MIRA INFORM REPORT
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Report Date : |
23.09.2011 |
IDENTIFICATION DETAILS
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Name : |
HEIDELBERGER DRUCKMASCHINEN AG |
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Registered Office : |
Kurfuersten-Anlage 52-60, Heidelberg, 69115 |
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Country : |
Germany |
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Financials (as on) : |
31.03.2011 |
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Year of Establishment : |
1850 |
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Com. Reg. No.: |
330004 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
producer of solutions for the print media industry |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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Litigation : |
---- |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Germany |
a1 |
a1 |
|
Risk Category |
ECGC Classification |
|
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
Heidelberger Druckmaschinen AG
Kurfuersten-Anlage 52-60
Heidelberg, 69115
Germany
Tel: 49-6221-9200
Fax: 49-6221-926999
Web: www.heidelberg.com
Synthesis
Employees: 15,718
Company Type: Public
Parent
Corporate Family: 72
Companies
Traded: XETRA: HDD
Incorporation Date: 1850
Auditor: PricewaterhouseCoopers AG
Financials in: USD
(Millions)
Fiscal Year End:
31-Mar-2011
Reporting Currency: Euro
Annual Sales: 3,640.7 1
Net Income: (170.2)
Total Assets: 3,750.7 2
Market Value: 412.4
(09-Sep-2011)
Business Description
Heidelberger
Druckmaschinen AG is a German producer of solutions for the print media
industry. The Company divides its activities into the three business segments
Heidelberg Equipment, Heidelberg Services as well as Heidelberg Financial
Services. Its product portfolio includes the prepress area with the Suprasetter
product family; the press area, which comprises Speedmaster product families,
that are used for classical offset printing, as well as for special
applications, such as ultraviolet (UV) printing; as well as the postpress area,
that includes cutters, folders, saddlestitchers, adhesive binders, die-cutting
products, folding carton gluing machines and label systems. The Company also
offers a range of spare parts and used equipment, as well as training programs
and its own printing process automation software, Prinect. For the three months
ended 30 June 2011, Heidelberger Druckmaschinen AG's total revenue decreased 6%
to EUR574.8B. Net loss for the period decreased 12% to EUR46.1M. Total revenue
reflects a decrease in demand for the Company's products and services in the
Heidelberg Services and in Heidelberg Equipment business segments. Lower net
loss for the period reflects improved operating profit margin.
Industry
Industry Miscellaneous Capital Goods
ANZSIC 2006: 2469 - Other
Specialised Machinery and Equipment Manufacturing
NACE 2002: 2956 - Manufacture
of other special purpose machinery not elsewhere classified
NAICS 2002: 333293 - Printing
Machinery and Equipment Manufacturing
UK SIC 2003: 2956 - Manufacture
of other special purpose machinery not elsewhere classified
US SIC 1987: 3555 - Printing
Trades Machinery and Equipment
Key Executives
|
Name |
Title |
|
Dirk Kaliebe |
Chief Financial Officer |
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Torsten Büscher |
Vice President-e-Marketing |
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Edwin Eichler |
Member of the Supervisory Board |
|
Bernhard Schreier |
Chairman of the Management Board, Director of Human Resources |
|
Friedmar Nusch |
Head of Corporate Communications |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
Mergers / Acquisitions |
1 |
Heidelberger Druckmaschinen AG Acquires CSAT GmbH |
3-Aug-2011 |
|
Officer Changes |
1 |
Heidelberger Druckmaschinen AG Announces Retirement of Chairman of the
Supervisory Board and Proposes Successor |
9-Jun-2011 |
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Strategic Combinations |
1 |
Heidelberger Druckmaschinen AG And Ricoh Company, Ltd. Announce Global
Strategic Cooperation |
23-Feb-2011 |
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Business Deals |
1 |
Heidelberger Druckmaschinen AG Signs OEM Agreement To Distribute
Bitstream Inc.'s Pageflex Storefront |
11-Sep-2011 |
|
Other Pre-Announcement |
5 |
Heidelberger Druckmaschinen AG Confirms FY 2011 Guidance |
9-Aug-2011 |
* number of significant developments within the last 12 months
News
|
Title |
Date |
|
Heidelberger
Druck expands collaboration with UK Ricoh |
20-Sep-2011 |
|
Heidelberger
signs OEM software agreement with Pageflex |
14-Sep-2011 |
|
Heidelberg
USA and Ricoh Roll Out Digital Offering in the Americas |
11-Sep-2011 |
|
Heidelberg
Signs OEM Agreement to Distribute Pageflex Storefront |
11-Sep-2011 |
|
Heidelberger
Druck equips Mayr-Melnhof Packaging France with large-format press |
5-Sep-2011 |
Financial Summary
As
of 30-Jun-2011
|
Key Ratios |
Company |
Industry |
|
Current Ratio (MRQ) |
2.05 |
1.95 |
|
Quick Ratio (MRQ) |
0.94 |
1.03 |
|
Debt to Equity (MRQ) |
0.52 |
0.45 |
|
Sales 5 Year Growth |
-6.35 |
6.22 |
|
Net Profit Margin (TTM) % |
-4.50 |
7.96 |
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Return on Assets (TTM) % |
-4.42 |
8.48 |
|
Return on Equity (TTM) % |
-17.77 |
17.58 |
Stock Snapshot
|
Registered No.(DEU): 330004
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7571683
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.704672
Corporate Overview
Location
Kurfuersten-Anlage 52-60
Heidelberg, 69115
Germany
Tel: 49-6221-9200
Fax: 49-6221-926999
Web : www.heidelberg.com
Quote Symbol - Exchange
HDD - XETRA
Sales EUR(mil): 2,756.6
Assets EUR(mil): 2,643.0
Employees: 15,718
Fiscal Year End: 31-Mar-2011
Industry: Miscellaneous
Capital Goods
Incorporation Date: 1850
Company Type: Public
Parent
Quoted Status: Quoted
Registered No.(DEU): 330004
Member of the
Supervisory Board: Edwin
Eichler
Company Web Links
· Company Contact/E-mail
· Corporate History/Profile
· Employment Opportunities
· Executives
· Financial Information
· Home Page
· Investor Relations
· News Releases
· Products/Services
Contents
· Industry Codes
· Business Description
· Brand/Trade Names
· Financial Data
· Market Data
· Shareholders
· Subsidiaries
· Key Corporate Relationships
· Industry Codes
ANZSIC 2006 Codes:
5419 - Other Publishing (except Software, Music and Internet)
2421 - Computer and Electronic Office Equipment Manufacturing
2469 - Other Specialised Machinery and Equipment Manufacturing
1611 - Printing
9429 - Other Machinery and Equipment Repair and Maintenance
NACE 2002 Codes:
5274 - Repair not elsewhere classified
2215 - Other publishing
3002 - Manufacture of computers and other information processing
equipment
2956 - Manufacture of other special purpose machinery not
elsewhere classified
2222 - Printing not elsewhere classified
NAICS 2002 Codes:
333293 - Printing Machinery and Equipment Manufacturing
511199 - All Other Publishers
323119 - Other Commercial Printing
811310 - Commercial and Industrial Machinery and Equipment (except
Automotive and Electronic) Repair and Maintenance
334119 - Other Computer Peripheral Equipment Manufacturing
US SIC 1987:
2759 - Commercial Printing, Not Elsewhere Classified
7699 - Repair Shops and Related Services, Not Elsewhere Classified
3577 - Computer Peripheral Equipment, Not Elsewhere Classified
3555 - Printing Trades Machinery and Equipment
2741 - Miscellaneous Publishing
UK SIC 2003:
5274 - Repair not elsewhere classified
2956 - Manufacture of other special purpose machinery not
elsewhere classified
3002 - Manufacture of computers and other information processing
equipment
2222 - Printing not elsewhere classified
2215 - Other publishing
Business Description
Heidelberger
Druckmaschinen AG is a German producer of solutions for the print media
industry. The Company divides its activities into the three business segments
Heidelberg Equipment, Heidelberg Services as well as Heidelberg Financial
Services. Its product portfolio includes the prepress area with the Suprasetter
product family; the press area, which comprises Speedmaster product families,
that are used for classical offset printing, as well as for special
applications, such as ultraviolet (UV) printing; as well as the postpress area,
that includes cutters, folders, saddlestitchers, adhesive binders, die-cutting
products, folding carton gluing machines and label systems. The Company also
offers a range of spare parts and used equipment, as well as training programs
and its own printing process automation software, Prinect. For the three months
ended 30 June 2011, Heidelberger Druckmaschinen AG's total revenue decreased 6%
to EUR574.8B. Net loss for the period decreased 12% to EUR46.1M. Total revenue
reflects a decrease in demand for the Company's products and services in the
Heidelberg Services and in Heidelberg Equipment business segments. Lower net
loss for the period reflects improved operating profit margin.
More Business
Descriptions
· Production and sale of offset printing presses and other machinery. Heidelberg develops and produces precision printing presses, units for imaging printing plates, postpress equipment, and software for integrating all the print shop processes. It also provides general and consulting services ranging from spare parts and consumables to the sale of remarketed equipment, and training at the Print Media Academy.
· Heidelberger Druckmaschinen AG is primarily engaged in manufacture of machinery for working soft rubber or plastics or for the manufacture of products of these materials (extruders, moulders, pneumatic tyre making or retreading machines and other machines for making a specific rubber or plastic product); manufacture of printing and bookbinding machines; manufacture of machinery for producing tiles, bricks, shaped ceramic pastes, pipes, graphite electrodes, blackboard chalk, foundry moulds, etc.; manufacture of moulding boxes for any material; mould bases; moulding patterns; moulds; manufacture of dryers for wood, paper pulp, paper or paperboard; manufacture of centrifugal clothes dryers; manufacture of diverse special machinery and equipment (machines to assemble electric or electronic lamps, tubes (valves) or bulbs; machines for production or hot-working of glass or glassware, glass fibre or yarn; machinery or apparatus for isotopic separation; rope-making machinery, etc.); and manufacture of industrial robots for multiple uses.
· Heidelberg (Germany) is the world's leading solution provider of the print media industry, manufacturing sheetfed, digital and web press systems as well as prepress and postpress components, software and consumables for all printing applications. Heidelberg has the largest manufacturing and support network in the industry with 20 manufacturing sites and 250 support centres worldwide. The company generates 85% of its sales through its own sales companies and 87% of its sales abroad.
· Printing Equipment
Brand/Trade Names
Heidelberg
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Corporate
Family |
Corporate
Structure News: |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Heidelberg |
Germany |
Miscellaneous Capital Goods |
3,640.7 |
15,718 |
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|
Subsidiary |
Heidelberg, Baden-Württemberg |
Germany |
Miscellaneous Capital Goods |
288.0 |
1,000 |
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|
Heidelberger
Druckmaschinen Vertrieb Deutschland Gesellschaft mit beschränkter Haftung |
Subsidiary |
Heidelberg, Baden-Württemberg |
Germany |
Miscellaneous Capital Goods |
1,081.4 |
800 |
|
Subsidiary |
Kennesaw, GA |
United States |
Printing Services |
3,750.0 |
750 |
|
|
Branch |
Buffalo Grove, IL |
United States |
Miscellaneous Capital Goods |
32.6 |
60 |
|
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Branch |
Owings Mills, MD |
United States |
Miscellaneous Capital Goods |
21.8 |
40 |
|
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Subsidiary |
Ludwigsburg |
Germany |
Miscellaneous Capital Goods |
|
450 |
|
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Subsidiary |
Tokyo |
Japan |
Miscellaneous Capital Goods |
155.0 |
344 |
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Subsidiary |
Tremblay En France |
France |
Miscellaneous Capital Goods |
242.3 |
293 |
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Subsidiary |
Notting Hill, VIC |
Australia |
Miscellaneous Capital Goods |
79.3 |
199 |
|
|
Subsidiary |
Bern, Berne |
Switzerland |
Miscellaneous Capital Goods |
|
170 |
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Subsidiary |
Beijing |
China |
Miscellaneous Capital Goods |
200.9 |
169 |
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Subsidiary |
Warszawa |
Poland |
Miscellaneous Capital Goods |
|
124 |
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Subsidiary |
Wien |
Austria |
Miscellaneous Capital Goods |
72.9 |
108 |
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Subsidiary |
Wuku Hsiang, Taipei Hsien |
Taiwan |
Miscellaneous Capital Goods |
|
107 |
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Subsidiary |
Buenos Aires, Buenos Aires |
Argentina |
Food Processing |
14.0 |
100 |
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Subsidiary |
Surabaya |
Indonesia |
Miscellaneous Capital Goods |
13.0 |
100 |
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Subsidiary |
Seoul |
Korea, Republic of |
Miscellaneous Capital Goods |
23.0 |
85 |
|
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Subsidiary |
Marlboro |
South Africa |
Miscellaneous Capital Goods |
27.2 |
82 |
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Subsidiary |
Wiesloch, Baden-Württemberg |
Germany |
Restaurants |
|
80 |
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Subsidiary |
Istanbul |
Turkey |
Miscellaneous Capital Goods |
|
77 |
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Subsidiary |
Praha |
Czech Republic |
Miscellaneous Capital Goods |
26.7 |
76 |
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Subsidiary |
Singapore |
Singapore |
Miscellaneous Capital Goods |
|
65 |
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Subsidiary |
Ballerup |
Denmark |
Miscellaneous Capital Goods |
42.5 |
63 |
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Subsidiary |
Eksjö, Jönköping |
Sweden |
Electronic Instruments and Controls |
7.4 |
60 |
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Subsidiary |
Limhamn |
Sweden |
Miscellaneous Capital Goods |
27.4 |
48 |
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Subsidiary |
Vantaa |
Finland |
Miscellaneous Capital Goods |
19.7 |
35 |
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Subsidiary |
Nairobi |
Kenya |
Miscellaneous Capital Goods |
|
34 |
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Subsidiary |
Auckland, Auckland |
New Zealand |
Miscellaneous Capital Goods |
|
25 |
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Subsidiary |
Lima |
Peru |
Miscellaneous Capital Goods |
8.0 |
24 |
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Subsidiary |
Waiblingen, Baden-Württemberg |
Germany |
Miscellaneous Capital Goods |
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18 |
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Subsidiary |
Zwaag, Noord-Holland |
Netherlands |
Chemical Manufacturing |
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17 |
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Subsidiary |
Aylesbury |
United Kingdom |
Chemical Manufacturing |
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10 |
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Subsidiary |
Aylesbury |
United Kingdom |
Chemical Manufacturing |
13.1 |
9 |
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Heidelberg
Print Finance International Gesellschaft mit beschränkter Haftung |
Subsidiary |
Heidelberg, Baden-Württemberg |
Germany |
Consumer Financial Services |
64.0 |
8 |
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Subsidiary |
Boxmeer, Noord-Brabant |
Netherlands |
Miscellaneous Financial Services |
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2 |
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Subsidiary |
Petaling Jaya, Selangor |
Malaysia |
Miscellaneous Capital Goods |
34.1 |
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Subsidiary |
Leipzig |
Germany |
Miscellaneous Capital Goods |
1.0 |
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Subsidiary |
Makati City |
Philippines |
Miscellaneous Capital Goods |
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Subsidiary |
Bratislava |
Slovakia |
Miscellaneous Capital Goods |
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Subsidiary |
Tallinn |
Estonia |
Miscellaneous Capital Goods |
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Subsidiary |
Almaty |
Kazakhstan |
Miscellaneous Capital Goods |
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Subsidiary |
Bucharest |
Romania |
Miscellaneous Capital Goods |
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Subsidiary |
Budakalász |
Hungary |
Miscellaneous Capital Goods |
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Subsidiary |
Hong Kong |
Hong Kong |
Miscellaneous Capital Goods |
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Subsidiary |
Chennai |
India |
Miscellaneous Capital Goods |
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Subsidiary |
Accra |
Ghana |
Miscellaneous Capital Goods |
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Subsidiary |
Dar es Salaam |
Tanzania |
Miscellaneous Capital Goods |
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Subsidiary |
São Paulo |
Brazil |
Miscellaneous Capital Goods |
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Subsidiary |
Kabul |
Afghanistan |
Miscellaneous Capital Goods |
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Subsidiary |
Dubai |
United Arab Emirates |
Miscellaneous Capital Goods |
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Subsidiary |
Sofia |
Bulgaria |
Miscellaneous Capital Goods |
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Subsidiary |
Quito |
Ecuador |
Miscellaneous Capital Goods |
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Subsidiary |
Vilnius |
Lithuania |
Miscellaneous Capital Goods |
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Subsidiary |
Kyiv |
Ukraine |
Miscellaneous Capital Goods |
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Subsidiary |
Bogota, Cundinamarca |
Colombia |
Miscellaneous Capital Goods |
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Subsidiary |
Belgrad |
Serbia |
Miscellaneous Capital Goods |
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Subsidiary |
Ciudad de México |
Mexico |
Miscellaneous Capital Goods |
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Subsidiary |
Lagos |
Nigeria |
Miscellaneous Capital Goods |
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Subsidiary |
Kampala |
Uganda |
Miscellaneous Capital Goods |
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Subsidiary |
Moscow |
Russian Federation |
Miscellaneous Capital Goods |
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Subsidiary |
Nicosia |
Cyprus |
Miscellaneous Capital Goods |
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Subsidiary |
Zagreb |
Croatia |
Miscellaneous Capital Goods |
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Subsidiary |
Beirut |
Lebanon |
Miscellaneous Capital Goods |
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Subsidiary |
Riga |
Latvia |
Miscellaneous Capital Goods |
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Subsidiary |
Ljubljana |
Slovenia |
Printing Services |
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Subsidiary |
Bangkok |
Thailand |
Miscellaneous Capital Goods |
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Subsidiary |
Tashkent |
Uzbekistan |
Miscellaneous Capital Goods |
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Executive report
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Board of
Directors |
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Chairman of the Supervisory Board |
Chairman |
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Chairman of the Management Board, Director of Human Resources |
Chairman |
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Chairman of the Supervisory Board |
Chairman |
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Deputy Chairman of the Supervisory Board, Employee Representative |
Vice-Chairman |
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Director |
Director/Board Member |
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Member of the Supervisory Board; Employee Representative |
Director/Board Member |
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Member of the Supervisory Board; Employee Representative |
Director/Board Member |
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Member of the Supervisory Board |
Director/Board Member |
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Executives |
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Leiterin-Umwelt |
Environment/Safety Executive |
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Member of the Supervisory Board |
Administration Executive |
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Member of the Supervisory Board, Employee Representative |
Administration Executive |
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Member of the Supervisory Board, Employee Representative |
Administration Executive |
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Member of the Supervisory Board, Employee Representative |
Administration Executive |
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Member of the Supervisory Board |
Administration Executive |
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Member of the Management Board, Heidelberg Services |
Administration Executive |
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Member of the Supervisory Board |
Administration Executive |
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Member of the Management Board, Responsible for Equipment |
Administration Executive |
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Member of the Supervisory Board |
Administration Executive |
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Member of the Supervisory Board, Employee Representative |
Administration Executive |
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Member of the Supervisory Board |
Administration Executive |
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Member of the Supervisory Board |
Administration Executive |
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Member of the Supervisory Board |
Administration Executive |
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Member of the Supervisory Board, Employee
Representative |
Administration Executive |
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Chief Financial Officer |
Finance Executive |
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Leiter-Investor Relations |
Investment Executive |
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Chairman of the Management Board, Director of Human Resources |
Human Resources Executive |
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Leiter-Vertrieb |
Sales Executive |
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Senior Vice President - Service - Marketing & Sales |
Sales Executive |
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Vice President-e-Marketing |
Marketing Executive |
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Senior Vice President-Unternehmenskommunikation & Marketing |
Marketing Executive |
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Press Officer |
Public Relations Executive |
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Head of Corporate Communications |
Public Relations Executive |
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Leiter-EDV |
Information Executive |
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Leiter-Strategische Planung |
Planning Executive |
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Senior Vice President - Digital |
Other |
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Senior Vice President - Sheetfed |
Other |
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Significant Developments
Heidelberger
Druckmaschinen AG Signs OEM Agreement To Distribute Bitstream Inc.'s Pageflex
Storefront
Sep 11, 2011
Pageflex, a
division of Bitstream Inc., announced that Heidelberger Druckmaschinen AG has
signed a worldwide OEM software agreement under which Heidelberg will license
the Pageflex Storefront web-to-print product, associated technologies from
Bitstream, and custom development. Heidelberg will market the turnkey OEM
product worldwide under the name Prinect Web-to-Print Manager. The OEM
agreement grants Heidelberg exclusive rights to sell the OEM product under both
licensed and software-as-a-service (SaaS) business models, as well as to sell
related products from the Pageflex product line. Primarily sold in North
America in the past, Pageflex Storefront is being internationalized to enable
distribution worldwide.
Heidelberger
Druckmaschinen AG Confirms FY 2011 Guidance Aug 09, 2011
Heidelberger
Druckmaschinen AG announced that the Company has confirmed its fiscal year
2010/2011 guidance. The Company announced that it still strives for a balanced
pre-tax result on the basis of a higher operating result and lower financing
expenses during the current financial year 2011/2012. The Company's annual
sales target in the medium term, which the Company intends to achieve within
the next two or three years, has been set at over EUR 3 billion. The Company
expects that the increase in sales in the next year 2012/2013 should be greater
than in the fiscal year 2010/2011.
Heidelberger
Druckmaschinen AG Acquires CSAT GmbH Aug 03, 2011
Heidelberger
Druckmaschinen AG announced that on July 29, 2011 it has acquired CSAT GmbH
headquartered in Karlsruhe. CSAT GmbH is involved in developing, manufacturing
and marketing of digital printing systems. Financial terms of the transaction
were not disclosed.
Heidelberger
Druckmaschinen AG Confirms FY 2011/2012 Jul 13, 2011
Heidelberger
Druckmaschinen AG announced that the Company has confirmed its fiscal year
2010/2011 guidance. The Company announced that it still strives for a balanced
pre-tax result on the basis of a higher operating result and lower financing
expenses during the current financial year 2011/2012. The Company's annual
sales target in the medium term, which the Company intends to achieve within
the next two or three years, has been set at over EUR 3 billion. The Company
expects that the increase in sales in the next year 2011/2012 should be greater
than in the current financial year.
Heidelberger
Druckmaschinen AG Announces Retirement of Chairman of the Supervisory Board and
Proposes Successor Jun 09, 2011
Heidelberger
Druckmaschinen AG announced that Dr. Mark Woessner, Chairman of the Company's
Supervisory Board, will retire from his position with effect from July 28,
2011. The Supervisory Board will propose Mr. Robert J. Koehler as the successor
of Dr. Woessner at the Annual General Meeting.
Heidelberger
Druckmaschinen AG Plans New EUR 500 Million Revolving Credit Facility and EUR
300 Million High-Yield Bond Mar 28, 2011
Heidelberger
Druckmaschinen AG announced that it is planning a new EUR 500 million revolving
credit facility and a EUR 300 million high-yield bond to refinance existing
credit lines, which are partly secured by government guarantees that mature in
July 2012. The new revolving credit facility will be agreed on improved terms
and conditions and will mature at the end of 2014. The seven-year bond issue is
being managed five joint bookrunners - Deutsche Bank, Citi, BNP Paribas,
Commerzbank and LBBW. The bonds, which are callable after three years, are
scheduled for issue in the week of April 4, 2011. Heidelberg's existing
financing comprises a syndicated credit facility of EUR 445 million and a EUR
445 million euro line of credit collateralised with government guarantees. As
previously reported, in June and August 2009, Heidelberg Druckmaschinen secured
a EUR 1.4 billion financing package via mandated lead arrangers and bookrunners
Commerzbank, Deutsche Bank and LBBW. The financing comprised three tranches,
all of which mature on July 27, 2012. The financing included the amendment of
Heidelberg's existing EUR 550 million syndicated loan signed in July 2005, and
a EUR 550 million syndicated loan supported by 90% guarantee pledges from the
federal government and the German states of Baden-Wuerttemberg and Brandenburg.
Those two lines were both reduced to around EUR 445 million each.
Heidelberger
Druckmaschinen AG And Ricoh Company, Ltd. Announce Global Strategic Cooperation
Feb 23, 2011
Ricoh Company,
Ltd. and Heidelberger Druckmaschinen AG announced a global strategic
cooperation. As a first step, both companies agreed to enter into a global
distribution contract for Ricoh's Production Printing Product portfolio. This
agreement enables Heidelberg to sell Ricoh's latest color digital press, the
Ricoh ProTM C901 Graphic Arts Edition - Ricoh`s high speed color digital press
with Ricoh PxPTM Chemical toner, as well as appropriate future production
printing offerings in Ricoh's pipeline. The global strategic cooperation, which
includes Ricoh services and support, will start in April 2011. The first
markets will be UK and Germany with a phased rollout to follow in other
geographies with completion targeted for drupa 2012. Both companies are
committed to deliver a value-added offering which drives long term
profitability for their customers. Entering into a global distribution contract
is the first step of the strategic partner cooperation between the two
companies. Heidelberg's and Ricoh's future plans are to include integration
with Heidelberg's industry standard workflow solution in the graphic arts
industry, Prinect, as well as joint development activities for future printing
applications.
Heidelberger
Druckmaschinen AG Reiterates FY 2010/2011 Revenue Guidance Feb 09, 2011
Heidelberger
Druckmaschinen AG announced that the Company has reiterated its fiscal year
2010/2011 guidance. For fiscal year 2010/2011 Heidelberger Druckmaschinen AG
expects an increase in revenue. For fiscal year 2009/2010 the Company reported
revenue of EUR 2,306.40 million. According to Reuters Estimates, analysts on
average are expecting the Company to report revenue of EUR 2,583 million for
fiscal year 2010/2011.
Heidelberger
Druckmaschinen AG Reaffirms FY 2011 Guidance-Conference Call Nov 10, 2010
Heidelberger
Druckmaschinen AG announced that fiscal 2011 guidance is to be operationally
breakeven and modest growth in sales. The Company reported revenue of EUR2.306
billion in fiscal 2010. According to Reuters Estimates, analysts are expecting
the Company to report revenue of EUR2.569 billion for fiscal 2011.
Heidelberger
Druckmaschinen AG Reaffirms FY 2010 Guidance Oct 19, 2010
Heidelberger
Druckmaschinen AG announced that for fiscal 2010, it continues to expect a
moderate growth in sales. The operating result will benefit from increasing
profit contributions and the savings achieved so far. Assuming stable economic
developments, The Company is still striving for a break-even operating result
in fiscal 2010. The Company continues to expect a significant net loss for
fiscal 2010.
Heidelberger
Druckmaschinen AG Closes Capital Increase Sep 28, 2010
Heidelberger
Druckmaschinen AG announced that it has finished its capital increase.
Shareholders have exercised 99.85% of subscription rights, which correspond to
155,048,004 new shares at the price of EUR 2.70 each new share.
Press clippings
Heidelberger Druck expands collaboration with UK
Ricoh
ADP Germany News: 20 September 2011
[What follows is the full text of the news story.]
(SeeNews) - Sep
20, 2011 - German printing machine maker Heidelberger Druckmaschinen (ETR:HDD)
said today it expanded its partnership with UK sector player Ricoh distributing
its digital solution C901 Graphic Arts Edition on the markets of Thailand,
Malaysia and France.
The solution had
already entered the markets of Germany and UK and has been presented at the
GraphExpo show in Chicago, which finished on September 14.
Moreover, this
month Heidelberger started offering C901 on the markets of Mexico and Brazil,
which will be followed by Switzerland and Poland. Globally the solution will be
available from May 2012.
In addition
Heidelberger will also distribute Ricoh�s new Pro C751 digital printing line,
which is designed to handle low print volumes and variable data.
No financial
details on the matter have been disclosed.
Heidelberger signs OEM software agreement with
Pageflex
Datamonitor TechnologyWire: 14 September 2011
[What follows is the full text of the news story.]
Pageflex, a
division of Bitstream Inc., has announced that Heidelberger Druckmaschinen AG
has signed a worldwide OEM software agreement under which Heidelberg will
license the Pageflex Storefront web-to-print product, associated technologies
from Bitstream, and custom development.
Heidelberg will
market the OEM product under the name Prinect Web-to-Print Manager. The OEM
agreement grants Heidelberg exclusive rights to sell the OEM product under both
licensed and software-as-a-service business models, as well as to sell related
products from the Pageflex product line. Primarily sold in North America in the
past, Pageflex Storefront is being internationalized to enable distribution
worldwide.
Prinect
Web-to-Print Manager will bring Heidelberg customers a functional electronic
storefront that provides brand control and the ability to streamline internal
processes. The product joins the Prinect line of workflow automation solutions,
and will be targeted mainly at commercial sheet-fed offset printers.
"The Prinect
Web-to-Print Manager expands our Prinect print shop workflow in what is one of
the most important growth segments for the print media industry and it caters
to the growing demands from our customers to use the internet for improved
customer interaction and retention," said Marcel Kiessling, member of the
Heidelberg Management Board responsible for Heidelberg Services. "In
Pageflex we have found a partner that already has a high-quality portfolio of
web-to-print solutions with a proven track record worldwide. By integrating
this portfolio into the Prinect system, our customers will benefit two-fold
from the W2P expertise of our partner Pageflex on one hand and the comprehensive
automation and process transparency of the Prinect production workflow on the
other."
The two companies
are collaborating on an integrated, bi-directional connection to give the
Prinect Web-to-Print Manager module direct access to the central database of
the Heidelberg Prinect workflow system. This will include utilizing the Prinect
preflight engine, ganging, and soft proofing capabilities for orders placed
from the storefront online catalog.
Heidelberg USA and Ricoh Roll Out Digital Offering
in the Americas
Global agreement provides customers with
combination of offset and digital printing in U.S. and Brazil
Associated Press: 11 September 2011
[What follows is the full text of the news story.]
1/8STK 3/8
1/8IN 3/8 PEL OFP
CPR HRD STW
1/8SU 3/8 CON TDS
TO BUSINESS, AND
TECHNOLOGY EDITORS:
Heidelberg USA and
Ricoh Roll Out Digital Offering in the Americas
CHICAGO, Sept. 11,
2011/PRNewswire/ -- Heidelberg USA and Ricoh
Americas
Corporation today announced that the United States and Brazil
have been chosen
as the first markets in the Americas in the phased
global rollout of
the new Heidelberg and Ricoh strategic cooperation.
Heidelberg
Chairman Bernhard Schreier and Heidelberg USA President Jim
Dunn along with
Ricoh Company, Ltd. CEO Shiro Kondo and Ricoh Americas
Corporation
Chairman and CEO Kevin Togashi, formally announced today
the contract
signing at a press conference during GRAPH EXPO in
Chicago, Ill.
The relationship
enables Heidelberg to sell Ricoh's latest color
digital press, the
Ricoh Pro C901 Graphic Arts Edition, as part of
Heidelberg's total
print solution.
Jim Dunn of
Heidelberg USA commented, "We have worked closely with the
Ricoh regional
management team in the Americas and have agreed on the
best strategy for
introducing Ricoh into Heidelberg's U.S. and Latin
American markets.
These countries are the first step, and we will
continue to
introduce Ricoh into Heidelberg operations in other
markets through a
phased approach."
The two companies
entered into a global strategic partnership
agreement in
February this year. Heidelberg's and Ricoh's future plans
include
integration with Heidelberg's industry-standard workflow
solution in the
graphic arts industry, Prinect, as well as joint
development
activities for future printing applications.
Kevin Togashi of
Ricoh Americas Corporation said,"Heidelberg and Ricoh
share an
uncompromising commitment to excellence. We are both
dedicated to
offering a broad and balanced range of solutions that
truly embrace the
era of digital and offset convergence with
uncompromising
customer service. Together, we will continue to share
our knowledge and
expertise in developing the best printing models
that meet the
needs of our customers."
Addressing the
market need of integrated print production
Digital printing
continues to grow as commercial printers extend their
business models to
offer marketing services, short-run color and
same-day service.
Offset printers are increasingly seeking to complete
their portfolios
with a flexible digital solution integrated into
their existing
high-quality offset environment. The Ricoh and
Heidelberg
relationship supports these customers in growing their core
offset business
and enables them to offer more flexibility to their
clients using Ricoh's
latest digital print technology. Today, offset
printers have
access to a nearly unlimited range of printing
substrates and
state-of-the-art coating applications as well as
specialty inks
through Heidelberg's market-leading offerings. By
adding Ricoh's
digital production printing technology, professional
printers will be
able to offer the well-known advantages of variable
data printing,
instant delivery of print jobs, and
cost-effective
production of shorter run lengths.
The combination of
offset and digital printing now available from
Heidelberg enables
print shops to respond with flexibility to customer
requirements by
offering profitable variable data printing and shorter
runs in addition
to cost-efficient, high-quality offset printing.
Interplay of
Offset and Digital Printing offering additional
flexibility
The Ricoh Pro C901 Graphic Arts Edition addresses the needs of
commercial printers to build a high-quality, digital color printing
environment. Featuring a production speed of 90 pages per minute
(ppm), it is easily the fastest and most productive system in the
digital value segment. This segment includes systems providing
production speeds between 60 ppm and 90 ppm with an average monthly
production volume from 80,000 to 300,000 A4 pages and beyond.
Providing high-quality output, the Ricoh Pro C901 Graphic Arts Edition
is an ideal solution to meet the expanding demand for shorter
print-runs, variable data printing and rapid delivery on a wide range
of substrates.
By combining Heidelberg's Prinect workflow and color management
solutions with the dual platforms of offset (for example, with the
Speedmaster 52 Anicolor press) and digital printing (with the Ricoh
Pro C901 Graphic Arts Edition), print service providers will be able
to derive greater profitability from short-run jobs and simplify color
and job management.
For the global rollout, Heidelberg will follow a sequential approach
in order to guarantee the highest available service level to its
customer base. In April 2011, customers in Germany and the UK were
able to purchase the Ricoh Pro C901 Graphic Arts Edition from
Heidelberg. Both companies have begun the rollout for other Asian
markets and are working on the rollout for China. The Eastern European
market is targeted to rollout by drupa 2012, closing the worldwide
process.
About Heidelberger Druckmaschinen AG
A technology provider and partner in the print media industry,
Heidelberger Druckmaschinen AG (Heidelberg) is the world-wide leading
provider of solutions and services for the print media industry. The
name Heidelberg is internationally associated with leading technology,
top quality, and customer focus. The company's core business starts
with its equipment and services the entire process and value chain of
the sheetfed offset format classes from 20 inches to 64 inches as well
as digital printing solutions.
While Heidelberg's expertise is rooted in engineering and
manufacturing the best presses, it extends to a range of prepress and
postpress equipment as well as services and solutions including:
Business Consulting, Saphira Consumables, Professional Training,
Parts, Service, Remarketed Equipment and Workflow software.
Visit us at Graph Expo in Booth 1200.
About Ricoh Americas Corporation
Ricoh Americas Corporation, headquartered in West Caldwell, N.J., is a
subsidiary of Ricoh Company, Ltd., the 75-year-old leading provider of
advanced office technology and innovative document imaging products,
services and software, with fiscal year 2010 sales in excess of $23
billion. Ricoh's fully integrated hardware and customizable services
and software help businesses share information efficiently and
effectively by enabling customers to control the input, management and
output of documents. Ricoh Americas Corporation, directly or through
its network of authorized dealers, markets and distributes products in
North, Central and South America. Information about Ricoh's complete
range of offerings can be found at http://www.ricoh-usa.com. Visit Ricoh
and
see the demos at GRAPH EXPO Booth 2600.
5/8 2011 Ricoh Americas Corporation. �All rights reserved. All
referenced product names are the trademarks of their respective
companies.
Heidelberg Signs
OEM Agreement to Distribute Pageflex Storefront
Business Wire: 11
September 2011
[What follows is
the full text of the news story.]
Partnership
immediately will begin to bring market leading Pageflex web-to-print solutions
to Heidelberg customers worldwide
MARLBOROUGH,
Mass.--(BUSINESS WIRE)-- Pageflex, a division of Bitstream Inc. (NASDAQ: BITS,
www.bitstream.com), announced today that Heidelberger Druckmaschinen AG
(Heidelberg) (FWB: HDD) has signed a worldwide OEM software agreement under
which Heidelberg will license the Pageflex Storefront web-to-print product,
associated technologies from Bitstream, and custom development.
Heidelberg will
market the turnkey OEM product worldwide under the name Prinect Web-to-Print
Manager. The OEM agreement grants Heidelberg exclusive rights to sell the OEM
product under both licensed and software-as-a-service (SaaS) business models,
as well as to sell related products from the Pageflex product line. Primarily
sold in North America in the past, Pageflex Storefront is being
internationalized to enable distribution worldwide.
Heidelberg is
previewing Prinect Web-to-Print Manager this week in booth #1200 at the Graph
Expo Conference being held at the McCormick Place South in Chicago, Illinois,
USA through 14, 2011, and then in booth E6-1 at the International Graphic Arts
Show 2011 (IGAS), being held September 16 � September 21 in Tokyo, Japan.
Pageflex is exhibiting at Graph Expo as well in booth #3861.
A Robust and Flexible Offering
Prinect
Web-to-Print Manager will bring Heidelberg customers a fully functional
electronic storefront that provides better brand control, business growth
opportunities, and the ability to streamline internal processes. The product
joins the Prinect line of workflow automation solutions, and will be targeted
mainly at commercial sheet-fed offset printers.
�The Prinect
Web-to-Print Manager expands our Prinect print shop workflow in what is one of
the most important growth segments for the print media industry and it caters
to the growing demands from our customers to use the internet for improved
customer interaction and retention,� said Marcel Kiessling, member of the
Heidelberg Management Board responsible for Heidelberg Services. �In Pageflex
we have found a partner that already has a high-quality portfolio of web-to-print
solutions with a proven track record worldwide. By integrating this portfolio
into the Prinect system, our customers will benefit two-fold � from the W2P
expertise of our partner Pageflex on one hand and the comprehensive automation
and process transparency of the Prinect production workflow on the other.�
Collaborative Development Effort
The two companies
are collaborating on a highly-integrated, bi-directional connection to give the
Prinect Web-to-Print Manager module direct access to the central database of
the Heidelberg Prinect workflow system. This will include utilizing the Prinect
preflight engine, ganging, and soft proofing capabilities for orders placed
from the storefront online catalog.
Heidelberg is the
world-wide leading provider of solutions and services for the print media
industry. The name Heidelberg is internationally associated with leading
technology, top quality, and customer focus. Headquartered in the city of
Heidelberg, Germany, with production and development sites in seven countries
and around 250 sales and service units in 170 countries, the company serves
about 200,000 customers.
Heidelberger Druck
equips Mayr-Melnhof Packaging France with large-format press
ADP Germany News:
05 September 2011
[What follows is
the full text of the news story.]
(SeeNews) - Sep 5,
2011 - German printing machine maker Heidelberger Druckmaschinen AG (ETR:HDD)
announced today that it had received an order from Mayr-Melnhof Packaging (MMP)
France for the delivery of a large-format press.
The Speedmaster XL
145 six-colour press will be delivered to MMP's Moneteau site near Auxerre, the
German company said.
Heidelberger Druck
did not disclose any financial details of the deal.
Q1 2011/2012 Heidelberger Druckmaschinen AG
Earnings Conference Call - Final
FD (Fair Disclosure) Wire: 23 August 2011
[What follows is the full text of the news story.]
Presentation
OPERATOR: Good
afternoon, ladies and gentlemen, and welcome to the Heidelberger Druckmaschinen
publication of the first-quarter results financial year 2011/2012 conference
call. At this time all participants are in listen-only mode until we conduct a
question-and-answer session and instructions will be given at that time.
(Operator Instructions). Just to remind you, this conference call is being
recorded. I would now like to hand over to the chairperson, Bernhard Schreier.
Please begin your meeting and I will be standing by.
BERNHARD SCHREIER,
CFO, HEIDELBERGER DRUCKMASCHINEN AG: Thank you very much, operator. Good
afternoon or good morning to those from overseas. Ladies and gentlemen, on
behalf of myself and my fellow Management Board members I would like to wish
you a very warm welcome. The purpose of today's telephone conference is to
present our first-quarter financial year 2011/2012 figures. And our CFO, Dirk
Kaliebe, and I will be happy to take any questions you may have at the end of
the presentation.
Before we look at
the actual figures allow me to briefly summarize the current global economic
situation, which has become increasingly difficult to predict in the recent
weeks and, above all, in the last few days. This is due to concerns around the
economic development in Europe, the euro question, as well as in the US and in
some key emerging market such as China as well. This anxiety is triggered by
the debt crisis in a number of countries. And we are keeping a very close eye
on these developments and the effect they could have on our industry. It is
currently impossible to predict future development.
I would first like
to briefly summarize the first quarter of Heidelberg. Firstly, in the first
quarter we were able to improve our operating results, including special items
on the previous year, while the FX-adjusted sales remained stable.
Secondly, sales in
the first quarter were slightly below our expectations. This is due to part --
to sales being shifted into subsequent quarters. As things stand today the
delays are temporary and should be made good by the end of the year. This view
is backed up by our current incoming order levels and order backlog, which are
both above the previous quarter's figure.
And, thirdly, we
have significantly reduced the net debt of Heidelberg in the first quarter,
with a stronger equity ratio of over 30%, having taken the final step in our
refinancing process, which involved issuing a high-yield bond and a green and
new syndicated loan. Heidelberg is in a financially solid position with a view
to the long term.
Ladies and
gentlemen, stable growth in the global economy in the first quarter of the
financial year continued to have a positive impact on our customers'
willingness to invest. As a result, incoming orders at Heidelberg totaled
EUR665m and were, thus, up on the result of the previous quarter and were in
line with our expectation.
The pre-tax result
improved to minus EUR47m and the shortfall for the quarter improved to minus
EUR46m. The improvements in all our figures is further proof that Heidelberg is
stabilizing and that we have taken the right measures to recover from the
consequences of the economic and financial crisis.
My colleague, Dirk
Kaliebe, will now present a detailed look at the figures for the first quarter
of our financial year. Dirk, please?
DIRK KALIEBE, CFO,
HEIDELBERGER DRUCKMASCHINEN AG: Yes, good afternoon also from my side. I would
like to divide the presentation on my part in the two sections, one concerning
key facts and figures and the second concerning debt financing structure and a
short outlook on the equity of the Heidelberg Group.
Ladies and
gentlemen, at EUR665m, incoming orders for the period from April to June were
in line with our expectation. After adjustment for FX rate effects this
represents an increase of 8% over the previous quarter. In particular, incoming
orders in the Asia Pacific region benefited from the success of the Local Print
China tradeshow that took place in April this year.
However, we failed
to reach the level of incoming orders of EUR786m recorded the same quarter the
previous year. This is due primarily to the additional orders placed as a result
of IPEX and ExpoPrint tradeshows held in that period of the last year.
At the end of the
first quarter the order backlog of the Heidelberg Group amounted to more than
EUR700m and was up EUR84m on the previous quarter. In the first quarter
Heidelberg achieved sales of EUR544m. Adjusted for FX rate effects of EUR19m
this matches the prior-year's level, but is slightly below our own expectation
for this quarter.
The reason for
this includes the political situation in some countries bordering the Middle
East Africa region; second, the sales that have been shifted into subsequent
quarters as a result of the catastrophic earthquake in Japan; and, thirdly,
delays resulting from the extended liquidity shortage in the Chinese banking
systems have also made an impact on the sales volume of the first quarter.
Given the
continuing high demand and high economic growth on this market, however, we are
assuming that these effects on business development at Heidelberg will be only
temporary and that sales will catch up by the end of calendar year 2011. This
is also reflected in the development of our divisions. We had EUR300m sales in
our Equipment division, matched the prior-year level due also to the
above-mentioned reasons. In contrast, incoming orders of around EUR400m were in
line with our expectation and confirmed the continuing willingness to invest
into our equipment.
Sales and incoming
orders in our Service division fell short of the previous-quarter figures. This
was due, above all, to a downturn in our remarketed equipment business because
customers tend to invest more in new machines in the last quarter.
The picture is
somewhat different when it comes to sales in our regions. While sales for the
first quarter after adjustment for FX grew slightly in Eastern Europe, North
America and South America, sales in Europe, Middle East Africa and Asia Pacific
were either on a par or below the previous year's level.
Generally
speaking, we believe that the willingness to invest in the emerging markets
will remain at a high level and will continue to improve in some industrialized
countries. The market in North America, for example, has stabilized further on
a very low level, but there are no clear signs of recovery here yet.
In the first
quarter our operating result excluding special items improved from minus EUR35m
in the same quarter of the previous year, compared to minus EUR25m of the
running year. Factors contributing to this improvement include a more
profitable sales mix with a greater proportion of high-margin product, the
efficiency enhancement program relating to the reorganization and consistent
cost management in the Heidelberg Group.
For the period
under review there were no significant special items because the costs for
consolidating our business activity were balanced by the release of reserves
set aside the previous year for efficiency improvements. In the same quarter
the previous year the special items yielded an income of EUR15m.
In the first
quarter the financial result improved as expected over the previous year by
EUR13m, to minus EUR22m. A number of factor contributed to this result,
including the lower financing costs resulting from the successful refinancing
measures which Heidelberg put in place on April 7, 2011, by issuing a
high-yield bond and agreeing a new syndicated loan with our core banks.
Our pre-tax result
improved from minus EUR56m in the same quarter the previous year to minus
EUR47m. Taking into account the special items from the previous year, this
corresponds to an increase from minus EUR71m to minus EUR47m. The net result
improved from minus EUR52m in the previous year to EUR46m in the running year.
At June 6 -- 30
the Heidelberg balance sheet total was down to -- down in the amount of EUR273m
on the previous year of EUR2.6b. In the quarter under review we have been able
to reduce further receivables from customer financing to a level of just below
EUR170m. Equity totaled to EUR850m, which was an equity ratio of 32%. All over
all this shows that our asset management is showing success in reducing capital
bounded further.
In the first
quarter we took another important step towards securing the long-term financing
of the Heidelberg Group, by issuing a high-yield bond of EUR304m in April that
matures in 2018 and putting in place a new loan of EUR500m that runs until
December 2014. We have successfully restructured our credit facilities,
including other lines of around EUR100m. This totals up to about EUR900m credit
lines.
Thanks, not least
to successful asset management in recent years, as commented before, our net
financial debt at the end of the first quarter was only EUR260m, compared to
EUR630m in the same quarter the previous year. Ladies and gentlemen, as a
result Heidelberg is in a financially stable position.
Inventories were
approximately EUR90m higher compared to the fiscal year end. At the same time
trade receivables have been reduced significantly, while advance payments have
been increased. Overall, the implemented measures from our net working capital
program continue to have a positive impact on our figures. At the end of the
period net working capital stood at approximately EUR860m.
By continuing the
focus on asset management and controlling our net working capital in the years
ahead we will greatly limit the outflow of funds. The expected growth in sales
will lead to an increase in absolute terms, but we are aiming to achieve a
further reduction in relation to sales percentage wise.
The target for net
working capital is still less than 35% of sales. As business picks up we will,
therefore, build up working capital at only below-average levels while also
indirectly supporting the release of capital. In the quarter under review we
invested some EUR37m in research and development, mainly for product which will
be shown on Drupa next year, less than 12 months from now, and for ramp up of
recently-introduced products, like the CX Series which we launched in IPEX last
year.
The focus with
regard to investments in the upcoming months will be on the expansion of our
Chinese side in Quingpu, which will be completed during the current financial
year. In the coming financial year we are mainly planning replacement
investments. We will continue to actively control our free cash flow, thereby,
ensuring that the capital structure remains stable and our financial stability
is maintained.
Despite one-time
payments made for our refinancing measures free cash flow in the quarter under
review were more or less balanced, at about minus EUR6m. The cash flow as
positive, thanks, in particular, to the further improvement we made in the net
working capital and reduced receivables from sales financing.
So far from my
side, going back to Bernhard right now.
BERNHARD SCHREIER:
Thank you very much, Dirk. Ladies and gentlemen, among other factors, the
stable incoming orders in the last quarter show that we have adopted the right
strategy for what we see in the order pipeline. This is all under control. That
is to say that we have introduced competitive products and services. We have a
strong presence on emerging markets. We have commitment to less cyclical areas,
such as services and consumables, and then expansion of business with packaging
print shops. We will continue to implement this successful strategy also in the
future.
On of our
strategic growth yields is packaging printing. As we will continue to build on
our global position in this sector, which is relatively unaffected by economic
cycles and also offers greater opportunity and potential for growth than
traditional advertising and commercial printing, this is where we need to
invest.
We announced a
further important step in this strategy last week. This was the acquisition of
CSAT GmbH, a manufacturer of digital print systems for the packaging industry.
This move will enable us to expand our existing digital print portfolio through
the production of short and variable print products in the packaging and label
sectors too.
Having established
a partnership with Ricoh at the start of the year which expanded our offset
portfolio for advertising and commercial printing, to include an innovative
picture and production printing system, this latest transaction continues to
drive forward our digital print strategy.
Our strategic
cooperation with Ricoh continued to develop positively in the first quarter.
Following the initial launch in Germany, the UK and France, we are now also
marketing Ricoh systems in parts of Asia and are soon to start sales in North
and South America. We are therefore on course with our goal of expanding sales
to all regions by two by next year.
One of our further
goals is to make our business as a whole less dependent on economic cycles.
Among other things, we will therefore be expanding our business with
consumables such as inks, coatings, printing plates, cleaning solutions and
numerous other products. In the United States, for example, we are planning to
set up a small site for the manufacture of coatings. A very large number of
print shops use Heidelberg machines in North America and with our own
production facility there we can supply them directly without the risk of
currency fluctuations.
Ladies and
gentlemen, over the recent months we have often spoken about utilizing our
employees' know how and the high-quality standards of Heidelberg outside the
print media industry. We are implementing this strategy in our Heidelberg
System Manufacturing unit. We already have over 40 customers, mainly from the
energy and mechanical engineering sectors. We are looking to systematically
further expand this contract business with companies outside our industry.
For this purpose
we agreed a change to our memorandum and articles of association at the annual
general meeting in July. This will enable us in future to take advantage of
business opportunities outside the Company's current field, that is, the print
media industry. This is a strategic opportunity for our Group that we intend to
make greater use of.
The global economy
remains dynamic, but the global economic and market risks are still high and
have increased significantly overall in the last few days. The worsening of the
debt crisis in some European countries and in the United States, coupled with
the recent upheavals on the international financial markets, could slow the
pace of macroeconomic growth and have a negative impact on investment behavior.
We are therefore
keeping a close eye on current economic development across the globe, but it is
difficult to predict what will happen in the short term. If the global economic
and market risks increase further and have a negative impact on our industry
and on our business, we can still make use of short-term strategies to affect
our capacities.
The impact of the
debt crisis in the global economy and, thus, investment behavior in this
industry is difficult to forecast at present. However, if underlying
macroeconomic conditions, and the sector as a whole, remain stable we are still
aiming to achieve a breakeven pre-tax result in financial-year 2011/2012. Based
on a higher operating result and lower financing cost, if the positive trends continue
in the year of the Drupa tradeshow, the Company expects to record a net profit
in financial-year 2012/2013.
Ladies and
gentlemen, the global printing volume remains rather stable and will require
investments in production equipment sooner or later. Our medium-term goal
therefore remains the same; to achieve sales of more than EUR3b within the next
two to three years. And if the developments remain as they have shown up in the
first quarter, that means stable overall, we expect to gradually get closer to
this target during the current fiscal year and the next one.
In financial-year
2012/2013 we should see sales grow more strongly than during the current
financial year as a result as Drupa 2012 and the ongoing recovery of the print
media industry.
So far our report.
Thank you very much for your time and for your attention and your interest. And
Mr. Kaliebe and I will now be happy to answer any questions you may have. So
back to you, operator.
Questions and
Answers
OPERATOR: Thank
you, sir. (Operator Instructions). The first question comes from the line of
Andreas Willi from JP Morgan in London. Please go ahead with your question.
ANDREAS WILLI,
ANALYST, JP MORGAN: Good afternoon, gentlemen. I have three questions, please.
The first one on the near-term business development, given the uncertainty and
also given that Q1 is traditionally a better quarter for orders. Should we
expect orders to fall in the near term relative to the level achieved in Q1?
Second question on
Drupa costs. Do you already have a budget for what the impact could be on your
next year's profits from the costs for the exhibition?
And, lastly, if
you could help us forecast the P&L tax rate for this year. Thank you.
DIRK KALIEBE: Yes,
let me start with the last question, P&L tax rate. We have taken a
conservative approach, Andreas, to not capitalize further deferred taxes. This
is what we will continue to do in the next quarters. And then, depending on the
profit split within the organization, we could see an expense in absolute terms.
But the percentages on that low level where we are, are not the right
measurements. That's why we are focused in our guidance on the line 'profit
before tax'. But, here, overall we would have to see this specific development
in the running year being conservative on the one-hand side and have to pay
taxes in countries where we are profitable in the running year.
Concerning Drupa
budget, we have very carefully looked into the investments we have done in last
Drupa and, obviously, we have taken here also the same approach as in all other
cost areas. We have reduced the spending further. But we have to ask for your
understanding that we are not giving guidance on the concrete numbers for Drupa
budget. But it will be reduced in line, as we have reduced all the other cost
items around the Company.
BERNHARD SCHREIER:
And, Mr. Willi, looking into the near-term business order wise, we are quite
happy with the order intake. If we compare it with last year, where we had,
especially, IPEX -- we had -- which had an additional EUR100m impact on last
year's first-quarter order intake, it was EUR660m this first quarter. And if we
currency adjust it up to EUR680m, this is quite in line with what we have
planned. So we don't see for the time being shortfalls in orders. In contrary,
when we see what's in the pipeline that should improve during the year.
Heidelberger
Druckmaschinen AG
China Weekly News:
17 August 2011
[What follows is
the full text of the news story.]
In the first
quarter of financial year 2011/2012 (April 1 to June 30, 2011), after adjusting
for exchange rate effects, sales by Heidelberger Druckmaschinen AG (FWB: HDD)
held stable compared to the previous year and the operating result improved.
At EUR 665 million
- EUR 690 million after adjusting for exchange rate effects - incoming orders
in the first quarter 2011/2012 were in line with the company's expectations.
The prior year's higher level (EUR 786 million) was mainly due to additional
orders generated at the IPEX and ExpoPrint trade shows that took place in the
same period of the previous year. Compared to the previous quarter (EUR 637
million), after adjustment for exchange rate effects, incoming orders grew by 8
percent. At the end of the first quarter of 2011/2012, the order backlog of the
Heidelberg Group amounted to EUR 718 million, up EUR 84 million on the previous
quarter.
In the first three
months of the current financial year, Heidelberg recorded sales of EUR 544
million, compared to EUR 563 million in the same period of the previous year.
Adjusted for exchange rate effects of EUR 19 million, net sales matched the
prior-year level, but were slightly below our expectations. This is due in part
to sales being shifted into subsequent quarters as a result of the earthquake
catastrophe in Japan and delays resulting from the extended liquidity shortage
in the Chinese banking system.
The result of
operating activities excluding special items (EBIT) for the first quarter
improved over the same period of the previous year from EUR -35 million to EUR
-25 million. There were no significant special items in the quarter under
review. In the same quarter the previous year, the special items had included
income of EUR 15 million.
"In the first
quarter, we were able to improve our operating result excluding special items
on the previous year while sales remained stable," said Heidelberg Group
CEO Bernhard Schreier. "We are keeping a close eye on current economic
developments across the globe, but it is difficult to predict what will happen.
However, given the continuing high demand and strong economic growth on the
Chinese market, we are assuming that the regional effects on business
development at Heidelberg will be only temporary."
At EUR -22
million, the financial result in the period under review improved over the same
period of the previous year (EUR -35 million) due to the lower financing costs
resulting from the successful refinancing measures in the first quarter. Income
before taxes improved from EUR -56 million in the same quarter the previous year
to EUR - 47 million in the first quarter of 2011/2012. Income after taxes was
EUR -46 million (previous year: EUR -52 million).
As a result of the
successful capital increase in the past financial year and the improved
operating result, the net financial debt fell considerably from EUR 629 million
in the previous year to EUR 260 million and remained stable in comparison to
the previous quarter (EUR 247 million). Supported by consistent cash
management, free cash flow in the quarter under review more or less balanced
out at EUR -6 million despite one-off refinancing costs.
"The
significantly reduced net financial debt and our refinancing operation
concluded in spring are evidence that Heidelberg is on a stable financial
footing," said Heidelberg CFO Dirk Kaliebe. "We will forge ahead with
our successful strategy, particularly through consistent cost and asset
management."
The workforce fell
by a further 110 in the first quarter of 2011/2012. As at June 30, 2011, the
Heidelberg Group thus had a workforce of 15,718 worldwide (previous year:
16,218). Business results in the divisions In the Heidelberg Equipment
Division, incoming orders in the first quarter amounted to EUR 404 million, up
11 percent on the previous quarter (EUR 365 million). As expected, the high
figure for the same period the previous year (EUR 501 million) achieved as a
result of high incoming orders at last year's IPEX and ExpoPrint trade shows
could not be repeated. At EUR 300 million, sales matched the level of the same
quarter the previous year. After adjustment for exchange rate effects, this is
equivalent to a rise of 5 percent. Although there was almost no change in
sales, the result of operating activities excluding special items improved by
19 percent from EUR -48 million to EUR -39 million.
In the Heidelberg
Services Division, incoming orders amounted to EUR 258 million, a drop of 8
percent compared to the previous year's figure for this period (EUR 280
million). At EUR 241 million, net sales were also down 8 percent on the same
quarter the previous year (EUR 261 million). Despite low sales, the operating
result excluding special items amounted to EUR 10 million, matching the
positive level of the same period the previous year.
The Heidelberg
Financial Services Division once again achieved a positive operating result in
the quarter under review. At EUR 4 million, the operating result was up on the
same quarter the previous year (EUR 3 million). Business developments in the
regions In the Europe, Middle East and Africa region, incoming orders of EUR
245 million in the first quarter failed to match the high level of the previous
year, mainly due to the IPEX trade show held the previous year in the United
Kingdom. Incoming orders in the Eastern Europe region of EUR 73 million were
down 13 percent against the comparable quarter of the previous year. In the
North America region, incoming orders - after adjustment for exchange rate
effects - increased by 6 percent over the previous year. In the South America
region, incoming orders were 21 percent below the previous year's figure for
this period, mainly due to the ExpoPrint trade show that took place at this
time. In the Asia/Pacific region, incoming orders were down 10 percent, but
matched the prior year level after adjustment for exchange rate effects. While
net sales for the first quarter after adjustment for exchange rate effects grew
slightly in Eastern Europe, North America, and South America, sales in Europe,
Middle East and Africa, and Asia/Pacific were either on a par or below the previous
year's levels. Outlook The global economic and market risks are still high and
have increased significantly overall in the last few days. The worsening of the
debt crisis in some European countries and in the United States, coupled with
the recent upheavals on the international financial markets, could slow the
pace of macroeconomic growth and have a negative impact on investment behavior.
If underlying macroeconomic conditions and the sector as a whole remain stable,
Heidelberg nevertheless continues to strive for a break-even pre-tax result in
financial year 2011/2012 - based on a higher operating result and lower
financing expenses.
The global
printing volume remains stable and will require investments in production
equipment. Based on this, Heidelberg intends to achieve a medium-term sales
target of over � 3 billion annually over the next two to three years.
Assuming that the
economic environment will continue to be generally stable, Heidelberg expects
to gradually approach this target during the current and next financial year.
Due to drupa 2012 and the ongoing upswing in the print media industry, sales in
the next year should grow more strongly than during the current financial year.
GERMANY :
Heidelberg launches its Web-to-Print Solution at Graph Expo
TendersInfo News
15 September 2011
[What follows is
the full text of the article.]
Heidelberger
Druckmaschinen AG (Heidelberg) declared that it has introduced its first own
web-to-print (W2P) solution in the form of the Prinect Web-to-Print Manager at
GraphExpo.
The company stated
that the solution is particularly suited for B2B (business-to-business)
applications that support help medium-sized and industrial print shops to
interact with their customers more efficiently and conveniently.
Marcel Kiessling,
member of the Heidelberg Management Board, responsible for Heidelberg Services
said, The Prinect Web-to-Print Manager expands our Prinect print shop workflow
in what is one of the most important growth segments for the print media
industry and it caters to the growing demands from our customers to use the
internet for improved customer interaction and retention.
The company also
noted that open shops for B2C (Business to Consumer) will be established.
Kiessling added,
In Pageflex we have found a partner that already has a high-quality portfolio
of web-to-print solutions with a proven track record worldwide. By integrating
this portfolio into the Prinect system, our customers will benefit two-fold -
from the W2P expertise of our partner Pageflex on one hand and the
comprehensive automation and process transparency of the Prinect production
workflow on the other.
In association
with Pageflex, the company has developed the Prinect Web-to-Print Manager.
Pinhas Romik,
Pageflex General Manager said, We are honored that Heidelberg selected Pageflex
to partner with for Prinect Web-to-Print Manager. Pageflex has been providing
web-to-print technologies to digital print shops for more than ten years. While
Heidelberg is the premier provider of solutions and services for the entire
print media industry worldwide, and well situated to help offset and hybrid
print shops evolve into offering Internet-based ordering.
Romik added, We
are excited by this opportunity to extend our market reach into offset print
shops and new global markets.
TendersInfo News
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Druckmaschinen AG [profile]
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Heidelberg USA and
Ricoh Partner to Roll Out Digital Offering in the Americas
Wireless News
14 September 2011
[What follows is the full text of the article.]
Heidelberg USA and
Ricoh Americas announced that the United States and Brazil have been chosen as
the first markets in the Americas in the phased global rollout of the new
Heidelberg and Ricoh strategic cooperation.
Heidelberg
Chairman Bernhard Schreier and Heidelberg USA President Jim Dunn along with
Ricoh Company CEO Shiro Kondo and Ricoh Americas Chairman and CEO Kevin
Togashi, formally announced the contract signing at a press conference during Graph
Expo in Chicago, Illinois.
According to a
release, the relationship enables Heidelberg to sell Ricoh's latest color
digital press, the Ricoh Pro C901 Graphic Arts Edition, as part of Heidelberg's
total print solution.
The two companies
said they entered into a global partnership agreement in February this year.
Heidelberg's and Ricoh's future plans include integration with Heidelberg's
workflow solution in the graphic arts industry, Prinect, as well as joint
development activities for future printing applications.
Heidelberger
Druckmaschinen is a provider of solutions and services for the print media
industry.
Ricoh Americas is
a subsidiary of Ricoh Company, a provider of office technology and document
imaging products, services and software.
Close-Up Media,
Inc.
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Heidelberger Druckmaschinen
Aktiengesellschaft Files Patent Application for Transport System in a Machine
Which Processes Printing Material
Indian Patent News
11 August 2011
[What follows is
the full text of the article.]
New Delhi, Aug. 11
-- Germany based Heidelberger Druckmaschinen Aktiengesellschaft filed patent
application for transport system in a machine which processes printing
material. The inventors are Hendrik Frank, Dr. Frank Ballandt, Dietmar Derger,
Dr. Thomas Schaeffer and Ivonne Schleweis.
Heidelberger
Druckmaschinen Aktiengesellschaft filed the patent application on Nov. 5, 2004.
The patent application number is 1154/CHE/2004 A. The international
classification is B65G49/00.
According to the
Controller General of Patents, Designs & Trade Marks, "A transport
system according to the invention in a machine which processes printing
material, having -a guide device which has at least one diverter, -at least one
rotor which can be moved along the guide device, and -an electric linear drive
which has a primary part, comprising cores, and a secondary part, comprising
the rotor, is distinguished by the fact that, in the region of the diverter, at
least one core has a lower height than the height of cores outside the region
of the diverter in order to form a cutout for at least one guide segment of the
guide device."
GERMANY : Heidelberg buys CSAT GmbH
TendersInfo News
08 August 2011
[What follows is
the full text of the article.]
Heidelberger
Druckmaschinen AG (Heidelberg) purchased CSAT GmbH.
Germany based CSAT
GmbH develops, produces, and provides digital printing systems such as
consumables for packaging industry.
With the purchase
of CSAT GmbH, Heidelberg will be able to enlarge its existing digital print
portfolio for packaging sector as well as extend its customer base in this
sector. It will also be able to use CSAT s technology and knowledge in
drop-on-demand inkjet (DoD) and electrophotography.
According to
Stephan Plenz, Member of Heidelberg Management Board, the purchase of CSAT GmbH
is part of company s digital print strategy. Along with company s digital print
operations in advertising printing, the company is also enlarging its portfolio
for cost-effective manufacturing of short and variable print in packaging and
label printing. With this, Heidelberg is reinforcing its strategic position in
these markets. CSAT s purchase will boost Heidelberg s new business areas which
provide further growth potential.
Hans Mathea,
Managing Director of CSAT GmbH, stated that, with global clients and complete
knowledge in digital printing for packaging industry, CSAT has reinforced its
position in pharmaceuticals industry. The merger with Heidelberg will boost
operational efficiency and allow it to offer digital printing technology by
enlarging into earlier untapped areas. With new advanced digital printing
technology enlarges Heidelberg s portfolio for print media industry.
According to
Daniel Dreyer, Head of Digital Packaging Printing business unit at CSAT GmbH,
CSAT will now be able to use new technologies and revolutionary expertise to
accelerate the development of its existing digital print operations for
packaging industry. This purchase will not hamper daily business operations or
the quality of service for existing users of Heidelberg drop-on-demand technology
and CSAT.
But Heidelberger did not reveal financial details of this purchase.
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GERMANY :
Heidelberger Druckmaschinen buys CSAT for undisclosed sum
TendersInfo News
04 August 2011
[What follows is
the full text of the article.]
CSAT GmbH, based
in Eggenstein near Karlsruhe, Germany, has been acquired by Heidelberger
Druckmaschinen AG. The purchase price is not disclosed.
The focus of CSAT
is in the development, manufacture and worldwide sales and service of digital
printing systems, including consumables, for the packaging industry. It is a
major market leader for industrial digital printing systems that can be
integrated into production lines.
The acquisition
expands the existing digital print portfolio of Heidelberg for the packaging
sector. The deal also widens its customer base in this market segment.
Heidelberg also gains access to technology and expertise in the areas of
drop-on-demand inkjet (DoD) and electrophotography.
Stephan Plenz,
member of the Heidelberg management board responsible for the Heidelberg
Equipment division, said, Acquiring CSAT GmbH is in line with the digital print
strategy of Heidelberg. Parallel to our digital print activities in advertising
printing, we are expanding our portfolio for the cost-effective production of short
and variable print runs in packaging and label printing. In doing so, we are
strengthening our strategic position in these markets. At the same time, this
acquisition is a further step in our plan to build up promising new business
areas that offer additional growth potential for Heidelberg.
Hans Mathea, the
former owner who continues as managing director of CSAT GmbH, added, With an
international customer base and comprehensive expertise in digital printing for
the packaging industry built up over many years, we have established a strong
position in the pharmaceuticals industry. Integration with the global
Heidelberg Group will improve the efficiency of our operations and enable us to
unlock the considerable potential of our digital printing technology by
expanding into previously untapped areas.
Daniel Dreyer,
head of the Digital Packaging Printing business unit and responsible for the
joint DoD inkjet and electrophotography activities, commented, The acquisition
of CSAT gives us access to new technologies and pioneering know-how that will
speed up the expansion of our current digital print activities for the
packaging industry.
TendersInfo News
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· 7869 Business Services n.e.c.
GERMANY :
Heidelberg begins production at hand-molding plant at Amstetten foundry
TendersInfo News
01 April 2011
[What follows is
the full text of the article.]
Heidelberger
Druckmaschinen AG (Heidelberg) has started series production at the new
hand-molding plant at its Amstetten foundry. The existing foundry is adjoined
by the new 3,000 square meter building. An investment of EUR 4 million is set
aside for the project.
It had become
essential to allow Heidelberg to manufacture printing unit side panels and
impression cylinders for its large-format presses with a sheet width of up to
162 cm (63.78 in) in sufficient quantities while adhering to the same high
Heidelberg quality standards.
Site manager,
Thorsten Kirchmayer said, Our foundry in Amstetten is one of the most
cutting-edge facilities of its kind in Europe. High-end product innovations
from Heidelberg have always been associated with investments in the site and
this has safeguarded its competitiveness. The construction of the new
hand-molding plant is a further milestone for Amstetten's future viability.
With the new
hand-molding plant, external companies from sectors like mechanical,
automotive, and wind engineering can benefit from the expertise Heidelberg
offers in the manufacture of high-quality castings.
Stephan Plenz,
member of the Heidelberg Management Board, who is also responsible for System
Manufacturing, said, As part of our strategic realignment, Heidelberg has set
itself the medium-term target of generating annual sales of EUR 100 million
from the new System Manufacturing section by pooling our external contract
manufacturing portfolio. With its new hand-molding plant, the Amstetten foundry
will play a key part in this.
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GERMANY :
Heidelberger inks collaboration deal with Ricoh
TendersInfo News
24 February 2011
[What follows is
the full text of the article.]
Heidelberger
Druckmaschinen AG inks a global strategic collaboration deal with Ricoh Co., Ltd.
As per this deal,
Heidelberger will globally distribute Ricoh's Production Printing Product
portfolio. It will sell Ricoh's newest colour digital press-Ricoh Pro C901
Graphic Arts Edition, Ricoh's high speed colour digital press with Ricoh PxP
chemical toner and suitable future production printing services in Ricoh's
channel.
This global
strategic collaboration deal will start from April 2011. Heidelberger is
expected to sell Ricoh's Production Printing Product portfolio in UK and
Germany and further in emerging markets with completion targeted for drupa
2012.
Heidelberger
Druckmaschinen AG is a German precision mechanical engineering company while
Ricoh is leading producer of office automation equipment such as copiers,
printers, facsimile machines and related supplies.
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GERMANY :
Heidelberg and Ricoh Announce Global Strategic Cooperation
TendersInfo News
24 February 2011
[What follows is the full text of the article.]
Ricoh Company,
Ltd. (Ricoh) and Heidelberger Druckmaschinen AG (Heidelberg) announced a global
strategic cooperation. As a first step, both companies agreed to enter into a
global distribution contract for Ricoh's Production Printing Product portfolio.
This agreement enables Heidelberg to sell Ricoh's latest color digital press,
the Ricoh ProTM C901 Graphic Arts Edition - Ricoh`s high speed color digital
press with Ricoh PxPTM Chemical toner, as well as appropriate future production
printing offerings in Ricoh's pipeline. The global strategic cooperation, which
includes Ricoh services and support, will start in April 2011. The first
markets will be UK and Germany with a phased rollout to follow in other
geographies with completion targeted for drupa 2012.
Digital printing
continues to grow as commercial printers extend their business models to offer
marketing services, short run color, and same-day service. Offset printers are
increasingly seeking to complete their portfolios with a flexible digital solution
integrated into their existing high quality offset environment. The Ricoh and
Heidelberg partnership will support them in growing their core offset business
and enable them to offer more flexibility towards their clients using Ricoh's
latest digital print technology. Today, offset printers have access to a nearly
unlimited range of printing substrates, spot colors and state-of-the-art
coating applications as well as speciality inks through Heidelberg's market
leading offerings. By adding Ricoh's leading digital production printing
technology, professional printers will be able to offer the well-known
advantages of variable data printing, instant delivery of urgent print jobs and
cost effective production of shorter run lengths.
The Ricoh Pro C901
Graphic Arts Edition addresses the needs of commercial printers to build a high
quality, digital color printing environment. Featuring a production speed of 90
pages per minute (ppm) it is easily the fastest and most productive system in
the digital value segment. This segment includes systems providing production
speeds between 60 ppm and 90 ppm with an actual monthly production volume from
80,000 to 300,000 A4 pages and beyond. Providing high quality output, the Ricoh
Pro C901 Graphic Arts Edition is an ideal solution to meet the expanding demand
for shorter print-runs, variable data printing and rapid delivery on a wide
range of substrates.
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Heidelberger
Druckmaschinen Aktingsellschaft Files Patent Application for Device for
On-the-Fly Mechanical Processing of Sheet-Shaped Print Materials
Indian Patent News
23 February 2011
[What follows is the full text of the article.]
New Delhi, Feb. 23
-- Germany based Heidelberger Druckmaschinen Aktingsellschaft filed patent
application for device for on-the-fly mechanical processing of sheet-shaped
print materials. The inventors are Kurt Blank, Edurad Muller and Jurgen Ries.
Heidelberger
Druckmaschinen Aktingsellschaft filed the patent application on July 29, 2002.
The patent application number is 570/MAS/2002 A. The international
classification number is B65H 5/00.
According to the
Controller General of Patents, Designs & Trade Marks, "The invention
relates to a device for on-the-fly mechanical processing of sheet-shaped print
materials with at least one two-part processing tool with at least one
processing mode for mechanical processing of sheet-shaped print materials,
whereby the two-part processing tool is mounted in a processing module and the
device has a holding location, in which the processing module can be mounted so
that it can be replaced by another processing module with at least another
processing mode."
Heidelberger
Druckmaschinen Aktiengesellschaft develops and produces sheet fed offset
printing machines for the print media industry. It offers precision printing
presses, platesetters, postpress equipment, and software for integrating
various printshop processes. The company provides computer-to-plate systems;
sheetfed offset and prinect presses; and cutters, folders, saddle stitchers,
adhesive binders, die cutting, folding carton gluing, label systems, and
mailroom products. Its presses produce print products, such as business cards,
brochures, posters, and folding cartons.
Indian Patent News
Related Companies
· Heidelberger Druckmaschinen AG [profile]
Related Topics
· Legal
print24 Highlights Growth in 2010
Professional Services Close-Up
27 January 2011
[What follows is the full text of the article.]
Operating globally
as an online printing company, print24 announced that it achieved a growth of
50 percent in orders in 2010.
According to a
release, the commissioning of Heidelberger Druckmaschinen AG, a printing press
and a provider in the construction of printing presses, has provided print24
the opportunity to forge ahead into new printing dimensions.
print24 has grown
in all other areas as well, providing its customers with the highest quality in
the shortest delivery times and at the lowest prices, whether flyers, posters,
postcards, brochures, business cards, or a range of other products. Staff
numbers have grown from 400 in 2009 to over 500. And at the beginning of 2011,
there are still over 100 additional vacancies to be filled.
Annual
Profit & Loss
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.757168 |
0.70861 |
0.707647 |
|
Consolidated |
Yes |
Yes |
Yes |
|
|
|
|
|
|
Total income |
3,472.0 |
3,254.8 |
4,238.7 |
|
Raw materials and services |
1,468.4 |
1,316.1 |
1,737.5 |
|
Net sales |
3,472.0 |
3,254.8 |
4,238.7 |
|
Change in stock |
-60.2 |
-201.3 |
0.9 |
|
Own work capitalised |
19.5 |
20.7 |
110.6 |
|
Other operating income |
180.2 |
219.5 |
268.0 |
|
Raw materials and consumables employed |
1,468.4 |
1,316.1 |
1,737.5 |
|
Other external charges |
161.5 |
139.4 |
245.0 |
|
Cost of goods sold |
1,629.8 |
1,455.5 |
1,982.5 |
|
Cost of raw materials |
1,629.8 |
1,455.5 |
1,982.5 |
|
Taxes and social security costs |
183.6 |
200.5 |
247.7 |
|
Total payroll costs |
1,152.6 |
1,152.4 |
1,506.1 |
|
Fixed asset depreciation and amortisation |
131.5 |
148.7 |
140.3 |
|
Other operating costs |
1,378.9 |
1,521.9 |
2,621.9 |
|
Net operating income |
8.1 |
-223.8 |
-321.6 |
|
Other income |
18.5 |
19.5 |
19.2 |
|
Interest payable on loans |
223.8 |
187.9 |
167.0 |
|
Total expenses |
196.8 |
179.9 |
168.4 |
|
Profit before tax |
-188.7 |
-403.7 |
-490.0 |
|
Provisions |
1,085.0 |
1,341.5 |
1,427.9 |
|
Total taxation |
-18.5 |
-81.2 |
-138.5 |
|
Net loss |
-170.2 |
-322.5 |
-351.5 |
Annual
Balance Sheet
Financials in: USD
(mil)
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.704672 |
0.739044 |
0.753182 |
|
Consolidated |
Yes |
Yes |
Yes |
|
|
|
|
|
|
Issued capital |
846.2 |
269.0 |
263.9 |
|
Capital reserves |
39.3 |
25.7 |
39.8 |
|
Total reserves |
953.2 |
1,233.7 |
1,526.3 |
|
Profits for the year |
-182.9 |
-309.2 |
-330.2 |
|
Total stockholders equity |
1,232.6 |
783.4 |
1,057.0 |
|
Deferred taxation |
289.0 |
326.8 |
371.9 |
|
Other provisions |
554.3 |
637.4 |
714.9 |
|
Provision for pensions |
313.6 |
305.0 |
204.7 |
|
Provisions and allowances |
1,165.9 |
1,286.3 |
1,341.6 |
|
Other debentures |
70.6 |
551.7 |
84.2 |
|
Mortgages and loans |
71.0 |
73.7 |
81.7 |
|
Taxes and social security |
151.5 |
153.8 |
151.0 |
|
Total long-term liabilities |
293.0 |
779.2 |
316.9 |
|
Trade creditors |
184.1 |
178.7 |
241.5 |
|
Advances received |
122.9 |
80.9 |
121.5 |
|
Bank loans and overdrafts |
6.4 |
9.5 |
485.8 |
|
Other loans |
401.2 |
461.0 |
349.5 |
|
Taxation and social security |
244.3 |
198.2 |
259.6 |
|
Total current liabilities |
958.9 |
928.3 |
1,457.9 |
|
Regularisation account |
100.3 |
118.8 |
129.8 |
|
Total liabilities (including net worth) |
3,750.7 |
3,895.9 |
4,303.3 |
|
Patents |
41.0 |
47.0 |
55.9 |
|
Goodwill |
174.4 |
165.8 |
166.7 |
|
Other intangibles |
163.1 |
183.1 |
205.2 |
|
Intangibles |
378.4 |
395.9 |
427.8 |
|
Land and buildings |
340.9 |
330.9 |
332.4 |
|
Machinery and tools |
214.4 |
214.0 |
199.2 |
|
Fixtures and equipment |
340.9 |
330.9 |
332.4 |
|
Fixed assets under construction |
30.1 |
24.4 |
43.5 |
|
Total tangible fixed assets |
816.9 |
807.6 |
859.5 |
|
Shares held in associated companies |
17.9 |
13.3 |
13.3 |
|
Deposits |
9.8 |
20.4 |
25.0 |
|
Total financial assets |
27.7 |
33.7 |
38.3 |
|
Total non-current assets |
1,223.1 |
1,237.2 |
1,325.7 |
|
Raw materials |
161.2 |
158.3 |
175.9 |
|
Work in progress |
471.3 |
458.2 |
426.7 |
|
Finished goods |
424.5 |
499.9 |
760.5 |
|
Net stocks and work in progress |
1,057.0 |
1,116.4 |
1,363.1 |
|
Trade debtors |
534.9 |
535.4 |
598.6 |
|
Other receivables |
536.2 |
614.1 |
768.8 |
|
Total receivables |
1,071.1 |
1,149.5 |
1,367.5 |
|
Cash and liquid assets |
209.9 |
163.3 |
105.0 |
|
Short-term investments |
- |
- |
1.2 |
|
Recoverable taxation |
168.8 |
204.7 |
122.3 |
|
Total current assets |
2,338.0 |
2,429.2 |
2,836.8 |
|
Prepaid expenses and deferred costs |
20.9 |
24.8 |
18.5 |
|
Total assets |
3,750.7 |
3,895.9 |
4,303.3 |
Annual
Ratios
Financials in: USD (mil)
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.704672 |
0.739044 |
0.753182 |
|
Consolidated |
Yes |
Yes |
Yes |
|
|
|
|
|
|
Current ratio |
24.38 |
26.17 |
19.46 |
|
Acid test ratio |
13.36 |
14.14 |
10.11 |
|
Total liabilities to net worth |
0.10% |
0.22% |
0.17% |
|
Net worth to total assets |
0.03% |
0.02% |
0.02% |
|
Current liabilities to net worth |
0.08% |
0.12% |
0.14% |
|
Current liabilities to stock |
0.09% |
0.08% |
0.11% |
|
Fixed assets to net worth |
0.10% |
0.16% |
0.13% |
|
Collection period |
522.00 |
628.00 |
548.00 |
|
Stock turnover rate |
2.83 |
3.58 |
3.42 |
|
Profit margin |
0.00% |
-0.01% |
-0.01% |
|
Return on assets |
0.00% |
0.00% |
0.00% |
|
Shareholders' return |
-0.01% |
-0.04% |
-0.03% |
|
Sales per employee |
16.37 |
12.98 |
15.37 |
|
Profit per employee |
-0.80 |
-1.29 |
-1.27 |
|
Average wage per employee |
5.43 |
4.60 |
5.46 |
|
Net worth |
1,232.6 |
783.4 |
1,057.0 |
|
Number of employees |
16,064 |
17,768 |
19,519 |
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
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) |
0.757168 |
0.70861 |
0.707647 |
0.707132 |
0.780101 |
|
Auditor |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
3,472.0 |
3,254.8 |
4,238.7 |
5,190.4 |
4,874.7 |
|
Revenue |
3,472.0 |
3,254.8 |
4,238.7 |
5,190.4 |
4,874.7 |
|
Other Revenue |
168.6 |
218.6 |
268.0 |
290.3 |
313.3 |
|
Other Revenue, Total |
168.6 |
218.6 |
268.0 |
290.3 |
313.3 |
|
Total Revenue |
3,640.7 |
3,473.4 |
4,506.7 |
5,480.7 |
5,188.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,670.6 |
1,636.1 |
1,871.0 |
2,152.1 |
2,047.6 |
|
Cost of Revenue, Total |
1,670.6 |
1,636.1 |
1,871.0 |
2,152.1 |
2,047.6 |
|
Gross Profit |
1,801.5 |
1,618.8 |
2,367.7 |
3,038.3 |
2,827.1 |
|
|
|
|
|
|
|
|
Labor & Related Expense |
1,152.6 |
1,152.4 |
1,506.1 |
1,668.3 |
1,491.3 |
|
Total Selling/General/Administrative Expenses |
1,152.6 |
1,152.4 |
1,506.1 |
1,668.3 |
1,491.3 |
|
Depreciation |
90.6 |
105.2 |
102.5 |
122.1 |
165.1 |
|
Amortization of Intangibles |
35.7 |
41.2 |
34.9 |
49.5 |
- |
|
Depreciation/Amortization |
126.3 |
146.4 |
137.4 |
171.6 |
165.1 |
|
Impairment-Assets Held for Use |
3.1 |
0.0 |
2.9 |
3.2 |
- |
|
Impairment-Assets Held for Sale |
2.2 |
2.2 |
0.0 |
0.0 |
- |
|
Loss (Gain) on Sale of Assets - Operating |
-11.6 |
-0.9 |
- |
-16.6 |
1.7 |
|
Other Unusual Expense (Income) |
21.1 |
92.8 |
311.3 |
- |
- |
|
Unusual Expense (Income) |
14.8 |
94.1 |
314.3 |
-13.5 |
1.7 |
|
Other Operating Expense |
668.3 |
668.2 |
999.6 |
1,123.4 |
1,018.6 |
|
Other Operating Expenses, Total |
668.3 |
668.2 |
999.6 |
1,123.4 |
1,018.6 |
|
Total Operating Expense |
3,632.5 |
3,697.2 |
4,828.3 |
5,101.9 |
4,724.3 |
|
|
|
|
|
|
|
|
Operating Income |
8.1 |
-223.8 |
-321.6 |
378.8 |
463.7 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-223.8 |
-187.9 |
-167.0 |
-96.1 |
-88.0 |
|
Interest Expense, Net Non-Operating |
-223.8 |
-187.9 |
-167.0 |
-96.1 |
-88.0 |
|
Interest Income -
Non-Operating |
18.5 |
19.5 |
19.2 |
18.8 |
16.4 |
|
Investment Income -
Non-Operating |
8.4 |
-11.6 |
-20.5 |
-20.1 |
-8.0 |
|
Interest/Investment Income - Non-Operating |
27.0 |
8.0 |
-1.3 |
-1.3 |
8.3 |
|
Interest Income (Expense) - Net Non-Operating Total |
-196.8 |
-179.9 |
-168.4 |
-97.4 |
-79.7 |
|
Income Before Tax |
-188.7 |
-403.7 |
-490.0 |
281.4 |
384.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
-18.5 |
-81.2 |
-138.5 |
81.2 |
47.0 |
|
Income After Tax |
-170.2 |
-322.5 |
-351.5 |
200.2 |
337.0 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
- |
0.0 |
0.3 |
0.1 |
|
Net Income Before Extraord Items |
-170.2 |
-322.5 |
-351.5 |
200.5 |
337.1 |
|
Net Income |
-170.2 |
-322.5 |
-351.5 |
200.5 |
337.1 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
-170.2 |
-322.5 |
-351.5 |
200.5 |
337.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-170.2 |
-322.5 |
-351.5 |
200.5 |
337.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
156.1 |
123.1 |
123.1 |
123.9 |
129.0 |
|
Basic EPS Excl Extraord Items |
-1.09 |
-2.62 |
-2.86 |
1.62 |
2.61 |
|
Basic/Primary EPS Incl Extraord Items |
-1.09 |
-2.62 |
-2.86 |
1.62 |
2.61 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
14.0 |
11.5 |
|
Diluted Net Income |
-170.2 |
-322.5 |
-351.5 |
214.4 |
348.6 |
|
Diluted Weighted Average Shares |
156.1 |
123.1 |
123.1 |
135.5 |
140.5 |
|
Diluted EPS Excl Extraord Items |
-1.09 |
-2.62 |
-2.86 |
1.58 |
2.48 |
|
Diluted EPS Incl Extraord Items |
-1.09 |
-2.62 |
-2.86 |
1.58 |
2.48 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.85 |
0.77 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
104.3 |
95.9 |
|
Interest Expense, Supplemental |
223.8 |
191.0 |
168.9 |
98.2 |
88.0 |
|
Depreciation, Supplemental |
93.9 |
105.2 |
105.4 |
123.2 |
109.6 |
|
Total Special Items |
14.8 |
94.1 |
314.3 |
-13.5 |
1.7 |
|
Normalized Income Before Tax |
-173.9 |
-309.6 |
-175.7 |
267.9 |
385.8 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
5.2 |
32.9 |
110.0 |
-3.9 |
0.2 |
|
Inc Tax Ex Impact of Sp Items |
-13.3 |
-48.3 |
-28.5 |
77.3 |
47.3 |
|
Normalized Income After Tax |
-160.6 |
-261.3 |
-147.2 |
190.6 |
338.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-160.6 |
-261.3 |
-147.2 |
190.9 |
338.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-1.03 |
-2.12 |
-1.20 |
1.54 |
2.62 |
|
Diluted Normalized EPS |
-1.03 |
-2.12 |
-1.20 |
1.51 |
2.49 |
|
Amort of Intangibles, Supplemental |
37.8 |
43.4 |
34.9 |
49.5 |
46.9 |
|
Rental Expenses |
86.9 |
101.3 |
89.9 |
88.5 |
75.0 |
|
Research & Development Exp, Supplemental |
159.8 |
170.8 |
263.2 |
313.5 |
303.8 |
|
Normalized EBIT |
22.9 |
-129.7 |
-7.3 |
365.3 |
465.4 |
|
Normalized EBITDA |
154.7 |
19.0 |
133.0 |
538.0 |
621.9 |
|
Current Tax - Domestic |
-32.8 |
- |
- |
7.4 |
-69.3 |
|
Current Tax - Foreign |
-11.6 |
- |
- |
64.8 |
83.2 |
|
Current Tax - Total |
- |
-11.0 |
-9.9 |
- |
- |
|
Current Tax - Total |
-44.5 |
-11.0 |
-9.9 |
72.2 |
13.9 |
|
Deferred Tax - Domestic |
-47.7 |
- |
- |
24.6 |
11.6 |
|
Deferred Tax - Foreign |
73.7 |
- |
- |
-15.6 |
21.6 |
|
Deferred Tax - Total |
- |
-70.2 |
-128.6 |
- |
- |
|
Deferred Tax - Total |
26.0 |
-70.2 |
-128.6 |
9.0 |
33.2 |
|
Income Tax - Total |
-18.5 |
-81.2 |
-138.5 |
81.2 |
47.0 |
|
Interest Cost - Domestic |
63.1 |
66.4 |
65.2 |
62.2 |
- |
|
Service Cost - Domestic |
28.5 |
26.8 |
26.6 |
32.9 |
- |
|
Prior Service Cost - Domestic |
0.0 |
2.0 |
0.0 |
-12.0 |
- |
|
Expected Return on Assets - Domestic |
-54.4 |
-42.1 |
-62.1 |
-72.7 |
- |
|
Other Pension, Net - Domestic |
26.9 |
34.8 |
24.2 |
33.3 |
- |
|
Domestic Pension Plan Expense |
64.0 |
87.8 |
54.0 |
43.7 |
- |
|
Defined Contribution Expense - Domestic |
- |
71.3 |
124.3 |
114.4 |
- |
|
Total Pension Expense |
64.0 |
159.2 |
178.2 |
158.1 |
- |
|
Discount Rate - Domestic |
5.00% |
4.75% |
6.00% |
6.00% |
- |
|
Discount Rate - Foreign |
4.30% |
4.55% |
4.95% |
5.34% |
- |
|
Expected Rate of Return - Domestic |
4.91% |
3.73% |
5.59% |
6.50% |
- |
|
Expected Rate of Return - Foreign |
5.16% |
5.44% |
5.14% |
5.40% |
- |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
- |
|
Compensation Rate - Foreign |
2.69% |
2.68% |
2.78% |
2.98% |
- |
|
Pension Payment Rate - Domestic |
2.00% |
2.00% |
2.00% |
1.75% |
- |
|
Pension Payment Rate - Foreign |
2.04% |
2.00% |
1.89% |
2.05% |
- |
|
Total Plan Interest Cost |
63.1 |
66.4 |
65.2 |
62.2 |
- |
|
Total Plan Service Cost |
28.5 |
26.8 |
26.6 |
32.9 |
- |
|
Total Plan Expected Return |
-54.4 |
-42.1 |
-62.1 |
-72.7 |
- |
|
Total Plan Other Expense |
26.9 |
34.8 |
24.2 |
33.3 |
- |
Annual
Balance Sheet
Financials in: USD
(mil)
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.704672 |
0.739044 |
0.753182 |
0.631094 |
0.75123 |
|
Auditor |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
209.9 |
163.3 |
105.0 |
224.8 |
101.6 |
|
Short Term Investments |
0.6 |
0.5 |
2.1 |
3.3 |
3.9 |
|
Cash and Short Term Investments |
210.5 |
163.8 |
107.1 |
228.1 |
105.5 |
|
Accounts Receivable -
Trade, Gross |
767.6 |
790.8 |
893.2 |
1,311.2 |
- |
|
Provision for Doubtful
Accounts |
-108.4 |
-126.9 |
-132.4 |
-162.9 |
- |
|
Trade Accounts Receivable - Net |
659.2 |
663.9 |
760.9 |
1,148.3 |
1,086.3 |
|
Other Receivables |
19.7 |
24.3 |
37.2 |
42.5 |
12.5 |
|
Total Receivables, Net |
678.9 |
688.2 |
798.1 |
1,190.8 |
1,098.8 |
|
Inventories - Finished Goods |
424.5 |
499.9 |
760.5 |
697.8 |
541.7 |
|
Inventories - Work In Progress |
471.3 |
458.2 |
426.7 |
608.9 |
466.9 |
|
Inventories - Raw Materials |
161.2 |
158.3 |
175.9 |
216.8 |
174.0 |
|
Inventories - Other |
4.1 |
2.8 |
9.9 |
19.5 |
16.4 |
|
Total Inventory |
1,061.0 |
1,119.2 |
1,373.0 |
1,542.9 |
1,199.0 |
|
Prepaid Expenses |
17.8 |
- |
- |
- |
- |
|
Other Current Assets |
199.5 |
231.3 |
208.4 |
271.2 |
162.5 |
|
Other Current Assets, Total |
199.5 |
231.3 |
208.4 |
271.2 |
162.5 |
|
Total Current Assets |
2,167.7 |
2,202.5 |
2,486.6 |
3,233.0 |
2,565.8 |
|
|
|
|
|
|
|
|
Land/Improvements |
955.6 |
902.9 |
877.9 |
1,009.5 |
832.9 |
|
Machinery/Equipment |
1,924.9 |
1,863.3 |
1,856.7 |
2,191.1 |
1,837.9 |
|
Construction in
Progress |
30.1 |
24.4 |
43.5 |
32.3 |
36.5 |
|
Property/Plant/Equipment - Gross |
2,910.5 |
2,790.6 |
2,778.1 |
3,232.9 |
2,707.3 |
|
Accumulated Depreciation |
-2,093.7 |
-1,983.0 |
-1,918.5 |
-2,310.8 |
-1,975.5 |
|
Property/Plant/Equipment - Net |
816.9 |
807.6 |
859.5 |
922.2 |
731.8 |
|
Goodwill - Gross |
- |
- |
- |
- |
146.1 |
|
Accumulated Goodwill Amortization |
- |
- |
- |
- |
-8.6 |
|
Goodwill, Net |
174.4 |
165.8 |
166.7 |
163.5 |
137.4 |
|
Intangibles - Gross |
583.6 |
563.7 |
551.1 |
- |
436.2 |
|
Accumulated Intangible Amortization |
-379.6 |
-333.6 |
-290.0 |
- |
-226.1 |
|
Intangibles, Net |
204.0 |
230.1 |
261.1 |
269.3 |
210.0 |
|
LT Investment - Affiliate Companies |
- |
- |
- |
- |
29.8 |
|
LT Investments - Other |
27.7 |
33.7 |
38.3 |
107.8 |
32.4 |
|
Long Term Investments |
27.7 |
33.7 |
38.3 |
107.8 |
62.1 |
|
Note Receivable - Long Term |
128.3 |
170.7 |
213.0 |
308.7 |
425.8 |
|
Deferred Income Tax - Long Term Asset |
168.8 |
204.7 |
122.3 |
122.5 |
95.9 |
|
Other Long Term Assets |
62.9 |
80.9 |
155.7 |
430.3 |
215.8 |
|
Other Long Term Assets, Total |
231.7 |
285.5 |
278.0 |
552.7 |
311.7 |
|
Total Assets |
3,750.7 |
3,895.9 |
4,303.3 |
5,557.3 |
4,444.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
184.1 |
178.7 |
241.5 |
467.4 |
332.5 |
|
Accrued Expenses |
140.3 |
145.3 |
88.2 |
- |
- |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
11.3 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
410.6 |
475.0 |
828.9 |
80.2 |
162.2 |
|
Customer Advances |
122.9 |
80.9 |
202.2 |
- |
152.0 |
|
Other Current Liabilities |
577.0 |
608.4 |
789.9 |
1,172.3 |
702.8 |
|
Other Current liabilities, Total |
699.9 |
689.3 |
992.1 |
1,172.3 |
854.9 |
|
Total Current Liabilities |
1,435.0 |
1,488.4 |
2,162.0 |
1,719.9 |
1,349.6 |
|
|
|
|
|
|
|
|
Long Term Debt |
141.5 |
625.4 |
165.9 |
775.5 |
555.1 |
|
Capital Lease Obligations |
7.8 |
3.1 |
2.9 |
6.5 |
6.0 |
|
Total Long Term Debt |
149.4 |
628.5 |
168.7 |
782.0 |
561.1 |
|
Total Debt |
560.0 |
1,103.5 |
1,008.9 |
862.2 |
723.3 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
8.9 |
17.2 |
50.1 |
229.2 |
114.1 |
|
Deferred Income Tax |
8.9 |
17.2 |
50.1 |
229.2 |
114.1 |
|
Minority Interest |
- |
- |
- |
0.0 |
3.1 |
|
Reserves |
430.0 |
481.0 |
463.4 |
571.0 |
497.9 |
|
Pension Benefits - Underfunded |
313.6 |
305.0 |
204.7 |
183.8 |
177.0 |
|
Other Long Term Liabilities |
181.2 |
192.5 |
197.3 |
181.3 |
145.6 |
|
Other Liabilities, Total |
924.8 |
978.5 |
865.4 |
936.0 |
820.4 |
|
Total Liabilities |
2,518.1 |
3,112.5 |
3,246.3 |
3,667.2 |
2,848.3 |
|
|
|
|
|
|
|
|
Common Stock |
846.2 |
269.0 |
263.9 |
315.0 |
270.3 |
|
Common Stock |
846.2 |
269.0 |
263.9 |
315.0 |
270.3 |
|
Retained Earnings (Accumulated Deficit) |
386.4 |
514.4 |
793.1 |
1,575.2 |
1,326.2 |
|
Total Equity |
1,232.6 |
783.4 |
1,057.0 |
1,890.1 |
1,596.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,750.7 |
3,895.9 |
4,303.3 |
5,557.3 |
4,444.8 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary Issue |
232.9 |
123.1 |
123.1 |
123.1 |
125.8 |
|
Total Common Shares Outstanding |
232.9 |
123.1 |
123.1 |
123.1 |
125.8 |
|
Treasury Shares - Common Stock Primary Issue |
0.4 |
0.6 |
0.6 |
0.6 |
0.6 |
|
Employees |
15,828 |
16,496 |
18,926 |
19,596 |
19,171 |
|
Accumulated Goodwill Amortization Suppl. |
- |
- |
- |
- |
8.6 |
|
Accumulated Intangible Amort, Suppl. |
379.6 |
333.6 |
290.0 |
312.0 |
226.1 |
|
Deferred Revenue - Current |
122.9 |
80.9 |
121.5 |
129.8 |
152.0 |
|
Deferred Revenue - Long Term |
0.0 |
- |
- |
- |
47.4 |
|
Total Long Term Debt, Supplemental |
549.1 |
1,236.5 |
1,049.7 |
999.6 |
- |
|
Long Term Debt Maturing within 1 Year |
407.6 |
460.3 |
838.0 |
92.3 |
- |
|
Long Term Debt Maturing in Year 2 |
29.1 |
184.7 |
40.8 |
182.8 |
- |
|
Long Term Debt Maturing in Year 3 |
29.1 |
184.7 |
40.8 |
182.8 |
- |
|
Long Term Debt Maturing in Year 4 |
29.1 |
184.7 |
40.8 |
182.8 |
- |
|
Long Term Debt Maturing in Year 5 |
29.1 |
184.7 |
40.8 |
182.8 |
- |
|
Long Term Debt Maturing in 2-3 Years |
58.2 |
369.5 |
81.7 |
365.6 |
- |
|
Long Term Debt Maturing in 4-5 Years |
58.2 |
369.5 |
81.7 |
365.6 |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
25.1 |
37.2 |
48.5 |
176.1 |
- |
|
Interest Costs |
- |
- |
- |
-0.4 |
-0.5 |
|
Total Capital Leases, Supplemental |
10.9 |
7.6 |
7.7 |
13.6 |
15.2 |
|
Capital Lease Payments Due in Year 1 |
3.1 |
4.5 |
4.8 |
7.4 |
9.5 |
|
Capital Lease Payments Due in Year 2 |
1.0 |
0.7 |
0.7 |
1.7 |
1.5 |
|
Capital Lease Payments Due in Year 3 |
1.0 |
0.7 |
0.7 |
1.7 |
1.5 |
|
Capital Lease Payments Due in Year 4 |
1.0 |
0.7 |
0.7 |
1.7 |
1.5 |
|
Capital Lease Payments Due in Year 5 |
1.0 |
0.7 |
0.7 |
1.7 |
1.5 |
|
Capital Lease Payments Due in 2-3 Years |
2.0 |
1.5 |
1.4 |
3.3 |
3.1 |
|
Capital Lease Payments Due in 4-5 Years |
2.0 |
1.5 |
1.4 |
3.3 |
3.1 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
3.8 |
0.1 |
0.0 |
-0.4 |
-0.5 |
|
Total Operating Leases, Supplemental |
404.8 |
663.5 |
654.6 |
932.1 |
560.5 |
|
Operating Lease Payments Due in Year 1 |
69.7 |
74.1 |
78.4 |
103.8 |
77.8 |
|
Operating Lease Payments Due in Year 2 |
46.0 |
204.9 |
198.9 |
250.7 |
44.3 |
|
Operating Lease Payments Due in Year 3 |
46.0 |
68.3 |
66.3 |
83.6 |
44.3 |
|
Operating Lease Payments Due in Year 4 |
46.0 |
68.3 |
66.3 |
83.6 |
44.3 |
|
Operating Lease Payments Due in Year 5 |
46.0 |
68.3 |
66.3 |
83.6 |
44.3 |
|
Operating Lease Pymts. Due in 2-3 Years |
91.9 |
273.2 |
265.2 |
334.3 |
88.6 |
|
Operating Lease Pymts. Due in 4-5 Years |
91.9 |
136.6 |
132.6 |
167.1 |
88.6 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
151.2 |
179.6 |
178.3 |
326.9 |
305.5 |
|
Pension Obligation - Domestic |
1,436.0 |
1,348.6 |
1,105.5 |
1,284.4 |
1,260.2 |
|
Plan Assets - Domestic |
1,167.9 |
1,091.0 |
933.1 |
1,295.6 |
1,166.1 |
|
Funded Status - Domestic |
-268.1 |
-257.7 |
-172.4 |
11.2 |
-94.2 |
|
Unfunded Plan Obligations |
35.7 |
35.3 |
32.3 |
33.6 |
31.2 |
|
Total Funded Status |
-303.7 |
-292.9 |
-204.7 |
-22.4 |
-125.4 |
|
Discount Rate - Domestic |
5.00% |
4.75% |
6.00% |
6.00% |
- |
|
Discount Rate - Foreign |
4.30% |
4.55% |
4.95% |
5.34% |
- |
|
Expected Rate of Return - Domestic |
4.91% |
3.73% |
5.59% |
6.50% |
- |
|
Expected Rate of Return - Foreign |
5.16% |
5.44% |
5.14% |
5.40% |
- |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
- |
|
Compensation Rate - Foreign |
2.69% |
2.68% |
2.78% |
2.98% |
- |
|
Pension Payment Rate - Domestic |
2.00% |
2.00% |
2.00% |
1.75% |
- |
|
Pension Payment Rate - Foreign |
2.04% |
2.00% |
1.89% |
2.05% |
- |
|
Equity % - Domestic |
- |
32.40% |
24.00% |
32.00% |
- |
|
Debt Securities % - Domestic |
- |
54.82% |
63.00% |
56.00% |
- |
|
Real Estate % - Domestic |
- |
4.20% |
5.00% |
4.00% |
- |
|
Total Plan Obligations |
1,471.7 |
1,383.9 |
1,137.8 |
1,318.0 |
1,291.4 |
|
Total Plan Assets |
1,167.9 |
1,091.0 |
933.1 |
1,295.6 |
1,166.1 |
Annual
Cash Flows
Financials
in: USD (mil)
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
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) |
0.757168 |
0.70861 |
0.707647 |
0.707132 |
0.780101 |
|
Auditor |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-170.2 |
-322.5 |
-351.5 |
200.2 |
337.0 |
|
Depreciation |
134.3 |
158.2 |
157.4 |
175.3 |
167.3 |
|
Depreciation/Depletion |
134.3 |
158.2 |
157.4 |
175.3 |
167.3 |
|
Deferred Taxes |
-22.9 |
-124.3 |
-159.1 |
52.3 |
116.3 |
|
Unusual Items |
-13.0 |
1.1 |
2.5 |
-19.8 |
-97.8 |
|
Other Non-Cash Items |
-87.0 |
-67.0 |
156.3 |
44.9 |
77.7 |
|
Non-Cash Items |
-100.0 |
-66.0 |
158.8 |
25.1 |
-20.1 |
|
Accounts Receivable |
66.1 |
103.9 |
165.3 |
279.2 |
-5.3 |
|
Inventories |
106.5 |
300.3 |
-29.3 |
-130.4 |
-77.2 |
|
Other Assets & Liabilities, Net |
117.4 |
-106.7 |
54.7 |
-11.5 |
-101.8 |
|
Changes in Working Capital |
290.0 |
297.5 |
190.7 |
137.3 |
-184.3 |
|
Cash from Operating Activities |
131.3 |
-57.1 |
-3.7 |
590.2 |
416.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-96.9 |
-82.9 |
-279.6 |
-306.6 |
-228.9 |
|
Capital Expenditures |
-96.9 |
-82.9 |
-279.6 |
-306.6 |
-228.9 |
|
Acquisition of Business |
-1.2 |
-2.7 |
-43.8 |
0.0 |
- |
|
Sale of Fixed Assets |
50.0 |
58.0 |
45.3 |
60.0 |
116.8 |
|
Sale/Maturity of Investment |
18.9 |
0.0 |
0.3 |
3.4 |
66.3 |
|
Purchase of Investments |
-3.3 |
-3.2 |
-1.1 |
-42.0 |
-12.4 |
|
Other Investing Cash Flow |
- |
- |
- |
0.0 |
-64.1 |
|
Other Investing Cash Flow Items, Total |
64.5 |
52.1 |
0.5 |
21.4 |
106.7 |
|
Cash from Investing Activities |
-32.4 |
-30.8 |
-279.1 |
-285.1 |
-122.2 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
525.4 |
- |
- |
- |
- |
|
Financing Cash Flow Items |
525.4 |
- |
- |
- |
- |
|
Cash Dividends Paid - Common |
0.0 |
0.0 |
-104.2 |
-105.8 |
-68.3 |
|
Total Cash Dividends Paid |
0.0 |
0.0 |
-104.2 |
-105.8 |
-68.3 |
|
Repurchase/Retirement
of Common |
- |
- |
0.0 |
-80.7 |
-166.7 |
|
Common Stock, Net |
- |
- |
0.0 |
-80.7 |
-166.7 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
0.0 |
-80.7 |
-166.7 |
|
Long Term Debt Issued |
45.2 |
840.5 |
337.6 |
155.0 |
137.0 |
|
Long Term Debt
Reduction |
-636.6 |
-703.5 |
-47.8 |
-175.6 |
-193.8 |
|
Long Term Debt, Net |
-591.4 |
137.0 |
289.8 |
-20.6 |
-56.8 |
|
Issuance (Retirement) of Debt, Net |
-591.4 |
137.0 |
289.8 |
-20.6 |
-56.8 |
|
Cash from Financing Activities |
-66.1 |
137.0 |
185.6 |
-207.1 |
-291.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
3.2 |
8.3 |
6.8 |
-6.5 |
-2.7 |
|
Net Change in Cash |
36.0 |
57.4 |
-90.4 |
91.5 |
-0.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
159.4 |
112.9 |
203.4 |
112.1 |
102.1 |
|
Net Cash - Ending Balance |
195.4 |
170.3 |
113.1 |
203.6 |
101.6 |
|
Cash Interest Paid |
112.9 |
166.0 |
51.7 |
41.6 |
33.9 |
|
Cash Taxes Paid |
15.7 |
58.9 |
2.9 |
50.1 |
28.6 |
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
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) |
0.757168 |
0.70861 |
0.707647 |
0.707132 |
0.780101 |
|
Auditor |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
3,472.0 |
3,254.8 |
4,238.7 |
5,190.4 |
4,874.7 |
|
Other Operating Income |
168.6 |
218.6 |
268.0 |
290.3 |
313.3 |
|
Total Revenue |
3,640.7 |
3,473.4 |
4,506.7 |
5,480.7 |
5,188.0 |
|
|
|
|
|
|
|
|
Change/Inventory |
60.2 |
201.3 |
-0.9 |
-97.3 |
-74.6 |
|
Work Capitalised |
-19.5 |
-20.7 |
-110.6 |
-110.9 |
-76.6 |
|
Cost of Revenue |
1,629.8 |
1,455.5 |
1,982.5 |
2,360.3 |
- |
|
Raw Materials |
- |
- |
- |
- |
1,874.3 |
|
Services Purch. |
- |
- |
- |
- |
320.0 |
|
Financial Services |
- |
- |
- |
- |
4.5 |
|
Staff Costs |
1,152.6 |
1,152.4 |
1,506.1 |
1,668.3 |
1,491.3 |
|
Amortization |
35.7 |
41.2 |
34.9 |
49.5 |
- |
|
Depreciation |
93.2 |
105.2 |
102.5 |
122.1 |
165.1 |
|
Depreciation Adjustment |
-2.5 |
- |
- |
- |
- |
|
Write-down of Assets |
0.0 |
0.0 |
0.0 |
2.1 |
- |
|
Impairment of Fixed Assets |
3.1 |
0.0 |
2.9 |
1.1 |
- |
|
Impairment of Intangibles |
2.2 |
2.2 |
0.0 |
0.0 |
- |
|
Other Operating Expenses |
668.3 |
668.2 |
999.6 |
1,123.4 |
1,018.6 |
|
Bad Debt Allowances/Impairm. Oth. Assets |
24.1 |
52.7 |
58.4 |
- |
- |
|
Special Items |
-2.9 |
40.1 |
252.9 |
- |
- |
|
Losses on Disposals of Assets |
- |
- |
- |
2.6 |
1.7 |
|
Gain on Sale of Assets |
-11.6 |
-0.9 |
- |
-19.2 |
- |
|
Total Operating Expense |
3,632.5 |
3,697.2 |
4,828.3 |
5,101.9 |
4,724.3 |
|
|
|
|
|
|
|
|
Interest Income |
18.5 |
19.5 |
19.2 |
18.8 |
16.4 |
|
Securities |
11.4 |
8.5 |
9.9 |
8.9 |
9.7 |
|
Interest Expense |
-223.8 |
-187.9 |
-167.0 |
-96.1 |
-88.0 |
|
Financial Exp. |
-3.0 |
-20.1 |
-30.4 |
-29.0 |
-17.8 |
|
Net Income Before Taxes |
-188.7 |
-403.7 |
-490.0 |
281.4 |
384.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
-18.5 |
-81.2 |
-138.5 |
81.2 |
47.0 |
|
Net Income After Taxes |
-170.2 |
-322.5 |
-351.5 |
200.2 |
337.0 |
|
|
|
|
|
|
|
|
Minority Interests |
- |
- |
0.0 |
0.3 |
0.1 |
|
Net Income Before Extra. Items |
-170.2 |
-322.5 |
-351.5 |
200.5 |
337.1 |
|
Net Income |
-170.2 |
-322.5 |
-351.5 |
200.5 |
337.1 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-170.2 |
-322.5 |
-351.5 |
200.5 |
337.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-170.2 |
-322.5 |
-351.5 |
200.5 |
337.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
156.1 |
123.1 |
123.1 |
123.9 |
129.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
-1.09 |
-2.62 |
-2.86 |
1.62 |
2.61 |
|
Basic EPS Including ExtraOrdinary Item |
-1.09 |
-2.62 |
-2.86 |
1.62 |
2.61 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
14.0 |
11.5 |
|
Diluted Net Income |
-170.2 |
-322.5 |
-351.5 |
214.4 |
348.6 |
|
Diluted Weighted Average Shares |
156.1 |
123.1 |
123.1 |
135.5 |
140.5 |
|
Diluted EPS Excluding ExtraOrd Items |
-1.09 |
-2.62 |
-2.86 |
1.58 |
2.48 |
|
Diluted EPS Including ExtraOrd Items |
-1.09 |
-2.62 |
-2.86 |
1.58 |
2.48 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.85 |
0.77 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
104.3 |
95.9 |
|
Normalized Income Before Taxes |
-173.9 |
-309.6 |
-175.7 |
267.9 |
385.8 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
-13.3 |
-48.3 |
-28.5 |
77.3 |
47.3 |
|
Normalized Income After Taxes |
-160.6 |
-261.3 |
-147.2 |
190.6 |
338.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-160.6 |
-261.3 |
-147.2 |
190.9 |
338.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-1.03 |
-2.12 |
-1.20 |
1.54 |
2.62 |
|
Diluted Normalized EPS |
-1.03 |
-2.12 |
-1.20 |
1.51 |
2.49 |
|
Research and Development Costs |
159.8 |
170.8 |
263.2 |
313.5 |
303.8 |
|
Interest Expense |
223.8 |
191.0 |
168.9 |
98.2 |
88.0 |
|
Rental Expense |
86.9 |
101.3 |
89.9 |
88.5 |
75.0 |
|
Amortisation of Intangibles |
37.8 |
43.4 |
34.9 |
49.5 |
46.9 |
|
Depreciation |
93.9 |
105.2 |
105.4 |
123.2 |
109.6 |
|
Current Tax - Domestic |
-32.8 |
- |
- |
7.4 |
-69.3 |
|
Current Tax - Foreign |
-11.6 |
- |
- |
64.8 |
83.2 |
|
Current Tax |
- |
-11.0 |
-9.9 |
- |
- |
|
Current Tax - Total |
-44.5 |
-11.0 |
-9.9 |
72.2 |
13.9 |
|
Deferred Tax - Domestic |
-47.7 |
- |
- |
24.6 |
11.6 |
|
Deferred Tax - Foreign |
73.7 |
- |
- |
-15.6 |
21.6 |
|
Deferred Tax |
- |
-70.2 |
-128.6 |
- |
- |
|
Deferred Tax - Total |
26.0 |
-70.2 |
-128.6 |
9.0 |
33.2 |
|
Income Tax - Total |
-18.5 |
-81.2 |
-138.5 |
81.2 |
47.0 |
|
Service Cost |
28.5 |
26.8 |
26.6 |
32.9 |
- |
|
Interest Cost |
63.1 |
66.4 |
65.2 |
62.2 |
- |
|
Prior Service Cost |
0.0 |
2.0 |
0.0 |
-12.0 |
- |
|
Plan Reduction |
0.9 |
-0.6 |
-5.0 |
0.0 |
- |
|
Expected Return on Plan Assets |
-54.4 |
-42.1 |
-62.1 |
-72.7 |
- |
|
Other Expense |
26.0 |
35.4 |
29.2 |
33.3 |
- |
|
Domestic Pension Plan Expense |
64.0 |
87.8 |
54.0 |
43.7 |
- |
|
Defined Contribution Plan |
- |
71.3 |
124.3 |
114.4 |
- |
|
Total Pension Expense |
64.0 |
159.2 |
178.2 |
158.1 |
- |
|
Discount Rate - Domestic |
5.00% |
4.75% |
6.00% |
6.00% |
- |
|
Expectede Return on Plan Assets - Domest |
4.91% |
3.73% |
5.59% |
6.50% |
- |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
- |
|
Pension Rate - Domestic |
2.00% |
2.00% |
2.00% |
1.75% |
- |
|
Discount Rate - Foreign |
4.30% |
4.55% |
4.95% |
5.34% |
- |
|
Expected Return on Plan Assets - Foreign |
5.16% |
5.44% |
5.14% |
5.40% |
- |
|
Compensation Rate - Foreign |
2.69% |
2.68% |
2.78% |
2.98% |
- |
|
Pension Rate - Foreign |
2.04% |
2.00% |
1.89% |
2.05% |
- |
Annual
Balance Sheet
Financials
in: USD (mil)
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.704672 |
0.739044 |
0.753182 |
0.631094 |
0.75123 |
|
Auditor |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Raw Materials |
161.2 |
158.3 |
175.9 |
216.8 |
174.0 |
|
Work in Process |
471.3 |
458.2 |
426.7 |
608.9 |
466.9 |
|
Man/ Products |
424.5 |
499.9 |
760.5 |
697.8 |
541.7 |
|
Prepayments |
4.1 |
2.8 |
9.9 |
19.5 |
16.4 |
|
Customer Financing Receivables Gross |
168.4 |
186.8 |
225.8 |
279.0 |
- |
|
Provisions for Financing Receivables |
-44.1 |
-58.4 |
-63.5 |
-75.8 |
- |
|
Account Receivables |
599.1 |
604.0 |
667.4 |
1,032.3 |
- |
|
Provisions for Doubtful Accounts |
-64.2 |
-68.6 |
-68.8 |
-87.1 |
- |
|
Customer Financ./ Factoring |
- |
- |
- |
- |
148.5 |
|
Trade Receivable |
- |
- |
- |
- |
937.8 |
|
Tax Receivable |
19.7 |
24.3 |
37.2 |
42.5 |
12.5 |
|
Loans |
0.6 |
0.5 |
0.9 |
- |
- |
|
Deferred/Accrued |
17.8 |
- |
- |
- |
- |
|
Other Assets |
199.5 |
231.3 |
208.4 |
271.2 |
162.5 |
|
Securities |
- |
0.0 |
1.2 |
3.3 |
3.9 |
|
Cash |
209.9 |
163.3 |
105.0 |
224.8 |
101.6 |
|
Total Current Assets |
2,167.7 |
2,202.5 |
2,486.6 |
3,233.0 |
2,565.8 |
|
|
|
|
|
|
|
|
Goodwill |
- |
- |
- |
- |
146.1 |
|
Goodwill Amort. |
- |
- |
- |
- |
-8.6 |
|
Develop. Exp. |
- |
- |
- |
- |
293.0 |
|
Software |
- |
- |
- |
- |
142.6 |
|
Prepayments |
- |
- |
- |
- |
0.5 |
|
Intangibles, Gross |
583.6 |
563.7 |
551.1 |
- |
- |
|
Amortisation |
-379.6 |
-333.6 |
-290.0 |
- |
-226.1 |
|
Goodwill |
174.4 |
165.8 |
166.7 |
163.5 |
- |
|
Intangibles |
- |
- |
- |
269.3 |
- |
|
Land/Buildings |
947.6 |
900.5 |
875.5 |
1,006.6 |
804.2 |
|
Equipment/Mach. |
886.6 |
854.2 |
816.8 |
981.4 |
806.2 |
|
Other Equipment |
1,038.2 |
1,009.1 |
1,040.0 |
1,209.7 |
1,031.7 |
|
Construction |
30.1 |
24.4 |
43.5 |
32.3 |
36.5 |
|
Depreciation |
-2,093.7 |
-1,983.0 |
-1,918.5 |
-2,310.8 |
-1,975.5 |
|
Real Estate Investments |
8.0 |
2.4 |
2.3 |
2.8 |
28.7 |
|
Share Affiliate |
- |
- |
- |
- |
29.8 |
|
Other Investment |
- |
- |
- |
- |
21.6 |
|
Securities |
27.7 |
33.7 |
38.3 |
107.8 |
10.7 |
|
Rec. Leasing to Customers/Factoring |
128.3 |
158.2 |
200.5 |
308.7 |
425.8 |
|
Loans Receivables |
- |
12.5 |
12.5 |
- |
- |
|
Other Receivables and Other Assets |
60.9 |
57.6 |
40.6 |
283.4 |
117.2 |
|
Tax Assets |
0.7 |
0.8 |
94.1 |
120.5 |
98.6 |
|
Deferred Taxes |
168.8 |
204.7 |
122.3 |
122.5 |
95.9 |
|
Assets for Sale |
1.3 |
22.5 |
21.0 |
26.4 |
0.0 |
|
Total Assets |
3,750.7 |
3,895.9 |
4,303.3 |
5,557.3 |
4,444.8 |
|
|
|
|
|
|
|
|
Other Provisions |
413.3 |
483.1 |
623.4 |
599.6 |
437.5 |
|
Convertible Bond |
- |
0.0 |
403.4 |
0.0 |
- |
|
Bonds |
6.4 |
9.5 |
82.5 |
11.5 |
9.7 |
|
Bank Current Account |
- |
- |
11.3 |
0.0 |
- |
|
Banks |
375.6 |
437.4 |
315.8 |
29.2 |
112.4 |
|
Financial Leasing |
3.1 |
4.5 |
4.8 |
7.1 |
9.2 |
|
Other Financial Liability |
25.6 |
23.6 |
22.3 |
32.5 |
30.9 |
|
Trade Payables |
184.1 |
178.7 |
241.5 |
467.4 |
332.5 |
|
Income Tax Liabilities |
2.6 |
2.7 |
2.6 |
5.6 |
10.9 |
|
Advance Received |
- |
- |
- |
- |
106.0 |
|
Deferred Income |
122.9 |
80.9 |
202.2 |
- |
46.0 |
|
Social Security |
77.6 |
68.3 |
88.2 |
- |
- |
|
Deferred/Accrued |
62.8 |
77.0 |
- |
- |
- |
|
Other Liabilities |
161.1 |
122.6 |
164.0 |
567.1 |
254.4 |
|
Total Current Liabilities |
1,435.0 |
1,488.4 |
2,162.0 |
1,719.9 |
1,349.6 |
|
|
|
|
|
|
|
|
Convertible Bond |
- |
0.0 |
0.0 |
467.5 |
381.4 |
|
Bonds |
71.0 |
73.7 |
81.7 |
195.7 |
173.7 |
|
Banks |
70.6 |
551.6 |
84.0 |
111.8 |
0.0 |
|
Financial Leasing |
7.8 |
3.1 |
2.9 |
6.5 |
6.0 |
|
Other LT Debt |
0.0 |
0.1 |
0.2 |
0.4 |
0.0 |
|
Total Long Term Debt |
149.4 |
628.5 |
168.7 |
782.0 |
561.1 |
|
|
|
|
|
|
|
|
Pension Prov. |
313.6 |
305.0 |
204.7 |
183.8 |
177.0 |
|
Other Provisions |
430.0 |
481.0 |
463.4 |
571.0 |
497.9 |
|
Other Liability |
181.2 |
192.5 |
197.3 |
181.3 |
98.2 |
|
Deferred Taxes |
8.9 |
17.2 |
50.1 |
229.2 |
114.1 |
|
Deferred Income |
- |
- |
- |
- |
47.4 |
|
Minority Int. |
- |
- |
- |
0.0 |
3.1 |
|
Total Liabilities |
2,518.1 |
3,112.5 |
3,246.3 |
3,667.2 |
2,848.3 |
|
|
|
|
|
|
|
|
Share Capital |
846.2 |
269.0 |
263.9 |
315.0 |
270.3 |
|
Capital & Revenue Reserves |
569.3 |
823.6 |
1,123.3 |
1,350.5 |
976.1 |
|
Net Profit |
-182.9 |
-309.2 |
-330.2 |
224.6 |
350.1 |
|
Total Equity |
1,232.6 |
783.4 |
1,057.0 |
1,890.1 |
1,596.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
3,750.7 |
3,895.9 |
4,303.3 |
5,557.3 |
4,444.8 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
232.9 |
123.1 |
123.1 |
123.1 |
125.8 |
|
Total Common Shares Outstanding |
232.9 |
123.1 |
123.1 |
123.1 |
125.8 |
|
T/S-Common Stock |
0.4 |
0.6 |
0.6 |
0.6 |
0.6 |
|
Deferred Revenue - Current |
122.9 |
80.9 |
121.5 |
129.8 |
152.0 |
|
Deferred Revenue - Long Term |
0.0 |
- |
- |
- |
47.4 |
|
Accumulated Intangible Amortisation |
379.6 |
333.6 |
290.0 |
312.0 |
226.1 |
|
Accumulated Goodwill Amortisation |
- |
- |
- |
- |
8.6 |
|
Full-Time Employees |
15,828 |
16,496 |
18,926 |
19,596 |
19,171 |
|
Debt within 1 Year |
407.6 |
460.3 |
838.0 |
92.3 |
- |
|
Debt from 1-5 Years |
116.5 |
738.9 |
163.3 |
731.2 |
- |
|
Debt over 5 Years |
25.1 |
37.2 |
48.5 |
176.1 |
- |
|
Total Long Term Debt, Supplemental |
549.1 |
1,236.5 |
1,049.7 |
999.6 |
- |
|
Cap. Lease within 1 Year |
3.1 |
4.5 |
4.8 |
7.4 |
9.5 |
|
Cap. Lease from 1-5 Years |
4.1 |
2.9 |
2.9 |
6.6 |
6.1 |
|
Cap. Lease from > 5 Years |
3.8 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Interest |
- |
- |
- |
-0.4 |
-0.5 |
|
Total Capital Leases |
10.9 |
7.6 |
7.7 |
13.6 |
15.2 |
|
Operating Lease within 1 Year |
69.7 |
74.1 |
78.4 |
103.8 |
77.8 |
|
Operating Lease from 1-5 Years |
183.8 |
204.9 |
198.9 |
250.7 |
177.2 |
|
Operating Lease > 5 Years |
151.2 |
179.6 |
178.3 |
326.9 |
305.5 |
|
Optg leases-year 2 |
- |
204.9 |
198.9 |
250.7 |
- |
|
Total Operating Leases |
404.8 |
663.5 |
654.6 |
932.1 |
560.5 |
|
Pension Obligation |
1,436.0 |
1,348.6 |
1,105.5 |
1,284.4 |
1,260.2 |
|
Plan Assets |
1,167.9 |
1,091.0 |
933.1 |
1,295.6 |
1,166.1 |
|
Funded Status |
-268.1 |
-257.7 |
-172.4 |
11.2 |
-94.2 |
|
Unfunded Obligations |
35.7 |
35.3 |
32.3 |
33.6 |
31.2 |
|
Total Funded Status |
-303.7 |
-292.9 |
-204.7 |
-22.4 |
-125.4 |
|
Discount Rate - Domestic |
5.00% |
4.75% |
6.00% |
6.00% |
- |
|
Expected Return on Plan Assets - Domesti |
4.91% |
3.73% |
5.59% |
6.50% |
- |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
- |
|
Pension Rate - Domestic |
2.00% |
2.00% |
2.00% |
1.75% |
- |
|
Discount Rate - Foreign |
4.30% |
4.55% |
4.95% |
5.34% |
- |
|
Expected Return on Plan Assets - Foreign |
5.16% |
5.44% |
5.14% |
5.40% |
- |
|
Compensation Rate - Foreign |
2.69% |
2.68% |
2.78% |
2.98% |
- |
|
Pension Rate - Foreign |
2.04% |
2.00% |
1.89% |
2.05% |
- |
|
Debentures |
- |
54.82% |
63.00% |
56.00% |
- |
|
Equity |
- |
32.40% |
24.00% |
32.00% |
- |
|
Real Estate |
- |
4.20% |
5.00% |
4.00% |
- |
|
Insurance Instruments |
- |
3.57% |
4.00% |
4.00% |
- |
|
Cash |
- |
3.60% |
2.00% |
3.00% |
- |
|
Other |
- |
1.41% |
2.00% |
1.00% |
- |
Annual
Cash Flows
Financials
in: USD (mil)
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
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) |
0.757168 |
0.70861 |
0.707647 |
0.707132 |
0.780101 |
|
Auditor |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Result bef. Minority |
-170.2 |
-322.5 |
-351.5 |
200.2 |
337.0 |
|
Depreciation |
134.3 |
158.2 |
157.4 |
175.3 |
167.3 |
|
Pension Provisions |
18.0 |
35.3 |
15.0 |
1.6 |
-13.0 |
|
Deferred Taxes |
-22.9 |
-124.3 |
-159.1 |
52.3 |
116.3 |
|
Disposal/Assets |
-13.0 |
1.1 |
2.5 |
-19.8 |
-97.8 |
|
Inventories |
106.5 |
300.3 |
-29.3 |
-130.4 |
-77.2 |
|
Customer Financing |
42.2 |
93.7 |
88.3 |
113.0 |
60.3 |
|
Accounts Receivable |
23.9 |
10.2 |
76.9 |
166.2 |
-65.7 |
|
Change/Provisions |
-105.0 |
-102.5 |
139.5 |
42.6 |
90.7 |
|
Balance Sheet Items |
117.4 |
-106.7 |
54.7 |
-11.5 |
-101.8 |
|
Consolidation |
0.0 |
0.1 |
1.8 |
0.7 |
0.0 |
|
Cash from Operating Activities |
131.3 |
-57.1 |
-3.7 |
590.2 |
416.1 |
|
|
|
|
|
|
|
|
Purch. Intang./Tang./Real Estate |
-96.9 |
-82.9 |
-279.6 |
-306.6 |
-228.9 |
|
Disp. Intang./Tang./Real Estate |
50.0 |
58.0 |
45.3 |
60.0 |
116.8 |
|
Purch. Financial Assets |
-3.3 |
-3.2 |
-1.1 |
-42.0 |
-12.4 |
|
Disposal Financial Assets |
18.9 |
0.0 |
0.3 |
3.4 |
66.3 |
|
Funding Pensions |
- |
- |
- |
0.0 |
-64.1 |
|
Business Acquisitions |
-1.2 |
-2.7 |
-43.8 |
0.0 |
- |
|
Cash from Investing Activities |
-32.4 |
-30.8 |
-279.1 |
-285.1 |
-122.2 |
|
|
|
|
|
|
|
|
Capital Changes |
525.4 |
- |
- |
- |
- |
|
Purchase of Own Shares |
- |
- |
0.0 |
-80.7 |
-166.7 |
|
Dividend Paid |
0.0 |
0.0 |
-104.2 |
-105.8 |
-68.3 |
|
Financial Debt Issued |
45.2 |
840.5 |
337.6 |
155.0 |
137.0 |
|
Repayment/Debt |
-636.6 |
-703.5 |
-47.8 |
-175.6 |
-193.8 |
|
Cash from Financing Activities |
-66.1 |
137.0 |
185.6 |
-207.1 |
-291.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
3.2 |
8.3 |
6.8 |
-6.5 |
-2.7 |
|
Net Change in Cash |
36.0 |
57.4 |
-90.4 |
91.5 |
-0.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
159.4 |
112.9 |
203.4 |
112.1 |
102.1 |
|
Net Cash - Ending Balance |
195.4 |
170.3 |
113.1 |
203.6 |
101.6 |
|
Cash Interest Paid |
112.9 |
166.0 |
51.7 |
41.6 |
33.9 |
|
Cash Taxes Paid |
15.7 |
58.9 |
2.9 |
50.1 |
28.6 |
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-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
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) |
0.757168 |
0.70861 |
0.707647 |
0.707132 |
0.780101 |
|
Auditor |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
3,472.0 |
3,254.8 |
4,238.7 |
5,190.4 |
4,874.7 |
|
Revenue |
3,472.0 |
3,254.8 |
4,238.7 |
5,190.4 |
4,874.7 |
|
Other Revenue |
168.6 |
218.6 |
268.0 |
290.3 |
313.3 |
|
Other Revenue, Total |
168.6 |
218.6 |
268.0 |
290.3 |
313.3 |
|
Total Revenue |
3,640.7 |
3,473.4 |
4,506.7 |
5,480.7 |
5,188.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,670.6 |
1,636.1 |
1,871.0 |
2,152.1 |
2,047.6 |
|
Cost of Revenue, Total |
1,670.6 |
1,636.1 |
1,871.0 |
2,152.1 |
2,047.6 |
|
Gross Profit |
1,801.5 |
1,618.8 |
2,367.7 |
3,038.3 |
2,827.1 |
|
|
|
|
|
|
|
|
Labor & Related Expense |
1,152.6 |
1,152.4 |
1,506.1 |
1,668.3 |
1,491.3 |
|
Total Selling/General/Administrative Expenses |
1,152.6 |
1,152.4 |
1,506.1 |
1,668.3 |
1,491.3 |
|
Depreciation |
90.6 |
105.2 |
102.5 |
122.1 |
165.1 |
|
Amortization of Intangibles |
35.7 |
41.2 |
34.9 |
49.5 |
- |
|
Depreciation/Amortization |
126.3 |
146.4 |
137.4 |
171.6 |
165.1 |
|
Impairment-Assets Held for Use |
3.1 |
0.0 |
2.9 |
3.2 |
- |
|
Impairment-Assets Held for Sale |
2.2 |
2.2 |
0.0 |
0.0 |
- |
|
Loss (Gain) on Sale of Assets - Operating |
-11.6 |
-0.9 |
- |
-16.6 |
1.7 |
|
Other Unusual Expense (Income) |
21.1 |
92.8 |
311.3 |
- |
- |
|
Unusual Expense (Income) |
14.8 |
94.1 |
314.3 |
-13.5 |
1.7 |
|
Other Operating Expense |
668.3 |
668.2 |
999.6 |
1,123.4 |
1,018.6 |
|
Other Operating Expenses, Total |
668.3 |
668.2 |
999.6 |
1,123.4 |
1,018.6 |
|
Total Operating Expense |
3,632.5 |
3,697.2 |
4,828.3 |
5,101.9 |
4,724.3 |
|
|
|
|
|
|
|
|
Operating Income |
8.1 |
-223.8 |
-321.6 |
378.8 |
463.7 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-223.8 |
-187.9 |
-167.0 |
-96.1 |
-88.0 |
|
Interest Expense, Net Non-Operating |
-223.8 |
-187.9 |
-167.0 |
-96.1 |
-88.0 |
|
Interest Income -
Non-Operating |
18.5 |
19.5 |
19.2 |
18.8 |
16.4 |
|
Investment Income -
Non-Operating |
8.4 |
-11.6 |
-20.5 |
-20.1 |
-8.0 |
|
Interest/Investment Income - Non-Operating |
27.0 |
8.0 |
-1.3 |
-1.3 |
8.3 |
|
Interest Income (Expense) - Net Non-Operating Total |
-196.8 |
-179.9 |
-168.4 |
-97.4 |
-79.7 |
|
Income Before Tax |
-188.7 |
-403.7 |
-490.0 |
281.4 |
384.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
-18.5 |
-81.2 |
-138.5 |
81.2 |
47.0 |
|
Income After Tax |
-170.2 |
-322.5 |
-351.5 |
200.2 |
337.0 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
- |
0.0 |
0.3 |
0.1 |
|
Net Income Before Extraord Items |
-170.2 |
-322.5 |
-351.5 |
200.5 |
337.1 |
|
Net Income |
-170.2 |
-322.5 |
-351.5 |
200.5 |
337.1 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
-170.2 |
-322.5 |
-351.5 |
200.5 |
337.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-170.2 |
-322.5 |
-351.5 |
200.5 |
337.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
156.1 |
123.1 |
123.1 |
123.9 |
129.0 |
|
Basic EPS Excl Extraord Items |
-1.09 |
-2.62 |
-2.86 |
1.62 |
2.61 |
|
Basic/Primary EPS Incl Extraord Items |
-1.09 |
-2.62 |
-2.86 |
1.62 |
2.61 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
14.0 |
11.5 |
|
Diluted Net Income |
-170.2 |
-322.5 |
-351.5 |
214.4 |
348.6 |
|
Diluted Weighted Average Shares |
156.1 |
123.1 |
123.1 |
135.5 |
140.5 |
|
Diluted EPS Excl Extraord Items |
-1.09 |
-2.62 |
-2.86 |
1.58 |
2.48 |
|
Diluted EPS Incl Extraord Items |
-1.09 |
-2.62 |
-2.86 |
1.58 |
2.48 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.85 |
0.77 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
104.3 |
95.9 |
|
Interest Expense, Supplemental |
223.8 |
191.0 |
168.9 |
98.2 |
88.0 |
|
Depreciation, Supplemental |
93.9 |
105.2 |
105.4 |
123.2 |
109.6 |
|
Total Special Items |
14.8 |
94.1 |
314.3 |
-13.5 |
1.7 |
|
Normalized Income Before Tax |
-173.9 |
-309.6 |
-175.7 |
267.9 |
385.8 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
5.2 |
32.9 |
110.0 |
-3.9 |
0.2 |
|
Inc Tax Ex Impact of Sp Items |
-13.3 |
-48.3 |
-28.5 |
77.3 |
47.3 |
|
Normalized Income After Tax |
-160.6 |
-261.3 |
-147.2 |
190.6 |
338.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-160.6 |
-261.3 |
-147.2 |
190.9 |
338.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-1.03 |
-2.12 |
-1.20 |
1.54 |
2.62 |
|
Diluted Normalized EPS |
-1.03 |
-2.12 |
-1.20 |
1.51 |
2.49 |
|
Amort of Intangibles, Supplemental |
37.8 |
43.4 |
34.9 |
49.5 |
46.9 |
|
Rental Expenses |
86.9 |
101.3 |
89.9 |
88.5 |
75.0 |
|
Research & Development Exp, Supplemental |
159.8 |
170.8 |
263.2 |
313.5 |
303.8 |
|
Normalized EBIT |
22.9 |
-129.7 |
-7.3 |
365.3 |
465.4 |
|
Normalized EBITDA |
154.7 |
19.0 |
133.0 |
538.0 |
621.9 |
|
Current Tax - Domestic |
-32.8 |
- |
- |
7.4 |
-69.3 |
|
Current Tax - Foreign |
-11.6 |
- |
- |
64.8 |
83.2 |
|
Current Tax - Total |
- |
-11.0 |
-9.9 |
- |
- |
|
Current Tax - Total |
-44.5 |
-11.0 |
-9.9 |
72.2 |
13.9 |
|
Deferred Tax - Domestic |
-47.7 |
- |
- |
24.6 |
11.6 |
|
Deferred Tax - Foreign |
73.7 |
- |
- |
-15.6 |
21.6 |
|
Deferred Tax - Total |
- |
-70.2 |
-128.6 |
- |
- |
|
Deferred Tax - Total |
26.0 |
-70.2 |
-128.6 |
9.0 |
33.2 |
|
Income Tax - Total |
-18.5 |
-81.2 |
-138.5 |
81.2 |
47.0 |
|
Interest Cost - Domestic |
63.1 |
66.4 |
65.2 |
62.2 |
- |
|
Service Cost - Domestic |
28.5 |
26.8 |
26.6 |
32.9 |
- |
|
Prior Service Cost - Domestic |
0.0 |
2.0 |
0.0 |
-12.0 |
- |
|
Expected Return on Assets - Domestic |
-54.4 |
-42.1 |
-62.1 |
-72.7 |
- |
|
Other Pension, Net - Domestic |
26.9 |
34.8 |
24.2 |
33.3 |
- |
|
Domestic Pension Plan Expense |
64.0 |
87.8 |
54.0 |
43.7 |
- |
|
Defined Contribution Expense - Domestic |
- |
71.3 |
124.3 |
114.4 |
- |
|
Total Pension Expense |
64.0 |
159.2 |
178.2 |
158.1 |
- |
|
Discount Rate - Domestic |
5.00% |
4.75% |
6.00% |
6.00% |
- |
|
Discount Rate - Foreign |
4.30% |
4.55% |
4.95% |
5.34% |
- |
|
Expected Rate of Return - Domestic |
4.91% |
3.73% |
5.59% |
6.50% |
- |
|
Expected Rate of Return - Foreign |
5.16% |
5.44% |
5.14% |
5.40% |
- |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
- |
|
Compensation Rate - Foreign |
2.69% |
2.68% |
2.78% |
2.98% |
- |
|
Pension Payment Rate - Domestic |
2.00% |
2.00% |
2.00% |
1.75% |
- |
|
Pension Payment Rate - Foreign |
2.04% |
2.00% |
1.89% |
2.05% |
- |
|
Total Plan Interest Cost |
63.1 |
66.4 |
65.2 |
62.2 |
- |
|
Total Plan Service Cost |
28.5 |
26.8 |
26.6 |
32.9 |
- |
|
Total Plan Expected Return |
-54.4 |
-42.1 |
-62.1 |
-72.7 |
- |
|
Total Plan Other Expense |
26.9 |
34.8 |
24.2 |
33.3 |
- |
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 |
782.4 |
1,019.1 |
933.6 |
817.2 |
716.5 |
|
Revenue |
782.4 |
1,019.1 |
933.6 |
817.2 |
716.5 |
|
Other Revenue |
44.1 |
75.7 |
20.4 |
24.6 |
59.9 |
|
Other Revenue, Total |
44.1 |
75.7 |
20.4 |
24.6 |
59.9 |
|
Total Revenue |
826.5 |
1,094.8 |
954.0 |
841.8 |
776.3 |
|
|
|
|
|
|
|
|
Cost of Revenue |
307.6 |
488.5 |
441.6 |
403.4 |
343.4 |
|
Cost of Revenue, Total |
307.6 |
488.5 |
441.6 |
403.4 |
343.4 |
|
Gross Profit |
474.8 |
530.5 |
492.0 |
413.7 |
373.0 |
|
|
|
|
|
|
|
|
Labor & Related Expense |
340.6 |
329.0 |
293.3 |
254.5 |
278.7 |
|
Total Selling/General/Administrative Expenses |
340.6 |
329.0 |
293.3 |
254.5 |
278.7 |
|
Depreciation |
33.4 |
36.1 |
32.6 |
31.9 |
31.2 |
|
Depreciation/Amortization |
33.4 |
36.1 |
32.6 |
31.9 |
31.2 |
|
Loss (Gain) on Sale of Assets - Operating |
-0.8 |
11.6 |
-0.7 |
-2.5 |
-7.6 |
|
Other Unusual Expense (Income) |
-0.1 |
32.9 |
-5.9 |
-9.5 |
-18.5 |
|
Unusual Expense (Income) |
-0.9 |
44.4 |
-6.6 |
-12.1 |
-26.2 |
|
Other Operating Expense |
181.9 |
188.7 |
166.8 |
161.9 |
175.6 |
|
Other Operating Expenses, Total |
181.9 |
188.7 |
166.8 |
161.9 |
175.6 |
|
Total Operating Expense |
862.6 |
1,086.8 |
927.6 |
839.6 |
802.8 |
|
|
|
|
|
|
|
|
Operating Income |
-36.1 |
8.0 |
26.4 |
2.2 |
-26.5 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-35.1 |
-61.2 |
-34.4 |
-72.6 |
-54.8 |
|
Interest Expense, Net Non-Operating |
-35.1 |
-61.2 |
-34.4 |
-72.6 |
-54.8 |
|
Interest Income -
Non-Operating |
2.0 |
1.6 |
5.1 |
2.9 |
8.7 |
|
Interest/Investment Income - Non-Operating |
2.0 |
1.6 |
5.1 |
2.9 |
8.7 |
|
Interest Income (Expense) - Net Non-Operating Total |
-33.0 |
-59.6 |
-29.3 |
-69.8 |
-46.1 |
|
Other Non-Operating Income (Expense) |
1.5 |
-3.5 |
7.7 |
2.6 |
1.6 |
|
Other, Net |
1.5 |
-3.5 |
7.7 |
2.6 |
1.6 |
|
Income Before Tax |
-67.6 |
-55.0 |
4.8 |
-65.0 |
-71.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
-1.3 |
14.1 |
-7.9 |
-19.2 |
-4.5 |
|
Income After Tax |
-66.3 |
-69.1 |
12.7 |
-45.8 |
-66.5 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
-66.3 |
-69.1 |
12.7 |
-45.8 |
-66.5 |
|
Net Income |
-66.3 |
-69.1 |
12.7 |
-45.8 |
-66.5 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
-66.3 |
-69.1 |
12.7 |
-45.8 |
-66.5 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-66.3 |
-69.1 |
12.7 |
-45.8 |
-66.5 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
233.3 |
231.8 |
141.9 |
127.8 |
123.1 |
|
Basic EPS Excl Extraord Items |
-0.28 |
-0.30 |
0.09 |
-0.36 |
-0.54 |
|
Basic/Primary EPS Incl Extraord Items |
-0.28 |
-0.30 |
0.09 |
-0.36 |
-0.54 |
|
Dilution Adjustment |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Diluted Net Income |
-66.3 |
-69.1 |
12.7 |
-45.8 |
-66.5 |
|
Diluted Weighted Average Shares |
233.3 |
231.8 |
141.9 |
127.8 |
123.1 |
|
Diluted EPS Excl Extraord Items |
-0.28 |
-0.30 |
0.09 |
-0.36 |
-0.54 |
|
Diluted EPS Incl Extraord Items |
-0.28 |
-0.30 |
0.09 |
-0.36 |
-0.54 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
35.1 |
61.2 |
34.4 |
72.6 |
54.8 |
|
Depreciation, Supplemental |
33.4 |
36.1 |
32.6 |
31.9 |
31.2 |
|
Total Special Items |
-0.9 |
44.4 |
-6.6 |
-12.1 |
-26.2 |
|
Normalized Income Before Tax |
-68.5 |
-10.6 |
-1.8 |
-77.0 |
-97.2 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-0.3 |
15.6 |
-2.3 |
-4.2 |
-9.2 |
|
Inc Tax Ex Impact of Sp Items |
-1.6 |
29.6 |
-10.2 |
-23.4 |
-13.7 |
|
Normalized Income After Tax |
-66.9 |
-40.2 |
8.4 |
-53.6 |
-83.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-66.9 |
-40.2 |
8.4 |
-53.6 |
-83.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.29 |
-0.17 |
0.06 |
-0.42 |
-0.68 |
|
Diluted Normalized EPS |
-0.29 |
-0.17 |
0.06 |
-0.42 |
-0.68 |
|
Rental Expenses |
22.6 |
21.8 |
21.8 |
20.8 |
22.5 |
|
Research & Development Exp, Supplemental |
53.2 |
49.2 |
34.0 |
38.7 |
38.2 |
|
Normalized EBIT |
-37.0 |
52.5 |
19.8 |
-9.9 |
-52.7 |
|
Normalized EBITDA |
-3.6 |
88.6 |
52.4 |
22.0 |
-21.5 |
|
Discount Rate - Domestic |
5.25% |
6.75% |
4.75% |
4.00% |
4.50% |
Annual
Balance Sheet
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.704672 |
0.739044 |
0.753182 |
0.631094 |
0.75123 |
|
Auditor |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
209.9 |
163.3 |
105.0 |
224.8 |
101.6 |
|
Short Term Investments |
0.6 |
0.5 |
2.1 |
3.3 |
3.9 |
|
Cash and Short Term Investments |
210.5 |
163.8 |
107.1 |
228.1 |
105.5 |
|
Accounts Receivable -
Trade, Gross |
767.6 |
790.8 |
893.2 |
1,311.2 |
- |
|
Provision for Doubtful
Accounts |
-108.4 |
-126.9 |
-132.4 |
-162.9 |
- |
|
Trade Accounts Receivable - Net |
659.2 |
663.9 |
760.9 |
1,148.3 |
1,086.3 |
|
Other Receivables |
19.7 |
24.3 |
37.2 |
42.5 |
12.5 |
|
Total Receivables, Net |
678.9 |
688.2 |
798.1 |
1,190.8 |
1,098.8 |
|
Inventories - Finished Goods |
424.5 |
499.9 |
760.5 |
697.8 |
541.7 |
|
Inventories - Work In Progress |
471.3 |
458.2 |
426.7 |
608.9 |
466.9 |
|
Inventories - Raw Materials |
161.2 |
158.3 |
175.9 |
216.8 |
174.0 |
|
Inventories - Other |
4.1 |
2.8 |
9.9 |
19.5 |
16.4 |
|
Total Inventory |
1,061.0 |
1,119.2 |
1,373.0 |
1,542.9 |
1,199.0 |
|
Prepaid Expenses |
17.8 |
- |
- |
- |
- |
|
Other Current Assets |
199.5 |
231.3 |
208.4 |
271.2 |
162.5 |
|
Other Current Assets, Total |
199.5 |
231.3 |
208.4 |
271.2 |
162.5 |
|
Total Current Assets |
2,167.7 |
2,202.5 |
2,486.6 |
3,233.0 |
2,565.8 |
|
|
|
|
|
|
|
|
Land/Improvements |
955.6 |
902.9 |
877.9 |
1,009.5 |
832.9 |
|
Machinery/Equipment |
1,924.9 |
1,863.3 |
1,856.7 |
2,191.1 |
1,837.9 |
|
Construction in
Progress |
30.1 |
24.4 |
43.5 |
32.3 |
36.5 |
|
Property/Plant/Equipment - Gross |
2,910.5 |
2,790.6 |
2,778.1 |
3,232.9 |
2,707.3 |
|
Accumulated Depreciation |
-2,093.7 |
-1,983.0 |
-1,918.5 |
-2,310.8 |
-1,975.5 |
|
Property/Plant/Equipment - Net |
816.9 |
807.6 |
859.5 |
922.2 |
731.8 |
|
Goodwill - Gross |
- |
- |
- |
- |
146.1 |
|
Accumulated Goodwill Amortization |
- |
- |
- |
- |
-8.6 |
|
Goodwill, Net |
174.4 |
165.8 |
166.7 |
163.5 |
137.4 |
|
Intangibles - Gross |
583.6 |
563.7 |
551.1 |
- |
436.2 |
|
Accumulated Intangible Amortization |
-379.6 |
-333.6 |
-290.0 |
- |
-226.1 |
|
Intangibles, Net |
204.0 |
230.1 |
261.1 |
269.3 |
210.0 |
|
LT Investment - Affiliate Companies |
- |
- |
- |
- |
29.8 |
|
LT Investments - Other |
27.7 |
33.7 |
38.3 |
107.8 |
32.4 |
|
Long Term Investments |
27.7 |
33.7 |
38.3 |
107.8 |
62.1 |
|
Note Receivable - Long Term |
128.3 |
170.7 |
213.0 |
308.7 |
425.8 |
|
Deferred Income Tax - Long Term Asset |
168.8 |
204.7 |
122.3 |
122.5 |
95.9 |
|
Other Long Term Assets |
62.9 |
80.9 |
155.7 |
430.3 |
215.8 |
|
Other Long Term Assets, Total |
231.7 |
285.5 |
278.0 |
552.7 |
311.7 |
|
Total Assets |
3,750.7 |
3,895.9 |
4,303.3 |
5,557.3 |
4,444.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
184.1 |
178.7 |
241.5 |
467.4 |
332.5 |
|
Accrued Expenses |
140.3 |
145.3 |
88.2 |
- |
- |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
11.3 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
410.6 |
475.0 |
828.9 |
80.2 |
162.2 |
|
Customer Advances |
122.9 |
80.9 |
202.2 |
- |
152.0 |
|
Other Current Liabilities |
577.0 |
608.4 |
789.9 |
1,172.3 |
702.8 |
|
Other Current liabilities, Total |
699.9 |
689.3 |
992.1 |
1,172.3 |
854.9 |
|
Total Current Liabilities |
1,435.0 |
1,488.4 |
2,162.0 |
1,719.9 |
1,349.6 |
|
|
|
|
|
|
|
|
Long Term Debt |
141.5 |
625.4 |
165.9 |
775.5 |
555.1 |
|
Capital Lease Obligations |
7.8 |
3.1 |
2.9 |
6.5 |
6.0 |
|
Total Long Term Debt |
149.4 |
628.5 |
168.7 |
782.0 |
561.1 |
|
Total Debt |
560.0 |
1,103.5 |
1,008.9 |
862.2 |
723.3 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
8.9 |
17.2 |
50.1 |
229.2 |
114.1 |
|
Deferred Income Tax |
8.9 |
17.2 |
50.1 |
229.2 |
114.1 |
|
Minority Interest |
- |
- |
- |
0.0 |
3.1 |
|
Reserves |
430.0 |
481.0 |
463.4 |
571.0 |
497.9 |
|
Pension Benefits - Underfunded |
313.6 |
305.0 |
204.7 |
183.8 |
177.0 |
|
Other Long Term Liabilities |
181.2 |
192.5 |
197.3 |
181.3 |
145.6 |
|
Other Liabilities, Total |
924.8 |
978.5 |
865.4 |
936.0 |
820.4 |
|
Total Liabilities |
2,518.1 |
3,112.5 |
3,246.3 |
3,667.2 |
2,848.3 |
|
|
|
|
|
|
|
|
Common Stock |
846.2 |
269.0 |
263.9 |
315.0 |
270.3 |
|
Common Stock |
846.2 |
269.0 |
263.9 |
315.0 |
270.3 |
|
Retained Earnings (Accumulated Deficit) |
386.4 |
514.4 |
793.1 |
1,575.2 |
1,326.2 |
|
Total Equity |
1,232.6 |
783.4 |
1,057.0 |
1,890.1 |
1,596.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,750.7 |
3,895.9 |
4,303.3 |
5,557.3 |
4,444.8 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
232.9 |
123.1 |
123.1 |
123.1 |
125.8 |
|
Total Common Shares Outstanding |
232.9 |
123.1 |
123.1 |
123.1 |
125.8 |
|
Treasury Shares - Common Stock Primary Issue |
0.4 |
0.6 |
0.6 |
0.6 |
0.6 |
|
Employees |
15,828 |
16,496 |
18,926 |
19,596 |
19,171 |
|
Accumulated Goodwill Amortization Suppl. |
- |
- |
- |
- |
8.6 |
|
Accumulated Intangible Amort, Suppl. |
379.6 |
333.6 |
290.0 |
312.0 |
226.1 |
|
Deferred Revenue - Current |
122.9 |
80.9 |
121.5 |
129.8 |
152.0 |
|
Deferred Revenue - Long Term |
0.0 |
- |
- |
- |
47.4 |
|
Total Long Term Debt, Supplemental |
549.1 |
1,236.5 |
1,049.7 |
999.6 |
- |
|
Long Term Debt Maturing within 1 Year |
407.6 |
460.3 |
838.0 |
92.3 |
- |
|
Long Term Debt Maturing in Year 2 |
29.1 |
184.7 |
40.8 |
182.8 |
- |
|
Long Term Debt Maturing in Year 3 |
29.1 |
184.7 |
40.8 |
182.8 |
- |
|
Long Term Debt Maturing in Year 4 |
29.1 |
184.7 |
40.8 |
182.8 |
- |
|
Long Term Debt Maturing in Year 5 |
29.1 |
184.7 |
40.8 |
182.8 |
- |
|
Long Term Debt Maturing in 2-3 Years |
58.2 |
369.5 |
81.7 |
365.6 |
- |
|
Long Term Debt Maturing in 4-5 Years |
58.2 |
369.5 |
81.7 |
365.6 |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
25.1 |
37.2 |
48.5 |
176.1 |
- |
|
Interest Costs |
- |
- |
- |
-0.4 |
-0.5 |
|
Total Capital Leases, Supplemental |
10.9 |
7.6 |
7.7 |
13.6 |
15.2 |
|
Capital Lease Payments Due in Year 1 |
3.1 |
4.5 |
4.8 |
7.4 |
9.5 |
|
Capital Lease Payments Due in Year 2 |
1.0 |
0.7 |
0.7 |
1.7 |
1.5 |
|
Capital Lease Payments Due in Year 3 |
1.0 |
0.7 |
0.7 |
1.7 |
1.5 |
|
Capital Lease Payments Due in Year 4 |
1.0 |
0.7 |
0.7 |
1.7 |
1.5 |
|
Capital Lease Payments Due in Year 5 |
1.0 |
0.7 |
0.7 |
1.7 |
1.5 |
|
Capital Lease Payments Due in 2-3 Years |
2.0 |
1.5 |
1.4 |
3.3 |
3.1 |
|
Capital Lease Payments Due in 4-5 Years |
2.0 |
1.5 |
1.4 |
3.3 |
3.1 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
3.8 |
0.1 |
0.0 |
-0.4 |
-0.5 |
|
Total Operating Leases, Supplemental |
404.8 |
663.5 |
654.6 |
932.1 |
560.5 |
|
Operating Lease Payments Due in Year 1 |
69.7 |
74.1 |
78.4 |
103.8 |
77.8 |
|
Operating Lease Payments Due in Year 2 |
46.0 |
204.9 |
198.9 |
250.7 |
44.3 |
|
Operating Lease Payments Due in Year 3 |
46.0 |
68.3 |
66.3 |
83.6 |
44.3 |
|
Operating Lease Payments Due in Year 4 |
46.0 |
68.3 |
66.3 |
83.6 |
44.3 |
|
Operating Lease Payments Due in Year 5 |
46.0 |
68.3 |
66.3 |
83.6 |
44.3 |
|
Operating Lease Pymts. Due in 2-3 Years |
91.9 |
273.2 |
265.2 |
334.3 |
88.6 |
|
Operating Lease Pymts. Due in 4-5 Years |
91.9 |
136.6 |
132.6 |
167.1 |
88.6 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
151.2 |
179.6 |
178.3 |
326.9 |
305.5 |
|
Pension Obligation - Domestic |
1,436.0 |
1,348.6 |
1,105.5 |
1,284.4 |
1,260.2 |
|
Plan Assets - Domestic |
1,167.9 |
1,091.0 |
933.1 |
1,295.6 |
1,166.1 |
|
Funded Status - Domestic |
-268.1 |
-257.7 |
-172.4 |
11.2 |
-94.2 |
|
Unfunded Plan Obligations |
35.7 |
35.3 |
32.3 |
33.6 |
31.2 |
|
Total Funded Status |
-303.7 |
-292.9 |
-204.7 |
-22.4 |
-125.4 |
|
Discount Rate - Domestic |
5.00% |
4.75% |
6.00% |
6.00% |
- |
|
Discount Rate - Foreign |
4.30% |
4.55% |
4.95% |
5.34% |
- |
|
Expected Rate of Return - Domestic |
4.91% |
3.73% |
5.59% |
6.50% |
- |
|
Expected Rate of Return - Foreign |
5.16% |
5.44% |
5.14% |
5.40% |
- |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
- |
|
Compensation Rate - Foreign |
2.69% |
2.68% |
2.78% |
2.98% |
- |
|
Pension Payment Rate - Domestic |
2.00% |
2.00% |
2.00% |
1.75% |
- |
|
Pension Payment Rate - Foreign |
2.04% |
2.00% |
1.89% |
2.05% |
- |
|
Equity % - Domestic |
- |
32.40% |
24.00% |
32.00% |
- |
|
Debt Securities % - Domestic |
- |
54.82% |
63.00% |
56.00% |
- |
|
Real Estate % - Domestic |
- |
4.20% |
5.00% |
4.00% |
- |
|
Total Plan Obligations |
1,471.7 |
1,383.9 |
1,137.8 |
1,318.0 |
1,291.4 |
|
Total Plan Assets |
1,167.9 |
1,091.0 |
933.1 |
1,295.6 |
1,166.1 |
Interim
Balance Sheet
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 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.689727 |
0.704672 |
0.745406 |
0.732493 |
0.816393 |
|
|
|
|
|
|
|
|
Cash & Equivalents |
256.5 |
209.9 |
199.7 |
182.5 |
165.2 |
|
Cash and Short Term Investments |
256.5 |
209.9 |
199.7 |
182.5 |
165.2 |
|
Trade Accounts Receivable - Net |
540.2 |
659.2 |
582.8 |
573.8 |
542.5 |
|
Other Receivables |
18.5 |
19.7 |
19.7 |
24.2 |
22.1 |
|
Total Receivables, Net |
558.7 |
678.9 |
602.5 |
598.1 |
564.6 |
|
Inventories - Finished Goods |
523.6 |
424.5 |
521.5 |
527.5 |
508.5 |
|
Inventories - Work In Progress |
511.4 |
471.3 |
424.7 |
461.8 |
416.4 |
|
Inventories - Raw Materials |
175.7 |
161.2 |
153.8 |
155.1 |
141.9 |
|
Inventories - Other |
6.0 |
4.1 |
5.1 |
4.0 |
4.2 |
|
Total Inventory |
1,216.8 |
1,061.0 |
1,105.1 |
1,148.4 |
1,070.9 |
|
Other Current Assets |
221.5 |
217.9 |
199.4 |
191.6 |
212.8 |
|
Other Current Assets, Total |
221.5 |
217.9 |
199.4 |
191.6 |
212.8 |
|
Total Current Assets |
2,253.4 |
2,167.7 |
2,106.8 |
2,120.5 |
2,013.5 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
814.1 |
808.8 |
776.2 |
790.8 |
728.6 |
|
Intangibles, Net |
379.2 |
378.4 |
367.8 |
383.9 |
352.0 |
|
LT Investments - Other |
36.6 |
35.8 |
30.8 |
31.6 |
29.6 |
|
Long Term Investments |
36.6 |
35.8 |
30.8 |
31.6 |
29.6 |
|
Note Receivable - Long Term |
180.4 |
189.2 |
191.7 |
204.4 |
215.6 |
|
Deferred Income Tax - Long Term Asset |
160.4 |
168.8 |
254.2 |
289.7 |
229.6 |
|
Other Long Term Assets |
4.9 |
2.0 |
0.5 |
0.2 |
0.9 |
|
Other Long Term Assets, Total |
165.3 |
170.8 |
254.7 |
289.9 |
230.5 |
|
Total Assets |
3,829.0 |
3,750.7 |
3,727.9 |
3,821.2 |
3,569.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
248.6 |
184.1 |
171.3 |
193.9 |
180.5 |
|
Accrued Expenses |
96.4 |
100.3 |
- |
- |
- |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
62.1 |
410.6 |
269.1 |
148.0 |
371.5 |
|
Customer Advances |
140.8 |
122.9 |
- |
- |
- |
|
Other Current Liabilities |
549.6 |
617.1 |
818.8 |
823.9 |
788.3 |
|
Other Current liabilities, Total |
690.4 |
740.0 |
818.8 |
823.9 |
788.3 |
|
Total Current Liabilities |
1,097.6 |
1,435.0 |
1,259.3 |
1,165.7 |
1,340.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
562.9 |
141.5 |
218.1 |
357.5 |
555.4 |
|
Capital Lease Obligations |
9.0 |
7.8 |
7.7 |
8.7 |
8.6 |
|
Total Long Term Debt |
571.9 |
149.4 |
225.8 |
366.2 |
564.1 |
|
Total Debt |
634.0 |
560.0 |
494.9 |
514.2 |
935.6 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
13.5 |
8.9 |
18.0 |
17.2 |
16.3 |
|
Deferred Income Tax |
13.5 |
8.9 |
18.0 |
17.2 |
16.3 |
|
Reserves |
434.2 |
430.0 |
469.3 |
473.3 |
428.5 |
|
Pension Benefits - Underfunded |
289.0 |
313.6 |
327.7 |
470.4 |
342.8 |
|
Other Long Term Liabilities |
193.6 |
181.2 |
193.0 |
195.8 |
224.0 |
|
Other Liabilities, Total |
916.8 |
924.8 |
990.0 |
1,139.6 |
995.3 |
|
Total Liabilities |
2,599.8 |
2,518.1 |
2,493.0 |
2,688.7 |
2,916.0 |
|
|
|
|
|
|
|
|
Common Stock |
868.9 |
846.2 |
800.0 |
814.1 |
243.5 |
|
Common Stock |
868.9 |
846.2 |
800.0 |
814.1 |
243.5 |
|
Retained Earnings (Accumulated Deficit) |
360.3 |
386.4 |
434.9 |
318.5 |
410.4 |
|
Total Equity |
1,229.2 |
1,232.6 |
1,234.9 |
1,132.5 |
653.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,829.0 |
3,750.7 |
3,727.9 |
3,821.2 |
3,569.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
234.1 |
232.9 |
232.9 |
232.9 |
123.1 |
|
Total Common Shares Outstanding |
234.1 |
232.9 |
232.9 |
232.9 |
123.1 |
|
Treasury Shares - Common Stock Primary Issue |
0.1 |
0.4 |
0.4 |
0.4 |
0.6 |
|
Employees |
15,718 |
15,828 |
15,981 |
16,228 |
16,218 |
|
Deferred Revenue - Current |
140.8 |
122.9 |
146.2 |
129.8 |
108.6 |
|
Total Long Term Debt, Supplemental |
62.1 |
- |
269.1 |
- |
371.5 |
|
Long Term Debt Maturing within 1 Year |
62.1 |
- |
269.1 |
- |
371.5 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
- |
0.0 |
- |
0.0 |
|
Discount Rate - Domestic |
5.25% |
5.00% |
4.75% |
4.00% |
4.50% |
Annual
Cash Flows
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
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) |
0.757168 |
0.70861 |
0.707647 |
0.707132 |
0.780101 |
|
Auditor |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-170.2 |
-322.5 |
-351.5 |
200.2 |
337.0 |
|
Depreciation |
134.3 |
158.2 |
157.4 |
175.3 |
167.3 |
|
Depreciation/Depletion |
134.3 |
158.2 |
157.4 |
175.3 |
167.3 |
|
Deferred Taxes |
-22.9 |
-124.3 |
-159.1 |
52.3 |
116.3 |
|
Unusual Items |
-13.0 |
1.1 |
2.5 |
-19.8 |
-97.8 |
|
Other Non-Cash Items |
-87.0 |
-67.0 |
156.3 |
44.9 |
77.7 |
|
Non-Cash Items |
-100.0 |
-66.0 |
158.8 |
25.1 |
-20.1 |
|
Accounts Receivable |
66.1 |
103.9 |
165.3 |
279.2 |
-5.3 |
|
Inventories |
106.5 |
300.3 |
-29.3 |
-130.4 |
-77.2 |
|
Other Assets & Liabilities, Net |
117.4 |
-106.7 |
54.7 |
-11.5 |
-101.8 |
|
Changes in Working Capital |
290.0 |
297.5 |
190.7 |
137.3 |
-184.3 |
|
Cash from Operating Activities |
131.3 |
-57.1 |
-3.7 |
590.2 |
416.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-96.9 |
-82.9 |
-279.6 |
-306.6 |
-228.9 |
|
Capital Expenditures |
-96.9 |
-82.9 |
-279.6 |
-306.6 |
-228.9 |
|
Acquisition of Business |
-1.2 |
-2.7 |
-43.8 |
0.0 |
- |
|
Sale of Fixed Assets |
50.0 |
58.0 |
45.3 |
60.0 |
116.8 |
|
Sale/Maturity of Investment |
18.9 |
0.0 |
0.3 |
3.4 |
66.3 |
|
Purchase of Investments |
-3.3 |
-3.2 |
-1.1 |
-42.0 |
-12.4 |
|
Other Investing Cash Flow |
- |
- |
- |
0.0 |
-64.1 |
|
Other Investing Cash Flow Items, Total |
64.5 |
52.1 |
0.5 |
21.4 |
106.7 |
|
Cash from Investing Activities |
-32.4 |
-30.8 |
-279.1 |
-285.1 |
-122.2 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
525.4 |
- |
- |
- |
- |
|
Financing Cash Flow Items |
525.4 |
- |
- |
- |
- |
|
Cash Dividends Paid - Common |
0.0 |
0.0 |
-104.2 |
-105.8 |
-68.3 |
|
Total Cash Dividends Paid |
0.0 |
0.0 |
-104.2 |
-105.8 |
-68.3 |
|
Repurchase/Retirement
of Common |
- |
- |
0.0 |
-80.7 |
-166.7 |
|
Common Stock, Net |
- |
- |
0.0 |
-80.7 |
-166.7 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
0.0 |
-80.7 |
-166.7 |
|
Long Term Debt Issued |
45.2 |
840.5 |
337.6 |
155.0 |
137.0 |
|
Long Term Debt
Reduction |
-636.6 |
-703.5 |
-47.8 |
-175.6 |
-193.8 |
|
Long Term Debt, Net |
-591.4 |
137.0 |
289.8 |
-20.6 |
-56.8 |
|
Issuance (Retirement) of Debt, Net |
-591.4 |
137.0 |
289.8 |
-20.6 |
-56.8 |
|
Cash from Financing Activities |
-66.1 |
137.0 |
185.6 |
-207.1 |
-291.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
3.2 |
8.3 |
6.8 |
-6.5 |
-2.7 |
|
Net Change in Cash |
36.0 |
57.4 |
-90.4 |
91.5 |
-0.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
159.4 |
112.9 |
203.4 |
112.1 |
102.1 |
|
Net Cash - Ending Balance |
195.4 |
170.3 |
113.1 |
203.6 |
101.6 |
|
Cash Interest Paid |
112.9 |
166.0 |
51.7 |
41.6 |
33.9 |
|
Cash Taxes Paid |
15.7 |
58.9 |
2.9 |
50.1 |
28.6 |
Interim
Cash Flows
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 |
12 Months |
9 Months |
6 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 |
0.757168 |
0.765601 |
0.780007 |
0.785482 |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-66.3 |
-170.2 |
-102.3 |
-112.4 |
-66.5 |
|
Depreciation |
33.4 |
134.3 |
96.0 |
63.6 |
32.3 |
|
Depreciation/Depletion |
33.4 |
134.3 |
96.0 |
63.6 |
32.3 |
|
Deferred Taxes |
-4.0 |
-22.9 |
-29.5 |
-30.9 |
-10.1 |
|
Unusual Items |
-0.1 |
-13.0 |
-13.3 |
-7.4 |
-5.0 |
|
Other Non-Cash Items |
-42.1 |
-87.0 |
-82.1 |
-89.6 |
-72.1 |
|
Non-Cash Items |
-42.1 |
-100.0 |
-95.5 |
-97.0 |
-77.1 |
|
Accounts Receivable |
192.8 |
66.1 |
128.0 |
136.7 |
137.9 |
|
Inventories |
-133.0 |
106.5 |
25.7 |
-13.3 |
-31.0 |
|
Other Assets & Liabilities, Net |
20.1 |
117.4 |
100.1 |
135.0 |
97.9 |
|
Other Operating Cash Flow |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Changes in Working Capital |
79.9 |
290.0 |
253.8 |
258.5 |
204.8 |
|
Cash from Operating Activities |
0.9 |
131.3 |
122.5 |
81.8 |
83.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-22.1 |
-96.9 |
-56.1 |
-32.4 |
-12.5 |
|
Capital Expenditures |
-22.1 |
-96.9 |
-56.1 |
-32.4 |
-12.5 |
|
Acquisition of Business |
0.0 |
-1.2 |
- |
- |
- |
|
Sale of Fixed Assets |
11.9 |
50.0 |
39.9 |
33.6 |
8.5 |
|
Sale/Maturity of Investment |
0.0 |
18.9 |
12.6 |
5.0 |
0.0 |
|
Purchase of Investments |
- |
-3.3 |
-0.2 |
-0.2 |
-0.1 |
|
Other Investing Cash Flow Items, Total |
11.9 |
64.5 |
52.3 |
38.4 |
8.4 |
|
Cash from Investing Activities |
-10.2 |
-32.4 |
-3.8 |
6.1 |
-4.1 |
|
|
|
|
|
|
|
|
Cash Dividends Paid - Common |
- |
0.0 |
- |
- |
- |
|
Total Cash Dividends Paid |
- |
0.0 |
- |
- |
- |
|
Sale/Issuance of
Common |
- |
525.4 |
520.4 |
514.2 |
- |
|
Common Stock, Net |
- |
525.4 |
520.4 |
514.2 |
- |
|
Issuance (Retirement) of Stock, Net |
- |
525.4 |
520.4 |
514.2 |
- |
|
Long Term Debt Issued |
- |
45.2 |
- |
- |
- |
|
Long Term Debt
Reduction |
- |
-636.6 |
- |
- |
- |
|
Long Term Debt, Net |
48.1 |
-591.4 |
-613.8 |
-588.8 |
-72.7 |
|
Issuance (Retirement) of Debt, Net |
48.1 |
-591.4 |
-613.8 |
-588.8 |
-72.7 |
|
Cash from Financing Activities |
48.1 |
-66.1 |
-93.4 |
-74.6 |
-72.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
2.9 |
3.2 |
11.4 |
3.4 |
11.4 |
|
Net Change in Cash |
41.6 |
36.0 |
36.8 |
16.6 |
18.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
212.7 |
159.4 |
157.6 |
154.7 |
153.7 |
|
Net Cash - Ending Balance |
254.3 |
195.4 |
194.4 |
171.4 |
171.7 |
|
Cash Interest Paid |
- |
112.9 |
0.0 |
- |
- |
Annual
Income Statement
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
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) |
0.757168 |
0.70861 |
0.707647 |
0.707132 |
0.780101 |
|
Auditor |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
3,472.0 |
3,254.8 |
4,238.7 |
5,190.4 |
4,874.7 |
|
Other Operating Income |
168.6 |
218.6 |
268.0 |
290.3 |
313.3 |
|
Total Revenue |
3,640.7 |
3,473.4 |
4,506.7 |
5,480.7 |
5,188.0 |
|
|
|
|
|
|
|
|
Change/Inventory |
60.2 |
201.3 |
-0.9 |
-97.3 |
-74.6 |
|
Work Capitalised |
-19.5 |
-20.7 |
-110.6 |
-110.9 |
-76.6 |
|
Cost of Revenue |
1,629.8 |
1,455.5 |
1,982.5 |
2,360.3 |
- |
|
Raw Materials |
- |
- |
- |
- |
1,874.3 |
|
Services Purch. |
- |
- |
- |
- |
320.0 |
|
Financial Services |
- |
- |
- |
- |
4.5 |
|
Staff Costs |
1,152.6 |
1,152.4 |
1,506.1 |
1,668.3 |
1,491.3 |
|
Amortization |
35.7 |
41.2 |
34.9 |
49.5 |
- |
|
Depreciation |
93.2 |
105.2 |
102.5 |
122.1 |
165.1 |
|
Depreciation Adjustment |
-2.5 |
- |
- |
- |
- |
|
Write-down of Assets |
0.0 |
0.0 |
0.0 |
2.1 |
- |
|
Impairment of Fixed Assets |
3.1 |
0.0 |
2.9 |
1.1 |
- |
|
Impairment of Intangibles |
2.2 |
2.2 |
0.0 |
0.0 |
- |
|
Other Operating Expenses |
668.3 |
668.2 |
999.6 |
1,123.4 |
1,018.6 |
|
Bad Debt Allowances/Impairm. Oth. Assets |
24.1 |
52.7 |
58.4 |
- |
- |
|
Special Items |
-2.9 |
40.1 |
252.9 |
- |
- |
|
Losses on Disposals of Assets |
- |
- |
- |
2.6 |
1.7 |
|
Gain on Sale of Assets |
-11.6 |
-0.9 |
- |
-19.2 |
- |
|
Total Operating Expense |
3,632.5 |
3,697.2 |
4,828.3 |
5,101.9 |
4,724.3 |
|
|
|
|
|
|
|
|
Interest Income |
18.5 |
19.5 |
19.2 |
18.8 |
16.4 |
|
Securities |
11.4 |
8.5 |
9.9 |
8.9 |
9.7 |
|
Interest Expense |
-223.8 |
-187.9 |
-167.0 |
-96.1 |
-88.0 |
|
Financial Exp. |
-3.0 |
-20.1 |
-30.4 |
-29.0 |
-17.8 |
|
Net Income Before Taxes |
-188.7 |
-403.7 |
-490.0 |
281.4 |
384.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
-18.5 |
-81.2 |
-138.5 |
81.2 |
47.0 |
|
Net Income After Taxes |
-170.2 |
-322.5 |
-351.5 |
200.2 |
337.0 |
|
|
|
|
|
|
|
|
Minority Interests |
- |
- |
0.0 |
0.3 |
0.1 |
|
Net Income Before Extra. Items |
-170.2 |
-322.5 |
-351.5 |
200.5 |
337.1 |
|
Net Income |
-170.2 |
-322.5 |
-351.5 |
200.5 |
337.1 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-170.2 |
-322.5 |
-351.5 |
200.5 |
337.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-170.2 |
-322.5 |
-351.5 |
200.5 |
337.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
156.1 |
123.1 |
123.1 |
123.9 |
129.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
-1.09 |
-2.62 |
-2.86 |
1.62 |
2.61 |
|
Basic EPS Including ExtraOrdinary Item |
-1.09 |
-2.62 |
-2.86 |
1.62 |
2.61 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
14.0 |
11.5 |
|
Diluted Net Income |
-170.2 |
-322.5 |
-351.5 |
214.4 |
348.6 |
|
Diluted Weighted Average Shares |
156.1 |
123.1 |
123.1 |
135.5 |
140.5 |
|
Diluted EPS Excluding ExtraOrd Items |
-1.09 |
-2.62 |
-2.86 |
1.58 |
2.48 |
|
Diluted EPS Including ExtraOrd Items |
-1.09 |
-2.62 |
-2.86 |
1.58 |
2.48 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.85 |
0.77 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
104.3 |
95.9 |
|
Normalized Income Before Taxes |
-173.9 |
-309.6 |
-175.7 |
267.9 |
385.8 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
-13.3 |
-48.3 |
-28.5 |
77.3 |
47.3 |
|
Normalized Income After Taxes |
-160.6 |
-261.3 |
-147.2 |
190.6 |
338.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-160.6 |
-261.3 |
-147.2 |
190.9 |
338.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-1.03 |
-2.12 |
-1.20 |
1.54 |
2.62 |
|
Diluted Normalized EPS |
-1.03 |
-2.12 |
-1.20 |
1.51 |
2.49 |
|
Research and Development Costs |
159.8 |
170.8 |
263.2 |
313.5 |
303.8 |
|
Interest Expense |
223.8 |
191.0 |
168.9 |
98.2 |
88.0 |
|
Rental Expense |
86.9 |
101.3 |
89.9 |
88.5 |
75.0 |
|
Amortisation of Intangibles |
37.8 |
43.4 |
34.9 |
49.5 |
46.9 |
|
Depreciation |
93.9 |
105.2 |
105.4 |
123.2 |
109.6 |
|
Current Tax - Domestic |
-32.8 |
- |
- |
7.4 |
-69.3 |
|
Current Tax - Foreign |
-11.6 |
- |
- |
64.8 |
83.2 |
|
Current Tax |
- |
-11.0 |
-9.9 |
- |
- |
|
Current Tax - Total |
-44.5 |
-11.0 |
-9.9 |
72.2 |
13.9 |
|
Deferred Tax - Domestic |
-47.7 |
- |
- |
24.6 |
11.6 |
|
Deferred Tax - Foreign |
73.7 |
- |
- |
-15.6 |
21.6 |
|
Deferred Tax |
- |
-70.2 |
-128.6 |
- |
- |
|
Deferred Tax - Total |
26.0 |
-70.2 |
-128.6 |
9.0 |
33.2 |
|
Income Tax - Total |
-18.5 |
-81.2 |
-138.5 |
81.2 |
47.0 |
|
Service Cost |
28.5 |
26.8 |
26.6 |
32.9 |
- |
|
Interest Cost |
63.1 |
66.4 |
65.2 |
62.2 |
- |
|
Prior Service Cost |
0.0 |
2.0 |
0.0 |
-12.0 |
- |
|
Plan Reduction |
0.9 |
-0.6 |
-5.0 |
0.0 |
- |
|
Expected Return on Plan Assets |
-54.4 |
-42.1 |
-62.1 |
-72.7 |
- |
|
Other Expense |
26.0 |
35.4 |
29.2 |
33.3 |
- |
|
Domestic Pension Plan Expense |
64.0 |
87.8 |
54.0 |
43.7 |
- |
|
Defined Contribution Plan |
- |
71.3 |
124.3 |
114.4 |
- |
|
Total Pension Expense |
64.0 |
159.2 |
178.2 |
158.1 |
- |
|
Discount Rate - Domestic |
5.00% |
4.75% |
6.00% |
6.00% |
- |
|
Expectede Return on Plan Assets - Domest |
4.91% |
3.73% |
5.59% |
6.50% |
- |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
- |
|
Pension Rate - Domestic |
2.00% |
2.00% |
2.00% |
1.75% |
- |
|
Discount Rate - Foreign |
4.30% |
4.55% |
4.95% |
5.34% |
- |
|
Expected Return on Plan Assets - Foreign |
5.16% |
5.44% |
5.14% |
5.40% |
- |
|
Compensation Rate - Foreign |
2.69% |
2.68% |
2.78% |
2.98% |
- |
|
Pension Rate - Foreign |
2.04% |
2.00% |
1.89% |
2.05% |
- |
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 |
782.4 |
1,019.1 |
933.6 |
817.2 |
716.5 |
|
Other Operating Income |
44.1 |
75.7 |
20.4 |
24.6 |
59.9 |
|
Total Revenue |
826.5 |
1,094.8 |
954.0 |
841.8 |
776.3 |
|
|
|
|
|
|
|
|
Change/Inventories |
-101.1 |
57.5 |
35.9 |
9.1 |
-38.2 |
|
Own Work Capitalised |
-3.8 |
-13.1 |
-3.3 |
-1.8 |
-1.7 |
|
Cost of Materials |
412.4 |
444.2 |
409.0 |
396.1 |
383.2 |
|
Personnel |
340.6 |
329.0 |
293.3 |
254.5 |
278.7 |
|
Depreciation |
33.4 |
36.1 |
32.6 |
31.9 |
31.2 |
|
Other Operating Expenses |
181.9 |
188.7 |
166.8 |
161.9 |
175.6 |
|
Disposal of Assets |
-0.8 |
11.6 |
-0.7 |
-2.5 |
-7.6 |
|
Special Expend/Disc. Oper. |
-0.1 |
32.9 |
-5.9 |
-9.5 |
-18.5 |
|
Total Operating Expense |
862.6 |
1,086.8 |
927.6 |
839.6 |
802.8 |
|
|
|
|
|
|
|
|
Interest Income & Similar |
2.0 |
1.6 |
5.1 |
2.9 |
8.7 |
|
Interest Expense & Similar |
-35.1 |
-61.2 |
-34.4 |
-72.6 |
-54.8 |
|
Other Financial Income |
2.8 |
-0.6 |
6.4 |
2.7 |
3.0 |
|
Other Financial Expense |
-1.3 |
-2.9 |
1.3 |
0.0 |
-1.4 |
|
Net Income Before Taxes |
-67.6 |
-55.0 |
4.8 |
-65.0 |
-71.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
-1.3 |
14.1 |
-7.9 |
-19.2 |
-4.5 |
|
Net Income After Taxes |
-66.3 |
-69.1 |
12.7 |
-45.8 |
-66.5 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
-66.3 |
-69.1 |
12.7 |
-45.8 |
-66.5 |
|
Net Income |
-66.3 |
-69.1 |
12.7 |
-45.8 |
-66.5 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-66.3 |
-69.1 |
12.7 |
-45.8 |
-66.5 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-66.3 |
-69.1 |
12.7 |
-45.8 |
-66.5 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
233.3 |
231.8 |
141.9 |
127.8 |
123.1 |
|
Basic EPS Excluding ExtraOrdinary Items |
-0.28 |
-0.30 |
0.09 |
-0.36 |
-0.54 |
|
Basic EPS Including ExtraOrdinary Item |
-0.28 |
-0.30 |
0.09 |
-0.36 |
-0.54 |
|
Dilution Adjustment |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Diluted Net Income |
-66.3 |
-69.1 |
12.7 |
-45.8 |
-66.5 |
|
Diluted Weighted Average Shares |
233.3 |
231.8 |
141.9 |
127.8 |
123.1 |
|
Diluted EPS Excluding ExtraOrd Items |
-0.28 |
-0.30 |
0.09 |
-0.36 |
-0.54 |
|
Diluted EPS Including ExtraOrd Items |
-0.28 |
-0.30 |
0.09 |
-0.36 |
-0.54 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
-68.5 |
-10.6 |
-1.8 |
-77.0 |
-97.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
-1.6 |
29.6 |
-10.2 |
-23.4 |
-13.7 |
|
Normalized Income After Taxes |
-66.9 |
-40.2 |
8.4 |
-53.6 |
-83.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-66.9 |
-40.2 |
8.4 |
-53.6 |
-83.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.29 |
-0.17 |
0.06 |
-0.42 |
-0.68 |
|
Diluted Normalized EPS |
-0.29 |
-0.17 |
0.06 |
-0.42 |
-0.68 |
|
Research and Development |
53.2 |
49.2 |
34.0 |
38.7 |
38.2 |
|
Rental Expense |
22.6 |
21.8 |
21.8 |
20.8 |
22.5 |
|
Interest Expense & Similar |
35.1 |
61.2 |
34.4 |
72.6 |
54.8 |
|
Depreciation |
33.4 |
36.1 |
32.6 |
31.9 |
31.2 |
|
Discount Rate |
5.25% |
6.75% |
4.75% |
4.00% |
4.50% |
Annual
Balance Sheet
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.704672 |
0.739044 |
0.753182 |
0.631094 |
0.75123 |
|
Auditor |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Raw Materials |
161.2 |
158.3 |
175.9 |
216.8 |
174.0 |
|
Work in Process |
471.3 |
458.2 |
426.7 |
608.9 |
466.9 |
|
Man/ Products |
424.5 |
499.9 |
760.5 |
697.8 |
541.7 |
|
Prepayments |
4.1 |
2.8 |
9.9 |
19.5 |
16.4 |
|
Customer Financing Receivables Gross |
168.4 |
186.8 |
225.8 |
279.0 |
- |
|
Provisions for Financing Receivables |
-44.1 |
-58.4 |
-63.5 |
-75.8 |
- |
|
Account Receivables |
599.1 |
604.0 |
667.4 |
1,032.3 |
- |
|
Provisions for Doubtful Accounts |
-64.2 |
-68.6 |
-68.8 |
-87.1 |
- |
|
Customer Financ./ Factoring |
- |
- |
- |
- |
148.5 |
|
Trade Receivable |
- |
- |
- |
- |
937.8 |
|
Tax Receivable |
19.7 |
24.3 |
37.2 |
42.5 |
12.5 |
|
Loans |
0.6 |
0.5 |
0.9 |
- |
- |
|
Deferred/Accrued |
17.8 |
- |
- |
- |
- |
|
Other Assets |
199.5 |
231.3 |
208.4 |
271.2 |
162.5 |
|
Securities |
- |
0.0 |
1.2 |
3.3 |
3.9 |
|
Cash |
209.9 |
163.3 |
105.0 |
224.8 |
101.6 |
|
Total Current Assets |
2,167.7 |
2,202.5 |
2,486.6 |
3,233.0 |
2,565.8 |
|
|
|
|
|
|
|
|
Goodwill |
- |
- |
- |
- |
146.1 |
|
Goodwill Amort. |
- |
- |
- |
- |
-8.6 |
|
Develop. Exp. |
- |
- |
- |
- |
293.0 |
|
Software |
- |
- |
- |
- |
142.6 |
|
Prepayments |
- |
- |
- |
- |
0.5 |
|
Intangibles, Gross |
583.6 |
563.7 |
551.1 |
- |
- |
|
Amortisation |
-379.6 |
-333.6 |
-290.0 |
- |
-226.1 |
|
Goodwill |
174.4 |
165.8 |
166.7 |
163.5 |
- |
|
Intangibles |
- |
- |
- |
269.3 |
- |
|
Land/Buildings |
947.6 |
900.5 |
875.5 |
1,006.6 |
804.2 |
|
Equipment/Mach. |
886.6 |
854.2 |
816.8 |
981.4 |
806.2 |
|
Other Equipment |
1,038.2 |
1,009.1 |
1,040.0 |
1,209.7 |
1,031.7 |
|
Construction |
30.1 |
24.4 |
43.5 |
32.3 |
36.5 |
|
Depreciation |
-2,093.7 |
-1,983.0 |
-1,918.5 |
-2,310.8 |
-1,975.5 |
|
Real Estate Investments |
8.0 |
2.4 |
2.3 |
2.8 |
28.7 |
|
Share Affiliate |
- |
- |
- |
- |
29.8 |
|
Other Investment |
- |
- |
- |
- |
21.6 |
|
Securities |
27.7 |
33.7 |
38.3 |
107.8 |
10.7 |
|
Rec. Leasing to Customers/Factoring |
128.3 |
158.2 |
200.5 |
308.7 |
425.8 |
|
Loans Receivables |
- |
12.5 |
12.5 |
- |
- |
|
Other Receivables and Other Assets |
60.9 |
57.6 |
40.6 |
283.4 |
117.2 |
|
Tax Assets |
0.7 |
0.8 |
94.1 |
120.5 |
98.6 |
|
Deferred Taxes |
168.8 |
204.7 |
122.3 |
122.5 |
95.9 |
|
Assets for Sale |
1.3 |
22.5 |
21.0 |
26.4 |
0.0 |
|
Total Assets |
3,750.7 |
3,895.9 |
4,303.3 |
5,557.3 |
4,444.8 |
|
|
|
|
|
|
|
|
Other Provisions |
413.3 |
483.1 |
623.4 |
599.6 |
437.5 |
|
Convertible Bond |
- |
0.0 |
403.4 |
0.0 |
- |
|
Bonds |
6.4 |
9.5 |
82.5 |
11.5 |
9.7 |
|
Bank Current Account |
- |
- |
11.3 |
0.0 |
- |
|
Banks |
375.6 |
437.4 |
315.8 |
29.2 |
112.4 |
|
Financial Leasing |
3.1 |
4.5 |
4.8 |
7.1 |
9.2 |
|
Other Financial Liability |
25.6 |
23.6 |
22.3 |
32.5 |
30.9 |
|
Trade Payables |
184.1 |
178.7 |
241.5 |
467.4 |
332.5 |
|
Income Tax Liabilities |
2.6 |
2.7 |
2.6 |
5.6 |
10.9 |
|
Advance Received |
- |
- |
- |
- |
106.0 |
|
Deferred Income |
122.9 |
80.9 |
202.2 |
- |
46.0 |
|
Social Security |
77.6 |
68.3 |
88.2 |
- |
- |
|
Deferred/Accrued |
62.8 |
77.0 |
- |
- |
- |
|
Other Liabilities |
161.1 |
122.6 |
164.0 |
567.1 |
254.4 |
|
Total Current Liabilities |
1,435.0 |
1,488.4 |
2,162.0 |
1,719.9 |
1,349.6 |
|
|
|
|
|
|
|
|
Convertible Bond |
- |
0.0 |
0.0 |
467.5 |
381.4 |
|
Bonds |
71.0 |
73.7 |
81.7 |
195.7 |
173.7 |
|
Banks |
70.6 |
551.6 |
84.0 |
111.8 |
0.0 |
|
Financial Leasing |
7.8 |
3.1 |
2.9 |
6.5 |
6.0 |
|
Other LT Debt |
0.0 |
0.1 |
0.2 |
0.4 |
0.0 |
|
Total Long Term Debt |
149.4 |
628.5 |
168.7 |
782.0 |
561.1 |
|
|
|
|
|
|
|
|
Pension Prov. |
313.6 |
305.0 |
204.7 |
183.8 |
177.0 |
|
Other Provisions |
430.0 |
481.0 |
463.4 |
571.0 |
497.9 |
|
Other Liability |
181.2 |
192.5 |
197.3 |
181.3 |
98.2 |
|
Deferred Taxes |
8.9 |
17.2 |
50.1 |
229.2 |
114.1 |
|
Deferred Income |
- |
- |
- |
- |
47.4 |
|
Minority Int. |
- |
- |
- |
0.0 |
3.1 |
|
Total Liabilities |
2,518.1 |
3,112.5 |
3,246.3 |
3,667.2 |
2,848.3 |
|
|
|
|
|
|
|
|
Share Capital |
846.2 |
269.0 |
263.9 |
315.0 |
270.3 |
|
Capital & Revenue Reserves |
569.3 |
823.6 |
1,123.3 |
1,350.5 |
976.1 |
|
Net Profit |
-182.9 |
-309.2 |
-330.2 |
224.6 |
350.1 |
|
Total Equity |
1,232.6 |
783.4 |
1,057.0 |
1,890.1 |
1,596.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
3,750.7 |
3,895.9 |
4,303.3 |
5,557.3 |
4,444.8 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
232.9 |
123.1 |
123.1 |
123.1 |
125.8 |
|
Total Common Shares Outstanding |
232.9 |
123.1 |
123.1 |
123.1 |
125.8 |
|
T/S-Common Stock |
0.4 |
0.6 |
0.6 |
0.6 |
0.6 |
|
Deferred Revenue - Current |
122.9 |
80.9 |
121.5 |
129.8 |
152.0 |
|
Deferred Revenue - Long Term |
0.0 |
- |
- |
- |
47.4 |
|
Accumulated Intangible Amortisation |
379.6 |
333.6 |
290.0 |
312.0 |
226.1 |
|
Accumulated Goodwill Amortisation |
- |
- |
- |
- |
8.6 |
|
Full-Time Employees |
15,828 |
16,496 |
18,926 |
19,596 |
19,171 |
|
Debt within 1 Year |
407.6 |
460.3 |
838.0 |
92.3 |
- |
|
Debt from 1-5 Years |
116.5 |
738.9 |
163.3 |
731.2 |
- |
|
Debt over 5 Years |
25.1 |
37.2 |
48.5 |
176.1 |
- |
|
Total Long Term Debt, Supplemental |
549.1 |
1,236.5 |
1,049.7 |
999.6 |
- |
|
Cap. Lease within 1 Year |
3.1 |
4.5 |
4.8 |
7.4 |
9.5 |
|
Cap. Lease from 1-5 Years |
4.1 |
2.9 |
2.9 |
6.6 |
6.1 |
|
Cap. Lease from > 5 Years |
3.8 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Interest |
- |
- |
- |
-0.4 |
-0.5 |
|
Total Capital Leases |
10.9 |
7.6 |
7.7 |
13.6 |
15.2 |
|
Operating Lease within 1 Year |
69.7 |
74.1 |
78.4 |
103.8 |
77.8 |
|
Operating Lease from 1-5 Years |
183.8 |
204.9 |
198.9 |
250.7 |
177.2 |
|
Operating Lease > 5 Years |
151.2 |
179.6 |
178.3 |
326.9 |
305.5 |
|
Optg leases-year 2 |
- |
204.9 |
198.9 |
250.7 |
- |
|
Total Operating Leases |
404.8 |
663.5 |
654.6 |
932.1 |
560.5 |
|
Pension Obligation |
1,436.0 |
1,348.6 |
1,105.5 |
1,284.4 |
1,260.2 |
|
Plan Assets |
1,167.9 |
1,091.0 |
933.1 |
1,295.6 |
1,166.1 |
|
Funded Status |
-268.1 |
-257.7 |
-172.4 |
11.2 |
-94.2 |
|
Unfunded Obligations |
35.7 |
35.3 |
32.3 |
33.6 |
31.2 |
|
Total Funded Status |
-303.7 |
-292.9 |
-204.7 |
-22.4 |
-125.4 |
|
Discount Rate - Domestic |
5.00% |
4.75% |
6.00% |
6.00% |
- |
|
Expected Return on Plan Assets - Domesti |
4.91% |
3.73% |
5.59% |
6.50% |
- |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
- |
|
Pension Rate - Domestic |
2.00% |
2.00% |
2.00% |
1.75% |
- |
|
Discount Rate - Foreign |
4.30% |
4.55% |
4.95% |
5.34% |
- |
|
Expected Return on Plan Assets - Foreign |
5.16% |
5.44% |
5.14% |
5.40% |
- |
|
Compensation Rate - Foreign |
2.69% |
2.68% |
2.78% |
2.98% |
- |
|
Pension Rate - Foreign |
2.04% |
2.00% |
1.89% |
2.05% |
- |
|
Debentures |
- |
54.82% |
63.00% |
56.00% |
- |
|
Equity |
- |
32.40% |
24.00% |
32.00% |
- |
|
Real Estate |
- |
4.20% |
5.00% |
4.00% |
- |
|
Insurance Instruments |
- |
3.57% |
4.00% |
4.00% |
- |
|
Cash |
- |
3.60% |
2.00% |
3.00% |
- |
|
Other |
- |
1.41% |
2.00% |
1.00% |
- |
Interim
Balance Sheet
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 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.689727 |
0.704672 |
0.745406 |
0.732493 |
0.816393 |
|
|
|
|
|
|
|
|
Raw Materials |
175.7 |
161.2 |
153.8 |
155.1 |
141.9 |
|
Work in Process |
511.4 |
471.3 |
424.7 |
461.8 |
416.4 |
|
Products/Merch. |
523.6 |
424.5 |
521.5 |
527.5 |
508.5 |
|
Payments/Account |
6.0 |
4.1 |
5.1 |
4.0 |
4.2 |
|
Receivables/Finance |
118.2 |
124.3 |
109.9 |
115.2 |
114.9 |
|
Trade Receivables |
422.0 |
534.9 |
472.9 |
458.7 |
427.7 |
|
Other Assets |
221.5 |
217.9 |
199.4 |
191.6 |
212.8 |
|
Other Receivables |
18.5 |
19.7 |
19.7 |
24.2 |
22.1 |
|
Cash/Equivalents |
256.5 |
209.9 |
199.7 |
182.5 |
165.2 |
|
Total Current Assets |
2,253.4 |
2,167.7 |
2,106.8 |
2,120.5 |
2,013.5 |
|
|
|
|
|
|
|
|
Real Estate Investments |
8.2 |
8.0 |
1.4 |
2.4 |
2.1 |
|
Net Intangibles |
379.2 |
378.4 |
367.8 |
383.9 |
352.0 |
|
Net Tangibles |
814.1 |
808.8 |
776.2 |
790.8 |
728.6 |
|
Financial Assets |
28.4 |
27.7 |
29.5 |
29.2 |
27.5 |
|
Rcvbls. from Customer Financing |
124.2 |
128.3 |
135.3 |
138.5 |
143.4 |
|
Other Rcvbls./Other Assets |
56.2 |
60.9 |
56.3 |
66.0 |
72.2 |
|
Deferred Taxes |
160.4 |
168.8 |
254.2 |
289.7 |
229.6 |
|
Income Tax Claim |
2.2 |
0.7 |
0.0 |
0.0 |
0.7 |
|
Assets for Sale |
2.7 |
1.3 |
0.5 |
0.2 |
0.2 |
|
Total Assets |
3,829.0 |
3,750.7 |
3,727.9 |
3,821.2 |
3,569.9 |
|
|
|
|
|
|
|
|
Other Provisions |
367.5 |
413.3 |
403.2 |
398.8 |
394.3 |
|
Bonds |
6.6 |
6.4 |
10.8 |
11.0 |
8.7 |
|
To Banks |
18.4 |
375.6 |
232.2 |
110.3 |
338.7 |
|
Financial Lease |
3.4 |
3.1 |
2.9 |
3.2 |
3.2 |
|
High Interest Loans |
7.2 |
0.0 |
- |
- |
- |
|
Other Financial Liab. |
26.6 |
25.6 |
23.1 |
23.5 |
20.9 |
|
Trade Payables |
248.6 |
184.1 |
171.3 |
193.9 |
180.5 |
|
Tax Liabilities |
2.8 |
2.6 |
2.1 |
1.9 |
2.2 |
|
Customer Advances |
140.8 |
122.9 |
- |
- |
- |
|
Accrued Expeneses |
96.4 |
100.3 |
- |
- |
- |
|
Other Liabs. |
179.4 |
201.1 |
413.5 |
423.2 |
391.8 |
|
Total Current Liabilities |
1,097.6 |
1,435.0 |
1,259.3 |
1,165.7 |
1,340.3 |
|
|
|
|
|
|
|
|
Bonds |
72.5 |
71.0 |
67.1 |
68.3 |
66.8 |
|
Banks |
68.4 |
70.6 |
148.1 |
287.7 |
487.2 |
|
Financial Lease |
9.0 |
7.8 |
7.7 |
8.7 |
8.6 |
|
High Interest Loans |
422.0 |
0.0 |
- |
- |
- |
|
Other LT Debt |
0.0 |
0.0 |
2.8 |
1.6 |
1.5 |
|
Total Long Term Debt |
571.9 |
149.4 |
225.8 |
366.2 |
564.1 |
|
|
|
|
|
|
|
|
Pension Prov. |
289.0 |
313.6 |
327.7 |
470.4 |
342.8 |
|
Other Provision |
434.2 |
430.0 |
469.3 |
473.3 |
428.5 |
|
Deferred Tax |
13.5 |
8.9 |
18.0 |
17.2 |
16.3 |
|
Other Liabilities |
193.6 |
181.2 |
193.0 |
195.8 |
224.0 |
|
Total Liabilities |
2,599.8 |
2,518.1 |
2,493.0 |
2,688.7 |
2,916.0 |
|
|
|
|
|
|
|
|
Share Capital |
868.9 |
846.2 |
800.0 |
814.1 |
243.5 |
|
Capital & Revenue Reserves |
427.1 |
569.3 |
540.0 |
438.2 |
474.3 |
|
Net Profit |
-66.9 |
-182.9 |
-105.1 |
-119.7 |
-64.0 |
|
Total Equity |
1,229.2 |
1,232.6 |
1,234.9 |
1,132.5 |
653.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
3,829.0 |
3,750.7 |
3,727.9 |
3,821.2 |
3,569.9 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
234.1 |
232.9 |
232.9 |
232.9 |
123.1 |
|
Total Common Shares Outstanding |
234.1 |
232.9 |
232.9 |
232.9 |
123.1 |
|
T/S-Common Stock |
0.1 |
0.4 |
0.4 |
0.4 |
0.6 |
|
Deferred Revenue - Current |
140.8 |
122.9 |
146.2 |
129.8 |
108.6 |
|
Full-Time Employees |
15,718 |
15,828 |
15,981 |
16,228 |
16,218 |
|
Current maturities |
62.1 |
- |
269.1 |
- |
371.5 |
|
Total Long Term Debt, Supplemental |
62.1 |
- |
269.1 |
- |
371.5 |
|
Discount Rate |
5.25% |
5.00% |
4.75% |
4.00% |
4.50% |
Annual
Cash Flows
As Reported
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
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) |
0.757168 |
0.70861 |
0.707647 |
0.707132 |
0.780101 |
|
Auditor |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Result bef. Minority |
-170.2 |
-322.5 |
-351.5 |
200.2 |
337.0 |
|
Depreciation |
134.3 |
158.2 |
157.4 |
175.3 |
167.3 |
|
Pension Provisions |
18.0 |
35.3 |
15.0 |
1.6 |
-13.0 |
|
Deferred Taxes |
-22.9 |
-124.3 |
-159.1 |
52.3 |
116.3 |
|
Disposal/Assets |
-13.0 |
1.1 |
2.5 |
-19.8 |
-97.8 |
|
Inventories |
106.5 |
300.3 |
-29.3 |
-130.4 |
-77.2 |
|
Customer Financing |
42.2 |
93.7 |
88.3 |
113.0 |
60.3 |
|
Accounts Receivable |
23.9 |
10.2 |
76.9 |
166.2 |
-65.7 |
|
Change/Provisions |
-105.0 |
-102.5 |
139.5 |
42.6 |
90.7 |
|
Balance Sheet Items |
117.4 |
-106.7 |
54.7 |
-11.5 |
-101.8 |
|
Consolidation |
0.0 |
0.1 |
1.8 |
0.7 |
0.0 |
|
Cash from Operating Activities |
131.3 |
-57.1 |
-3.7 |
590.2 |
416.1 |
|
|
|
|
|
|
|
|
Purch. Intang./Tang./Real Estate |
-96.9 |
-82.9 |
-279.6 |
-306.6 |
-228.9 |
|
Disp. Intang./Tang./Real Estate |
50.0 |
58.0 |
45.3 |
60.0 |
116.8 |
|
Purch. Financial Assets |
-3.3 |
-3.2 |
-1.1 |
-42.0 |
-12.4 |
|
Disposal Financial Assets |
18.9 |
0.0 |
0.3 |
3.4 |
66.3 |
|
Funding Pensions |
- |
- |
- |
0.0 |
-64.1 |
|
Business Acquisitions |
-1.2 |
-2.7 |
-43.8 |
0.0 |
- |
|
Cash from Investing Activities |
-32.4 |
-30.8 |
-279.1 |
-285.1 |
-122.2 |
|
|
|
|
|
|
|
|
Capital Changes |
525.4 |
- |
- |
- |
- |
|
Purchase of Own Shares |
- |
- |
0.0 |
-80.7 |
-166.7 |
|
Dividend Paid |
0.0 |
0.0 |
-104.2 |
-105.8 |
-68.3 |
|
Financial Debt Issued |
45.2 |
840.5 |
337.6 |
155.0 |
137.0 |
|
Repayment/Debt |
-636.6 |
-703.5 |
-47.8 |
-175.6 |
-193.8 |
|
Cash from Financing Activities |
-66.1 |
137.0 |
185.6 |
-207.1 |
-291.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
3.2 |
8.3 |
6.8 |
-6.5 |
-2.7 |
|
Net Change in Cash |
36.0 |
57.4 |
-90.4 |
91.5 |
-0.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
159.4 |
112.9 |
203.4 |
112.1 |
102.1 |
|
Net Cash - Ending Balance |
195.4 |
170.3 |
113.1 |
203.6 |
101.6 |
|
Cash Interest Paid |
112.9 |
166.0 |
51.7 |
41.6 |
33.9 |
|
Cash Taxes Paid |
15.7 |
58.9 |
2.9 |
50.1 |
28.6 |
Interim
Cash Flows
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 |
12 Months |
9 Months |
6 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 |
0.757168 |
0.765601 |
0.780007 |
0.785482 |
|
|
|
|
|
|
|
|
Net Profit/Loss |
-66.3 |
-170.2 |
-102.3 |
-112.4 |
-66.5 |
|
Depreciation |
33.4 |
134.3 |
96.0 |
63.6 |
32.3 |
|
Pension Prov. |
5.5 |
18.0 |
14.7 |
9.6 |
6.4 |
|
Deferred Taxes |
-4.0 |
-22.9 |
-29.5 |
-30.9 |
-10.1 |
|
Disposal Assets |
-0.1 |
-13.0 |
-13.3 |
-7.4 |
-5.0 |
|
Inventories |
-133.0 |
106.5 |
25.7 |
-13.3 |
-31.0 |
|
Customer Financing |
12.7 |
42.2 |
48.8 |
35.3 |
17.6 |
|
Other Provisions |
-47.6 |
-105.0 |
-96.8 |
-99.1 |
-78.5 |
|
Other Balance Sheet |
20.1 |
117.4 |
100.1 |
135.0 |
97.9 |
|
Trade Receivables/Trade Liabilities |
180.1 |
23.9 |
79.3 |
101.5 |
120.3 |
|
Consolidation |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash from Operating Activities |
0.9 |
131.3 |
122.5 |
81.8 |
83.4 |
|
|
|
|
|
|
|
|
Purch. Assets |
-22.1 |
-96.9 |
-56.1 |
-32.4 |
-12.5 |
|
Sale Assets |
11.9 |
50.0 |
39.9 |
33.6 |
8.5 |
|
Purchase of Investments |
- |
-3.3 |
-0.2 |
-0.2 |
-0.1 |
|
Sale of Investments |
0.0 |
18.9 |
12.6 |
5.0 |
0.0 |
|
Business Acquisitions |
0.0 |
-1.2 |
- |
- |
- |
|
Cash from Investing Activities |
-10.2 |
-32.4 |
-3.8 |
6.1 |
-4.1 |
|
|
|
|
|
|
|
|
Capital Increase |
- |
525.4 |
520.4 |
514.2 |
- |
|
Dividend |
- |
0.0 |
- |
- |
- |
|
Financial Debt |
48.1 |
- |
-613.8 |
-588.8 |
-72.7 |
|
Financial Debt Issued |
- |
45.2 |
- |
- |
- |
|
Repayment/Debt |
- |
-636.6 |
- |
- |
- |
|
Cash from Financing Activities |
48.1 |
-66.1 |
-93.4 |
-74.6 |
-72.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
2.9 |
3.2 |
11.4 |
3.4 |
11.4 |
|
Net Change in Cash |
41.6 |
36.0 |
36.8 |
16.6 |
18.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
212.7 |
159.4 |
157.6 |
154.7 |
153.7 |
|
Net Cash - Ending Balance |
254.3 |
195.4 |
194.4 |
171.4 |
171.7 |
|
Cash Interest Paid |
- |
112.9 |
0.0 |
- |
- |
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.48.82 |
|
UK Pound |
1 |
Rs.75.48 |
|
Euro |
1 |
Rs.66.10 |
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.