MIRA INFORM REPORT

 

 

Report Date :

12.12.2012

 

IDENTIFICATION DETAILS

 

Name :

SMA SOLAR TECHNOLOGY AG

 

 

 

 

Registered Office :

Sonnenallee 1 Niestetal, 34266

 

 

Country :

Germany

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment  :

1981

 

 

Com. Reg. No.:

3972

 

 

Legal Form :

Public Parent

 

 

Line of Business :

Manufacture of central heating radiators and boilers

 

 

No. of Employees :

5,685

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Germany

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

GERMANY - ECONOMIC OVERVIEW

 

The German economy - the fifth largest economy in the world in PPP terms and Europe's largest - is a leading exporter of machinery, vehicles, chemicals, and household equipment and benefits from a highly skilled labor force. Like its Western European neighbors, Germany faces significant demographic challenges to sustained long-term growth. Low fertility rates and declining net immigration are increasing pressure on the country's social welfare system and necessitate structural reforms. Reforms launched by the government of Chancellor Gerhard SCHROEDER (1998-2005), deemed necessary to address chronically high unemployment and low average growth, contributed to strong growth in 2006 and 2007 and falling unemployment. These advances, as well as a government subsidized, reduced working hour scheme, help explain the relatively modest increase in unemployment during the 2008-09 recession - the deepest since World War II - and its decrease to 6.0% in 2011. GDP contracted 5.1% in 2009 but grew by 3.6% in 2010, and 2.7% in 2011. The recovery was attributable primarily to rebounding manufacturing orders and exports - increasingly outside the Euro Zone. Germany's central bank projects that GDP will grow 0.6% in 2012, a reflection of the worsening euro-zone financial crisis and the financial burden it places on Germany as well as falling demand for German exports. Domestic demand is therefore becoming a more significant driver of Germany's economic expansion. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts introduced in Chancellor Angela MERKEL's second term increased Germany's budget deficit to 3.3% in 2010, but slower spending and higher tax revenues reduce the deficit to 1.7% in 2011, below the EU's 3% limit. A constitutional amendment approved in 2009 limits the federal government to structural deficits of no more than 0.35% of GDP per annum as of 2016. Following the March 2011 Fukushima nuclear disaster, Chancellor Angela Merkel announced in May 2011 that eight of the country's 17 nuclear reactors would be shut down immediately and the remaining plants would close by 2022. Germany hopes to replace nuclear power with renewable energy. Before the shutdown of the eight reactors, Germany relied on nuclear power for 23% of its energy and 46% of its base-load electrical production.

Source : CIA

Company name and address

 

Top of Form

Bottom of Form

Top of Form

SMA Solar Technology AG

                                                                                                                                                    

 

Sonnenallee 1

Niestetal, 34266

Germany

 

Tel:

49-561-95220

Fax:

49-561-9522100

 

www.sma.de

 

Employees:

5,685

Company Type:

Public Parent

Corporate Family:

16 Companies

Traded:

XETRA:

S92

Incorporation Date:

1981

Auditor:

Deloitte & Touche GmbH Wirtschaftspruef.

Financials in:

USD (mil)

 

Fiscal Year End:

31-Dec-2011

Reporting Currency:

Euro

Annual Sales:

2,330.9  1

Net Income:

230.9

Total Assets:

1,784.0  2

Market Value:

1,283.0

(05-Oct-2012)

                                      

Business Description       

 

Sma Solar Technology AG is a German holding company engaged in the solar technology sector. It develops, produces and sells inverters and monitoring systems for photovoltaic applications. The Company is active in four business segments. Medium Power Solutions develops, manufactures and distributes system technology for photovoltaic applications in the grid-tied and off-grid building and commercial field, including mainly the product groups Sunny Boy, Sunny Mini Central and Sunny Island. High Power Solutions develops, manufactures and distributes system technology for photovoltaic applications in the power plant sector, comprising Sunny Central. Railway Technology is responsible for development, production and distribution of power-electronic components for rail-bound traffic. Electronics Manufacturing produces electronic assemblies for Company’s other three segments and third parties. The Company has wholly owned subsidiaries in Germany, the United States and India, among others. For the six months ended 30 June 2012, SMA Solar Technology AG revenues increased 17% to EUR833.7M. Net income decreased 19% to EUR59.4M. Revenues reflect Medium Power Solutions segment increase of 15% to EUR598.9M, Power Plant Solutions segment increase of 17% to EUR194.9M, Germany segment increase of 25% to EUR400.6M, Third Countries segment increase of 46% to EUR247.8M. Net income was offset by Personnel Expenses.

          

Industry                                                                                                                                     

 

Industry

Construction - Supplies and Fixtures

ANZSIC 2006:

2449 - Other Domestic Appliance Manufacturing

NACE 2002:

2822 - Manufacture of central heating radiators and boilers

NAICS 2002:

333414 - Heating Equipment (except Warm Air Furnaces) Manufacturing

UK SIC 2003:

2822 - Manufacture of central heating radiators and boilers

UK SIC 2007:

2521 - Manufacture of central heating radiators and boilers

US SIC 1987:

3433 - Heating Equipment, Except Electric and Warm Air Furnaces

                      


Key Executives            

   

 

Name

Title

Pierre-Pascal Urbon

Chief Financial Officer, Director of Investor Relations, Chief Executive Officer and Member of the Management Board

Marko Werner

Chief Sales and Marketing Officer, Member of the Management Board

Juergen Dolle

Chief Human Resources Officer, Member of the Management Board

Wolfram Eberhardt

Vice President Corporate Communications

Uwe Hertel

Senior Vice President

   

Significant Developments                                                                                                                 

 

Topic

#*

Most Recent Headline

Date

Other Earnings Pre-Announcement

4

Sma Solar Technology AG Confirms FY 2012 Guidance; Issues Q3 FY 2012 Outlook In Line with Analysts' Estimates

26-Sep-2012

Positive Earnings Pre-Announcement

1

Sma Solar Technology AG Raises FY 2012 Revenue and EBIT Guidance

9-Aug-2012

Dividends

2

Sma Solar Technology AG Announces Further Details on FY 2011 Dividend

22-May-2012

* number of significant developments within the last 12 months

             

News       

 

Title

Date

AS Solar opens 5.8 MWp solar plant in Germany
ADP Renewable Energy Track (101 Words)

16-Oct-2012

US Patent Issued to SMA Solar Technology on Oct. 9 for "Maximum Power Point Matching Method" (German Inventors)
U.S. Fed News (253 Words)

13-Oct-2012

US Patent Issued to SMA Solar Technology on Oct. 2 for "Converter Comprising at Least One Normally on Semiconductor Switch" (German Inventors)
U.S. Fed News (260 Words)

5-Oct-2012

SMA Solar to supply inverters for 70-MW power project in Japan
ADP Renewable Energy Track (158 Words)

4-Oct-2012

German environmental award for concentrator photovoltaics
PressWIRE (1414 Words)

28-Sep-2012

    

Financial Summary                                                                                                                          

 

As of 30-Jun-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

2.68

3.90

Quick Ratio (MRQ)

1.82

3.02

Debt to Equity (MRQ)

0.04

0.21

Sales 5 Year Growth

54.10

11.04

Net Profit Margin (TTM) %

8.47

19.30

Return on Assets (TTM) %

11.64

15.21

Return on Equity (TTM) %

20.21

21.72

 

   Stock Snapshot                                  

 

Traded: XETRA: S92

 

As of 5-Oct-2012

   Financials in: EUR

Recent Price

28.41

EPS

4.79

52 Week High

55.75

Price/Sales

0.59

52 Week Low

21.00

Dividend Rate

1.30

Avg. Volume (mil)

0.06

Price/Earnings

6.16

Market Value (mil)

985.83

Price/Book

1.25

Beta

1.15

Price % Change

Rel S&P 500%

4 Week

10.07%

7.34%

13 Week

9.78%

-4.88%

52 Week

-36.87%

-51.83%

Year to Date

-34.18%

-47.52%

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327

 

 

Corporate Overview

 

Location
Sonnenallee 1
Niestetal, 34266
Germany

 

Tel:

49-561-95220

Fax:

49-561-9522100

 

www.sma.de

Quote Symbol - Exchange

S92 - XETRA

Sales EUR(mil):

1,676.3

Assets EUR(mil):

1,374.3

Employees:

5,685

Fiscal Year End:

31-Dec-2011

 

Industry:

Construction - Supplies and Fixtures

Incorporation Date:

1981

Company Type:

Public Parent

Quoted Status:

Quoted

Registered No.(DEU):

3972

 

Chief Financial Officer, Director of Investor Relations, Chief Executive Officer and Member of the Management Board:

Pierre-Pascal Urbon

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Executives

Financial Information

Home Page

Investor Relations

News Releases

Products/Services

Contents

Industry Codes

Business Description

Financial Data

Market Data

Shareholders

Subsidiaries

Key Corporate Relationships

Industry Codes

 

ANZSIC 2006 Codes:

2449

-

Other Domestic Appliance Manufacturing

2439

-

Other Electrical Equipment Manufacturing

6240

-

Financial Asset Investing

 

NACE 2002 Codes:

2822

-

Manufacture of central heating radiators and boilers

7415

-

Management activities of holding companies

3162

-

Manufacture of other electrical equipment not elsewhere classified

 

NAICS 2002 Codes:

333414

-

Heating Equipment (except Warm Air Furnaces) Manufacturing

551112

-

Offices of Other Holding Companies

335999

-

All Other Miscellaneous Electrical Equipment and Component Manufacturing

 

US SIC 1987:

3433

-

Heating Equipment, Except Electric and Warm Air Furnaces

6719

-

Offices of Holding Companies, Not Elsewhere Classified

3629

-

Electrical Industrial Apparatus, Not Elsewhere Classified

 

UK SIC 2003:

2822

-

Manufacture of central heating radiators and boilers

3162

-

Manufacture of other electrical equipment not elsewhere classified

7415

-

Management activities of holding companies

 

UK SIC 2007:

2521

-

Manufacture of central heating radiators and boilers

2790

-

Manufacture of other electrical equipment

642

-

Activities of holding companies

Business Description

Sma Solar Technology AG is a German holding company engaged in the solar technology sector. It develops, produces and sells inverters and monitoring systems for photovoltaic applications. The Company is active in four business segments. Medium Power Solutions develops, manufactures and distributes system technology for photovoltaic applications in the grid-tied and off-grid building and commercial field, including mainly the product groups Sunny Boy, Sunny Mini Central and Sunny Island. High Power Solutions develops, manufactures and distributes system technology for photovoltaic applications in the power plant sector, comprising Sunny Central. Railway Technology is responsible for development, production and distribution of power-electronic components for rail-bound traffic. Electronics Manufacturing produces electronic assemblies for Company’s other three segments and third parties. The Company has wholly owned subsidiaries in Germany, the United States and India, among others. For the six months ended 30 June 2012, SMA Solar Technology AG revenues increased 17% to EUR833.7M. Net income decreased 19% to EUR59.4M. Revenues reflect Medium Power Solutions segment increase of 15% to EUR598.9M, Power Plant Solutions segment increase of 17% to EUR194.9M, Germany segment increase of 25% to EUR400.6M, Third Countries segment increase of 46% to EUR247.8M. Net income was offset by Personnel Expenses.

More Business Descriptions

SMA Solar Technology AG develops, produces and sells solar inverters and monitoring systems for photovoltaic applications

Inverters Mfr & Sales

SMA Solar Technology AG is primarily engaged in manufacture of primary cells and primary batteries; and manufacture of electric accumulators, including parts thereof.

SMA Solar Technology AG (SMA) develops, produces and sells solar inverters and monitoring systems for photovoltaic applications. It develops and manufactures highly efficient PV inverters for all installation sizes and power classes and for any grid specifications worldwide. Its products portfolio comprises solar inverters, backup systems, off-grid inverters, wind energy inverters, energy systems, monitoring systems, and software products. The company also provides various accessories for inverters and data communication components. The company offers its products under various brands such as Sunny Boy, Sunny Mini Central, Sunny Central, Sunny Backup, Sunny Island, Windy Boy, and Sunny Beam. SMA operates its business through three business segments, namely, Photovoltaics Technology, Railway Technology, and Electronics Manufacturing. Through the Photovoltaic Technology division, the company develops, produces, and distributes solar inverters and monitoring systems for solar power plants. This segment has two sub divisions, namely, Medium Power Solutions, and High Power Solutions. Its Medium Power Solution sub division develops, produces and distributes system technology for photovoltaic applications in the grid-tied and off-grid building and commercial field. It includes product groups Sunny Boy, Sunny Mini Central, Sunny Tripower, Sunny Backup and Sunny Island. This division also provides communication products. The High Power Solution sub division develops, produces and distributes system technology for photovoltaic applications in the power plant sector. Its product group includes Sunny Central made up of 29 central inverters with numerous variants providing optimal technical solutions for any large-scale project. For the fiscal year ended 2011, the company reported revenue of €1,719m through Photovoltaic Technology division, indicating a decrease of 13.09% over revenue in 2010.In the Railway Technology segment, the company develops, produces and distributes power-electronic components for all rail-bound short- and long-distance traffic. Its product ranges from individual devices such as battery chargers and air-conditioner converters to complete energy supply systems for railway coaches and multiple-unit trains. It also supplies the High Power Solutions segment with cable and mechanical components. For fiscal year ended 2011, the company reported external revenue of €40.1m through Railway Technology segment, indicating a decrease of 2.2% over revenue in 2010.Through the Electronics Manufacturing segment, the company produces electronic assemblies for other segments (specifically for Medium Power Solutions and third parties). For fiscal year ended 2011, the company reported external revenue of €399m through Electronics Manufacturing segment, indicating a decrease of 4.57% over revenue in 2010. The company’s major services include installation; commissioning; educational services for communications for hardware and software; operation and fault analysis; repair of malfunction replacement; on-site services; and warranty services. As of December 2011, the company has 24 (2010: 21) subsidiaries including 4 domestic companies and 20 companies based abroad. In 2011, SMA founded two new companies and acquired dtw Sp. z o. o. The company has photovoltaics markets in 19 countries on four continents. Some of the company’s subsidiaries include SMA Railway Technology GmbH, SMA Technology Korea Co., Ltd, Korea, SMA Technology Australia Pty. Ltd.,, SMA Italia S.r.l., SMA Ibérica Tecnología Solar, S.L., SMA France S.A.S., SMA Benelux BVBL, SMA Central and Eastern Europe s.r.o., SMA Solar Technology Canada Inc., SMA Solar UK Ltd., SMA Solar India PVT. Ltd., and others.Geographically, the company operates in Germany, European Union, and Third-party Countries. For the fiscal year ended 2011, the company’s Germany region contribute sales of €796.8m, European Union €543.7 and Third-party Countries €375.9m.In March 2012, the company continues its focus to expand technology development and internationalization. It planned to invest €100m in research and development.

SMA Solar Technology AG (SMA) is a Germany-based solar equipment manufacturing company. SMA develops, produces, and sells solar inverters and monitoring systems for photovoltaic applications. The company’s product line includes solar and wind inverters, backup systems, energy management software and energy monitoring systems. SMA offers various services ranging from installation and commissioning to product support. SMA has operates across the world covering four continents, namely, Europe, North America, Middle-East and Asia. The company has operations in 19 countries through 24 subsidiaries. The company has modern production sites in Niestetal and Kassel (Germany), Denver (the US) and Mississauga near Toronto (Canada) with an annual capacity of up to 11.5 GW. SMA is headquartered in Neistetal, Germany.In March, the company announced that it continues to expand technology development and internationalization in 2012.The company reported revenues of (Euro) EUR 1,676.34 million during the fiscal year ended December 2011, a decrease of 12.70% from 2010. The operating profit of the company was EUR 240.28 million during the fiscal year 2011, a decrease of 53.51% from 2010. The net profit of the company was EUR 166.05 million during the fiscal year 2011, a decrease of 54.51% from 2010.

Solar/Thermal/Wind

 

 

 

Financial Data

Financials in:

EUR(mil)

Revenue:

1,676.3

Net Income:

166.1

Assets:

1,374.3

Long Term Debt:

31.5

Total Liabilities:

585.0

Working Capital:

0.3

Date of Financial Data:

31-Dec-2011

1 Year Growth

-12.7%

-54.5%

9.8%

Market Data

Quote Symbol:

S92

Exchange:

XETRA

Currency:

EUR

Stock Price:

28.4

Stock Price Date:

10-05-2012

52 Week Price Change %:

-36.9

Market Value (mil):

985,827.0

SEDOL:

B3B20H2

ISIN:

DE000A0DJ6J9

Subsidiaries

Company

Percentage Owned

Country

SMA America Inc

100%

USA

SMA Iberica Technologia Solar SL

100%

SPAIN

SMA Italia Srl

100%

ITALY

SMA France SAS

100%

FRANCE

SMA Hellas AE

100%

GREECE

SMA Benelux SPRL

100%

BELGIUM

SMA Beijing Commercial Co Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

SMA Czech Republic sro

100%

CZECH REPUBLIC

SMA Middle East Ltd

100%

UNITED ARAB EMIRATES

Niestetal Services Unipessoal Lda

100%

PORTUGAL

SMA Immo GmbH & Co KG

100%

GERMANY

SMA Solar Technology America LLC

100%

USA

SMA Technology Australia pty Ltd

100%

AUSTRALIA

SMA Technology Korea Co Ltd

100%

SOUTH KOREA

SMA Technology Korea Co., Ltd.

SMA Beijing Commercial Company Ltd

SMA Hellas AE

SMA Technology Australia Pty. Ltd

SMA Italia S.r.l.

SMA France S.A.S.

SMA America Inc

SMA Railway Technology GmbH

Germany

SMA Ibérica Tecnología Solar, S.L

Spain

NIESTETAL SERVICES, UNIPESSOAL, LDA

Portugal

Shareholders

 

Major Shareholders

Pool SMA Solar Technology AG (25.2%)

Key Corporate Relationships

Auditor:

Deloitte & Touche GmbH Wirtschaftspruef.

Bank:

Commerzbank

Auditor:

Deloitte & Touche GmbH, Deloitte & Touche GmbH Wirtschaftspruef.

 

 

 

 

 

Corporate Structure News

SMA Solar Technology AG
Total Corporate Family Members: 16

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

SMA Solar Technology AG

Parent

Niestetal

Germany

Construction - Supplies and Fixtures

2,330.9

5,685

Dtw Sp Z O O

Subsidiary

Zabierzow

Poland

Electronic Instruments and Controls

98.6

300

SMA Railway Technology GmbH

Subsidiary

Kassel, Hessen

Germany

Communications Equipment

230

SMA Solar Technology America, LLC.

Subsidiary

Rocklin, CA

United States

Electronic Instruments and Controls

160

SMA America Production, LLC.

Subsidiary

Denver, CO

United States

Electronic Instruments and Controls

100

Sma Italia SRL

Subsidiary

Milano, Milano

Italy

Business Services

9.5

68

SMA France S.A.S.

Subsidiary

Saint Priest

France

Electronic Instruments and Controls

40

SMA Hellas AE.

Subsidiary

Athens

Greece

Construction - Supplies and Fixtures

15

SMA Technology Korea Co., Ltd.

Subsidiary

Seoul

Korea, Republic of

Semiconductors

15

SMA Benelux SPRL.

Subsidiary

Mechelen, Antwerp

Belgium

Electronic Instruments and Controls

12

SMA Beijing Commercial Company Ltd.

Subsidiary

Beijing

China

Miscellaneous Capital Goods

10

SMA Australia Pty Ltd.

Subsidiary

Rosebery, NSW

Australia

Electronic Instruments and Controls

9

Sma Solar UK Ltd.

Subsidiary

Banbury

United Kingdom

Electronic Instruments and Controls

2.6

8

SMA Technology Australia Pty. Ltd.

Subsidiary

North Ryde, NSW

Australia

Electronic Instruments and Controls

8

Niestetal Services, Unipossoal Lda.

Subsidiary

Palmela

Portugal

Electronic Instruments and Controls

4

SMA Czech Republic s.r.o.

Subsidiary

Prague

Czech Republic

Electronic Instruments and Controls

 

 

 

Competitors Report

 

CompanyName

Location

Employees

Ownership

Advanced Energy Industries, Inc.

Fort Collins, Colorado, United States

1,471

Public

Conergy AG

Hamburg, Germany

1,219

Public

SatCon Technology Corporation

Boston, Massachusetts, United States

246

Public

Schuco International Kg

Bielefeld, Germany

5,000

Private

Sharp Electronics Corporation

Mahwah, New Jersey, United States

1,000

Private

Sputnik Engineering AG

Biel/Bienne, Berne, Switzerland

360

Private

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

Erik Ehrentraut

Vice Chairman of the Supervisory Board

Vice-Chairman

Biography:

Dr. Erik Ehrentraut has been Vice Chairman of the Supervisory Board at Sma Solar Technology AG since May 26, 2011. He served as Chairman of the Supervisory Board from 2004 till May 26, 2011. He is Chairman of the Presidial Committee and Audit Committee at the Company. He served on the Managing Board of Flachglas AG, from 1987 till 2000, and has been Chairman of the Managing Board since 1991. From 1991 till 2000, he also held the position of Chairman of the Managing Board at Pilkington Deutschland GmbH. From 2000 till 2002, he served as Chairman of the Management Board of FLABEG GmbH. He is also Member of the Supervisory Board of Interpane Glas Industrie AG. He is Enterprise Consultant. He holds a Doctorate in Law degree.

Age: 69

Compensation/Salary:20,000

Compensation Currency: EUR

 

Executives

 

Name

Title

Function

Pierre-Pascal Urbon

Chief Financial Officer, Director of Investor Relations, Chief Executive Officer and Member of the Management Board

Chief Executive Officer

Biography:

Mr. Pierre-Pascal Urbon has been Chairman of the Management Board, Chief Executive Officer and Chief Financial Officer of Sma Solar Technology AG since May 26, 2011. He served as Chief Financial Officer, Director of Investor Relations and Member of the Management Board from June 11, 2009 till May 26, 2011. Prior to that, he served as Member of the Management Board, Chief Sales and Marketing Officer from July 1, 2006 till June 10, 2009. He served as Member of the Supervisory Board until April 28, 2006. He has been responsible for the areas of finance, as well as legal and investor relations since he joined the Company in 2005. From 1997 till 2005, he served at Drueker & Co. in mergers and acquisitions and Corporate Finance, lastly as Vice President. He is also Member the Central Regional Advisory Council of Commerzbank AG. He studied Business Administration and holds a degree of Dipl.-Kfm.

Age: 42

Compensation/Salary:200,000

Compensation Currency: EUR

Juergen Dolle

Chief Human Resources Officer, Member of the Management Board

Administration Executive

 

Biography:

Mr. Juergen Dolle has been Chief Human Resources Officer and Member of the Management Board of SMA Solar Technology AG since April 1, 2010. He served as Member of the Supervisory Board and Head of Human Resources until June 10, 2009. Prior to that, from 1981 until 2000, he worked in different positions at the Diakonisches Werk Kassel, lastly as Deputy Director. As Vice President Human Resources at the Company, since 2001 Mr. Dolle was supervising the staff expansions of the Company. He studied German and social studies for the teaching profession and social affairs. He holds a degree in Social Pedagogy.

Age: 58

Compensation/Salary:4,400

Compensation Currency: EUR

Peter Drews

Member of the Supervisory Board

Administration Executive

 

Biography:

Mr. Peter Drews has been Member of the Supervisory Board of Sma Solar Technologies AG since May 26, 2011. He served as Chief Product Officer and Member of the Management Board from April 1, 2010 till May 26, 2011. He has served as Chief Operating Officer and Member of the Management Board until April 1, 2010. He is Electrical Engineer and co-founder of the Company in 1981.

Age: 56

Compensation/Salary:250,000

Compensation Currency: EUR

Roland Grebe

Chief Technology Officer, Member of the Management Board

Administration Executive

Biography:

Mr. Roland Grebe has been Chief Technology Officer and Member of the Management Board of SMA Solar Technology AG since April 1, 2010. He served as Chief Development Officer and Member of the Management Board responsible for Research and Development from June 11, 2009 to April 1, 2010. He studied Electrical Engineering. Since 1984, he has worked for the Company in different management positions in the area of development.

Age: 52

Compensation/Salary:111,000

Compensation Currency: EUR

Guenther Haeckl

Member of the Supervisory Board, Employee Representative

Administration Executive

 

Biography:

Dr. Guenther Haeckl has been Member of the Supervisory Board and Employee Representative at SMA Solar Technology AG since May 27, 2010. He also acts as Chairman of the Mediation Committee at the Company.

Compensation/Salary:6,000

Compensation Currency: EUR

Johannes Haede

Member of the Supervisory Board, Employee Representative

Administration Executive

 

Biography:

Mr. Johannes Haede has been Member of the Supervisory Board and Employee Representative at SMA Solar Technology AG since 2004. He initially worked at Alfred Schmermund machinery factory in the Development office in Darmstadt. He joined the Company in 1989. He has also been Team Leader in Hardware Development for the product area Communication & Control, and he has been Member of the Works Council. He studied Electrical Engineering.

Age: 53

Compensation/Salary:10,000

Compensation Currency: EUR

Winfried Hoffmann

Member of the Supervisory Board

Administration Executive

 

Biography:

Dr. Winfried Hoffmann has been Member of the Supervisory Board at SMA Solar Technology AG since April 30, 2008. As Manager of Photovoltaic Research and Development at NUKEM, he initiated the joint venture with Daimler Benz Aerospace and became Managing Director of Angewandte Solarenergie - ASE GmbH in 1994. He has been Chairman of the Managing Board of RWE Schott Solar GmbH, since 2002, and, since 2005, has been Member of the Managing Board of Schott Solar GmbH. In 2007, he moved to Applied Materials. There he has held the position of Chief Technology Officer of Energy and Environmental Solutions as well as being Managing Director of Applied Materials GmbH & Co. KG since 2008. At the same time, he is President of European Photovoltaic Industry Association (EPIA). He is graduate Physicist and Doctor in Biophysics.

Age: 53

Compensation/Salary:9,400

Compensation Currency: EUR

Werner Kleinkauf

Member of the Supervisory Board

Administration Executive

 

Biography:

Prof. Dr. Werner Kleinkauf has been Member of the Supervisory Board of Sma Solar Technology AG since June 10, 2009. He is Member of the Nomination Committee at the Company. He served as Vice Chairman of the Supervisory Board at SMA Solar Technology AG from 2004 till June 10, 2009. He co-founded the Company in 1981. He has served for eight years in managerial position at German Aerospace Center (DLR) and, after that, assumed the position of Professor for Electrical Energy Supply Systems at University of Kassel in 1976. He also founded Institute for Solar Energy Supply Technology ISET e.V., in 1988, and led it until 1998. He holds a Doctorate in Electrical Engineering.

Age: 73

Compensation/Salary:9,400

Compensation Currency: EUR

Ullrich Messmer

Member of the Supervisory Board, Trade Union Representative

Administration Executive

Compensation/Salary:5,300

Compensation Currency: EUR

Alexander Naujoks

Member of the Supervisory Board, Trade Union Representative

Administration Executive

Compensation/Salary:6,000

Compensation Currency: EUR

Joachim Schlosser

Member of the Supervisory Board, Employee Representative

Administration Executive

 

Biography:

Mr. Joachim Schlosser has been Member of the Supervisory Board and Employee Representative at SMA Solar Technology AG since May 27, 2010. He is Member of the Mediation Committee at the Company.

Marko Werner

Chief Sales and Marketing Officer, Member of the Management Board

Administration Executive

 

Biography:

Mr. Marko Werner has been Chief Sales and Marketing Officer and Member of the Management Board of SMA Solar Technology AG since June 11, 2009. He joined the Company, in 1987, and, until 2009, he worked in different leadership roles in Product Management, Sales and Marketing. He is Member of the Board of the European Photovoltaic Association. He is Electrical Engineer.

Age: 49

Compensation/Salary:111,000

Compensation Currency: EUR

Reiner Wettlaufer

Member of the Supervisory Board

Administration Executive

Biography:

Mr. Reiner Wettlaufer has been Member of the Supervisory Board of Sma Solar Technology AG since May 26, 2011. He served as Vice Chairman of the Supervisory Board from June 10, 2009 till May 26, 2011. He is Chairman of the Nomination Committee, as well as Member of the Mediation Committee, Audit Committee and Presidial Committee at the Company. He served as Member of the Management Board, Chief Financial Officer at the Company until June 10, 2009. He is one of the founders of the Company. He holds a degree in Electrical Engineering.

Age: 57

Compensation/Salary:15,000

Compensation Currency: EUR

Mirko Zeidler

Member of the Supervisory Board, Employee Representative

Administration Executive

 

Biography:

Mr. Mirko Zeidler has been Member of the Supervisory Board and Employee Representative of SMA Solar Technology AG since June 10, 2009. He is Member of the Presidial Committee at the Company. He is trained electrician for energy equipment and has worked at the Company since 1992. He has been Member of the Works Council for four periods and, since 2008, Deputy Chairman of the Works Council.

Age: 43

Compensation/Salary:9,400

Compensation Currency: EUR

Wolfram Eberhardt

Vice President Corporate Communications

Corporate Communications Executive

Anja Jasper

Head Corporate Communication

Corporate Communications Executive

Michael Kleim

Leiter-Unternehmenskommunikation

Corporate Communications Executive

Stephanie Kniep

Director Investor Relations

Investor Relations Executive

Susanne Henkel

Press Officer

Government/Public Affairs Executive

Uwe Hertel

Senior Vice President

Other

Biography:

Mr. Uwe Hertel resigned from the position of Chief Operating Officer and Member of the Management Board of SMA Solar Technology AG with effect from December 31, 2011 and became Senior Vice President of the Company's Operational Business. Among others, he was working in the development division at Siemens AG until 1990. In 1990, he began his work at SMA and was responsible in various management positions for the development of the serial production of flat modules. He studied Electrical Engineering with a focus on information technology and holds a Dipl.-Ing. degree.

Age: 52

 

 Significant Developments

 

 

 

Sma Solar Technology AG Confirms FY 2012 Guidance; Issues Q3 FY 2012 Outlook In Line with Analysts' Estimates

Sep 26, 2012


Sma Solar Technology AG announced that it has confirmed its forecast for the fiscal year 2012. The Company expects sales of between EUR 1,300.00 million and EUR 1,500.00 million and an operating profit (EBIT) of between EUR 100 million and EUR 150 million, representing an EBIT margin of between 8% and 10%. Moreover, the Company announced that its Managing Board is forecasting sales of between EUR 330 million and EUR 360 million and EBIT of between EUR 20 million and EUR 35 million, corresponding to an EBIT margin of between 6% and 10% for the third quarter of the fiscal year 2012 (Q3 FY 2012). According to I/B/E/S Estimates, analysts on average are expecting the Company to report fiscal year 2012 revenue of EUR 1,416.07 million, fiscal year 2012 EBIT of EUR 115.76 million, Q3 FY 2012 revenue of EUR 320.94 million and Q3 FY 2012 EBIT of EUR 19.36 million.

Sma Solar Technology AG Raises FY 2012 Revenue and EBIT Guidance

Aug 09, 2012


Sma Solar Technology AG announced that on the basis of the positive performance in the first half of the fiscal year 2012, the Managing Board of the Company has raised the lower end of the sales and earnings guidance for the fiscal year 2012. The amended guidance forecasts an operating profit of between EUR 100 million and EUR 150 million and sales of between EUR 1,300.00 million and EUR 1,500.00 million (previously: sales of between EUR 1,200.00 million and EUR 1,500.00 million; EBIT of between EUR 60 million and EUR 150 million). This equates to an EBIT margin of between 8% and 10% (previously of between 5% and 10%). According to I/B/E/S Estimates, analysts on average are expecting the Company to report fiscal year 2012 revenue of EUR 1,379.41 million and fiscal year 2012 EBIT of EUR 107.14 million.

Sma Solar Technology AG Confirms FY 2012 Guidance

Jun 12, 2012


Sma Solar Technology AG announced that its Managing Board has confirmed the sales and earnings guidance published for the fiscal year 2012 and estimates sales of between EUR 1,200.00 million and EUR 1,500.00 million and an EBIT margin of between 5% and 10%. According to I/B/E/S estimates, analysts on average are expecting the Company to report fiscal year 2012 revenue of EUR 1,363.83 million.

Sma Solar Technology AG Announces Further Details on FY 2011 Dividend

May 22, 2012


Sma Solar Technology AG announced that the Annual General Meeting followed the suggestion of the Managing Board and the Supervisory Board and approved the distribution of a dividend of EUR 1.30 per qualifying bearer share for the fiscal year 2011. The depository banks will begin dividend payments on May 23, 2012.

Sma Solar Technology AG Confirms FY 2012 Guidance

May 10, 2012


Sma Solar Technology AG announced that its Managing Board has confirmed its guidance for the fiscal year 2012 and anticipated sales of between EUR 1,200.00 million and EUR 1,500.00 million and an EBIT margin of between 5% and 10%. According to I/B/E/S estimates, analysts on average are expecting the Company to report fiscal year 2012 revenue of EUR 1,355.84 million.

Sma Solar Technology AG to Propose FY 2011 dividend; Issues FY 2012 Guidance In Line with Analysts' Estimates

Mar 29, 2012


Sma Solar Technology AG announced that its Managing Board and Supervisory Board will propose a dividend payout of EUR 1.30 per share for the fiscal year 2011 at the Annual General Meeting on May 22, 2012. For the fiscal year 2010 the Company paid a dividend of EUR 3.00 per share. Furthermore, the Company announced that for the fiscal year 2012 it predicts at between EUR 1,200 million to EUR 1,500 million in sales and an EBIT margin of between 5% and 10%. According to I/B/E/S estimates, analysts on average are expecting the Company to report fiscal year 2012 revenue of EUR 1,379.87 million.

Sma Solar Technology AG Confirms FY 2011 Guidance

Nov 11, 2011


SMA Solar Technology AG announced that it has lowered its fiscal year 2011 guidance. The Management Board of the Company expects to achieve sales of between EUR 1.5 billion and EUR 1.7 billion (formerly EUR 1.5 billion and 1.9 billion) and EBIT of between EUR 220 million and 300 million (formerly EUR 315 million and EUR 475 million) for the fiscal year 2011. According to I/B/E/S Estimates, analysts on average are expecting the Company to report revenue of EUR 1,666.71 billion and EBIT of EUR 340.56 million for the fiscal year 2011.

 

 

Annual Profit & Loss

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

0.71919

0.755078

0.719047

Consolidated

Yes

Yes

Yes

 

 

 

 

Total income

2,330.9

2,542.9

1,299.4

Net sales

2,330.9

2,542.9

1,299.4

Other operating income

32.4

21.8

13.1

Cost of sales

1,680.0

1,624.9

824.7

Gross profit

650.9

918.1

474.7

Advertising, distribution, and commercial expenses

91.5

75.6

50.6

General expenses

95.6

65.0

40.0

Other operating costs

162.2

114.8

79.6

Net operating income

334.1

684.4

317.6

Other income

9.1

4.1

7.3

Interest payable on loans

2.5

2.4

2.0

Total expenses

-4.5

-1.7

-5.3

Profit before tax

338.6

686.2

322.9

Provisions

245.8

239.2

106.9

Total taxation

107.8

202.7

98.8

Net profit

230.9

483.4

224.1

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.770327

0.745406

0.696986

Consolidated

Yes

Yes

Yes

 

 

 

 

Issued capital

45.0

46.6

49.8

Capital reserves

154.7

159.9

171.0

Total reserves

824.9

770.7

364.0

Total stockholders equity

1,024.6

977.2

584.8

Minority interests

0.0

0.0

-

Other provisions

229.5

224.5

102.9

Provisions and allowances

229.5

242.3

110.2

Other debentures

40.9

26.1

-

Taxes and social security

107.4

72.2

69.9

Total long-term liabilities

148.3

98.3

69.9

Trade creditors

150.3

94.6

103.4

Other loans

3.1

2.3

0.0

Taxation and social security

204.3

264.0

162.7

Total current liabilities

357.7

361.0

266.2

Total liabilities (including net worth)

1,784.0

1,678.9

1,031.1

Patents

16.3

11.3

8.5

Goodwill

0.4

-

-

Other intangibles

0.8

28.0

13.6

Intangibles

73.7

39.2

22.1

Land and buildings

207.0

153.2

77.5

Machinery and tools

46.0

46.6

46.5

Fixtures and equipment

207.0

153.2

77.5

Fixed assets under construction

96.9

56.8

35.0

Total tangible fixed assets

468.5

360.2

213.9

Participating interest

0.1

0.1

-

Total financial assets

0.1

0.1

0.1

Total non-current assets

542.4

399.5

236.1

Raw materials

233.4

199.3

86.5

Work in progress

40.9

24.0

19.5

Finished goods

57.5

95.4

51.7

Net stocks and work in progress

331.8

318.7

157.7

Trade debtors

183.2

157.3

83.3

Other receivables

210.7

296.6

221.0

Total receivables

393.9

453.9

304.4

Cash and liquid assets

481.7

475.0

322.8

Recoverable taxation

34.2

31.8

10.1

Total current assets

1,207.5

1,247.6

784.8

Total assets

1,784.0

1,678.9

1,031.1

 

 

Annual Ratios

Financials in: USD (mil)

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.770327

0.745406

0.696986

Consolidated

Yes

Yes

Yes

 

 

 

 

Current ratio

33.75

34.56

29.49

Acid test ratio

24.48

25.73

23.56

Total liabilities to net worth

0.05%

0.05%

0.06%

Net worth to total assets

0.06%

0.06%

0.06%

Current liabilities to net worth

0.03%

0.04%

0.05%

Current liabilities to stock

0.11%

0.11%

0.17%

Fixed assets to net worth

0.05%

0.04%

0.04%

Collection period

307.00

223.00

226.00

Stock turnover rate

1.52

1.24

1.18

Profit margin

0.01%

0.02%

0.02%

Return on assets

0.01%

0.03%

0.02%

Shareholders' return

0.02%

0.05%

0.04%

Sales per employee

33.19

50.76

27.38

Profit per employee

3.29

9.65

4.72

Net worth

1,024.6

977.2

584.8

Number of employees

5,050

3,783

3,412

 

 

 

Annual Income Statement

Financials in: USD (mil)

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

 

  Financial Glossary

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Mar-2008

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.71919

0.755078

0.719047

0.683679

0.730637

Auditor

Deloitte & Touche GmbH Wirtschaftspruef.

Deloitte & Touche LLP

Deloitte & Touche LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

2,330.9

2,542.9

1,299.4

996.9

448.0

Revenue

2,330.9

2,542.9

1,299.4

996.9

448.0

Total Revenue

2,330.9

2,542.9

1,299.4

996.9

448.0

 

 

 

 

 

 

    Cost of Revenue

1,680.0

1,624.9

824.7

625.8

279.6

Cost of Revenue, Total

1,680.0

1,624.9

824.7

625.8

279.6

Gross Profit

650.9

918.1

474.7

371.2

168.4

 

 

 

 

 

 

    Selling/General/Administrative Expense

79.2

39.5

87.9

83.7

59.7

    Labor & Related Expense

187.8

179.0

-

-

-

Total Selling/General/Administrative Expenses

267.0

218.5

87.9

83.7

59.7

Research & Development

27.8

4.8

64.3

48.3

27.0

    Depreciation

1.8

6.2

2.7

-

-

    Amortization of Intangibles

6.9

6.5

4.0

-

-

Depreciation/Amortization

8.8

12.6

6.7

-

-

        Investment Income - Operating

-1.7

-1.2

-

-

-

    Interest/Investment Income - Operating

-1.7

-1.2

-

-

-

Interest Expense (Income) - Net Operating Total

-1.7

-1.2

-

-

-

    Other Operating Expense

15.0

-1.1

-1.8

-5.7

0.6

Other Operating Expenses, Total

15.0

-1.1

-1.8

-5.7

0.6

Total Operating Expense

1,996.8

1,858.5

981.8

752.1

366.9

 

 

 

 

 

 

Operating Income

334.1

684.4

317.6

244.8

81.1

 

 

 

 

 

 

        Interest Expense - Non-Operating

-2.0

-1.9

-2.0

-2.0

-0.1

    Interest Expense, Net Non-Operating

-2.0

-1.9

-2.0

-2.0

-0.1

        Interest Income - Non-Operating

9.1

4.1

7.3

7.3

1.5

    Interest/Investment Income - Non-Operating

9.1

4.1

7.3

7.3

1.5

Interest Income (Expense) - Net Non-Operating Total

7.1

2.3

5.3

5.4

1.4

    Other Non-Operating Income (Expense)

-2.6

-0.6

0.0

0.1

-1.6

Other, Net

-2.6

-0.6

0.0

0.1

-1.6

Income Before Tax

338.6

686.2

322.9

250.3

81.0

 

 

 

 

 

 

Total Income Tax

107.8

202.7

98.8

75.5

30.7

Income After Tax

230.9

483.4

224.1

174.8

50.3

 

 

 

 

 

 

Net Income Before Extraord Items

230.9

483.4

224.1

174.8

50.3

Net Income

230.9

483.4

224.1

174.8

50.3

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

230.9

483.4

224.1

174.8

50.3

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

230.9

483.4

224.1

174.8

50.3

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

34.7

34.7

34.7

34.7

34.7

Basic EPS Excl Extraord Items

6.65

13.93

6.46

5.04

1.45

Basic/Primary EPS Incl Extraord Items

6.65

13.93

6.46

5.04

1.45

Diluted Net Income

230.9

483.4

224.1

174.8

50.3

Diluted Weighted Average Shares

34.7

34.7

34.7

34.7

34.7

Diluted EPS Excl Extraord Items

6.65

13.93

6.46

5.04

1.45

Diluted EPS Incl Extraord Items

6.65

13.93

6.46

5.04

1.45

Dividends per Share - Common Stock Primary Issue

1.81

3.97

1.81

1.46

8.62

Gross Dividends - Common Stock

62.7

137.9

62.7

50.8

34.5

Interest Expense, Supplemental

2.0

1.9

2.0

2.0

0.1

Depreciation, Supplemental

54.9

38.0

19.8

11.3

8.2

Normalized Income Before Tax

338.6

686.2

322.9

250.3

81.0

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

107.8

202.7

98.8

75.5

30.7

Normalized Income After Tax

230.9

483.4

224.1

174.8

50.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

230.9

483.4

224.1

174.8

50.3

 

 

 

 

 

 

Basic Normalized EPS

6.65

13.93

6.46

5.04

1.45

Diluted Normalized EPS

6.65

13.93

6.46

5.04

1.45

Amort of Intangibles, Supplemental

15.2

6.3

2.9

1.6

13.7

Rental Expenses

27.8

21.7

13.1

-

-

Research & Development Exp, Supplemental

27.8

4.8

68.2

48.3

27.0

Normalized EBIT

332.4

683.3

317.6

244.8

81.1

Normalized EBITDA

402.4

727.6

340.3

257.7

103.0

    Current Tax - Total

106.9

214.0

101.5

75.7

31.4

Current Tax - Total

106.9

214.0

101.5

75.7

31.4

    Deferred Tax - Total

0.8

-11.3

-2.7

-0.2

-0.8

Deferred Tax - Total

0.8

-11.3

-2.7

-0.2

-0.8

Income Tax - Total

107.8

202.7

98.8

75.5

30.7

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

  Financial Glossary

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2011

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Mar-2008

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.770327

0.745406

0.696986

0.719399

0.683971

Auditor

Deloitte & Touche GmbH Wirtschaftspruef.

Deloitte & Touche LLP

Deloitte & Touche LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

481.7

475.0

322.8

334.6

77.3

    Short Term Investments

111.8

264.0

206.3

32.7

2.4

Cash and Short Term Investments

593.6

739.0

529.1

367.3

79.6

        Accounts Receivable - Trade, Gross

195.9

158.9

85.2

34.7

39.2

        Provision for Doubtful Accounts

-12.7

-1.6

-1.9

-1.3

-0.6

    Trade Accounts Receivable - Net

183.2

157.3

83.3

33.4

38.6

    Other Receivables

22.8

26.9

5.7

5.2

0.5

Total Receivables, Net

205.9

184.2

89.0

38.6

39.1

    Inventories - Finished Goods

57.5

91.9

51.7

33.2

27.1

    Inventories - Work In Progress

40.9

24.0

19.5

10.9

12.0

    Inventories - Raw Materials

233.4

202.7

86.5

58.6

30.5

    Inventories - Other

1.0

0.4

3.9

1.9

0.1

Total Inventory

332.8

319.1

161.5

104.6

69.6

Total Current Assets

1,132.4

1,242.3

779.7

510.6

188.3

 

 

 

 

 

 

        Land/Improvements

235.3

168.9

90.3

55.2

30.2

        Machinery/Equipment

67.9

62.1

58.0

13.6

12.0

        Other Property/Plant/Equipment

292.3

213.4

124.9

100.4

34.3

    Property/Plant/Equipment - Gross

595.4

444.5

273.2

169.3

76.4

    Accumulated Depreciation

-126.8

-84.3

-59.2

-38.4

-30.6

Property/Plant/Equipment - Net

468.5

360.2

213.9

130.9

45.8

Goodwill, Net

0.4

0.0

-

-

-

    Intangibles - Gross

101.4

53.6

30.6

-

-

    Accumulated Intangible Amortization

-28.0

-14.3

-8.5

-

-

Intangibles, Net

73.3

39.2

22.1

7.7

2.7

    LT Investments - Other

75.2

5.3

5.3

0.1

0.1

Long Term Investments

75.2

5.3

5.3

0.1

0.1

    Deferred Charges

34.2

31.8

10.1

3.5

1.7

Other Long Term Assets, Total

34.2

31.8

10.1

3.5

1.7

Total Assets

1,784.0

1,678.9

1,031.1

652.7

238.7

 

 

 

 

 

 

Accounts Payable

150.3

94.7

103.4

29.6

21.4

Notes Payable/Short Term Debt

0.0

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

3.1

2.3

2.0

1.9

1.6

    Income Taxes Payable

48.0

52.9

35.8

34.9

15.5

    Other Current Liabilities

244.9

327.4

168.6

114.7

61.1

Other Current liabilities, Total

292.9

380.3

204.4

149.6

76.6

Total Current Liabilities

446.4

477.3

309.8

181.0

99.5

 

 

 

 

 

 

    Long Term Debt

40.9

26.1

26.9

28.0

15.4

Total Long Term Debt

40.9

26.1

26.9

28.0

15.4

Total Debt

44.0

28.4

28.9

29.9

17.0

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

23.8

17.8

7.4

3.5

2.0

Deferred Income Tax

23.8

17.8

7.4

3.5

2.0

Minority Interest

0.0

0.0

0.0

-

-

    Reserves

140.9

108.2

59.2

29.0

13.7

    Other Long Term Liabilities

107.4

72.2

43.0

20.9

13.8

Other Liabilities, Total

248.3

180.4

102.1

49.9

27.5

Total Liabilities

759.4

701.7

446.3

262.4

144.4

 

 

 

 

 

 

    Common Stock

45.0

46.6

49.8

48.2

5.8

Common Stock

45.0

46.6

49.8

48.2

5.8

Additional Paid-In Capital

154.7

159.9

171.0

165.7

-

Retained Earnings (Accumulated Deficit)

824.9

770.7

364.0

176.3

88.4

    Other Equity

-0.1

0.0

-

-

-

Other Equity, Total

-0.1

0.0

-

-

-

Total Equity

1,024.6

977.2

584.8

390.3

94.2

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

1,784.0

1,678.9

1,031.1

652.7

238.7

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

34.7

34.7

34.7

34.7

34.7

Total Common Shares Outstanding

34.7

34.7

34.7

34.7

34.7

Treasury Shares - Common Stock Primary Issue

0.0

-

-

-

-

Employees

5,532

4,466

2,954

2,220

1,521

Accumulated Intangible Amort, Suppl.

28.0

14.3

8.5

5.3

4.0

Deferred Revenue - Long Term

57.5

26.4

61.3

-

-

Total Long Term Debt, Supplemental

53.5

34.4

2.0

1.9

-

Long Term Debt Maturing within 1 Year

4.0

3.4

2.0

1.9

-

Long Term Debt Maturing in Year 2

4.4

3.4

-

-

-

Long Term Debt Maturing in Year 3

4.4

3.4

-

-

-

Long Term Debt Maturing in Year 4

4.2

3.3

-

-

-

Long Term Debt Maturing in Year 5

4.2

3.3

-

-

-

Long Term Debt Maturing in 2-3 Years

8.7

6.8

-

-

-

Long Term Debt Maturing in 4-5 Years

8.5

6.6

-

-

-

Long Term Debt Matur. in Year 6 & Beyond

32.3

17.7

0.0

0.0

-

Total Capital Leases, Supplemental

0.0

0.0

28.9

29.9

17.0

Capital Lease Payments Due in Year 1

0.0

0.0

2.0

1.9

1.6

Capital Lease Payments Due in Year 2

0.0

0.0

1.6

2.1

2.0

Capital Lease Payments Due in Year 3

0.0

0.0

1.6

2.1

2.0

Capital Lease Payments Due in Year 4

0.0

0.0

1.6

2.1

2.0

Capital Lease Payments Due in Year 5

0.0

0.0

1.6

2.1

2.0

Capital Lease Payments Due in 2-3 Years

0.0

0.0

3.3

4.2

4.0

Capital Lease Payments Due in 4-5 Years

0.0

0.0

3.3

4.2

4.0

Cap. Lease Pymts. Due in Year 6 & Beyond

0.0

0.0

20.3

19.7

7.5

Total Operating Leases, Supplemental

106.9

118.9

43.3

23.2

9.2

Operating Lease Payments Due in Year 1

21.9

18.3

8.5

4.9

2.8

Operating Lease Payments Due in Year 2

13.2

10.8

5.0

2.4

1.6

Operating Lease Payments Due in Year 3

13.2

10.8

5.0

2.4

1.6

Operating Lease Payments Due in Year 4

13.2

10.8

5.0

2.4

1.6

Operating Lease Payments Due in Year 5

13.2

10.8

5.0

2.4

1.6

Operating Lease Pymts. Due in 2-3 Years

26.5

21.7

10.0

4.8

3.1

Operating Lease Pymts. Due in 4-5 Years

26.5

21.7

10.0

4.8

3.1

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

32.1

57.3

14.8

8.6

0.2

 

 

Annual Cash Flows

Financials in: USD (mil)

 

  Financial Glossary

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal
31-Mar-2008

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.71919

0.755078

0.719047

0.683679

0.730637

Auditor

Deloitte & Touche GmbH Wirtschaftspruef.

Deloitte & Touche LLP

Deloitte & Touche LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

230.9

483.4

224.1

174.8

50.3

    Depreciation

70.1

41.5

22.7

12.9

21.9

Depreciation/Depletion

70.1

41.5

22.7

12.9

21.9

    Unusual Items

2.0

1.5

1.4

0.0

0.1

    Other Non-Cash Items

135.4

328.1

141.6

107.0

35.5

Non-Cash Items

137.4

329.6

143.0

107.0

35.5

    Accounts Receivable

-38.0

-79.0

-48.2

2.7

-13.5

    Inventories

-20.6

-167.5

-53.4

-42.5

-26.5

    Other Assets

-0.1

102.7

44.3

59.2

24.6

    Accounts Payable

56.2

-2.9

70.6

9.8

5.1

    Other Operating Cash Flow

-103.6

-196.2

-95.0

-47.7

-24.5

Changes in Working Capital

-106.2

-342.9

-81.7

-18.5

-34.9

Cash from Operating Activities

332.1

511.6

308.1

276.1

72.8

 

 

 

 

 

 

    Purchase of Fixed Assets

-186.6

-185.0

-97.6

-97.9

-14.8

    Purchase/Acquisition of Intangibles

-37.7

-24.7

-16.6

-10.2

-14.2

Capital Expenditures

-224.3

-209.7

-114.2

-108.1

-29.0

    Acquisition of Business

-32.0

-3.3

0.0

-

-

    Sale of Fixed Assets

0.7

0.2

0.1

0.0

0.5

    Sale/Maturity of Investment

264.2

0.0

-

-

-

    Purchase of Investments

-187.9

-66.2

-166.1

-30.1

0.0

    Sale of Intangible Assets

-

-

-

-

0.0

Other Investing Cash Flow Items, Total

44.9

-69.4

-166.0

-30.1

0.5

Cash from Investing Activities

-179.4

-279.1

-280.2

-138.2

-28.5

 

 

 

 

 

 

    Other Financing Cash Flow

-5.3

-2.2

-1.9

-12.3

-

Financing Cash Flow Items

-5.3

-2.2

-1.9

-12.3

-

    Cash Dividends Paid - Common

-144.7

-59.7

-48.3

-36.9

-17.8

Total Cash Dividends Paid

-144.7

-59.7

-48.3

-36.9

-17.8

        Sale/Issuance of Common

-

-

0.0

185.6

0.0

    Common Stock, Net

-

-

0.0

185.6

0.0

Issuance (Retirement) of Stock, Net

-

-

0.0

185.6

0.0

        Long Term Debt Issued

22.9

0.0

-

-

-

    Long Term Debt, Net

22.9

0.0

-

-

-

Issuance (Retirement) of Debt, Net

22.9

0.0

-

-

-

Cash from Financing Activities

-127.1

-61.9

-50.1

136.4

-17.8

 

 

 

 

 

 

Foreign Exchange Effects

-2.0

0.3

0.5

0.4

-0.1

Net Change in Cash

23.7

170.9

-21.8

274.7

26.5

 

 

 

 

 

 

Net Cash - Beginning Balance

492.3

298.0

334.7

77.3

45.9

Net Cash - Ending Balance

516.0

468.9

312.9

352.0

72.3

Cash Interest Paid

0.1

0.0

0.0

0.0

0.1

Cash Taxes Paid

111.5

199.8

101.7

55.1

25.9

 

 

Annual Income Statement

Financials in: USD (mil)

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

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Mar-2008

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.71919

0.755078

0.719047

0.683679

0.730637

Auditor

Deloitte & Touche GmbH Wirtschaftspruef.

Deloitte & Touche GmbH Wirtschaftspruef.

Deloitte & Touche LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Sales

2,330.9

2,542.9

1,299.4

996.9

448.0

Total Revenue

2,330.9

2,542.9

1,299.4

996.9

448.0

 

 

 

 

 

 

    Cost of Sales

1,680.0

1,624.9

824.7

625.8

279.6

    Distribution Costs

43.1

28.7

49.2

46.1

37.0

    Depreciation, Distribution

0.7

2.0

1.4

-

-

    Personnel Expenses, Distribution

47.7

44.9

-

-

-

    Research and Development Costs

27.8

4.8

64.3

48.3

27.0

    Amortization, R&D

6.9

6.5

4.0

-

-

    Personnel Expenses, R&D

81.7

84.1

-

-

-

    General Administrative Costs

36.1

10.8

38.7

37.6

22.7

    Depreciation, Administrative

1.1

4.1

1.3

-

-

    Personnel Expenses, Administrative

58.4

50.0

-

-

-

    Investment Income

-29.2

-17.1

-

-

-

    Other Operating Income

-3.2

-4.7

-13.1

-18.4

-4.0

    Investment Losses

27.4

15.9

-

-

-

    Other Operating Costs

18.2

3.6

11.3

12.8

4.6

Total Operating Expense

1,996.8

1,858.5

981.8

752.1

366.9

 

 

 

 

 

 

    Other Financial Income

0.1

0.0

0.0

0.2

0.0

    Interest Income

9.1

4.1

7.3

7.3

1.5

    Other Financial Expense

-2.7

-0.6

0.0

-0.1

-1.6

    Interest Expense

-2.0

-1.9

-2.0

-2.0

-0.1

Net Income Before Taxes

338.6

686.2

322.9

250.3

81.0

 

 

 

 

 

 

Provision for Income Taxes

107.8

202.7

98.8

75.5

30.7

Net Income After Taxes

230.9

483.4

224.1

174.8

50.3

 

 

 

 

 

 

Net Income Before Extra. Items

230.9

483.4

224.1

174.8

50.3

Net Income

230.9

483.4

224.1

174.8

50.3

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

230.9

483.4

224.1

174.8

50.3

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

230.9

483.4

224.1

174.8

50.3

 

 

 

 

 

 

Basic Weighted Average Shares

34.7

34.7

34.7

34.7

34.7

Basic EPS Excluding ExtraOrdinary Items

6.65

13.93

6.46

5.04

1.45

Basic EPS Including ExtraOrdinary Items

6.65

13.93

6.46

5.04

1.45

Diluted Net Income

230.9

483.4

224.1

174.8

50.3

Diluted Weighted Average Shares

34.7

34.7

34.7

34.7

34.7

Diluted EPS Excluding ExtraOrd Items

6.65

13.93

6.46

5.04

1.45

Diluted EPS Including ExtraOrd Items

6.65

13.93

6.46

5.04

1.45

DPS-Common Stock

1.81

3.97

1.81

1.46

8.62

Gross Dividends - Common Stock

62.7

137.9

62.7

50.8

34.5

Normalized Income Before Taxes

338.6

686.2

322.9

250.3

81.0

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

107.8

202.7

98.8

75.5

30.7

Normalized Income After Taxes

230.9

483.4

224.1

174.8

50.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

230.9

483.4

224.1

174.8

50.3

 

 

 

 

 

 

Basic Normalized EPS

6.65

13.93

6.46

5.04

1.45

Diluted Normalized EPS

6.65

13.93

6.46

5.04

1.45

Depreciation

54.9

38.0

19.8

11.3

8.2

Amortization/Intangibles

15.2

6.3

2.9

1.6

13.7

Research and Development

27.8

4.8

68.2

48.3

27.0

Interest Expense

2.0

1.9

2.0

2.0

0.1

Rental Expense, Supplemental

27.8

21.7

13.1

-

-

    Current Tax

106.9

214.0

101.5

75.7

31.4

Current Tax - Total

106.9

214.0

101.5

75.7

31.4

    Deferred Tax

0.8

-11.3

-2.7

-0.2

-0.8

Deferred Tax - Total

0.8

-11.3

-2.7

-0.2

-0.8

Income Tax - Total

107.8

202.7

98.8

75.5

30.7

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2011

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Mar-2008

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.770327

0.745406

0.696986

0.719399

0.683971

Auditor

Deloitte & Touche GmbH Wirtschaftspruef.

Deloitte & Touche GmbH Wirtschaftspruef.

Deloitte & Touche LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Raw Materials

233.4

202.7

86.5

58.6

30.5

    Work in Progress

40.9

24.0

19.5

10.9

12.0

    Finished Goods

57.5

91.9

51.7

33.2

27.1

    Prepayments

1.0

0.4

3.9

1.9

0.1

    Trade Receivables, Gross

195.9

158.9

85.2

34.7

39.2

    Provision for Doubtful Accounts

-12.7

-1.6

-1.9

-1.3

-0.6

    Other Financial Assets

111.8

264.0

206.3

32.7

2.4

    Other Receivables

13.9

21.3

5.2

4.7

0.5

    Income Tax Receivables

8.9

5.6

0.5

0.5

-

    Cash and Cash Equivalents

481.7

475.0

322.8

334.6

77.3

Total Current Assets

1,132.4

1,242.3

779.7

510.6

188.3

 

 

 

 

 

 

    Goodwill, Net

0.4

0.0

-

-

-

    Intangibles, Net

-

-

-

7.7

2.7

    Intangibles, Gross

101.4

53.6

30.6

-

-

    Amortization

-28.0

-14.3

-8.5

-

-

    Land/Buildings

235.3

168.9

90.3

55.2

30.2

    Machinery/Equipment

67.9

62.1

58.0

13.6

12.0

    Other Equipment

195.4

156.6

89.9

51.5

34.3

    Prepayments

96.9

56.8

35.0

48.9

0.0

    Depreciation

-126.8

-84.3

-59.2

-38.4

-30.6

    Other Financial Assets

75.1

5.2

5.2

0.1

0.1

    Other Investments

0.1

0.1

0.1

0.0

-

    Deferred Taxes

34.2

31.8

10.1

3.5

1.7

Total Assets

1,784.0

1,678.9

1,031.1

652.7

238.7

 

 

 

 

 

 

    Other ST Provisions

88.6

116.3

43.7

23.6

8.6

    Finanace Lease Liab./Current Portion

3.1

2.3

2.0

1.9

1.6

    Derivative Financial Liabilities

-

-

0.0

0.0

0.0

    Trade Payables

150.3

94.7

103.4

29.6

21.4

    Other ST Financial Liabilities

97.4

178.8

103.0

82.0

41.8

    Tax Liabilities

48.0

52.9

35.8

34.9

15.5

    Other ST Liabilities

58.9

32.3

21.9

9.0

10.7

Total Current Liabilities

446.4

477.3

309.8

181.0

99.5

 

 

 

 

 

 

    LT Finance Lease Liabilities

40.9

26.1

26.9

28.0

15.4

Total Long Term Debt

40.9

26.1

26.9

28.0

15.4

 

 

 

 

 

 

    Other LT Provisions

140.9

108.2

59.2

29.0

13.7

    Other LT Financial Liabilities

2.7

0.0

-

0.0

0.7

    Other LT Liabilities

104.8

72.2

43.0

20.9

13.1

    Deferred Taxes

23.8

17.8

7.4

3.5

2.0

    Minority Interest

0.0

0.0

0.0

-

-

Total Liabilities

759.4

701.7

446.3

262.4

144.4

 

 

 

 

 

 

    Share Capital

45.0

46.6

49.8

48.2

5.8

    Capital Reserves

154.7

159.9

171.0

165.7

-

    Securities

-0.1

0.0

-

-

-

    Retained Earnings

824.9

770.7

364.0

176.3

88.4

Total Equity

1,024.6

977.2

584.8

390.3

94.2

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

1,784.0

1,678.9

1,031.1

652.7

238.7

 

 

 

 

 

 

    S/O-Common Stock

34.7

34.7

34.7

34.7

34.7

Total Common Shares Outstanding

34.7

34.7

34.7

34.7

34.7

T/S-Common Stock

0.0

-

-

-

-

Deferred Income

57.5

26.4

61.3

-

-

Accumulated Amortization of Intangibles

28.0

14.3

8.5

5.3

4.0

Full-Time Employees

5,532

4,466

2,954

2,220

1,521

Long Term Debt Maturing within 1 Year

4.0

3.4

2.0

1.9

-

Long Term Debt Maturing in Year 3

8.7

6.8

-

-

-

Long Term Debt Maturing in Year 5

8.5

6.6

-

-

-

Long Term Debt - Remaining Maturities

32.3

17.7

-

-

-

Total Long Term Debt, Supplemental

53.5

34.4

2.0

1.9

-

Capital Lease < 1 Year

0.0

0.0

2.0

1.9

1.6

Capital Lease 1-5 Years

0.0

0.0

6.6

8.3

7.9

Remaining Maturities

0.0

0.0

20.3

19.7

7.5

Total Capital Leases, Supplemental

0.0

0.0

28.9

29.9

17.0

Operating Lease < 1 Year

21.9

18.3

8.5

4.9

2.8

Operating Lease 1-5 Years

52.9

43.3

20.0

9.6

6.2

Remaining Maturities

32.1

57.3

14.8

8.6

0.2

Total Operating Leases, Supplemental

106.9

118.9

43.3

23.2

9.2

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal
31-Mar-2008

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.71919

0.755078

0.719047

0.683679

0.730637

Auditor

Deloitte & Touche GmbH Wirtschaftspruef.

Deloitte & Touche GmbH Wirtschaftspruef.

Deloitte & Touche LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/ EBT

230.9

483.4

224.1

174.8

50.3

    Depreciation

70.1

41.5

22.7

12.9

21.9

    Income Taxes

107.8

202.7

98.8

75.5

30.7

    Financial Result

-4.5

-1.7

-5.3

-5.5

0.2

    Other Provisions

13.1

126.7

47.1

33.0

5.5

    Gain/Loss on Sale of Assets

2.0

1.5

1.4

0.0

0.1

    Other Non-Cash Items

19.0

0.5

0.9

4.0

-0.9

    Interest Received

8.0

3.6

6.8

7.3

1.5

    Interest Paid

-0.1

0.0

0.0

0.0

-0.1

    Taxes Paid

-111.5

-199.8

-101.7

-55.1

-25.9

    Inventories

-20.6

-167.5

-53.4

-42.5

-26.5

    Trade Receivables

-38.0

-79.0

-48.2

2.7

-13.5

    Trade Payables

56.2

-2.9

70.6

9.8

5.1

    Other Assets, Net

-0.1

102.7

44.3

59.2

24.6

Cash from Operating Activities

332.1

511.6

308.1

276.1

72.8

 

 

 

 

 

 

    Investment in Tangibles

-186.6

-185.0

-97.6

-97.9

-14.8

    Sale of Fixed Assets

0.7

0.2

0.1

0.0

0.5

    Investments in Financial Assets

0.0

0.0

-

-

-

    Investment, Intangibles

-37.7

-24.7

-16.6

-10.2

-14.2

    Sale of Securities

264.2

0.0

-

-

-

    Acquisition of Business Units

-32.0

-3.3

0.0

-

-

    Sale of Intangibles

-

-

-

-

0.0

    Purchase of Securities

-187.9

-66.2

-166.1

-30.1

0.0

Cash from Investing Activities

-179.4

-279.1

-280.2

-138.2

-28.5

 

 

 

 

 

 

    Issuance of Equity

-

-

0.0

185.6

0.0

    Debt Issued

22.9

0.0

-

-

-

    Issuance of Equity - Costs

0.0

0.0

0.0

-10.4

-

    Change in Liabilities

-5.3

-2.2

-1.9

-1.9

-

    Dividends

-144.7

-59.7

-48.3

-36.9

-17.8

Cash from Financing Activities

-127.1

-61.9

-50.1

136.4

-17.8

 

 

 

 

 

 

Foreign Exchange Effects

-2.0

0.3

0.5

0.4

-0.1

Net Change in Cash

23.7

170.9

-21.8

274.7

26.5

 

 

 

 

 

 

Net Cash-Beginning Balance

492.3

298.0

334.7

77.3

45.9

Net Cash- Ending Balance

516.0

468.9

312.9

352.0

72.3

    Cash Interest Paid

0.1

0.0

0.0

0.0

0.1

    Cash Taxes Paid

111.5

199.8

101.7

55.1

25.9

 

 

 

Financial Health

Financials in: USD (mil)

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

 

 

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2012

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

550.7

-6.60%

2,330.9

-12.70%

34.98%

54.10%

Research & Development1

4.3

-82.93%

27.8

453.25%

-15.41%

5.10%

Operating Income1

52.4

-54.64%

334.1

-53.51%

12.80%

48.37%

Income Available to Common Excl Extraord Items1

38.4

-52.72%

230.9

-54.51%

11.58%

51.99%

Basic EPS Excl Extraord Items1

1.11

-52.72%

6.65

-54.51%

11.58%

51.99%

Capital Expenditures2

76.0

-18.23%

224.3

1.90%

29.72%

88.05%

Cash from Operating Activities2

18.5

-

332.1

-38.17%

8.16%

65.44%

Free Cash Flow

-55.1

-

100.6

-65.99%

-12.28%

44.25%

Total Assets3

1,726.4

13.78%

1,784.0

9.81%

43.04%

65.01%

Total Liabilities3

722.8

10.83%

759.4

11.84%

45.78%

52.20%

Total Long Term Debt3

37.9

80.01%

40.9

61.81%

15.98%

22.05%

Employees3

-

-

5532

23.87%

35.57%

36.58%

Total Common Shares Outstanding3

34.7

0.00%

34.7

0.00%

0.00%

0.00%

1-ExchangeRate: EUR to USD Average for Period

0.778528

 

0.719190

 

 

 

2-ExchangeRate: EUR to USD Average for Period

0.770977

 

0.719190

 

 

 

3-ExchangeRate: EUR to USD Period End Date

0.804664

 

0.770327

 

 

 

Utility Industry Specific USD (mil)

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Deferred Charges3

34.2

31.8

10.1

3.5

1.7

3-ExchangeRate: EUR to USD Period End Date

0.770327

0.745406

0.696986

0.719399

0.683971

Key Ratios

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin

27.93%

36.10%

36.53%

37.23%

37.59%

Operating Margin

14.33%

26.92%

24.44%

24.56%

18.11%

Pretax Margin

14.53%

26.98%

24.85%

25.11%

18.07%

Net Profit Margin

9.91%

19.01%

17.24%

17.54%

11.23%

Financial Strength

Current Ratio

2.54

2.60

2.52

2.82

1.89

Long Term Debt/Equity

0.04

0.03

0.05

0.07

0.16

Total Debt/Equity

0.04

0.03

0.05

0.08

0.18

Management Effectiveness

Return on Assets

12.65%

37.06%

27.12%

37.78%

26.68%

Return on Equity

21.88%

64.27%

46.81%

69.25%

69.91%

Efficiency

Receivables Turnover

11.33

19.26

20.80

25.01

15.07

Inventory Turnover

4.89

7.00

6.31

6.96

5.35

Asset Turnover

1.28

1.95

1.57

2.15

2.38

Market Valuation USD (mil)

P/E (TTM)

6.49

.

Enterprise Value2

803.4

Price/Sales (TTM)

0.55

.

Enterprise Value/Revenue (TTM)

0.36

Price/Book (MRQ)

1.22

.

Enterprise Value/EBITDA (TTM)

2.32

Market Cap as of 05-Oct-20121

1,283.0

.

1-ExchangeRate: EUR to USD on 5-Oct-2012

0.768390

2-ExchangeRate: EUR to USD on 30-Jun-2012

0.804664

 

 

Annual Ratios

Financials in: USD (mil)

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

 

 



 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Financial Strength

Current Ratio

2.54

2.60

2.52

2.82

1.89

Quick/Acid Test Ratio

1.79

1.93

2.00

2.24

1.19

Working Capital1

686.0

765.0

469.8

329.5

88.8

Long Term Debt/Equity

0.04

0.03

0.05

0.07

0.16

Total Debt/Equity

0.04

0.03

0.05

0.08

0.18

Long Term Debt/Total Capital

0.04

0.03

0.04

0.07

0.14

Total Debt/Total Capital

0.04

0.03

0.05

0.07

0.15

Payout Ratio

27.17%

28.52%

28.00%

29.03%

594.73%

Effective Tax Rate

31.82%

29.54%

30.61%

30.16%

37.87%

Total Capital1

1,068.6

1,005.6

613.7

420.2

111.2

 

 

 

 

 

 

Efficiency

Asset Turnover

1.28

1.95

1.57

2.15

2.38

Inventory Turnover

4.89

7.00

6.31

6.96

5.35

Days In Inventory

74.66

52.12

57.81

52.42

68.18

Receivables Turnover

11.33

19.26

20.80

25.01

15.07

Days Receivables Outstanding

32.22

18.95

17.55

14.60

24.23

Revenue/Employee2

393,374

576,787

453,798

426,777

314,652

Operating Income/Employee2

56,385

155,244

110,925

104,813

56,992

EBITDA/Employee2

68,208

165,289

118,858

110,318

72,358

 

 

 

 

 

 

Profitability

Gross Margin

27.93%

36.10%

36.53%

37.23%

37.59%

Operating Margin

14.33%

26.92%

24.44%

24.56%

18.11%

EBITDA Margin

17.34%

28.66%

26.19%

25.85%

23.00%

EBIT Margin

14.33%

26.92%

24.44%

24.56%

18.11%

Pretax Margin

14.53%

26.98%

24.85%

25.11%

18.07%

Net Profit Margin

9.91%

19.01%

17.24%

17.54%

11.23%

R&D Expense/Revenue

1.19%

0.19%

4.95%

4.84%

6.02%

COGS/Revenue

72.07%

63.90%

63.47%

62.77%

62.41%

SG&A Expense/Revenue

11.45%

8.59%

6.76%

8.40%

13.32%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

12.65%

37.06%

27.12%

37.78%

26.68%

Return on Equity

21.88%

64.27%

46.81%

69.25%

69.91%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

2.90

8.81

5.76

4.60

1.35

Operating Cash Flow/Share 2

8.94

14.94

9.16

7.56

2.24

1-ExchangeRate: EUR to USD Period End Date

0.770327

0.745406

0.696986

0.719399

0.683971

2-ExchangeRate: EUR to USD Average for Period

0.770327

0.745406

0.696986

0.719399

0.683971

 

Current Market Multiples

Market Cap/Earnings (TTM)

6.49

Market Cap/Equity (MRQ)

1.22

Market Cap/Revenue (TTM)

0.55

Market Cap/EBIT (TTM)

4.48

Market Cap/EBITDA (TTM)

3.53

Enterprise Value/Earnings (TTM)

4.25

Enterprise Value/Equity (MRQ)

0.80

Enterprise Value/Revenue (TTM)

0.36

Enterprise Value/EBIT (TTM)

2.93

Enterprise Value/EBITDA (TTM)

2.32

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.32

UK Pound

1

Rs.87.36

Euro

1

Rs.70.36

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.