MIRA INFORM REPORT

 

 

Report Date :           

16.04.2012

 

IDENTIFICATION DETAILS

 

Name :

USTER TECHNOLOGIES AG

 

 

Registered Office :

Wilstrasse 11, Uster, 8610

 

 

Country :

Switzerland

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

November 2006

 

 

Legal Form :

Public Independent Company

 

 

Line of Business :

manufacture of instruments for quality measurement and certification for the textile industry

 

 

No. of Employees :

487

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory 

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES:

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

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Switzerland

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name & address 

 

Uster Technologies AG

Wilstrasse 11

Uster, 8610

Switzerland

Tel:       41-43-3663636

Fax:      41-43-3663637

Web:     www.uster.com

           

 

Synthesis

 

Employees:                  487

Company Type:             Public Independent

Traded:            

Swiss Exchange:           USTN

Incorporation Date:         Nov-2006

Auditor:                        Ernst & Young Ltd        

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2010

Reporting Currency:       Swiss Franc

Annual Sales:                130.1

Net Income:                  20.8

Total Assets:                399.5

Market Value:               349.4

(03-Feb-2012)

 

 

Business Description     

 

Uster Technologies AG (Uster Technologies Ltd) is a Switzerland-based company engaged in the manufacture of instruments for quality measurement and certification for the textile industry. The Company provides testing and monitoring instruments, systems and services that allow optimization and certification of quality through the stages of textile production; from the raw textile fiber, such as cotton, wool or synthetic filament yarns, to the final finished fabric. The Company’s Fiber testing equipment includes Uster HVI, Uster Afis Pro and Uster LVI. Its Yarn testing tools include Uster Tester staple yarn, Uster Tester filament yarn, Uster Tensorapid and Uster Classimat Quantum. The Company operates globally through a number of subsidiaries and representative offices, technology centers and regional service centers. As of December 31, 2010, the Company’s major shareholders included Alcide Ltd and Toyota Industries Corporation, among others. For the six months ended 30 June 2011, Uster Technologies AG's total revenue increased 72% to SF105.6M. Net income for the period increased from SF4M to SF25.1M. Total revenue reflects an increase in demand for Company's products and services due to favorable market conditions in Asia, America and Europe geographic segments. Net income for the period benefited from lower financial expenses as well as higher financial income.

 

Industry             

Industry            Scientific and Technical Instruments

ANZSIC 2006:    2419 - Other Professional and Scientific Equipment Manufacturing

NACE 2002:      3320 - Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

NAICS 2002:     334519 - Other Measuring and Controlling Device Manufacturing

UK SIC 2003:    3320 - Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

US SIC 1987:    3829 - Measuring and Controlling Devices, Not Elsewhere Classified

 

 

Key Executives

 

Name

Title

Geoffrey Scott

Chief Executive Officer, Member of the Management Board, Director

Peter Huber

Member of the Executive Board, Chief Financial Officer

Harold R. Hoke

Member of the Management Board, Head of Sales and Service

Richard Furter

Member of the Management Board, Head of Textile Technology

Barbara Müller-Junker

Leiter-Finance

 

Significant Developments

 

Topic

#*

Most Recent Headline

Mergers & Acquisitions

2

Toyota Industries Corporation Increases Its Stake in Uster Technologies AG; Toyota Industries Corporation to Make Public Offer for All Outstanding Shares in Uster Technologies AG

Officer Changes

2

Uster Technologies AG Appoints New CFO

Other Pre-Announcement

1

Uster Technologies AG Comments on FY 2011 Outlook

Dividends

1

Uster Technologies AG to Propose FY 2010 Dividend; Issues FY 2011 Guidance

 

* number of significant developments within the last 12 months   

 

News 

 

Title

Date

Toyota to close purchase of 21.88% stake in Swiss Uster soon
ADP Switzerland News (168 Words)

10-Feb-2012

TICO announces further delay in launch of Uster tender offer
M&A Navigator (247 Words)

1-Feb-2012

Toyota postpones again launch of public bid for Swiss Uster
ADP Switzerland News (187 Words)

31-Jan-2012

Toyota announces delayed start of tender offer for Swiss Uster
ADP Switzerland News (153 Words)

19-Dec-2011

Toyota postpones tender offer for Swiss Uster Technologies
M&A Navigator (195 Words)

19-Dec-2011

 

 

Financial Summary 

 

As of 30-Jun-2011

Key Ratios                               Company         Industry

Current Ratio (MRQ)                   1.70                  2.15

Quick Ratio (MRQ)                     1.41                  1.49

Debt to Equity (MRQ)                 0.40                  0.39

Sales 5 Year Growth                  -1.81                 12.74

Net Profit Margin (TTM) %           23.98                11.13

Return on Assets (TTM) %          10.19                8.07

Return on Equity (TTM) %           18.69                16.21

 

Stock Snapshot

 

Traded: Swiss Exchange: USTN

 

As of 3-Feb-2012

   Financials in: CHF

Recent Price

41.30

 

EPS

2.41

52 Week High

42.90

 

Price/Sales

2.69

52 Week Low

26.85

 

Dividend Rate

1.20

Avg. Volume (mil)

0.02

 

Price/Earnings

7.39

Market Value (mil)

349.40

 

Price/Book

1.56

 

 

 

Beta

2.46

 

Price % Change

Rel S&P 500%

4 Week

0.24%

-2.03%

13 Week

14.72%

5.52%

52 Week

9.84%

16.83%

Year to Date

0.24%

-3.30%

 

 

Corporate Overview

 

Location

Wilstrasse 11

Uster, 8610

Switzerland

Tel:       41-43-3663636

Fax:      41-43-3663637

Web:    www.uster.com

             

Quote Symbol - Exchange

USTN - Swiss Exchange

Sales CHF(mil):             130.1

Assets CHF(mil):           399.5

Employees:                   487

Fiscal Year End:            31-Dec-2010

Industry:                        Scientific and Technical Instruments

Incorporation Date:         Nov-2006

Company Type:             Public Independent

Quoted Status:              Quoted

Chief Executive Officer,

Member of the Management Board,

Director:            Geoffrey Scott

 

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:

2419     -          Other Professional and Scientific Equipment Manufacturing

 

NACE 2002 Codes:

3320     -          Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

 

NAICS 2002 Codes:

334519  -          Other Measuring and Controlling Device Manufacturing

 

US SIC 1987:

3829     -          Measuring and Controlling Devices, Not Elsewhere Classified

 

UK SIC 2003:

3320     -          Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

 

Business Description

Uster Technologies AG (Uster Technologies Ltd) is a Switzerland-based company engaged in the manufacture of instruments for quality measurement and certification for the textile industry. The Company provides testing and monitoring instruments, systems and services that allow optimization and certification of quality through the stages of textile production; from the raw textile fiber, such as cotton, wool or synthetic filament yarns, to the final finished fabric. The Company’s Fiber testing equipment includes Uster HVI, Uster Afis Pro and Uster LVI. Its Yarn testing tools include Uster Tester staple yarn, Uster Tester filament yarn, Uster Tensorapid and Uster Classimat Quantum. The Company operates globally through a number of subsidiaries and representative offices, technology centers and regional service centers. As of December 31, 2010, the Company’s major shareholders included Alcide Ltd and Toyota Industries Corporation, among others. For the six months ended 30 June 2011, Uster Technologies AG's total revenue increased 72% to SF105.6M. Net income for the period increased from SF4M to SF25.1M. Total revenue reflects an increase in demand for Company's products and services due to favorable market conditions in Asia, America and Europe geographic segments. Net income for the period benefited from lower financial expenses as well as higher financial income.

 

More Business Descriptions

Development and manufacture of quality measurement and control systems for the textile industry

Uster Technologies AG is primarily engaged in manufacturing textile machinery for making thread, yarn, and fiber.

Navigational, Measuring, Medical, and Control Instruments Manufacturing

 

Brand/Trade Names

Uster (R)

 

Financial Data

Financials in:

CHF(mil)

 

Revenue:

130.1

Net Income:

20.8

Assets:

399.5

Long Term Debt:

87.5

 

Total Liabilities:

174.8

 

Working Capital:

0.0

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

32.9%

1,826.1%

-1.3%

Market Data

Quote Symbol:

USTN

Exchange:

Swiss Exchange

Currency:

CHF

Stock Price:

41.3

Stock Price Date:

02-03-2012

52 Week Price Change %:

9.8

Market Value (mil):

349,398.0

 

SEDOL:

B28DHC5

ISIN:

CH0034331535

 

Subsidiaries

Company

Percentage Owned

Country

Uster Technologies GmbH

100%

GERMANY

Uster Technologies (Thailand) Ltd

100%

THAILAND

Uster Technologies Sulamericana Ltda

100%

BRAZIL

Uster Technologies (Suzhou) Co Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Uster Technologies (Shanghai) Co Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Uster Technologies (India) Pvt Ltd

100%

INDIA

Uster Technologies KK

100%

JAPAN

Uster Technologies de Mexico SA de CV

100%

MEXICO

Uster Teknoloji Ticaret AS

100%

TURKEY

Uster Technologies Inc

100%

USA

Uster Technologies Holding (Thailand) Ltd

100%

THAILAND

 

 

 

 

Shareholders

 

 

Major Shareholders

Alcide Ltd (27.9%); Toyota Industries Corporation (22.5%); Management (8.1%)

 

 

 

 

Key Corporate Relationships

Auditor:

Ernst & Young Ltd

 

Auditor:

Ernst & Young Ltd, Ernst & Young

 

 

 

 

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Max-Ulrich Zellweger

 

Non-Executive Chairman of the Board

Chairman

 

Reuters Biography (Uster Technologies AG)

Mr. Max-Ulrich Zellweger serves as Non-Executive Chairman of the Board at Uster Technologies AG. He also acts as Member of the Aufit and Nomination and Compensation Committees in the Company. He has been a Member of the Board at the Company since 2003. Between 1987 and 1992, he was Area Manager Asia Pacific of Schindler Elevators Co. and in this function responsible for the subsidiaries and joint ventures of Schindler in China, Japan, India, Hong Kong and other Asian countries. He is now Managing Partner of Pacific Consult Ltd, a Zurich and Shanghai based business consultant specialized on business development in Asia, established in 1992 by Mr. Zellweger with some partners. He frequently lectures on Asia-related topics at Universities and Executive MBA courses. Furthermore, he is Chairman of the Board of Fr. Sauter Holding AG, and Member of the Board at Fr. Sauter AG, Bartec GmbH (Germany) and Pacific Consult Ltd. He holds a Masters degree in Mechanical Engineering of the Swiss Institute of Technology (ETH) in Zurich.



M Mechanical Engineering, Eidgenoessische Technische Hochschule Zuerich


Compensation/Salary: 80,000

Ulrich Geilinger

 

stv. Vorsitzende des Aufsichtsrats

Vice-Chairman

 

 

Richard Furter

 

Member of the Management Board, Head of Textile Technology

Director/Board Member

 

 

Reuters Biography (Uster Technologies AG)

Mr. Richard Furter has been Member of the Management Board and Head of Textile Technology at Uster Technologies AG since 2003. Prior to that, he has worked for Zellweger Uster Ltd since 1967 where he was an electronic engineer in R&D and was particularly involved in sensor technology and signal processing. In this role he has filed various patents. He held positions of Product Manager, Corporate Governance 39 Manager of R&D and Manager of Marketing and Sales. He is familiar with the customers in the most important textile markets. He earned a degree in Electronic Engineering from the (currently) Lucerne University of Applied Sciences and Arts.



Electronic Enigneering, University of Applied Sciences, Lucerne

Peter Huber

 

Member of the Executive Board, Chief Financial Officer

Director/Board Member

 

 

Reuters Biography (Uster Technologies AG)

Mr. Peter Huber has been appointed Chief Financial Officer (CFO) and Member of the Management Board at Uster Technologies AG with effect from 2012. Mr. Huber joins the Company from Pago International AG where he has been Chief Financial Officer and Member of the Group Executive Board for almost three years. Mr. Huber has also held CFO positions with the Keystone Group and with Landolt Group. In addition he has a solid finance background from positions held in KPMG Financial Advisory Services and with UBS Commercial Bankin. He graduated in Business Administration at the Universitaet Zuerich and holds an Executive Master in Corporate Finance from Universitaet Luzern.



M Corporate Finance, Universitaet Luzern
Business Administration, Universitaet Zuerich

Barry James Mulady

 

Non-Executive Director

Director/Board Member

 

 

Reuters Biography (Uster Technologies AG)

Dr. Barry James Mulady has been Non-Executive Director at Uster Technologies AG since 2003. He also acts as Member of the Nomination and Compensation Committee at the Company. He has been Chairman of PageOne Communications Ltd, London, England, since 2000 and is Chairman of ipTEST Ltd, Guildford, England. From 2000 to 2006, he served as a non-executive Director of Tellermate plc, Newport, Wales and Sensima Ltd, London. From 1996 to 1999, he was CEO of Airtech plc, Aylesbury, England. Prior to that, he served as President of Fisons Instruments Europe and CEO of VG Instruments plc. Mr. Mulady earned a First Class Honours Degree in Physics and a PhD in Nuclear Magnetic Resonance from the University of Nottingham.



PHD Physics, University of Nottingham


Compensation/Salary: 50,000

Renato Murk

 

Member of the Management Board, Head of Order Fulfilment

Director/Board Member

 

 

Reuters Biography (Uster Technologies AG)

Mr. Renato Murk has been Member of the Management Board and Head of Order Fulfilment at Uster Technologies AG since 2003. From 1999 to 2003, he was responsible for production and logistics of the Zellweger Uster Division of Zellweger Luwa Ltd. From 1996 to 1999, he was a Manager of Product Assembly Lines at Zellweger Uster. He holds a Masters of Industrial Engineering degree from the Swiss Federal Institute of Technology (ETH) with the majors Process Engineering and Business Administration.



M Industrial Engineering, ETH Zurich

Akira Onishi

 

Non-Executive Director

Director/Board Member

 

 

Reuters Biography (Uster Technologies AG)

Mr. Akira Onishi has been Non-Executive Member of the Board of Directors of Uster Technologies AG since March 30, 2010 and acts as representative of the strategic investor Toyota Industries Corporation. Mr. Onishi currently holds the positions of Senior Managing Director, Member of the Board, Corporate Planning and Head of Textile Machinery Business Unit at Toyota. He started his carrier as sales and marketing manager in the textile machinery division of Toyota in 1981. Later, he was active in various management functions mainly in Corporate Planning. He earned a degree in law from Nagoya University, Japan.



Law, Nagoya University

Harald Rönn

 

Director

Director/Board Member

 

 

Geoffrey Scott

 

Chief Executive Officer, Member of the Management Board, Director

Director/Board Member

 

 

Reuters Biography (Uster Technologies AG)

Dr. Geoffrey Scott has been Chief Executive Officer, Member of the Management Board and Member of the Board of Directors at Uster Technologies AG since 2003. He was Chief Executive Officer of the Zellweger Uster Division of Zellweger Luwa, Uster, Switzerland, from 1999 to 2003. Prior to that, he held Senior Management positions at Kevex Instruments, Fisons plc (Scientific Instruments Division) and Beckman Instruments. He has experience of strategy and business development, sales, marketing and after-sales, product development and general management. He was Member of the Board of Directors of Maillefer SA until January 12, 2011. He earned a B.Sc. Honours degree in Biochemistry from the University of Liverpool, and a Ph.D. in Biochemistry from the University of Nottingham.



PHD Biochemistry, University of Nottingham
BS Biochemistry, University of Liverpool


Compensation/Salary: 555,923

 

Executives

 

Name

Title

Function

 

Geoffrey Scott

 

Chief Executive Officer, Member of the Management Board, Director

Chief Executive Officer

 

Reuters Biography (Uster Technologies AG)

Dr. Geoffrey Scott has been Chief Executive Officer, Member of the Management Board and Member of the Board of Directors at Uster Technologies AG since 2003. He was Chief Executive Officer of the Zellweger Uster Division of Zellweger Luwa, Uster, Switzerland, from 1999 to 2003. Prior to that, he held Senior Management positions at Kevex Instruments, Fisons plc (Scientific Instruments Division) and Beckman Instruments. He has experience of strategy and business development, sales, marketing and after-sales, product development and general management. He was Member of the Board of Directors of Maillefer SA until January 12, 2011. He earned a B.Sc. Honours degree in Biochemistry from the University of Liverpool, and a Ph.D. in Biochemistry from the University of Nottingham.



PHD Biochemistry, University of Nottingham
BS Biochemistry, University of Liverpool


Compensation/Salary: 555,923

Richard Furter

 

Member of the Management Board, Head of Textile Technology

Administration Executive

 

 

Reuters Biography (Uster Technologies AG)

Mr. Richard Furter has been Member of the Management Board and Head of Textile Technology at Uster Technologies AG since 2003. Prior to that, he has worked for Zellweger Uster Ltd since 1967 where he was an electronic engineer in R&D and was particularly involved in sensor technology and signal processing. In this role he has filed various patents. He held positions of Product Manager, Corporate Governance 39 Manager of R&D and Manager of Marketing and Sales. He is familiar with the customers in the most important textile markets. He earned a degree in Electronic Engineering from the (currently) Lucerne University of Applied Sciences and Arts.



Electronic Enigneering, University of Applied Sciences, Lucerne

Hossein Ghorashi

 

Member of the Management Board, Head of U.S. Operations

Administration Executive

 

 

Reuters Biography (Uster Technologies AG)

Mr. Hossein Ghorashi has been Member of the Management Board and Head of U.S. Operations at Uster Technologies AG since 2003. From 1990 through 2002, he held the positions of Senior Vice President of R&D and Head of Zellweger Uster, Inc. He was with Special Instruments Laboratory from 1969 through 1989 and was Vice President of R&D for the last 10 years. He holds a B.S. and an M.S. in Electrical Engineering from the University of Tennessee, Knoxville TN, United States. He is a coinventor of 18 fiber testing patents and author of numerous publications.



MS Electrical Engineering, University of Tennessee, Knoxville
BS Electrical Engineering, University of Tennessee, Knoxville

Harold R. Hoke

 

Member of the Management Board, Head of Sales and Service

Administration Executive

 

 

Reuters Biography (Uster Technologies AG)

Mr. Harold R. Hoke Jr. has been Member of the Management Board and Head of Sales and Service at Uster Technologies AG since 2003. He rejoined Uster Technologies Ltd in 2002 after almost two years as CEO of Savio America. He originally joined Zellweger Uster Ltd in 1980 in the U.S. operation. Since 1996, he was based in the Company’s headquarters and was responsible for Sales and Service Asia. He holds a B.S. degree from Clemson University.



BS , Clemson University

Renato Murk

 

Member of the Management Board, Head of Order Fulfilment

Administration Executive

 

 

Reuters Biography (Uster Technologies AG)

Mr. Renato Murk has been Member of the Management Board and Head of Order Fulfilment at Uster Technologies AG since 2003. From 1999 to 2003, he was responsible for production and logistics of the Zellweger Uster Division of Zellweger Luwa Ltd. From 1996 to 1999, he was a Manager of Product Assembly Lines at Zellweger Uster. He holds a Masters of Industrial Engineering degree from the Swiss Federal Institute of Technology (ETH) with the majors Process Engineering and Business Administration.



M Industrial Engineering, ETH Zurich

Thomas Nasiou

 

Member of the Management Board, Head of Textile Technology

Administration Executive

 

 

Reuters Biography (Uster Technologies AG)

Mr. Thomas Nasiou has been Member of the Management Board and Head of Textile Technology at Head of Textile Technology since June 1, 2011.

Rafael Storz

 

Member of the Management Board, Head of Research and Innovation

Administration Executive

 

 

Reuters Biography (Uster Technologies AG)

Dr. Rafael Storz has been Member of the Management Board and Head of Research and Innovation at Uster Technologies AG since 2006. From 2001 to 2006, he was a Member of the Management and Head of R&D of Leica Microsystems CMS GmbH, Wetzlar, Germany. From 1998 to 2001, he was a project manager and deputy head of the R&D department at Leica Microsystems Heidelberg GmbH, Germany. He is a (co-)inventor of 69 patents in the field of measurement equipment and analysis tools. He earned a Ph.D. in Physics from the University of Konstanz, Germany.



PHD Physics, Universitaet Konstanz

Reine Wasner

 

Executive Vice President Marketing and Business Development, Member of the Management Board

Administration Executive

 

 

Reuters Biography (Uster Technologies AG)

Mr. Reine Wasner has been named Executive Vice President of Marketing and Business Development and Member of the Management Board at Uster Technologies AG with effect from January 1, 2011. Prior to joining the Company, he worked for more than ten years in management consulting including Booz Allen Hamilton, Arthur D. Little and A. T. Kearney. He has experience in the areas of strategy development, market and business development and innovation management, including projects for Uster Technologies Ltd. Mr. Wasner holds a Master of Science in Mechanical Engineering from the Technical University of Lund, a Master of Business Administration from the University of Lund, as well as a three year research degree from the University of Linkoeping (all in Sweden) in collaboration with MIT in Boston (USA).



MBA , Lund University
MS Mechanical Engineering, Lund Institute of Technology
, Linkoping University

Naiming Wei

 

Member of the Management Board, Head of Asian Operations

Administration Executive

 

 

Reuters Biography (Uster Technologies AG)

Dr. Naiming Wei has been Member of the Management Board and Head of Asian Operations at Uster Technologies AG since 2006. From 2000 to 2005 he was General Manager at Shanghai Sachs Huizhong Shock Absorber Co., Ltd, a joint venture company between the German automotive supplier ZF-Sachs Ltd and Shanghai Automotive Industry Corporation. Prior to that, Dr. Wei worked as management consultant at Management Engineers GmbH for multinational clients in Germany, in the United Kingdom and in Switzerland. From 1993 to 1997, he was Sales and Marketing Manager and Purchasing Manager at Siemens Ltd, Business Division Private Communication Systems. He holds a Masters degree (Dipl.-Ing.) and a Ph.D. degree (Dr.-Ing.) in Electrical Engineering from the University Erlangen-Nuremberg in Germany.



PHD Electrical Engineering, University of Erlangen-Nuremberg
M Electrical Engineering, University of Erlangen-Nuremberg

Thomas Dressendörfer

 

Chief Financial Officer

Finance Executive

 

 

Peter Huber

 

Member of the Executive Board, Chief Financial Officer

Finance Executive

 

 

Reuters Biography (Uster Technologies AG)

Mr. Peter Huber has been appointed Chief Financial Officer (CFO) and Member of the Management Board at Uster Technologies AG with effect from 2012. Mr. Huber joins the Company from Pago International AG where he has been Chief Financial Officer and Member of the Group Executive Board for almost three years. Mr. Huber has also held CFO positions with the Keystone Group and with Landolt Group. In addition he has a solid finance background from positions held in KPMG Financial Advisory Services and with UBS Commercial Bankin. He graduated in Business Administration at the Universitaet Zuerich and holds an Executive Master in Corporate Finance from Universitaet Luzern.



M Corporate Finance, Universitaet Luzern
Business Administration, Universitaet Zuerich

Barbara Müller-Junker

 

Leiter-Finance

Finance Executive

 

 

Deniz Bütüner

 

Leiter-Marketing & Business Development

Marketing Executive

 

 

 

 

 

Significant Developments

 

Toyota Industries Corporation Increases Its Stake in Uster Technologies AG; Toyota Industries Corporation to Make Public Offer for All Outstanding Shares in Uster Technologies AG Feb 10, 2012

 

Uster Technologies AG announced that its Board of Directors has noted that Toyota Industries Corporation has increased its equity stake in Uster Technologies AG through the previously announced acquisition of the shares held by Groupe Alpha. On completion of this transaction, Toyota Industries Corporation will own 50.34% of all publicly owned shares in Uster Technologies AG. The Board of Directors has also noted Toyota Industries Corporation's confirmation that it will make a public offer for all outstanding shares in Uster Technologies AG within the statutory deadline.

 

Toyota Industries Corporation to Make Uster Technologies AG Subsidiary Nov 08, 2011

 

Toyota Industries Corporation announced that it has decided to acquire a 21.9% stake (approximately 1,850,000 shares) in Uster Technologies AG from Alpha Private Equity Funds 5, for CHF 70,329,526 in total, by the end of 2011. After the transaction, Toyota Industries Corporation will hold a 50.3% stake in Uster Technologies AG. Toyota Industries Corporation will also launch a takeover bid for the remaining shares of Uster Technologies AG, during the period from January 2012 to March 2012. The price for the takeover bid is CHF 38 per share.

 

Uster Technologies AG Comments on FY 2011 Outlook Jul 19, 2011

 

Uster Technologies AG announced that it anticipates on-going stable market conditions allowing the Company to deliver solid results in the months to come, even though growth rates are likely to slow down slightly in the second half of financial year 2011. Based on market indications of continued strong demand from Asian markets, in particular from China and India, Uster Technologies AG is confident its sales and EBITA numbers for financial year 2011 will exceed the results last seen during the record year in 2007. Previously, the Company issued its fiscal year 2011 guidance. For the financial year 2011 Uster Technologies AG's Management was confident that the business would grow at similar levels as 2010 with EBITA margins above 25%. For the fiscal year 2007, the Company reported revenue of CHF 183.58 million. According to I/B/E/S Estimates, the analysts on average are expecting the Company to report revenue of CHF 185.72 million for the fiscal year 2011.

 

Uster Technologies AG Appoints New CFO Jul 13, 2011

 

Uster Technologies AG announced that it has appointed Peter Huber as Chief Financial Officer (CFO) of the Group and Member of the Executive Committee. He will begin his new role at the Company at the start of 2012.

Uster Technologies AG Announces Resignation of CFO May 02, 2011

 

Uster Technologies AG announced that Thomas Dressendoerfer, the Company's Chief Financial Officer (CFO) and Member of the Executive Committee, has decided to pursue a new professional challenge. He will leave the Company as of the end of the third quarter 2011.

 

Uster Technologies AG to Propose FY 2010 Dividend; Issues FY 2011 Guidance Feb 28, 2011

 

Uster Technologies AG announced that at the General Meeting in March 2011, the Board of Directors of Uster Technologies AG will propose a dividend of CHF 1.20 per share. Uster Technologies AG also announced that the Company has issued its fiscal year 2011 guidance. For the financial year 2011 Uster Technologies AG's Management is confident that the business will grow at similar levels as 2010 with EBITA margins above 25%.

 

 

Annual Income Statement

 

Financials in: REP (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

CHF

CHF

CHF

CHF

CHF

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

Ernst & Young Ltd

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Gross Revenue

132.8

100.8

154.9

186.7

163.9

    Sales Returns and Allowances

-2.7

-2.9

-1.9

-3.1

-2.1

Revenue

130.1

97.9

153.0

183.6

161.8

Total Revenue

130.1

97.9

153.0

183.6

161.8

 

 

 

 

 

 

    Cost of Revenue

53.0

41.6

62.0

76.2

62.7

Cost of Revenue, Total

53.0

41.6

62.0

76.2

62.7

Gross Profit

77.1

56.3

91.0

107.4

99.1

 

 

 

 

 

 

    Selling/General/Administrative Expense

27.7

23.0

37.0

37.4

38.1

Total Selling/General/Administrative Expenses

27.7

23.0

37.0

37.4

38.1

Research & Development

14.9

11.0

19.9

18.6

15.3

    Depreciation

2.4

1.7

1.9

2.0

-

    Amortization of Intangibles

15.2

15.3

15.3

15.3

-

Depreciation/Amortization

17.6

17.0

17.1

17.2

-

    Impairment-Assets Held for Use

-

-

0.0

3.4

0.0

Unusual Expense (Income)

-

-

0.0

3.4

0.0

    Other Operating Expense

-2.4

-1.9

-1.9

-2.1

0.2

    Other, Net

-0.1

-0.3

-0.1

-0.9

-0.6

Other Operating Expenses, Total

-2.5

-2.2

-1.9

-3.0

-0.4

Total Operating Expense

110.7

90.4

134.1

149.8

115.7

 

 

 

 

 

 

Operating Income

19.4

7.5

18.9

33.8

46.1

 

 

 

 

 

 

        Interest Expense - Non-Operating

-5.4

-5.8

-7.6

-16.3

-3.4

    Interest Expense, Net Non-Operating

-5.4

-5.8

-7.6

-16.3

-3.4

        Interest Income - Non-Operating

0.1

0.1

0.3

0.2

-

    Interest/Investment Income - Non-Operating

0.1

0.1

0.3

0.2

-

Interest Income (Expense) - Net Non-Operating Total

-5.2

-5.7

-7.3

-16.1

-3.4

    Other Non-Operating Income (Expense)

0.1

-1.3

-3.0

-10.8

-1.3

Other, Net

0.1

-1.3

-3.0

-10.8

-1.3

Income Before Tax

14.3

0.4

8.7

6.9

41.4

 

 

 

 

 

 

Total Income Tax

-6.5

-0.7

3.4

3.3

11.4

Income After Tax

20.8

1.1

5.3

3.6

30.0

 

 

 

 

 

 

Net Income Before Extraord Items

20.8

1.1

5.3

3.6

30.0

Net Income

20.8

1.1

5.3

3.6

30.0

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

20.8

1.1

5.3

3.6

30.0

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

20.8

1.1

5.3

3.6

30.0

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

8.5

6.9

6.6

5.0

6.6

Basic EPS Excl Extraord Items

2.45

0.16

0.81

0.72

4.57

Basic/Primary EPS Incl Extraord Items

2.45

0.16

0.81

0.72

4.57

Diluted Net Income

20.8

1.1

5.3

3.6

30.0

Diluted Weighted Average Shares

8.5

6.9

6.6

5.0

6.6

Diluted EPS Excl Extraord Items

2.44

0.16

0.81

0.72

4.57

Diluted EPS Incl Extraord Items

2.44

0.16

0.81

0.72

4.57

Dividends per Share - Common Stock Primary Issue

1.20

0.00

0.00

0.60

0.00

Gross Dividends - Common Stock

10.2

0.0

0.0

3.9

0.0

Interest Expense, Supplemental

5.4

5.8

7.6

16.3

3.4

Depreciation, Supplemental

2.4

1.7

1.9

2.0

2.1

Total Special Items

-0.3

-0.6

2.8

3.4

0.0

Normalized Income Before Tax

14.0

-0.2

11.5

10.2

41.4

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-0.1

-0.2

1.1

1.6

0.0

Inc Tax Ex Impact of Sp Items

-6.6

-0.9

4.5

4.9

11.4

Normalized Income After Tax

20.5

0.7

7.0

5.3

30.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

20.5

0.7

7.0

5.3

30.0

 

 

 

 

 

 

Basic Normalized EPS

2.43

0.10

1.07

1.07

4.57

Diluted Normalized EPS

2.41

0.10

1.07

1.07

4.57

Amort of Intangibles, Supplemental

15.2

15.3

15.3

15.3

0.1

Rental Expenses

3.6

4.0

3.9

4.1

-

Research & Development Exp, Supplemental

14.9

11.0

19.9

18.6

15.3

Normalized EBIT

19.1

6.8

21.7

37.1

46.1

Normalized EBITDA

36.7

23.8

38.9

54.3

48.3

    Current Tax - Other

1.4

7.4

-

-

-

    Current Tax - Total

-

-

4.7

6.1

2.4

Current Tax - Total

1.4

7.4

4.7

6.1

2.4

    Deferred Tax - Total

-7.8

-8.0

-1.3

-2.8

9.0

Deferred Tax - Total

-7.8

-8.0

-1.3

-2.8

9.0

Income Tax - Total

-6.5

-0.7

3.4

3.3

11.4

Interest Cost - Domestic

2.0

2.0

2.5

1.9

-

Service Cost - Domestic

2.4

2.1

2.5

2.3

-

Expected Return on Assets - Domestic

-2.5

-2.6

-3.6

-3.5

-

Actuarial Gains and Losses - Domestic

1.1

0.0

0.0

-

-

Curtailments & Settlements - Domestic

-

0.0

1.5

0.0

-

Domestic Pension Plan Expense

3.1

1.5

2.9

0.8

-

Total Pension Expense

3.1

1.5

2.9

0.8

-

Discount Rate - Domestic

2.40%

3.30%

3.60%

3.50%

-

Expected Rate of Return - Domestic

3.60%

4.00%

4.00%

4.00%

-

Compensation Rate - Domestic

2.00%

2.00%

2.00%

2.00%

-

Total Plan Interest Cost

2.0

2.0

2.5

1.9

-

Total Plan Service Cost

2.4

2.1

2.5

2.3

-

Total Plan Expected Return

-2.5

-2.6

-3.6

-3.5

-

 

 

Annual Balance Sheet

Financials in: CHF (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

CHF

CHF

CHF

CHF

CHF

Exchange Rate

1

1

1

1

1

Auditor

Ernst & Young Ltd

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

14.7

-

-

-

-

    Cash & Equivalents

6.4

15.1

7.5

5.4

4.0

Cash and Short Term Investments

21.0

15.1

7.5

5.4

4.0

        Accounts Receivable - Trade, Gross

18.9

16.0

13.1

17.1

14.3

        Provision for Doubtful Accounts

-1.0

-0.9

-0.8

-0.9

-0.6

    Trade Accounts Receivable - Net

17.9

15.1

12.2

16.2

13.7

    Other Receivables

2.3

2.9

2.5

3.4

6.1

Total Receivables, Net

20.2

18.0

14.8

19.6

19.9

    Inventories - Finished Goods

9.0

5.7

10.2

12.7

17.2

    Inventories - Work In Progress

1.0

0.6

0.6

0.8

0.5

    Inventories - Raw Materials

2.3

4.2

1.5

2.4

5.1

    Inventories - Other

-

-

-

-

-7.1

Total Inventory

12.4

10.5

12.2

15.9

15.8

Prepaid Expenses

0.6

-

-

-

-

Total Current Assets

54.2

43.5

34.5

40.9

39.7

 

 

 

 

 

 

        Land/Improvements

2.7

2.9

3.0

3.2

5.5

        Machinery/Equipment

14.6

11.8

9.1

5.9

19.2

    Property/Plant/Equipment - Gross

17.3

14.7

12.1

9.1

24.8

    Accumulated Depreciation

-7.0

-5.1

-3.8

-2.1

-17.7

Property/Plant/Equipment - Net

10.3

9.7

8.2

7.0

7.1

Goodwill, Net

61.2

61.2

61.2

-

-

    Intangibles - Gross

318.8

-

-

-

-

    Accumulated Intangible Amortization

-61.0

-

-

-

-

Intangibles, Net

257.8

272.6

287.8

364.1

89.2

    LT Investments - Other

0.2

0.2

0.2

0.2

0.4

Long Term Investments

0.2

0.2

0.2

0.2

0.4

    Deferred Income Tax - Long Term Asset

1.9

2.0

2.0

2.9

2.8

    Other Long Term Assets

13.9

15.6

15.8

17.0

-

Other Long Term Assets, Total

15.8

17.7

17.8

19.9

2.8

Total Assets

399.5

404.7

409.8

432.1

139.2

 

 

 

 

 

 

Accounts Payable

5.8

4.4

7.3

12.7

15.5

Accrued Expenses

11.5

11.2

10.9

15.6

13.9

Notes Payable/Short Term Debt

0.0

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

10.0

10.0

10.0

10.0

0.0

    Customer Advances

2.9

-

-

-

-

    Income Taxes Payable

7.8

6.7

0.8

1.5

1.6

    Other Payables

-

-

-

-

1.3

    Other Current Liabilities

5.6

3.1

6.0

2.4

-

Other Current liabilities, Total

16.3

9.8

6.9

3.9

3.0

Total Current Liabilities

43.6

35.4

35.1

42.2

32.3

 

 

 

 

 

 

    Long Term Debt

87.5

114.3

154.0

168.8

41.1

Total Long Term Debt

87.5

114.3

154.0

168.8

41.1

Total Debt

97.5

124.3

164.0

178.8

41.1

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

42.4

50.1

58.4

60.5

8.5

Deferred Income Tax

42.4

50.1

58.4

60.5

8.5

    Reserves

1.4

1.3

2.7

2.1

5.8

Other Liabilities, Total

1.4

1.3

2.7

2.1

5.8

Total Liabilities

174.8

201.1

250.3

273.5

87.7

 

 

 

 

 

 

    Common Stock

79.5

79.5

61.7

65.6

15.5

Common Stock

79.5

79.5

61.7

65.6

15.5

Additional Paid-In Capital

103.7

103.7

78.6

78.6

0.1

Retained Earnings (Accumulated Deficit)

43.4

21.7

20.6

15.3

37.2

Treasury Stock - Common

-

-

-

-

0.0

    Translation Adjustment

-2.0

-1.3

-1.4

-1.0

-1.3

Other Equity, Total

-2.0

-1.3

-1.4

-1.0

-1.3

Total Equity

224.7

203.6

159.5

158.6

51.5

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

399.5

404.7

409.8

432.1

139.2

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

8.5

6.6

6.6

6.6

6.6

Total Common Shares Outstanding

8.5

6.6

6.6

6.6

6.6

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

487

449

536

529

490

Number of Common Shareholders

880

1,017

966

780

-

Accumulated Intangible Amort, Suppl.

61.0

49.1

33.9

18.6

0.4

Deferred Revenue - Current

2.9

1.4

-

-

-

Total Long Term Debt, Supplemental

10.0

10.0

-

-

-

Long Term Debt Maturing within 1 Year

10.0

10.0

-

-

-

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

-

-

-

Total Operating Leases, Supplemental

11.0

16.6

22.3

16.4

30.8

Operating Lease Payments Due in Year 1

3.4

3.5

3.6

3.9

3.7

Operating Lease Payments Due in Year 2

3.8

6.6

9.4

3.1

12.1

Operating Lease Payments Due in Year 3

1.3

2.2

3.1

3.1

4.0

Operating Lease Payments Due in Year 4

1.3

2.2

3.1

3.1

4.0

Operating Lease Payments Due in Year 5

1.3

2.2

3.1

3.1

4.0

Operating Lease Pymts. Due in 2-3 Years

5.0

8.8

12.5

6.2

16.1

Operating Lease Pymts. Due in 4-5 Years

2.5

4.4

6.3

6.2

8.0

Oper. Lse. Pymts. Due in Year 6 & Beyond

0.0

0.0

0.0

0.1

3.0

Pension Obligation - Domestic

60.6

61.6

63.8

71.0

-

Plan Assets - Domestic

61.4

61.7

72.2

89.3

-

Funded Status - Domestic

0.7

0.1

8.4

18.4

-

Total Funded Status

0.7

0.1

8.4

18.4

-

Discount Rate - Domestic

2.40%

3.60%

3.60%

3.50%

-

Expected Rate of Return - Domestic

3.60%

4.00%

4.00%

3.50%

-

Compensation Rate - Domestic

2.00%

2.00%

2.00%

2.00%

-

Equity % - Domestic

25.00%

28.00%

26.00%

26.00%

-

Debt Securities % - Domestic

33.00%

33.00%

33.00%

33.00%

-

Real Estate % - Domestic

26.00%

26.00%

28.00%

28.00%

-

Other Investments % - Domestic

16.00%

13.00%

13.00%

13.00%

-

Total Plan Obligations

60.6

61.6

63.8

71.0

-

Total Plan Assets

61.4

61.7

72.2

89.3

-

 

 

Annual Cash Flows

Financials in: CHF (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

CHF

CHF

CHF

CHF

CHF

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

Ernst & Young Ltd

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

14.3

0.4

8.7

6.9

46.1

    Depreciation

2.4

1.7

1.9

2.0

2.1

Depreciation/Depletion

2.4

1.7

1.9

2.0

2.1

    Amortization of Intangibles

15.2

15.3

15.3

15.3

0.1

Amortization

15.2

15.3

15.3

15.3

0.1

    Unusual Items

0.4

-0.1

0.0

3.4

0.1

    Other Non-Cash Items

2.4

-4.0

3.6

-2.2

-2.1

Non-Cash Items

2.8

-4.1

3.6

1.2

-2.0

    Accounts Receivable

-3.2

-3.5

5.1

-0.1

1.9

    Inventories

-2.5

1.7

3.3

-0.5

-4.5

    Accrued Expenses

0.5

0.8

-5.4

-2.7

-0.6

    Other Liabilities

8.1

-2.6

-5.2

-3.8

6.0

    Other Operating Cash Flow

5.1

4.6

5.6

20.9

-0.9

Changes in Working Capital

8.0

1.0

3.3

13.9

2.0

Cash from Operating Activities

42.6

14.3

32.8

39.2

48.3

 

 

 

 

 

 

    Purchase of Fixed Assets

-3.4

-3.3

-3.5

-2.0

-3.1

    Purchase/Acquisition of Intangibles

-0.4

0.0

-0.2

-0.4

-

Capital Expenditures

-3.8

-3.3

-3.7

-2.4

-3.1

    Acquisition of Business

-

-

0.0

-0.4

-

    Sale of Fixed Assets

0.1

0.2

0.1

0.0

0.2

    Sale/Maturity of Investment

0.0

0.1

0.0

0.8

-

    Purchase of Investments

0.0

0.0

0.0

-0.2

-

    Other Investing Cash Flow

0.1

0.1

0.3

0.1

0.3

Other Investing Cash Flow Items, Total

0.2

0.3

0.3

0.4

0.5

Cash from Investing Activities

-3.6

-3.0

-3.3

-2.0

-2.6

 

 

 

 

 

 

    Other Financing Cash Flow

-5.7

-7.9

-12.4

-27.6

-6.6

Financing Cash Flow Items

-5.7

-7.9

-12.4

-27.6

-6.6

        Sale/Issuance of Common

0.0

43.9

-

104.0

0.8

        Repurchase/Retirement of Common

-

-

-

-

0.0

    Common Stock, Net

0.0

43.9

-

104.0

0.8

Issuance (Retirement) of Stock, Net

0.0

43.9

-

104.0

0.8

        Long Term Debt Issued

0.0

5.0

-

180.0

125.1

        Long Term Debt Reduction

-27.0

-45.0

-15.0

-296.1

-174.2

    Long Term Debt, Net

-27.0

-40.0

-15.0

-116.1

-49.1

Issuance (Retirement) of Debt, Net

-27.0

-40.0

-15.0

-116.1

-49.1

Cash from Financing Activities

-32.7

-4.0

-27.4

-39.7

-54.8

 

 

 

 

 

 

Foreign Exchange Effects

-0.3

0.3

0.1

-0.5

-0.4

Net Change in Cash

6.0

7.6

2.1

-3.0

-9.5

 

 

 

 

 

 

Net Cash - Beginning Balance

15.1

7.5

5.4

8.4

13.5

Net Cash - Ending Balance

21.0

15.1

7.5

5.4

4.0

Cash Interest Paid

5.7

6.6

8.5

19.3

6.6

Cash Taxes Paid

0.0

2.4

4.6

6.0

0.9

 

 

 

Annual Income Statement

 

Financials in: REP (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

CHF

CHF

CHF

CHF

CHF

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

Ernst & Young Ltd

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Gross Sales

132.8

100.8

154.9

186.7

163.9

    Sales Deductions

-2.7

-2.9

-1.9

-3.1

-2.1

Total Revenue

130.1

97.9

153.0

183.6

161.8

 

 

 

 

 

 

    Cost of Goods Sold

53.0

41.6

62.0

76.2

62.7

    Marketing and Distribution

14.3

11.8

19.5

21.4

21.4

    Research and Development

14.9

11.0

19.9

18.6

15.3

    Management and Administration

13.4

11.2

17.6

15.9

16.7

    Other Operating Income

-0.1

-0.3

-0.1

-0.9

-0.6

    Amortization of Intangibles

15.2

15.3

15.3

15.3

-

    Impairment of Goodwill

-

-

0.0

3.4

0.0

    Depreciation

2.4

1.7

1.9

2.0

-

    Other Operating Expense

-2.4

-1.9

-1.9

-2.1

0.2

Total Operating Expense

110.7

90.4

134.1

149.8

115.7

 

 

 

 

 

 

    Interest Income

0.1

0.1

0.3

0.2

-

    Financial Income

2.3

0.5

2.4

1.5

1.2

    Interest Expense

-5.4

-5.8

-7.6

-16.3

-3.4

    Financial Expense

-2.2

-1.8

-5.4

-12.3

-2.5

Net Income Before Taxes

14.3

0.4

8.7

6.9

41.4

 

 

 

 

 

 

Provision for Income Taxes

-6.5

-0.7

3.4

3.3

11.4

Net Income After Taxes

20.8

1.1

5.3

3.6

30.0

 

 

 

 

 

 

Net Income Before Extra. Items

20.8

1.1

5.3

3.6

30.0

Net Income

20.8

1.1

5.3

3.6

30.0

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

20.8

1.1

5.3

3.6

30.0

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

20.8

1.1

5.3

3.6

30.0

 

 

 

 

 

 

Basic Weighted Average Shares

8.5

6.9

6.6

5.0

6.6

Basic EPS Excluding ExtraOrdinary Items

2.45

0.16

0.81

0.72

4.57

Basic EPS Including ExtraOrdinary Items

2.45

0.16

0.81

0.72

4.57

Diluted Net Income

20.8

1.1

5.3

3.6

30.0

Diluted Weighted Average Shares

8.5

6.9

6.6

5.0

6.6

Diluted EPS Excluding ExtraOrd Items

2.44

0.16

0.81

0.72

4.57

Diluted EPS Including ExtraOrd Items

2.44

0.16

0.81

0.72

4.57

DPS-Common Stock

1.20

0.00

0.00

0.60

0.00

Gross Dividends - Common Stock

10.2

0.0

0.0

3.9

0.0

Normalized Income Before Taxes

14.0

-0.2

11.5

10.2

41.4

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

-6.6

-0.9

4.5

4.9

11.4

Normalized Income After Taxes

20.5

0.7

7.0

5.3

30.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

20.5

0.7

7.0

5.3

30.0

 

 

 

 

 

 

Basic Normalized EPS

2.43

0.10

1.07

1.07

4.57

Diluted Normalized EPS

2.41

0.10

1.07

1.07

4.57

Depreciation

2.4

1.7

1.9

2.0

2.1

Amortization of Intangibles

15.2

15.3

15.3

15.3

0.1

Research & Development

14.9

11.0

19.9

18.6

15.3

Interest Expense

5.4

5.8

7.6

16.3

3.4

Rental Expenses

3.6

4.0

3.9

4.1

-

    Income Tax

-

-

4.7

6.1

2.4

    Income Tax

4.6

3.1

-

-

-

    Income Tax from Previous Year

-3.2

4.3

-

-

-

Current Tax - Total

1.4

7.4

4.7

6.1

2.4

    Deferred Tax

-7.8

-8.0

-1.3

-2.8

9.0

Deferred Tax - Total

-7.8

-8.0

-1.3

-2.8

9.0

Income Tax - Total

-6.5

-0.7

3.4

3.3

11.4

Service Cost

2.4

2.1

2.5

2.3

-

Interest Cost

2.0

2.0

2.5

1.9

-

Expected Return on Plan Assets

-2.5

-2.6

-3.6

-3.5

-

Actuarial Gains and Losses - Domestic

1.1

0.0

0.0

-

-

Curtailments, Settlements

-

0.0

1.5

0.0

-

Domestic Pension Plan Expense

3.1

1.5

2.9

0.8

-

Total Pension Expense

3.1

1.5

2.9

0.8

-

Discount Rate

2.40%

3.30%

3.60%

3.50%

-

Expected Return on Plan Assets

3.60%

4.00%

4.00%

4.00%

-

Salary Increase

2.00%

2.00%

2.00%

2.00%

-

 

 

Annual Balance Sheet

Financials in: CHF (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

CHF

CHF

CHF

CHF

CHF

Exchange Rate

1

1

1

1

1

Auditor

Ernst & Young Ltd

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Raw Materials

2.3

4.2

1.5

2.4

5.1

    Semi-Finished & Finished Goods

9.0

5.7

10.2

12.7

17.2

    Work in Progress

1.0

0.6

0.6

0.8

0.5

    Valuation Allowance

-

-

-

-

-7.1

    Trade Receivables, Gross

18.9

16.0

13.1

17.1

14.3

    Provision for Doubtful Accounts

-1.0

-0.9

-0.8

-0.9

-0.6

    Prepayments/ Other Receivables

0.6

-

-

-

-

    Other Receivables

1.5

1.8

1.7

2.6

5.1

    Income Tax Receivables

0.8

1.0

0.8

0.8

1.0

    Cash on Hand

0.0

-

-

-

-

    Bank Accounts

14.6

-

-

-

-

    Time Deposits

6.4

-

-

-

-

    Cash & Equivalents

-

15.1

7.5

5.4

4.0

Total Current Assets

54.2

43.5

34.5

40.9

39.7

 

 

 

 

 

 

    Intangibles

-

272.6

287.8

364.1

89.2

    Intangibles Gross

318.8

-

-

-

-

    Amortization

-61.0

-

-

-

-

    Goodwill Net

61.2

61.2

61.2

-

-

    Land & Buildings

2.7

2.9

3.0

3.2

5.5

    Machinery & Equipment

9.4

7.5

4.8

2.8

7.6

    Furniture & Fixtures

5.2

4.3

4.3

3.1

11.6

    Depreciation

-7.0

-5.1

-3.8

-2.1

-17.7

    Pension Fund Assets

13.9

15.6

15.8

17.0

-

    Financial Assets

0.2

0.2

0.2

0.2

0.4

    Deferred Tax Assets

1.9

2.0

2.0

2.9

2.8

Total Assets

399.5

404.7

409.8

432.1

139.2

 

 

 

 

 

 

    ST Bank Loans

10.0

10.0

10.0

10.0

0.0

    Derivative Financial Instruments

1.1

1.9

2.1

0.2

-

    Customer Advances

2.9

-

-

-

-

    Other Liabilities

3.6

-

-

-

-

    Trade & Other Liabilities

5.8

4.4

7.3

12.7

15.5

    Other Liabilities Shareholders

-

-

-

-

1.3

    Accrued Liabilities

11.5

11.2

10.9

15.6

13.9

    Provisions

0.9

1.2

3.9

2.2

-

    Income Tax Liabilities

7.8

6.7

0.8

1.5

1.6

Total Current Liabilities

43.6

35.4

35.1

42.2

32.3

 

 

 

 

 

 

    Bank Loans

87.5

114.3

154.0

168.8

41.1

    Shareholder Loans

-

-

-

-

0.0

Total Long Term Debt

87.5

114.3

154.0

168.8

41.1

 

 

 

 

 

 

    Provisions

1.4

1.3

2.7

2.1

5.8

    Deferred Tax Liabilities

42.4

50.1

58.4

60.5

8.5

Total Liabilities

174.8

201.1

250.3

273.5

87.7

 

 

 

 

 

 

    Share Capital

79.5

79.5

61.7

65.6

15.5

    Share Premium

103.7

103.7

78.6

78.6

0.1

    Reserve for Share-based Payment Trans.

0.9

0.0

-

-

-

    Other Reserves

0.4

0.4

0.1

0.0

-

    Treasury Shares

-

-

-

-

0.0

    Translation Adjustment

-2.0

-1.3

-1.4

-1.0

-1.3

    Retained Earnings

42.0

21.3

20.5

15.3

37.2

Total Equity

224.7

203.6

159.5

158.6

51.5

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

399.5

404.7

409.8

432.1

139.2

 

 

 

 

 

 

    S/O-Common Stock

8.5

6.6

6.6

6.6

6.6

Total Common Shares Outstanding

8.5

6.6

6.6

6.6

6.6

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

Intangibles Amortization

61.0

49.1

33.9

18.6

0.4

Deferred Revenue - Current

2.9

1.4

-

-

-

Full-Time Employees

445

449

536

529

490

Number of Shareholders

880

1,017

966

780

-

Current maturities

10.0

10.0

-

-

-

Total Long Term Debt, Supplemental

10.0

10.0

-

-

-

Operating Lease Maturing in 1 Year

3.4

3.5

3.6

3.9

3.7

Operating Lease Maturing in 1-5 Years

3.8

6.6

9.4

12.4

12.1

Operating Lease Maturing in <5 Years

-

0.0

0.0

0.1

3.0

Optg leases-year 2

3.8

6.6

9.4

-

12.1

Total Operating Leases, Supplemental

11.0

16.6

22.3

16.4

30.8

Defined Benefit Obligation

60.6

61.6

63.8

71.0

-

Plan Assets

61.4

61.7

72.2

89.3

-

Funded Status

0.7

0.1

8.4

18.4

-

Total Funded Status

0.7

0.1

8.4

18.4

-

Discount Rate

2.40%

3.60%

3.60%

3.50%

-

Expected Return on Plan Assets

3.60%

4.00%

4.00%

3.50%

-

Salary Increase

2.00%

2.00%

2.00%

2.00%

-

Equity Securities

25.00%

28.00%

26.00%

26.00%

-

Debt Securities

33.00%

33.00%

33.00%

33.00%

-

Property

26.00%

26.00%

28.00%

28.00%

-

Other

16.00%

13.00%

13.00%

13.00%

-

 

 

Annual Cash Flows

Financials in: CHF (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

CHF

CHF

CHF

CHF

CHF

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

Ernst & Young Ltd

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

EBIT

14.3

0.4

8.7

6.9

46.1

    Depreciation

2.4

1.7

1.9

2.0

2.1

    Amortization of Intangibles

15.2

15.3

15.3

15.3

0.1

    Impairment of Goodwill

-

-

0.0

3.4

0.0

    Other Non-Cash Items

-

-

-

-

-0.1

    Change in Pension Fund Asset

1.8

0.2

1.2

-0.8

-

    Change in Reserves Share-Based Bayments

0.9

-

-

-

-

    Provisions

-0.2

-4.2

2.4

-1.3

-2.0

    Financial Result

5.1

7.0

10.2

26.9

-

    Disposal of Fixed Assets

0.4

-0.1

0.0

0.0

0.1

    Inventories

-2.5

1.7

3.3

-0.5

-4.5

    Trade & Other Receivables

-

-

-

-

1.9

    Trade Receivables

-2.7

-2.9

3.7

-2.8

-

    Other Receivables

-0.4

-0.6

1.4

2.7

-

    Other ST Liabilities

8.1

-2.6

-5.2

-3.8

6.0

    Accrued Liabilities

0.5

0.8

-5.4

-2.7

-0.6

    Income Tax Paid

0.0

-2.4

-4.6

-6.0

-0.9

Cash from Operating Activities

42.6

14.3

32.8

39.2

48.3

 

 

 

 

 

 

    Purchase of Subsidiaries

-

-

0.0

-0.4

-

    Purchase of Intangibles

-0.4

0.0

-0.2

-0.4

-

    Purchase of Fixed Assets

-3.4

-3.3

-3.5

-2.0

-3.1

    Purchase of Financial Assets

0.0

0.0

0.0

-0.2

-

    Disposal of Fixed Assets

0.1

0.2

0.1

0.0

0.2

    Disposal of Financial Assets

0.0

0.1

0.0

0.2

-

    Sale of Derivatives

-

-

0.0

0.6

-

    Interest Received

0.1

0.1

0.3

0.1

0.3

    Other Changes in Fixed Assets

-

-

-

-

0.0

Cash from Investing Activities

-3.6

-3.0

-3.3

-2.0

-2.6

 

 

 

 

 

 

    Increase in Bank Loans

0.0

5.0

-

180.0

125.1

    Repayment of Bank Loans

-27.0

-45.0

-15.0

-231.6

-122.9

    Agreement Fees on Bank Loans

-

-

-

-1.4

-

    Repayment of Shareholders Loans

-

-

-

-64.5

-51.3

    Issue of Share Capital

0.0

43.9

-

104.0

-

    Costs Related to Issue of Share Capital

0.0

-1.2

-

-6.9

-

    Interest Paid

-5.7

-6.6

-8.5

-19.3

-6.6

    Purchase of Treasury Shares

-

-

-

-

0.0

    Disposal of Treasury Shares

-

-

-

-

0.8

    Nominal Value Reduction

-

-

-3.9

-

-

Cash from Financing Activities

-32.7

-4.0

-27.4

-39.7

-54.8

 

 

 

 

 

 

Foreign Exchange Effects

-0.3

0.3

0.1

-0.5

-0.4

Net Change in Cash

6.0

7.6

2.1

-3.0

-9.5

 

 

 

 

 

 

Net Cash Beginning Balance

15.1

7.5

5.4

8.4

13.5

Net Cash Ending Balance

21.0

15.1

7.5

5.4

4.0

    Cash Interest Paid

5.7

6.6

8.5

19.3

6.6

    Cash Taxes Paid

0.0

2.4

4.6

6.0

0.9

 

 

Financial health

 

 

Financials in: REP (mil) 

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

Key Indicators REP (mil)

 

Quarter
Ending
30-Jun-2011

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2010

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

105.6

72.28%

130.1

32.88%

-10.84%

-1.81%

Research & Development1

7.9

11.21%

14.9

35.48%

-7.17%

-1.40%

Operating Income1

31.6

279.45%

19.4

160.57%

-16.81%

-7.80%

Income Available to Common Excl Extraord Items1

25.1

525.37%

20.8

1,826.07%

79.55%

2.46%

Basic EPS Excl Extraord Items1

2.96

525.33%

2.45

1,463.25%

50.35%

-2.63%

Capital Expenditures2

1.4

-5.27%

3.8

13.73%

15.81%

2.66%

Cash from Operating Activities2

22.5

44.19%

42.6

198.68%

2.83%

3.90%

Free Cash Flow

21.1

49.43%

38.9

254.89%

1.84%

4.02%

Total Assets3

413.4

1.42%

399.5

-1.31%

-2.58%

20.41%

Total Liabilities3

174.3

-12.46%

174.8

-13.09%

-13.86%

5.16%

Total Long Term Debt3

84.6

-18.93%

87.5

-23.42%

-19.66%

1.78%

Employees3

-

-

445

-0.89%

-5.60%

-1.00%

Total Common Shares Outstanding3

8.5

0.00%

8.5

28.96%

8.85%

5.22%

1-ExchangeRate: CHF to REP Average for Period

1.000000

 

1.000000

 

 

 

2-ExchangeRate: CHF to REP Average for Period

1.000000

 

1.000000

 

 

 

3-ExchangeRate: CHF to REP Period End Date

1.000000

 

1.000000

 

 

 

Key Ratios

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Profitability

Gross Margin

59.28%

57.48%

59.50%

58.49%

61.23%

Operating Margin

14.94%

7.62%

12.36%

18.39%

28.48%

Pretax Margin

10.99%

0.42%

5.68%

3.75%

25.56%

Net Profit Margin

15.96%

1.10%

3.48%

1.95%

18.51%

Financial Strength

Current Ratio

1.24

1.23

0.98

0.97

1.23

Long Term Debt/Equity

0.39

0.56

0.97

1.06

0.80

Total Debt/Equity

0.43

0.61

1.03

1.13

0.80

Management Effectiveness

Return on Assets

5.16%

0.26%

1.26%

1.26%

20.17%

Return on Equity

9.70%

0.59%

3.34%

3.41%

81.54%

Efficiency

Receivables Turnover

6.82

5.98

8.91

9.31

7.58

Inventory Turnover

4.64

3.67

4.41

4.81

4.57

Asset Turnover

0.32

0.24

0.36

0.64

1.09

Market Valuation REP (mil)

P/E (TTM)

8.46

.

Enterprise Value2

416.9

Price/Sales (TTM)

2.00

.

Enterprise Value/Revenue (TTM)

2.39

Price/Book (MRQ)

1.46

.

Enterprise Value/EBITDA (TTM)

6.85

Market Cap as of 03-Feb-20121

349.4

.

 

 

1-ExchangeRate: CHF to REP on 3-Feb-2012

1.000000

 

 

 

2-ExchangeRate: CHF to REP on 30-Jun-2011

1.000000

 

 

 

 

 

 

Annual Ratios

 

Financials in: REP (mil) 

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



 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Financial Strength

Current Ratio

1.24

1.23

0.98

0.97

1.23

Quick/Acid Test Ratio

0.95

0.93

0.63

0.59

0.74

Working Capital

10.7

8.0

-0.6

-1.3

7.3

Long Term Debt/Equity

0.39

0.56

0.97

1.06

0.80

Total Debt/Equity

0.43

0.61

1.03

1.13

0.80

Long Term Debt/Total Capital

0.27

0.35

0.48

0.50

0.44

Total Debt/Total Capital

0.30

0.38

0.51

0.53

0.44

Payout Ratio

48.89%

0.00%

0.00%

83.08%

0.00%

Effective Tax Rate

-45.26%

-161.02%

38.82%

47.92%

27.59%

Total Capital

322.2

327.9

323.6

337.4

92.6

 

 

 

 

 

 

Efficiency

Asset Turnover

0.32

0.24

0.36

0.64

1.09

Inventory Turnover

4.64

3.67

4.41

4.81

4.57

Days In Inventory

78.62

99.44

82.86

75.94

79.91

Receivables Turnover

6.82

5.98

8.91

9.31

7.58

Days Receivables Outstanding

53.54

61.00

40.99

39.22

48.13

Revenue/Employee

292,348

218,051

285,388

347,030

330,261

Operating Income/Employee

43,665

16,608

35,261

63,805

94,049

EBITDA/Employee

83,135

54,454

67,254

96,369

98,582

 

 

 

 

 

 

Profitability

Gross Margin

59.28%

57.48%

59.50%

58.49%

61.23%

Operating Margin

14.94%

7.62%

12.36%

18.39%

28.48%

EBITDA Margin

28.44%

24.97%

23.57%

27.77%

29.85%

EBIT Margin

14.94%

7.62%

12.36%

18.39%

28.48%

Pretax Margin

10.99%

0.42%

5.68%

3.75%

25.56%

Net Profit Margin

15.96%

1.10%

3.48%

1.95%

18.51%

R&D Expense/Revenue

11.47%

11.25%

12.98%

10.16%

9.46%

COGS/Revenue

40.72%

42.52%

40.50%

41.51%

38.77%

SG&A Expense/Revenue

21.29%

23.49%

24.22%

20.35%

23.54%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

5.16%

0.26%

1.26%

1.26%

20.17%

Return on Equity

9.70%

0.59%

3.34%

3.41%

81.54%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share

4.59

1.67

4.43

5.61

6.89

Operating Cash Flow/Share

5.04

2.18

4.99

5.98

7.36

 

Current Market Multiples

Market Cap/Earnings (TTM)

8.46

Market Cap/Equity (MRQ)

1.46

Market Cap/Revenue (TTM)

2.00

Market Cap/EBIT (TTM)

8.18

Market Cap/EBITDA (TTM)

5.74

Enterprise Value/Earnings (TTM)

10.10

Enterprise Value/Equity (MRQ)

1.74

Enterprise Value/Revenue (TTM)

2.39

Enterprise Value/EBIT (TTM)

9.76

Enterprise Value/EBITDA (TTM)

6.85

 

 

 

Annual Income Statement

Standardized

 

Financials in: REP (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

CHF

CHF

CHF

CHF

CHF

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

Ernst & Young Ltd

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Gross Revenue

132.8

100.8

154.9

186.7

163.9

    Sales Returns and Allowances

-2.7

-2.9

-1.9

-3.1

-2.1

Revenue

130.1

97.9

153.0

183.6

161.8

Total Revenue

130.1

97.9

153.0

183.6

161.8

 

 

 

 

 

 

    Cost of Revenue

53.0

41.6

62.0

76.2

62.7

Cost of Revenue, Total

53.0

41.6

62.0

76.2

62.7

Gross Profit

77.1

56.3

91.0

107.4

99.1

 

 

 

 

 

 

    Selling/General/Administrative Expense

27.7

23.0

37.0

37.4

38.1

Total Selling/General/Administrative Expenses

27.7

23.0

37.0

37.4

38.1

Research & Development

14.9

11.0

19.9

18.6

15.3

    Depreciation

2.4

1.7

1.9

2.0

-

    Amortization of Intangibles

15.2

15.3

15.3

15.3

-

Depreciation/Amortization

17.6

17.0

17.1

17.2

-

    Impairment-Assets Held for Use

-

-

0.0

3.4

0.0

Unusual Expense (Income)

-

-

0.0

3.4

0.0

    Other Operating Expense

-2.4

-1.9

-1.9

-2.1

0.2

    Other, Net

-0.1

-0.3

-0.1

-0.9

-0.6

Other Operating Expenses, Total

-2.5

-2.2

-1.9

-3.0

-0.4

Total Operating Expense

110.7

90.4

134.1

149.8

115.7

 

 

 

 

 

 

Operating Income

19.4

7.5

18.9

33.8

46.1

 

 

 

 

 

 

        Interest Expense - Non-Operating

-5.4

-5.8

-7.6

-16.3

-3.4

    Interest Expense, Net Non-Operating

-5.4

-5.8

-7.6

-16.3

-3.4

        Interest Income - Non-Operating

0.1

0.1

0.3

0.2

-

    Interest/Investment Income - Non-Operating

0.1

0.1

0.3

0.2

-

Interest Income (Expense) - Net Non-Operating Total

-5.2

-5.7

-7.3

-16.1

-3.4

    Other Non-Operating Income (Expense)

0.1

-1.3

-3.0

-10.8

-1.3

Other, Net

0.1

-1.3

-3.0

-10.8

-1.3

Income Before Tax

14.3

0.4

8.7

6.9

41.4

 

 

 

 

 

 

Total Income Tax

-6.5

-0.7

3.4

3.3

11.4

Income After Tax

20.8

1.1

5.3

3.6

30.0

 

 

 

 

 

 

Net Income Before Extraord Items

20.8

1.1

5.3

3.6

30.0

Net Income

20.8

1.1

5.3

3.6

30.0

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

20.8

1.1

5.3

3.6

30.0

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

20.8

1.1

5.3

3.6

30.0

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

8.5

6.9

6.6

5.0

6.6

Basic EPS Excl Extraord Items

2.45

0.16

0.81

0.72

4.57

Basic/Primary EPS Incl Extraord Items

2.45

0.16

0.81

0.72

4.57

Diluted Net Income

20.8

1.1

5.3

3.6

30.0

Diluted Weighted Average Shares

8.5

6.9

6.6

5.0

6.6

Diluted EPS Excl Extraord Items

2.44

0.16

0.81

0.72

4.57

Diluted EPS Incl Extraord Items

2.44

0.16

0.81

0.72

4.57

Dividends per Share - Common Stock Primary Issue

1.20

0.00

0.00

0.60

0.00

Gross Dividends - Common Stock

10.2

0.0

0.0

3.9

0.0

Interest Expense, Supplemental

5.4

5.8

7.6

16.3

3.4

Depreciation, Supplemental

2.4

1.7

1.9

2.0

2.1

Total Special Items

-0.3

-0.6

2.8

3.4

0.0

Normalized Income Before Tax

14.0

-0.2

11.5

10.2

41.4

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-0.1

-0.2

1.1

1.6

0.0

Inc Tax Ex Impact of Sp Items

-6.6

-0.9

4.5

4.9

11.4

Normalized Income After Tax

20.5

0.7

7.0

5.3

30.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

20.5

0.7

7.0

5.3

30.0

 

 

 

 

 

 

Basic Normalized EPS

2.43

0.10

1.07

1.07

4.57

Diluted Normalized EPS

2.41

0.10

1.07

1.07

4.57

Amort of Intangibles, Supplemental

15.2

15.3

15.3

15.3

0.1

Rental Expenses

3.6

4.0

3.9

4.1

-

Research & Development Exp, Supplemental

14.9

11.0

19.9

18.6

15.3

Normalized EBIT

19.1

6.8

21.7

37.1

46.1

Normalized EBITDA

36.7

23.8

38.9

54.3

48.3

    Current Tax - Other

1.4

7.4

-

-

-

    Current Tax - Total

-

-

4.7

6.1

2.4

Current Tax - Total

1.4

7.4

4.7

6.1

2.4

    Deferred Tax - Total

-7.8

-8.0

-1.3

-2.8

9.0

Deferred Tax - Total

-7.8

-8.0

-1.3

-2.8

9.0

Income Tax - Total

-6.5

-0.7

3.4

3.3

11.4

Interest Cost - Domestic

2.0

2.0

2.5

1.9

-

Service Cost - Domestic

2.4

2.1

2.5

2.3

-

Expected Return on Assets - Domestic

-2.5

-2.6

-3.6

-3.5

-

Actuarial Gains and Losses - Domestic

1.1

0.0

0.0

-

-

Curtailments & Settlements - Domestic

-

0.0

1.5

0.0

-

Domestic Pension Plan Expense

3.1

1.5

2.9

0.8

-

Total Pension Expense

3.1

1.5

2.9

0.8

-

Discount Rate - Domestic

2.40%

3.30%

3.60%

3.50%

-

Expected Rate of Return - Domestic

3.60%

4.00%

4.00%

4.00%

-

Compensation Rate - Domestic

2.00%

2.00%

2.00%

2.00%

-

Total Plan Interest Cost

2.0

2.0

2.5

1.9

-

Total Plan Service Cost

2.4

2.1

2.5

2.3

-

Total Plan Expected Return

-2.5

-2.6

-3.6

-3.5

-

 

 

Interim Income Statement

Standardized

 

Financials in: REP (mil) 

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

 

 

 

30-Jun-2011

31-Dec-2010

30-Jun-2010

31-Dec-2009

30-Jun-2009

Period Length

6 Months

6 Months

6 Months

6 Months

6 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Jun-2010

Updated Normal 
31-Dec-2009

Updated Normal 
30-Jun-2009

Filed Currency

CHF

CHF

CHF

CHF

CHF

Exchange Rate (Period Average)

1

1

1

1

1

 

 

 

 

 

 

    Gross Revenue

108.0

70.5

62.4

50.7

50.1

    Sales Returns and Allowances

-2.4

-1.7

-1.1

-1.5

-1.4

Revenue

105.6

68.8

61.3

49.2

48.7

Total Revenue

105.6

68.8

61.3

49.2

48.7

 

 

 

 

 

 

    Cost of Revenue

37.8

27.7

25.2

22.2

19.4

Cost of Revenue, Total

37.8

27.7

25.2

22.2

19.4

Gross Profit

67.8

41.0

36.1

26.9

29.4

 

 

 

 

 

 

    Selling/General/Administrative Expense

20.6

14.5

13.1

11.6

11.4

Total Selling/General/Administrative Expenses

20.6

14.5

13.1

11.6

11.4

Research & Development

7.9

7.8

7.1

5.9

5.1

    Other Operating Expense

7.7

7.6

7.6

7.6

7.6

    Other, Net

0.0

0.0

-0.1

-0.1

-0.2

Other Operating Expenses, Total

7.7

7.6

7.5

7.4

7.4

Total Operating Expense

74.0

57.7

53.0

47.2

43.2

 

 

 

 

 

 

Operating Income

31.6

11.1

8.3

1.9

5.5

 

 

 

 

 

 

    Other Non-Operating Income (Expense)

-0.9

-2.3

-2.9

-4.0

-3.1

Other, Net

-0.9

-2.3

-2.9

-4.0

-3.1

Income Before Tax

30.7

8.8

5.5

-2.0

2.4

 

 

 

 

 

 

Total Income Tax

5.6

-7.9

1.5

-2.3

1.7

Income After Tax

25.1

16.8

4.0

0.3

0.8

 

 

 

 

 

 

Net Income Before Extraord Items

25.1

16.8

4.0

0.3

0.8

Net Income

25.1

16.8

4.0

0.3

0.8

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

25.1

16.8

4.0

0.3

0.8

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

25.1

16.8

4.0

0.3

0.8

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

8.5

8.5

8.5

7.2

6.6

Basic EPS Excl Extraord Items

2.96

1.98

0.47

0.04

0.12

Basic/Primary EPS Incl Extraord Items

2.96

1.98

0.47

0.04

0.12

Diluted Net Income

25.1

16.8

4.0

0.3

0.8

Diluted Weighted Average Shares

8.6

8.6

8.5

7.2

6.6

Diluted EPS Excl Extraord Items

2.93

1.96

0.47

0.04

0.12

Diluted EPS Incl Extraord Items

2.93

1.96

0.47

0.04

0.12

Dividends per Share - Common Stock Primary Issue

-

1.20

0.00

0.00

0.00

Gross Dividends - Common Stock

-

10.2

0.0

0.0

0.0

Depreciation, Supplemental

1.5

1.4

0.9

0.8

0.9

Normalized Income Before Tax

30.7

8.8

5.5

-2.0

2.4

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

5.6

-7.9

1.5

-2.3

1.7

Normalized Income After Tax

25.1

16.8

4.0

0.3

0.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

25.1

16.8

4.0

0.3

0.8

 

 

 

 

 

 

Basic Normalized EPS

2.96

1.98

0.47

0.04

0.12

Diluted Normalized EPS

2.93

1.96

0.47

0.04

0.12

Amort of Intangibles, Supplemental

7.6

7.6

7.6

7.6

7.6

Research & Development Exp, Supplemental

7.9

7.8

7.1

5.9

5.1

Normalized EBIT

31.6

11.1

8.3

1.9

5.5

Normalized EBITDA

40.7

20.1

16.9

10.4

14.1

    Current Tax - Total

6.5

-0.7

2.0

5.0

2.3

Current Tax - Total

6.5

-0.7

2.0

5.0

2.3

    Deferred Tax - Total

-0.9

-7.3

-0.6

-7.4

-0.7

Deferred Tax - Total

-0.9

-7.3

-0.6

-7.4

-0.7

Income Tax - Total

5.6

-7.9

1.5

-2.3

1.7

 

 

 

Annual Balance Sheet

Standardized

 

Financials in: REP (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

CHF

CHF

CHF

CHF

CHF

Exchange Rate

1

1

1

1

1

Auditor

Ernst & Young Ltd

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

14.7

-

-

-

-

    Cash & Equivalents

6.4

15.1

7.5

5.4

4.0

Cash and Short Term Investments

21.0

15.1

7.5

5.4

4.0

        Accounts Receivable - Trade, Gross

18.9

16.0

13.1

17.1

14.3

        Provision for Doubtful Accounts

-1.0

-0.9

-0.8

-0.9

-0.6

    Trade Accounts Receivable - Net

17.9

15.1

12.2

16.2

13.7

    Other Receivables

2.3

2.9

2.5

3.4

6.1

Total Receivables, Net

20.2

18.0

14.8

19.6

19.9

    Inventories - Finished Goods

9.0

5.7

10.2

12.7

17.2

    Inventories - Work In Progress

1.0

0.6

0.6

0.8

0.5

    Inventories - Raw Materials

2.3

4.2

1.5

2.4

5.1

    Inventories - Other

-

-

-

-

-7.1

Total Inventory

12.4

10.5

12.2

15.9

15.8

Prepaid Expenses

0.6

-

-

-

-

Total Current Assets

54.2

43.5

34.5

40.9

39.7

 

 

 

 

 

 

        Land/Improvements

2.7

2.9

3.0

3.2

5.5

        Machinery/Equipment

14.6

11.8

9.1

5.9

19.2

    Property/Plant/Equipment - Gross

17.3

14.7

12.1

9.1

24.8

    Accumulated Depreciation

-7.0

-5.1

-3.8

-2.1

-17.7

Property/Plant/Equipment - Net

10.3

9.7

8.2

7.0

7.1

Goodwill, Net

61.2

61.2

61.2

-

-

    Intangibles - Gross

318.8

-

-

-

-

    Accumulated Intangible Amortization

-61.0

-

-

-

-

Intangibles, Net

257.8

272.6

287.8

364.1

89.2

    LT Investments - Other

0.2

0.2

0.2

0.2

0.4

Long Term Investments

0.2

0.2

0.2

0.2

0.4

    Deferred Income Tax - Long Term Asset

1.9

2.0

2.0

2.9

2.8

    Other Long Term Assets

13.9

15.6

15.8

17.0

-

Other Long Term Assets, Total

15.8

17.7

17.8

19.9

2.8

Total Assets

399.5

404.7

409.8

432.1

139.2

 

 

 

 

 

 

Accounts Payable

5.8

4.4

7.3

12.7

15.5

Accrued Expenses

11.5

11.2

10.9

15.6

13.9

Notes Payable/Short Term Debt

0.0

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

10.0

10.0

10.0

10.0

0.0

    Customer Advances

2.9

-

-

-

-

    Income Taxes Payable

7.8

6.7

0.8

1.5

1.6

    Other Payables

-

-

-

-

1.3

    Other Current Liabilities

5.6

3.1

6.0

2.4

-

Other Current liabilities, Total

16.3

9.8

6.9

3.9

3.0

Total Current Liabilities

43.6

35.4

35.1

42.2

32.3

 

 

 

 

 

 

    Long Term Debt

87.5

114.3

154.0

168.8

41.1

Total Long Term Debt

87.5

114.3

154.0

168.8

41.1

Total Debt

97.5

124.3

164.0

178.8

41.1

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

42.4

50.1

58.4

60.5

8.5

Deferred Income Tax

42.4

50.1

58.4

60.5

8.5

    Reserves

1.4

1.3

2.7

2.1

5.8

Other Liabilities, Total

1.4

1.3

2.7

2.1

5.8

Total Liabilities

174.8

201.1

250.3

273.5

87.7

 

 

 

 

 

 

    Common Stock

79.5

79.5

61.7

65.6

15.5

Common Stock

79.5

79.5

61.7

65.6

15.5

Additional Paid-In Capital

103.7

103.7

78.6

78.6

0.1

Retained Earnings (Accumulated Deficit)

43.4

21.7

20.6

15.3

37.2

Treasury Stock - Common

-

-

-

-

0.0

    Translation Adjustment

-2.0

-1.3

-1.4

-1.0

-1.3

Other Equity, Total

-2.0

-1.3

-1.4

-1.0

-1.3

Total Equity

224.7

203.6

159.5

158.6

51.5

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

399.5

404.7

409.8

432.1

139.2

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

8.5

6.6

6.6

6.6

6.6

Total Common Shares Outstanding

8.5

6.6

6.6

6.6

6.6

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

445

449

536

529

490

Number of Common Shareholders

880

1,017

966

780

-

Accumulated Intangible Amort, Suppl.

61.0

49.1

33.9

18.6

0.4

Deferred Revenue - Current

2.9

1.4

-

-

-

Total Long Term Debt, Supplemental

10.0

10.0

-

-

-

Long Term Debt Maturing within 1 Year

10.0

10.0

-

-

-

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

-

-

-

Total Operating Leases, Supplemental

11.0

16.6

22.3

16.4

30.8

Operating Lease Payments Due in Year 1

3.4

3.5

3.6

3.9

3.7

Operating Lease Payments Due in Year 2

3.8

6.6

9.4

3.1

12.1

Operating Lease Payments Due in Year 3

1.3

2.2

3.1

3.1

4.0

Operating Lease Payments Due in Year 4

1.3

2.2

3.1

3.1

4.0

Operating Lease Payments Due in Year 5

1.3

2.2

3.1

3.1

4.0

Operating Lease Pymts. Due in 2-3 Years

5.0

8.8

12.5

6.2

16.1

Operating Lease Pymts. Due in 4-5 Years

2.5

4.4

6.3

6.2

8.0

Oper. Lse. Pymts. Due in Year 6 & Beyond

0.0

0.0

0.0

0.1

3.0

Pension Obligation - Domestic

60.6

61.6

63.8

71.0

-

Plan Assets - Domestic

61.4

61.7

72.2

89.3

-

Funded Status - Domestic

0.7

0.1

8.4

18.4

-

Total Funded Status

0.7

0.1

8.4

18.4

-

Discount Rate - Domestic

2.40%

3.60%

3.60%

3.50%

-

Expected Rate of Return - Domestic

3.60%

4.00%

4.00%

3.50%

-

Compensation Rate - Domestic

2.00%

2.00%

2.00%

2.00%

-

Equity % - Domestic

25.00%

28.00%

26.00%

26.00%

-

Debt Securities % - Domestic

33.00%

33.00%

33.00%

33.00%

-

Real Estate % - Domestic

26.00%

26.00%

28.00%

28.00%

-

Other Investments % - Domestic

16.00%

13.00%

13.00%

13.00%

-

Total Plan Obligations

60.6

61.6

63.8

71.0

-

Total Plan Assets

61.4

61.7

72.2

89.3

-

 

 

 

Interim Balance Sheet

Standardized

 

Financials in: REP (mil) 

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

 

 

 

30-Jun-2011

31-Dec-2010

30-Jun-2010

31-Dec-2009

30-Jun-2009

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Jun-2010

Updated Normal 
31-Dec-2009

Updated Normal 
30-Jun-2009

Filed Currency

CHF

CHF

CHF

CHF

CHF

Exchange Rate

1

1

1

1

1

 

 

 

 

 

 

    Cash & Equivalents

27.1

21.0

16.2

15.1

8.9

Cash and Short Term Investments

27.1

21.0

16.2

15.1

8.9

    Trade Accounts Receivable - Net

32.9

17.9

22.6

15.1

24.1

    Other Receivables

3.5

2.9

2.9

2.9

2.4

Total Receivables, Net

36.4

20.8

25.5

18.0

26.5

Total Inventory

12.8

12.4

12.4

10.5

9.5

Total Current Assets

76.3

54.2

54.1

43.5

44.9

 

 

 

 

 

 

Property/Plant/Equipment - Net

9.5

10.3

10.3

9.7

8.3

Goodwill, Net

119.9

119.9

-

-

-

Intangibles, Net

191.8

199.1

326.3

333.8

341.4

    LT Investments - Other

0.2

0.2

0.2

0.2

0.2

Long Term Investments

0.2

0.2

0.2

0.2

0.2

    Deferred Income Tax - Long Term Asset

2.3

1.9

2.0

2.0

2.0

    Other Long Term Assets

13.5

13.9

14.7

15.6

15.7

Other Long Term Assets, Total

15.8

15.8

16.7

17.7

17.8

Total Assets

413.4

399.5

407.6

404.7

412.5

 

 

 

 

 

 

Accounts Payable

11.4

12.3

10.5

4.4

6.6

Accrued Expenses

12.8

11.5

12.5

11.2

9.9

Notes Payable/Short Term Debt

0.0

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

10.0

10.0

10.0

10.0

10.0

    Income Taxes Payable

8.4

7.8

8.0

6.7

2.4

    Other Current Liabilities

2.2

2.0

2.9

3.1

4.7

Other Current liabilities, Total

10.6

9.8

10.9

9.8

7.2

Total Current Liabilities

44.9

43.6

43.8

35.4

33.6

 

 

 

 

 

 

    Long Term Debt

84.6

87.5

104.4

114.3

159.2

Total Long Term Debt

84.6

87.5

104.4

114.3

159.2

Total Debt

94.6

97.5

114.4

124.3

169.2

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

42.0

42.4

49.4

50.1

57.7

Deferred Income Tax

42.0

42.4

49.4

50.1

57.7

    Reserves

2.8

1.4

1.5

1.3

1.5

Other Liabilities, Total

2.8

1.4

1.5

1.3

1.5

Total Liabilities

174.3

174.8

199.2

201.1

252.0

 

 

 

 

 

 

    Common Stock

79.5

79.5

79.5

79.5

61.7

Common Stock

79.5

79.5

79.5

79.5

61.7

Additional Paid-In Capital

93.5

103.7

103.7

103.7

78.6

Retained Earnings (Accumulated Deficit)

69.2

43.4

25.9

21.7

21.4

    Translation Adjustment

-3.2

-2.0

-0.7

-1.3

-1.2

Other Equity, Total

-3.2

-2.0

-0.7

-1.3

-1.2

Total Equity

239.0

224.7

208.4

203.6

160.6

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

413.4

399.5

407.6

404.7

412.5

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

8.5

8.5

8.5

6.6

6.6

Total Common Shares Outstanding

8.5

8.5

8.5

6.6

6.6

Treasury Shares - Common Stock Primary Issue

-

0.0

-

-

-

Employees

487

445

434

449

464

Number of Common Shareholders

915

880

1,021

1,017

1,003

Total Long Term Debt, Supplemental

10.0

10.0

10.0

10.0

10.0

Long Term Debt Maturing within 1 Year

10.0

10.0

10.0

10.0

10.0

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

0.0

0.0

0.0

Total Operating Leases, Supplemental

-

7.2

-

10.0

-

Operating Lease Payments Due in Year 1

-

3.4

-

3.5

-

Operating Lease Payments Due in Year 2

-

3.8

-

6.6

-

Operating Lease Pymts. Due in 2-3 Years

-

3.8

-

6.6

-

Oper. Lse. Pymts. Due in Year 6 & Beyond

-

0.0

-

0.0

-

 

 

 

Annual Cash Flows

Standardized

 

Financials in: REP (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

CHF

CHF

CHF

CHF

CHF

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

Ernst & Young Ltd

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

14.3

0.4

8.7

6.9

46.1

    Depreciation

2.4

1.7

1.9

2.0

2.1

Depreciation/Depletion

2.4

1.7

1.9

2.0

2.1

    Amortization of Intangibles

15.2

15.3

15.3

15.3

0.1

Amortization

15.2

15.3

15.3

15.3

0.1

    Unusual Items

0.4

-0.1

0.0

3.4

0.1

    Other Non-Cash Items

2.4

-4.0

3.6

-2.2

-2.1

Non-Cash Items

2.8

-4.1

3.6

1.2

-2.0

    Accounts Receivable

-3.2

-3.5

5.1

-0.1

1.9

    Inventories

-2.5

1.7

3.3

-0.5

-4.5

    Accrued Expenses

0.5

0.8

-5.4

-2.7

-0.6

    Other Liabilities

8.1

-2.6

-5.2

-3.8

6.0

    Other Operating Cash Flow

5.1

4.6

5.6

20.9

-0.9

Changes in Working Capital

8.0

1.0

3.3

13.9

2.0

Cash from Operating Activities

42.6

14.3

32.8

39.2

48.3

 

 

 

 

 

 

    Purchase of Fixed Assets

-3.4

-3.3

-3.5

-2.0

-3.1

    Purchase/Acquisition of Intangibles

-0.4

0.0

-0.2

-0.4

-

Capital Expenditures

-3.8

-3.3

-3.7

-2.4

-3.1

    Acquisition of Business

-

-

0.0

-0.4

-

    Sale of Fixed Assets

0.1

0.2

0.1

0.0

0.2

    Sale/Maturity of Investment

0.0

0.1

0.0

0.8

-

    Purchase of Investments

0.0

0.0

0.0

-0.2

-

    Other Investing Cash Flow

0.1

0.1

0.3

0.1

0.3

Other Investing Cash Flow Items, Total

0.2

0.3

0.3

0.4

0.5

Cash from Investing Activities

-3.6

-3.0

-3.3

-2.0

-2.6

 

 

 

 

 

 

    Other Financing Cash Flow

-5.7

-7.9

-12.4

-27.6

-6.6

Financing Cash Flow Items

-5.7

-7.9

-12.4

-27.6

-6.6

        Sale/Issuance of Common

0.0

43.9

-

104.0

0.8

        Repurchase/Retirement of Common

-

-

-

-

0.0

    Common Stock, Net

0.0

43.9

-

104.0

0.8

Issuance (Retirement) of Stock, Net

0.0

43.9

-

104.0

0.8

        Long Term Debt Issued

0.0

5.0

-

180.0

125.1

        Long Term Debt Reduction

-27.0

-45.0

-15.0

-296.1

-174.2

    Long Term Debt, Net

-27.0

-40.0

-15.0

-116.1

-49.1

Issuance (Retirement) of Debt, Net

-27.0

-40.0

-15.0

-116.1

-49.1

Cash from Financing Activities

-32.7

-4.0

-27.4

-39.7

-54.8

 

 

 

 

 

 

Foreign Exchange Effects

-0.3

0.3

0.1

-0.5

-0.4

Net Change in Cash

6.0

7.6

2.1

-3.0

-9.5

 

 

 

 

 

 

Net Cash - Beginning Balance

15.1

7.5

5.4

8.4

13.5

Net Cash - Ending Balance

21.0

15.1

7.5

5.4

4.0

Cash Interest Paid

5.7

6.6

8.5

19.3

6.6

Cash Taxes Paid

0.0

2.4

4.6

6.0

0.9

 

 

 

Interim Cash Flows

Standardized

 

Financials in: REP (mil) 

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

 

 

 

30-Jun-2011

31-Dec-2010

30-Jun-2010

31-Dec-2009

30-Jun-2009

Period Length

6 Months

12 Months

6 Months

12 Months

6 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Jun-2010

Updated Normal 
31-Dec-2009

Updated Normal 
30-Jun-2009

Filed Currency

CHF

CHF

CHF

CHF

CHF

Exchange Rate (Period Average)

1

1

1

1

1

 

 

 

 

 

 

Net Income/Starting Line

30.7

14.3

5.5

0.4

2.4

    Depreciation

1.5

2.4

0.9

1.7

0.9

Depreciation/Depletion

1.5

2.4

0.9

1.7

0.9

    Amortization of Intangibles

7.6

15.2

7.6

15.3

7.6

Amortization

7.6

15.2

7.6

15.3

7.6

    Unusual Items

0.1

0.4

0.0

-0.1

-0.1

    Other Non-Cash Items

3.2

2.4

1.4

-4.0

-2.7

Non-Cash Items

3.3

2.8

1.4

-4.1

-2.8

    Accounts Receivable

-15.6

-2.7

-7.2

-2.9

-11.7

    Inventories

-1.2

-2.5

-1.7

1.7

3.0

    Other Assets

0.0

-0.4

0.0

-0.6

-0.1

    Accrued Expenses

1.6

0.5

1.0

0.8

-1.2

    Other Liabilities

-0.5

8.1

6.0

-2.6

-0.2

    Other Operating Cash Flow

-4.9

5.1

2.1

4.6

1.7

Changes in Working Capital

-20.6

8.0

0.2

1.0

-8.4

Cash from Operating Activities

22.5

42.6

15.6

14.3

-0.3

 

 

 

 

 

 

    Purchase of Fixed Assets

-1.1

-3.4

-1.4

-3.3

-0.9

    Purchase/Acquisition of Intangibles

-0.3

-0.4

-0.1

0.0

0.0

Capital Expenditures

-1.4

-3.8

-1.5

-3.3

-0.9

    Sale of Fixed Assets

0.1

0.1

0.0

0.2

0.2

    Sale/Maturity of Investment

0.0

0.0

0.0

0.1

0.1

    Purchase of Investments

0.0

0.0

0.0

0.0

0.0

    Other Investing Cash Flow

0.1

0.1

0.1

0.1

0.0

Other Investing Cash Flow Items, Total

0.2

0.2

0.1

0.3

0.2

Cash from Investing Activities

-1.3

-3.6

-1.4

-3.0

-0.6

 

 

 

 

 

 

    Other Financing Cash Flow

-1.7

-5.7

-3.1

-7.9

-2.8

Financing Cash Flow Items

-1.7

-5.7

-3.1

-7.9

-2.8

    Cash Dividends Paid - Common

-10.2

-

0.0

-

-

Total Cash Dividends Paid

-10.2

-

0.0

-

-

        Sale/Issuance of Common

-

0.0

-

43.9

-

    Common Stock, Net

-

0.0

-

43.9

-

Issuance (Retirement) of Stock, Net

-

0.0

-

43.9

-

        Long Term Debt Issued

-

0.0

0.0

5.0

5.0

        Long Term Debt Reduction

-3.0

-27.0

-10.0

-45.0

0.0

    Long Term Debt, Net

-3.0

-27.0

-10.0

-40.0

5.0

Issuance (Retirement) of Debt, Net

-3.0

-27.0

-10.0

-40.0

5.0

Cash from Financing Activities

-14.8

-32.7

-13.1

-4.0

2.2

 

 

 

 

 

 

Foreign Exchange Effects

-0.4

-0.3

0.1

0.3

0.1

Net Change in Cash

6.0

6.0

1.2

7.6

1.4

 

 

 

 

 

 

Net Cash - Beginning Balance

21.0

15.1

15.1

7.5

7.5

Net Cash - Ending Balance

27.1

21.0

16.2

15.1

8.9

Cash Interest Paid

-

5.7

3.1

6.6

2.8

Cash Taxes Paid

-

0.0

0.8

2.4

1.4

 

 

 

Annual Income Statement

As Reported

 

Financials in: REP (mil) 

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

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

CHF

CHF

CHF

CHF

CHF

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

Ernst & Young Ltd

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Gross Sales

132.8

100.8

154.9

186.7

163.9

    Sales Deductions

-2.7

-2.9

-1.9

-3.1

-2.1

Total Revenue

130.1

97.9

153.0

183.6

161.8

 

 

 

 

 

 

    Cost of Goods Sold

53.0

41.6

62.0

76.2

62.7

    Marketing and Distribution

14.3

11.8

19.5

21.4

21.4

    Research and Development

14.9

11.0

19.9

18.6

15.3

    Management and Administration

13.4

11.2

17.6

15.9

16.7

    Other Operating Income

-0.1

-0.3

-0.1

-0.9

-0.6

    Amortization of Intangibles

15.2

15.3

15.3

15.3

-

    Impairment of Goodwill

-

-

0.0

3.4

0.0

    Depreciation

2.4

1.7

1.9

2.0

-

    Other Operating Expense

-2.4

-1.9

-1.9

-2.1

0.2

Total Operating Expense

110.7

90.4

134.1

149.8

115.7

 

 

 

 

 

 

    Interest Income

0.1

0.1

0.3

0.2

-

    Financial Income

2.3

0.5

2.4

1.5

1.2

    Interest Expense

-5.4

-5.8

-7.6

-16.3

-3.4

    Financial Expense

-2.2

-1.8

-5.4

-12.3

-2.5

Net Income Before Taxes

14.3

0.4

8.7

6.9

41.4

 

 

 

 

 

 

Provision for Income Taxes

-6.5

-0.7

3.4

3.3

11.4

Net Income After Taxes

20.8

1.1

5.3

3.6

30.0

 

 

 

 

 

 

Net Income Before Extra. Items

20.8

1.1

5.3

3.6

30.0

Net Income

20.8

1.1

5.3

3.6

30.0

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

20.8

1.1

5.3

3.6

30.0

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

20.8

1.1

5.3

3.6

30.0

 

 

 

 

 

 

Basic Weighted Average Shares

8.5

6.9

6.6

5.0

6.6

Basic EPS Excluding ExtraOrdinary Items

2.45

0.16

0.81

0.72

4.57

Basic EPS Including ExtraOrdinary Items

2.45

0.16

0.81

0.72

4.57

Diluted Net Income

20.8

1.1

5.3

3.6

30.0

Diluted Weighted Average Shares

8.5

6.9

6.6

5.0

6.6

Diluted EPS Excluding ExtraOrd Items

2.44

0.16

0.81

0.72

4.57

Diluted EPS Including ExtraOrd Items

2.44

0.16

0.81

0.72

4.57

DPS-Common Stock

1.20

0.00

0.00

0.60

0.00

Gross Dividends - Common Stock

10.2

0.0

0.0

3.9

0.0

Normalized Income Before Taxes

14.0

-0.2

11.5

10.2

41.4

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

-6.6

-0.9

4.5

4.9

11.4

Normalized Income After Taxes

20.5

0.7

7.0

5.3

30.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

20.5

0.7

7.0

5.3

30.0

 

 

 

 

 

 

Basic Normalized EPS

2.43

0.10

1.07

1.07

4.57

Diluted Normalized EPS

2.41

0.10

1.07

1.07

4.57

Depreciation

2.4

1.7

1.9

2.0

2.1

Amortization of Intangibles

15.2

15.3

15.3

15.3

0.1

Research & Development

14.9

11.0

19.9

18.6

15.3

Interest Expense

5.4

5.8

7.6

16.3

3.4

Rental Expenses

3.6

4.0

3.9

4.1

-

    Income Tax

-

-

4.7

6.1

2.4

    Income Tax

4.6

3.1

-

-

-

    Income Tax from Previous Year

-3.2

4.3

-

-

-

Current Tax - Total

1.4

7.4

4.7

6.1

2.4

    Deferred Tax

-7.8

-8.0

-1.3

-2.8

9.0

Deferred Tax - Total

-7.8

-8.0

-1.3

-2.8

9.0

Income Tax - Total

-6.5

-0.7

3.4

3.3

11.4

Service Cost

2.4

2.1

2.5

2.3

-

Interest Cost

2.0

2.0

2.5

1.9

-

Expected Return on Plan Assets

-2.5

-2.6

-3.6

-3.5

-

Actuarial Gains and Losses - Domestic

1.1

0.0

0.0

-

-

Curtailments, Settlements

-

0.0

1.5

0.0

-

Domestic Pension Plan Expense

3.1

1.5

2.9

0.8

-

Total Pension Expense

3.1

1.5

2.9

0.8

-

Discount Rate

2.40%

3.30%

3.60%

3.50%

-

Expected Return on Plan Assets

3.60%

4.00%

4.00%

4.00%

-

Salary Increase

2.00%

2.00%

2.00%

2.00%

-

 

 

Interim Income Statement

As Reported

 

Financials in: REP (mil) 

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

 

 

 

30-Jun-2011

31-Dec-2010

30-Jun-2010

31-Dec-2009

30-Jun-2009

Period Length

6 Months

6 Months

6 Months

6 Months

6 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Jun-2010

Updated Normal 
31-Dec-2009

Updated Normal 
30-Jun-2009

Filed Currency

CHF

CHF

CHF

CHF

CHF

Exchange Rate (Period Average)

1

1

1

1

1

 

 

 

 

 

 

    Gross Sales

108.0

70.5

62.4

50.7

50.1

    Sales Deductions

-2.4

-1.7

-1.1

-1.5

-1.4

Total Revenue

105.6

68.8

61.3

49.2

48.7

 

 

 

 

 

 

    Cost of Goods Sold

37.8

27.7

25.2

22.2

19.4

    Marketing and Distribution

10.7

7.6

6.7

5.6

6.2

    Research and Development Expenses

7.9

7.8

7.1

5.9

5.1

    Management and Administration

9.9

7.0

6.5

6.1

5.2

    Other Operating Income

0.0

0.0

-0.1

-0.1

-0.2

    Other Operating Expense

7.7

7.6

7.6

7.6

7.6

Total Operating Expense

74.0

57.7

53.0

47.2

43.2

 

 

 

 

 

 

    Financial Income

1.4

1.8

0.6

0.6

0.0

    Financial Expense

-2.4

-4.1

-3.5

-4.5

-3.1

Net Income Before Taxes

30.7

8.8

5.5

-2.0

2.4

 

 

 

 

 

 

Provision for Income Taxes

5.6

-7.9

1.5

-2.3

1.7

Net Income After Taxes

25.1

16.8

4.0

0.3

0.8

 

 

 

 

 

 

Net Income Before Extra. Items

25.1

16.8

4.0

0.3

0.8

Net Income

25.1

16.8

4.0

0.3

0.8

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

25.1

16.8

4.0

0.3

0.8

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

25.1

16.8

4.0

0.3

0.8

 

 

 

 

 

 

Basic Weighted Average Shares

8.5

8.5

8.5

7.2

6.6

Basic EPS Excluding ExtraOrdinary Items

2.96

1.98

0.47

0.04

0.12

Basic EPS Including ExtraOrdinary Items

2.96

1.98

0.47

0.04

0.12

Diluted Net Income

25.1

16.8

4.0

0.3

0.8

Diluted Weighted Average Shares

8.6

8.6

8.5

7.2

6.6

Diluted EPS Excluding ExtraOrd Items

2.93

1.96

0.47

0.04

0.12

Diluted EPS Including ExtraOrd Items

2.93

1.96

0.47

0.04

0.12

DPS-Common Stock

-

1.20

0.00

0.00

0.00

Gross Dividends - Common Stock

-

10.2

0.0

0.0

0.0

Normalized Income Before Taxes

30.7

8.8

5.5

-2.0

2.4

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

5.6

-7.9

1.5

-2.3

1.7

Normalized Income After Taxes

25.1

16.8

4.0

0.3

0.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

25.1

16.8

4.0

0.3

0.8

 

 

 

 

 

 

Basic Normalized EPS

2.96

1.98

0.47

0.04

0.12

Diluted Normalized EPS

2.93

1.96

0.47

0.04

0.12

Depreciation

1.5

1.4

0.9

0.8

0.9

Amortisation of Intangibles

7.6

7.6

7.6

7.6

7.6

Research & Development Expenses

7.9

7.8

7.1

5.9

5.1

    Current Tax

6.5

-0.7

2.0

5.0

2.3

Current Tax - Total

6.5

-0.7

2.0

5.0

2.3

    Deferred Tax

-0.9

-7.3

-0.6

-7.4

-0.7

Deferred Tax - Total

-0.9

-7.3

-0.6

-7.4

-0.7

Income Tax - Total

5.6

-7.9

1.5

-2.3

1.7

 

 

 

Annual Balance Sheet

As Reported

 

Financials in: REP (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

CHF

CHF

CHF

CHF

CHF

Exchange Rate

1

1

1

1

1

Auditor

Ernst & Young Ltd

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Raw Materials

2.3

4.2

1.5

2.4

5.1

    Semi-Finished & Finished Goods

9.0

5.7

10.2

12.7

17.2

    Work in Progress

1.0

0.6

0.6

0.8

0.5

    Valuation Allowance

-

-

-

-

-7.1

    Trade Receivables, Gross

18.9

16.0

13.1

17.1

14.3

    Provision for Doubtful Accounts

-1.0

-0.9

-0.8

-0.9

-0.6

    Prepayments/ Other Receivables

0.6

-

-

-

-

    Other Receivables

1.5

1.8

1.7

2.6

5.1

    Income Tax Receivables

0.8

1.0

0.8

0.8

1.0

    Cash on Hand

0.0

-

-

-

-

    Bank Accounts

14.6

-

-

-

-

    Time Deposits

6.4

-

-

-

-

    Cash & Equivalents

-

15.1

7.5

5.4

4.0

Total Current Assets

54.2

43.5

34.5

40.9

39.7

 

 

 

 

 

 

    Intangibles

-

272.6

287.8

364.1

89.2

    Intangibles Gross

318.8

-

-

-

-

    Amortization

-61.0

-

-

-

-

    Goodwill Net

61.2

61.2

61.2

-

-

    Land & Buildings

2.7

2.9

3.0

3.2

5.5

    Machinery & Equipment

9.4

7.5

4.8

2.8

7.6

    Furniture & Fixtures

5.2

4.3

4.3

3.1

11.6

    Depreciation

-7.0

-5.1

-3.8

-2.1

-17.7

    Pension Fund Assets

13.9

15.6

15.8

17.0

-

    Financial Assets

0.2

0.2

0.2

0.2

0.4

    Deferred Tax Assets

1.9

2.0

2.0

2.9

2.8

Total Assets

399.5

404.7

409.8

432.1

139.2

 

 

 

 

 

 

    ST Bank Loans

10.0

10.0

10.0

10.0

0.0

    Derivative Financial Instruments

1.1

1.9

2.1

0.2

-

    Customer Advances

2.9

-

-

-

-

    Other Liabilities

3.6

-

-

-

-

    Trade & Other Liabilities

5.8

4.4

7.3

12.7

15.5

    Other Liabilities Shareholders

-

-

-

-

1.3

    Accrued Liabilities

11.5

11.2

10.9

15.6

13.9

    Provisions

0.9

1.2

3.9

2.2

-

    Income Tax Liabilities

7.8

6.7

0.8

1.5

1.6

Total Current Liabilities

43.6

35.4

35.1

42.2

32.3

 

 

 

 

 

 

    Bank Loans

87.5

114.3

154.0

168.8

41.1

    Shareholder Loans

-

-

-

-

0.0

Total Long Term Debt

87.5

114.3

154.0

168.8

41.1

 

 

 

 

 

 

    Provisions

1.4

1.3

2.7

2.1

5.8

    Deferred Tax Liabilities

42.4

50.1

58.4

60.5

8.5

Total Liabilities

174.8

201.1

250.3

273.5

87.7

 

 

 

 

 

 

    Share Capital

79.5

79.5

61.7

65.6

15.5

    Share Premium

103.7

103.7

78.6

78.6

0.1

    Reserve for Share-based Payment Trans.

0.9

0.0

-

-

-

    Other Reserves

0.4

0.4

0.1

0.0

-

    Treasury Shares

-

-

-

-

0.0

    Translation Adjustment

-2.0

-1.3

-1.4

-1.0

-1.3

    Retained Earnings

42.0

21.3

20.5

15.3

37.2

Total Equity

224.7

203.6

159.5

158.6

51.5

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

399.5

404.7

409.8

432.1

139.2

 

 

 

 

 

 

    S/O-Common Stock

8.5

6.6

6.6

6.6

6.6

Total Common Shares Outstanding

8.5

6.6

6.6

6.6

6.6

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

Intangibles Amortization

61.0

49.1

33.9

18.6

0.4

Deferred Revenue - Current

2.9

1.4

-

-

-

Full-Time Employees

445

449

536

529

490

Number of Shareholders

880

1,017

966

780

-

Current maturities

10.0

10.0

-

-

-

Total Long Term Debt, Supplemental

10.0

10.0

-

-

-

Operating Lease Maturing in 1 Year

3.4

3.5

3.6

3.9

3.7

Operating Lease Maturing in 1-5 Years

3.8

6.6

9.4

12.4

12.1

Operating Lease Maturing in <5 Years

-

0.0

0.0

0.1

3.0

Optg leases-year 2

3.8

6.6

9.4

-

12.1

Total Operating Leases, Supplemental

11.0

16.6

22.3

16.4

30.8

Defined Benefit Obligation

60.6

61.6

63.8

71.0

-

Plan Assets

61.4

61.7

72.2

89.3

-

Funded Status

0.7

0.1

8.4

18.4

-

Total Funded Status

0.7

0.1

8.4

18.4

-

Discount Rate

2.40%

3.60%

3.60%

3.50%

-

Expected Return on Plan Assets

3.60%

4.00%

4.00%

3.50%

-

Salary Increase

2.00%

2.00%

2.00%

2.00%

-

Equity Securities

25.00%

28.00%

26.00%

26.00%

-

Debt Securities

33.00%

33.00%

33.00%

33.00%

-

Property

26.00%

26.00%

28.00%

28.00%

-

Other

16.00%

13.00%

13.00%

13.00%

-

 

 

Interim Balance Sheet

As Reported

 

Financials in: REP (mil) 

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

 

 

30-Jun-2011

31-Dec-2010

30-Jun-2010

31-Dec-2009

30-Jun-2009

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Jun-2010

Updated Normal 
31-Dec-2009

Updated Normal 
30-Jun-2009

Filed Currency

CHF

CHF

CHF

CHF

CHF

Exchange Rate

1

1

1

1

1

 

 

 

 

 

 

    Inventories

12.8

12.4

12.4

10.5

9.5

    Trade Receivables, Net

32.9

17.9

22.6

15.1

24.1

    Other Receivables

2.7

2.1

1.8

1.8

1.6

    Income Tax Receivables

0.8

0.8

1.0

1.0

0.8

    Cash & Equivalents

27.1

21.0

16.2

15.1

8.9

Total Current Assets

76.3

54.2

54.1

43.5

44.9

 

 

 

 

 

 

    Intangibles

191.8

199.1

326.3

333.8

341.4

    Trademark and Goodwill

119.9

119.9

-

-

-

    Tangibles, Net

9.5

10.3

10.3

9.7

8.3

    Financial Assets

0.2

0.2

0.2

0.2

0.2

    Deferred Tax Assets

2.3

1.9

2.0

2.0

2.0

    Pension Fund Assets

13.5

13.9

14.7

15.6

15.7

Total Assets

413.4

399.5

407.6

404.7

412.5

 

 

 

 

 

 

    ST Bank Loans

10.0

10.0

10.0

10.0

10.0

    Derivative Financial Instruments

0.6

1.1

1.6

1.9

2.4

    Trade & Other Liabilities

11.4

12.3

10.5

4.4

6.6

    Accrued Liabilities

12.8

11.5

12.5

11.2

9.9

    Provisions

1.6

0.9

1.3

1.2

2.4

    Income Tax Liabilities

8.4

7.8

8.0

6.7

2.4

Total Current Liabilities

44.9

43.6

43.8

35.4

33.6

 

 

 

 

 

 

    Bank Loans

84.6

87.5

104.4

114.3

159.2

Total Long Term Debt

84.6

87.5

104.4

114.3

159.2

 

 

 

 

 

 

    Provisions

2.8

1.4

1.5

1.3

1.5

    Deferred Tax Liabilities

42.0

42.4

49.4

50.1

57.7

Total Liabilities

174.3

174.8

199.2

201.1

252.0

 

 

 

 

 

 

    Share Capital

79.5

79.5

79.5

79.5

61.7

    Share Premium

93.5

103.7

103.7

103.7

78.6

    Other Reserves

0.4

0.4

0.7

0.4

0.4

    Reserves for Share-based Paym.

1.6

0.9

-

-

-

    Translation Adjustment

-3.2

-2.0

-0.7

-1.3

-1.2

    Retained Earnings

67.1

42.0

25.3

21.3

21.0

Total Equity

239.0

224.7

208.4

203.6

160.6

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

413.4

399.5

407.6

404.7

412.5

 

 

 

 

 

 

    S/O-Common Stock

8.5

8.5

8.5

6.6

6.6

Total Common Shares Outstanding

8.5

8.5

8.5

6.6

6.6

T/S-Common Stock

-

0.0

-

-

-

Full-Time Employees

487

445

434

449

464

Number of Shareholders

915

880

1,021

1,017

1,003

Current maturities

10.0

10.0

10.0

10.0

10.0

Total Long Term Debt, Supplemental

10.0

10.0

10.0

10.0

10.0

Operating Lease Maturing in 1 Year

-

3.4

-

3.5

-

Optg leases-year 2

-

3.8

-

6.6

-

Total Operating Leases, Supplemental

-

7.2

-

10.0

-

 

 

 

Annual Cash Flows

As Reported

 

Financials in: REP (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

CHF

CHF

CHF

CHF

CHF

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

Ernst & Young Ltd

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

EBIT

14.3

0.4

8.7

6.9

46.1

    Depreciation

2.4

1.7

1.9

2.0

2.1

    Amortization of Intangibles

15.2

15.3

15.3

15.3

0.1

    Impairment of Goodwill

-

-

0.0

3.4

0.0

    Other Non-Cash Items

-

-

-

-

-0.1

    Change in Pension Fund Asset

1.8

0.2

1.2

-0.8

-

    Change in Reserves Share-Based Bayments

0.9

-

-

-

-

    Provisions

-0.2

-4.2

2.4

-1.3

-2.0

    Financial Result

5.1

7.0

10.2

26.9

-

    Disposal of Fixed Assets

0.4

-0.1

0.0

0.0

0.1

    Inventories

-2.5

1.7

3.3

-0.5

-4.5

    Trade & Other Receivables

-

-

-

-

1.9

    Trade Receivables

-2.7

-2.9

3.7

-2.8

-

    Other Receivables

-0.4

-0.6

1.4

2.7

-

    Other ST Liabilities

8.1

-2.6

-5.2

-3.8

6.0

    Accrued Liabilities

0.5

0.8

-5.4

-2.7

-0.6

    Income Tax Paid

0.0

-2.4

-4.6

-6.0

-0.9

Cash from Operating Activities

42.6

14.3

32.8

39.2

48.3

 

 

 

 

 

 

    Purchase of Subsidiaries

-

-

0.0

-0.4

-

    Purchase of Intangibles

-0.4

0.0

-0.2

-0.4

-

    Purchase of Fixed Assets

-3.4

-3.3

-3.5

-2.0

-3.1

    Purchase of Financial Assets

0.0

0.0

0.0

-0.2

-

    Disposal of Fixed Assets

0.1

0.2

0.1

0.0

0.2

    Disposal of Financial Assets

0.0

0.1

0.0

0.2

-

    Sale of Derivatives

-

-

0.0

0.6

-

    Interest Received

0.1

0.1

0.3

0.1

0.3

    Other Changes in Fixed Assets

-

-

-

-

0.0

Cash from Investing Activities

-3.6

-3.0

-3.3

-2.0

-2.6

 

 

 

 

 

 

    Increase in Bank Loans

0.0

5.0

-

180.0

125.1

    Repayment of Bank Loans

-27.0

-45.0

-15.0

-231.6

-122.9

    Agreement Fees on Bank Loans

-

-

-

-1.4

-

    Repayment of Shareholders Loans

-

-

-

-64.5

-51.3

    Issue of Share Capital

0.0

43.9

-

104.0

-

    Costs Related to Issue of Share Capital

0.0

-1.2

-

-6.9

-

    Interest Paid

-5.7

-6.6

-8.5

-19.3

-6.6

    Purchase of Treasury Shares

-

-

-

-

0.0

    Disposal of Treasury Shares

-

-

-

-

0.8

    Nominal Value Reduction

-

-

-3.9

-

-

Cash from Financing Activities

-32.7

-4.0

-27.4

-39.7

-54.8

 

 

 

 

 

 

Foreign Exchange Effects

-0.3

0.3

0.1

-0.5

-0.4

Net Change in Cash

6.0

7.6

2.1

-3.0

-9.5

 

 

 

 

 

 

Net Cash Beginning Balance

15.1

7.5

5.4

8.4

13.5

Net Cash Ending Balance

21.0

15.1

7.5

5.4

4.0

    Cash Interest Paid

5.7

6.6

8.5

19.3

6.6

    Cash Taxes Paid

0.0

2.4

4.6

6.0

0.9

 

 

Interim Cash Flows

As Reported

 

Financials in: REP (mil) 

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

 

 

 

30-Jun-2011

31-Dec-2010

30-Jun-2010

31-Dec-2009

30-Jun-2009

Period Length

6 Months

12 Months

6 Months

12 Months

6 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Jun-2010

Updated Normal 
31-Dec-2009

Updated Normal 
30-Jun-2009

Filed Currency

CHF

CHF

CHF

CHF

CHF

Exchange Rate (Period Average)

1

1

1

1

1

 

 

 

 

 

 

EBT

30.7

14.3

5.5

0.4

2.4

    Depreciation

1.5

2.4

0.9

1.7

0.9

    Amortization of Intangibles

7.6

15.2

7.6

15.3

7.6

    Change in Reserves Share-Based Payments

0.7

0.9

0.2

-

-

    Other Reserves

-

-

-

-

0.0

    Change in Pension Fund Asset

0.3

1.8

0.9

0.2

0.1

    Provisions

2.2

-0.2

0.3

-4.2

-2.8

    Financial Result

0.9

5.1

2.9

7.0

3.1

    Disposal of Fixed Assets

0.1

0.4

0.0

-0.1

-0.1

    Inventories

-1.2

-2.5

-1.7

1.7

3.0

    Trade Receivables

-15.6

-2.7

-7.2

-2.9

-11.7

    Other Receivables

0.0

-0.4

0.0

-0.6

-0.1

    Trade & Other Liabilities

-0.5

8.1

6.0

-2.6

-0.2

    Accrued Liabilities

1.6

0.5

1.0

0.8

-1.2

    Income taxes paid

-5.9

0.0

-0.8

-2.4

-1.4

Cash from Operating Activities

22.5

42.6

15.6

14.3

-0.3

 

 

 

 

 

 

    Purchase of Intangible Assets

-0.3

-0.4

-0.1

0.0

0.0

    Purchase of Financial Assets

0.0

0.0

0.0

0.0

0.0

    Disposal of Financial Assets

0.0

0.0

0.0

0.1

0.1

    Purchase of Fixed Assets

-1.1

-3.4

-1.4

-3.3

-0.9

    Disposal of Fixed Assets

0.1

0.1

0.0

0.2

0.2

    Interest Received

0.1

0.1

0.1

0.1

0.0

Cash from Investing Activities

-1.3

-3.6

-1.4

-3.0

-0.6

 

 

 

 

 

 

    Increase in Bank Loans

-

0.0

0.0

5.0

5.0

    Dividends Paid

-10.2

-

0.0

-

-

    Repayment of Bank Loans

-3.0

-27.0

-10.0

-45.0

0.0

    Issue of Share Capital

-

0.0

-

43.9

-

    Costs Related to Issue of Share Capital

-

0.0

-

-1.2

-

    Nominal Value Reduction

-

-

-

0.0

0.0

    Interest Paid

-1.7

-5.7

-3.1

-6.6

-2.8

Cash from Financing Activities

-14.8

-32.7

-13.1

-4.0

2.2

 

 

 

 

 

 

Foreign Exchange Effects

-0.4

-0.3

0.1

0.3

0.1

Net Change in Cash

6.0

6.0

1.2

7.6

1.4

 

 

 

 

 

 

Net Cash Beginning Balance

21.0

15.1

15.1

7.5

7.5

Net Cash Ending Balance

27.1

21.0

16.2

15.1

8.9

    Cash Interest Paid

-

5.7

3.1

6.6

2.8

    Cash Taxes Paid

-

0.0

0.8

2.4

1.4

 

 

 

Geographic Segments

 

Financials in: As Reported (mil)

Annual     

 

External Revenue   CHF (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Europe

28.9

21.7 %

15.9

15.7 %

34.6

22.3 %

53.0

28.4 %

39.0

23.8 %

Asia

89.3

67.3 %

71.7

71.1 %

102.4

66.1 %

111.5

59.7 %

100.9

61.5 %

Americas

14.6

11 %

13.2

13.1 %

17.9

11.5 %

22.2

11.9 %

24.1

14.7 %

Segment Total

132.8

100 %

100.8

100 %

154.9

100 %

186.7

100 %

163.9

100 %

Consolidated Total

132.8

100 %

100.8

100 %

154.9

100 %

186.7

100 %

163.9

100 %

Total Revenue   CHF (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Europe

28.9

21.7 %

15.9

15.7 %

34.6

22.3 %

53.0

28.4 %

39.0

23.8 %

Asia

89.3

67.3 %

71.7

71.1 %

102.4

66.1 %

111.5

59.7 %

100.9

61.5 %

Americas

14.6

11 %

13.2

13.1 %

17.9

11.5 %

22.2

11.9 %

24.1

14.7 %

Segment Total

132.8

100 %

100.8

100 %

154.9

100 %

186.7

100 %

163.9

100 %

Consolidated Total

132.8

100 %

100.8

100 %

154.9

100 %

186.7

100 %

163.9

100 %

 

Long Lived Assets   CHF (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

Europe

323.2

98.2 %

337.5

98.3 %

350.7

98.2 %

Asia

3.6

1.1 %

3.2

0.9 %

3.5

1 %

Americas

2.5

0.8 %

2.8

0.8 %

3.1

0.9 %

Segment Total

329.3

100 %

343.4

100 %

357.3

100 %

Consolidated Total

329.3

100 %

343.4

100 %

357.3

100 %

 

 

Geographic Segments

 

Financials in: As Reported (mil)

Interim     

 

External Revenue   CHF (mil)

 

30-Jun-11

31-Dec-10

30-Jun-10

31-Dec-09

30-Jun-09

Europe

25.1

23.2 %

15.0

21.3 %

13.9

22.2 %

8.5

16.8 %

7.4

14.7 %

Asia

73.7

68.2 %

48.0

68.2 %

41.3

66.2 %

37.1

73.2 %

34.6

69 %

Americas

9.3

8.6 %

7.4

10.5 %

7.2

11.6 %

5.1

10 %

8.2

16.3 %

Segment Total

108.0

100 %

70.5

100 %

62.4

100 %

50.7

100 %

50.1

100 %

Consolidated Total

108.0

100 %

70.5

100 %

62.4

100 %

50.7

100 %

50.1

100 %

Total Revenue   CHF (mil)

 

30-Jun-11

31-Dec-10

30-Jun-10

31-Dec-09

30-Jun-09

Europe

25.1

23.2 %

15.0

21.3 %

13.9

22.2 %

8.5

16.8 %

7.4

14.7 %

Asia

73.7

68.2 %

48.0

68.2 %

41.3

66.2 %

37.1

73.2 %

34.6

69 %

Americas

9.3

8.6 %

7.4

10.5 %

7.2

11.6 %

5.1

10 %

8.2

16.3 %

Segment Total

108.0

100 %

70.5

100 %

62.4

100 %

50.7

100 %

50.1

100 %

Consolidated Total

108.0

100 %

70.5

100 %

62.4

100 %

50.7

100 %

50.1

100 %

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.42

UK Pound

1

Rs.81.93

Euro

1

Rs.67.67

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

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

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

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

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