MIRA INFORM REPORT

 

 

Report Date :

13.01.2012

 

IDENTIFICATION DETAILS

 

Name :

LANDI RENZO SPA

 

 

Registered Office :

Via Nobel 2/4, Corte Tegge, Cavriago, 42025

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1954

 

 

Com. Reg. No.:

00523300358

 

 

Legal Form :

Public Subsidiary Company

 

 

Line of Business :

Subject is engaged in the automotive sector

 

 

No. of Employees :

881

 

RATING & COMMENTS

 

MIRAs Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

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)

Italy

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name & address

 

Landi Renzo SpA

Via Nobel 2/4

Corte Tegge, Cavriago, 42025

Italy

Tel: 39-0522-9433

Fax: 39-0522-944044

Web: www.ir.landi.it

 

synthesis

 

Employees: 881

Company Type: Public Subsidiary

Corporate Family: 4 Companies

Ultimate Parent: GIREFIN SPA

Traded: Italian SE (Mercato Continuo Italia): LR

Incorporation Date: 1954

Auditor: KPMG Peat Marwick LLP

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Euro

Annual Sales: 402.2 1

Net Income: 25.8

Total Assets: 462.9 2

Market Value: 178.3

(30-Dec-2011)

 

 

Business Description

 

Landi Renzo SpA is an Italy-based company engaged in the automotive sector. It produces components and alternative automotive fuel systems for the liquefied petroleum gas (LPG) and the compressed natural gas (CNG) markets. The Company’s Research and Development Centre develops LPG and CNG motor propulsion components, further integrated into petrol systems of mechanics as well as electronics. Landi Renzo SpA operates in more than 50 countries through its direct and indirect subsidiaries, including Landi International BV, Eurogas Utrecht BV, Landi Renzo Polska SpZoO, LR Industria e Comercio Ltda, LR Park (Pvt) Limited, Landi Renzo Pars Private Joint Stock Company, Landi Renzo USA Corporation, Landi Renzo RO srl, Officine Lovato Private Limited and Lovato Gas SpA, amongst others. For the nine months ended 30 September 2011, Landi Renzo SpA's total revenue decreased 17% to EUR191M. Net loss for the period totaled EUR7.8M, vs. a profit of EUR18.1M. Total revenue reflects a decrease in the demand for Company's products and services in the Italy and Europe geographical segments. Net loss for the period reflects deteriorated both gross and operating margins due to higher labor costs as well as increased depreciation charges.

Industry

Industry

Auto and Truck Parts

ANZSIC 2006:

231 - Motor Vehicle and Motor Vehicle Part Manufacturing

NACE 2002:

3410 - Manufacture of motor vehicles

NAICS 2002:

336312 - Gasoline Engine and Engine Parts Manufacturing

UK SIC 2003:

3410 - Manufacture of motor vehicles

US SIC 1987:

3714 - Motor Vehicle Parts and Accessories

 

 

Key Executive

 

Name

Title

Claudio Carnevale

Chief Executive Officer, Director

Paolo Cilloni

Head of Finance, Internal Control and Administration, Financial Reporting Officer, General Manager

Domenico Aiello

Member of the Supervisory Board

Pierpaolo Marziali

M&A and Investor Relations Manager

Paolo Gagliardi

Sales and Marketing Manager

 

 

 

  Significant Developments  

 

Topic

#*

Most Recent Headline

Date

Negative Earnings Pre-Announcement

1

Landi Renzo SpA Lowers FY 2011 Revenues Guidance

26-Aug-2011

General Reorganization

1

Landi Renzo SpA to Transfer Division Operating in the Anti-Theft Sector to the Subsidiary A.E.B. SpA

29-Nov-2011

Dividends

1

Landi Renzo SpA to Propose Dividend Distribution for FY 2010; The Company Issues FY 2011 Revenues Guidance Below Analysts' Estimates

15-Mar-2011

 

 

 

* number of significant developments within the last 12 months

 

 

news

 

Title

Date

Seminar on CNG cylinders
Daily Pak Banker (Pakistan) (85 Words)

10-Jan-2012

Ban on CNG kits may not be enough
South Asian Media Network (Pakistan) (776 Words)

20-Dec-2011

SoCalGas to Add 1,000 New Natural Gas-Powered Trucks to Customer Service Fleet
PR Newswire US (713 Words)

21-Nov-2011

SAP Advances Enterprise Cloud Strategy, Delivers New Innovations Across Applications and Platforms
China Weekly News (1373 Words)

16-Nov-2011

People asked to use imported CNG cylinders, kits certified by OGRA
Balochistan Times (Pakistan) (666 Words)

13-Jul-2011

 

 

Financial Summary

 

As of 30-Sep-2011

Key Ratios Company Industry

Current Ratio (MRQ) 1.48 1.97

Quick Ratio (MRQ) 0.91 1.25

Debt to Equity (MRQ) 0.80 0.52

Sales 5 Year Growth 26.74 -0.73

Net Profit Margin (TTM) % -2.54 5.15

Return on Assets (TTM) % -1.90 7.12

Return on Equity (TTM) % -4.76 22.22

 

 

 

Stock Snapshot

 

 

Traded: Italian SE (Mercato Continuo Italia): LR

 

As of 30-Dec-2011

   Financials in: EUR

Recent Price

1.22

 

EPS

0.20

52 Week High

3.09

 

Price/Sales

0.45

52 Week Low

0.99

 

Dividend Rate

0.06

Avg. Volume (mil)

0.26

 

Price/Book

0.90

Market Value (mil)

137.36

 

Beta

0.86

 

Price % Change

Rel S&P 500%

4 Week

10.00%

12.53%

13 Week

-18.44%

-19.88%

52 Week

-59.10%

-45.98%

Year to Date

-59.10%

-45.98%

 

Registered No.(ITA): 00523300358

 

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

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

 

Corporate Overview

 

Location

Via Nobel 2/4

Corte Tegge, Cavriago, 42025

Italy

Tel: 39-0522-9433

Fax: 39-0522-944044

Web: www.ir.landi.it

Quote Symbol - Exchange

LR - Italian SE (Mercato Continuo Italia)

Sales EUR(mil): 303.7

Assets EUR(mil): 345.0

Employees: 881

Fiscal Year End: 31-Dec-2010

Industry: Auto and Truck Parts

Incorporation Date: 1954

Company Type: Public Subsidiary

Quoted Status: Quoted

Registered No.(ITA): 00523300358

Chief Executive Officer,

Director: Claudio Carnevale

 

Company Web Links

         Company Contact/E-mail

         Corporate History/Profile

         Executives

         Financial Information

         Home Page

         News Releases

 

Contents

         Industry Codes

         Business Description

         Financial Data

         Market Data

         Shareholders

         Subsidiaries

         Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

231 - Motor Vehicle and Motor Vehicle Part Manufacturing

2319 - Other Motor Vehicle Parts Manufacturing

 

NACE 2002 Codes:

3410 - Manufacture of motor vehicles

3430 - Manufacture of parts and accessories for motor vehicles and their engines

 

NAICS 2002 Codes:

336311 - Carburetor, Piston, Piston Ring, and Valve Manufacturing

336312 - Gasoline Engine and Engine Parts Manufacturing

 

US SIC 1987:

3592 - Carburetors, Pistons, Piston Rings, and Valves

3714 - Motor Vehicle Parts and Accessories

 

UK SIC 2003:

3410 - Manufacture of motor vehicles

3430 - Manufacture of parts and accessories for motor vehicles and their engines

 

Business Description

Landi Renzo SpA is an Italy-based company engaged in the automotive sector. It produces components and alternative automotive fuel systems for the liquefied petroleum gas (LPG) and the compressed natural gas (CNG) markets. The Company’s Research and Development Centre develops LPG and CNG motor propulsion components, further integrated into petrol systems of mechanics as well as electronics. Landi Renzo SpA operates in more than 50 countries through its direct and indirect subsidiaries, including Landi International BV, Eurogas Utrecht BV, Landi Renzo Polska SpZoO, LR Industria e Comercio Ltda, LR Park (Pvt) Limited, Landi Renzo Pars Private Joint Stock Company, Landi Renzo USA Corporation, Landi Renzo RO srl, Officine Lovato Private Limited and Lovato Gas SpA, amongst others. For the nine months ended 30 September 2011, Landi Renzo SpA's total revenue decreased 17% to EUR191M. Net loss for the period totaled EUR7.8M, vs. a profit of EUR18.1M. Total revenue reflects a decrease in the demand for Company's products and services in the Italy and Europe geographical segments. Net loss for the period reflects deteriorated both gross and operating margins due to higher labor costs as well as increased depreciation charges.

 

More Business Descriptions

Design and manufacture of LPG and CNG systems for motor veichles

 

Landi Renzo SpA is primarily engaged in manufacture of diverse parts and accessories of motor vehicles (brakes, gear boxes, axles, road wheels, suspension shock absorbers, radiators, silencers, exhaust pipes, catalysers, clutches, steering wheels, steering columns and steering boxes); and manufacture of parts and accessories of bodies for motor vehicles (safety belts, airbags, doors, bumpers). This class also includes: manufacture of inlet and exhaust valves of internal combustion engines.

 

Financial Data

Financials in:

EUR(mil)

 

Revenue:

303.7

Net Income:

19.5

Assets:

345.0

Long Term Debt:

66.6

 

Total Liabilities:

192.5

 

Working Capital:

0.1

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

11.7%

-12.5%

4.3%

 

Market Data

Quote Symbol:

LR

Exchange:

Italian SE (Mercato Continuo Italia)

Currency:

EUR

Stock Price:

1.2

Stock Price Date:

12-30-2011

52 Week Price Change %:

-59.1

Market Value (mil):

137,362.5

 

SEDOL:

B1YS846

ISIN:

IT0004210289

 

Subsidiaries

Company

Percentage Owned

Country

Med SpA

100%

ITALY

LR Industira e Commercio Ltda

96%

ITALY

Landi International BV

100%

NETHERLANDS

Bejing Landi Renzo Autogas Systems Co Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

L R Pak (Pvt) Limited

70%

PAKISTAN

Landi Renzo Pars Private Joint Stock Company

100%

IRAN

Lovato Gas SpA

100%

ITALY

Landi Renzo RO srl

100%

ROMANIA

GNV Conversiones C.A.

100%

VENEZUELA

Lovato Gas SpA

 

 

A.E.B. SpA

 

 

 

 

 

Shareholders

 

 

Major Shareholders

Girefin SpA (54.67%)

 

 

 

Key Corporate Relationships

Auditor:

KPMG Peat Marwick LLP

Bank:

Intesa Sanpaolo Ag, Banco Popolare dell'Emilia Romagna Ag, Banca Nazionale del Lavoro Ag

 

Auditor:

KPMG SpA, KPMG Peat Marwick LLP

 

 

 

 

 

 

p

 

 

Corporate Family

Corporate Structure News:

 

Landi Renzo SpA

Landi Renzo SpA 
Total Corporate Family Members: 4 

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

GIREFIN SPA

Parent

 

 

 

 

 

Landi Renzo SpA

Subsidiary

Corte Tegge, Cavriago

Italy

Auto and Truck Parts

402.2

881

A.E.B. SpA

Subsidiary

Cavriago

Italy

Construction - Supplies and Fixtures

58.4

173

Lovato Gas SpA

Subsidiary

Vicenza

Italy

Miscellaneous Capital Goods

80.8

105

executive report

 

Board of Directors

 

Name

Title

Function

 

Giovannina Domenichini

 

Non-Executive Honorary Chairman

Chairman

 

Reuters Biography (Landi Renzo SpA)

Ms. Giovannina Domenichini has served as the Non-Executive Honorary Chairman of Landi Renzo SpA since April 22, 2010. Prior to her appointment she served as Chairman of the Board at Landi Renzo SpA starting from 1987. In 1954 Giovannina Domenichini founded Officine Renzo Landi together with her husband. Subsequently, following the Issuer’s incorporation, she took on the position of Sole Director and in 1987 became, and to date still is, the Chairman of the Board of Directors, In 1990 she was awarded the honour of Commendatore dell’ordine al merito della Repubblica Italiana.


Compensation/Salary: 24,000

Stefano Landi

 

Chairman of the Board

Chairman

 

 

Reuters Biography (Landi Renzo SpA)

Mr. Stefano Landi has been Chairman of the Board of Landi Renzo SpA since April 22, 2010. Prior to his appointment he served as Vice Chairman of the Board and Chief Executive Officer at Landi Renzo SpA from April 24, 2009. He also served as Member of the Board of Directors and Chief Executive Officer of the Company from 1987 to April 24, 2009. He serves also as CEO at Girefin SpA, as Sole Director at Gireimm Srl, as Vice Chairman of the Board at such companies, as Pallacanestro Reggiana Srl, Reggio Emilia Innovazione Scarl, Med SpA and Lovato Gas SpA.


Compensation/Salary: 124,000

Daniele Ripamonti

 

Chairman of the Supervisory Board

Chairman

 

 

Reuters Biography (Landi Renzo SpA)

Mr. Daniele Ripamonti serves as Chairman of the Supervisory Board of Landi Renzo SpA.

Claudio Carnevale

 

Chief Executive Officer, Director

Director/Board Member

 

 

Reuters Biography (Landi Renzo SpA)

Mr. Claudio Carnevale has served as Chief Executive Officer and Member of the Board of Directors of Landi Renzo SpA since April 22, 2010. Prior to his appointment he served as Director of Marketing and Sales and as Director and as Director of Business Development of the Company. A graduate in Electronic Engineering from Politecnico di Torino, where he specialised in automatic controls, whilst person in charge of a research team at the FIAT Research Centre (1988-1996) developed a series of projects and products within the automotive sector, concerning modern control methods applied to engine control and modern control techniques applied to vehicle control. As head of a research and development team at SAGEM SA, France (1996-1998), he developed projects and products within the automotive sector, concerning torque-based and direct injection engine control systems, and cylinder-by-cylinder A/F control using a linear oxygen sensor. He was director of the business unit Engine Control Systems at SAGEM SA, France, from 1998 to 2000. From 2000 to 2002 he was Worldwide Marketing Director for Texas Instruments in the “vehicle motion sector. From 2002 to 2008 he was the Landi group’s Sales and Marketing Director, and since 2008 he has been Director of the group’s Business and Product Development department. He is currently also Managing Director of the Company.



Electrical Engineering, Politecnico di Torino


Compensation/Salary: 389,000

Carlo Coluccio

 

Non-Executive Director

Director/Board Member

 

 

Reuters Biography (Landi Renzo SpA)

Mr. Carlo Coluccio serves as Non-Executive Director of Landi Renzo SpA. He is a graduate of Mechanical Engineering from Universita degli Studi di Bologna. He started his career at Jori SpA -RCF SpA and then he was employed by Omac SpA. In 1993 he joined Landi Srl to serve as Managing Director. He also serves as Vice Chairman of the Board responsible for administrative issues at Consorzio Ecoga and he serves as General Manager of Reggio Emilia Innovazione, a public company operating in industrial research.



Mechanical Engineering, Universita degli Studi di Bologna


Compensation/Salary: 13,000

Paolo Gabbi

 

Director

Director/Board Member

 

 

Alessandro Maria Ovi

 

Lead Independent Director

Director/Board Member

 

 

Reuters Biography (Landi Renzo SpA)

Dr. Alessandro Maria Ovi has served as Lead Independent Director at Landi Renzo SpA since April 22, 2010. Prior to his appointment he served as Non-Executive Independent Director of the Company. He is also Member of Remuneration and Audit Committees of the Company. A graduate in Nuclear Engineering at the Milan Polytechnic, Alessandro Ovi continued his academic career as a researcher at the Massachusetts Institute of Technology, Cambridge, Massachusetts. He has served as Managing Director of Tecnitel, in the Telecom Group, as Central Manager in IRI for the internationalisation of the Group and as Special Advisor to the Chairman of the European Committee for Innovation. He is a Life Trustee of Carnegie Mellon University and a member of the Advisory Board of the MIT Media Lab. Finally, he is a member of the Boards of Directors of various listed companies.



DS Nuclear Engineering, Politecnico di Milano
M Operations Research, Massachusetts Institute of Technology


Compensation/Salary: 20,000

Carlo Alberto Pedroni

 

Executive Director

Director/Board Member

 

 

Reuters Biography (Landi Renzo SpA)

Mr. Carlo Alberto Pedroni has served as Executive Director at Landi Renzo SpA since January 7, 2008. He is also Chairman of Vo2 Max Team Srl and Member of the Board of Directors of Mobirolo SpA. A graduate in Economics and Business, Carlo Alberto Pedroni began his working life with Istituto Bancario Banca Agricola Commerciale, acquiring skills in several fields. After experiences with companies such as Apple and Cantieri Navali Ferretti, he has been a partner in Mai-Pedroni Consulting since 1994; in 2007 he became the Managing Director of the Berloni Group. He is currently Chairman of the Board of Directors of the company VO2 Max Team S.r.l. and member of the Board of Directors of Mobirolo S.p.A.


Compensation/Salary: 167,000

Tomaso Tommasi di Vignano

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (Landi Renzo SpA)

Dr. Tomaso Tommasi di Vignano serves as Non-Executive Independent Director at Landi Renzo SpA. He also serves as Member of the Audit and Remuneration Committees of the Company. He also serves as Chairman of the Board of Directors at Hera SpA, and as Director at Hera Comm Srl and Hera Trading Srl. A graduate in law, Tomaso Tommasi di Vignano began his working life with SIP S.p.A. in Human Resources in 1989, acting as the Manager of the Group Human Resources Department. He was Managing Director of Iritel S.p.A. from 1992 to 1994, and in this capacity he led the transformation of the company during the process of its merger with Telecom Italia S.p.A. From 1994 to 1997 he was a General Manager of Telecom Italia S.p.A. as Manager of the International Division, the Business Customer Division and the Residential Customer Division. Subsequently he became the Managing Director of STET and of Telecom Italia S.p.A. From 1999 to 2002 he was Managing Director of ACEGAS S.p.A. He has been at the head of the Hera Group since November 2002, acting as Chairman of the Board of Directors. He is currently member of the Board of Directors of the companies Hera Comm. S.r.l., Hera Trading S.r.l. e Aimag S.p.A.


Compensation/Salary: 18,000

 

Executives

 

Name

Title

Function

 

Claudio Carnevale

 

Chief Executive Officer, Director

Chief Executive Officer

 

Reuters Biography (Landi Renzo SpA)

Mr. Claudio Carnevale has served as Chief Executive Officer and Member of the Board of Directors of Landi Renzo SpA since April 22, 2010. Prior to his appointment he served as Director of Marketing and Sales and as Director and as Director of Business Development of the Company. A graduate in Electronic Engineering from Politecnico di Torino, where he specialised in automatic controls, whilst person in charge of a research team at the FIAT Research Centre (1988-1996) developed a series of projects and products within the automotive sector, concerning modern control methods applied to engine control and modern control techniques applied to vehicle control. As head of a research and development team at SAGEM SA, France (1996-1998), he developed projects and products within the automotive sector, concerning torque-based and direct injection engine control systems, and cylinder-by-cylinder A/F control using a linear oxygen sensor. He was director of the business unit Engine Control Systems at SAGEM SA, France, from 1998 to 2000. From 2000 to 2002 he was Worldwide Marketing Director for Texas Instruments in the “vehicle motion sector. From 2002 to 2008 he was the Landi group’s Sales and Marketing Director, and since 2008 he has been Director of the group’s Business and Product Development department. He is currently also Managing Director of the Company.



Electrical Engineering, Politecnico di Torino


Compensation/Salary: 389,000

Paolo Cilloni

 

Head of Finance, Internal Control and Administration, Financial Reporting Officer, General Manager

Division Head Executive

 

 

Reuters Biography (Landi Renzo SpA)

Mr. Paolo Cilloni has served as Head of Finance, Internal Control and Administration, Financial Reporting Officer and General Manager of Landi Renzo SpA since August 26, 2011. Prior to his appointment he was Head of Finance, Internal Control and Administration and Financial Reporting Officer of Landi Renzo SpA as from 2007. He started his professional career in 1988 in Landi Renz SpA. He serves as Director at Beijing Landi Renzo and LR Pak.

Domenico Aiello

 

Member of the Supervisory Board

Administration Executive

 

 

Reuters Biography (Landi Renzo SpA)

Mr. Domenico Aiello serves as Member of the Supervisory Board at Landi Renzo SpA.

Enrico Gardani

 

Member of the Supervisory Board

Administration Executive

 

 

Reuters Biography (Landi Renzo SpA)

Mr. Enrico Gardani serves as Member of the Supervisory Board at Landi Renzo SpA.

Massimiliano Folloni

 

Statutory Auditor

Accounting Executive

 

 

Luca Gaiani

 

Statutory Auditor

Accounting Executive

 

 

Marina Torelli

 

Statutory Auditor

Accounting Executive

 

 

Paolo Gagliardi

 

Sales and Marketing Manager

Sales Executive

 

 

Pierpaolo Marziali

 

M&A and Investor Relations Manager

Investor Relations Executive

 

 

Daniele Ceccarini

 

Research and Development Manager

Research & Development Executive

 

 

Angelo Iori

 

Purchasing and Production Manager

Manufacturing Executive

 

 

Fausto Fava

 

Executive

Other

 

 

Gianluca Ferrarese

 

Executive

Other

 

 

Maurizio Giacomelli

 

Executive

Other

 

 

Monica Giglioli

 

Executive

Other

 

 

Andrea Landi

 

Executive

Other

 

 

Gabriele Venturini

 

Executive

Other

 

 

 

 

Significant Developments

 

Landi Renzo SpA to Transfer Division Operating in the Anti-Theft Sector to the Subsidiary A.E.B. SpA Nov 29, 2011

 

Landi Renzo SpA announced that it has approved the transfer of the division that operates in the Antitheft sector to the subsidiary A.E.B. SpA, which specializes in the manufacture of electronic components. For the transfer of the Company division, effective as from January 1, 2012, by the single shareholder Landi Renzo SpA, A.E.B. SpA will approve a share capital increase by contribution in kind amounting to EUR 311,812, of which EUR 300,000as share capital and EUR 11,812 as premium.

Landi Renzo SpA Lowers FY 2011 Revenues Guidance Aug 26, 2011

 

Landi Renzo SpA announced that it has lowered the revenues guidance for the fiscal year 2011. The Company expects to report for the fiscal year 2011, revenues between EUR 260.00 million and EUR 280.00 million, with an EBITDA margin between 8% and 10%.

 

Landi Renzo SpA to Propose Dividend Distribution for FY 2010; The Company Issues FY 2011 Revenues Guidance Below Analysts' Estimates Mar 15, 2011

 

Landi Renzo SpA announced that it will propose to the Shareholders' Meeting the distribution of a dividend of EUR 0.055 per share for fiscal year 2010, for a total amount of EUR 6,187,500. The dividend if approved will have ex-dividend date on May 23, 2011 with detachment of coupon number four and payment date as of May 26, 2011. The Company also announced that it expects for the fiscal year 2011, to report revenues and EBITDA margin in line with result reported for the fiscal year 2010. The Company reported for fiscal year 2010, revenues of EUR 302.40 million. According to Reuters Estimates analysts on average are expecting the Company to report for the fiscal year 2011, revenues of EUR 319.00 million.

 

 

 

Annual Profit & Loss

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

Consolidated

No

No

No

 

 

 

 

Total income

262.3

287.7

261.0

Net sales

261.6

286.7

260.7

Other operating income

0.7

1.0

0.4

Raw materials and consumables employed

117.6

150.5

148.0

Other expenses

87.7

88.5

52.4

Total payroll costs

24.7

16.3

15.5

Fixed asset depreciation and amortisation

10.7

7.7

4.5

Other operating costs

2.6

1.7

1.1

Net operating income

19.1

23.0

39.5

Total financial income

3.2

2.1

4.2

Total expenses

2.4

2.9

1.2

Profit before tax

19.9

22.2

42.5

Extraordinary result

-0.7

-0.8

-

Profit after extraordinary items and before tax

19.2

21.4

42.5

Total taxation

6.4

7.3

12.9

Net profit

12.8

14.1

29.6

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

Consolidated

No

No

No

 

 

 

 

Total stockholders equity

181.7

155.8

148.5

Provision for risks

5.7

3.8

1.3

Provision for pensions

2.5

2.0

1.9

Mortgages and loans

81.0

51.8

34.6

Other long-term liabilities

0.2

0.1

0.2

Trade creditors

47.9

88.2

50.7

Bank loans and overdrafts

32.2

15.1

8.6

Other current liabilities

15.7

35.5

31.3

Accruals and deferred income

0.2

0.2

0.4

Total current liabilities

96.0

139.0

91.1

Total liabilities (including net worth)

367.1

352.5

277.6

Intangibles

11.6

6.2

5.3

Buildings

0.1

0.1

-

Total tangible fixed assets

30.5

13.0

9.9

Long-term investments

163.6

93.2

90.8

Total financial assets

164.6

95.1

91.6

Receivables due after 1 year

4.1

2.7

1.6

Loans to associated companies

0.9

1.9

-

Total non-current assets

210.8

117.1

108.4

Finished goods

20.3

-

-

Net stocks and work in progress

43.2

44.5

50.3

Trade debtors

49.3

125.5

54.6

Other receivables

58.6

34.8

23.3

Cash and liquid assets

4.3

30.0

31.6

Marketable securities

0.2

0.2

8.6

Accruals

0.7

0.5

0.8

Total current assets

156.3

235.5

169.2

Total assets

367.1

352.5

277.6

 

 

Annual Ratios

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

Consolidated

No

No

No

 

 

 

 

Current ratio

1.60

1.70

1.90

Quick ratio

1.20

1.40

1.30

Current liabilities to net worth

0.01%

0.01%

0.01%

Sales per employee

0.56

0.87

0.89

Profit per employee

0.04

0.07

0.14

Average wage per employee

0.05

0.05

0.05

Net worth

181.7

155.8

148.5

Number of employees

354

236

201

 

Annual Income Statement

 

Financials in: USD (mil)

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Mar-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

0.796979

Auditor

KPMG Peat Marwick LLP

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

400.5

376.6

316.2

224.3

174.0

Revenue

400.5

376.6

316.2

224.3

174.0

    Other Revenue

1.8

1.7

1.0

1.4

0.7

Other Revenue, Total

1.8

1.7

1.0

1.4

0.7

Total Revenue

402.2

378.3

317.2

225.7

174.7

 

 

 

 

 

 

    Cost of Revenue

178.1

166.4

140.2

107.2

79.2

Cost of Revenue, Total

178.1

166.4

140.2

107.2

79.2

Gross Profit

222.4

210.2

176.0

117.1

94.9

 

 

 

 

 

 

    Selling/General/Administrative Expense

108.5

110.4

76.6

49.9

39.6

    Labor & Related Expense

48.8

38.1

29.7

19.6

15.6

Total Selling/General/Administrative Expenses

157.3

148.6

106.3

69.6

55.3

    Depreciation

10.8

8.2

5.5

3.7

2.9

    Amortization of Intangibles

6.1

4.8

3.3

1.6

0.7

Depreciation/Amortization

16.8

13.0

8.8

5.3

3.6

    Impairment-Assets Held for Use

6.0

5.5

2.3

1.0

2.2

Unusual Expense (Income)

6.0

5.5

2.3

1.0

2.2

Total Operating Expense

358.2

333.5

257.6

183.0

140.2

 

 

 

 

 

 

Operating Income

44.0

44.8

59.6

42.7

34.4

 

 

 

 

 

 

        Interest Expense - Non-Operating

-2.5

-2.5

-1.4

-0.8

-0.7

    Interest Expense, Net Non-Operating

-2.5

-2.5

-1.4

-0.8

-0.7

        Interest Income - Non-Operating

0.3

0.1

2.6

1.7

0.2

        Investment Income - Non-Operating

0.0

-1.2

-2.3

-0.2

0.4

    Interest/Investment Income - Non-Operating

0.3

-1.1

0.3

1.5

0.6

Interest Income (Expense) - Net Non-Operating Total

-2.2

-3.6

-1.1

0.7

-0.1

    Other Non-Operating Income (Expense)

-0.6

-0.6

-0.5

-0.3

-0.7

Other, Net

-0.6

-0.6

-0.5

-0.3

-0.7

Income Before Tax

41.2

40.7

58.0

43.1

33.7

 

 

 

 

 

 

Total Income Tax

14.4

10.0

18.8

16.4

12.8

Income After Tax

26.7

30.7

39.2

26.7

20.9

 

 

 

 

 

 

    Minority Interest

-0.9

0.3

-0.1

0.2

0.0

Net Income Before Extraord Items

25.8

30.9

39.1

26.9

20.9

Net Income

25.8

30.9

39.1

26.9

20.9

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

25.8

30.9

39.1

26.9

20.9

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

25.8

30.9

39.1

26.9

20.9

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

112.5

112.5

112.5

112.5

40.0

Basic EPS Excl Extraord Items

0.23

0.27

0.35

0.24

0.52

Basic/Primary EPS Incl Extraord Items

0.23

0.27

0.35

0.24

0.52

Diluted Net Income

25.8

30.9

39.1

26.9

20.9

Diluted Weighted Average Shares

112.5

112.5

112.5

112.5

40.0

Diluted EPS Excl Extraord Items

0.23

0.27

0.35

0.24

0.52

Diluted EPS Incl Extraord Items

0.23

0.27

0.35

0.24

0.52

Dividends per Share - Common Stock Primary Issue

0.07

0.09

0.11

0.08

0.00

Gross Dividends - Common Stock

8.2

9.7

12.3

8.5

0.0

Interest Expense, Supplemental

2.5

2.5

1.4

0.8

0.7

Depreciation, Supplemental

10.8

8.2

5.5

3.7

2.9

Total Special Items

6.0

5.5

2.3

1.0

2.2

Normalized Income Before Tax

47.1

46.2

60.3

44.1

35.9

 

 

 

 

 

 

Effect of Special Items on Income Taxes

2.1

1.4

0.7

0.4

0.8

Inc Tax Ex Impact of Sp Items

16.5

11.4

19.6

16.8

13.6

Normalized Income After Tax

30.6

34.8

40.7

27.3

22.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

29.7

35.1

40.6

27.5

22.3

 

 

 

 

 

 

Basic Normalized EPS

0.26

0.31

0.36

0.24

0.56

Diluted Normalized EPS

0.26

0.31

0.36

0.24

0.56

Amort of Intangibles, Supplemental

3.0

2.7

-2.1

1.6

0.7

Rental Expenses

4.7

3.5

2.3

1.7

0.7

Advertising Expense, Supplemental

-

-

-

-

1.4

Normalized EBIT

50.0

50.3

61.9

43.7

36.6

Normalized EBITDA

63.7

61.2

65.3

49.0

40.2

    Current Tax - Total

13.3

18.6

21.1

15.6

11.9

Current Tax - Total

13.3

18.6

21.1

15.6

11.9

    Deferred Tax - Total

1.2

-8.7

-2.3

0.8

0.9

Deferred Tax - Total

1.2

-8.7

-2.3

0.8

0.9

Income Tax - Total

14.4

10.0

18.8

16.4

12.8

Pension Payment Rate - Domestic

-

2.00%

2.60%

-

-

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Mar-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

0.683971

0.758351

Auditor

KPMG Peat Marwick LLP

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

0.2

0.0

-

-

-

    Cash & Equivalents

35.1

48.2

42.1

84.9

12.9

    Short Term Investments

0.2

0.2

0.2

0.3

0.2

Cash and Short Term Investments

35.5

48.4

42.3

85.2

13.1

        Accounts Receivable - Trade, Gross

113.5

173.1

71.1

62.5

29.3

        Provision for Doubtful Accounts

-6.0

-5.5

-3.1

-1.3

-1.1

    Trade Accounts Receivable - Net

108.5

167.9

68.9

61.2

28.2

    Other Receivables

28.6

13.9

10.3

13.1

9.7

Total Receivables, Net

137.2

181.7

79.2

74.3

37.9

    Inventories - Finished Goods

25.9

27.3

29.6

9.5

13.0

    Inventories - Work In Progress

11.0

7.9

12.4

11.7

10.0

    Inventories - Raw Materials

59.6

54.2

56.2

29.5

21.3

    Inventories - Other

-6.6

-5.0

-3.4

-2.4

-1.9

Total Inventory

89.9

84.4

94.8

48.4

42.4

Total Current Assets

262.5

314.6

216.3

207.9

93.4

 

 

 

 

 

 

        Buildings

49.5

31.3

19.7

13.1

4.9

        Land/Improvements

4.4

4.0

3.7

3.2

20.5

        Machinery/Equipment

38.4

27.9

23.4

16.6

12.5

        Construction in Progress

1.6

2.4

6.9

0.2

4.8

        Other Property/Plant/Equipment

15.7

10.8

9.9

7.5

6.6

    Property/Plant/Equipment - Gross

109.6

76.5

63.6

40.6

49.2

    Accumulated Depreciation

-57.9

-36.0

-28.7

-18.8

-16.8

Property/Plant/Equipment - Net

51.7

40.5

34.9

21.8

32.4

Goodwill, Net

88.8

74.6

72.2

4.4

3.9

Intangibles, Net

39.3

24.6

25.1

1.9

0.8

    LT Investments - Other

0.4

0.2

0.1

0.1

1.3

Long Term Investments

0.4

0.2

0.1

0.1

1.3

    Deferred Charges

7.5

6.4

5.1

2.7

1.4

    Deferred Income Tax - Long Term Asset

12.7

14.0

5.6

2.7

1.6

Other Long Term Assets, Total

20.2

20.4

10.7

5.4

3.0

Total Assets

462.9

474.8

359.3

241.4

134.9

 

 

 

 

 

 

Accounts Payable

87.0

138.5

107.0

62.0

36.4

Notes Payable/Short Term Debt

0.8

0.2

0.2

0.2

1.6

Current Portion - Long Term Debt/Capital Leases

38.1

29.7

11.8

6.9

4.2

    Other Payables

5.8

3.8

5.0

3.6

3.5

    Other Current Liabilities

10.2

8.2

7.9

5.1

6.5

Other Current liabilities, Total

16.0

12.1

12.9

8.7

10.1

Total Current Liabilities

141.8

180.5

131.9

77.9

52.3

 

 

 

 

 

 

    Long Term Debt

89.4

76.9

38.5

2.9

7.5

Total Long Term Debt

89.4

76.9

38.5

2.9

7.5

Total Debt

128.3

106.8

50.5

10.0

13.3

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

15.2

9.6

9.7

2.4

4.4

Deferred Income Tax

15.2

9.6

9.7

2.4

4.4

Minority Interest

1.0

0.2

0.4

0.2

0.2

    Reserves

6.4

3.1

0.7

0.4

0.8

    Pension Benefits - Underfunded

4.2

3.7

3.6

2.8

3.2

    Other Long Term Liabilities

0.2

0.4

0.6

0.9

9.3

Other Liabilities, Total

10.8

7.2

4.9

4.1

13.3

Total Liabilities

258.3

274.4

185.4

87.5

77.7

 

 

 

 

 

 

    Common Stock

15.1

16.1

15.6

16.4

3.3

Common Stock

15.1

16.1

15.6

16.4

3.3

Retained Earnings (Accumulated Deficit)

189.5

184.2

158.3

137.5

53.9

Total Equity

204.6

200.3

173.9

153.9

57.2

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

462.9

474.8

359.3

241.4

134.9

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

112.5

112.5

112.5

112.5

40.0

Total Common Shares Outstanding

112.5

112.5

112.5

112.5

40.0

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

-

-

Employees

865

700

614

453

150

Total Long Term Debt, Supplemental

0.8

0.2

0.2

0.2

-

Long Term Debt Maturing within 1 Year

0.8

0.2

0.2

0.2

-

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

0.0

0.0

-

Total Operating Leases, Supplemental

4.7

5.7

4.6

3.1

-

Operating Lease Payments Due in Year 1

2.0

1.8

1.4

0.9

-

Operating Lease Payments Due in Year 2

0.7

1.0

0.8

0.6

-

Operating Lease Payments Due in Year 3

0.7

1.0

0.8

0.6

-

Operating Lease Payments Due in Year 4

0.7

1.0

0.8

0.6

-

Operating Lease Payments Due in Year 5

0.7

1.0

0.8

0.6

-

Operating Lease Pymts. Due in 2-3 Years

1.3

1.9

1.6

1.1

-

Operating Lease Pymts. Due in 4-5 Years

1.3

1.9

1.6

1.1

-

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

0.0

0.0

0.0

0.0

-

Pension Payment Rate - Domestic

-

2.00%

2.60%

-

-

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Reclassified Normal 
31-Dec-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

0.796979

Auditor

KPMG Peat Marwick LLP

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

40.2

40.9

57.9

43.3

33.7

    Depreciation

16.5

13.0

8.8

5.3

3.6

Depreciation/Depletion

16.5

13.0

8.8

5.3

3.6

Deferred Taxes

5.3

0.3

-0.7

0.4

-0.1

    Unusual Items

0.3

-

-

-

-

    Other Non-Cash Items

3.9

6.2

-0.9

-0.6

0.1

Non-Cash Items

4.3

6.2

-0.9

-0.6

0.1

    Accounts Receivable

26.8

-95.1

-0.6

-30.7

-7.2

    Inventories

-6.0

13.0

-41.0

-1.3

-12.4

    Accounts Payable

-41.0

27.2

32.0

20.3

5.2

    Taxes Payable

-13.8

-19.9

-21.1

-15.6

-11.9

    Other Liabilities

5.3

-1.2

-0.4

-2.3

2.9

    Other Operating Cash Flow

-1.2

-0.6

-

-

-

Changes in Working Capital

-29.9

-76.7

-31.1

-29.6

-23.5

Cash from Operating Activities

36.4

-16.2

34.0

18.7

13.9

 

 

 

 

 

 

    Purchase of Fixed Assets

-13.3

-15.9

-17.2

-7.8

-11.0

    Purchase/Acquisition of Intangibles

-5.8

-4.6

-4.2

-3.6

-1.7

Capital Expenditures

-19.1

-20.5

-21.4

-11.5

-12.8

    Acquisition of Business

-59.9

0.0

-86.8

-

-

    Sale of Fixed Assets

1.1

0.4

0.5

1.4

0.1

    Sale/Maturity of Investment

0.0

0.0

0.0

0.0

0.2

    Purchase of Investments

0.0

-0.1

0.0

0.0

-0.1

    Sale of Intangible Assets

0.0

0.0

0.0

0.0

0.0

Other Investing Cash Flow Items, Total

-58.8

0.3

-86.3

1.4

0.2

Cash from Investing Activities

-77.9

-20.3

-107.7

-10.0

-12.6

 

 

 

 

 

 

    Other Financing Cash Flow

17.6

0.0

-0.8

64.0

-2.3

Financing Cash Flow Items

17.6

0.0

-0.8

64.0

-2.3

    Cash Dividends Paid - Common

-9.2

-11.7

-9.1

0.0

-6.7

Total Cash Dividends Paid

-9.2

-11.7

-9.1

0.0

-6.7

Issuance (Retirement) of Debt, Net

-0.4

35.8

37.4

-8.6

5.8

Cash from Financing Activities

8.0

24.1

27.6

55.4

-3.2

 

 

 

 

 

 

Net Change in Cash

-33.5

-12.3

-46.2

64.1

-1.9

 

 

 

 

 

 

Net Cash - Beginning Balance

17.1

30.3

78.1

9.0

10.2

Net Cash - Ending Balance

-2.8

18.0

31.9

73.0

8.2

Cash Interest Paid

-

-

-

1.1

1.4

Cash Taxes Paid

-

-

21.1

15.6

11.9

 

Annual Income Statement

 

Financials in: USD (mil)

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Mar-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

0.796979

Auditor

KPMG Peat Marwick LLP

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Turnover

398.8

376.3

313.2

224.3

174.0

    Turnover/Related Parties

1.7

0.3

3.1

0.0

-

    Other Income

1.8

1.7

1.0

1.4

0.7

Total Revenue

402.2

378.3

317.2

225.7

174.7

 

 

 

 

 

 

    Cost of Revenue

172.6

156.8

112.6

90.3

56.9

    Cost of Materials and Stock Variation

5.4

9.6

27.7

16.8

22.3

    Services and Cost of Rent

106.5

109.2

75.4

49.2

39.6

    Labor Cost

48.8

38.1

29.7

19.6

15.6

    Impairment of Assets

6.0

5.5

2.3

1.0

2.2

    Amortization of Intangibles

6.1

4.8

3.3

1.6

0.7

    Depreciation

10.8

8.2

5.5

3.7

2.9

    Services - Related Parties

2.0

1.2

1.2

0.7

0.0

Total Operating Expense

358.2

333.5

257.6

183.0

140.2

 

 

 

 

 

 

    Interest Income

0.3

0.1

2.6

1.7

0.2

    Other Income

0.0

0.2

0.2

0.3

0.1

    Interest Expense

-2.5

-2.5

-1.4

-0.8

-0.7

    Banking Commission

-

-

-0.5

-0.4

-0.6

    Devaluation of Participations

-

-

-

-

0.0

    Other Financial Expenses

-0.7

-0.8

-0.2

-0.2

-0.2

    Foreign Exchange Income

0.0

-1.2

-2.3

-0.2

0.4

Net Income Before Taxes

41.2

40.7

58.0

43.1

33.7

 

 

 

 

 

 

Provision for Income Taxes

14.4

10.0

18.8

16.4

12.8

Net Income After Taxes

26.7

30.7

39.2

26.7

20.9

 

 

 

 

 

 

    Minority Interest

-0.9

0.3

-0.1

0.2

0.0

Net Income Before Extra. Items

25.8

30.9

39.1

26.9

20.9

Net Income

25.8

30.9

39.1

26.9

20.9

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

25.8

30.9

39.1

26.9

20.9

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

25.8

30.9

39.1

26.9

20.9

 

 

 

 

 

 

Basic Weighted Average Shares

112.5

112.5

112.5

112.5

40.0

Basic EPS Excluding ExtraOrdinary Items

0.23

0.27

0.35

0.24

0.52

Basic EPS Including ExtraOrdinary Items

0.23

0.27

0.35

0.24

0.52

Diluted Net Income

25.8

30.9

39.1

26.9

20.9

Diluted Weighted Average Shares

112.5

112.5

112.5

112.5

40.0

Diluted EPS Excluding ExtraOrd Items

0.23

0.27

0.35

0.24

0.52

Diluted EPS Including ExtraOrd Items

0.23

0.27

0.35

0.24

0.52

DPS-Common Stock

0.07

0.09

0.11

0.08

0.00

Gross Dividends - Common Stock

8.2

9.7

12.3

8.5

0.0

Normalized Income Before Taxes

47.1

46.2

60.3

44.1

35.9

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

16.5

11.4

19.6

16.8

13.6

Normalized Income After Taxes

30.6

34.8

40.7

27.3

22.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

29.7

35.1

40.6

27.5

22.3

 

 

 

 

 

 

Basic Normalized EPS

0.26

0.31

0.36

0.24

0.56

Diluted Normalized EPS

0.26

0.31

0.36

0.24

0.56

Rental Expenses

4.7

3.5

2.3

1.7

0.7

Advertising Expense

-

-

-

-

1.4

Interest Expense

2.5

2.5

1.4

0.8

0.7

Amortization of Intangibles

3.0

2.7

-2.1

1.6

0.7

Depreciation

10.8

8.2

5.5

3.7

2.9

    Current Tax

13.3

18.6

21.1

15.6

11.9

Current Tax - Total

13.3

18.6

21.1

15.6

11.9

    Deferred Tax

1.2

-8.7

-2.3

0.8

0.9

Deferred Tax - Total

1.2

-8.7

-2.3

0.8

0.9

Income Tax - Total

14.4

10.0

18.8

16.4

12.8

Pension Payment

-

2.00%

2.60%

-

-

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Mar-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

0.683971

0.758351

Auditor

KPMG Peat Marwick LLP

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Trade Receivable/Related Parties

1.0

0.3

0.8

0.0

-

    Trade Receivable,Gross

113.5

173.1

71.1

62.5

29.3

    Provision for Doubtful Accounts

-6.0

-5.5

-3.1

-1.3

-1.1

    Raw Materials

59.6

54.2

56.2

29.5

21.3

    Inventories Work in Progress

11.0

7.9

12.4

11.7

10.0

    Finished Goods

25.9

27.3

29.6

9.5

13.0

    Advances on Inventories

-

-

-

0.0

0.4

    Inventories, Provisions

-6.6

-5.0

-3.4

-2.4

-2.3

    Other Receivables

28.6

13.9

10.3

13.0

9.7

    Participations on Deutsche Telekom

0.2

0.2

0.2

0.3

0.2

    Cash Equivalent

35.1

48.2

42.1

84.9

12.9

    Cash

0.2

0.0

-

-

-

    Other Receivables-Related Parties

-

0.0

0.0

0.1

-

Total Current Assets

262.5

314.6

216.3

207.9

93.4

 

 

 

 

 

 

    Land

4.4

4.0

3.7

3.2

20.5

    Plant and Equipments

49.5

31.3

19.7

13.1

4.9

    Industrial Equipments

38.4

27.9

23.4

16.6

12.5

    Other Tangibles

15.7

10.8

9.9

7.5

6.6

    Tangibles in Progress

1.6

2.4

6.9

0.2

4.8

    Depreciation

-57.9

-36.0

-28.7

-18.8

-16.8

    Property Investments

-

-

-

0.0

1.2

    Development Cost

7.5

6.4

5.1

2.7

1.4

    Goodwill

88.8

74.6

72.2

4.4

3.9

    Intangibles, Net

39.3

24.6

25.1

1.9

0.8

    Other Financial Assets

0.4

0.2

0.1

0.1

0.1

    Deferred Tax

12.7

14.0

5.6

2.7

1.6

Total Assets

462.9

474.8

359.3

241.4

134.9

 

 

 

 

 

 

    Current Portion of LT Debt

38.1

29.7

11.8

6.9

4.2

    Other Financial Liabilities

0.8

0.2

0.2

0.2

1.6

    Accounts Payable

86.5

133.9

92.6

58.0

32.2

    Accounts Payable - Correlated Parts

0.5

4.7

14.4

4.1

4.2

    Other Debts

5.8

3.8

5.0

3.6

3.5

    Other Current Liabilities

10.2

8.2

7.9

4.7

3.1

    Other Cur. Liabilities - Corrlated Parts

0.0

0.0

0.0

0.5

3.4

Total Current Liabilities

141.8

180.5

131.9

77.9

52.3

 

 

 

 

 

 

    LT Debt

89.4

76.9

38.5

2.9

7.5

Total Long Term Debt

89.4

76.9

38.5

2.9

7.5

 

 

 

 

 

 

    Minority Interest

1.0

0.2

0.4

0.2

0.2

    LT Liabilities

0.2

0.4

0.6

0.9

9.3

    Provisions for Risks and Charges

6.4

3.1

0.7

0.4

0.8

    Pension Funds

4.2

3.7

3.6

2.8

3.2

    Deferred Tax

15.2

9.6

9.7

2.4

4.4

Total Liabilities

258.3

274.4

185.4

87.5

77.7

 

 

 

 

 

 

    Share Capital

15.1

16.1

15.6

16.4

3.3

    Conversion Reserves

-

-

-

-

0.5

    Other Reserves

163.4

152.3

121.1

108.7

21.8

    Retained Earnings

-

-

-

-

9.7

    Net Income

26.1

31.9

37.1

28.7

22.0

Total Equity

204.6

200.3

173.9

153.9

57.2

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

462.9

474.8

359.3

241.4

134.9

 

 

 

 

 

 

    S/O-Common Stock

112.5

112.5

112.5

112.5

40.0

Total Common Shares Outstanding

112.5

112.5

112.5

112.5

40.0

T/S-Common Stock

0.0

0.0

0.0

-

-

Full-Time Employees

865

700

614

453

150

Current maturities

0.8

0.2

0.2

0.2

-

Total Long Term Debt, Supplemental

0.8

0.2

0.2

0.2

-

Optg leases-year 1

2.0

1.8

1.4

0.9

-

Optg leases-year 5

2.6

3.8

3.1

2.3

-

Total Operating Leases, Supplemental

4.7

5.7

4.6

3.1

-

Pension Payment

-

2.00%

2.60%

-

-

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Reclassified Normal 
31-Dec-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

0.796979

Auditor

KPMG Peat Marwick LLP

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

40.2

40.9

57.9

43.3

33.7

    Depreciation

16.5

13.0

8.8

5.3

3.6

    Impairment Intangible Assets

0.3

-

-

-

-

    Employees Items

1.8

1.5

1.0

0.8

0.7

    Use of Employees Items

-1.2

-0.6

-

-

-

    Severance Indemnity

-

-

-1.0

-1.5

-0.2

    Net Financial Charges

2.8

4.1

-

-

-

    Other Receivables-Corr. Parts

3.4

2.3

0.1

-0.5

0.4

    Deferred Taxes

5.3

0.3

-0.7

0.4

-0.1

    Current Taxes

-13.8

-19.9

-21.1

-15.6

-11.9

    Public Contribution

-0.7

0.5

-0.9

0.0

-0.4

    Inventories

-6.0

13.0

-41.0

-1.3

-12.4

    Accounts Receivables

38.7

-94.3

-3.9

-28.0

-4.8

    Other Receivables

-15.3

-3.1

3.0

-2.1

-2.8

    Accounts Payable

-36.2

37.1

20.9

20.8

6.0

    Accounts Payable - Corr. Parts

-4.8

-9.9

11.1

-0.5

-0.8

    Other Liabilities

5.3

-1.2

-0.4

-2.3

2.9

    Accounts Receivables-Associates

0.0

0.0

0.1

-0.1

-

    Liabilities - Associates

0.0

0.0

0.0

-

-

Cash from Operating Activities

36.4

-16.2

34.0

18.7

13.9

 

 

 

 

 

 

    Purchase of Intangibles

-5.8

-4.6

-4.2

-3.6

-1.7

    Sale of Intangibles

0.0

0.0

0.0

0.0

0.0

    Purchase of Fixed Assets

-13.3

-15.9

-17.2

-7.8

-11.0

    Sale of Fixed Assets

1.1

0.4

0.5

1.4

0.1

    Purchase of Property Investment

-

-

-

0.0

0.0

    Purchase of Investment

0.0

-0.1

0.0

0.0

-0.1

    Sale of Investment

0.0

0.0

0.0

0.0

0.2

    Acquisition of Lovato Gas

-45.7

0.0

-85.2

-

-

    Cash Acquired Lovato Gas

-14.2

0.0

-1.6

-

-

Cash from Investing Activities

-77.9

-20.3

-107.7

-10.0

-12.6

 

 

 

 

 

 

    Dividend Paid

-9.2

-11.7

-9.1

0.0

-6.7

    Variation of Minority Capital

0.2

0.0

-0.8

-0.2

-1.0

    Debt, Net

-0.4

35.8

37.4

-8.6

5.8

    Interest Paid

-

-

-

-

-1.4

    Loans from Banks

17.4

0.0

-

-

-

    Proceeds from Floatation

-

-

0.0

64.1

-

Cash from Financing Activities

8.0

24.1

27.6

55.4

-3.2

 

 

 

 

 

 

Net Change in Cash

-33.5

-12.3

-46.2

64.1

-1.9

 

 

 

 

 

 

Cash Begining Balance

17.1

30.3

78.1

9.0

10.2

Cash Ending Balance

-2.8

18.0

31.9

73.0

8.2

    Cash Interest Paid

-

-

-

1.1

1.4

    Cash Taxes Paid

-

-

21.1

15.6

11.9

 

 

Financial Health

 

Financials in: USD (mil)

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

Key Indicators USD (mil)

 

Quarter
Ending
30-Sep-2011

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2010

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 

88.3

6.89%

402.2

11.66%

22.57%

26.74%

Operating Income1 

-5.4

-

44.0

3.13%

2.11%

14.48%

Income Available to Common Excl Extraord Items1 

-7.7

-

25.8

-12.50%

-0.34%

11.82%

Basic EPS Excl Extraord Items1 

-0.07

-

0.23

-12.49%

-0.34%

-9.07%

Capital Expenditures2 

19.3

48.79%

19.1

-2.22%

19.87%

31.75%

Cash from Operating Activities2 

0.5

-98.65%

36.4

-

26.25%

10.28%

Free Cash Flow 

-17.9

-

17.5

-

35.20%

-0.23%

Total Assets3 

475.1

1.03%

462.9

4.27%

27.84%

34.39%

Total Liabilities3 

291.9

9.12%

258.3

0.65%

47.60%

33.13%

Total Long Term Debt3 

73.5

-24.92%

89.4

24.28%

223.35%

129.48%

Employees3 

-

-

865

23.57%

24.06%

47.96%

Total Common Shares Outstanding3 

112.5

0.00%

112.5

0.00%

0.00%

22.98%

1-ExchangeRate: EUR to USD Average for Period

0.707825

 

0.755078

 

 

 

2-ExchangeRate: EUR to USD Average for Period

0.711706

 

0.755078

 

 

 

3-ExchangeRate: EUR to USD Period End Date

0.745323

 

0.745406

 

 

 

Utility Industry Specific USD (mil)

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

 

Deferred Charges3 

7.5

6.4

5.1

2.7

1.4

 

3-ExchangeRate: EUR to USD Period End Date

0.745406

0.696986

0.719399

0.683971

0.758351

 

Key Ratios

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Profitability

Gross Margin 

55.54%

55.82%

55.65%

52.22%

54.51%

Operating Margin 

10.94%

11.84%

18.78%

18.92%

19.72%

Pretax Margin 

10.23%

10.75%

18.29%

19.10%

19.30%

Net Profit Margin 

6.41%

8.18%

12.32%

11.92%

11.98%

Financial Strength

Current Ratio 

1.85

1.74

1.64

2.67

1.79

Long Term Debt/Equity 

0.44

0.38

0.22

0.02

0.13

Total Debt/Equity 

0.63

0.53

0.29

0.06

0.23

Management Effectiveness

Return on Assets 

5.97%

7.48%

12.65%

14.58%

18.44%

Return on Equity 

13.32%

16.80%

23.18%

26.45%

43.85%

Efficiency

Receivables Turnover 

2.65

2.96

4.02

4.15

5.46

Inventory Turnover 

2.14

1.88

1.89

2.40

2.32

Asset Turnover 

0.90

0.92

1.02

1.23

1.54

Market Valuation USD (mil)

Enterprise Value2 

305.0

.

Price/Sales (TTM)

0.52

Enterprise Value/Revenue (TTM) 

0.86

.

Price/Book (MRQ)

1.01

Enterprise Value/EBITDA (TTM) 

12.00

.

Market Cap1 

178.3

1-ExchangeRate: EUR to USD on 30-Dec-2011

0.770327

 

 

 

2-ExchangeRate: EUR to USD on 30-Sep-2011

0.745323

 

 

 

 

Annual Ratios

 

Financials in: USD (mil)

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Financial Strength

Current Ratio 

1.85

1.74

1.64

2.67

1.79

Quick/Acid Test Ratio 

1.22

1.28

0.92

2.05

0.98

Working Capital1 

120.6

134.1

84.3

130.0

41.1

Long Term Debt/Equity 

0.44

0.38

0.22

0.02

0.13

Total Debt/Equity 

0.63

0.53

0.29

0.06

0.23

Long Term Debt/Total Capital 

0.27

0.25

0.17

0.02

0.11

Total Debt/Total Capital 

0.39

0.35

0.22

0.06

0.19

Payout Ratio 

31.79%

31.36%

31.59%

31.46%

0.00%

Effective Tax Rate 

35.08%

24.60%

32.44%

38.12%

37.89%

Total Capital1 

332.9

307.2

224.4

163.9

70.5

 

 

 

 

 

 

Efficiency

Asset Turnover 

0.90

0.92

1.02

1.23

1.54

Inventory Turnover 

2.14

1.88

1.89

2.40

2.32

Days In Inventory 

170.78

193.74

192.74

152.08

157.42

Receivables Turnover 

2.65

2.96

4.02

4.15

5.46

Days Receivables Outstanding 

137.55

123.21

90.73

88.03

66.83

Revenue/Employee2 

471,042

557,530

490,932

532,315

1,223,874

Operating Income/Employee2 

51,533

66,033

92,205

100,733

241,339

EBITDA/Employee2 

67,627

82,135

97,532

113,207

266,701

 

 

 

 

 

 

Profitability

Gross Margin 

55.54%

55.82%

55.65%

52.22%

54.51%

Operating Margin 

10.94%

11.84%

18.78%

18.92%

19.72%

EBITDA Margin 

14.36%

14.73%

19.87%

21.27%

21.79%

EBIT Margin 

10.94%

11.84%

18.78%

18.92%

19.72%

Pretax Margin 

10.23%

10.75%

18.29%

19.10%

19.30%

Net Profit Margin 

6.41%

8.18%

12.32%

11.92%

11.98%

COGS/Revenue 

44.27%

43.98%

44.21%

47.48%

45.31%

SG&A Expense/Revenue 

39.12%

39.28%

33.50%

30.81%

31.65%

 

 

 

 

 

 

Management Effectiveness

Return on Assets 

5.97%

7.48%

12.65%

14.58%

18.44%

Return on Equity 

13.32%

16.80%

23.18%

26.45%

43.85%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 

0.16

-0.34

0.11

0.07

0.03

Operating Cash Flow/Share 2 

0.33

-0.15

0.29

0.18

0.36

1-ExchangeRate: EUR to USD Period End Date

0.745406

0.696986

0.719399

0.683971

0.758351

2-ExchangeRate: EUR to USD Average for Period

0.745406

0.696986

0.719399

0.683971

0.758351

 

Current Market Multiples

Market Cap/Earnings (TTM) 

-20.05

Market Cap/Equity (MRQ) 

1.01

Market Cap/Revenue (TTM) 

0.52

Market Cap/EBIT (TTM) 

107.99

Market Cap/EBITDA (TTM) 

7.25

Enterprise Value/Earnings (TTM) 

-33.18

Enterprise Value/Equity (MRQ) 

1.66

Enterprise Value/Revenue (TTM) 

0.86

Enterprise Value/EBIT (TTM) 

178.69

Enterprise Value/EBITDA (TTM) 

12.00

 

 

Annual Income Statement

Standardized

 

Financials in: USD (mil)

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Mar-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

0.796979

Auditor

KPMG Peat Marwick LLP

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

400.5

376.6

316.2

224.3

174.0

Revenue

400.5

376.6

316.2

224.3

174.0

    Other Revenue

1.8

1.7

1.0

1.4

0.7

Other Revenue, Total

1.8

1.7

1.0

1.4

0.7

Total Revenue

402.2

378.3

317.2

225.7

174.7

 

 

 

 

 

 

    Cost of Revenue

178.1

166.4

140.2

107.2

79.2

Cost of Revenue, Total

178.1

166.4

140.2

107.2

79.2

Gross Profit

222.4

210.2

176.0

117.1

94.9

 

 

 

 

 

 

    Selling/General/Administrative Expense

108.5

110.4

76.6

49.9

39.6

    Labor & Related Expense

48.8

38.1

29.7

19.6

15.6

Total Selling/General/Administrative Expenses

157.3

148.6

106.3

69.6

55.3

    Depreciation

10.8

8.2

5.5

3.7

2.9

    Amortization of Intangibles

6.1

4.8

3.3

1.6

0.7

Depreciation/Amortization

16.8

13.0

8.8

5.3

3.6

    Impairment-Assets Held for Use

6.0

5.5

2.3

1.0

2.2

Unusual Expense (Income)

6.0

5.5

2.3

1.0

2.2

Total Operating Expense

358.2

333.5

257.6

183.0

140.2

 

 

 

 

 

 

Operating Income

44.0

44.8

59.6

42.7

34.4

 

 

 

 

 

 

        Interest Expense - Non-Operating

-2.5

-2.5

-1.4

-0.8

-0.7

    Interest Expense, Net Non-Operating

-2.5

-2.5

-1.4

-0.8

-0.7

        Interest Income - Non-Operating

0.3

0.1

2.6

1.7

0.2

        Investment Income - Non-Operating

0.0

-1.2

-2.3

-0.2

0.4

    Interest/Investment Income - Non-Operating

0.3

-1.1

0.3

1.5

0.6

Interest Income (Expense) - Net Non-Operating Total

-2.2

-3.6

-1.1

0.7

-0.1

    Other Non-Operating Income (Expense)

-0.6

-0.6

-0.5

-0.3

-0.7

Other, Net

-0.6

-0.6

-0.5

-0.3

-0.7

Income Before Tax

41.2

40.7

58.0

43.1

33.7

 

 

 

 

 

 

Total Income Tax

14.4

10.0

18.8

16.4

12.8

Income After Tax

26.7

30.7

39.2

26.7

20.9

 

 

 

 

 

 

    Minority Interest

-0.9

0.3

-0.1

0.2

0.0

Net Income Before Extraord Items

25.8

30.9

39.1

26.9

20.9

Net Income

25.8

30.9

39.1

26.9

20.9

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

25.8

30.9

39.1

26.9

20.9

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

25.8

30.9

39.1

26.9

20.9

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

112.5

112.5

112.5

112.5

40.0

Basic EPS Excl Extraord Items

0.23

0.27

0.35

0.24

0.52

Basic/Primary EPS Incl Extraord Items

0.23

0.27

0.35

0.24

0.52

Diluted Net Income

25.8

30.9

39.1

26.9

20.9

Diluted Weighted Average Shares

112.5

112.5

112.5

112.5

40.0

Diluted EPS Excl Extraord Items

0.23

0.27

0.35

0.24

0.52

Diluted EPS Incl Extraord Items

0.23

0.27

0.35

0.24

0.52

Dividends per Share - Common Stock Primary Issue

0.07

0.09

0.11

0.08

0.00

Gross Dividends - Common Stock

8.2

9.7

12.3

8.5

0.0

Interest Expense, Supplemental

2.5

2.5

1.4

0.8

0.7

Depreciation, Supplemental

10.8

8.2

5.5

3.7

2.9

Total Special Items

6.0

5.5

2.3

1.0

2.2

Normalized Income Before Tax

47.1

46.2

60.3

44.1

35.9

 

 

 

 

 

 

Effect of Special Items on Income Taxes

2.1

1.4

0.7

0.4

0.8

Inc Tax Ex Impact of Sp Items

16.5

11.4

19.6

16.8

13.6

Normalized Income After Tax

30.6

34.8

40.7

27.3

22.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

29.7

35.1

40.6

27.5

22.3

 

 

 

 

 

 

Basic Normalized EPS

0.26

0.31

0.36

0.24

0.56

Diluted Normalized EPS

0.26

0.31

0.36

0.24

0.56

Amort of Intangibles, Supplemental

3.0

2.7

-2.1

1.6

0.7

Rental Expenses

4.7

3.5

2.3

1.7

0.7

Advertising Expense, Supplemental

-

-

-

-

1.4

Normalized EBIT

50.0

50.3

61.9

43.7

36.6

Normalized EBITDA

63.7

61.2

65.3

49.0

40.2

    Current Tax - Total

13.3

18.6

21.1

15.6

11.9

Current Tax - Total

13.3

18.6

21.1

15.6

11.9

    Deferred Tax - Total

1.2

-8.7

-2.3

0.8

0.9

Deferred Tax - Total

1.2

-8.7

-2.3

0.8

0.9

Income Tax - Total

14.4

10.0

18.8

16.4

12.8

Pension Payment Rate - Domestic

-

2.00%

2.60%

-

-

 

 

Interim Income Statement

Standardized

 

Financials in: USD (mil)

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

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Restated Normal 
30-Sep-2011

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.707825

0.695476

0.731463

0.736368

0.774922

 

 

 

 

 

 

    Net Sales

88.2

115.9

64.5

97.8

75.2

Revenue

88.2

115.9

64.5

97.8

75.2

    Other Revenue

0.2

0.7

0.3

1.2

0.3

Other Revenue, Total

0.2

0.7

0.3

1.2

0.3

Total Revenue

88.3

116.5

64.8

99.0

75.5

 

 

 

 

 

 

    Cost of Revenue

42.0

55.2

31.3

51.4

32.1

Cost of Revenue, Total

42.0

55.2

31.3

51.4

32.1

Gross Profit

46.1

60.7

33.2

46.4

43.0

 

 

 

 

 

 

    Selling/General/Administrative Expense

25.0

27.1

20.3

22.5

23.1

    Labor & Related Expense

13.2

15.8

13.9

13.6

11.4

Total Selling/General/Administrative Expenses

38.2

43.0

34.2

36.1

34.4

    Depreciation

6.5

7.5

5.3

5.4

5.1

Depreciation/Amortization

6.5

7.5

5.3

5.4

5.1

    Impairment-Assets Held for Use

7.0

1.1

0.7

1.6

1.1

Unusual Expense (Income)

7.0

1.1

0.7

1.6

1.1

Total Operating Expense

93.7

106.8

71.6

94.5

72.8

 

 

 

 

 

 

Operating Income

-5.4

9.8

-6.8

4.4

2.7

 

 

 

 

 

 

        Investment Income - Non-Operating

0.6

-2.1

-1.0

0.5

-2.8

    Interest/Investment Income - Non-Operating

0.6

-2.1

-1.0

0.5

-2.8

Interest Income (Expense) - Net Non-Operating Total

0.6

-2.1

-1.0

0.5

-2.8

    Other Non-Operating Income (Expense)

-1.2

-1.0

-0.9

-0.9

-0.7

Other, Net

-1.2

-1.0

-0.9

-0.9

-0.7

Income Before Tax

-6.0

6.7

-8.7

4.0

-0.7

 

 

 

 

 

 

Total Income Tax

1.4

2.7

-1.3

2.4

-0.4

Income After Tax

-7.4

3.9

-7.4

1.6

-0.4

 

 

 

 

 

 

    Minority Interest

-0.3

0.3

0.1

-0.3

-0.1

Net Income Before Extraord Items

-7.7

4.2

-7.3

1.3

-0.4

Net Income

-7.7

4.2

-7.3

1.3

-0.4

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-7.7

4.2

-7.3

1.3

-0.4

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-7.7

4.2

-7.3

1.3

-0.4

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

112.5

112.5

112.5

112.5

112.5

Basic EPS Excl Extraord Items

-0.07

0.04

-0.06

0.01

0.00

Basic/Primary EPS Incl Extraord Items

-0.07

0.04

-0.06

0.01

0.00

Dilution Adjustment

0.0

-

0.0

-

0.0

Diluted Net Income

-7.7

4.2

-7.3

1.3

-0.4

Diluted Weighted Average Shares

112.5

112.5

112.5

112.5

112.5

Diluted EPS Excl Extraord Items

-0.07

0.04

-0.06

0.01

0.00

Diluted EPS Incl Extraord Items

-0.07

0.04

-0.06

0.01

0.00

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.07

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

8.4

0.0

Depreciation, Supplemental

6.5

7.5

5.3

5.4

5.1

Total Special Items

7.0

1.1

0.7

1.6

1.1

Normalized Income Before Tax

1.0

7.8

-8.0

5.6

0.4

 

 

 

 

 

 

Effect of Special Items on Income Taxes

2.5

0.5

0.3

1.0

0.4

Inc Tax Ex Impact of Sp Items

3.8

3.2

-1.1

3.4

0.0

Normalized Income After Tax

-2.8

4.6

-6.9

2.3

0.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-3.1

4.9

-6.8

2.0

0.3

 

 

 

 

 

 

Basic Normalized EPS

-0.03

0.04

-0.06

0.02

0.00

Diluted Normalized EPS

-0.03

0.04

-0.06

0.02

0.00

Normalized EBIT

1.7

10.9

-6.1

6.1

3.8

Normalized EBITDA

8.2

18.4

-0.8

11.5

8.9

 

 

 

Annual Balance Sheet

Standardized

 

Financials in: USD (mil)

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Mar-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

0.683971

0.758351

Auditor

KPMG Peat Marwick LLP

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

0.2

0.0

-

-

-

    Cash & Equivalents

35.1

48.2

42.1

84.9

12.9

    Short Term Investments

0.2

0.2

0.2

0.3

0.2

Cash and Short Term Investments

35.5

48.4

42.3

85.2

13.1

        Accounts Receivable - Trade, Gross

113.5

173.1

71.1

62.5

29.3

        Provision for Doubtful Accounts

-6.0

-5.5

-3.1

-1.3

-1.1

    Trade Accounts Receivable - Net

108.5

167.9

68.9

61.2

28.2

    Other Receivables

28.6

13.9

10.3

13.1

9.7

Total Receivables, Net

137.2

181.7

79.2

74.3

37.9

    Inventories - Finished Goods

25.9

27.3

29.6

9.5

13.0

    Inventories - Work In Progress

11.0

7.9

12.4

11.7

10.0

    Inventories - Raw Materials

59.6

54.2

56.2

29.5

21.3

    Inventories - Other

-6.6

-5.0

-3.4

-2.4

-1.9

Total Inventory

89.9

84.4

94.8

48.4

42.4

Total Current Assets

262.5

314.6

216.3

207.9

93.4

 

 

 

 

 

 

        Buildings

49.5

31.3

19.7

13.1

4.9

        Land/Improvements

4.4

4.0

3.7

3.2

20.5

        Machinery/Equipment

38.4

27.9

23.4

16.6

12.5

        Construction in Progress

1.6

2.4

6.9

0.2

4.8

        Other Property/Plant/Equipment

15.7

10.8

9.9

7.5

6.6

    Property/Plant/Equipment - Gross

109.6

76.5

63.6

40.6

49.2

    Accumulated Depreciation

-57.9

-36.0

-28.7

-18.8

-16.8

Property/Plant/Equipment - Net

51.7

40.5

34.9

21.8

32.4

Goodwill, Net

88.8

74.6

72.2

4.4

3.9

Intangibles, Net

39.3

24.6

25.1

1.9

0.8

    LT Investments - Other

0.4

0.2

0.1

0.1

1.3

Long Term Investments

0.4

0.2

0.1

0.1

1.3

    Deferred Charges

7.5

6.4

5.1

2.7

1.4

    Deferred Income Tax - Long Term Asset

12.7

14.0

5.6

2.7

1.6

Other Long Term Assets, Total

20.2

20.4

10.7

5.4

3.0

Total Assets

462.9

474.8

359.3

241.4

134.9

 

 

 

 

 

 

Accounts Payable

87.0

138.5

107.0

62.0

36.4

Notes Payable/Short Term Debt

0.8

0.2

0.2

0.2

1.6

Current Portion - Long Term Debt/Capital Leases

38.1

29.7

11.8

6.9

4.2

    Other Payables

5.8

3.8

5.0

3.6

3.5

    Other Current Liabilities

10.2

8.2

7.9

5.1

6.5

Other Current liabilities, Total

16.0

12.1

12.9

8.7

10.1

Total Current Liabilities

141.8

180.5

131.9

77.9

52.3

 

 

 

 

 

 

    Long Term Debt

89.4

76.9

38.5

2.9

7.5

Total Long Term Debt

89.4

76.9

38.5

2.9

7.5

Total Debt

128.3

106.8

50.5

10.0

13.3

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

15.2

9.6

9.7

2.4

4.4

Deferred Income Tax

15.2

9.6

9.7

2.4

4.4

Minority Interest

1.0

0.2

0.4

0.2

0.2

    Reserves

6.4

3.1

0.7

0.4

0.8

    Pension Benefits - Underfunded

4.2

3.7

3.6

2.8

3.2

    Other Long Term Liabilities

0.2

0.4

0.6

0.9

9.3

Other Liabilities, Total

10.8

7.2

4.9

4.1

13.3

Total Liabilities

258.3

274.4

185.4

87.5

77.7

 

 

 

 

 

 

    Common Stock

15.1

16.1

15.6

16.4

3.3

Common Stock

15.1

16.1

15.6

16.4

3.3

Retained Earnings (Accumulated Deficit)

189.5

184.2

158.3

137.5

53.9

Total Equity

204.6

200.3

173.9

153.9

57.2

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

462.9

474.8

359.3

241.4

134.9

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

112.5

112.5

112.5

112.5

40.0

Total Common Shares Outstanding

112.5

112.5

112.5

112.5

40.0

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

-

-

Employees

865

700

614

453

150

Total Long Term Debt, Supplemental

0.8

0.2

0.2

0.2

-

Long Term Debt Maturing within 1 Year

0.8

0.2

0.2

0.2

-

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

0.0

0.0

-

Total Operating Leases, Supplemental

4.7

5.7

4.6

3.1

-

Operating Lease Payments Due in Year 1

2.0

1.8

1.4

0.9

-

Operating Lease Payments Due in Year 2

0.7

1.0

0.8

0.6

-

Operating Lease Payments Due in Year 3

0.7

1.0

0.8

0.6

-

Operating Lease Payments Due in Year 4

0.7

1.0

0.8

0.6

-

Operating Lease Payments Due in Year 5

0.7

1.0

0.8

0.6

-

Operating Lease Pymts. Due in 2-3 Years

1.3

1.9

1.6

1.1

-

Operating Lease Pymts. Due in 4-5 Years

1.3

1.9

1.6

1.1

-

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

0.0

0.0

0.0

0.0

-

Pension Payment Rate - Domestic

-

2.00%

2.60%

-

-

 

 

Interim Balance Sheet

Standardized

 

Financials in: USD (mil)

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

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

UpdateType/Date

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Restated Normal 
30-Jun-2011

Updated Normal 
30-Sep-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.745323

0.689727

0.704672

0.745406

0.732493

 

 

 

 

 

 

    Cash

-

0.1

-

0.2

-

    Cash & Equivalents

26.8

35.5

32.3

35.1

50.6

    Short Term Investments

0.2

0.2

0.2

0.2

0.4

Cash and Short Term Investments

27.0

35.8

32.5

35.5

51.0

        Accounts Receivable - Trade, Gross

-

122.6

-

114.5

-

        Provision for Doubtful Accounts

-

-6.2

-

-6.0

-

    Trade Accounts Receivable - Net

107.4

116.4

94.4

108.5

94.2

    Other Receivables

39.3

41.5

35.6

27.4

21.5

Total Receivables, Net

146.7

157.9

130.1

135.9

115.7

    Inventories - Finished Goods

-

29.9

-

25.9

-

    Inventories - Work In Progress

-

16.0

-

11.0

-

    Inventories - Raw Materials

-

69.5

-

59.6

-

    Inventories - Other

-

-8.0

-

-6.6

-

Total Inventory

107.8

107.4

101.1

89.9

110.2

Prepaid Expenses

-

2.6

-

1.3

-

Total Current Assets

281.5

303.7

263.7

262.5

276.9

 

 

 

 

 

 

        Other Property/Plant/Equipment

-

123.0

-

109.6

-

    Property/Plant/Equipment - Gross

-

123.0

-

109.6

-

    Accumulated Depreciation

-

-69.2

-

-57.9

-

Property/Plant/Equipment - Net

48.0

53.9

53.4

51.7

51.0

    Intangibles - Gross

74.6

144.1

94.0

133.0

90.5

    Accumulated Intangible Amortization

-

-13.9

-

-10.8

-

Intangibles, Net

114.6

130.2

135.1

122.3

129.6

    LT Investments - Other

0.3

0.4

0.4

0.4

0.3

Long Term Investments

0.3

0.4

0.4

0.4

0.3

    Deferred Charges

14.5

15.9

8.2

16.6

7.5

    Deferred Income Tax - Long Term Asset

16.2

14.0

16.1

12.7

13.1

Other Long Term Assets, Total

30.7

29.9

24.3

29.3

20.6

Total Assets

475.1

518.1

476.9

466.1

478.5

 

 

 

 

 

 

Accounts Payable

95.3

110.2

78.4

87.0

91.0

Accrued Expenses

-

3.1

-

3.0

-

Notes Payable/Short Term Debt

0.2

0.2

0.7

0.8

1.0

Current Portion - Long Term Debt/Capital Leases

73.0

74.1

52.4

38.1

35.9

    Other Payables

10.0

7.5

6.4

5.8

7.5

    Other Current Liabilities

11.6

9.3

11.3

7.2

10.4

Other Current liabilities, Total

21.6

16.8

17.7

13.0

17.9

Total Current Liabilities

190.1

204.4

149.2

141.8

145.8

 

 

 

 

 

 

    Long Term Debt

73.5

77.7

90.8

89.4

99.7

Total Long Term Debt

73.5

77.7

90.8

89.4

99.7

Total Debt

146.7

152.0

144.0

128.3

136.6

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

17.2

19.0

16.3

19.2

15.2

Deferred Income Tax

17.2

19.0

16.3

19.2

15.2

Minority Interest

0.9

0.6

0.9

1.0

0.8

    Reserves

6.2

6.1

7.1

6.4

5.9

    Pension Benefits - Underfunded

3.8

4.4

4.5

4.2

4.5

    Other Long Term Liabilities

0.2

0.2

0.1

0.2

0.3

Other Liabilities, Total

10.1

10.8

11.6

10.8

10.8

Total Liabilities

291.9

312.5

268.9

262.3

272.2

 

 

 

 

 

 

    Common Stock

15.1

16.3

16.0

15.1

15.4

Common Stock

15.1

16.3

16.0

15.1

15.4

Retained Earnings (Accumulated Deficit)

168.1

189.3

192.0

188.7

191.0

Total Equity

183.2

205.6

208.0

203.8

206.3

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

475.1

518.1

476.9

466.1

478.5

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

112.5

112.5

112.5

112.5

112.5

Total Common Shares Outstanding

112.5

112.5

112.5

112.5

112.5

Treasury Shares - Common Stock Primary Issue

0.0

0.0

-

0.0

-

Employees

881

884

868

865

889

Accumulated Intangible Amort, Suppl.

-

13.9

-

10.8

-

Total Long Term Debt, Supplemental

-

-

0.7

-

36.9

Long Term Debt Maturing within 1 Year

-

-

0.7

-

36.9

Long Term Debt Matur. in Year 6 & Beyond

-

-

0.0

-

0.0

Pension Obligation - Domestic

-

4.4

-

4.2

-

Funded Status - Domestic

-

-4.4

-

-4.2

-

Total Funded Status

-

-4.4

-

-4.2

-

Accrued Liabilities - Domestic

-

-4.4

-

-4.2

-

Net Assets Recognized on Balance Sheet

-

-4.4

-

-4.2

-

Total Plan Obligations

-

4.4

-

4.2

-

 

 

 

Annual Cash Flows

Standardized

 

Financials in: USD (mil)

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Reclassified Normal 
31-Dec-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

0.796979

Auditor

KPMG Peat Marwick LLP

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

40.2

40.9

57.9

43.3

33.7

    Depreciation

16.5

13.0

8.8

5.3

3.6

Depreciation/Depletion

16.5

13.0

8.8

5.3

3.6

Deferred Taxes

5.3

0.3

-0.7

0.4

-0.1

    Unusual Items

0.3

-

-

-

-

    Other Non-Cash Items

3.9

6.2

-0.9

-0.6

0.1

Non-Cash Items

4.3

6.2

-0.9

-0.6

0.1

    Accounts Receivable

26.8

-95.1

-0.6

-30.7

-7.2

    Inventories

-6.0

13.0

-41.0

-1.3

-12.4

    Accounts Payable

-41.0

27.2

32.0

20.3

5.2

    Taxes Payable

-13.8

-19.9

-21.1

-15.6

-11.9

    Other Liabilities

5.3

-1.2

-0.4

-2.3

2.9

    Other Operating Cash Flow

-1.2

-0.6

-

-

-

Changes in Working Capital

-29.9

-76.7

-31.1

-29.6

-23.5

Cash from Operating Activities

36.4

-16.2

34.0

18.7

13.9

 

 

 

 

 

 

    Purchase of Fixed Assets

-13.3

-15.9

-17.2

-7.8

-11.0

    Purchase/Acquisition of Intangibles

-5.8

-4.6

-4.2

-3.6

-1.7

Capital Expenditures

-19.1

-20.5

-21.4

-11.5

-12.8

    Acquisition of Business

-59.9

0.0

-86.8

-

-

    Sale of Fixed Assets

1.1

0.4

0.5

1.4

0.1

    Sale/Maturity of Investment

0.0

0.0

0.0

0.0

0.2

    Purchase of Investments

0.0

-0.1

0.0

0.0

-0.1

    Sale of Intangible Assets

0.0

0.0

0.0

0.0

0.0

Other Investing Cash Flow Items, Total

-58.8

0.3

-86.3

1.4

0.2

Cash from Investing Activities

-77.9

-20.3

-107.7

-10.0

-12.6

 

 

 

 

 

 

    Other Financing Cash Flow

17.6

0.0

-0.8

64.0

-2.3

Financing Cash Flow Items

17.6

0.0

-0.8

64.0

-2.3

    Cash Dividends Paid - Common

-9.2

-11.7

-9.1

0.0

-6.7

Total Cash Dividends Paid

-9.2

-11.7

-9.1

0.0

-6.7

Issuance (Retirement) of Debt, Net

-0.4

35.8

37.4

-8.6

5.8

Cash from Financing Activities

8.0

24.1

27.6

55.4

-3.2

 

 

 

 

 

 

Net Change in Cash

-33.5

-12.3

-46.2

64.1

-1.9

 

 

 

 

 

 

Net Cash - Beginning Balance

17.1

30.3

78.1

9.0

10.2

Net Cash - Ending Balance

-2.8

18.0

31.9

73.0

8.2

Cash Interest Paid

-

-

-

1.1

1.4

Cash Taxes Paid

-

-

21.1

15.6

11.9

 

 

 

Interim Cash Flows

Standardized

 

Financials in: USD (mil)

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

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

Period Length

9 Months

6 Months

3 Months

12 Months

9 Months

UpdateType/Date

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Reclassified Normal 
30-Jun-2011

Restated Normal 
30-Sep-2011

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.711706

0.713558

0.731463

0.755078

0.761121

 

 

 

 

 

 

Net Income/Starting Line

-8.4

-2.1

-8.6

38.6

35.6

    Depreciation

19.2

12.7

5.3

18.2

12.2

Depreciation/Depletion

19.2

12.7

5.3

18.2

12.2

Deferred Taxes

0.0

-

0.0

5.3

0.0

    Unusual Items

6.1

0.0

0.0

0.3

0.0

    Other Non-Cash Items

7.0

5.7

3.1

7.3

1.8

Non-Cash Items

13.1

5.7

3.1

7.7

1.8

    Accounts Receivable

-10.3

-12.2

14.2

23.4

54.4

    Inventories

-18.8

-9.9

-5.8

-6.0

-28.7

    Accounts Payable

8.7

15.7

-13.1

-41.0

-37.6

    Taxes Payable

-7.6

-4.1

-0.4

-13.8

-4.9

    Other Liabilities

5.8

2.5

0.7

5.3

6.0

    Other Operating Cash Flow

-1.3

-1.1

-0.6

-1.2

-0.8

Changes in Working Capital

-23.4

-9.2

-4.9

-33.3

-11.7

Cash from Operating Activities

0.5

7.2

-5.2

36.4

37.8

 

 

 

 

 

 

    Purchase of Fixed Assets

-15.1

-11.2

-5.4

-13.3

-9.3

    Purchase/Acquisition of Intangibles

-4.2

-2.2

-1.9

-5.8

-2.9

Capital Expenditures

-19.3

-13.3

-7.4

-19.1

-12.1

    Acquisition of Business

0.0

-

0.0

-59.9

-59.4

    Sale of Fixed Assets

0.0

-

0.0

1.1

0.6

    Purchase of Investments

0.0

-

0.0

0.0

0.0

    Sale of Intangible Assets

0.0

-

0.1

-

0.0

Other Investing Cash Flow Items, Total

0.0

-

0.1

-58.8

-58.8

Cash from Investing Activities

-19.3

-13.3

-7.3

-77.9

-71.0

 

 

 

 

 

 

    Other Financing Cash Flow

-17.3

-18.8

-3.8

17.6

26.2

Financing Cash Flow Items

-17.3

-18.8

-3.8

17.6

26.2

    Cash Dividends Paid - Common

-8.7

-8.7

0.0

-9.2

-9.2

Total Cash Dividends Paid

-8.7

-8.7

0.0

-9.2

-9.2

Issuance (Retirement) of Debt, Net

-0.6

-0.4

-0.2

-0.4

-0.2

Cash from Financing Activities

-26.6

-27.9

-4.0

8.0

16.8

 

 

 

 

 

 

Net Change in Cash

-45.4

-34.1

-16.5

-33.5

-16.3

 

 

 

 

 

 

Net Cash - Beginning Balance

-3.0

-3.0

17.7

17.1

17.0

Net Cash - Ending Balance

-48.4

-37.1

-19.4

-2.8

14.1

 

 

Annual Income Statement

As Reported

 

Financials in: USD (mil)

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Mar-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

0.796979

Auditor

KPMG Peat Marwick LLP

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Turnover

398.8

376.3

313.2

224.3

174.0

    Turnover/Related Parties

1.7

0.3

3.1

0.0

-

    Other Income

1.8

1.7

1.0

1.4

0.7

Total Revenue

402.2

378.3

317.2

225.7

174.7

 

 

 

 

 

 

    Cost of Revenue

172.6

156.8

112.6

90.3

56.9

    Cost of Materials and Stock Variation

5.4

9.6

27.7

16.8

22.3

    Services and Cost of Rent

106.5

109.2

75.4

49.2

39.6

    Labor Cost

48.8

38.1

29.7

19.6

15.6

    Impairment of Assets

6.0

5.5

2.3

1.0

2.2

    Amortization of Intangibles

6.1

4.8

3.3

1.6

0.7

    Depreciation

10.8

8.2

5.5

3.7

2.9

    Services - Related Parties

2.0

1.2

1.2

0.7

0.0

Total Operating Expense

358.2

333.5

257.6

183.0

140.2

 

 

 

 

 

 

    Interest Income

0.3

0.1

2.6

1.7

0.2

    Other Income

0.0

0.2

0.2

0.3

0.1

    Interest Expense

-2.5

-2.5

-1.4

-0.8

-0.7

    Banking Commission

-

-

-0.5

-0.4

-0.6

    Devaluation of Participations

-

-

-

-

0.0

    Other Financial Expenses

-0.7

-0.8

-0.2

-0.2

-0.2

    Foreign Exchange Income

0.0

-1.2

-2.3

-0.2

0.4

Net Income Before Taxes

41.2

40.7

58.0

43.1

33.7

 

 

 

 

 

 

Provision for Income Taxes

14.4

10.0

18.8

16.4

12.8

Net Income After Taxes

26.7

30.7

39.2

26.7

20.9

 

 

 

 

 

 

    Minority Interest

-0.9

0.3

-0.1

0.2

0.0

Net Income Before Extra. Items

25.8

30.9

39.1

26.9

20.9

Net Income

25.8

30.9

39.1

26.9

20.9

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

25.8

30.9

39.1

26.9

20.9

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

25.8

30.9

39.1

26.9

20.9

 

 

 

 

 

 

Basic Weighted Average Shares

112.5

112.5

112.5

112.5

40.0

Basic EPS Excluding ExtraOrdinary Items

0.23

0.27

0.35

0.24

0.52

Basic EPS Including ExtraOrdinary Items

0.23

0.27

0.35

0.24

0.52

Diluted Net Income

25.8

30.9

39.1

26.9

20.9

Diluted Weighted Average Shares

112.5

112.5

112.5

112.5

40.0

Diluted EPS Excluding ExtraOrd Items

0.23

0.27

0.35

0.24

0.52

Diluted EPS Including ExtraOrd Items

0.23

0.27

0.35

0.24

0.52

DPS-Common Stock

0.07

0.09

0.11

0.08

0.00

Gross Dividends - Common Stock

8.2

9.7

12.3

8.5

0.0

Normalized Income Before Taxes

47.1

46.2

60.3

44.1

35.9

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

16.5

11.4

19.6

16.8

13.6

Normalized Income After Taxes

30.6

34.8

40.7

27.3

22.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

29.7

35.1

40.6

27.5

22.3

 

 

 

 

 

 

Basic Normalized EPS

0.26

0.31

0.36

0.24

0.56

Diluted Normalized EPS

0.26

0.31

0.36

0.24

0.56

Rental Expenses

4.7

3.5

2.3

1.7

0.7

Advertising Expense

-

-

-

-

1.4

Interest Expense

2.5

2.5

1.4

0.8

0.7

Amortization of Intangibles

3.0

2.7

-2.1

1.6

0.7

Depreciation

10.8

8.2

5.5

3.7

2.9

    Current Tax

13.3

18.6

21.1

15.6

11.9

Current Tax - Total

13.3

18.6

21.1

15.6

11.9

    Deferred Tax

1.2

-8.7

-2.3

0.8

0.9

Deferred Tax - Total

1.2

-8.7

-2.3

0.8

0.9

Income Tax - Total

14.4

10.0

18.8

16.4

12.8

Pension Payment

-

2.00%

2.60%

-

-

 

 

 

Interim Income Statement

As Reported

 

Financials in: USD (mil)

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

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Restated Normal 
30-Sep-2011

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.707825

0.695476

0.731463

0.736368

0.774922

 

 

 

 

 

 

    Turnover

87.8

115.5

63.6

96.9

74.5

    Revenue - Correlated Parties

0.4

0.4

0.9

0.9

0.7

    Other Income

0.2

0.7

0.3

1.2

0.3

Total Revenue

88.3

116.5

64.8

99.0

75.5

 

 

 

 

 

 

    Cost of Materials and Stock Variation

42.0

55.2

31.3

51.4

32.1

    Cost of Materials-Associates

0.0

0.0

0.0

0.0

0.0

    Services and Cost of Rent

24.5

26.6

19.8

21.4

22.8

    Services and Cost of Rent-Associates

0.5

0.5

0.5

1.1

0.3

    Labor Cost

13.2

15.8

13.9

13.6

11.4

    Impairment of Assets

0.9

1.1

0.7

1.6

1.1

    Depreciation

6.5

7.5

5.3

5.4

5.1

    Unusuals

6.1

0.0

0.0

-

-

Total Operating Expense

93.7

106.8

71.6

94.5

72.8

 

 

 

 

 

 

    Other Income

0.1

0.3

0.1

0.0

0.1

    Other Financial Expenses

-1.3

-1.2

-1.0

-1.0

-0.8

    Foreign Exchange Income

0.6

-2.1

-1.0

0.5

-2.8

Net Income Before Taxes

-6.0

6.7

-8.7

4.0

-0.7

 

 

 

 

 

 

Provision for Income Taxes

1.4

2.7

-1.3

2.4

-0.4

Net Income After Taxes

-7.4

3.9

-7.4

1.6

-0.4

 

 

 

 

 

 

    Minority Interest

-0.3

0.3

0.1

-0.3

-0.1

Net Income Before Extra. Items

-7.7

4.2

-7.3

1.3

-0.4

Net Income

-7.7

4.2

-7.3

1.3

-0.4

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-7.7

4.2

-7.3

1.3

-0.4

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-7.7

4.2

-7.3

1.3

-0.4

 

 

 

 

 

 

Basic Weighted Average Shares

112.5

112.5

112.5

112.5

112.5

Basic EPS Excluding ExtraOrdinary Items

-0.07

0.04

-0.06

0.01

0.00

Basic EPS Including ExtraOrdinary Items

-0.07

0.04

-0.06

0.01

0.00

Dilution Adjustment

0.0

-

0.0

-

0.0

Diluted Net Income

-7.7

4.2

-7.3

1.3

-0.4

Diluted Weighted Average Shares

112.5

112.5

112.5

112.5

112.5

Diluted EPS Excluding ExtraOrd Items

-0.07

0.04

-0.06

0.01

0.00

Diluted EPS Including ExtraOrd Items

-0.07

0.04

-0.06

0.01

0.00

DPS-Common Stock

0.00

0.00

0.00

0.07

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

8.4

0.0

Normalized Income Before Taxes

1.0

7.8

-8.0

5.6

0.4

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

3.8

3.2

-1.1

3.4

0.0

Normalized Income After Taxes

-2.8

4.6

-6.9

2.3

0.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-3.1

4.9

-6.8

2.0

0.3

 

 

 

 

 

 

Basic Normalized EPS

-0.03

0.04

-0.06

0.02

0.00

Diluted Normalized EPS

-0.03

0.04

-0.06

0.02

0.00

Depreciation/Amortization

6.5

7.5

5.3

5.4

5.1

 

 

Annual Balance Sheet

As Reported

 

Financials in: USD (mil)

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Mar-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

0.683971

0.758351

Auditor

KPMG Peat Marwick LLP

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Trade Receivable/Related Parties

1.0

0.3

0.8

0.0

-

    Trade Receivable,Gross

113.5

173.1

71.1

62.5

29.3

    Provision for Doubtful Accounts

-6.0

-5.5

-3.1

-1.3

-1.1

    Raw Materials

59.6

54.2

56.2

29.5

21.3

    Inventories Work in Progress

11.0

7.9

12.4

11.7

10.0

    Finished Goods

25.9

27.3

29.6

9.5

13.0

    Advances on Inventories

-

-

-

0.0

0.4

    Inventories, Provisions

-6.6

-5.0

-3.4

-2.4

-2.3

    Other Receivables

28.6

13.9

10.3

13.0

9.7

    Participations on Deutsche Telekom

0.2

0.2

0.2

0.3

0.2

    Cash Equivalent

35.1

48.2

42.1

84.9

12.9

    Cash

0.2

0.0

-

-

-

    Other Receivables-Related Parties

-

0.0

0.0

0.1

-

Total Current Assets

262.5

314.6

216.3

207.9

93.4

 

 

 

 

 

 

    Land

4.4

4.0

3.7

3.2

20.5

    Plant and Equipments

49.5

31.3

19.7

13.1

4.9

    Industrial Equipments

38.4

27.9

23.4

16.6

12.5

    Other Tangibles

15.7

10.8

9.9

7.5

6.6

    Tangibles in Progress

1.6

2.4

6.9

0.2

4.8

    Depreciation

-57.9

-36.0

-28.7

-18.8

-16.8

    Property Investments

-

-

-

0.0

1.2

    Development Cost

7.5

6.4

5.1

2.7

1.4

    Goodwill

88.8

74.6

72.2

4.4

3.9

    Intangibles, Net

39.3

24.6

25.1

1.9

0.8

    Other Financial Assets

0.4

0.2

0.1

0.1

0.1

    Deferred Tax

12.7

14.0

5.6

2.7

1.6

Total Assets

462.9

474.8

359.3

241.4

134.9

 

 

 

 

 

 

    Current Portion of LT Debt

38.1

29.7

11.8

6.9

4.2

    Other Financial Liabilities

0.8

0.2

0.2

0.2

1.6

    Accounts Payable

86.5

133.9

92.6

58.0

32.2

    Accounts Payable - Correlated Parts

0.5

4.7

14.4

4.1

4.2

    Other Debts

5.8

3.8

5.0

3.6

3.5

    Other Current Liabilities

10.2

8.2

7.9

4.7

3.1

    Other Cur. Liabilities - Corrlated Parts

0.0

0.0

0.0

0.5

3.4

Total Current Liabilities

141.8

180.5

131.9

77.9

52.3

 

 

 

 

 

 

    LT Debt

89.4

76.9

38.5

2.9

7.5

Total Long Term Debt

89.4

76.9

38.5

2.9

7.5

 

 

 

 

 

 

    Minority Interest

1.0

0.2

0.4

0.2

0.2

    LT Liabilities

0.2

0.4

0.6

0.9

9.3

    Provisions for Risks and Charges

6.4

3.1

0.7

0.4

0.8

    Pension Funds

4.2

3.7

3.6

2.8

3.2

    Deferred Tax

15.2

9.6

9.7

2.4

4.4

Total Liabilities

258.3

274.4

185.4

87.5

77.7

 

 

 

 

 

 

    Share Capital

15.1

16.1

15.6

16.4

3.3

    Conversion Reserves

-

-

-

-

0.5

    Other Reserves

163.4

152.3

121.1

108.7

21.8

    Retained Earnings

-

-

-

-

9.7

    Net Income

26.1

31.9

37.1

28.7

22.0

Total Equity

204.6

200.3

173.9

153.9

57.2

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

462.9

474.8

359.3

241.4

134.9

 

 

 

 

 

 

    S/O-Common Stock

112.5

112.5

112.5

112.5

40.0

Total Common Shares Outstanding

112.5

112.5

112.5

112.5

40.0

T/S-Common Stock

0.0

0.0

0.0

-

-

Full-Time Employees

865

700

614

453

150

Current maturities

0.8

0.2

0.2

0.2

-

Total Long Term Debt, Supplemental

0.8

0.2

0.2

0.2

-

Optg leases-year 1

2.0

1.8

1.4

0.9

-

Optg leases-year 5

2.6

3.8

3.1

2.3

-

Total Operating Leases, Supplemental

4.7

5.7

4.6

3.1

-

Pension Payment

-

2.00%

2.60%

-

-

Interim Balance Sheet

As Reported

 

Financials in: USD (mil)

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

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

UpdateType/Date

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Restated Normal 
30-Jun-2011

Updated Normal 
30-Sep-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.745323

0.689727

0.704672

0.745406

0.732493

 

 

 

 

 

 

    Trade Receivable

106.7

-

93.2

-

93.9

    Trade Receivable/Related Parties

0.6

-

1.3

-

0.3

    Trade Receivable,Gross

-

122.6

-

114.5

-

    Provision for Doubtful Accounts

-

-6.2

-

-6.0

-

    Raw Materials

-

69.5

-

59.6

-

    Inventories Work in Progress

-

16.0

-

11.0

-

    Finished Goods

-

29.9

-

25.9

-

    Inventories, Provisions

-

-8.0

-

-6.6

-

    Inventories

107.8

-

101.1

-

110.2

    Prepayments/Accruals

-

2.6

-

1.3

-

    Other Receivables

39.3

41.5

35.6

27.4

21.5

    Participations on Deutsche Telekom

0.2

0.2

0.2

0.2

0.4

    Cash

-

0.1

-

0.2

-

    Cash Equivalent

26.8

35.5

32.3

35.1

50.6

Total Current Assets

281.5

303.7

263.7

262.5

276.9

 

 

 

 

 

 

    Tangibles, Gross

-

123.0

-

109.6

-

    Depreciation

-

-69.2

-

-57.9

-

    Tangibles, Net

48.0

-

53.4

-

51.0

    Development Cost

14.5

15.9

8.2

16.6

7.5

    Goodwill, Net

74.6

86.3

94.0

80.2

90.5

    Accum. Amortization

-

-13.9

-

-10.8

-

    Intangibles, Gross

-

57.9

-

52.8

-

    Intangibles, Net

40.0

-

41.1

-

39.1

    Other Financial Assets

0.3

0.4

0.4

0.4

0.3

    Deferred Tax

16.2

14.0

16.1

12.7

13.1

Total Assets

475.1

518.1

476.9

466.1

478.5

 

 

 

 

 

 

    Current Portion of LT Debt

73.0

73.9

52.4

38.1

35.9

    Leasing

-

0.2

-

-

-

    Other Financial Liabilities

0.2

0.2

0.7

0.8

1.0

    Accounts Payable

95.2

109.7

78.2

86.5

91.0

    Accounts Payable - Correlated Parts

0.1

0.5

0.2

0.5

0.0

    Other Debts

10.0

7.5

6.4

5.8

7.5

    Other Current Liabilities

11.6

9.3

11.3

7.2

10.4

    Accrued/Prepaid

-

0.4

-

0.3

-

    Social Security

-

2.7

-

2.7

-

    Other Cur. Liabilities - Corrlated Parts

-

0.0

-

0.0

0.0

Total Current Liabilities

190.1

204.4

149.2

141.8

145.8

 

 

 

 

 

 

    LT Debt

73.5

77.7

90.8

89.4

99.7

Total Long Term Debt

73.5

77.7

90.8

89.4

99.7

 

 

 

 

 

 

    Minority Interest

0.9

0.6

0.9

1.0

0.8

    LT Liabilities

0.2

0.2

0.1

0.2

0.3

    Provisions for Risks and Charges

6.2

6.1

7.1

6.4

5.9

    Pension Funds

3.8

4.4

4.5

4.2

4.5

    Deferred Tax

17.2

19.0

16.3

19.2

15.2

Total Liabilities

291.9

312.5

268.9

262.3

272.2

 

 

 

 

 

 

    Share Capital

15.1

16.3

16.0

15.1

15.4

    Other Reserves

178.6

192.8

199.6

163.7

165.8

    Net Income

-10.5

-3.5

-7.6

25.0

25.2

Total Equity

183.2

205.6

208.0

203.8

206.3

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

475.1

518.1

476.9

466.1

478.5

 

 

 

 

 

 

    S/O-Common Stock

112.5

112.5

112.5

112.5

112.5

Total Common Shares Outstanding

112.5

112.5

112.5

112.5

112.5

T/S-Common Stock

0.0

0.0

-

0.0

-

Accumulated Intangible Amort, Suppl.

-

13.9

-

10.8

-

Full-Time Employees

881

884

868

865

889

Current maturities

-

-

0.7

-

36.9

Total Long Term Debt, Supplemental

-

-

0.7

-

36.9

Pension Obligation

-

4.4

-

4.2

-

Funded Status

-

-4.4

-

-4.2

-

Total Funded Status

-

-4.4

-

-4.2

-

Accrued Liabilities

-

-4.4

-

-4.2

-

Net Assets Recognized on Balance Sheet

-

-4.4

-

-4.2

-

 

 

Annual Cash Flows

As Reported

 

Financials in: USD (mil)

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Reclassified Normal 
31-Dec-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

0.796979

Auditor

KPMG Peat Marwick LLP

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

40.2

40.9

57.9

43.3

33.7

    Depreciation

16.5

13.0

8.8

5.3

3.6

    Impairment Intangible Assets

0.3

-

-

-

-

    Employees Items

1.8

1.5

1.0

0.8

0.7

    Use of Employees Items

-1.2

-0.6

-

-

-

    Severance Indemnity

-

-

-1.0

-1.5

-0.2

    Net Financial Charges

2.8

4.1

-

-

-

    Other Receivables-Corr. Parts

3.4

2.3

0.1

-0.5

0.4

    Deferred Taxes

5.3

0.3

-0.7

0.4

-0.1

    Current Taxes

-13.8

-19.9

-21.1

-15.6

-11.9

    Public Contribution

-0.7

0.5

-0.9

0.0

-0.4

    Inventories

-6.0

13.0

-41.0

-1.3

-12.4

    Accounts Receivables

38.7

-94.3

-3.9

-28.0

-4.8

    Other Receivables

-15.3

-3.1

3.0

-2.1

-2.8

    Accounts Payable

-36.2

37.1

20.9

20.8

6.0

    Accounts Payable - Corr. Parts

-4.8

-9.9

11.1

-0.5

-0.8

    Other Liabilities

5.3

-1.2

-0.4

-2.3

2.9

    Accounts Receivables-Associates

0.0

0.0

0.1

-0.1

-

    Liabilities - Associates

0.0

0.0

0.0

-

-

Cash from Operating Activities

36.4

-16.2

34.0

18.7

13.9

 

 

 

 

 

 

    Purchase of Intangibles

-5.8

-4.6

-4.2

-3.6

-1.7

    Sale of Intangibles

0.0

0.0

0.0

0.0

0.0

    Purchase of Fixed Assets

-13.3

-15.9

-17.2

-7.8

-11.0

    Sale of Fixed Assets

1.1

0.4

0.5

1.4

0.1

    Purchase of Property Investment

-

-

-

0.0

0.0

    Purchase of Investment

0.0

-0.1

0.0

0.0

-0.1

    Sale of Investment

0.0

0.0

0.0

0.0

0.2

    Acquisition of Lovato Gas

-45.7

0.0

-85.2

-

-

    Cash Acquired Lovato Gas

-14.2

0.0

-1.6

-

-

Cash from Investing Activities

-77.9

-20.3

-107.7

-10.0

-12.6

 

 

 

 

 

 

    Dividend Paid

-9.2

-11.7

-9.1

0.0

-6.7

    Variation of Minority Capital

0.2

0.0

-0.8

-0.2

-1.0

    Debt, Net

-0.4

35.8

37.4

-8.6

5.8

    Interest Paid

-

-

-

-

-1.4

    Loans from Banks

17.4

0.0

-

-

-

    Proceeds from Floatation

-

-

0.0

64.1

-

Cash from Financing Activities

8.0

24.1

27.6

55.4

-3.2

 

 

 

 

 

 

Net Change in Cash

-33.5

-12.3

-46.2

64.1

-1.9

 

 

 

 

 

 

Cash Begining Balance

17.1

30.3

78.1

9.0

10.2

Cash Ending Balance

-2.8

18.0

31.9

73.0

8.2

    Cash Interest Paid

-

-

-

1.1

1.4

    Cash Taxes Paid

-

-

21.1

15.6

11.9

 

 

 

Interim Cash Flows

As Reported

 

Financials in: USD (mil)

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

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

Period Length

9 Months

6 Months

3 Months

12 Months

9 Months

UpdateType/Date

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Reclassified Normal 
30-Jun-2011

Restated Normal 
30-Sep-2011

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.711706

0.713558

0.731463

0.755078

0.761121

 

 

 

 

 

 

Net Income

-8.4

-2.1

-8.6

38.6

35.6

    Depreciation

19.2

12.7

5.3

18.2

12.2

    Employees Items

1.3

1.1

0.6

1.8

1.3

    Severance Indemnity

-0.2

-0.7

0.3

3.4

2.9

    Deferred Taxes

0.0

-

0.0

5.3

0.0

    Current Taxes

-7.6

-4.1

-0.4

-13.8

-4.9

    Public Contribution

0.4

0.4

0.3

-0.7

0.0

    Use of Employees Items

-1.3

-1.1

-0.6

-1.2

-0.8

    Inventories

-18.8

-9.9

-5.8

-6.0

-28.7

    Accounts Receivables

0.9

0.5

19.3

38.7

61.9

    Other Receivables

-11.2

-12.7

-5.2

-15.3

-7.6

    Accounts Payable

9.1

15.7

-12.8

-36.2

-33.4

    Accounts Payable - Corr. Parts

-0.4

0.0

-0.3

-4.8

-4.3

    Other Liabilities

5.8

2.5

0.7

5.3

6.0

    Other Liabilities - Associates

0.0

0.0

0.0

0.0

0.0

    Net Financial Charges

5.6

5.0

1.9

2.8

-2.4

    Impairment Intangible Assets

6.1

0.0

0.0

0.3

0.0

Cash from Operating Activities

0.5

7.2

-5.2

36.4

37.8

 

 

 

 

 

 

    Purchase of Intangibles

-4.2

-2.2

-1.9

-5.8

-2.9

    Sale of Intangibles

0.0

-

0.1

-

0.0

    Purchase of Fixed Assets

-15.1

-11.2

-5.4

-13.3

-9.3

    Sale of Fixed Assets

0.0

-

0.0

1.1

0.6

    Purchase of Investment

0.0

-

0.0

0.0

0.0

    Acquisition of Lovato Gas

0.0

-

0.0

-45.7

-45.3

    Cash Acquired Lovato Gas

0.0

-

0.0

-14.2

-14.1

Cash from Investing Activities

-19.3

-13.3

-7.3

-77.9

-71.0

 

 

 

 

 

 

    Dividend Paid

-8.7

-8.7

0.0

-9.2

-9.2

    Variation of Minority Capital

0.0

-

0.0

0.2

0.2

    Debt, Net

-0.6

-0.4

-0.2

-0.4

-0.2

    Loans from Banks

-17.3

-18.8

-3.8

17.4

26.0

Cash from Financing Activities

-26.6

-27.9

-4.0

8.0

16.8

 

 

 

 

 

 

Net Change in Cash

-45.4

-34.1

-16.5

-33.5

-16.3

 

 

 

 

 

 

Cash Begining Balance

-3.0

-3.0

17.7

17.1

17.0

Cash Ending Balance

-48.4

-37.1

-19.4

-2.8

14.1

 

 

Geographic Segments

 

Financials in: As Reported (mil)

Annual  

 

 

External Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Italy

118.6

29.6 %

190.3

50.5 %

99.8

31.6 %

60.0

26.7 %

44.7

25.7 %

Europe

117.3

29.3 %

102.3

27.2 %

85.5

27 %

45.0

20 %

44.3

25.4 %

South-Western Asia

83.1

20.7 %

30.3

8.1 %

52.2

16.5 %

82.6

36.8 %

59.4

34.2 %

Rest of Asia

-

-

-

-

-

-

-

-

9.8

5.6 %

United States

32.4

8.1 %

21.3

5.7 %

34.2

10.8 %

14.5

6.5 %

11.2

6.4 %

Rest of the World

49.1

12.2 %

32.4

8.6 %

44.5

14.1 %

22.2

9.9 %

4.7

2.7 %

Segment Total

400.5

100 %

376.6

100 %

316.2

100 %

224.3

100 %

174.0

100 %

Consolidated Total

400.5

100 %

376.6

100 %

316.2

100 %

224.3

100 %

174.0

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

0.796979

 

Total Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Italy

118.6

29.6 %

190.3

50.5 %

99.8

31.6 %

60.0

26.7 %

44.7

25.7 %

Europe

117.3

29.3 %

102.3

27.2 %

85.5

27 %

45.0

20 %

44.3

25.4 %

South-Western Asia

83.1

20.7 %

30.3

8.1 %

52.2

16.5 %

82.6

36.8 %

59.4

34.2 %

Rest of Asia

-

-

-

-

-

-

-

-

9.8

5.6 %

United States

32.4

8.1 %

21.3

5.7 %

34.2

10.8 %

14.5

6.5 %

11.2

6.4 %

Rest of the World

49.1

12.2 %

32.4

8.6 %

44.5

14.1 %

22.2

9.9 %

4.7

2.7 %

Segment Total

400.5

100 %

376.6

100 %

316.2

100 %

224.3

100 %

174.0

100 %

Consolidated Total

400.5

100 %

376.6

100 %

316.2

100 %

224.3

100 %

174.0

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

0.796979

 

 

Total Assets   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Italy

370.3

80 %

409.7

86.3 %

316.4

88.1 %

207.9

86.1 %

Europe

-

-

-

-

7.4

2 %

3.8

1.6 %

South-Western Asia

30.2

6.5 %

17.8

3.7 %

19.2

5.3 %

2.6

1.1 %

Rest of Asia

11.5

2.5 %

8.9

1.9 %

7.3

2 %

6.4

2.7 %

United States

25.5

5.5 %

7.0

1.5 %

9.1

2.5 %

6.8

2.8 %

Western Europe (excl. Italy)

2.6

0.6 %

3.1

0.7 %

-

-

-

-

Eastern Europe

22.7

4.9 %

28.2

5.9 %

-

-

-

-

Rest of the World

-

-

-

-

-

-

13.8

5.7 %

Segment Total

462.9

100 %

474.8

100 %

359.3

100 %

241.4

100 %

Consolidated Total

462.9

100 %

474.8

100 %

359.3

100 %

241.4

100 %

Exchange Rate: EUR to USD

0.745406

 

0.696986

 

0.719399

 

0.683971

 

Purchase of Fixed Assets   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Italy

17.5

75.8 %

16.1

93.5 %

18.8

89.8 %

8.1

80.3 %

Europe

-

-

-

-

0.3

1.4 %

0.2

1.7 %

South-Western Asia

1.0

4.3 %

0.3

1.5 %

1.6

7.7 %

0.0

0.5 %

Rest of Asia

1.9

8 %

0.0

0 %

0.2

0.7 %

0.9

9.4 %

United States

0.9

3.9 %

0.2

0.9 %

0.1

0.4 %

0.2

1.8 %

Western Europe (excl. Italy)

0.0

0 %

0.0

0 %

-

-

-

-

Eastern Europe

1.9

8 %

0.7

4.2 %

-

-

-

-

Rest of the World

-

-

-

-

-

-

0.6

6.4 %

Segment Total

23.1

100 %

17.2

100 %

20.9

100 %

10.0

100 %

Consolidated Total

23.1

100 %

17.2

100 %

20.9

100 %

10.0

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

 

 

Geographic Segments

 

Financials in: As Reported (mil)

 

Interim  

 

 

External Revenue   USD (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Italy

17.8

20.2 %

20.1

17.4 %

10.7

16.6 %

121.7

29.6 %

15.5

20.6 %

Europe

21.6

24.5 %

29.8

25.7 %

16.9

26.2 %

120.3

29.3 %

22.4

29.8 %

South-Western Asia

21.6

24.5 %

27.7

23.9 %

21.7

33.7 %

85.2

20.7 %

20.9

27.8 %

United States

10.2

11.6 %

21.4

18.5 %

4.5

7 %

33.2

8.1 %

4.9

6.5 %

Rest of The World

17.0

19.2 %

16.7

14.4 %

10.7

16.5 %

50.3

12.2 %

11.5

15.3 %

Segment Total

88.2

100 %

115.9

100 %

64.5

100 %

410.6

100 %

75.2

100 %

Consolidated Total

88.2

100 %

115.9

100 %

64.5

100 %

410.6

100 %

75.2

100 %

Exchange Rate: EUR to USD

0.707825

 

0.695476

 

0.731463

 

0.736368

 

0.774922

 

Total Revenue   USD (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Italy

17.8

20.2 %

20.1

17.4 %

10.7

16.6 %

121.7

29.6 %

15.5

20.6 %

Europe

21.6

24.5 %

29.8

25.7 %

16.9

26.2 %

120.3

29.3 %

22.4

29.8 %

South-Western Asia

21.6

24.5 %

27.7

23.9 %

21.7

33.7 %

85.2

20.7 %

20.9

27.8 %

United States

10.2

11.6 %

21.4

18.5 %

4.5

7 %

33.2

8.1 %

4.9

6.5 %

Rest of The World

17.0

19.2 %

16.7

14.4 %

10.7

16.5 %

50.3

12.2 %

11.5

15.3 %

Segment Total

88.2

100 %

115.9

100 %

64.5

100 %

410.6

100 %

75.2

100 %

Consolidated Total

88.2

100 %

115.9

100 %

64.5

100 %

410.6

100 %

75.2

100 %

Exchange Rate: EUR to USD

0.707825

 

0.695476

 

0.731463

 

0.736368

 

0.774922

 

 

Total Assets   USD (mil)

 

30-Jun-11

31-Dec-10

Italy

426.3

82.3 %

370.3

80 %

Western Europe (excl. Italy)

2.2

0.4 %

2.6

0.6 %

Eastern Europe

20.5

4 %

22.7

4.9 %

South-Western Asia

28.7

5.5 %

30.2

6.5 %

Rest of Asia

11.0

2.1 %

11.5

2.5 %

United States

29.4

5.7 %

25.5

5.5 %

Segment Total

518.1

100 %

462.9

100 %

Consolidated Total

518.1

100 %

462.9

100 %

Exchange Rate: EUR to USD

0.689727

 

0.745406

 

 

 

Business Segments

 

Financials in: As Reported (mil)

Annual  

 

 

External Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Gaz - GPL

252.0

62.9 %

293.1

77.8 %

179.4

56.7 %

100.3

44.7 %

73.9

42.4 %

Gaz - Methane

137.3

34.3 %

79.4

21.1 %

129.5

40.9 %

117.3

52.3 %

95.0

54.6 %

Burglar Alarms

11.2

2.8 %

4.1

1.1 %

7.4

2.3 %

6.7

3 %

5.2

3 %

Segment Total

400.5

100 %

376.6

100 %

316.2

100 %

224.3

100 %

174.0

100 %

Consolidated Total

400.5

100 %

376.6

100 %

316.2

100 %

224.3

100 %

174.0

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

0.796979

 

Total Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Gaz - GPL

252.0

62.9 %

293.1

77.8 %

179.4

56.7 %

100.3

44.7 %

73.9

42.4 %

Gaz - Methane

137.3

34.3 %

79.4

21.1 %

129.5

40.9 %

117.3

52.3 %

95.0

54.6 %

Burglar Alarms

11.2

2.8 %

4.1

1.1 %

7.4

2.3 %

6.7

3 %

5.2

3 %

Segment Total

400.5

100 %

376.6

100 %

316.2

100 %

224.3

100 %

174.0

100 %

Consolidated Total

400.5

100 %

376.6

100 %

316.2

100 %

224.3

100 %

174.0

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

0.796979

 

 

 

Business Segments

 

Financials in: As Reported (mil)

 

Interim  

 

 

External Revenue   USD (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Gas LPG

43.3

49.1 %

50.7

43.8 %

33.4

51.8 %

47.8

48.9 %

40.4

53.8 %

Gas CNG

38.6

43.8 %

60.0

51.8 %

26.9

41.7 %

45.0

46 %

30.5

40.5 %

Alarm Systems

6.3

7.1 %

5.1

4.4 %

4.2

6.5 %

5.0

5.1 %

4.3

5.7 %

Segment Total

88.2

100 %

115.9

100 %

64.5

100 %

97.8

100 %

75.2

100 %

Consolidated Total

88.2

100 %

115.9

100 %

64.5

100 %

97.8

100 %

75.2

100 %

Exchange Rate: EUR to USD

0.707825

 

0.695476

 

0.731463

 

0.736368

 

0.774922

 

Total Revenue   USD (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Gas LPG

43.3

49.1 %

50.7

43.8 %

33.4

51.8 %

47.8

48.9 %

40.4

53.8 %

Gas CNG

38.6

43.8 %

60.0

51.8 %

26.9

41.7 %

45.0

46 %

30.5

40.5 %

Alarm Systems

6.3

7.1 %

5.1

4.4 %

4.2

6.5 %

5.0

5.1 %

4.3

5.7 %

Segment Total

88.2

100 %

115.9

100 %

64.5

100 %

97.8

100 %

75.2

100 %

Consolidated Total

88.2

100 %

115.9

100 %

64.5

100 %

97.8

100 %

75.2

100 %

Exchange Rate: EUR to USD

0.707825

 

0.695476

 

0.731463

 

0.736368

 

0.774922

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.83

UK Pound

1

Rs.79.42

Euro

1

Rs.65.90

 

 

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 SCs 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.