MIRA INFORM REPORT
|
Report Date : |
20.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
BIALETTI INDUSTRIE S.P.A. |
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Registered Office : |
Via Fogliano, 1, Coccaglio, 25030 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2009 |
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Year of Establishment : |
1919 |
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Com. Reg. No.: |
03032320248 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Subject operates in the houseware sector |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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 |
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Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
Bialetti Industrie S.p.A.
Via Fogliano, 1
Coccaglio, 25030
Italy
Tel: 39-0307-720011
Fax: 39-0307-7220389
Synthesis
Employees: 910
Company Type: Public Parent
Corporate Family: 2
Companies
Traded: Italian
SE (Mercato Continuo Italia): BIA
Incorporation Date: 1919
Auditor: PricewaterhouseCoopers SpA
Financials in: USD
(Millions)
Fiscal Year End: 31-Dec-2010
Reporting Currency: Euro
Annual Sales: 246.5
1
Net Income: (24.7)
Total Assets: 248.4 2
Market Value: 28.8
(02-Sep-2011)
Business Description
Bialetti Industrie
SpA is an Italy-based company operating in the houseware sector. The Company
offers its products in two business areas: World House, which includes
cookware, kitchen accessories, and small electric appliances for cooking, and
World Cafe, which comprises all the products offered for the preparation of
coffee including gas coffee-makers, electric coffee-makers. It also offers
cookware in non-stick aluminum and stainless steel, as well as cookware tools.
Bialetti’s brand portfolio includes Bialetti, Aeternum, Rondine, Girmi and
CEM. As of December 31, 2010, the Company had four production plants: two in
Italy, one in Turkey and one in Romania. It had two representatives’ offices
in France and Germany. It operates through its subsidiaries which are Cem
Bialetti, SC Bialetti Stainless Steel Srl, Bialetti Girmi France Sarl, Bialetti
Deutschland GmbH, Bialetti Spain SL and Bialetti Store Srl. For the three
months ended 31 March 2011, Bialetti Industrie S.p.A.'s total revenue increased
17% to EUR52.6M. Net income for the period decreased 70% to EUR319K. Total
revenue for the period reflects an increase in demand for the Company's
products and services. Net income was offset by decreased operating margins due
to the presence of loss on derivatives as well as by increased other financial
expenses.
Industry
Industry Appliance and Tool
ANZSIC 2006: 2449 - Other
Domestic Appliance Manufacturing
NACE 2002: 2971 - Manufacture
of electric domestic appliances
NAICS 2002: 335211 - Electric
Housewares and Household Fan Manufacturing
UK SIC 2003: 2971 - Manufacture
of electric domestic appliances
US SIC 1987: 3634 - Electric
Housewares and Fans
Key Executives
|
Name |
Title |
|
Francesco Ranzoni |
Chairman of the Board, Chief Executive
Officer |
|
Gabriella Fabotti |
Chief Financial Officer, Financial
Reporting Officer |
|
Piero Capoferri |
Statutory Auditor |
|
Valentina Ambrosini |
Head of Investor Relations & Affari
Societari |
|
Angela Benazzoli |
Executive |
Significant Developments
|
Topic |
#* |
Most Recent
Headline |
Date |
|
Divestitures / Spin-offs |
1 |
Bialetti Industrie S.p.A. Sells Cookware
Assets of Its Coccaglio Production Plant to TTK Prestige Limited |
19-May-2011 |
|
Restructuring / Reorganization |
1 |
Bialetti Industrie S.p.A. Completes Merger
By Incorporation of Wholly Owned Subsidiary Girmi SpA and SIC - Societa
Italiana Caffettiere S.r.l. into the Company |
13-Dec-2010 |
|
Share Repurchases |
1 |
Bialetti Industrie SpA Renews Share
Repurchase Program |
29-Jun-2011 |
* number of significant developments within the last 12 months
News
|
Title |
Date |
|
Italy's
Bialetti Industrie elects Fabio Cairoli general manager |
18-Jan-2011 |
Financial Summary
|
Stock Snapshot
|
Registered No.(ITA): 03032320248
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 Fogliano, 1
Coccaglio, 25030
Italy
Tel: 39-0307-720011
Fax: 39-0307-7220389
Quote Symbol - Exchange
BIA - Italian SE
(Mercato Continuo Italia)
Sales EUR(mil): 186.1
Assets EUR(mil): 185.2
Employees: 910
Fiscal Year End: 31-Dec-2010
Industry: Appliance
and Tool
Incorporation Date: 1919
Company Type: Public
Parent
Quoted Status: Quoted
Registered No.(ITA): 03032320248
Chairman of the Board,
Chief Executive Officer: Francesco
Ranzoni
Company Web Links
· Company Contact/E-mail
· Corporate History/Profile
· Employment Opportunities
· Executives
· 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:
2449 - Other Domestic Appliance Manufacturing
2240 - Sheet Metal Product Manufacturing (except Metal Structural
and Container Products)
NACE 2002 Codes:
2840 - Forging, pressing, stamping and roll forming of metal;
powder metallurgy
2971 - Manufacture of electric domestic appliances
NAICS 2002 Codes:
332214 - Kitchen Utensil, Pot, and Pan Manufacturing
335211 - Electric Housewares and Household Fan Manufacturing
US SIC 1987:
3634 - Electric Housewares and Fans
3469 - Metal Stampings, Not Elsewhere Classified
UK SIC 2003:
2840 - Forging, pressing, stamping and roll forming of metal;
powder metallurgy
2971 - Manufacture of electric domestic appliances
Business
Description
Bialetti Industrie
SpA is an Italy-based company operating in the houseware sector. The Company
offers its products in two business areas: World House, which includes
cookware, kitchen accessories, and small electric appliances for cooking, and
World Cafe, which comprises all the products offered for the preparation of
coffee including gas coffee-makers, electric coffee-makers. It also offers
cookware in non-stick aluminum and stainless steel, as well as cookware tools.
Bialetti’s brand portfolio includes Bialetti, Aeternum, Rondine, Girmi and
CEM. As of December 31, 2010, the Company had four production plants: two in
Italy, one in Turkey and one in Romania. It had two representatives’ offices
in France and Germany. It operates through its subsidiaries which are Cem
Bialetti, SC Bialetti Stainless Steel Srl, Bialetti Girmi France Sarl, Bialetti
Deutschland GmbH, Bialetti Spain SL and Bialetti Store Srl. For the three
months ended 31 March 2011, Bialetti Industrie S.p.A.'s total revenue increased
17% to EUR52.6M. Net income for the period decreased 70% to EUR319K. Total
revenue for the period reflects an increase in demand for the Company's
products and services. Net income was offset by decreased operating margins due
to the presence of loss on derivatives as well as by increased other financial
expenses.
More Business
Descriptions
Manufacture of manual and electric coffee makers, pans, cooking
accessories and small electrical appliances
Bialetti Industrie
SpA is primarily engaged in manufacture of domestic electric appliances
(refrigerators and freezers, dishwashers, washing and drying machines, vacuum
cleaners, floor polishers, waste disposers, grinders, blenders, juice
squeezers, tin openers, electric shavers, electric tooth brushes, knife
sharpeners, ventilating or recycling hoods0; manufacture of domestic
electro-thermic appliances (electric water heaters; electric blankets, electric
dryers, combs, brushes, curlers; electric smoothing irons; space heaters and
household type fans; electric ovens, micro-wave ovens, cookers, hot plates,
toasters, coffee or tea makers, frying- pans, roasters, grills, electric heating
resistors, etc.).
Coffee and Tea Manufacturing
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Corporate
Family |
Corporate
Structure News: |
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Total Corporate Family Members: 2 |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Coccaglio |
Italy |
Appliance and Tool |
246.5 |
910 |
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Subsidiary |
Coccaglio, Brescia |
Italy |
Retail (Specialty) |
21.4 |
86 |
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Executive report
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Board of
Directors |
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Chairman of the Board, Chief Executive Officer |
Chairman |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Non-Executive Independent Director |
Director/Board Member |
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Executive Director, General Manager |
Director/Board Member |
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Non-Executive Lead Independent Director |
Director/Board Member |
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Director |
Director/Board Member |
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Non-Executive Director |
Director/Board Member |
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Non-Executive Director |
Director/Board Member |
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Executives |
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Chairman of the Board, Chief Executive Officer |
Chief Executive Officer |
RT |
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Executive Director, General Manager |
Division Head Executive |
RT |
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Chief Financial Officer, Financial
Reporting Officer |
Finance Executive |
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Statutory Auditor |
Accounting Executive |
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Statutory Auditor |
Accounting Executive |
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Statutory Auditor |
Accounting Executive |
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Head of Investor Relations & Affari
Societari |
Investment Executive |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Significant Developments
Bialetti Industrie SpA Renews Share Repurchase Program Jun 29, 2011
Bialetti Industrie SpA announced that it has renewed the share repurchase program for a period of 18 months, for the acquisition of own shares up to the limit of 20% of the share capital of the Company. Currently Bialetti Industrie SpA holds a number of 154,559 own shares, corresponding to 0.22% of its share capital.
Bialetti Industrie S.p.A. Sells Cookware Assets of Its Coccaglio Production Plant to TTK Prestige Limited May 19, 2011
Bialetti Industrie S.p.A. announced that it has signed a contract with TTK Prestige Limited for the sale of the cookware assets in the production plant situated in Coccaglio to TTK Prestige Limited, for a total amount of EUR 4 million. The above amount will be paid in four installments: 40% up until seven days from the signing date of the contract; 20% up until June 6, 2011; 10% up until September 30, 2011 and the remaining 10% up until April 30, 2011.
Bialetti Industrie S.p.A. Completes Merger By Incorporation of Wholly Owned Subsidiary Girmi SpA and SIC - Societa Italiana Caffettiere S.r.l. into the Company Dec 13, 2010
Bialetti Industrie S.p.A. (Bialetti) announced that it has completed the merger by incorporation of its wholly owned subsidiaries Girmi S.p.A. and SIC - Societa Italiana Caffettiere S.r.l. in Bialetti Industrie S.p.A. as part of a wider program of reorganization and rationalization of Bialetti provided by the Business Plan of fiscal year 2010 to fiscal year 2012. The merger will focus in all Bialetti Italian activities of the Group, except for its retail activities, conducted by Bialetti Store Ltd. The merger does not involve any significant capital impact, economic and financial consolidated financial statements of Bialetti and will not produce effects on the preservation of heritage of the Company. The merger, will be effective as of December 31, 2010, while the accounting and tax transaction will be made retrospectively from January 1, 2010.
Press clippings
Italy's Bialetti
Industrie elects Fabio Cairoli general manager
ADP Italy News: 18
January 2011
[What follows is the
full text of the news story.]
(ADPnews) � Jan
18, 2011 � The board of directors of Italian houseware producer Bialetti
Industrie SpA (BIT:BIA) appointed on Monday Fabio Cairoli new general manager
of the company, effective January 17, 2011.
The resignation of
Giuseppe Servidori as general manager and director at Bialetti Industrie takes
effect as of the same date.
Servidori holds no
Bialetti stock.
In addition, the
board named Fabio Cairoli executive director in succession of Servidori.
Cairoli will not belong to any of the group's internal committees and will remain
in office until the next shareholders' meeting.
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 |
170.1 |
217.7 |
230.3 |
|
Net sales |
177.2 |
214.9 |
218.7 |
|
Other operating income |
4.3 |
3.4 |
3.8 |
|
Raw materials and consumables employed |
74.4 |
98.0 |
94.8 |
|
Other expenses |
56.3 |
76.9 |
76.0 |
|
Total payroll costs |
28.4 |
38.0 |
29.0 |
|
Fixed asset depreciation and amortisation |
10.3 |
38.4 |
10.0 |
|
Other operating costs |
2.8 |
7.3 |
4.2 |
|
Net operating income |
- |
- |
16.3 |
|
Total financial income |
5.6 |
0.2 |
1.1 |
|
Total expenses |
4.9 |
7.4 |
7.7 |
|
Profit before tax |
- |
- |
9.7 |
|
Extraordinary result |
- |
- |
0.7 |
|
Profit after extraordinary items and before tax |
- |
- |
10.4 |
|
Total taxation |
0.1 |
- |
5.3 |
|
Net profit |
- |
- |
5.2 |
|
Net loss |
3.9 |
42.8 |
- |
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 |
36.2 |
34.9 |
80.1 |
|
Provision for risks |
4.0 |
8.7 |
4.3 |
|
Provision for pensions |
4.9 |
5.8 |
6.1 |
|
Mortgages and loans |
15.5 |
18.4 |
23.4 |
|
Other long-term liabilities |
3.2 |
3.3 |
9.1 |
|
Trade creditors |
42.6 |
46.6 |
63.9 |
|
Bank loans and overdrafts |
79.7 |
84.7 |
71.7 |
|
Other current liabilities |
30.6 |
32.5 |
15.1 |
|
Accruals and deferred income |
0.1 |
0.0 |
0.2 |
|
Total current liabilities |
152.9 |
163.9 |
151.0 |
|
Total liabilities (including net worth) |
216.8 |
234.8 |
273.9 |
|
Intangibles |
14.1 |
15.9 |
24.0 |
|
Total tangible fixed assets |
21.0 |
25.4 |
32.9 |
|
Long-term investments |
29.0 |
20.6 |
32.4 |
|
Total financial assets |
35.4 |
20.8 |
33.2 |
|
Receivables due after 1 year |
4.6 |
5.2 |
4.4 |
|
Loans to associated companies |
6.2 |
- |
- |
|
Total non-current assets |
75.1 |
67.3 |
94.5 |
|
Net stocks and work in progress |
33.8 |
55.9 |
58.0 |
|
Trade debtors |
73.5 |
95.9 |
97.0 |
|
Other receivables |
30.2 |
9.6 |
11.1 |
|
Cash and liquid assets |
1.0 |
1.1 |
7.1 |
|
Marketable securities |
2.5 |
4.4 |
5.1 |
|
Accruals |
0.7 |
0.6 |
1.1 |
|
Total current assets |
141.7 |
167.5 |
179.4 |
|
Total assets |
216.8 |
234.8 |
273.9 |
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 |
0.55 |
0.28 |
0.62 |
|
Profit per employee |
- |
- |
0.03 |
|
Average wage per employee |
0.09 |
0.05 |
0.08 |
|
Net worth |
36.2 |
34.9 |
80.1 |
|
Number of employees |
446 |
1,000 |
499 |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
0.796979 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
244.4 |
270.1 |
307.5 |
302.1 |
261.5 |
|
Revenue |
244.4 |
270.1 |
307.5 |
302.1 |
261.5 |
|
Other Revenue |
2.1 |
4.1 |
2.2 |
2.1 |
1.2 |
|
Other Revenue, Total |
2.1 |
4.1 |
2.2 |
2.1 |
1.2 |
|
Total Revenue |
246.5 |
274.2 |
309.7 |
304.2 |
262.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
103.9 |
120.8 |
133.2 |
126.8 |
122.1 |
|
Cost of Revenue, Total |
103.9 |
120.8 |
133.2 |
126.8 |
122.1 |
|
Gross Profit |
140.4 |
149.2 |
174.2 |
175.3 |
139.4 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
83.4 |
79.9 |
110.8 |
97.5 |
74.6 |
|
Labor & Related Expense |
43.7 |
39.2 |
52.6 |
36.4 |
28.7 |
|
Total Selling/General/Administrative Expenses |
127.1 |
119.1 |
163.5 |
133.9 |
103.2 |
|
Depreciation |
7.6 |
9.2 |
9.5 |
8.4 |
9.1 |
|
Amortization of Intangibles |
3.9 |
4.7 |
6.3 |
4.7 |
3.3 |
|
Depreciation/Amortization |
11.5 |
13.9 |
15.8 |
13.1 |
12.4 |
|
Investment Income -
Operating |
0.5 |
0.0 |
0.7 |
1.5 |
-0.1 |
|
Interest/Investment Income - Operating |
0.5 |
0.0 |
0.7 |
1.5 |
-0.1 |
|
Interest Expense (Income) - Net Operating Total |
0.5 |
0.0 |
0.7 |
1.5 |
-0.1 |
|
Impairment-Assets Held for Use |
3.9 |
4.9 |
0.7 |
0.0 |
- |
|
Loss (Gain) on Sale of Assets - Operating |
0.3 |
0.5 |
0.0 |
- |
- |
|
Unusual Expense (Income) |
4.1 |
5.4 |
0.7 |
0.0 |
- |
|
Other Operating Expense |
18.7 |
17.6 |
15.5 |
6.8 |
7.0 |
|
Other Operating Expenses, Total |
18.7 |
17.6 |
15.5 |
6.8 |
7.0 |
|
Total Operating Expense |
265.9 |
276.9 |
329.5 |
282.1 |
244.7 |
|
|
|
|
|
|
|
|
Operating Income |
-19.4 |
-2.7 |
-19.8 |
22.1 |
17.9 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-5.4 |
-8.9 |
-13.4 |
-9.0 |
-9.5 |
|
Interest Expense, Net Non-Operating |
-5.4 |
-8.9 |
-13.4 |
-9.0 |
-9.5 |
|
Investment Income -
Non-Operating |
- |
0.0 |
-0.5 |
0.0 |
-2.3 |
|
Interest/Investment Income - Non-Operating |
- |
0.0 |
-0.5 |
0.0 |
-2.3 |
|
Interest Income (Expense) - Net Non-Operating Total |
-5.4 |
-8.9 |
-13.9 |
-9.0 |
-11.7 |
|
Other Non-Operating Income (Expense) |
0.0 |
1.3 |
-4.3 |
-2.4 |
0.6 |
|
Other, Net |
0.0 |
1.3 |
-4.3 |
-2.4 |
0.6 |
|
Income Before Tax |
-24.8 |
-10.3 |
-38.0 |
10.7 |
6.8 |
|
|
|
|
|
|
|
|
Total Income Tax |
0.0 |
3.8 |
-3.5 |
5.1 |
3.7 |
|
Income After Tax |
-24.8 |
-14.1 |
-34.5 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Minority Interest |
0.1 |
0.4 |
0.1 |
0.0 |
- |
|
Net Income Before Extraord Items |
-24.7 |
-13.7 |
-34.4 |
5.6 |
3.1 |
|
Net Income |
-24.7 |
-13.7 |
-34.4 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
-24.7 |
-13.7 |
-34.4 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-24.7 |
-13.7 |
-34.4 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
74.8 |
74.8 |
74.9 |
75.0 |
60.0 |
|
Basic EPS Excl Extraord Items |
-0.33 |
-0.18 |
-0.46 |
0.07 |
0.05 |
|
Basic/Primary EPS Incl Extraord Items |
-0.33 |
-0.18 |
-0.46 |
0.07 |
0.05 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
- |
- |
|
Diluted Net Income |
-24.7 |
-13.7 |
-34.4 |
5.6 |
3.1 |
|
Diluted Weighted Average Shares |
74.8 |
74.8 |
74.9 |
75.0 |
60.0 |
|
Diluted EPS Excl Extraord Items |
-0.33 |
-0.18 |
-0.46 |
0.07 |
0.05 |
|
Diluted EPS Incl Extraord Items |
-0.33 |
-0.18 |
-0.46 |
0.07 |
0.05 |
|
Dividends per Share - Common Stock Primary Issue |
- |
- |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
- |
- |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
5.4 |
8.9 |
13.4 |
9.0 |
9.5 |
|
Depreciation, Supplemental |
15.4 |
8.9 |
9.5 |
8.4 |
9.1 |
|
Total Special Items |
4.1 |
5.4 |
0.7 |
0.0 |
- |
|
Normalized Income Before Tax |
-20.7 |
-4.8 |
-37.3 |
10.7 |
6.8 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
1.4 |
1.9 |
0.3 |
0.0 |
- |
|
Inc Tax Ex Impact of Sp Items |
1.4 |
5.7 |
-3.3 |
5.1 |
3.7 |
|
Normalized Income After Tax |
-22.1 |
-10.6 |
-34.0 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-22.0 |
-10.2 |
-33.9 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.29 |
-0.14 |
-0.45 |
0.07 |
0.05 |
|
Diluted Normalized EPS |
-0.29 |
-0.14 |
-0.45 |
0.07 |
0.05 |
|
Amort of Intangibles, Supplemental |
4.1 |
5.0 |
6.3 |
4.7 |
3.3 |
|
Rental Expenses |
8.9 |
8.4 |
7.3 |
5.5 |
1.2 |
|
Advertising Expense, Supplemental |
3.8 |
5.8 |
8.6 |
11.0 |
4.9 |
|
Normalized EBIT |
-14.7 |
2.7 |
-18.4 |
23.6 |
17.9 |
|
Normalized EBITDA |
4.8 |
16.5 |
-2.6 |
36.7 |
30.3 |
|
Current Tax - Total |
1.1 |
1.3 |
-3.9 |
3.7 |
6.7 |
|
Current Tax - Total |
1.1 |
1.3 |
-3.9 |
3.7 |
6.7 |
|
Deferred Tax - Total |
-1.1 |
2.5 |
0.4 |
1.4 |
-3.0 |
|
Deferred Tax - Total |
-1.1 |
2.5 |
0.4 |
1.4 |
-3.0 |
|
Income Tax - Total |
0.0 |
3.8 |
-3.5 |
5.1 |
3.7 |
|
Discount Rate - Domestic |
4.50% |
4.45% |
4.30% |
- |
- |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
- |
- |
|
Pension Payment Rate - Domestic |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
0.683971 |
0.758351 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
4.2 |
4.4 |
4.7 |
10.0 |
6.4 |
|
Short Term Investments |
1.9 |
2.0 |
4.4 |
5.1 |
6.0 |
|
Cash and Short Term Investments |
6.1 |
6.5 |
9.1 |
15.1 |
12.4 |
|
Accounts Receivable -
Trade, Gross |
102.2 |
105.1 |
106.5 |
126.2 |
102.4 |
|
Provision for Doubtful
Accounts |
-8.5 |
-8.8 |
-6.4 |
-6.4 |
-5.8 |
|
Trade Accounts Receivable - Net |
93.6 |
96.3 |
100.1 |
119.9 |
96.7 |
|
Other Receivables |
7.0 |
13.1 |
17.3 |
18.3 |
8.0 |
|
Total Receivables, Net |
100.6 |
109.4 |
117.4 |
138.2 |
104.7 |
|
Inventories - Finished Goods |
49.8 |
31.5 |
49.7 |
45.8 |
30.0 |
|
Inventories - Work In Progress |
12.0 |
6.4 |
6.5 |
7.6 |
6.1 |
|
Inventories - Raw Materials |
9.2 |
17.2 |
26.1 |
28.1 |
20.8 |
|
Inventories - Other |
-0.6 |
4.2 |
2.0 |
0.7 |
0.1 |
|
Total Inventory |
70.5 |
59.4 |
84.2 |
82.2 |
57.1 |
|
Total Current Assets |
177.2 |
175.3 |
210.7 |
235.4 |
174.2 |
|
|
|
|
|
|
|
|
Land/Improvements |
5.7 |
5.0 |
4.8 |
0.0 |
0.2 |
|
Machinery/Equipment |
98.3 |
102.5 |
95.5 |
88.1 |
73.5 |
|
Construction in
Progress |
1.0 |
1.4 |
2.0 |
5.6 |
2.0 |
|
Other
Property/Plant/Equipment |
11.6 |
10.2 |
10.7 |
5.9 |
5.0 |
|
Property/Plant/Equipment - Gross |
116.7 |
119.2 |
113.1 |
99.5 |
80.6 |
|
Accumulated Depreciation |
-82.2 |
-76.5 |
-63.7 |
-58.3 |
-44.8 |
|
Property/Plant/Equipment - Net |
34.5 |
42.7 |
49.4 |
41.3 |
35.8 |
|
Goodwill, Net |
- |
15.8 |
15.4 |
- |
- |
|
Intangibles, Net |
25.9 |
15.2 |
19.5 |
44.4 |
34.2 |
|
LT Investment - Affiliate Companies |
- |
- |
- |
- |
0.0 |
|
LT Investments - Other |
- |
- |
- |
- |
0.0 |
|
Long Term Investments |
- |
- |
- |
- |
0.0 |
|
Note Receivable - Long Term |
3.7 |
6.1 |
0.3 |
0.4 |
3.6 |
|
Deferred Income Tax - Long Term Asset |
7.1 |
6.9 |
8.3 |
9.9 |
7.7 |
|
Other Long Term Assets, Total |
7.1 |
6.9 |
8.3 |
9.9 |
7.7 |
|
Total Assets |
248.4 |
262.0 |
303.6 |
331.4 |
255.4 |
|
|
|
|
|
|
|
|
Accounts Payable |
71.4 |
63.8 |
69.9 |
80.7 |
58.8 |
|
Notes Payable/Short Term Debt |
10.3 |
3.4 |
4.5 |
2.8 |
3.2 |
|
Current Portion - Long Term Debt/Capital Leases |
126.7 |
118.7 |
135.2 |
106.2 |
105.0 |
|
Income Taxes Payable |
4.6 |
3.5 |
3.9 |
2.9 |
5.3 |
|
Other Current Liabilities |
12.2 |
10.0 |
15.0 |
11.4 |
12.5 |
|
Other Current liabilities, Total |
16.8 |
13.5 |
18.8 |
14.4 |
17.8 |
|
Total Current Liabilities |
225.2 |
199.4 |
228.5 |
204.1 |
184.9 |
|
|
|
|
|
|
|
|
Long Term Debt |
0.0 |
19.2 |
17.6 |
25.9 |
20.7 |
|
Capital Lease Obligations |
1.4 |
3.0 |
3.6 |
4.6 |
5.5 |
|
Total Long Term Debt |
1.4 |
22.2 |
21.2 |
30.5 |
26.2 |
|
Total Debt |
138.4 |
144.3 |
160.9 |
139.5 |
134.4 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
2.3 |
2.9 |
4.2 |
4.8 |
4.0 |
|
Deferred Income Tax |
2.3 |
2.9 |
4.2 |
4.8 |
4.0 |
|
Minority Interest |
0.3 |
0.6 |
0.8 |
0.3 |
0.0 |
|
Reserves |
5.0 |
0.9 |
1.0 |
0.6 |
0.5 |
|
Pension Benefits - Underfunded |
4.0 |
5.5 |
6.5 |
7.2 |
9.7 |
|
Other Long Term Liabilities |
1.0 |
2.3 |
3.3 |
4.2 |
9.4 |
|
Other Liabilities, Total |
10.0 |
8.7 |
10.7 |
12.0 |
19.6 |
|
Total Liabilities |
239.2 |
233.7 |
265.3 |
251.8 |
234.6 |
|
|
|
|
|
|
|
|
Common Stock |
25.0 |
26.8 |
25.9 |
27.4 |
19.8 |
|
Common Stock |
25.0 |
26.8 |
25.9 |
27.4 |
19.8 |
|
Retained Earnings (Accumulated Deficit) |
-15.8 |
1.5 |
12.3 |
52.2 |
1.0 |
|
Total Equity |
9.2 |
28.3 |
38.3 |
79.6 |
20.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
248.4 |
262.0 |
303.6 |
331.4 |
255.4 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
74.8 |
74.8 |
74.8 |
75.0 |
60.0 |
|
Total Common Shares Outstanding |
74.8 |
74.8 |
74.8 |
75.0 |
60.0 |
|
Treasury Shares - Common Stock Primary Issue |
0.2 |
0.2 |
0.2 |
- |
- |
|
Employees |
910 |
857 |
813 |
908 |
867 |
|
Deferred Revenue - Current |
- |
- |
0.0 |
0.1 |
0.2 |
|
Total Long Term Debt, Supplemental |
125.3 |
135.6 |
149.9 |
128.9 |
122.6 |
|
Long Term Debt Maturing within 1 Year |
125.3 |
116.4 |
132.3 |
103.0 |
101.9 |
|
Long Term Debt Maturing in Year 2 |
0.0 |
11.7 |
10.0 |
14.9 |
9.0 |
|
Long Term Debt Maturing in Year 3 |
0.0 |
3.5 |
4.3 |
9.1 |
6.7 |
|
Long Term Debt Maturing in Year 4 |
0.0 |
2.7 |
2.5 |
1.6 |
4.4 |
|
Long Term Debt Maturing in Year 5 |
0.0 |
1.3 |
0.7 |
0.3 |
0.6 |
|
Long Term Debt Maturing in 2-3 Years |
0.0 |
15.2 |
14.3 |
24.0 |
15.7 |
|
Long Term Debt Maturing in 4-5 Years |
0.0 |
4.0 |
3.3 |
1.9 |
5.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
2.9 |
5.3 |
6.5 |
7.8 |
8.6 |
|
Capital Lease Payments Due in Year 1 |
1.4 |
2.3 |
2.9 |
3.2 |
3.2 |
|
Capital Lease Payments Due in Year 2 |
0.8 |
1.5 |
1.8 |
2.4 |
2.6 |
|
Capital Lease Payments Due in Year 3 |
0.4 |
0.9 |
1.1 |
1.3 |
1.9 |
|
Capital Lease Payments Due in Year 4 |
0.2 |
0.4 |
0.5 |
0.7 |
0.8 |
|
Capital Lease Payments Due in Year 5 |
0.0 |
0.2 |
0.0 |
0.2 |
0.2 |
|
Capital Lease Payments Due in 2-3 Years |
1.2 |
2.4 |
3.0 |
3.7 |
4.4 |
|
Capital Lease Payments Due in 4-5 Years |
0.2 |
0.7 |
0.6 |
0.9 |
1.0 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Operating Leases, Supplemental |
6.6 |
12.1 |
34.5 |
38.6 |
- |
|
Operating Lease Payments Due in Year 1 |
2.9 |
3.8 |
3.1 |
3.2 |
- |
|
Operating Lease Payments Due in Year 2 |
2.9 |
3.8 |
3.1 |
3.2 |
- |
|
Operating Lease Payments Due in Year 3 |
0.2 |
3.8 |
3.1 |
3.2 |
- |
|
Operating Lease Payments Due in Year 4 |
0.2 |
0.3 |
3.1 |
3.2 |
- |
|
Operating Lease Payments Due in Year 5 |
0.2 |
0.3 |
3.1 |
3.2 |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
3.2 |
7.6 |
6.3 |
6.4 |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
0.5 |
0.5 |
6.3 |
6.4 |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.0 |
0.3 |
18.8 |
22.5 |
- |
|
Pension Obligation - Domestic |
4.0 |
5.5 |
6.5 |
- |
- |
|
Funded Status - Domestic |
-4.0 |
-5.5 |
-6.5 |
- |
- |
|
Total Funded Status |
-4.0 |
-5.5 |
-6.5 |
- |
- |
|
Discount Rate - Domestic |
4.50% |
4.45% |
4.30% |
- |
- |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
- |
- |
|
Pension Payment Rate - Domestic |
3.00% |
3.00% |
3.00% |
- |
- |
|
Accrued Liabilities - Domestic |
-4.0 |
-5.5 |
-6.5 |
- |
- |
|
Net Assets Recognized on Balance Sheet |
-4.0 |
-5.5 |
-6.5 |
- |
- |
|
Total Plan Obligations |
4.0 |
5.5 |
6.5 |
- |
- |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
0.796979 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-24.8 |
-10.3 |
-38.0 |
10.7 |
6.8 |
|
Depreciation |
15.4 |
18.8 |
15.8 |
13.1 |
12.4 |
|
Depreciation/Depletion |
15.4 |
18.8 |
15.8 |
13.1 |
12.4 |
|
Deferred Taxes |
0.8 |
-1.9 |
3.9 |
2.4 |
3.0 |
|
Unusual Items |
10.4 |
11.9 |
15.5 |
8.0 |
13.3 |
|
Other Non-Cash Items |
8.0 |
1.8 |
5.5 |
-0.9 |
1.3 |
|
Non-Cash Items |
18.3 |
13.7 |
21.0 |
7.1 |
14.6 |
|
Accounts Receivable |
-6.1 |
4.1 |
8.2 |
-12.2 |
-3.3 |
|
Inventories |
-15.5 |
26.7 |
-3.8 |
-17.7 |
5.7 |
|
Other Assets |
5.7 |
-3.2 |
5.0 |
-5.2 |
3.6 |
|
Accounts Payable |
11.6 |
-8.2 |
-7.2 |
14.5 |
-0.8 |
|
Other Liabilities |
2.1 |
-6.0 |
2.0 |
-8.1 |
0.6 |
|
Other Operating Cash Flow |
-11.7 |
-12.2 |
-19.0 |
-22.5 |
-15.5 |
|
Changes in Working Capital |
-13.8 |
1.4 |
-14.7 |
-51.1 |
-9.7 |
|
Cash from Operating Activities |
-4.0 |
21.7 |
-11.9 |
-17.8 |
27.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-5.7 |
-6.8 |
-21.5 |
-10.2 |
-5.4 |
|
Purchase/Acquisition of Intangibles |
-2.0 |
-0.8 |
-2.6 |
-10.6 |
-3.4 |
|
Capital Expenditures |
-7.7 |
-7.6 |
-24.1 |
-20.8 |
-8.8 |
|
Sale of Fixed Assets |
1.1 |
1.6 |
1.0 |
0.1 |
1.5 |
|
Investment, Net |
-0.8 |
0.0 |
0.3 |
1.7 |
0.8 |
|
Purchase of Investments |
0.0 |
2.4 |
0.8 |
2.1 |
-6.8 |
|
Sale of Intangible Assets |
1.4 |
- |
- |
- |
- |
|
Other Investing Cash Flow Items, Total |
1.6 |
4.0 |
2.1 |
4.0 |
-4.6 |
|
Cash from Investing Activities |
-6.1 |
-3.7 |
-22.0 |
-16.8 |
-13.3 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
6.0 |
3.0 |
0.5 |
0.3 |
- |
|
Financing Cash Flow Items |
6.0 |
3.0 |
0.5 |
0.3 |
- |
|
Cash Dividends Paid - Common |
- |
0.0 |
0.0 |
0.0 |
-2.5 |
|
Total Cash Dividends Paid |
- |
0.0 |
0.0 |
0.0 |
-2.5 |
|
Sale/Issuance of
Common |
- |
0.0 |
-0.6 |
47.3 |
- |
|
Common Stock, Net |
- |
0.0 |
-0.6 |
47.3 |
- |
|
Issuance (Retirement) of Stock, Net |
- |
0.0 |
-0.6 |
47.3 |
- |
|
Total Debt Issued |
111.7 |
108.0 |
142.5 |
105.8 |
76.6 |
|
Total Debt Reduction |
-108.3 |
-129.5 |
-111.5 |
-114.7 |
-87.6 |
|
Issuance (Retirement) of Debt, Net |
3.4 |
-21.5 |
31.0 |
-8.9 |
-11.0 |
|
Cash from Financing Activities |
9.4 |
-18.5 |
30.8 |
38.8 |
-13.5 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-0.8 |
-0.4 |
-3.1 |
4.2 |
0.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
4.1 |
4.7 |
8.0 |
3.3 |
2.7 |
|
Net Cash - Ending Balance |
3.3 |
4.3 |
4.9 |
7.5 |
3.0 |
|
Cash Interest Paid |
6.3 |
8.7 |
13.7 |
10.1 |
11.0 |
|
Cash Taxes Paid |
- |
- |
1.4 |
10.0 |
3.1 |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
0.796979 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
244.4 |
270.1 |
307.5 |
302.1 |
261.5 |
|
Other Revenue |
2.1 |
4.1 |
2.2 |
2.1 |
1.2 |
|
Total Revenue |
246.5 |
274.2 |
309.7 |
304.2 |
262.7 |
|
|
|
|
|
|
|
|
Change in Inventory |
-19.2 |
13.5 |
-2.1 |
-11.1 |
-0.2 |
|
Raw Materials |
123.1 |
107.3 |
135.4 |
137.9 |
122.2 |
|
Services |
83.4 |
79.9 |
110.8 |
97.5 |
74.6 |
|
Personnel |
43.7 |
39.2 |
52.6 |
36.4 |
28.7 |
|
Amortisation |
3.9 |
4.7 |
6.3 |
4.7 |
3.3 |
|
Depreciation |
7.6 |
9.2 |
9.5 |
8.4 |
9.1 |
|
Other Write-Downs |
3.9 |
4.9 |
0.7 |
0.0 |
- |
|
Other Operating Expenses |
18.7 |
17.6 |
15.5 |
6.8 |
7.0 |
|
Loss Assets Disposal |
0.3 |
0.5 |
0.0 |
- |
- |
|
Derivatives |
0.5 |
0.0 |
0.7 |
1.5 |
-0.1 |
|
Total Operating Expense |
265.9 |
276.9 |
329.5 |
282.1 |
244.7 |
|
|
|
|
|
|
|
|
Income/Loss from Associate Companies |
- |
0.0 |
-0.5 |
0.0 |
-0.8 |
|
Financial Income |
0.1 |
0.3 |
0.3 |
0.7 |
0.7 |
|
Interest Expenses |
-5.4 |
-8.9 |
-13.4 |
-9.0 |
-9.5 |
|
Other Financial Expenses |
-0.1 |
1.1 |
-4.6 |
-3.1 |
-0.1 |
|
Exchange Differences |
- |
- |
- |
- |
-1.4 |
|
Net Income Before Taxes |
-24.8 |
-10.3 |
-38.0 |
10.7 |
6.8 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.0 |
3.8 |
-3.5 |
5.1 |
3.7 |
|
Net Income After Taxes |
-24.8 |
-14.1 |
-34.5 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Minority Interest |
0.1 |
0.4 |
0.1 |
0.0 |
- |
|
Net Income Before Extra. Items |
-24.7 |
-13.7 |
-34.4 |
5.6 |
3.1 |
|
Net Income |
-24.7 |
-13.7 |
-34.4 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-24.7 |
-13.7 |
-34.4 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-24.7 |
-13.7 |
-34.4 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
74.8 |
74.8 |
74.9 |
75.0 |
60.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
-0.33 |
-0.18 |
-0.46 |
0.07 |
0.05 |
|
Basic EPS Including ExtraOrdinary Items |
-0.33 |
-0.18 |
-0.46 |
0.07 |
0.05 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
- |
- |
|
Diluted Net Income |
-24.7 |
-13.7 |
-34.4 |
5.6 |
3.1 |
|
Diluted Weighted Average Shares |
74.8 |
74.8 |
74.9 |
75.0 |
60.0 |
|
Diluted EPS Excluding ExtraOrd Items |
-0.33 |
-0.18 |
-0.46 |
0.07 |
0.05 |
|
Diluted EPS Including ExtraOrd Items |
-0.33 |
-0.18 |
-0.46 |
0.07 |
0.05 |
|
DPS-Common Stock |
- |
- |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
- |
- |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
-20.7 |
-4.8 |
-37.3 |
10.7 |
6.8 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
1.4 |
5.7 |
-3.3 |
5.1 |
3.7 |
|
Normalized Income After Taxes |
-22.1 |
-10.6 |
-34.0 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-22.0 |
-10.2 |
-33.9 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.29 |
-0.14 |
-0.45 |
0.07 |
0.05 |
|
Diluted Normalized EPS |
-0.29 |
-0.14 |
-0.45 |
0.07 |
0.05 |
|
Interest Expenses |
5.4 |
8.9 |
13.4 |
9.0 |
9.5 |
|
Rental Expenses |
8.9 |
8.4 |
7.3 |
5.5 |
1.2 |
|
Advertising Expenses |
3.8 |
5.8 |
8.6 |
11.0 |
4.9 |
|
Amortisation |
4.1 |
5.0 |
6.3 |
4.7 |
3.3 |
|
Depreciation |
15.4 |
8.9 |
9.5 |
8.4 |
9.1 |
|
Current Tax |
1.1 |
1.3 |
-3.9 |
3.7 |
6.7 |
|
Current Tax - Total |
1.1 |
1.3 |
-3.9 |
3.7 |
6.7 |
|
Deferred Tax |
-1.1 |
2.5 |
0.4 |
1.4 |
-3.0 |
|
Deferred Tax - Total |
-1.1 |
2.5 |
0.4 |
1.4 |
-3.0 |
|
Income Tax - Total |
0.0 |
3.8 |
-3.5 |
5.1 |
3.7 |
|
Discount Rate - Domestic |
4.50% |
4.45% |
4.30% |
- |
- |
|
Pension Payment Rate - Domestic |
3.00% |
3.00% |
3.00% |
- |
- |
|
Compensation Rate - Domestic |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
0.683971 |
0.758351 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Finished Products |
49.8 |
31.5 |
49.7 |
45.8 |
30.0 |
|
Raw Materials |
9.2 |
17.2 |
26.1 |
28.1 |
20.8 |
|
Work in Progress |
12.0 |
6.4 |
6.5 |
7.6 |
6.1 |
|
Advances |
0.7 |
5.5 |
2.9 |
1.6 |
1.2 |
|
Inventory Provision |
-1.2 |
-1.2 |
-0.9 |
-0.8 |
-1.0 |
|
Trade Receivables Gross |
102.2 |
105.1 |
106.5 |
126.2 |
102.4 |
|
Provision for Doubtful Accounts |
-8.5 |
-8.8 |
-6.4 |
-6.4 |
-5.8 |
|
Financial Assets Available for Sale |
1.9 |
2.0 |
4.4 |
5.1 |
6.0 |
|
Tax Receivables |
2.9 |
3.2 |
4.5 |
3.3 |
2.3 |
|
Receivables and Other Assets |
4.0 |
10.0 |
12.9 |
14.9 |
5.7 |
|
Liquid Funds |
4.2 |
4.4 |
4.7 |
10.0 |
6.4 |
|
Total Current Assets |
177.2 |
175.3 |
210.7 |
235.4 |
174.2 |
|
|
|
|
|
|
|
|
Land and Buildings |
5.7 |
5.0 |
4.8 |
0.0 |
0.2 |
|
Plant and Machinery |
68.5 |
69.0 |
64.4 |
58.4 |
49.0 |
|
Industrial and Commercial Equipment |
29.8 |
33.5 |
31.1 |
29.6 |
24.5 |
|
Other Tangibles |
11.6 |
10.2 |
10.7 |
5.9 |
5.0 |
|
Construction in Progress |
1.0 |
1.4 |
2.0 |
5.6 |
2.0 |
|
Depreciation |
-82.2 |
-76.5 |
-63.7 |
-58.3 |
-44.8 |
|
Intangibles |
25.9 |
15.2 |
19.5 |
44.4 |
34.2 |
|
Goodwill |
- |
15.8 |
15.4 |
- |
- |
|
Participations in Associates |
- |
- |
- |
- |
0.0 |
|
Deferred Tax |
7.1 |
6.9 |
8.3 |
9.9 |
7.7 |
|
Financial Assets Available for Sale |
- |
- |
- |
- |
0.0 |
|
Receivables and Other Assets |
3.7 |
6.1 |
0.3 |
0.4 |
3.6 |
|
Total Assets |
248.4 |
262.0 |
303.6 |
331.4 |
255.4 |
|
|
|
|
|
|
|
|
Debts and Other Financial Liabilities |
10.3 |
3.4 |
4.5 |
2.8 |
3.2 |
|
Current Portion of LT Debts |
125.3 |
116.4 |
132.3 |
103.0 |
101.9 |
|
Current Portion of Lease |
1.4 |
2.3 |
2.9 |
3.2 |
3.2 |
|
Trade Payables |
71.4 |
63.8 |
69.9 |
80.7 |
58.8 |
|
Tax Payables |
4.6 |
3.5 |
3.9 |
2.9 |
5.3 |
|
Risk Provision |
0.9 |
1.4 |
1.7 |
0.2 |
0.2 |
|
Other Liabilities |
11.3 |
8.6 |
13.3 |
11.2 |
12.3 |
|
Total Current Liabilities |
225.2 |
199.4 |
228.5 |
204.1 |
184.9 |
|
|
|
|
|
|
|
|
Banks |
0.0 |
19.2 |
17.6 |
25.9 |
20.7 |
|
Leasing |
1.4 |
3.0 |
3.6 |
4.6 |
5.5 |
|
Total Long Term Debt |
1.4 |
22.2 |
21.2 |
30.5 |
26.2 |
|
|
|
|
|
|
|
|
Minority Interest |
0.3 |
0.6 |
0.8 |
0.3 |
0.0 |
|
Severance Provision |
4.0 |
5.5 |
6.5 |
7.2 |
9.7 |
|
Risk Provision |
5.0 |
0.9 |
1.0 |
0.6 |
0.5 |
|
Deferred Taxes |
2.3 |
2.9 |
4.2 |
4.8 |
4.0 |
|
Other Liabilities |
1.0 |
2.3 |
3.3 |
4.2 |
9.4 |
|
Total Liabilities |
239.2 |
233.7 |
265.3 |
251.8 |
234.6 |
|
|
|
|
|
|
|
|
Share Capital |
25.0 |
26.8 |
25.9 |
27.4 |
19.8 |
|
Reserves |
0.5 |
3.4 |
39.0 |
42.3 |
0.8 |
|
Future Capital Increase Reserve |
10.7 |
4.3 |
0.0 |
- |
- |
|
Retained Earnings |
-27.0 |
-6.2 |
-26.7 |
9.9 |
0.2 |
|
Total Equity |
9.2 |
28.3 |
38.3 |
79.6 |
20.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
248.4 |
262.0 |
303.6 |
331.4 |
255.4 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
74.8 |
74.8 |
74.8 |
75.0 |
60.0 |
|
Total Common Shares Outstanding |
74.8 |
74.8 |
74.8 |
75.0 |
60.0 |
|
T/S-Common Stock |
0.2 |
0.2 |
0.2 |
- |
- |
|
Deferred Revenue - Current |
- |
- |
0.0 |
0.1 |
0.2 |
|
Full-Time Employees |
910 |
857 |
813 |
908 |
867 |
|
LT Debt Maturing within 1 Y |
125.3 |
116.4 |
132.3 |
103.0 |
101.9 |
|
LT Debt Maturing in 2 Y |
0.0 |
11.7 |
10.0 |
14.9 |
9.0 |
|
LT Debt Maturing in 3 Y |
0.0 |
3.5 |
4.3 |
9.1 |
6.7 |
|
LT Debt Maturing in 4 Y |
0.0 |
2.7 |
2.5 |
1.6 |
4.4 |
|
LT Debt Maturing in 5 Y |
0.0 |
1.3 |
0.7 |
0.3 |
0.6 |
|
LT Debt Maturing after 5 Y |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Debt, Supplemental |
125.3 |
135.6 |
149.9 |
128.9 |
122.6 |
|
Financial Lease Maturing within 1 Y |
1.4 |
2.3 |
2.9 |
3.2 |
3.2 |
|
Financial Lease Maturing in 2 Y |
0.8 |
1.5 |
1.8 |
2.4 |
2.6 |
|
Financial Lease Maturing in 3 Y |
0.4 |
0.9 |
1.1 |
1.3 |
1.9 |
|
Financial Lease Maturing in 4 Y |
0.2 |
0.4 |
0.5 |
0.7 |
0.8 |
|
Financial Lease Maturing in 5 Y |
0.0 |
0.2 |
0.0 |
0.2 |
0.2 |
|
Financial Lease - Remaining |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
2.9 |
5.3 |
6.5 |
7.8 |
8.6 |
|
Operating Lease Maturing in 1 Year |
2.9 |
3.8 |
3.1 |
3.2 |
- |
|
Operating Lease Maturing in 2 Years |
2.9 |
3.8 |
3.1 |
3.2 |
- |
|
Operating Lease Maturing in 3 Years |
0.2 |
3.8 |
3.1 |
3.2 |
- |
|
Operating Lease Maturing in 4 Years |
0.2 |
0.3 |
3.1 |
3.2 |
- |
|
Operating Lease Maturing in 5 Years |
0.2 |
0.3 |
3.1 |
3.2 |
- |
|
Operating Lease Maturing after 5 Years |
0.0 |
0.3 |
18.8 |
22.5 |
- |
|
Total Operating Leases, Supplemental |
6.6 |
12.1 |
34.5 |
38.6 |
- |
|
Pension Obligation - Domestic |
4.0 |
5.5 |
6.5 |
- |
- |
|
Funded Status - Domestic |
-4.0 |
-5.5 |
-6.5 |
- |
- |
|
Total Funded Status |
-4.0 |
-5.5 |
-6.5 |
- |
- |
|
Discount Rate - Domestic |
4.50% |
4.45% |
4.30% |
- |
- |
|
Pension Payment Rate - Domestic |
3.00% |
3.00% |
3.00% |
- |
- |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
- |
- |
|
Accrued Liabilities - Domestic |
-4.0 |
-5.5 |
-6.5 |
- |
- |
|
Net Assets Recognized on Balance Sheet |
-4.0 |
-5.5 |
-6.5 |
- |
- |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
0.796979 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income Before Taxes |
-24.8 |
-10.3 |
-38.0 |
10.7 |
6.8 |
|
Depreciation |
15.4 |
18.8 |
15.8 |
13.1 |
12.4 |
|
WD of Receivables |
3.3 |
2.7 |
2.5 |
0.3 |
3.8 |
|
Risk Provision |
5.7 |
- |
2.0 |
0.1 |
0.1 |
|
WB and WD Sale of Tangibles |
-0.1 |
0.1 |
-0.1 |
0.0 |
0.0 |
|
Derivatives |
0.8 |
0.0 |
-0.3 |
-1.7 |
-0.8 |
|
Int. Income and Dividends on Fin. Assets |
- |
0.0 |
-0.3 |
-0.7 |
-0.7 |
|
Net Financial Expenses |
6.4 |
9.1 |
13.7 |
10.1 |
11.0 |
|
Severance Provision |
2.3 |
1.8 |
3.5 |
-0.9 |
1.2 |
|
Inventory |
-15.5 |
26.7 |
-3.8 |
-17.7 |
5.7 |
|
Trade Receivables |
-6.1 |
4.1 |
8.2 |
-12.2 |
-3.3 |
|
Receivables and Other Assets |
- |
- |
1.8 |
-8.0 |
-1.2 |
|
Other Assets and Tax Receivables |
- |
- |
1.2 |
1.3 |
5.3 |
|
Receivables & Other Assets Curr. & Non |
6.5 |
-3.2 |
- |
- |
- |
|
Trade Payables |
11.6 |
-8.2 |
-7.2 |
14.5 |
-0.8 |
|
Deferred Tax |
0.8 |
-1.9 |
3.9 |
2.4 |
3.0 |
|
Other Liabilities |
2.1 |
-6.0 |
2.0 |
-8.1 |
0.6 |
|
Time Deposit - Liquid Funds |
-0.8 |
0.0 |
2.0 |
1.5 |
-0.5 |
|
Interest Paid |
-6.3 |
-8.7 |
-13.7 |
-10.1 |
-11.0 |
|
Tax Paid |
- |
- |
-1.4 |
-10.0 |
-3.1 |
|
Severance Provision Paid |
-3.5 |
-2.9 |
-3.9 |
-2.4 |
-1.4 |
|
Risk Provision Paid |
-1.9 |
-0.5 |
- |
- |
0.0 |
|
Cash from Operating Activities |
-4.0 |
21.7 |
-11.9 |
-17.8 |
27.2 |
|
|
|
|
|
|
|
|
Purchase of Tangibles |
-5.7 |
-6.8 |
-21.5 |
-10.2 |
-5.4 |
|
Sale of Tangibles |
1.1 |
1.6 |
1.0 |
0.1 |
1.5 |
|
Investments in Subsidiaries |
- |
- |
0.0 |
0.0 |
-7.3 |
|
Purchase of Intangibles |
-2.0 |
-0.8 |
-2.6 |
-10.6 |
-3.4 |
|
Sale of Intangible Assets |
1.4 |
- |
- |
- |
- |
|
Purchase of Financial Assets |
0.0 |
2.4 |
0.8 |
2.1 |
0.5 |
|
Derivatives Income |
-0.8 |
0.0 |
0.3 |
1.7 |
0.8 |
|
Cash from Investing Activities |
-6.1 |
-3.7 |
-22.0 |
-16.8 |
-13.3 |
|
|
|
|
|
|
|
|
Issue of Debts |
111.7 |
108.0 |
142.5 |
105.8 |
76.6 |
|
Refunding of Debts |
-108.3 |
-129.5 |
-111.5 |
-114.7 |
-87.6 |
|
Dividends |
- |
0.0 |
0.0 |
0.0 |
-2.5 |
|
Change in Equity for IPO |
- |
- |
0.0 |
47.0 |
- |
|
Reserve for Stock Option |
0.0 |
0.0 |
0.0 |
- |
- |
|
Conversion Reserve |
-0.5 |
-1.3 |
0.0 |
- |
- |
|
Minority Interests |
-0.2 |
0.2 |
0.5 |
0.3 |
- |
|
Payments for Future Capital Increase |
6.6 |
4.2 |
0.0 |
- |
- |
|
Other Changes in Equity |
- |
0.0 |
-0.6 |
0.4 |
- |
|
Cash from Financing Activities |
9.4 |
-18.5 |
30.8 |
38.8 |
-13.5 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-0.8 |
-0.4 |
-3.1 |
4.2 |
0.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
4.1 |
4.7 |
8.0 |
3.3 |
2.7 |
|
Net Cash - Ending Balance |
3.3 |
4.3 |
4.9 |
7.5 |
3.0 |
|
Cash Interest Paid |
6.3 |
8.7 |
13.7 |
10.1 |
11.0 |
|
Cash Taxes Paid |
- |
- |
1.4 |
10.0 |
3.1 |
Financial Health
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
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Annual Income Statement
Standardized
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
0.796979 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
244.4 |
270.1 |
307.5 |
302.1 |
261.5 |
|
Revenue |
244.4 |
270.1 |
307.5 |
302.1 |
261.5 |
|
Other Revenue |
2.1 |
4.1 |
2.2 |
2.1 |
1.2 |
|
Other Revenue, Total |
2.1 |
4.1 |
2.2 |
2.1 |
1.2 |
|
Total Revenue |
246.5 |
274.2 |
309.7 |
304.2 |
262.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
103.9 |
120.8 |
133.2 |
126.8 |
122.1 |
|
Cost of Revenue, Total |
103.9 |
120.8 |
133.2 |
126.8 |
122.1 |
|
Gross Profit |
140.4 |
149.2 |
174.2 |
175.3 |
139.4 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
83.4 |
79.9 |
110.8 |
97.5 |
74.6 |
|
Labor & Related Expense |
43.7 |
39.2 |
52.6 |
36.4 |
28.7 |
|
Total Selling/General/Administrative Expenses |
127.1 |
119.1 |
163.5 |
133.9 |
103.2 |
|
Depreciation |
7.6 |
9.2 |
9.5 |
8.4 |
9.1 |
|
Amortization of Intangibles |
3.9 |
4.7 |
6.3 |
4.7 |
3.3 |
|
Depreciation/Amortization |
11.5 |
13.9 |
15.8 |
13.1 |
12.4 |
|
Investment Income -
Operating |
0.5 |
0.0 |
0.7 |
1.5 |
-0.1 |
|
Interest/Investment Income - Operating |
0.5 |
0.0 |
0.7 |
1.5 |
-0.1 |
|
Interest Expense (Income) - Net Operating Total |
0.5 |
0.0 |
0.7 |
1.5 |
-0.1 |
|
Impairment-Assets Held for Use |
3.9 |
4.9 |
0.7 |
0.0 |
- |
|
Loss (Gain) on Sale of Assets - Operating |
0.3 |
0.5 |
0.0 |
- |
- |
|
Unusual Expense (Income) |
4.1 |
5.4 |
0.7 |
0.0 |
- |
|
Other Operating Expense |
18.7 |
17.6 |
15.5 |
6.8 |
7.0 |
|
Other Operating Expenses, Total |
18.7 |
17.6 |
15.5 |
6.8 |
7.0 |
|
Total Operating Expense |
265.9 |
276.9 |
329.5 |
282.1 |
244.7 |
|
|
|
|
|
|
|
|
Operating Income |
-19.4 |
-2.7 |
-19.8 |
22.1 |
17.9 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-5.4 |
-8.9 |
-13.4 |
-9.0 |
-9.5 |
|
Interest Expense, Net Non-Operating |
-5.4 |
-8.9 |
-13.4 |
-9.0 |
-9.5 |
|
Investment Income -
Non-Operating |
- |
0.0 |
-0.5 |
0.0 |
-2.3 |
|
Interest/Investment Income - Non-Operating |
- |
0.0 |
-0.5 |
0.0 |
-2.3 |
|
Interest Income (Expense) - Net Non-Operating Total |
-5.4 |
-8.9 |
-13.9 |
-9.0 |
-11.7 |
|
Other Non-Operating Income (Expense) |
0.0 |
1.3 |
-4.3 |
-2.4 |
0.6 |
|
Other, Net |
0.0 |
1.3 |
-4.3 |
-2.4 |
0.6 |
|
Income Before Tax |
-24.8 |
-10.3 |
-38.0 |
10.7 |
6.8 |
|
|
|
|
|
|
|
|
Total Income Tax |
0.0 |
3.8 |
-3.5 |
5.1 |
3.7 |
|
Income After Tax |
-24.8 |
-14.1 |
-34.5 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Minority Interest |
0.1 |
0.4 |
0.1 |
0.0 |
- |
|
Net Income Before Extraord Items |
-24.7 |
-13.7 |
-34.4 |
5.6 |
3.1 |
|
Net Income |
-24.7 |
-13.7 |
-34.4 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
-24.7 |
-13.7 |
-34.4 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-24.7 |
-13.7 |
-34.4 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
74.8 |
74.8 |
74.9 |
75.0 |
60.0 |
|
Basic EPS Excl Extraord Items |
-0.33 |
-0.18 |
-0.46 |
0.07 |
0.05 |
|
Basic/Primary EPS Incl Extraord Items |
-0.33 |
-0.18 |
-0.46 |
0.07 |
0.05 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
- |
- |
|
Diluted Net Income |
-24.7 |
-13.7 |
-34.4 |
5.6 |
3.1 |
|
Diluted Weighted Average Shares |
74.8 |
74.8 |
74.9 |
75.0 |
60.0 |
|
Diluted EPS Excl Extraord Items |
-0.33 |
-0.18 |
-0.46 |
0.07 |
0.05 |
|
Diluted EPS Incl Extraord Items |
-0.33 |
-0.18 |
-0.46 |
0.07 |
0.05 |
|
Dividends per Share - Common Stock Primary Issue |
- |
- |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
- |
- |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
5.4 |
8.9 |
13.4 |
9.0 |
9.5 |
|
Depreciation, Supplemental |
15.4 |
8.9 |
9.5 |
8.4 |
9.1 |
|
Total Special Items |
4.1 |
5.4 |
0.7 |
0.0 |
- |
|
Normalized Income Before Tax |
-20.7 |
-4.8 |
-37.3 |
10.7 |
6.8 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
1.4 |
1.9 |
0.3 |
0.0 |
- |
|
Inc Tax Ex Impact of Sp Items |
1.4 |
5.7 |
-3.3 |
5.1 |
3.7 |
|
Normalized Income After Tax |
-22.1 |
-10.6 |
-34.0 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-22.0 |
-10.2 |
-33.9 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.29 |
-0.14 |
-0.45 |
0.07 |
0.05 |
|
Diluted Normalized EPS |
-0.29 |
-0.14 |
-0.45 |
0.07 |
0.05 |
|
Amort of Intangibles, Supplemental |
4.1 |
5.0 |
6.3 |
4.7 |
3.3 |
|
Rental Expenses |
8.9 |
8.4 |
7.3 |
5.5 |
1.2 |
|
Advertising Expense, Supplemental |
3.8 |
5.8 |
8.6 |
11.0 |
4.9 |
|
Normalized EBIT |
-14.7 |
2.7 |
-18.4 |
23.6 |
17.9 |
|
Normalized EBITDA |
4.8 |
16.5 |
-2.6 |
36.7 |
30.3 |
|
Current Tax - Total |
1.1 |
1.3 |
-3.9 |
3.7 |
6.7 |
|
Current Tax - Total |
1.1 |
1.3 |
-3.9 |
3.7 |
6.7 |
|
Deferred Tax - Total |
-1.1 |
2.5 |
0.4 |
1.4 |
-3.0 |
|
Deferred Tax - Total |
-1.1 |
2.5 |
0.4 |
1.4 |
-3.0 |
|
Income Tax - Total |
0.0 |
3.8 |
-3.5 |
5.1 |
3.7 |
|
Discount Rate - Domestic |
4.50% |
4.45% |
4.30% |
- |
- |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
- |
- |
|
Pension Payment Rate - Domestic |
3.00% |
3.00% |
3.00% |
- |
- |
Interim Income Statement
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
30-Jun-2010 |
|
Period Length |
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.695476 |
0.731463 |
0.736368 |
0.774922 |
0.785482 |
|
|
|
|
|
|
|
|
Net Sales |
54.7 |
70.8 |
75.4 |
55.6 |
52.7 |
|
Revenue |
54.7 |
70.8 |
75.4 |
55.6 |
52.7 |
|
Other Revenue |
1.2 |
1.1 |
0.6 |
0.4 |
0.5 |
|
Other Revenue, Total |
1.2 |
1.1 |
0.6 |
0.4 |
0.5 |
|
Total Revenue |
55.9 |
71.9 |
76.0 |
56.0 |
53.2 |
|
|
|
|
|
|
|
|
Cost of Revenue |
21.0 |
32.8 |
32.8 |
24.9 |
22.7 |
|
Cost of Revenue, Total |
21.0 |
32.8 |
32.8 |
24.9 |
22.7 |
|
Gross Profit |
33.7 |
38.0 |
42.6 |
30.7 |
30.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
17.5 |
18.8 |
27.8 |
18.7 |
17.9 |
|
Labor & Related Expense |
10.2 |
9.4 |
10.2 |
8.6 |
13.6 |
|
Total Selling/General/Administrative Expenses |
27.7 |
28.2 |
38.0 |
27.3 |
31.5 |
|
Depreciation |
2.6 |
2.8 |
6.6 |
2.8 |
3.1 |
|
Depreciation/Amortization |
2.6 |
2.8 |
6.6 |
2.8 |
3.1 |
|
Investment Income -
Operating |
0.6 |
2.3 |
-0.9 |
5.6 |
-2.6 |
|
Interest/Investment Income - Operating |
0.6 |
2.3 |
-0.9 |
5.6 |
-2.6 |
|
Interest Expense (Income) - Net Operating Total |
0.6 |
2.3 |
-0.9 |
5.6 |
-2.6 |
|
Other Operating Expense |
4.0 |
3.3 |
8.7 |
3.3 |
3.8 |
|
Other Operating Expenses, Total |
4.0 |
3.3 |
8.7 |
3.3 |
3.8 |
|
Total Operating Expense |
56.0 |
69.4 |
85.3 |
63.8 |
58.5 |
|
|
|
|
|
|
|
|
Operating Income |
-0.1 |
2.6 |
-9.3 |
-7.8 |
-5.3 |
|
|
|
|
|
|
|
|
Investment Income -
Non-Operating |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Interest/Investment Income - Non-Operating |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Other Non-Operating Income (Expense) |
-3.0 |
-1.6 |
-2.9 |
0.7 |
-2.5 |
|
Other, Net |
-3.0 |
-1.6 |
-2.9 |
0.7 |
-2.5 |
|
Income Before Tax |
-3.1 |
0.9 |
-12.2 |
-7.2 |
-7.8 |
|
|
|
|
|
|
|
|
Total Income Tax |
0.8 |
0.6 |
-2.3 |
0.0 |
1.1 |
|
Income After Tax |
-3.8 |
0.4 |
-9.8 |
-7.2 |
-8.9 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
0.1 |
- |
0.0 |
|
Net Income Before Extraord Items |
-3.8 |
0.4 |
-9.8 |
-7.2 |
-8.9 |
|
Discontinued Operations |
-0.7 |
0.0 |
- |
- |
- |
|
Total Extraord Items |
-0.7 |
0.0 |
- |
- |
- |
|
Net Income |
-4.5 |
0.4 |
-9.8 |
-7.2 |
-8.9 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
-3.8 |
0.4 |
-9.8 |
-7.2 |
-8.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-4.5 |
0.4 |
-9.8 |
-7.2 |
-8.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
74.8 |
74.8 |
74.8 |
74.8 |
74.8 |
|
Basic EPS Excl Extraord Items |
-0.05 |
0.01 |
-0.13 |
-0.10 |
-0.12 |
|
Basic/Primary EPS Incl Extraord Items |
-0.06 |
0.01 |
-0.13 |
-0.10 |
-0.12 |
|
Dilution Adjustment |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-4.5 |
0.4 |
-9.8 |
-7.2 |
-8.9 |
|
Diluted Weighted Average Shares |
74.8 |
74.8 |
74.8 |
74.8 |
74.8 |
|
Diluted EPS Excl Extraord Items |
-0.05 |
0.01 |
-0.13 |
-0.10 |
-0.12 |
|
Diluted EPS Incl Extraord Items |
-0.06 |
0.01 |
-0.13 |
-0.10 |
-0.12 |
|
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 |
2.6 |
2.8 |
6.6 |
2.8 |
3.1 |
|
Normalized Income Before Tax |
-3.1 |
0.9 |
-12.2 |
-7.2 |
-7.8 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.8 |
0.6 |
-2.3 |
0.0 |
1.1 |
|
Normalized Income After Tax |
-3.8 |
0.4 |
-9.8 |
-7.2 |
-8.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-3.8 |
0.4 |
-9.8 |
-7.2 |
-8.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.05 |
0.01 |
-0.13 |
-0.10 |
-0.12 |
|
Diluted Normalized EPS |
-0.05 |
0.01 |
-0.13 |
-0.10 |
-0.12 |
|
Normalized EBIT |
0.6 |
4.8 |
-10.2 |
-2.3 |
-7.9 |
|
Normalized EBITDA |
3.2 |
7.6 |
-3.6 |
0.5 |
-4.8 |
Annual Balance Sheet
Standardized
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
0.683971 |
0.758351 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
4.2 |
4.4 |
4.7 |
10.0 |
6.4 |
|
Short Term Investments |
1.9 |
2.0 |
4.4 |
5.1 |
6.0 |
|
Cash and Short Term Investments |
6.1 |
6.5 |
9.1 |
15.1 |
12.4 |
|
Accounts Receivable -
Trade, Gross |
102.2 |
105.1 |
106.5 |
126.2 |
102.4 |
|
Provision for Doubtful
Accounts |
-8.5 |
-8.8 |
-6.4 |
-6.4 |
-5.8 |
|
Trade Accounts Receivable - Net |
93.6 |
96.3 |
100.1 |
119.9 |
96.7 |
|
Other Receivables |
7.0 |
13.1 |
17.3 |
18.3 |
8.0 |
|
Total Receivables, Net |
100.6 |
109.4 |
117.4 |
138.2 |
104.7 |
|
Inventories - Finished Goods |
49.8 |
31.5 |
49.7 |
45.8 |
30.0 |
|
Inventories - Work In Progress |
12.0 |
6.4 |
6.5 |
7.6 |
6.1 |
|
Inventories - Raw Materials |
9.2 |
17.2 |
26.1 |
28.1 |
20.8 |
|
Inventories - Other |
-0.6 |
4.2 |
2.0 |
0.7 |
0.1 |
|
Total Inventory |
70.5 |
59.4 |
84.2 |
82.2 |
57.1 |
|
Total Current Assets |
177.2 |
175.3 |
210.7 |
235.4 |
174.2 |
|
|
|
|
|
|
|
|
Land/Improvements |
5.7 |
5.0 |
4.8 |
0.0 |
0.2 |
|
Machinery/Equipment |
98.3 |
102.5 |
95.5 |
88.1 |
73.5 |
|
Construction in
Progress |
1.0 |
1.4 |
2.0 |
5.6 |
2.0 |
|
Other
Property/Plant/Equipment |
11.6 |
10.2 |
10.7 |
5.9 |
5.0 |
|
Property/Plant/Equipment - Gross |
116.7 |
119.2 |
113.1 |
99.5 |
80.6 |
|
Accumulated Depreciation |
-82.2 |
-76.5 |
-63.7 |
-58.3 |
-44.8 |
|
Property/Plant/Equipment - Net |
34.5 |
42.7 |
49.4 |
41.3 |
35.8 |
|
Goodwill, Net |
- |
15.8 |
15.4 |
- |
- |
|
Intangibles, Net |
25.9 |
15.2 |
19.5 |
44.4 |
34.2 |
|
LT Investment - Affiliate Companies |
- |
- |
- |
- |
0.0 |
|
LT Investments - Other |
- |
- |
- |
- |
0.0 |
|
Long Term Investments |
- |
- |
- |
- |
0.0 |
|
Note Receivable - Long Term |
3.7 |
6.1 |
0.3 |
0.4 |
3.6 |
|
Deferred Income Tax - Long Term Asset |
7.1 |
6.9 |
8.3 |
9.9 |
7.7 |
|
Other Long Term Assets, Total |
7.1 |
6.9 |
8.3 |
9.9 |
7.7 |
|
Total Assets |
248.4 |
262.0 |
303.6 |
331.4 |
255.4 |
|
|
|
|
|
|
|
|
Accounts Payable |
71.4 |
63.8 |
69.9 |
80.7 |
58.8 |
|
Notes Payable/Short Term Debt |
10.3 |
3.4 |
4.5 |
2.8 |
3.2 |
|
Current Portion - Long Term Debt/Capital Leases |
126.7 |
118.7 |
135.2 |
106.2 |
105.0 |
|
Income Taxes Payable |
4.6 |
3.5 |
3.9 |
2.9 |
5.3 |
|
Other Current Liabilities |
12.2 |
10.0 |
15.0 |
11.4 |
12.5 |
|
Other Current liabilities, Total |
16.8 |
13.5 |
18.8 |
14.4 |
17.8 |
|
Total Current Liabilities |
225.2 |
199.4 |
228.5 |
204.1 |
184.9 |
|
|
|
|
|
|
|
|
Long Term Debt |
0.0 |
19.2 |
17.6 |
25.9 |
20.7 |
|
Capital Lease Obligations |
1.4 |
3.0 |
3.6 |
4.6 |
5.5 |
|
Total Long Term Debt |
1.4 |
22.2 |
21.2 |
30.5 |
26.2 |
|
Total Debt |
138.4 |
144.3 |
160.9 |
139.5 |
134.4 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
2.3 |
2.9 |
4.2 |
4.8 |
4.0 |
|
Deferred Income Tax |
2.3 |
2.9 |
4.2 |
4.8 |
4.0 |
|
Minority Interest |
0.3 |
0.6 |
0.8 |
0.3 |
0.0 |
|
Reserves |
5.0 |
0.9 |
1.0 |
0.6 |
0.5 |
|
Pension Benefits - Underfunded |
4.0 |
5.5 |
6.5 |
7.2 |
9.7 |
|
Other Long Term Liabilities |
1.0 |
2.3 |
3.3 |
4.2 |
9.4 |
|
Other Liabilities, Total |
10.0 |
8.7 |
10.7 |
12.0 |
19.6 |
|
Total Liabilities |
239.2 |
233.7 |
265.3 |
251.8 |
234.6 |
|
|
|
|
|
|
|
|
Common Stock |
25.0 |
26.8 |
25.9 |
27.4 |
19.8 |
|
Common Stock |
25.0 |
26.8 |
25.9 |
27.4 |
19.8 |
|
Retained Earnings (Accumulated Deficit) |
-15.8 |
1.5 |
12.3 |
52.2 |
1.0 |
|
Total Equity |
9.2 |
28.3 |
38.3 |
79.6 |
20.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
248.4 |
262.0 |
303.6 |
331.4 |
255.4 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
74.8 |
74.8 |
74.8 |
75.0 |
60.0 |
|
Total Common Shares Outstanding |
74.8 |
74.8 |
74.8 |
75.0 |
60.0 |
|
Treasury Shares - Common Stock Primary Issue |
0.2 |
0.2 |
0.2 |
- |
- |
|
Employees |
910 |
857 |
813 |
908 |
867 |
|
Deferred Revenue - Current |
- |
- |
0.0 |
0.1 |
0.2 |
|
Total Long Term Debt, Supplemental |
125.3 |
135.6 |
149.9 |
128.9 |
122.6 |
|
Long Term Debt Maturing within 1 Year |
125.3 |
116.4 |
132.3 |
103.0 |
101.9 |
|
Long Term Debt Maturing in Year 2 |
0.0 |
11.7 |
10.0 |
14.9 |
9.0 |
|
Long Term Debt Maturing in Year 3 |
0.0 |
3.5 |
4.3 |
9.1 |
6.7 |
|
Long Term Debt Maturing in Year 4 |
0.0 |
2.7 |
2.5 |
1.6 |
4.4 |
|
Long Term Debt Maturing in Year 5 |
0.0 |
1.3 |
0.7 |
0.3 |
0.6 |
|
Long Term Debt Maturing in 2-3 Years |
0.0 |
15.2 |
14.3 |
24.0 |
15.7 |
|
Long Term Debt Maturing in 4-5 Years |
0.0 |
4.0 |
3.3 |
1.9 |
5.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
2.9 |
5.3 |
6.5 |
7.8 |
8.6 |
|
Capital Lease Payments Due in Year 1 |
1.4 |
2.3 |
2.9 |
3.2 |
3.2 |
|
Capital Lease Payments Due in Year 2 |
0.8 |
1.5 |
1.8 |
2.4 |
2.6 |
|
Capital Lease Payments Due in Year 3 |
0.4 |
0.9 |
1.1 |
1.3 |
1.9 |
|
Capital Lease Payments Due in Year 4 |
0.2 |
0.4 |
0.5 |
0.7 |
0.8 |
|
Capital Lease Payments Due in Year 5 |
0.0 |
0.2 |
0.0 |
0.2 |
0.2 |
|
Capital Lease Payments Due in 2-3 Years |
1.2 |
2.4 |
3.0 |
3.7 |
4.4 |
|
Capital Lease Payments Due in 4-5 Years |
0.2 |
0.7 |
0.6 |
0.9 |
1.0 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Operating Leases, Supplemental |
6.6 |
12.1 |
34.5 |
38.6 |
- |
|
Operating Lease Payments Due in Year 1 |
2.9 |
3.8 |
3.1 |
3.2 |
- |
|
Operating Lease Payments Due in Year 2 |
2.9 |
3.8 |
3.1 |
3.2 |
- |
|
Operating Lease Payments Due in Year 3 |
0.2 |
3.8 |
3.1 |
3.2 |
- |
|
Operating Lease Payments Due in Year 4 |
0.2 |
0.3 |
3.1 |
3.2 |
- |
|
Operating Lease Payments Due in Year 5 |
0.2 |
0.3 |
3.1 |
3.2 |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
3.2 |
7.6 |
6.3 |
6.4 |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
0.5 |
0.5 |
6.3 |
6.4 |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.0 |
0.3 |
18.8 |
22.5 |
- |
|
Pension Obligation - Domestic |
4.0 |
5.5 |
6.5 |
- |
- |
|
Funded Status - Domestic |
-4.0 |
-5.5 |
-6.5 |
- |
- |
|
Total Funded Status |
-4.0 |
-5.5 |
-6.5 |
- |
- |
|
Discount Rate - Domestic |
4.50% |
4.45% |
4.30% |
- |
- |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
- |
- |
|
Pension Payment Rate - Domestic |
3.00% |
3.00% |
3.00% |
- |
- |
|
Accrued Liabilities - Domestic |
-4.0 |
-5.5 |
-6.5 |
- |
- |
|
Net Assets Recognized on Balance Sheet |
-4.0 |
-5.5 |
-6.5 |
- |
- |
|
Total Plan Obligations |
4.0 |
5.5 |
6.5 |
- |
- |
Interim Balance Sheet
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
30-Jun-2011 |
31-Dec-2010 |
30-Sep-2010 |
30-Jun-2010 |
31-Mar-2010 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.689727 |
0.745406 |
0.732493 |
0.816393 |
0.739044 |
|
|
|
|
|
|
|
|
Cash & Equivalents |
3.9 |
4.2 |
4.2 |
4.6 |
2.8 |
|
Short Term Investments |
2.1 |
1.9 |
1.9 |
1.7 |
1.9 |
|
Cash and Short Term Investments |
6.0 |
6.1 |
6.1 |
6.4 |
4.8 |
|
Accounts Receivable -
Trade, Gross |
- |
102.2 |
- |
91.8 |
- |
|
Provision for Doubtful
Accounts |
- |
-8.5 |
- |
-8.1 |
- |
|
Trade Accounts Receivable - Net |
91.3 |
93.6 |
84.2 |
83.7 |
84.6 |
|
Other Receivables |
7.6 |
7.0 |
11.4 |
12.8 |
11.2 |
|
Total Receivables, Net |
98.9 |
100.6 |
95.6 |
96.4 |
95.8 |
|
Total Inventory |
67.9 |
70.5 |
75.9 |
65.2 |
57.8 |
|
Discontinued Operations - Current Asset |
5.9 |
0.0 |
- |
- |
- |
|
Other Current Assets, Total |
5.9 |
0.0 |
- |
- |
- |
|
Total Current Assets |
178.7 |
177.3 |
177.6 |
168.1 |
158.4 |
|
|
|
|
|
|
|
|
Land/Improvements |
- |
5.7 |
- |
5.4 |
- |
|
Machinery/Equipment |
- |
98.3 |
- |
90.4 |
- |
|
Construction in
Progress |
- |
1.0 |
- |
1.1 |
- |
|
Other
Property/Plant/Equipment |
- |
11.6 |
- |
9.6 |
- |
|
Property/Plant/Equipment - Gross |
- |
116.7 |
- |
106.4 |
- |
|
Accumulated Depreciation |
- |
-82.2 |
- |
-69.8 |
- |
|
Property/Plant/Equipment - Net |
29.2 |
34.5 |
38.7 |
36.7 |
41.1 |
|
Intangibles, Net |
25.2 |
25.9 |
27.8 |
25.3 |
27.8 |
|
Note Receivable - Long Term |
3.8 |
3.7 |
2.8 |
2.8 |
5.5 |
|
Deferred Income Tax - Long Term Asset |
7.3 |
7.1 |
4.6 |
4.5 |
6.2 |
|
Other Long Term Assets, Total |
7.3 |
7.1 |
4.6 |
4.5 |
6.2 |
|
Total Assets |
244.2 |
248.4 |
251.5 |
237.2 |
239.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
60.0 |
71.4 |
67.7 |
66.6 |
57.4 |
|
Notes Payable/Short Term Debt |
141.3 |
10.3 |
0.0 |
6.6 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
126.7 |
115.5 |
94.5 |
112.4 |
|
Income Taxes Payable |
12.7 |
4.6 |
4.5 |
2.6 |
3.2 |
|
Other Current Liabilities |
13.0 |
12.2 |
13.0 |
9.2 |
9.4 |
|
Other Current liabilities, Total |
25.8 |
16.8 |
17.5 |
11.8 |
12.7 |
|
Total Current Liabilities |
227.1 |
225.2 |
200.7 |
179.6 |
182.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
1.1 |
1.4 |
19.1 |
17.5 |
16.4 |
|
Capital Lease Obligations |
- |
- |
- |
1.9 |
- |
|
Total Long Term Debt |
1.1 |
1.4 |
19.1 |
19.4 |
16.4 |
|
Total Debt |
142.4 |
138.4 |
134.6 |
120.5 |
128.8 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
2.2 |
2.3 |
2.5 |
2.6 |
2.7 |
|
Deferred Income Tax |
2.2 |
2.3 |
2.5 |
2.6 |
2.7 |
|
Minority Interest |
0.3 |
0.3 |
0.3 |
0.5 |
0.5 |
|
Reserves |
3.7 |
5.0 |
4.8 |
4.9 |
1.4 |
|
Pension Benefits - Underfunded |
4.2 |
4.0 |
4.4 |
4.5 |
4.9 |
|
Other Long Term Liabilities |
0.7 |
1.0 |
0.6 |
1.3 |
1.5 |
|
Other Liabilities, Total |
8.6 |
10.0 |
9.9 |
10.6 |
7.8 |
|
Total Liabilities |
239.3 |
239.2 |
232.4 |
212.7 |
209.8 |
|
|
|
|
|
|
|
|
Common Stock |
27.0 |
25.0 |
25.5 |
22.8 |
25.2 |
|
Common Stock |
27.0 |
25.0 |
25.5 |
22.8 |
25.2 |
|
Retained Earnings (Accumulated Deficit) |
-22.2 |
-15.8 |
-6.4 |
1.7 |
4.0 |
|
Total Equity |
4.8 |
9.2 |
19.1 |
24.6 |
29.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
244.2 |
248.4 |
251.5 |
237.2 |
239.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
75.0 |
74.8 |
75.0 |
74.8 |
74.8 |
|
Total Common Shares Outstanding |
75.0 |
74.8 |
75.0 |
74.8 |
74.8 |
|
Treasury Shares - Common Stock Primary Issue |
- |
0.2 |
- |
0.2 |
0.2 |
|
Employees |
- |
910 |
- |
871 |
819 |
|
Total Long Term Debt, Supplemental |
- |
125.3 |
- |
110.3 |
- |
|
Long Term Debt Maturing within 1 Year |
- |
125.3 |
- |
92.8 |
- |
|
Long Term Debt Maturing in Year 2 |
- |
0.0 |
- |
6.1 |
- |
|
Long Term Debt Maturing in Year 3 |
- |
0.0 |
- |
6.7 |
- |
|
Long Term Debt Maturing in Year 4 |
- |
0.0 |
- |
3.1 |
- |
|
Long Term Debt Maturing in Year 5 |
- |
0.0 |
- |
1.0 |
- |
|
Long Term Debt Maturing in 2-3 Years |
- |
0.0 |
- |
12.8 |
- |
|
Long Term Debt Maturing in 4-5 Years |
- |
0.0 |
- |
4.2 |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
0.0 |
- |
0.5 |
- |
|
Total Capital Leases, Supplemental |
- |
2.9 |
- |
3.5 |
- |
|
Capital Lease Payments Due in Year 1 |
- |
1.4 |
- |
1.6 |
- |
|
Capital Lease Payments Due in Year 2 |
- |
0.8 |
- |
1.0 |
- |
|
Capital Lease Payments Due in Year 3 |
- |
0.4 |
- |
0.5 |
- |
|
Capital Lease Payments Due in Year 4 |
- |
0.2 |
- |
0.4 |
- |
|
Capital Lease Payments Due in Year 5 |
- |
0.0 |
- |
0.0 |
- |
|
Capital Lease Payments Due in 2-3 Years |
- |
1.2 |
- |
1.5 |
- |
|
Capital Lease Payments Due in 4-5 Years |
- |
0.2 |
- |
0.4 |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
0.0 |
- |
0.0 |
- |
|
Total Operating Leases, Supplemental |
- |
6.6 |
- |
8.7 |
- |
|
Operating Lease Payments Due in Year 1 |
- |
2.9 |
- |
3.2 |
- |
|
Operating Lease Payments Due in Year 2 |
- |
2.9 |
- |
3.2 |
- |
|
Operating Lease Payments Due in Year 3 |
- |
0.2 |
- |
1.7 |
- |
|
Operating Lease Payments Due in Year 4 |
- |
0.2 |
- |
0.2 |
- |
|
Operating Lease Payments Due in Year 5 |
- |
0.2 |
- |
0.2 |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
- |
3.2 |
- |
5.0 |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
- |
0.5 |
- |
0.4 |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
0.0 |
- |
0.1 |
- |
|
Pension Obligation - Domestic |
- |
4.0 |
- |
4.5 |
- |
|
Funded Status - Domestic |
- |
-4.0 |
- |
-4.5 |
- |
|
Total Funded Status |
- |
-4.0 |
- |
-4.5 |
- |
|
Accrued Liabilities - Domestic |
- |
-4.0 |
- |
-4.5 |
- |
|
Net Assets Recognized on Balance Sheet |
- |
-4.0 |
- |
-4.5 |
- |
|
Total Plan Obligations |
- |
4.0 |
- |
4.5 |
- |
Annual Cash Flows
Standardized
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
0.796979 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-24.8 |
-10.3 |
-38.0 |
10.7 |
6.8 |
|
Depreciation |
15.4 |
18.8 |
15.8 |
13.1 |
12.4 |
|
Depreciation/Depletion |
15.4 |
18.8 |
15.8 |
13.1 |
12.4 |
|
Deferred Taxes |
0.8 |
-1.9 |
3.9 |
2.4 |
3.0 |
|
Unusual Items |
10.4 |
11.9 |
15.5 |
8.0 |
13.3 |
|
Other Non-Cash Items |
8.0 |
1.8 |
5.5 |
-0.9 |
1.3 |
|
Non-Cash Items |
18.3 |
13.7 |
21.0 |
7.1 |
14.6 |
|
Accounts Receivable |
-6.1 |
4.1 |
8.2 |
-12.2 |
-3.3 |
|
Inventories |
-15.5 |
26.7 |
-3.8 |
-17.7 |
5.7 |
|
Other Assets |
5.7 |
-3.2 |
5.0 |
-5.2 |
3.6 |
|
Accounts Payable |
11.6 |
-8.2 |
-7.2 |
14.5 |
-0.8 |
|
Other Liabilities |
2.1 |
-6.0 |
2.0 |
-8.1 |
0.6 |
|
Other Operating Cash Flow |
-11.7 |
-12.2 |
-19.0 |
-22.5 |
-15.5 |
|
Changes in Working Capital |
-13.8 |
1.4 |
-14.7 |
-51.1 |
-9.7 |
|
Cash from Operating Activities |
-4.0 |
21.7 |
-11.9 |
-17.8 |
27.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-5.7 |
-6.8 |
-21.5 |
-10.2 |
-5.4 |
|
Purchase/Acquisition of Intangibles |
-2.0 |
-0.8 |
-2.6 |
-10.6 |
-3.4 |
|
Capital Expenditures |
-7.7 |
-7.6 |
-24.1 |
-20.8 |
-8.8 |
|
Sale of Fixed Assets |
1.1 |
1.6 |
1.0 |
0.1 |
1.5 |
|
Investment, Net |
-0.8 |
0.0 |
0.3 |
1.7 |
0.8 |
|
Purchase of Investments |
0.0 |
2.4 |
0.8 |
2.1 |
-6.8 |
|
Sale of Intangible Assets |
1.4 |
- |
- |
- |
- |
|
Other Investing Cash Flow Items, Total |
1.6 |
4.0 |
2.1 |
4.0 |
-4.6 |
|
Cash from Investing Activities |
-6.1 |
-3.7 |
-22.0 |
-16.8 |
-13.3 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
6.0 |
3.0 |
0.5 |
0.3 |
- |
|
Financing Cash Flow Items |
6.0 |
3.0 |
0.5 |
0.3 |
- |
|
Cash Dividends Paid - Common |
- |
0.0 |
0.0 |
0.0 |
-2.5 |
|
Total Cash Dividends Paid |
- |
0.0 |
0.0 |
0.0 |
-2.5 |
|
Sale/Issuance of
Common |
- |
0.0 |
-0.6 |
47.3 |
- |
|
Common Stock, Net |
- |
0.0 |
-0.6 |
47.3 |
- |
|
Issuance (Retirement) of Stock, Net |
- |
0.0 |
-0.6 |
47.3 |
- |
|
Total Debt Issued |
111.7 |
108.0 |
142.5 |
105.8 |
76.6 |
|
Total Debt Reduction |
-108.3 |
-129.5 |
-111.5 |
-114.7 |
-87.6 |
|
Issuance (Retirement) of Debt, Net |
3.4 |
-21.5 |
31.0 |
-8.9 |
-11.0 |
|
Cash from Financing Activities |
9.4 |
-18.5 |
30.8 |
38.8 |
-13.5 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-0.8 |
-0.4 |
-3.1 |
4.2 |
0.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
4.1 |
4.7 |
8.0 |
3.3 |
2.7 |
|
Net Cash - Ending Balance |
3.3 |
4.3 |
4.9 |
7.5 |
3.0 |
|
Cash Interest Paid |
6.3 |
8.7 |
13.7 |
10.1 |
11.0 |
|
Cash Taxes Paid |
- |
- |
1.4 |
10.0 |
3.1 |
Interim Cash Flows
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
30-Jun-2011 |
31-Dec-2010 |
30-Jun-2010 |
31-Mar-2010 |
31-Dec-2009 |
|
Period Length |
6 Months |
12 Months |
6 Months |
3 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.713558 |
0.755078 |
0.754409 |
0.722987 |
0.719047 |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-2.7 |
-24.8 |
-5.6 |
2.6 |
-10.3 |
|
Depreciation |
5.3 |
15.4 |
6.1 |
3.0 |
18.8 |
|
Depreciation/Depletion |
5.3 |
15.4 |
6.1 |
3.0 |
18.8 |
|
Deferred Taxes |
6.0 |
0.8 |
0.0 |
-0.8 |
-1.9 |
|
Unusual Items |
5.8 |
10.4 |
-0.4 |
-0.7 |
11.9 |
|
Other Non-Cash Items |
2.8 |
8.0 |
5.0 |
0.6 |
1.8 |
|
Non-Cash Items |
8.6 |
18.3 |
4.6 |
0.0 |
13.7 |
|
Accounts Receivable |
9.6 |
-6.1 |
-2.2 |
6.3 |
4.1 |
|
Inventories |
7.7 |
-15.5 |
-15.1 |
-1.8 |
26.7 |
|
Other Assets |
0.2 |
5.7 |
2.2 |
2.6 |
-3.2 |
|
Accounts Payable |
-16.5 |
11.6 |
13.2 |
-2.2 |
-8.2 |
|
Other Liabilities |
-1.8 |
2.1 |
1.2 |
0.3 |
-6.0 |
|
Other Operating Cash Flow |
-6.1 |
-11.7 |
-5.2 |
-2.7 |
-12.2 |
|
Changes in Working Capital |
-7.1 |
-13.8 |
-5.9 |
2.5 |
1.4 |
|
Cash from Operating Activities |
10.3 |
-4.0 |
-0.8 |
7.3 |
21.7 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-2.2 |
-5.7 |
-2.7 |
-1.1 |
-6.8 |
|
Purchase/Acquisition of Intangibles |
-0.4 |
-2.0 |
-1.2 |
-0.9 |
-0.8 |
|
Capital Expenditures |
-2.6 |
-7.7 |
-3.9 |
-2.1 |
-7.6 |
|
Sale of Fixed Assets |
0.5 |
1.1 |
0.7 |
0.1 |
1.6 |
|
Investment, Net |
-3.0 |
-0.8 |
1.0 |
0.1 |
0.0 |
|
Purchase of Investments |
0.0 |
0.0 |
0.1 |
0.0 |
2.4 |
|
Sale of Intangible Assets |
0.0 |
1.4 |
1.2 |
1.2 |
- |
|
Other Investing Cash Flow Items, Total |
-2.5 |
1.6 |
3.1 |
1.5 |
4.0 |
|
Cash from Investing Activities |
-5.1 |
-6.1 |
-0.8 |
-0.6 |
-3.7 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.0 |
6.5 |
5.5 |
-0.6 |
4.3 |
|
Financing Cash Flow Items |
0.0 |
6.5 |
5.5 |
-0.6 |
4.3 |
|
Sale/Issuance of
Common |
1.1 |
-0.5 |
- |
- |
-1.3 |
|
Common Stock, Net |
1.1 |
-0.5 |
- |
- |
-1.3 |
|
Issuance (Retirement) of Stock, Net |
1.1 |
-0.5 |
- |
- |
-1.3 |
|
Long Term Debt, Net |
- |
- |
- |
-7.5 |
- |
|
Total Debt Issued |
115.3 |
111.7 |
101.5 |
- |
108.0 |
|
Total Debt Reduction |
-122.3 |
-108.3 |
-104.5 |
- |
-129.5 |
|
Issuance (Retirement) of Debt, Net |
-7.1 |
3.4 |
-3.0 |
-7.5 |
-21.5 |
|
Cash from Financing Activities |
-6.0 |
9.4 |
2.5 |
-8.1 |
-18.5 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-0.9 |
-0.8 |
0.9 |
-1.4 |
-0.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
3.5 |
4.1 |
4.1 |
4.3 |
4.7 |
|
Net Cash - Ending Balance |
2.7 |
3.3 |
5.0 |
2.9 |
4.3 |
|
Cash Interest Paid |
- |
6.3 |
2.9 |
1.4 |
8.7 |
|
Cash Taxes Paid |
- |
- |
0.3 |
- |
- |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
0.796979 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
244.4 |
270.1 |
307.5 |
302.1 |
261.5 |
|
Other Revenue |
2.1 |
4.1 |
2.2 |
2.1 |
1.2 |
|
Total Revenue |
246.5 |
274.2 |
309.7 |
304.2 |
262.7 |
|
|
|
|
|
|
|
|
Change in Inventory |
-19.2 |
13.5 |
-2.1 |
-11.1 |
-0.2 |
|
Raw Materials |
123.1 |
107.3 |
135.4 |
137.9 |
122.2 |
|
Services |
83.4 |
79.9 |
110.8 |
97.5 |
74.6 |
|
Personnel |
43.7 |
39.2 |
52.6 |
36.4 |
28.7 |
|
Amortisation |
3.9 |
4.7 |
6.3 |
4.7 |
3.3 |
|
Depreciation |
7.6 |
9.2 |
9.5 |
8.4 |
9.1 |
|
Other Write-Downs |
3.9 |
4.9 |
0.7 |
0.0 |
- |
|
Other Operating Expenses |
18.7 |
17.6 |
15.5 |
6.8 |
7.0 |
|
Loss Assets Disposal |
0.3 |
0.5 |
0.0 |
- |
- |
|
Derivatives |
0.5 |
0.0 |
0.7 |
1.5 |
-0.1 |
|
Total Operating Expense |
265.9 |
276.9 |
329.5 |
282.1 |
244.7 |
|
|
|
|
|
|
|
|
Income/Loss from Associate Companies |
- |
0.0 |
-0.5 |
0.0 |
-0.8 |
|
Financial Income |
0.1 |
0.3 |
0.3 |
0.7 |
0.7 |
|
Interest Expenses |
-5.4 |
-8.9 |
-13.4 |
-9.0 |
-9.5 |
|
Other Financial Expenses |
-0.1 |
1.1 |
-4.6 |
-3.1 |
-0.1 |
|
Exchange Differences |
- |
- |
- |
- |
-1.4 |
|
Net Income Before Taxes |
-24.8 |
-10.3 |
-38.0 |
10.7 |
6.8 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.0 |
3.8 |
-3.5 |
5.1 |
3.7 |
|
Net Income After Taxes |
-24.8 |
-14.1 |
-34.5 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Minority Interest |
0.1 |
0.4 |
0.1 |
0.0 |
- |
|
Net Income Before Extra. Items |
-24.7 |
-13.7 |
-34.4 |
5.6 |
3.1 |
|
Net Income |
-24.7 |
-13.7 |
-34.4 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-24.7 |
-13.7 |
-34.4 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-24.7 |
-13.7 |
-34.4 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
74.8 |
74.8 |
74.9 |
75.0 |
60.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
-0.33 |
-0.18 |
-0.46 |
0.07 |
0.05 |
|
Basic EPS Including ExtraOrdinary Items |
-0.33 |
-0.18 |
-0.46 |
0.07 |
0.05 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
- |
- |
|
Diluted Net Income |
-24.7 |
-13.7 |
-34.4 |
5.6 |
3.1 |
|
Diluted Weighted Average Shares |
74.8 |
74.8 |
74.9 |
75.0 |
60.0 |
|
Diluted EPS Excluding ExtraOrd Items |
-0.33 |
-0.18 |
-0.46 |
0.07 |
0.05 |
|
Diluted EPS Including ExtraOrd Items |
-0.33 |
-0.18 |
-0.46 |
0.07 |
0.05 |
|
DPS-Common Stock |
- |
- |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
- |
- |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
-20.7 |
-4.8 |
-37.3 |
10.7 |
6.8 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
1.4 |
5.7 |
-3.3 |
5.1 |
3.7 |
|
Normalized Income After Taxes |
-22.1 |
-10.6 |
-34.0 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-22.0 |
-10.2 |
-33.9 |
5.6 |
3.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.29 |
-0.14 |
-0.45 |
0.07 |
0.05 |
|
Diluted Normalized EPS |
-0.29 |
-0.14 |
-0.45 |
0.07 |
0.05 |
|
Interest Expenses |
5.4 |
8.9 |
13.4 |
9.0 |
9.5 |
|
Rental Expenses |
8.9 |
8.4 |
7.3 |
5.5 |
1.2 |
|
Advertising Expenses |
3.8 |
5.8 |
8.6 |
11.0 |
4.9 |
|
Amortisation |
4.1 |
5.0 |
6.3 |
4.7 |
3.3 |
|
Depreciation |
15.4 |
8.9 |
9.5 |
8.4 |
9.1 |
|
Current Tax |
1.1 |
1.3 |
-3.9 |
3.7 |
6.7 |
|
Current Tax - Total |
1.1 |
1.3 |
-3.9 |
3.7 |
6.7 |
|
Deferred Tax |
-1.1 |
2.5 |
0.4 |
1.4 |
-3.0 |
|
Deferred Tax - Total |
-1.1 |
2.5 |
0.4 |
1.4 |
-3.0 |
|
Income Tax - Total |
0.0 |
3.8 |
-3.5 |
5.1 |
3.7 |
|
Discount Rate - Domestic |
4.50% |
4.45% |
4.30% |
- |
- |
|
Pension Payment Rate - Domestic |
3.00% |
3.00% |
3.00% |
- |
- |
|
Compensation Rate - Domestic |
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)
|
|
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
30-Jun-2010 |
|
Period Length |
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.695476 |
0.731463 |
0.736368 |
0.774922 |
0.785482 |
|
|
|
|
|
|
|
|
Net Sales |
54.7 |
70.8 |
75.4 |
55.6 |
52.7 |
|
Other Revenue |
1.2 |
1.1 |
0.6 |
0.4 |
0.5 |
|
Total Revenue |
55.9 |
71.9 |
76.0 |
56.0 |
53.2 |
|
|
|
|
|
|
|
|
Change in Inventory |
-3.7 |
11.7 |
3.9 |
-3.9 |
-17.1 |
|
Raw Materials |
24.7 |
21.1 |
28.9 |
28.7 |
39.8 |
|
Services |
17.5 |
18.8 |
27.8 |
18.7 |
17.9 |
|
Personnel |
10.2 |
9.4 |
10.2 |
8.6 |
13.6 |
|
Depreciation/ Amortization and Provision |
2.6 |
2.8 |
6.6 |
2.8 |
3.1 |
|
Other Operating Expenses |
4.0 |
3.3 |
8.7 |
3.3 |
3.8 |
|
Derivatives |
0.6 |
2.3 |
-0.9 |
5.6 |
-2.6 |
|
Total Operating Expense |
56.0 |
69.4 |
85.3 |
63.8 |
58.5 |
|
|
|
|
|
|
|
|
Income/Loss from Associate Companies |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Financial Income |
-1.7 |
1.6 |
-5.4 |
5.2 |
-0.6 |
|
Other Financial Expenses |
-1.3 |
-3.3 |
2.6 |
-4.5 |
-1.9 |
|
Net Income Before Taxes |
-3.1 |
0.9 |
-12.2 |
-7.2 |
-7.8 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.8 |
0.6 |
-2.3 |
0.0 |
1.1 |
|
Net Income After Taxes |
-3.8 |
0.4 |
-9.8 |
-7.2 |
-8.9 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
0.1 |
- |
0.0 |
|
Net Income Before Extra. Items |
-3.8 |
0.4 |
-9.8 |
-7.2 |
-8.9 |
|
Discontinued Operations |
-0.7 |
0.0 |
- |
- |
- |
|
Net Income |
-4.5 |
0.4 |
-9.8 |
-7.2 |
-8.9 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-3.8 |
0.4 |
-9.8 |
-7.2 |
-8.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-4.5 |
0.4 |
-9.8 |
-7.2 |
-8.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
74.8 |
74.8 |
74.8 |
74.8 |
74.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
-0.05 |
0.01 |
-0.13 |
-0.10 |
-0.12 |
|
Basic EPS Including ExtraOrdinary Items |
-0.06 |
0.01 |
-0.13 |
-0.10 |
-0.12 |
|
Dilution Adjustment |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-4.5 |
0.4 |
-9.8 |
-7.2 |
-8.9 |
|
Diluted Weighted Average Shares |
74.8 |
74.8 |
74.8 |
74.8 |
74.8 |
|
Diluted EPS Excluding ExtraOrd Items |
-0.05 |
0.01 |
-0.13 |
-0.10 |
-0.12 |
|
Diluted EPS Including ExtraOrd Items |
-0.06 |
0.01 |
-0.13 |
-0.10 |
-0.12 |
|
DPS-Common Stock |
0.00 |
0.00 |
- |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
-3.1 |
0.9 |
-12.2 |
-7.2 |
-7.8 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.8 |
0.6 |
-2.3 |
0.0 |
1.1 |
|
Normalized Income After Taxes |
-3.8 |
0.4 |
-9.8 |
-7.2 |
-8.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-3.8 |
0.4 |
-9.8 |
-7.2 |
-8.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.05 |
0.01 |
-0.13 |
-0.10 |
-0.12 |
|
Diluted Normalized EPS |
-0.05 |
0.01 |
-0.13 |
-0.10 |
-0.12 |
|
Depreciation, Amortization and Provision |
2.6 |
2.8 |
6.6 |
2.8 |
3.1 |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
0.683971 |
0.758351 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Finished Products |
49.8 |
31.5 |
49.7 |
45.8 |
30.0 |
|
Raw Materials |
9.2 |
17.2 |
26.1 |
28.1 |
20.8 |
|
Work in Progress |
12.0 |
6.4 |
6.5 |
7.6 |
6.1 |
|
Advances |
0.7 |
5.5 |
2.9 |
1.6 |
1.2 |
|
Inventory Provision |
-1.2 |
-1.2 |
-0.9 |
-0.8 |
-1.0 |
|
Trade Receivables Gross |
102.2 |
105.1 |
106.5 |
126.2 |
102.4 |
|
Provision for Doubtful Accounts |
-8.5 |
-8.8 |
-6.4 |
-6.4 |
-5.8 |
|
Financial Assets Available for Sale |
1.9 |
2.0 |
4.4 |
5.1 |
6.0 |
|
Tax Receivables |
2.9 |
3.2 |
4.5 |
3.3 |
2.3 |
|
Receivables and Other Assets |
4.0 |
10.0 |
12.9 |
14.9 |
5.7 |
|
Liquid Funds |
4.2 |
4.4 |
4.7 |
10.0 |
6.4 |
|
Total Current Assets |
177.2 |
175.3 |
210.7 |
235.4 |
174.2 |
|
|
|
|
|
|
|
|
Land and Buildings |
5.7 |
5.0 |
4.8 |
0.0 |
0.2 |
|
Plant and Machinery |
68.5 |
69.0 |
64.4 |
58.4 |
49.0 |
|
Industrial and Commercial Equipment |
29.8 |
33.5 |
31.1 |
29.6 |
24.5 |
|
Other Tangibles |
11.6 |
10.2 |
10.7 |
5.9 |
5.0 |
|
Construction in Progress |
1.0 |
1.4 |
2.0 |
5.6 |
2.0 |
|
Depreciation |
-82.2 |
-76.5 |
-63.7 |
-58.3 |
-44.8 |
|
Intangibles |
25.9 |
15.2 |
19.5 |
44.4 |
34.2 |
|
Goodwill |
- |
15.8 |
15.4 |
- |
- |
|
Participations in Associates |
- |
- |
- |
- |
0.0 |
|
Deferred Tax |
7.1 |
6.9 |
8.3 |
9.9 |
7.7 |
|
Financial Assets Available for Sale |
- |
- |
- |
- |
0.0 |
|
Receivables and Other Assets |
3.7 |
6.1 |
0.3 |
0.4 |
3.6 |
|
Total Assets |
248.4 |
262.0 |
303.6 |
331.4 |
255.4 |
|
|
|
|
|
|
|
|
Debts and Other Financial Liabilities |
10.3 |
3.4 |
4.5 |
2.8 |
3.2 |
|
Current Portion of LT Debts |
125.3 |
116.4 |
132.3 |
103.0 |
101.9 |
|
Current Portion of Lease |
1.4 |
2.3 |
2.9 |
3.2 |
3.2 |
|
Trade Payables |
71.4 |
63.8 |
69.9 |
80.7 |
58.8 |
|
Tax Payables |
4.6 |
3.5 |
3.9 |
2.9 |
5.3 |
|
Risk Provision |
0.9 |
1.4 |
1.7 |
0.2 |
0.2 |
|
Other Liabilities |
11.3 |
8.6 |
13.3 |
11.2 |
12.3 |
|
Total Current Liabilities |
225.2 |
199.4 |
228.5 |
204.1 |
184.9 |
|
|
|
|
|
|
|
|
Banks |
0.0 |
19.2 |
17.6 |
25.9 |
20.7 |
|
Leasing |
1.4 |
3.0 |
3.6 |
4.6 |
5.5 |
|
Total Long Term Debt |
1.4 |
22.2 |
21.2 |
30.5 |
26.2 |
|
|
|
|
|
|
|
|
Minority Interest |
0.3 |
0.6 |
0.8 |
0.3 |
0.0 |
|
Severance Provision |
4.0 |
5.5 |
6.5 |
7.2 |
9.7 |
|
Risk Provision |
5.0 |
0.9 |
1.0 |
0.6 |
0.5 |
|
Deferred Taxes |
2.3 |
2.9 |
4.2 |
4.8 |
4.0 |
|
Other Liabilities |
1.0 |
2.3 |
3.3 |
4.2 |
9.4 |
|
Total Liabilities |
239.2 |
233.7 |
265.3 |
251.8 |
234.6 |
|
|
|
|
|
|
|
|
Share Capital |
25.0 |
26.8 |
25.9 |
27.4 |
19.8 |
|
Reserves |
0.5 |
3.4 |
39.0 |
42.3 |
0.8 |
|
Future Capital Increase Reserve |
10.7 |
4.3 |
0.0 |
- |
- |
|
Retained Earnings |
-27.0 |
-6.2 |
-26.7 |
9.9 |
0.2 |
|
Total Equity |
9.2 |
28.3 |
38.3 |
79.6 |
20.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
248.4 |
262.0 |
303.6 |
331.4 |
255.4 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
74.8 |
74.8 |
74.8 |
75.0 |
60.0 |
|
Total Common Shares Outstanding |
74.8 |
74.8 |
74.8 |
75.0 |
60.0 |
|
T/S-Common Stock |
0.2 |
0.2 |
0.2 |
- |
- |
|
Deferred Revenue - Current |
- |
- |
0.0 |
0.1 |
0.2 |
|
Full-Time Employees |
910 |
857 |
813 |
908 |
867 |
|
LT Debt Maturing within 1 Y |
125.3 |
116.4 |
132.3 |
103.0 |
101.9 |
|
LT Debt Maturing in 2 Y |
0.0 |
11.7 |
10.0 |
14.9 |
9.0 |
|
LT Debt Maturing in 3 Y |
0.0 |
3.5 |
4.3 |
9.1 |
6.7 |
|
LT Debt Maturing in 4 Y |
0.0 |
2.7 |
2.5 |
1.6 |
4.4 |
|
LT Debt Maturing in 5 Y |
0.0 |
1.3 |
0.7 |
0.3 |
0.6 |
|
LT Debt Maturing after 5 Y |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Debt, Supplemental |
125.3 |
135.6 |
149.9 |
128.9 |
122.6 |
|
Financial Lease Maturing within 1 Y |
1.4 |
2.3 |
2.9 |
3.2 |
3.2 |
|
Financial Lease Maturing in 2 Y |
0.8 |
1.5 |
1.8 |
2.4 |
2.6 |
|
Financial Lease Maturing in 3 Y |
0.4 |
0.9 |
1.1 |
1.3 |
1.9 |
|
Financial Lease Maturing in 4 Y |
0.2 |
0.4 |
0.5 |
0.7 |
0.8 |
|
Financial Lease Maturing in 5 Y |
0.0 |
0.2 |
0.0 |
0.2 |
0.2 |
|
Financial Lease - Remaining |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
2.9 |
5.3 |
6.5 |
7.8 |
8.6 |
|
Operating Lease Maturing in 1 Year |
2.9 |
3.8 |
3.1 |
3.2 |
- |
|
Operating Lease Maturing in 2 Years |
2.9 |
3.8 |
3.1 |
3.2 |
- |
|
Operating Lease Maturing in 3 Years |
0.2 |
3.8 |
3.1 |
3.2 |
- |
|
Operating Lease Maturing in 4 Years |
0.2 |
0.3 |
3.1 |
3.2 |
- |
|
Operating Lease Maturing in 5 Years |
0.2 |
0.3 |
3.1 |
3.2 |
- |
|
Operating Lease Maturing after 5 Years |
0.0 |
0.3 |
18.8 |
22.5 |
- |
|
Total Operating Leases, Supplemental |
6.6 |
12.1 |
34.5 |
38.6 |
- |
|
Pension Obligation - Domestic |
4.0 |
5.5 |
6.5 |
- |
- |
|
Funded Status - Domestic |
-4.0 |
-5.5 |
-6.5 |
- |
- |
|
Total Funded Status |
-4.0 |
-5.5 |
-6.5 |
- |
- |
|
Discount Rate - Domestic |
4.50% |
4.45% |
4.30% |
- |
- |
|
Pension Payment Rate - Domestic |
3.00% |
3.00% |
3.00% |
- |
- |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
- |
- |
|
Accrued Liabilities - Domestic |
-4.0 |
-5.5 |
-6.5 |
- |
- |
|
Net Assets Recognized on Balance Sheet |
-4.0 |
-5.5 |
-6.5 |
- |
- |
Interim Balance Sheet
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
30-Jun-2011 |
31-Dec-2010 |
30-Sep-2010 |
30-Jun-2010 |
31-Mar-2010 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.689727 |
0.745406 |
0.732493 |
0.816393 |
0.739044 |
|
|
|
|
|
|
|
|
Total Invetory |
67.9 |
70.5 |
75.9 |
65.2 |
57.8 |
|
Trade Receivables, Net |
91.3 |
- |
84.2 |
- |
84.6 |
|
Trade Receivables, Gross |
- |
102.2 |
- |
91.8 |
- |
|
Provision for Doubtful Accounts |
- |
-8.5 |
- |
-8.1 |
- |
|
Financial Assets Available for Sale |
2.1 |
1.9 |
1.9 |
1.7 |
1.9 |
|
Tax Receivables |
2.2 |
2.9 |
3.6 |
2.8 |
2.2 |
|
Receivables and Other Assets |
5.4 |
4.0 |
7.7 |
10.0 |
9.0 |
|
Liquid Funds |
3.9 |
4.2 |
4.2 |
4.6 |
2.8 |
|
Assets Held for Sale |
5.9 |
0.0 |
- |
- |
- |
|
Total Current Assets |
178.7 |
177.3 |
177.6 |
168.1 |
158.4 |
|
|
|
|
|
|
|
|
Land and Buildings |
- |
5.7 |
- |
5.4 |
- |
|
Plant and Machinery |
- |
68.5 |
- |
62.9 |
- |
|
Industrial and Commercial Equipment |
- |
29.8 |
- |
27.5 |
- |
|
Other Tangibles |
- |
11.6 |
- |
9.6 |
- |
|
Construction in Progress |
- |
1.0 |
- |
1.1 |
- |
|
Depreciation |
- |
-82.2 |
- |
-69.8 |
- |
|
Tangibles |
29.2 |
- |
38.7 |
- |
41.1 |
|
Intangibles |
25.2 |
25.9 |
27.8 |
25.3 |
27.8 |
|
Deferred Tax |
7.3 |
7.1 |
4.6 |
4.5 |
6.2 |
|
Receivables and Other Assets |
3.8 |
3.7 |
2.8 |
2.8 |
5.5 |
|
Total Assets |
244.2 |
248.4 |
251.5 |
237.2 |
239.0 |
|
|
|
|
|
|
|
|
Debts and Other Financial Liabilities |
141.3 |
10.3 |
- |
6.6 |
- |
|
Current Portion of LT Debts |
- |
125.3 |
115.5 |
92.8 |
112.4 |
|
Current Portion of Capital Leases |
- |
1.4 |
- |
1.6 |
- |
|
Trade Payables |
60.0 |
71.4 |
67.7 |
66.6 |
57.4 |
|
Tax Payables |
12.7 |
4.6 |
4.5 |
2.6 |
3.2 |
|
Risk Provision |
2.3 |
0.9 |
0.7 |
0.1 |
0.2 |
|
Other Liabilities |
10.7 |
11.3 |
12.3 |
9.1 |
9.2 |
|
Total Current Liabilities |
227.1 |
225.2 |
200.7 |
179.6 |
182.4 |
|
|
|
|
|
|
|
|
Banks |
1.1 |
1.4 |
19.1 |
17.5 |
16.4 |
|
Leasing |
- |
- |
- |
1.9 |
- |
|
Total Long Term Debt |
1.1 |
1.4 |
19.1 |
19.4 |
16.4 |
|
|
|
|
|
|
|
|
Minority Interest |
0.3 |
0.3 |
0.3 |
0.5 |
0.5 |
|
Severance Provision |
4.2 |
4.0 |
4.4 |
4.5 |
4.9 |
|
Risk Provision |
3.7 |
5.0 |
4.8 |
4.9 |
1.4 |
|
Deferred Taxes |
2.2 |
2.3 |
2.5 |
2.6 |
2.7 |
|
Other Liabilities |
0.7 |
1.0 |
0.6 |
1.3 |
1.5 |
|
Total Liabilities |
239.3 |
239.2 |
232.4 |
212.7 |
209.8 |
|
|
|
|
|
|
|
|
Share Capital |
27.0 |
25.0 |
25.5 |
22.8 |
25.2 |
|
Reserves |
-0.5 |
0.5 |
-0.5 |
0.1 |
4.3 |
|
Future Capital Increase Reserve |
11.6 |
10.7 |
10.9 |
9.8 |
4.1 |
|
Retained Earnings |
-33.3 |
-27.0 |
-16.8 |
-8.2 |
-4.4 |
|
Total Equity |
4.8 |
9.2 |
19.1 |
24.6 |
29.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
244.2 |
248.4 |
251.5 |
237.2 |
239.0 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
75.0 |
74.8 |
75.0 |
74.8 |
74.8 |
|
Total Common Shares Outstanding |
75.0 |
74.8 |
75.0 |
74.8 |
74.8 |
|
T/S-Common Stock |
- |
0.2 |
- |
0.2 |
0.2 |
|
Full-Time Employees |
- |
910 |
- |
871 |
819 |
|
LT Debt Maturing within 1 Y |
- |
125.3 |
- |
92.8 |
- |
|
LT Debt Maturing in 2 Y |
- |
0.0 |
- |
6.1 |
- |
|
LT Debt Maturing in 3 Y |
- |
0.0 |
- |
6.7 |
- |
|
LT Debt Maturing in 4 Y |
- |
0.0 |
- |
3.1 |
- |
|
LT Debt Maturing in 5 Y |
- |
0.0 |
- |
1.0 |
- |
|
LT Debt Maturing after 5 Y |
- |
0.0 |
- |
0.5 |
- |
|
Total Long Term Debt, Supplemental |
- |
125.3 |
- |
110.3 |
- |
|
Financial Lease Maturing within 1 Y |
- |
1.4 |
- |
1.6 |
- |
|
Financial Lease Maturing in 2 Y |
- |
0.8 |
- |
1.0 |
- |
|
Financial Lease Maturing in 3 Y |
- |
0.4 |
- |
0.5 |
- |
|
Financial Lease Maturing in 4 Y |
- |
0.2 |
- |
0.4 |
- |
|
Financial Lease Maturing in 5 Y |
- |
0.0 |
- |
0.0 |
- |
|
Financial Lease - Remaining |
- |
0.0 |
- |
0.0 |
- |
|
Total Capital Leases, Supplemental |
- |
2.9 |
- |
3.5 |
- |
|
Operating Lease Pymts. Due within 1Year |
- |
2.9 |
- |
3.2 |
- |
|
Operating Lease Payments Due in Year 2 |
- |
2.9 |
- |
3.2 |
- |
|
Operating Lease Payments Due in Year 3 |
- |
0.2 |
- |
1.7 |
- |
|
Operating Lease Payments Due in Year 4 |
- |
0.2 |
- |
0.2 |
- |
|
Operating Lease Payments Due in Year 5 |
- |
0.2 |
- |
0.2 |
- |
|
Operating Leases - Remaining Payments |
- |
0.0 |
- |
0.1 |
- |
|
Total Operating Leases, Supplemental |
- |
6.6 |
- |
8.7 |
- |
|
Pension Obligations |
- |
4.0 |
- |
4.5 |
- |
|
Funded Status |
- |
-4.0 |
- |
-4.5 |
- |
|
Total Funded Status |
- |
-4.0 |
- |
-4.5 |
- |
|
Accrued Liabilities |
- |
-4.0 |
- |
-4.5 |
- |
|
Net Assets Recognized on Balance Sheet |
- |
-4.0 |
- |
-4.5 |
- |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
0.796979 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income Before Taxes |
-24.8 |
-10.3 |
-38.0 |
10.7 |
6.8 |
|
Depreciation |
15.4 |
18.8 |
15.8 |
13.1 |
12.4 |
|
WD of Receivables |
3.3 |
2.7 |
2.5 |
0.3 |
3.8 |
|
Risk Provision |
5.7 |
- |
2.0 |
0.1 |
0.1 |
|
WB and WD Sale of Tangibles |
-0.1 |
0.1 |
-0.1 |
0.0 |
0.0 |
|
Derivatives |
0.8 |
0.0 |
-0.3 |
-1.7 |
-0.8 |
|
Int. Income and Dividends on Fin. Assets |
- |
0.0 |
-0.3 |
-0.7 |
-0.7 |
|
Net Financial Expenses |
6.4 |
9.1 |
13.7 |
10.1 |
11.0 |
|
Severance Provision |
2.3 |
1.8 |
3.5 |
-0.9 |
1.2 |
|
Inventory |
-15.5 |
26.7 |
-3.8 |
-17.7 |
5.7 |
|
Trade Receivables |
-6.1 |
4.1 |
8.2 |
-12.2 |
-3.3 |
|
Receivables and Other Assets |
- |
- |
1.8 |
-8.0 |
-1.2 |
|
Other Assets and Tax Receivables |
- |
- |
1.2 |
1.3 |
5.3 |
|
Receivables & Other Assets Curr. & Non |
6.5 |
-3.2 |
- |
- |
- |
|
Trade Payables |
11.6 |
-8.2 |
-7.2 |
14.5 |
-0.8 |
|
Deferred Tax |
0.8 |
-1.9 |
3.9 |
2.4 |
3.0 |
|
Other Liabilities |
2.1 |
-6.0 |
2.0 |
-8.1 |
0.6 |
|
Time Deposit - Liquid Funds |
-0.8 |
0.0 |
2.0 |
1.5 |
-0.5 |
|
Interest Paid |
-6.3 |
-8.7 |
-13.7 |
-10.1 |
-11.0 |
|
Tax Paid |
- |
- |
-1.4 |
-10.0 |
-3.1 |
|
Severance Provision Paid |
-3.5 |
-2.9 |
-3.9 |
-2.4 |
-1.4 |
|
Risk Provision Paid |
-1.9 |
-0.5 |
- |
- |
0.0 |
|
Cash from Operating Activities |
-4.0 |
21.7 |
-11.9 |
-17.8 |
27.2 |
|
|
|
|
|
|
|
|
Purchase of Tangibles |
-5.7 |
-6.8 |
-21.5 |
-10.2 |
-5.4 |
|
Sale of Tangibles |
1.1 |
1.6 |
1.0 |
0.1 |
1.5 |
|
Investments in Subsidiaries |
- |
- |
0.0 |
0.0 |
-7.3 |
|
Purchase of Intangibles |
-2.0 |
-0.8 |
-2.6 |
-10.6 |
-3.4 |
|
Sale of Intangible Assets |
1.4 |
- |
- |
- |
- |
|
Purchase of Financial Assets |
0.0 |
2.4 |
0.8 |
2.1 |
0.5 |
|
Derivatives Income |
-0.8 |
0.0 |
0.3 |
1.7 |
0.8 |
|
Cash from Investing Activities |
-6.1 |
-3.7 |
-22.0 |
-16.8 |
-13.3 |
|
|
|
|
|
|
|
|
Issue of Debts |
111.7 |
108.0 |
142.5 |
105.8 |
76.6 |
|
Refunding of Debts |
-108.3 |
-129.5 |
-111.5 |
-114.7 |
-87.6 |
|
Dividends |
- |
0.0 |
0.0 |
0.0 |
-2.5 |
|
Change in Equity for IPO |
- |
- |
0.0 |
47.0 |
- |
|
Reserve for Stock Option |
0.0 |
0.0 |
0.0 |
- |
- |
|
Conversion Reserve |
-0.5 |
-1.3 |
0.0 |
- |
- |
|
Minority Interests |
-0.2 |
0.2 |
0.5 |
0.3 |
- |
|
Payments for Future Capital Increase |
6.6 |
4.2 |
0.0 |
- |
- |
|
Other Changes in Equity |
- |
0.0 |
-0.6 |
0.4 |
- |
|
Cash from Financing Activities |
9.4 |
-18.5 |
30.8 |
38.8 |
-13.5 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-0.8 |
-0.4 |
-3.1 |
4.2 |
0.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
4.1 |
4.7 |
8.0 |
3.3 |
2.7 |
|
Net Cash - Ending Balance |
3.3 |
4.3 |
4.9 |
7.5 |
3.0 |
|
Cash Interest Paid |
6.3 |
8.7 |
13.7 |
10.1 |
11.0 |
|
Cash Taxes Paid |
- |
- |
1.4 |
10.0 |
3.1 |
Interim Cash Flows
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
30-Jun-2011 |
31-Dec-2010 |
30-Jun-2010 |
31-Mar-2010 |
31-Dec-2009 |
|
Period Length |
6 Months |
12 Months |
6 Months |
3 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.713558 |
0.755078 |
0.754409 |
0.722987 |
0.719047 |
|
|
|
|
|
|
|
|
Net Income Before Taxes |
-2.7 |
-24.8 |
-5.6 |
2.6 |
-10.3 |
|
Depreciation |
5.3 |
15.4 |
6.1 |
3.0 |
18.8 |
|
WD of Receivables |
0.2 |
3.3 |
0.6 |
- |
2.7 |
|
Provision for Inventory Write |
0.1 |
- |
0.1 |
- |
- |
|
Risk Provision |
1.8 |
5.7 |
4.1 |
- |
- |
|
Using Stock Valuation Allowance |
-0.1 |
- |
-0.7 |
- |
- |
|
WB and WD Sale of Tangibles |
-0.3 |
-0.1 |
-0.3 |
- |
0.1 |
|
Derivatives |
3.0 |
0.8 |
-3.0 |
-1.4 |
0.0 |
|
Int. Income and Dividends on Fin. Assets |
0.0 |
- |
-0.1 |
0.0 |
0.0 |
|
Net Financial Expenses |
3.0 |
6.4 |
2.9 |
0.8 |
9.1 |
|
Severance Provision |
1.0 |
2.3 |
1.0 |
0.6 |
1.8 |
|
Inventory |
7.7 |
-15.5 |
-15.1 |
-1.8 |
26.7 |
|
Trade Receivables |
9.6 |
-6.1 |
-2.2 |
6.3 |
4.1 |
|
Receivables and Other Assets |
-0.6 |
6.5 |
0.8 |
1.8 |
-3.2 |
|
Other Assets and Tax Receivables |
0.9 |
- |
1.4 |
0.8 |
- |
|
Trade Payables |
-16.5 |
11.6 |
13.2 |
-2.2 |
-8.2 |
|
Deferred Tax |
6.0 |
0.8 |
0.0 |
-0.8 |
-1.9 |
|
Other Liabilities |
-1.8 |
2.1 |
1.2 |
0.3 |
-6.0 |
|
Time Deposit - Liquid Funds |
-0.2 |
-0.8 |
- |
- |
0.0 |
|
Interest Paid |
-2.8 |
-6.3 |
-2.9 |
-1.4 |
-8.7 |
|
Tax Paid |
0.0 |
- |
-0.3 |
- |
- |
|
Severance Provision Paid |
-1.1 |
-3.5 |
-1.2 |
-0.8 |
-2.9 |
|
Risk Provision Paid |
-2.1 |
-1.9 |
-0.7 |
-0.4 |
-0.5 |
|
Cash from Operating Activities |
10.3 |
-4.0 |
-0.8 |
7.3 |
21.7 |
|
|
|
|
|
|
|
|
Purchase of Tangibles |
-2.2 |
-5.7 |
-2.7 |
-1.1 |
-6.8 |
|
Sale of Tangibles |
0.5 |
1.1 |
0.7 |
0.1 |
1.6 |
|
Purchase of Intangibles |
-0.4 |
-2.0 |
-1.2 |
-0.9 |
-0.8 |
|
Sale of Intangibles |
0.0 |
1.4 |
1.2 |
1.2 |
- |
|
Purchase of Financial Assets |
0.0 |
0.0 |
0.1 |
0.0 |
2.4 |
|
Derivatives Income |
-3.0 |
-0.8 |
1.0 |
0.1 |
0.0 |
|
Cash from Investing Activities |
-5.1 |
-6.1 |
-0.8 |
-0.6 |
-3.7 |
|
|
|
|
|
|
|
|
Issue of Debts |
115.3 |
111.7 |
101.5 |
- |
108.0 |
|
Refunding of Debts |
-122.3 |
-108.3 |
-104.5 |
- |
-129.5 |
|
Issue/Repayment of Debt, Net |
- |
- |
- |
-7.5 |
- |
|
Translation Exchange Differences |
- |
- |
-1.1 |
-0.6 |
- |
|
Reserve for Stock Option |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Other Changes in Equity |
1.1 |
-0.5 |
- |
- |
-1.3 |
|
Minority Interests |
0.0 |
-0.2 |
0.0 |
0.0 |
0.2 |
|
Payments for Future Capital Increase |
0.0 |
6.6 |
6.6 |
- |
4.2 |
|
Cash from Financing Activities |
-6.0 |
9.4 |
2.5 |
-8.1 |
-18.5 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-0.9 |
-0.8 |
0.9 |
-1.4 |
-0.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
3.5 |
4.1 |
4.1 |
4.3 |
4.7 |
|
Net Cash - Ending Balance |
2.7 |
3.3 |
5.0 |
2.9 |
4.3 |
|
Cash Interest Paid |
- |
6.3 |
2.9 |
1.4 |
8.7 |
|
Cash Taxes Paid |
- |
- |
0.3 |
- |
- |
Geographic Segments
Financials in: As Reported (mil)
|
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Geographic Segments
Financials in: As Reported (mil)
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Business Segments
Financials in: As Reported (mil)
|
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Business Segments
Financials in: As Reported (mil)
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.79 |
|
UK Pound |
1 |
Rs.75.06 |
|
Euro |
1 |
Rs.65.35 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.