rs.72.34

Euro

1

Rs.63.87

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.