MIRA
INFORM REPORT
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Report Date : |
05.07.2012 |
IDENTIFICATION DETAILS
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Name : |
KEMIRA OYJ |
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Registered Office : |
Porkkalankatu 3, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1920 |
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Com. Reg. No.: |
01098230 |
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Legal Form : |
Public Parent |
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Line of Business : |
Manufacture of pesticides and other agro-chemical products |
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No. of Employees : |
5,051 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Finland |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
Kemira Oyj
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Business
Description
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Kemira Oyj is a Finland-based chemicals company that focuses on water
quality and quantity management. It is operational through four business
segments, including Paper, Municipal & Industrial, Oil & Mining and
Other. The Paper segment provides customers in the pulp and paper industry
with paper products and product packages. The Municipal & Industrial
segment offers water treatment chemical for municipal and industrial water
treatment. The Oils & Mining segment offers chemical extraction and
process solutions for the oil and mining industries. The Other segment
consists of organic salts and acids production for food, pharmaceutical and
chemical industries. As of December 31, 2011, the Company operated numerous
subsidiaries in such counties as Finland, Argentina, Poland, Brazil, the
United Kingdom, India, Mexico, Germany, South Korea, the Netherlands,
Denmark, China, and Indonesia, among others. For the three months ended 31 March
2012, Kemira Oyj's total revenue decreased 1% to EUR556.2M. Net income for
the period decreased 21% to EUR28.9M. Total revenue reflects decreased sales
in the Paper external business segment. Net income for the period suffered
from operating expenses. Kemira Oyj is a Finland-based chemicals company that
focuses on water quality and quantity management. It is operational through
four business segments. |
Industry
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Industry |
Chemical Manufacturing |
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ANZSIC 2006: |
1832 - Pesticide Manufacturing |
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NACE 2002: |
2420 - Manufacture of pesticides and other
agro-chemical products |
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NAICS 2002: |
32532 - Pesticide and Other Agricultural
Chemical Manufacturing |
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UK SIC 2003: |
2420 - Manufacture of pesticides and other
agro-chemical products |
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US SIC 1987: |
2879 - Pesticides and Agricultural
Chemicals, Not Elsewhere Classified |
Key Executives
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Significant Developments
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* number of significant developments within the last 12 months |
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News
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Financial Summary
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Stock Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
Corporate Overview
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Kemira Oyj The Strategic Initiatives report is created using technology to
extract meaningful insights from analyst reports about a company's strategic
projects and investments. More
about Strategic Initiatives
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Key Organizational Changes |
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6m in 2010.Market ViewThe growth of the Municipal & Industrial
business is affected by various factors such as strong economic growth in
certain geographical areas, water treatment technology trends, as well as
increasingly strict environmental regulations. Its global growth in
developing markets is driven by the acquisition of Water Elements, LLC.
Furthermore, the company is continuously looking to expand its business and
to tap into the industrial potential of Russia.Oil & MiningThe company
through Oil & Mining segment is involved in providing innovative
separation and process solutions for the oil and mining industries. The
company offers services to the following customer segments namely, Oil &
Gas, Minerals & Metals, and Formulation Technology. |
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Planning |
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In 2010, Kemira decided on two major investments in strongly
developing markets. Water shortages and related municipal and industrial
challenges call for more effective solutions in Asia and South America. In
order to reach our strategic goals, we need to gain a stronger foothold in
these markets. In China, Kemira will build a process chemical plant
consisting of multiple production units. In India, the company launched a
joint venture to build a water chemicals plant in Visakhapatnam in the state
of Andhra Pradesh. |
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Overview
Kemira Oyj (Kemira) is one of the leading providers of products and
solutions for several industries such as water treatment, paint, oil and gas,
and chemical industries. Its global presence coupled with diversified revenue
stream enable the company to earn revenues and increase its profits. Moreover,
the company could capitalize on the various opportunities arising from the
investment in water and waste water segment. However, environmental liabilities
and intense competition could pose threats to the company's operations.
Strengths
Wider reach in terms of geography would mean reaping more benefits,
eventually improving the profit margins, attaining economies of scale and
recognition on a worldwide basis. The company operates across the world
covering the Atlantic, Asia Pacific and the Middle East. The company operates
in more than 40 countries across the world. Kemira’s operations in countries
namely, Austria, Brazil, Canada, China, Czech Republic, Denmark, Egypt,
Estonia, Finland, France, Germany, Italy, Mexico, Netherlands, Norway,
Philippines, Poland, Portugal, Romania, Russian Federation, Slovenia, Spain,
Sweden, the UK, the US, Uruguay and others, helped the company to improve its
market reach globally. The company through its Paper sub-segment carries out
its operations in over 28 countries. Furthermore, the company through its
Municipal & Industrial segment offers products and services to its
customers across 37 countries. The company also has technological centers for
pulp and paper manufacturing operations across Europe, North America and Asia.
Presence across various geographies worldwide enables the company to expand
business operations at an ease. It also helps the company to mitigate business
risks associated with the over dependence on a particular market.
Kemira’s diversified revenue stream would help the company to reduce
its business peril. The company operates through four segments, namely, Paper,
Municipal & Industrial, Oil & Mining and Other. The company offers
bleaching and builder solutions for cleaners, laundry detergents and automatic
dishwashing products. The company is one among the world´s largest supplier of
inorganic coagulants. Besides, it is one among the world leaders in the
production of organic ?occulants and coagulants, defoamers, biocides,
dispersants, oxidants and other products. In the fiscal year 2011, the company
generated 43.6% of the total revenue from the paper segment, followed by
Municipal & Industrial segment contributing 29.8%, Oil & Mining 15.15%
and 11.4% Others. This enables the company to tone down the risk of being
coupled to a contracted product offering and provides better revenue in an
aggressive market.
Kemira is a large-scale two billion euro water chemistry company. The
company primarily focuses on helping customers in water-intensive industries.
The company’s customer base includes Pulp & paper industries; Municipal
water; Oil & gas industries; Mining industry; Pharmaceutical industry;
Detergent & cleaning industries; Feed industry; Food industry; and other
industries. The company through its four operational segments offers wide range
of services to a larger customer base. The company through its paper segment
caters to industries, namely, Pulp; Printing & Writing; Packaging &
Board; and Tissue & Specialties. The Municipal & Industrial segment
caters to customer segments such as, municipal water and industrial water.
Furthermore, the Oil & Mining segment offers services to oil and gas,
minerals and metal, and formulation technology customer segments. The broad
customer base through its operational base helps the company to mitigate the
risk of being associated to a narrow customer base and strengthens its revenue
generation ability.
Weaknesses
The company's liquidity ratio decreased due to Disproportionate growth
in current liabilities and current assets. In fiscal 2011, the company reported
current assets of €830.40m over €681.90m in 2010. The total current
liabilities increased to €652.00m from €469.40m in 2010. The company
reported 21.7% growth in current assets in 2011, as compared to 38.9% growth in
current liabilities. Disproportionate growth in current liabilities and current
assets affects the working capital and short-term liquidity of the company. The
company's current ratio and quick ratio were 1.27 times and 0.92 times in 2011,
as compared to 1.45 times and 1.02 times respectively in fiscal 2010. High
liquidity enables the company to meet short-term functional obligations to
conduct day-to-day business. A decrease in liquidity implies limitations in
meeting short-term obligations. This could affect the operational functioning
of the company and hamper its performance in the generation of revenue and also
cost effectiveness, as the company has to depend more on external sources to
fuel its operational flow.
Kemira has been involved in various legal proceedings. Such legal
proceeding, regardless of the outcome, could drain the financial resources and
divert the time and effort of any management. In June 2011, CDC Project 13 Sa
filed an action the company’s subsidiary Kemira Chemicals Oy for violations
of competition law applicable to the sodium chlorate business. In April, the
company received a summons from Cartel Damage Claims Hydrogen Peroxide SA (CDC)
for violations against competition law in hydrogen peroxide business. CDC
claims charges up to €78m and including interest and litigation expenses from
the company. The company is defending the claim and outcome of this matter is
not yet determined.
Increasing debt could have a major impact on the operational performance
of the company as a major portion of the company's earnings would be diverted
to servicing its debt obligations. This could be of concern to the investors
and make it difficult for the company to raise funds on favorable terms from
the market. Kemira’s total debt component increased 11.8% from €627.40m in
2010 to €701.60m in 2011. It includes a long-term debt component of
€464.50m As a result, the debt to equity ratio of the company increased from
46.8% in 2010 to 51.6% in 2011 and debt to capital ratio increased from 30.2%
to 34.7% in 2011. In case of Kemira’s failure to comply with any of these
requirements, such debt becomes due and payable prior to its scheduled
maturity. Such huge debt increases the debt servicing obligations of the
company and impacts its cash flows adversely. It could limit the company’s
ability to raise debt in future and pursue other strategic opportunities. It
would also increase the company’s vulnerability to adverse economic and
industry conditions.
Opportunities
Kemira's biodegradable scale inhibitors commercialized under the
KemEguard (TM) brand are now yellow banded for use in the North Sea Norwegian
sector. This approval will provide the company with competitive advantage over
its competitor and future opportunity in North Sea. The strict environmental
regulations for the North Sea have required companies to develop effective and
benign chemistry for oilfield applications. Four of Kemira's unique scale
inhibitors, KemEguard 2593, 5042, 5040 and 5021, have been registered for use
in the North Sea Norwegian sector and given a yellow rating, indicating that
the products are environmentally acceptable and have passed biodegradation,
bioaccumulation and toxicity requirements.
Investments in Water and Wastewater Sector
The company could look forward to the opportunities available in water
and wastewater and environment sectors. According to the U.S. Department of
Commerce, more than $18 billion investment was infused by the World Bank in
water sector projects. Of the $18 billion investment, nearly $ 3.1 billion was
committed for water resources management and development in rural areas and
$4.3 billion investments in urban sewage and wastewater treatment projects.
Moreover, stimulus packages proposed by countries to beat recession also talk
about investment in this sector. Investment in water & waste water
management sector in Asian countries will further go up in future primarily due
to increasing pollution and water shortages. The company could look forward to
expand its operations in to new markets and gain more contracts.
Business Expansion Initiatives
Kemira's new facilities development initiatives would helps it to expand
its operational presence to new geographies and to meet the increasing demand
for its products. In October 2011, the company opened a new water treatment
chemicals plant in Tallinn, Estonia. The plant would operate as a Baltic region
production hub for inorganic coagulants that are used in municipal and
industrial water treatment. Through this facility, the company could offer fast
and cost-efficient deliveries to customers in Estonia, Latvia and Lithuania. In
February 2011, the company announced its plans to construct two new coagulant
plants in Germany and Spain. The company would invest around €40m and the
plants are expected to be operational during 2012. This would strengthen the
company’s European manufacturing network. Such strategic moves would help the
company exploit the potential in terms of new geographies as well as production
benefits and helps in maintaining customer proximity.
Threats
The global economic slowdown and vague recovery scenario are likely to
create challenges for the company over the next few years. Though economic
recovery continued during the first half of 2010, the global economy was
affected by the turmoil in sovereign debt markets during the second quarter of
2010. In accordance with the recent FED releases in the US, Fed lowered its
growth forecast for the U.S. economy, as it now expects gross domestic product
to rise at just a 2.2% to 2.7% rate in 2012. In addition, World Bank also
lowered its world economic growth of 2.5% in 2012 and 3.1% in 2013, well below
the 3.6 % growth for each year projected in June 2011. The global growth
forecast were lowered in accordance with the grim situation persisting in the
Euro region, as the bank expects that if the euro area debt crisis escalates,
global growth would be about 4% points lower. Furthermore, according to the
World Bank estimates, high income economies across the globe are expected to
expand nearly 1.4% in 2012 as the euro area shrinks 0.3%, as it witnessed sharp
downward revisions from growth forecasts last June of 2.7% and 1.8%,
respectively. It also lowered the growth forecast for developing economies to
5.4% for 2012 from its previous forecast of 6.2%, as the expansion in Brazil
and India, Russia, South Africa and Turkey witnessed slowness. Furthermore,
according to experts, the global economy is expected to have a sluggish growth
in 2013, with output growth dragged down by a weak performance anticipated in
the euro zone. The continuing uncertainty over economic recovery and the
sovereign debt crises could adversely affect company’s earnings, and could
continue to exert pressure on its growth prospects in the long run.
The company could be affected by the environmental regulations governing
the global chemical industry. REACH (Registration Evaluation and Authorization
of Chemicals), in Europe, is an example of the stringent environmental
regulations that impact chemical producers. REACH regulates the products
manufactured and marketed in Europe. Phased over a period of 11 years, the
regulation mandates all companies to develop and submit dossiers containing
data sets about their chemical products and detail their potential impact and
risk on environment. REACH directly applies to over 30,000 different chemical
substances that are produced or sold in Europe. The company’s joint venture
with Rockwood Inc. in the pigments business may alter the group’s
environmental liabilities. In 2009, the capital expenditure amounted to €7.2m
on environmental protection at company sites. Provision for environmental
remediation amounted to €21.1m in 2009, as compared to €19.4m in 2008.
Furthermore, the new EU chemicals regulation REACH, which came into force on
June 1, 2007, require registration, testing and risk assessment. This will
increase the costs of chemicals manufactured in the EU as well as imported
chemicals. The direct costs to Kemira arising from the REACH regulation will be
roughly € 40m within the next ten years. Such stringent environmental
regulations are set to tighten in the coming years, affecting both existing and
new products for the company.
Increased competition may lead the company to reduce its prices, which
could negatively affect its margins. The company operates in a highly
competitive chemical industry. The company operates in a progressively more
complex and challenging chemical marketplace whose dynamics are ever-changing.
Technological advances by any player in the market could render its present or
future products obsolete or uneconomical. The existing market includes
companies of varying sizes; some more specialized than the company with respect
to particular commodities, and some with greater financial resources than the
company. The company competes in this evolving marketplace on the basis of many
factors, including price, quality, innovation, service, reputation,
distribution and promotion.
Corporate Structure News
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Kemira Oyj |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Helsinki |
Finland |
Chemical Manufacturing |
3,100.3 |
5,051 |
|
|
Subsidiary |
Copenhagen |
Denmark |
Water Utilities |
0.0 |
10,000 |
|
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Subsidiary |
Paris |
France |
Chemical Manufacturing |
41,390.0 |
1,824 |
|
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Subsidiary |
Helsinki |
Finland |
Chemical Manufacturing |
|
1,554 |
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Subsidiary |
Rozenburg |
Netherlands |
Chemical Manufacturing |
186.8 |
182 |
|
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Subsidiary |
Santiago |
Chile |
Chemical Manufacturing |
|
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|
|
Subsidiary |
Helsinki |
Finland |
Chemical Manufacturing |
|
1,487 |
|
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Subsidiary |
Helsingborg |
Sweden |
Chemical Manufacturing |
308.4 |
438 |
|
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Subsidiary |
Barcelona |
Spain |
Chemical Manufacturing |
79.9 |
121 |
|
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Subsidiary |
Estarreja |
Portugal |
Chemical Manufacturing |
15.8 |
471 |
|
|
Subsidiary |
Prerov |
Czech Republic |
Chemical Manufacturing |
|
35 |
|
|
Subsidiary |
Police |
Poland |
Chemical Manufacturing |
|
34 |
|
|
Subsidiary |
Milan |
Italy |
Chemical Manufacturing |
20.1 |
28 |
|
|
Subsidiary |
Fontainebleau, Avon |
France |
Chemical Manufacturing |
|
10 |
|
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Subsidiary |
Kennesaw, GA |
United States |
Chemical Manufacturing |
|
350 |
|
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Branch |
Columbus, GA |
United States |
Chemical Manufacturing |
29.6 |
54 |
|
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Branch |
Washougal, WA |
United States |
Chemical Manufacturing |
11.0 |
20 |
|
|
Branch |
Washougal, WA |
United States |
Retail (Specialty) |
0.6 |
3 |
|
|
Subsidiary |
Sastamala |
Finland |
Chemical Manufacturing |
244.8 |
278 |
|
|
Subsidiary |
Eastover, SC |
United States |
Chemical Manufacturing |
|
250 |
|
|
Subsidiary |
Krems an der Donau |
Austria |
Chemical Manufacturing |
99.4 |
83 |
|
|
Subsidiary |
Fundulea, Calarasi |
Romania |
Chemical Manufacturing |
10.0 |
83 |
|
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Subsidiary |
Tlaxcala |
Mexico |
Chemical Manufacturing |
|
80 |
|
|
Subsidiary |
Rozenburg |
Netherlands |
Chemical Manufacturing |
|
65 |
|
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Subsidiary |
Europoort, Havennummer |
Netherlands |
Chemical Manufacturing |
|
25 |
|
|
Subsidiary |
Ulsan |
Korea, Republic of |
Chemical Manufacturing |
|
37 |
|
|
Subsidiary |
Sao Paulo, SP |
Brazil |
Chemical Manufacturing |
|
35 |
|
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Subsidiary |
Alzenau |
Germany |
Chemical Manufacturing |
253.7 |
24 |
|
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Subsidiary |
Makati, Metro Manila |
Philippines |
Chemical Manufacturing |
|
10 |
|
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Subsidiary |
Tallinn |
Estonia |
Chemical Manufacturing |
|
6 |
|
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Subsidiary |
Bangkok |
Thailand |
Chemical Manufacturing |
|
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Subsidiary |
Jakarta |
Indonesia |
Chemical Manufacturing |
|
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|
|
Subsidiary |
|
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|
|
943 |
|
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Subsidiary |
Pori |
Finland |
Chemical Manufacturing |
354.8 |
695 |
|
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Subsidiary |
Bartow, FL |
United States |
Chemical Manufacturing |
2,606.8 |
500 |
|
|
Subsidiary |
Bradford |
United Kingdom |
Chemical Manufacturing |
35.2 |
137 |
|
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UK Branch/Trading address |
Goole |
United Kingdom |
Chemical Manufacturing |
35.2 |
15 |
|
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Branch |
Mobile, AL |
United States |
Chemical Manufacturing |
61.0 |
125 |
|
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Branch |
East Chicago, IN |
United States |
Business Services |
7.8 |
60 |
|
|
Branch |
Savannah, GA |
United States |
Chemical Manufacturing |
24.4 |
52 |
|
|
Subsidiary |
Varennes, QC |
Canada |
Chemical Manufacturing |
|
30 |
|
|
Branch |
Ottawa, ON |
Canada |
Chemical Manufacturing |
6.7 |
5 |
|
|
Branch |
Brantford, ON |
Canada |
Business Services |
0.5 |
3 |
|
|
Branch |
Longview, WA |
United States |
Chemical Manufacturing |
11.5 |
21 |
|
|
Branch |
Charlotte, NC |
United States |
Chemical Manufacturing |
11.5 |
21 |
|
|
Branch |
Mojave, CA |
United States |
Chemical Manufacturing |
11.0 |
20 |
|
|
Branch |
Lawrence, KS |
United States |
Chemical Manufacturing |
7.1 |
13 |
|
|
Branch |
Cleveland, OH |
United States |
Business Services |
1.6 |
12 |
|
|
Branch |
Spokane Valley, WA |
United States |
Chemical Manufacturing |
10.0 |
10 |
|
|
Branch |
Fontana, CA |
United States |
Retail (Specialty) |
1.6 |
8 |
|
|
Branch |
Houston, TX |
United States |
Chemical Manufacturing |
3.8 |
7 |
|
|
Branch |
St Louis, MO |
United States |
Chemical Manufacturing |
5.0 |
5 |
|
|
Branch |
Kalama, WA |
United States |
Advertising |
0.7 |
3 |
|
|
Subsidiary |
Leverkusen, Nordrhein-Westfalen |
Germany |
Chemical Manufacturing |
148.1 |
165 |
|
|
Subsidiary |
Helsinki |
Finland |
Business Services |
|
150 |
|
|
Subsidiary |
Genoa, GE |
Italy |
Business Services |
|
|
|
|
Subsidiary |
Medicina, Bologna |
Italy |
Chemical Manufacturing |
42.5 |
80 |
|
|
Subsidiary |
Lauterbourg |
France |
Chemical Manufacturing |
79.6 |
74 |
|
|
Subsidiary |
Swiecie |
Poland |
Chemical Manufacturing |
29.2 |
51 |
|
|
Subsidiary |
Kosmonosy |
Czech Republic |
Chemical Manufacturing |
|
50 |
|
|
Joint Venture |
Helsingborg |
Sweden |
Miscellaneous Fabricated Products |
26.8 |
46 |
|
|
Subsidiary |
Maitland, ON |
Canada |
Chemical Manufacturing |
|
45 |
|
|
Branch |
Delta, BC |
Canada |
Paper and Paper Products |
6.9 |
10 |
|
|
Subsidiary |
Pointe-Claire, QC |
Canada |
Chemical Manufacturing |
25.6 |
35 |
|
|
Subsidiary |
Ostroleka |
Poland |
Chemical Manufacturing |
|
13 |
|
|
Subsidiary |
Singapore |
Singapore |
Chemical Manufacturing |
17.0 |
12 |
|
|
Subsidiary |
Botlek Rotterdam, Zuid-Holland |
Netherlands |
Consumer Financial Services |
543.8 |
|
|
|
Subsidiary |
Europoort |
Mauritania |
Chemical Manufacturing |
250.0 |
|
|
|
Subsidiary |
Helsinki |
Finland |
Chemical Manufacturing |
125.0 |
|
|
|
Subsidiary |
Europoort |
Netherlands |
Chemical Manufacturing |
75.0 |
|
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Chemical Manufacturing |
1.0 |
|
|
|
Subsidiary |
Montevideo |
Uruguay |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Swiecie |
Poland |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Helsinki |
Finland |
Investment Services |
|
|
|
|
Subsidiary |
Europoort Rotterdam, Zuid-Holland |
Netherlands |
Miscellaneous Financial Services |
|
|
|
|
Subsidiary |
Botlek Rotterdam, Zuid-Holland |
Netherlands |
Chemical Manufacturing |
51.1 |
250 |
|
|
Subsidiary |
Tiel, Gelderland |
Netherlands |
Chemical Manufacturing |
138.6 |
|
|
|
Subsidiary |
Helsinki |
Finland |
Engineering Consultants |
|
|
|
Executives Report
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Significant Developments
|
|
|
Annual Profit & Loss
|
|
01-Dec-2011 |
01-Dec-2010 |
|
Period Length |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.718922 |
0.749339 |
|
Consolidated |
No |
No |
|
|
|
|
|
Total income |
1,899.1 |
430.1 |
|
Cost of goods sold |
1,226.5 |
278.3 |
|
Other operating costs |
380.4 |
212.2 |
|
Total operating costs |
1,506.8 |
171.3 |
|
Interest received from loans |
188.3 |
75.9 |
|
Interest payable on loans |
48.1 |
40.6 |
|
Profit before tax |
341.4 |
251.0 |
|
Total taxation |
1.5 |
-4.4 |
|
Income before depreciation |
161.9 |
258.0 |
|
Depreciation |
41.3 |
45.4 |
|
Profit before financial items |
120.6 |
212.6 |
|
Other financial expenses |
14.3 |
19.5 |
|
Income/profit after financial items |
246.5 |
228.4 |
|
Extraordinary items |
94.9 |
22.6 |
|
Income before allocations |
344.9 |
258.9 |
|
Net income |
341.6 |
259.4 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
01-Dec-2011 |
01-Dec-2010 |
|
Filed Currency |
EUR |
EUR |
|
Exchange Rate |
0.74239 |
0.765521 |
|
Consolidated |
No |
No |
|
|
|
|
|
Issued capital |
298.7 |
289.7 |
|
Untaxed/reserves allocations |
17.0 |
43.2 |
|
Non restricted equity |
852.8 |
598.9 |
|
Total stockholders equity |
1,498.9 |
1,225.5 |
|
Other long-term liabilities |
349.1 |
686.8 |
|
Trade creditors |
190.0 |
46.4 |
|
Other current liabilities |
1,573.7 |
769.3 |
|
Total current liabilities |
2,166.9 |
1,559.7 |
|
Land and buildings |
11.3 |
26.2 |
|
Machinery and tools |
18.2 |
67.0 |
|
Depreciable assets |
209.8 |
161.1 |
|
Total non-current assets |
3,022.4 |
2,550.0 |
|
Stocks |
138.6 |
26.2 |
|
Trade debtors |
236.8 |
43.2 |
|
Cash and liquid assets |
282.0 |
208.9 |
|
Short-term investments |
2,513.5 |
2,242.0 |
|
Shares in associated companies |
183.0 |
62.5 |
|
Other current assets |
3.0 |
- |
|
Total current assets |
660.5 |
278.4 |
|
Total assets |
3,682.8 |
2,828.4 |
|
|
|
Annual Ratios |
|
Financials in:
USD (mil) |
|
|
|
|
|
01-Dec-2011 |
01-Dec-2010 |
|
Period Length |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
|
Exchange Rate |
0.74239 |
0.765521 |
|
Consolidated |
No |
No |
|
|
|
|
|
Current ratio |
0.50 |
0.50 |
|
Quick ratio |
0.50 |
0.50 |
|
Asset turnover |
0.00% |
0.00% |
|
Profit margin |
0.13% |
0.53% |
|
Equity ratio |
0.41% |
0.45% |
|
Interest on liabilities |
0.11% |
- |
|
Risk margin |
11,254.04% |
9,712.04% |
|
Interest cover |
0.01% |
0.01% |
|
Net worth |
1,498.9 |
1,225.5 |
|
Number of employees |
658 |
815 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
KPMG LLP |
KPMG OY AB |
KPMG OY AB |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
3,069.0 |
2,861.8 |
2,739.6 |
4,143.3 |
3,846.2 |
|
Revenue |
3,069.0 |
2,861.8 |
2,739.6 |
4,143.3 |
3,846.2 |
|
Interest Income, Non-Bank |
15.2 |
16.3 |
- |
- |
- |
|
Other Revenue |
16.1 |
17.3 |
18.8 |
75.3 |
62.8 |
|
Other Revenue, Total |
31.3 |
33.6 |
18.8 |
75.3 |
62.8 |
|
Total Revenue |
3,100.3 |
2,895.5 |
2,758.4 |
4,218.6 |
3,909.1 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,711.5 |
1,566.9 |
1,446.9 |
2,284.3 |
1,928.6 |
|
Cost of Revenue, Total |
1,711.5 |
1,566.9 |
1,446.9 |
2,284.3 |
1,928.6 |
|
Gross Profit |
1,357.5 |
1,295.0 |
1,292.7 |
1,859.1 |
1,917.6 |
|
|
|
|
|
|
|
|
Labor & Related Expense |
401.1 |
400.1 |
427.2 |
647.7 |
631.5 |
|
Total Selling/General/Administrative Expenses |
401.1 |
400.1 |
427.2 |
647.7 |
631.5 |
|
Depreciation |
117.1 |
111.1 |
115.0 |
160.3 |
156.7 |
|
Amortization of Intangibles |
20.7 |
17.0 |
25.0 |
31.0 |
29.3 |
|
Depreciation/Amortization |
137.8 |
128.1 |
140.0 |
191.3 |
186.0 |
|
Impairment-Assets Held for Use |
3.1 |
17.1 |
-4.5 |
56.5 |
51.9 |
|
Loss (Gain) on Sale of Assets - Operating |
0.3 |
0.4 |
0.7 |
0.7 |
2.6 |
|
Unusual Expense (Income) |
3.3 |
17.5 |
-3.8 |
57.2 |
54.5 |
|
Other Operating Expense |
626.4 |
576.2 |
595.4 |
930.1 |
912.6 |
|
Other Operating Expenses, Total |
626.4 |
576.2 |
595.4 |
930.1 |
912.6 |
|
Total Operating Expense |
2,880.2 |
2,688.7 |
2,605.8 |
4,110.6 |
3,713.2 |
|
|
|
|
|
|
|
|
Operating Income |
220.1 |
206.7 |
152.6 |
108.1 |
195.9 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-46.0 |
-38.8 |
-54.7 |
-118.3 |
-97.9 |
|
Interest Expense, Net Non-Operating |
-46.0 |
-38.8 |
-54.7 |
-118.3 |
-97.9 |
|
Interest Income -
Non-Operating |
11.1 |
8.1 |
9.3 |
33.3 |
27.8 |
|
Investment Income -
Non-Operating |
46.9 |
11.5 |
-9.0 |
-17.0 |
3.7 |
|
Interest/Investment Income - Non-Operating |
58.0 |
19.6 |
0.3 |
16.4 |
31.5 |
|
Interest Income (Expense) - Net Non-Operating Total |
12.0 |
-19.2 |
-54.4 |
-101.9 |
-66.4 |
|
Other Non-Operating Income (Expense) |
2.1 |
-4.9 |
-4.9 |
-3.7 |
-1.8 |
|
Other, Net |
2.1 |
-4.9 |
-4.9 |
-3.7 |
-1.8 |
|
Income Before Tax |
234.2 |
182.6 |
93.3 |
2.5 |
127.7 |
|
|
|
|
|
|
|
|
Total Income Tax |
39.1 |
29.1 |
13.1 |
0.0 |
35.3 |
|
Income After Tax |
195.1 |
153.5 |
80.2 |
2.5 |
92.4 |
|
|
|
|
|
|
|
|
Minority Interest |
-6.5 |
-6.6 |
-5.1 |
-5.3 |
-5.2 |
|
Net Income Before Extraord Items |
188.5 |
146.9 |
75.1 |
-2.8 |
87.2 |
|
Discontinued Operations |
0.0 |
703.2 |
38.7 |
- |
- |
|
Total Extraord Items |
0.0 |
703.2 |
38.7 |
- |
- |
|
Net Income |
188.5 |
850.1 |
113.8 |
-2.8 |
87.2 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
- |
- |
- |
0.1 |
- |
|
Total Adjustments to Net Income |
- |
- |
- |
0.1 |
- |
|
Income Available to Common Excl Extraord Items |
188.5 |
146.9 |
75.1 |
-2.6 |
87.2 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
188.5 |
850.1 |
113.8 |
-2.6 |
87.2 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
152.0 |
151.7 |
134.8 |
133.3 |
133.3 |
|
Basic EPS Excl Extraord Items |
1.24 |
0.97 |
0.56 |
-0.02 |
0.65 |
|
Basic/Primary EPS Incl Extraord Items |
1.24 |
5.60 |
0.84 |
-0.02 |
0.65 |
|
Dilution Adjustment |
- |
- |
- |
0.0 |
- |
|
Diluted Net Income |
188.5 |
850.1 |
113.8 |
-2.6 |
87.2 |
|
Diluted Weighted Average Shares |
152.2 |
152.0 |
135.1 |
133.3 |
133.3 |
|
Diluted EPS Excl Extraord Items |
1.24 |
0.97 |
0.56 |
-0.02 |
0.65 |
|
Diluted EPS Incl Extraord Items |
1.24 |
5.59 |
0.84 |
-0.02 |
0.65 |
|
Dividends per Share - Common Stock Primary Issue |
0.74 |
0.64 |
0.38 |
0.37 |
0.68 |
|
Gross Dividends - Common Stock |
112.6 |
96.5 |
57.0 |
44.3 |
82.9 |
|
Interest Expense, Supplemental |
35.5 |
38.8 |
54.7 |
118.3 |
97.9 |
|
Depreciation, Supplemental |
117.1 |
111.1 |
115.4 |
160.3 |
156.7 |
|
Total Special Items |
3.3 |
18.4 |
-3.8 |
57.2 |
54.5 |
|
Normalized Income Before Tax |
237.5 |
201.0 |
89.6 |
59.7 |
182.2 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.6 |
2.9 |
-0.5 |
0.0 |
15.1 |
|
Inc Tax Ex Impact of Sp Items |
39.6 |
32.1 |
12.5 |
0.0 |
50.4 |
|
Normalized Income After Tax |
197.9 |
169.0 |
77.0 |
59.7 |
131.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
191.3 |
162.3 |
71.9 |
54.6 |
126.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.26 |
1.07 |
0.53 |
0.41 |
0.95 |
|
Diluted Normalized EPS |
1.26 |
1.07 |
0.53 |
0.41 |
0.95 |
|
Amort of Intangibles, Supplemental |
20.7 |
17.0 |
25.0 |
31.0 |
29.3 |
|
Rental Expenses |
- |
- |
- |
84.3 |
59.5 |
|
Research & Development Exp, Supplemental |
42.3 |
46.5 |
51.5 |
104.0 |
90.2 |
|
Normalized EBIT |
223.4 |
225.1 |
148.8 |
165.3 |
250.3 |
|
Normalized EBITDA |
361.2 |
353.2 |
289.3 |
356.6 |
436.3 |
|
Current Tax - Other |
42.8 |
55.9 |
25.7 |
23.1 |
32.0 |
|
Current Tax - Total |
42.8 |
55.9 |
25.7 |
23.1 |
32.0 |
|
Deferred Tax - Total |
-3.8 |
-26.8 |
-12.7 |
-23.1 |
1.5 |
|
Deferred Tax - Total |
-3.8 |
-26.8 |
-12.7 |
-23.1 |
1.5 |
|
Other Tax |
- |
- |
- |
- |
1.8 |
|
Income Tax - Total |
39.1 |
29.1 |
13.1 |
0.0 |
35.3 |
|
Interest Cost - Domestic |
23.1 |
22.8 |
32.5 |
37.7 |
30.7 |
|
Service Cost - Domestic |
6.5 |
6.0 |
9.3 |
17.6 |
15.6 |
|
Prior Service Cost - Domestic |
1.3 |
0.0 |
4.2 |
-0.4 |
1.1 |
|
Expected Return on Assets - Domestic |
-26.1 |
-24.0 |
-29.8 |
-41.1 |
-37.6 |
|
Actuarial Gains and Losses - Domestic |
-4.7 |
2.5 |
0.6 |
-4.2 |
-10.7 |
|
Curtailments & Settlements - Domestic |
0.8 |
0.4 |
14.9 |
1.5 |
-0.5 |
|
Other Pension, Net - Domestic |
-0.8 |
0.1 |
- |
- |
- |
|
Domestic Pension Plan Expense |
0.0 |
7.8 |
31.7 |
11.0 |
-1.5 |
|
Defined Contribution Expense - Domestic |
28.4 |
19.2 |
23.8 |
- |
- |
|
Total Pension Expense |
28.4 |
27.0 |
55.5 |
11.0 |
-1.5 |
|
Discount Rate - Domestic |
3.30% |
4.00% |
4.00% |
4.00% |
3.80% |
|
Expected Rate of Return - Domestic |
4.10% |
2.80% |
2.80% |
2.80% |
4.50% |
|
Compensation Rate - Domestic |
2.00% |
2.00% |
1.50% |
2.00% |
2.00% |
|
Pension Payment Rate - Domestic |
0.70% |
1.30% |
0.50% |
1.30% |
0.13% |
|
Total Plan Interest Cost |
23.1 |
22.8 |
32.5 |
37.7 |
30.7 |
|
Total Plan Service Cost |
6.5 |
6.0 |
9.3 |
17.6 |
15.6 |
|
Total Plan Expected Return |
-26.1 |
-24.0 |
-29.8 |
-41.1 |
-37.6 |
|
Total Plan Other Expense |
-0.8 |
0.1 |
- |
- |
- |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
0.683971 |
|
Auditor |
KPMG LLP |
KPMG OY AB |
KPMG OY AB |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
161.1 |
44.7 |
104.0 |
44.9 |
45.6 |
|
Short Term Investments |
80.1 |
78.5 |
290.0 |
121.1 |
31.3 |
|
Cash and Short Term Investments |
241.2 |
123.2 |
394.0 |
166.0 |
76.9 |
|
Other Receivables |
453.8 |
417.6 |
512.2 |
583.4 |
671.8 |
|
Total Receivables, Net |
453.8 |
417.6 |
512.2 |
583.4 |
671.8 |
|
Inventories - Finished Goods |
187.8 |
163.9 |
226.8 |
305.7 |
298.8 |
|
Inventories - Work In Progress |
- |
0.0 |
2.7 |
2.9 |
7.7 |
|
Inventories - Raw Materials |
101.3 |
102.0 |
121.5 |
133.3 |
144.3 |
|
Inventories - Other |
7.1 |
6.2 |
2.6 |
1.9 |
4.1 |
|
Total Inventory |
296.2 |
272.1 |
353.7 |
443.8 |
455.0 |
|
Prepaid Expenses |
54.7 |
92.7 |
64.6 |
112.5 |
134.2 |
|
Deferred Income Tax - Current Asset |
32.1 |
9.3 |
10.5 |
20.0 |
- |
|
Other Current Assets, Total |
32.1 |
9.3 |
10.5 |
20.0 |
- |
|
Total Current Assets |
1,078.0 |
914.8 |
1,334.9 |
1,325.7 |
1,337.9 |
|
|
|
|
|
|
|
|
Buildings |
511.1 |
520.4 |
664.7 |
602.3 |
733.7 |
|
Land/Improvements |
68.5 |
69.9 |
71.0 |
67.0 |
74.9 |
|
Machinery/Equipment |
1,475.5 |
1,517.3 |
1,743.1 |
1,625.1 |
2,139.9 |
|
Construction in
Progress |
75.4 |
55.0 |
63.0 |
77.8 |
201.8 |
|
Other
Property/Plant/Equipment |
40.8 |
45.5 |
54.1 |
50.2 |
53.9 |
|
Property/Plant/Equipment - Gross |
2,171.3 |
2,208.1 |
2,595.9 |
2,422.4 |
3,204.1 |
|
Accumulated Depreciation |
-1,319.7 |
-1,321.0 |
-1,503.2 |
-1,357.9 |
-1,764.8 |
|
Property/Plant/Equipment - Net |
851.6 |
887.0 |
1,092.7 |
1,064.5 |
1,439.2 |
|
Goodwill, Net |
786.7 |
815.5 |
944.1 |
910.6 |
916.1 |
|
Intangibles - Gross |
273.1 |
279.4 |
357.4 |
333.6 |
335.1 |
|
Accumulated Intangible Amortization |
-185.5 |
-178.8 |
-210.8 |
-178.5 |
-170.9 |
|
Intangibles, Net |
87.6 |
100.6 |
146.6 |
155.1 |
164.2 |
|
LT Investment - Affiliate Companies |
206.1 |
187.1 |
188.1 |
188.5 |
8.0 |
|
LT Investments - Other |
12.6 |
13.8 |
18.9 |
16.0 |
158.8 |
|
Long Term Investments |
218.7 |
201.0 |
207.0 |
204.5 |
166.8 |
|
Pension Benefits - Overfunded |
57.5 |
53.0 |
50.6 |
75.1 |
50.6 |
|
Deferred Income Tax - Long Term Asset |
61.4 |
58.6 |
27.0 |
17.7 |
7.6 |
|
Discontinued Operations - Long Term Asset |
333.0 |
381.9 |
238.5 |
222.1 |
52.2 |
|
Other Long Term Assets |
- |
- |
- |
-0.1 |
-0.1 |
|
Other Long Term Assets, Total |
451.9 |
493.6 |
316.1 |
314.7 |
110.2 |
|
Total Assets |
3,474.5 |
3,412.5 |
4,041.4 |
3,975.1 |
4,134.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
248.6 |
192.4 |
230.0 |
333.8 |
335.1 |
|
Accrued Expenses |
194.3 |
195.2 |
257.8 |
281.5 |
267.7 |
|
Notes Payable/Short Term Debt |
64.3 |
141.0 |
407.9 |
581.0 |
296.2 |
|
Current Portion - Long Term Debt/Capital Leases |
243.5 |
31.1 |
219.9 |
196.4 |
617.6 |
|
Customer Advances |
2.6 |
9.1 |
4.3 |
1.0 |
14.3 |
|
Income Taxes Payable |
32.2 |
19.7 |
0.7 |
7.6 |
14.2 |
|
Other Current Liabilities |
60.9 |
41.2 |
54.7 |
65.6 |
79.2 |
|
Other Current liabilities, Total |
95.7 |
70.0 |
59.7 |
74.2 |
107.8 |
|
Total Current Liabilities |
846.4 |
629.7 |
1,175.3 |
1,466.9 |
1,624.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
603.0 |
669.6 |
735.5 |
846.8 |
630.3 |
|
Total Long Term Debt |
603.0 |
669.6 |
735.5 |
846.8 |
630.3 |
|
Total Debt |
910.8 |
841.7 |
1,363.3 |
1,624.3 |
1,544.1 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
112.3 |
133.5 |
129.3 |
125.0 |
154.2 |
|
Deferred Income Tax |
112.3 |
133.5 |
129.3 |
125.0 |
154.2 |
|
Minority Interest |
16.0 |
34.7 |
27.7 |
18.3 |
22.4 |
|
Reserves |
65.3 |
73.4 |
79.8 |
85.9 |
27.5 |
|
Pension Benefits - Underfunded |
68.0 |
74.1 |
101.0 |
93.8 |
108.5 |
|
Other Liabilities, Total |
133.3 |
147.4 |
180.8 |
179.7 |
136.0 |
|
Total Liabilities |
1,711.0 |
1,615.0 |
2,248.5 |
2,636.8 |
2,567.2 |
|
|
|
|
|
|
|
|
Common Stock |
287.9 |
297.6 |
318.2 |
308.3 |
324.3 |
|
Common Stock |
287.9 |
297.6 |
318.2 |
308.3 |
324.3 |
|
Additional Paid-In Capital |
334.8 |
346.0 |
370.0 |
358.5 |
377.1 |
|
Retained Earnings (Accumulated Deficit) |
1,201.7 |
1,215.0 |
1,256.4 |
852.9 |
963.9 |
|
Treasury Stock - Common |
-28.9 |
-32.5 |
-37.2 |
-36.0 |
-37.9 |
|
Translation Adjustment |
-31.9 |
-28.6 |
-114.6 |
-145.4 |
-60.1 |
|
Other Equity, Total |
-31.9 |
-28.6 |
-114.6 |
-145.4 |
-60.1 |
|
Total Equity |
1,763.5 |
1,797.5 |
1,792.9 |
1,338.3 |
1,567.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,474.5 |
3,412.5 |
4,041.4 |
3,975.1 |
4,134.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
152.0 |
151.7 |
151.5 |
133.3 |
133.3 |
|
Total Common Shares Outstanding |
152.0 |
151.7 |
151.5 |
133.3 |
133.3 |
|
Treasury Shares - Common Stock Primary Issue |
3.3 |
3.6 |
3.9 |
4.2 |
4.2 |
|
Employees |
5,006 |
4,977 |
8,493 |
9,405 |
10,007 |
|
Number of Common Shareholders |
31,294 |
30,170 |
26,495 |
21,333 |
16,723 |
|
Accumulated Intangible Amort, Suppl. |
185.5 |
178.8 |
210.8 |
178.5 |
170.9 |
|
Deferred Revenue - Current |
2.6 |
9.1 |
4.3 |
1.0 |
14.3 |
|
Total Long Term Debt, Supplemental |
603.0 |
835.5 |
756.7 |
865.9 |
1,544.1 |
|
Long Term Debt Maturing within 1 Year |
73.7 |
165.9 |
21.2 |
19.0 |
913.8 |
|
Long Term Debt Maturing in Year 2 |
73.7 |
114.8 |
116.4 |
113.4 |
25.4 |
|
Long Term Debt Maturing in Year 3 |
93.7 |
80.1 |
104.6 |
82.0 |
80.0 |
|
Long Term Debt Maturing in Year 4 |
112.4 |
99.5 |
76.6 |
43.2 |
72.8 |
|
Long Term Debt Maturing in Year 5 |
43.5 |
111.9 |
85.4 |
88.8 |
105.6 |
|
Long Term Debt Maturing in 2-3 Years |
167.4 |
194.9 |
221.0 |
195.4 |
105.4 |
|
Long Term Debt Maturing in 4-5 Years |
155.9 |
211.4 |
162.0 |
132.1 |
178.4 |
|
Long Term Debt Matur. in Year 6 & Beyond |
206.0 |
263.2 |
352.5 |
519.3 |
346.5 |
|
Total Capital Leases, Supplemental |
1.6 |
2.4 |
6.0 |
6.4 |
6.3 |
|
Capital Lease Payments Due in Year 1 |
1.3 |
0.8 |
1.3 |
1.1 |
0.9 |
|
Capital Lease Payments Due in Year 2 |
0.1 |
0.4 |
0.7 |
0.8 |
0.7 |
|
Capital Lease Payments Due in Year 3 |
0.1 |
0.4 |
0.7 |
0.8 |
0.7 |
|
Capital Lease Payments Due in Year 4 |
0.1 |
0.4 |
0.7 |
0.8 |
0.7 |
|
Capital Lease Payments Due in Year 5 |
0.1 |
0.4 |
0.7 |
0.8 |
0.7 |
|
Capital Lease Payments Due in 2-3 Years |
0.1 |
0.8 |
1.4 |
1.5 |
1.4 |
|
Capital Lease Payments Due in 4-5 Years |
0.1 |
0.8 |
1.4 |
1.5 |
1.4 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
2.0 |
2.2 |
2.6 |
|
Total Operating Leases, Supplemental |
225.6 |
256.4 |
234.3 |
188.9 |
221.4 |
|
Operating Lease Payments Due in Year 1 |
36.1 |
28.6 |
37.3 |
29.1 |
32.7 |
|
Operating Lease Payments Due in Year 2 |
20.1 |
21.8 |
23.3 |
16.5 |
19.5 |
|
Operating Lease Payments Due in Year 3 |
20.1 |
21.8 |
23.3 |
16.5 |
19.5 |
|
Operating Lease Payments Due in Year 4 |
20.1 |
21.8 |
23.3 |
16.5 |
19.5 |
|
Operating Lease Payments Due in Year 5 |
20.1 |
21.8 |
23.3 |
16.5 |
19.5 |
|
Operating Lease Pymts. Due in 2-3 Years |
40.1 |
43.5 |
46.6 |
33.1 |
39.0 |
|
Operating Lease Pymts. Due in 4-5 Years |
40.1 |
43.5 |
46.6 |
33.1 |
39.0 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
109.3 |
140.7 |
103.9 |
93.7 |
110.5 |
|
Pension Obligation - Domestic |
475.3 |
480.5 |
526.8 |
573.0 |
838.3 |
|
Plan Assets - Domestic |
461.6 |
513.7 |
521.7 |
594.7 |
910.7 |
|
Funded Status - Domestic |
-13.6 |
33.1 |
-5.2 |
21.7 |
72.4 |
|
Total Funded Status |
-13.6 |
33.1 |
-5.2 |
21.7 |
72.4 |
|
Discount Rate - Domestic |
3.30% |
4.00% |
- |
- |
- |
|
Expected Rate of Return - Domestic |
4.10% |
2.80% |
- |
- |
- |
|
Compensation Rate - Domestic |
2.00% |
2.00% |
- |
- |
- |
|
Pension Payment Rate - Domestic |
0.70% |
1.30% |
- |
- |
- |
|
Debt Securities % - Domestic |
15.44% |
10.21% |
8.64% |
- |
- |
|
Real Estate % - Domestic |
3.93% |
3.66% |
3.85% |
3.27% |
2.25% |
|
Other Investments % - Domestic |
34.20% |
31.73% |
32.76% |
- |
- |
|
Total Plan Obligations |
475.3 |
480.5 |
526.8 |
573.0 |
838.3 |
|
Total Plan Assets |
461.6 |
513.7 |
521.7 |
594.7 |
910.7 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
KPMG LLP |
KPMG OY AB |
KPMG OY AB |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
195.1 |
850.1 |
113.8 |
-2.6 |
198.7 |
|
Depreciation |
140.9 |
151.4 |
161.7 |
247.5 |
237.9 |
|
Depreciation/Depletion |
140.9 |
151.4 |
161.7 |
247.5 |
237.9 |
|
Equity in Net Earnings (Loss) |
1.8 |
0.1 |
0.3 |
1.5 |
2.7 |
|
Other Non-Cash Items |
-80.6 |
-736.2 |
32.5 |
-29.3 |
-51.9 |
|
Non-Cash Items |
-78.8 |
-736.1 |
32.8 |
-27.8 |
-49.1 |
|
Accounts Receivable |
-49.4 |
-87.1 |
112.8 |
12.0 |
26.4 |
|
Inventories |
-34.2 |
-44.5 |
105.1 |
-56.2 |
-9.9 |
|
Taxes Payable |
39.1 |
31.8 |
24.2 |
0.1 |
- |
|
Other Liabilities |
79.8 |
47.7 |
-114.5 |
2.2 |
-70.1 |
|
Other Operating Cash Flow |
-45.3 |
-36.9 |
-35.7 |
-43.3 |
-98.4 |
|
Changes in Working Capital |
-10.0 |
-89.1 |
91.9 |
-85.1 |
-151.9 |
|
Cash from Operating Activities |
247.1 |
176.3 |
400.3 |
131.9 |
235.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-136.7 |
-99.6 |
-112.2 |
-220.7 |
-336.8 |
|
Capital Expenditures |
-136.7 |
-99.6 |
-112.2 |
-220.7 |
-336.8 |
|
Acquisition of Business |
0.0 |
-41.8 |
-5.1 |
-264.5 |
-91.2 |
|
Sale of Business |
2.4 |
-26.5 |
0.8 |
345.8 |
-25.6 |
|
Sale of Fixed Assets |
37.3 |
18.4 |
2.5 |
26.0 |
25.3 |
|
Sale/Maturity of Investment |
134.7 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Investment, Net |
2.2 |
197.1 |
-2.9 |
0.0 |
- |
|
Purchase of Investments |
-142.9 |
-0.5 |
-2.1 |
-14.8 |
-11.4 |
|
Other Investing Cash Flow |
16.3 |
0.0 |
- |
- |
- |
|
Other Investing Cash Flow Items, Total |
49.9 |
146.6 |
-6.8 |
92.7 |
-102.8 |
|
Cash from Investing Activities |
-86.8 |
47.0 |
-119.0 |
-128.0 |
-439.6 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-19.0 |
-17.2 |
-15.7 |
-11.4 |
16.6 |
|
Financing Cash Flow Items |
-19.0 |
-17.2 |
-15.7 |
-11.4 |
16.6 |
|
Cash Dividends Paid - Common |
-108.2 |
-59.9 |
-46.6 |
-93.9 |
-83.2 |
|
Total Cash Dividends Paid |
-108.2 |
-59.9 |
-46.6 |
-93.9 |
-83.2 |
|
Sale/Issuance of
Common |
- |
0.0 |
278.1 |
0.0 |
0.3 |
|
Common Stock, Net |
- |
0.0 |
278.1 |
0.0 |
0.3 |
|
Issuance (Retirement) of Stock, Net |
- |
0.0 |
278.1 |
0.0 |
0.3 |
|
Short Term Debt, Net |
215.0 |
-437.3 |
-255.3 |
-412.6 |
161.2 |
|
Long Term Debt Issued |
22.2 |
134.7 |
317.5 |
687.5 |
73.5 |
|
Long Term Debt
Reduction |
-143.6 |
-96.0 |
-347.3 |
-63.5 |
3.4 |
|
Long Term Debt, Net |
-121.4 |
38.7 |
-29.8 |
624.0 |
76.9 |
|
Issuance (Retirement) of Debt, Net |
93.6 |
-398.6 |
-285.1 |
211.4 |
238.1 |
|
Cash from Financing Activities |
-33.6 |
-475.7 |
-69.3 |
106.0 |
171.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
4.0 |
10.3 |
3.9 |
-12.3 |
- |
|
Net Change in Cash |
130.7 |
-242.1 |
215.8 |
97.7 |
-32.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
127.6 |
363.7 |
166.1 |
76.9 |
104.3 |
|
Net Cash - Ending Balance |
258.3 |
121.6 |
381.9 |
174.6 |
72.0 |
|
Cash Interest Paid |
- |
- |
- |
- |
49.7 |
|
Cash Taxes Paid |
52.0 |
30.3 |
36.6 |
35.0 |
48.7 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
KPMG LLP |
KPMG OY AB |
KPMG OY AB |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
3,069.0 |
2,861.8 |
2,739.6 |
4,143.3 |
3,846.2 |
|
Other Operating Inc. |
16.1 |
17.3 |
18.8 |
75.3 |
62.8 |
|
Gain on Sale of Assets |
15.2 |
16.3 |
- |
- |
- |
|
Total Revenue |
3,100.3 |
2,895.5 |
2,758.4 |
4,218.6 |
3,909.1 |
|
|
|
|
|
|
|
|
Change Inventories |
- |
20.0 |
-74.5 |
22.7 |
18.8 |
|
Own Work Capitalised |
- |
-2.4 |
-2.5 |
-3.7 |
-7.5 |
|
Purch. During Year |
- |
1,505.3 |
1,488.9 |
2,216.4 |
1,824.8 |
|
Invent. Mat./Supply |
- |
19.5 |
-13.4 |
-10.7 |
5.9 |
|
External Services |
- |
24.5 |
48.4 |
59.5 |
86.6 |
|
Cost of Sales |
1,711.5 |
- |
- |
- |
- |
|
Personnel |
401.1 |
400.1 |
427.2 |
647.7 |
631.5 |
|
Rents |
52.0 |
49.0 |
50.5 |
84.3 |
59.5 |
|
Sale Fixed Assets |
0.3 |
0.4 |
0.7 |
0.7 |
2.6 |
|
Operating expenses |
574.4 |
527.2 |
544.9 |
845.9 |
853.1 |
|
Depreciation, amortization and impairmen |
117.1 |
111.1 |
115.0 |
160.3 |
156.7 |
|
Amortization |
20.7 |
17.0 |
25.0 |
31.0 |
29.3 |
|
Reversal of Impairments |
- |
0.0 |
-12.4 |
- |
- |
|
Impairments |
3.1 |
17.1 |
7.9 |
56.5 |
51.9 |
|
Total Operating Expense |
2,880.2 |
2,688.7 |
2,605.8 |
4,110.6 |
3,713.2 |
|
|
|
|
|
|
|
|
Share of Associates |
43.1 |
12.2 |
-6.7 |
-3.9 |
2.9 |
|
Dividend Income |
1.8 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Interest Income |
11.1 |
8.1 |
1.4 |
- |
- |
|
Other Interest Incom |
- |
- |
7.9 |
33.3 |
27.8 |
|
Other Financial Inc. |
2.1 |
0.9 |
0.7 |
2.6 |
1.8 |
|
Exchange Gains |
1.9 |
242.8 |
200.3 |
269.1 |
219.4 |
|
Exchange Gains |
- |
79.7 |
70.1 |
- |
- |
|
Interest Expense |
-35.5 |
-38.8 |
-32.7 |
-118.3 |
-97.9 |
|
Interest Expense |
-10.6 |
- |
-22.0 |
- |
- |
|
Financial costs, net |
- |
-5.8 |
-5.6 |
-6.3 |
-3.6 |
|
Exchange Losses |
- |
-200.8 |
-197.6 |
-282.3 |
-218.7 |
|
Exchange Losses |
- |
-122.5 |
-75.2 |
- |
- |
|
Net Income Before Taxes |
234.2 |
182.6 |
93.3 |
2.5 |
127.7 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
39.1 |
29.1 |
13.1 |
0.0 |
35.3 |
|
Net Income After Taxes |
195.1 |
153.5 |
80.2 |
2.5 |
92.4 |
|
|
|
|
|
|
|
|
Minority Interest |
-6.5 |
-6.6 |
-5.1 |
-5.3 |
-5.2 |
|
Net Income Before Extra. Items |
188.5 |
146.9 |
75.1 |
-2.8 |
87.2 |
|
Profit from Discontinued Operations |
0.0 |
703.2 |
38.7 |
- |
- |
|
Net Income |
188.5 |
850.1 |
113.8 |
-2.8 |
87.2 |
|
|
|
|
|
|
|
|
Rounding Adjustment |
- |
- |
- |
0.1 |
- |
|
Income Available to Com Excl ExtraOrd |
188.5 |
146.9 |
75.1 |
-2.6 |
87.2 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
188.5 |
850.1 |
113.8 |
-2.6 |
87.2 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
152.0 |
151.7 |
134.8 |
133.3 |
133.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.24 |
0.97 |
0.56 |
-0.02 |
0.65 |
|
Basic EPS Including ExtraOrdinary Item |
1.24 |
5.60 |
0.84 |
-0.02 |
0.65 |
|
Dilution Adjustment |
- |
- |
- |
0.0 |
- |
|
Diluted Net Income |
188.5 |
850.1 |
113.8 |
-2.6 |
87.2 |
|
Diluted Weighted Average Shares |
152.2 |
152.0 |
135.1 |
133.3 |
133.3 |
|
Diluted EPS Excluding ExtraOrd Items |
1.24 |
0.97 |
0.56 |
-0.02 |
0.65 |
|
Diluted EPS Including ExtraOrd Items |
1.24 |
5.59 |
0.84 |
-0.02 |
0.65 |
|
DPS-Ordinary Shares |
0.74 |
0.64 |
0.38 |
0.37 |
0.68 |
|
Gross Dividends - Common Stock |
112.6 |
96.5 |
57.0 |
44.3 |
82.9 |
|
Normalized Income Before Taxes |
237.5 |
201.0 |
89.6 |
59.7 |
182.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
39.6 |
32.1 |
12.5 |
0.0 |
50.4 |
|
Normalized Income After Taxes |
197.9 |
169.0 |
77.0 |
59.7 |
131.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
191.3 |
162.3 |
71.9 |
54.6 |
126.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.26 |
1.07 |
0.53 |
0.41 |
0.95 |
|
Diluted Normalized EPS |
1.26 |
1.07 |
0.53 |
0.41 |
0.95 |
|
Interest Expense |
35.5 |
38.8 |
54.7 |
118.3 |
97.9 |
|
Amort of Intangibles |
20.7 |
17.0 |
25.0 |
31.0 |
29.3 |
|
Rental Expense |
- |
- |
- |
84.3 |
59.5 |
|
Research & Development |
42.3 |
46.5 |
51.5 |
104.0 |
90.2 |
|
Depreciation |
117.1 |
111.1 |
115.4 |
160.3 |
156.7 |
|
Current Tax |
40.3 |
57.9 |
16.8 |
15.4 |
32.2 |
|
Adjustment Previous Years |
2.5 |
-2.0 |
8.9 |
7.8 |
-0.1 |
|
Current Tax - Total |
42.8 |
55.9 |
25.7 |
23.1 |
32.0 |
|
Deferred Tax |
-3.8 |
-26.8 |
-12.7 |
-23.1 |
1.5 |
|
Deferred Tax - Total |
-3.8 |
-26.8 |
-12.7 |
-23.1 |
1.5 |
|
Other Taxes |
- |
- |
- |
- |
1.8 |
|
Income Tax - Total |
39.1 |
29.1 |
13.1 |
0.0 |
35.3 |
|
Current Service Cost |
6.5 |
6.0 |
9.3 |
17.6 |
15.6 |
|
Interest Cost |
23.1 |
22.8 |
32.5 |
37.7 |
30.7 |
|
Expected Return on Plan Assets |
-26.1 |
-24.0 |
-29.8 |
-41.1 |
-37.6 |
|
Past Service Costs |
1.3 |
0.0 |
4.2 |
-0.4 |
1.1 |
|
Net Actuarial Gains/Losses |
-4.7 |
2.5 |
0.6 |
-4.2 |
-10.7 |
|
Effect of the Limit in IAS 19.58 |
-0.8 |
0.1 |
- |
- |
- |
|
Curtailments |
0.8 |
0.4 |
14.9 |
1.5 |
-0.5 |
|
Domestic Pension Plan Expense |
0.0 |
7.8 |
31.7 |
11.0 |
-1.5 |
|
Defined Contribution Expense - Domestic |
28.4 |
19.2 |
23.8 |
- |
- |
|
Total Pension Expense |
28.4 |
27.0 |
55.5 |
11.0 |
-1.5 |
|
Discount Rate |
3.30% |
4.00% |
4.00% |
4.00% |
3.80% |
|
Expected Return on Plan Assets |
4.10% |
2.80% |
2.80% |
2.80% |
4.50% |
|
Future Salary Increase |
2.00% |
2.00% |
1.50% |
2.00% |
2.00% |
|
Future Pension Increases |
0.70% |
1.30% |
0.50% |
1.30% |
0.13% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
0.683971 |
|
Auditor |
KPMG LLP |
KPMG OY AB |
KPMG OY AB |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Material/Supply |
101.3 |
102.0 |
121.5 |
133.3 |
144.3 |
|
Work in Progress |
- |
0.0 |
2.7 |
2.9 |
7.7 |
|
Finished Goods |
187.8 |
163.9 |
226.8 |
305.7 |
298.8 |
|
Advances Paid |
7.1 |
6.2 |
2.6 |
1.9 |
4.1 |
|
Other Int-Bearing Rec. |
0.6 |
0.5 |
2.0 |
10.6 |
4.7 |
|
Other receivables |
389.4 |
395.8 |
494.0 |
551.2 |
604.0 |
|
Advances Paid |
11.7 |
14.5 |
8.0 |
5.4 |
6.6 |
|
Prepay./Accrued |
43.0 |
78.2 |
56.5 |
107.0 |
127.6 |
|
Current Tax Assets |
32.1 |
9.3 |
10.5 |
20.0 |
- |
|
Other Rcvbls. |
63.7 |
21.3 |
16.2 |
21.7 |
63.2 |
|
Securities |
80.1 |
78.5 |
290.0 |
121.1 |
31.3 |
|
Cash and cash equivalents |
161.1 |
44.7 |
104.0 |
44.9 |
45.6 |
|
Total Current Assets |
1,078.0 |
914.8 |
1,334.9 |
1,325.7 |
1,337.9 |
|
|
|
|
|
|
|
|
Intangibles |
273.1 |
279.4 |
357.4 |
333.6 |
335.1 |
|
Amort./Intang. |
-185.5 |
-178.8 |
-210.8 |
-178.5 |
-170.9 |
|
Goodwill, Net |
786.7 |
815.5 |
944.1 |
910.6 |
916.1 |
|
Land and Water |
68.5 |
69.9 |
71.0 |
67.0 |
74.9 |
|
Building/Constr. |
511.1 |
520.4 |
664.7 |
602.3 |
733.7 |
|
Machinery/Equip. |
1,475.5 |
1,517.3 |
1,743.1 |
1,625.1 |
2,139.9 |
|
Other Tangibles |
40.8 |
45.5 |
54.1 |
50.2 |
53.9 |
|
Construction |
75.4 |
55.0 |
63.0 |
77.8 |
201.8 |
|
Depreciation |
-1,319.7 |
-1,321.0 |
-1,503.2 |
-1,357.9 |
-1,764.8 |
|
Invest. Assoc. |
206.1 |
187.1 |
188.1 |
188.5 |
8.0 |
|
Invest. Shares |
- |
- |
- |
- |
149.4 |
|
Deferred Tax |
61.4 |
58.6 |
27.0 |
17.7 |
7.6 |
|
Pension |
57.5 |
53.0 |
50.6 |
75.1 |
50.6 |
|
Other Investment |
12.6 |
13.8 |
18.9 |
16.0 |
9.4 |
|
Non-Current Assets Held for Sale |
333.0 |
381.9 |
238.5 |
222.1 |
52.2 |
|
Adjustments |
- |
- |
- |
-0.1 |
-0.1 |
|
Total Assets |
3,474.5 |
3,412.5 |
4,041.4 |
3,975.1 |
4,134.5 |
|
|
|
|
|
|
|
|
Interest-bearing current liabilities |
219.6 |
6.2 |
192.7 |
171.0 |
590.1 |
|
Loans Finance |
64.3 |
141.0 |
384.2 |
580.1 |
273.3 |
|
Loans Pension |
- |
0.0 |
23.7 |
1.0 |
23.0 |
|
Curr. Portion LT |
22.3 |
22.5 |
21.2 |
19.0 |
21.2 |
|
Financial Lease Liabilities |
1.6 |
2.4 |
6.0 |
6.4 |
6.3 |
|
Advance Received |
2.6 |
9.1 |
4.3 |
1.0 |
14.3 |
|
Accounts Payables |
248.6 |
192.4 |
230.0 |
333.8 |
335.1 |
|
Accrued/Prepaid |
194.3 |
195.2 |
257.8 |
281.5 |
267.7 |
|
Other Int.-Free |
52.7 |
28.0 |
37.4 |
50.6 |
61.1 |
|
Provisions |
8.2 |
13.1 |
17.2 |
15.0 |
9.1 |
|
Tax Payable |
32.2 |
19.7 |
0.7 |
7.6 |
14.2 |
|
Liab. Ass. with Assets Held for Sale |
- |
- |
- |
0.0 |
9.1 |
|
Total Current Liabilities |
846.4 |
629.7 |
1,175.3 |
1,466.9 |
1,624.3 |
|
|
|
|
|
|
|
|
Int. Bear. Liab. |
603.0 |
- |
- |
- |
- |
|
Loans Finance |
- |
650.2 |
709.2 |
788.4 |
554.0 |
|
Loans Pension |
- |
13.1 |
16.1 |
51.7 |
67.5 |
|
Liab. Others |
- |
6.2 |
10.2 |
6.7 |
8.8 |
|
Total Long Term Debt |
603.0 |
669.6 |
735.5 |
846.8 |
630.3 |
|
|
|
|
|
|
|
|
Minority Int. |
16.0 |
34.7 |
27.7 |
18.3 |
22.4 |
|
Deferred Tax |
112.3 |
133.5 |
129.3 |
125.0 |
154.2 |
|
Pension |
68.0 |
74.1 |
101.0 |
93.8 |
108.5 |
|
Provisions |
65.3 |
73.4 |
79.8 |
85.9 |
27.5 |
|
Total Liabilities |
1,711.0 |
1,615.0 |
2,248.5 |
2,636.8 |
2,567.2 |
|
|
|
|
|
|
|
|
Share Capital |
287.9 |
297.6 |
318.2 |
308.3 |
324.3 |
|
Share Premium |
334.8 |
346.0 |
370.0 |
358.5 |
377.1 |
|
Exchange Differences |
-31.9 |
-28.6 |
-114.6 |
-145.4 |
-60.1 |
|
Own Shares |
-28.9 |
-32.5 |
-37.2 |
-36.0 |
-37.9 |
|
Fair Value Reserve |
115.9 |
167.7 |
137.4 |
113.2 |
99.7 |
|
Other Reserves |
254.8 |
263.3 |
281.6 |
- |
- |
|
Retained Earning |
830.9 |
784.0 |
837.3 |
739.8 |
864.2 |
|
Total Equity |
1,763.5 |
1,797.5 |
1,792.9 |
1,338.3 |
1,567.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
3,474.5 |
3,412.5 |
4,041.4 |
3,975.1 |
4,134.5 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
152.0 |
151.7 |
151.5 |
133.3 |
133.3 |
|
Total Common Shares Outstanding |
152.0 |
151.7 |
151.5 |
133.3 |
133.3 |
|
T/S-Ordinary Shares |
3.3 |
3.6 |
3.9 |
4.2 |
4.2 |
|
Deferred Revenue - Current |
2.6 |
9.1 |
4.3 |
1.0 |
14.3 |
|
Accumulated Intangible Amortization |
185.5 |
178.8 |
210.8 |
178.5 |
170.9 |
|
Full-Time Employees |
5,006 |
4,977 |
8,493 |
9,405 |
10,007 |
|
Number of Common Shareholders |
31,294 |
30,170 |
26,495 |
21,333 |
16,723 |
|
LT Debt Within 2 Years |
147.3 |
114.8 |
116.4 |
113.4 |
25.4 |
|
LT Debt Within 3 Years |
93.7 |
80.1 |
104.6 |
82.0 |
80.0 |
|
LT Debt Within 4 Years |
112.4 |
99.5 |
76.6 |
43.2 |
72.8 |
|
LT Debt Within 5 Years |
43.5 |
111.9 |
85.4 |
88.8 |
105.6 |
|
LT Debt After 5 Years |
206.0 |
263.2 |
352.5 |
519.3 |
346.5 |
|
Current maturities |
- |
165.9 |
21.2 |
19.0 |
913.8 |
|
Total Long Term Debt, Supplemental |
603.0 |
835.5 |
756.7 |
865.9 |
1,544.1 |
|
Capital Lease Within 1 Year |
1.3 |
0.8 |
1.3 |
1.1 |
0.9 |
|
Capital Lease Within 5 Years |
0.3 |
1.6 |
2.7 |
3.1 |
2.8 |
|
Capital Lease After 5 Years |
0.0 |
0.0 |
2.0 |
2.2 |
2.6 |
|
Total Capital Leases |
1.6 |
2.4 |
6.0 |
6.4 |
6.3 |
|
Leases due within 1 Year |
36.1 |
28.6 |
37.3 |
29.1 |
32.7 |
|
Leases due within 1-5 Years |
80.2 |
87.1 |
93.1 |
66.2 |
78.1 |
|
Leases Remaining |
109.3 |
140.7 |
103.9 |
93.7 |
110.5 |
|
Total Operating Leases |
225.6 |
256.4 |
234.3 |
188.9 |
221.4 |
|
Plan Obligation |
475.3 |
480.5 |
526.8 |
573.0 |
838.3 |
|
Plan Assets |
461.6 |
513.7 |
521.7 |
594.7 |
910.7 |
|
Funded Status |
-13.6 |
33.1 |
-5.2 |
21.7 |
72.4 |
|
Total Funded Status |
-13.6 |
33.1 |
-5.2 |
21.7 |
72.4 |
|
Discount Rate |
3.30% |
4.00% |
- |
- |
- |
|
Expected Rate of Return |
4.10% |
2.80% |
- |
- |
- |
|
Compensation Rate |
2.00% |
2.00% |
- |
- |
- |
|
Pension Payment Rate |
0.70% |
1.30% |
- |
- |
- |
|
Equity Instruments |
46.12% |
54.22% |
54.46% |
45.61% |
54.02% |
|
Bonds |
15.44% |
10.21% |
8.64% |
24.92% |
26.28% |
|
Current Interest-Bearing Investments |
- |
- |
- |
15.57% |
9.97% |
|
Assets in Insurance Companies |
34.20% |
31.73% |
32.76% |
2.01% |
4.78% |
|
Kemira Oyj Treasury Shares |
0.31% |
0.34% |
0.33% |
0.12% |
0.42% |
|
Real Estate |
3.93% |
3.66% |
3.85% |
3.27% |
2.25% |
|
Other |
- |
- |
- |
8.51% |
2.28% |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
KPMG LLP |
KPMG OY AB |
KPMG OY AB |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Profit for the Period |
195.1 |
850.1 |
113.8 |
-2.6 |
198.7 |
|
Depreciation |
140.9 |
151.4 |
161.7 |
247.5 |
237.9 |
|
Total adjustments |
- |
- |
- |
- |
-51.9 |
|
Interest Income |
- |
- |
- |
- |
0.0 |
|
Net Financial Income |
29.1 |
38.4 |
69.3 |
101.7 |
-49.7 |
|
Taxes |
39.1 |
31.8 |
24.2 |
0.1 |
- |
|
Associates |
-43.1 |
-12.2 |
6.5 |
3.9 |
- |
|
Adjustments |
-37.5 |
-724.0 |
26.0 |
-33.2 |
- |
|
Interest and Other Paid |
-47.4 |
-52.7 |
-81.9 |
-135.3 |
- |
|
Interest and Other Received |
10.4 |
8.1 |
16.0 |
38.3 |
- |
|
Exchange Gains/Losses |
14.6 |
-0.4 |
-2.5 |
-13.0 |
- |
|
Dividend Received |
1.8 |
0.1 |
0.3 |
1.5 |
2.7 |
|
Other Financing |
- |
- |
- |
- |
0.0 |
|
Income taxes paid |
-52.0 |
-30.3 |
-36.6 |
-35.0 |
-48.7 |
|
Inventories |
-34.2 |
-44.5 |
105.1 |
-56.2 |
-9.9 |
|
ST Receivable |
-49.4 |
-87.1 |
112.8 |
12.0 |
26.4 |
|
ST Liabilities |
79.8 |
47.7 |
-114.5 |
2.2 |
-70.1 |
|
Cash from Operating Activities |
247.1 |
176.3 |
400.3 |
131.9 |
235.5 |
|
|
|
|
|
|
|
|
Acq. Group Comp. |
0.0 |
-41.8 |
-5.1 |
-64.8 |
-90.5 |
|
Acq. Associates |
- |
- |
0.0 |
-199.7 |
-0.7 |
|
Purch. Oth. Shares |
-142.9 |
-0.5 |
-2.1 |
-14.8 |
-11.4 |
|
Purch. Fixed Assets |
-136.7 |
-99.6 |
-112.2 |
-220.7 |
-336.8 |
|
Disposal Group Comp. |
2.4 |
-26.5 |
0.8 |
340.1 |
25.6 |
|
Disposal Associates |
- |
- |
0.0 |
5.7 |
-51.2 |
|
Paid in capital from associates |
16.3 |
0.0 |
- |
- |
- |
|
Sale Other Shares |
134.7 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Sale Fixed Assets |
37.3 |
18.4 |
2.5 |
26.0 |
25.3 |
|
Other Investments |
2.2 |
197.1 |
-2.9 |
0.0 |
- |
|
Cash from Investing Activities |
-86.8 |
47.0 |
-119.0 |
-128.0 |
-439.6 |
|
|
|
|
|
|
|
|
Net LT Loans |
22.2 |
134.7 |
317.5 |
687.5 |
73.5 |
|
Net LT Loan Rcvbl. |
-143.6 |
-96.0 |
-347.3 |
-63.5 |
3.4 |
|
Net ST Financing |
215.0 |
-437.3 |
-255.3 |
-412.6 |
161.2 |
|
Purchase of non-controlling interest |
-18.4 |
0.0 |
- |
- |
- |
|
Dividend Paid |
-108.2 |
-59.9 |
-46.6 |
-93.9 |
-83.2 |
|
Increase In Share Capital |
- |
0.0 |
278.1 |
0.0 |
0.3 |
|
Other |
-0.7 |
-17.2 |
-15.7 |
-11.4 |
16.6 |
|
Cash from Financing Activities |
-33.6 |
-475.7 |
-69.3 |
106.0 |
171.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
4.0 |
10.3 |
3.9 |
-12.3 |
- |
|
Net Change in Cash |
130.7 |
-242.1 |
215.8 |
97.7 |
-32.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
127.6 |
363.7 |
166.1 |
76.9 |
104.3 |
|
Net Cash - Ending Balance |
258.3 |
121.6 |
381.9 |
174.6 |
72.0 |
|
Cash Interest Paid |
- |
- |
- |
- |
49.7 |
|
Cash Taxes Paid |
52.0 |
30.3 |
36.6 |
35.0 |
48.7 |
Financial Health
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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|
|
|
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
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|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
KPMG LLP |
KPMG OY AB |
KPMG OY AB |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
3,069.0 |
2,861.8 |
2,739.6 |
4,143.3 |
3,846.2 |
|
Revenue |
3,069.0 |
2,861.8 |
2,739.6 |
4,143.3 |
3,846.2 |
|
Interest Income, Non-Bank |
15.2 |
16.3 |
- |
- |
- |
|
Other Revenue |
16.1 |
17.3 |
18.8 |
75.3 |
62.8 |
|
Other Revenue, Total |
31.3 |
33.6 |
18.8 |
75.3 |
62.8 |
|
Total Revenue |
3,100.3 |
2,895.5 |
2,758.4 |
4,218.6 |
3,909.1 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,711.5 |
1,566.9 |
1,446.9 |
2,284.3 |
1,928.6 |
|
Cost of Revenue, Total |
1,711.5 |
1,566.9 |
1,446.9 |
2,284.3 |
1,928.6 |
|
Gross Profit |
1,357.5 |
1,295.0 |
1,292.7 |
1,859.1 |
1,917.6 |
|
|
|
|
|
|
|
|
Labor & Related Expense |
401.1 |
400.1 |
427.2 |
647.7 |
631.5 |
|
Total Selling/General/Administrative Expenses |
401.1 |
400.1 |
427.2 |
647.7 |
631.5 |
|
Depreciation |
117.1 |
111.1 |
115.0 |
160.3 |
156.7 |
|
Amortization of Intangibles |
20.7 |
17.0 |
25.0 |
31.0 |
29.3 |
|
Depreciation/Amortization |
137.8 |
128.1 |
140.0 |
191.3 |
186.0 |
|
Impairment-Assets Held for Use |
3.1 |
17.1 |
-4.5 |
56.5 |
51.9 |
|
Loss (Gain) on Sale of Assets - Operating |
0.3 |
0.4 |
0.7 |
0.7 |
2.6 |
|
Unusual Expense (Income) |
3.3 |
17.5 |
-3.8 |
57.2 |
54.5 |
|
Other Operating Expense |
626.4 |
576.2 |
595.4 |
930.1 |
912.6 |
|
Other Operating Expenses, Total |
626.4 |
576.2 |
595.4 |
930.1 |
912.6 |
|
Total Operating Expense |
2,880.2 |
2,688.7 |
2,605.8 |
4,110.6 |
3,713.2 |
|
|
|
|
|
|
|
|
Operating Income |
220.1 |
206.7 |
152.6 |
108.1 |
195.9 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-46.0 |
-38.8 |
-54.7 |
-118.3 |
-97.9 |
|
Interest Expense, Net Non-Operating |
-46.0 |
-38.8 |
-54.7 |
-118.3 |
-97.9 |
|
Interest Income -
Non-Operating |
11.1 |
8.1 |
9.3 |
33.3 |
27.8 |
|
Investment Income -
Non-Operating |
46.9 |
11.5 |
-9.0 |
-17.0 |
3.7 |
|
Interest/Investment Income - Non-Operating |
58.0 |
19.6 |
0.3 |
16.4 |
31.5 |
|
Interest Income (Expense) - Net Non-Operating Total |
12.0 |
-19.2 |
-54.4 |
-101.9 |
-66.4 |
|
Other Non-Operating Income (Expense) |
2.1 |
-4.9 |
-4.9 |
-3.7 |
-1.8 |
|
Other, Net |
2.1 |
-4.9 |
-4.9 |
-3.7 |
-1.8 |
|
Income Before Tax |
234.2 |
182.6 |
93.3 |
2.5 |
127.7 |
|
|
|
|
|
|
|
|
Total Income Tax |
39.1 |
29.1 |
13.1 |
0.0 |
35.3 |
|
Income After Tax |
195.1 |
153.5 |
80.2 |
2.5 |
92.4 |
|
|
|
|
|
|
|
|
Minority Interest |
-6.5 |
-6.6 |
-5.1 |
-5.3 |
-5.2 |
|
Net Income Before Extraord Items |
188.5 |
146.9 |
75.1 |
-2.8 |
87.2 |
|
Discontinued Operations |
0.0 |
703.2 |
38.7 |
- |
- |
|
Total Extraord Items |
0.0 |
703.2 |
38.7 |
- |
- |
|
Net Income |
188.5 |
850.1 |
113.8 |
-2.8 |
87.2 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
- |
- |
- |
0.1 |
- |
|
Total Adjustments to Net Income |
- |
- |
- |
0.1 |
- |
|
Income Available to Common Excl Extraord Items |
188.5 |
146.9 |
75.1 |
-2.6 |
87.2 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
188.5 |
850.1 |
113.8 |
-2.6 |
87.2 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
152.0 |
151.7 |
134.8 |
133.3 |
133.3 |
|
Basic EPS Excl Extraord Items |
1.24 |
0.97 |
0.56 |
-0.02 |
0.65 |
|
Basic/Primary EPS Incl Extraord Items |
1.24 |
5.60 |
0.84 |
-0.02 |
0.65 |
|
Dilution Adjustment |
- |
- |
- |
0.0 |
- |
|
Diluted Net Income |
188.5 |
850.1 |
113.8 |
-2.6 |
87.2 |
|
Diluted Weighted Average Shares |
152.2 |
152.0 |
135.1 |
133.3 |
133.3 |
|
Diluted EPS Excl Extraord Items |
1.24 |
0.97 |
0.56 |
-0.02 |
0.65 |
|
Diluted EPS Incl Extraord Items |
1.24 |
5.59 |
0.84 |
-0.02 |
0.65 |
|
Dividends per Share - Common Stock Primary Issue |
0.74 |
0.64 |
0.38 |
0.37 |
0.68 |
|
Gross Dividends - Common Stock |
112.6 |
96.5 |
57.0 |
44.3 |
82.9 |
|
Interest Expense, Supplemental |
35.5 |
38.8 |
54.7 |
118.3 |
97.9 |
|
Depreciation, Supplemental |
117.1 |
111.1 |
115.4 |
160.3 |
156.7 |
|
Total Special Items |
3.3 |
18.4 |
-3.8 |
57.2 |
54.5 |
|
Normalized Income Before Tax |
237.5 |
201.0 |
89.6 |
59.7 |
182.2 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.6 |
2.9 |
-0.5 |
0.0 |
15.1 |
|
Inc Tax Ex Impact of Sp Items |
39.6 |
32.1 |
12.5 |
0.0 |
50.4 |
|
Normalized Income After Tax |
197.9 |
169.0 |
77.0 |
59.7 |
131.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
191.3 |
162.3 |
71.9 |
54.6 |
126.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.26 |
1.07 |
0.53 |
0.41 |
0.95 |
|
Diluted Normalized EPS |
1.26 |
1.07 |
0.53 |
0.41 |
0.95 |
|
Amort of Intangibles, Supplemental |
20.7 |
17.0 |
25.0 |
31.0 |
29.3 |
|
Rental Expenses |
- |
- |
- |
84.3 |
59.5 |
|
Research & Development Exp, Supplemental |
42.3 |
46.5 |
51.5 |
104.0 |
90.2 |
|
Normalized EBIT |
223.4 |
225.1 |
148.8 |
165.3 |
250.3 |
|
Normalized EBITDA |
361.2 |
353.2 |
289.3 |
356.6 |
436.3 |
|
Current Tax - Other |
42.8 |
55.9 |
25.7 |
23.1 |
32.0 |
|
Current Tax - Total |
42.8 |
55.9 |
25.7 |
23.1 |
32.0 |
|
Deferred Tax - Total |
-3.8 |
-26.8 |
-12.7 |
-23.1 |
1.5 |
|
Deferred Tax - Total |
-3.8 |
-26.8 |
-12.7 |
-23.1 |
1.5 |
|
Other Tax |
- |
- |
- |
- |
1.8 |
|
Income Tax - Total |
39.1 |
29.1 |
13.1 |
0.0 |
35.3 |
|
Interest Cost - Domestic |
23.1 |
22.8 |
32.5 |
37.7 |
30.7 |
|
Service Cost - Domestic |
6.5 |
6.0 |
9.3 |
17.6 |
15.6 |
|
Prior Service Cost - Domestic |
1.3 |
0.0 |
4.2 |
-0.4 |
1.1 |
|
Expected Return on Assets - Domestic |
-26.1 |
-24.0 |
-29.8 |
-41.1 |
-37.6 |
|
Actuarial Gains and Losses - Domestic |
-4.7 |
2.5 |
0.6 |
-4.2 |
-10.7 |
|
Curtailments & Settlements - Domestic |
0.8 |
0.4 |
14.9 |
1.5 |
-0.5 |
|
Other Pension, Net - Domestic |
-0.8 |
0.1 |
- |
- |
- |
|
Domestic Pension Plan Expense |
0.0 |
7.8 |
31.7 |
11.0 |
-1.5 |
|
Defined Contribution Expense - Domestic |
28.4 |
19.2 |
23.8 |
- |
- |
|
Total Pension Expense |
28.4 |
27.0 |
55.5 |
11.0 |
-1.5 |
|
Discount Rate - Domestic |
3.30% |
4.00% |
4.00% |
4.00% |
3.80% |
|
Expected Rate of Return - Domestic |
4.10% |
2.80% |
2.80% |
2.80% |
4.50% |
|
Compensation Rate - Domestic |
2.00% |
2.00% |
1.50% |
2.00% |
2.00% |
|
Pension Payment Rate - Domestic |
0.70% |
1.30% |
0.50% |
1.30% |
0.13% |
|
Total Plan Interest Cost |
23.1 |
22.8 |
32.5 |
37.7 |
30.7 |
|
Total Plan Service Cost |
6.5 |
6.0 |
9.3 |
17.6 |
15.6 |
|
Total Plan Expected Return |
-26.1 |
-24.0 |
-29.8 |
-41.1 |
-37.6 |
|
Total Plan Other Expense |
-0.8 |
0.1 |
- |
- |
- |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
Period Length |
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.762971 |
0.741961 |
0.707825 |
0.695476 |
0.731463 |
|
|
|
|
|
|
|
|
Net Sales |
724.7 |
732.2 |
788.8 |
789.1 |
761.2 |
|
Revenue |
724.7 |
732.2 |
788.8 |
789.1 |
761.2 |
|
Other Revenue |
4.3 |
18.2 |
2.8 |
4.9 |
4.9 |
|
Other Revenue, Total |
4.3 |
18.2 |
2.8 |
4.9 |
4.9 |
|
Total Revenue |
729.0 |
750.4 |
791.6 |
794.0 |
766.1 |
|
|
|
|
|
|
|
|
Cost of Revenue |
648.0 |
661.6 |
700.9 |
706.1 |
672.6 |
|
Cost of Revenue, Total |
648.0 |
661.6 |
700.9 |
706.1 |
672.6 |
|
Gross Profit |
76.7 |
70.6 |
87.9 |
83.0 |
88.6 |
|
|
|
|
|
|
|
|
Depreciation |
33.7 |
41.2 |
33.1 |
34.2 |
32.1 |
|
Depreciation/Amortization |
33.7 |
41.2 |
33.1 |
34.2 |
32.1 |
|
Total Operating Expense |
681.7 |
702.9 |
733.9 |
740.4 |
704.8 |
|
|
|
|
|
|
|
|
Operating Income |
47.3 |
47.6 |
57.6 |
53.6 |
61.4 |
|
|
|
|
|
|
|
|
Investment Income -
Non-Operating |
14.2 |
9.7 |
12.7 |
10.5 |
10.3 |
|
Interest/Investment Income - Non-Operating |
14.2 |
9.7 |
12.7 |
10.5 |
10.3 |
|
Interest Income (Expense) - Net Non-Operating Total |
14.2 |
9.7 |
12.7 |
10.5 |
10.3 |
|
Other Non-Operating Income (Expense) |
-13.5 |
-7.4 |
-10.9 |
-5.6 |
-5.2 |
|
Other, Net |
-13.5 |
-7.4 |
-10.9 |
-5.6 |
-5.2 |
|
Income Before Tax |
48.0 |
49.9 |
59.5 |
58.5 |
66.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
8.8 |
-1.1 |
13.0 |
12.9 |
14.6 |
|
Income After Tax |
39.2 |
50.9 |
46.5 |
45.6 |
51.8 |
|
|
|
|
|
|
|
|
Minority Interest |
-1.3 |
-1.3 |
-2.0 |
-1.4 |
-1.8 |
|
Net Income Before Extraord Items |
37.9 |
49.6 |
44.5 |
44.1 |
50.0 |
|
Discontinued Operations |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Extraord Items |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income |
37.9 |
49.6 |
44.5 |
44.1 |
50.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
37.9 |
49.6 |
44.5 |
44.1 |
50.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
37.9 |
49.6 |
44.5 |
44.1 |
50.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
152.0 |
152.0 |
152.0 |
151.9 |
151.8 |
|
Basic EPS Excl Extraord Items |
0.25 |
0.33 |
0.29 |
0.29 |
0.33 |
|
Basic/Primary EPS Incl Extraord Items |
0.25 |
0.33 |
0.29 |
0.29 |
0.33 |
|
Diluted Net Income |
37.9 |
49.6 |
44.5 |
44.1 |
50.0 |
|
Diluted Weighted Average Shares |
152.2 |
152.2 |
152.2 |
152.2 |
152.1 |
|
Diluted EPS Excl Extraord Items |
0.25 |
0.33 |
0.29 |
0.29 |
0.33 |
|
Diluted EPS Incl Extraord Items |
0.25 |
0.33 |
0.29 |
0.29 |
0.33 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.71 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
109.2 |
0.0 |
0.0 |
0.0 |
|
Depreciation, Supplemental |
29.8 |
32.9 |
28.7 |
29.8 |
28.3 |
|
Total Special Items |
2.8 |
0.3 |
- |
- |
0.0 |
|
Normalized Income Before Tax |
50.7 |
50.1 |
59.5 |
58.5 |
66.4 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.5 |
0.1 |
- |
- |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
9.3 |
-1.0 |
13.0 |
12.9 |
14.6 |
|
Normalized Income After Tax |
41.4 |
51.1 |
46.5 |
45.6 |
51.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
40.1 |
49.8 |
44.5 |
44.1 |
50.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.26 |
0.33 |
0.29 |
0.29 |
0.33 |
|
Diluted Normalized EPS |
0.26 |
0.33 |
0.29 |
0.29 |
0.33 |
|
Amort of Intangibles, Supplemental |
3.9 |
8.4 |
4.4 |
4.5 |
3.8 |
|
Research & Development Exp, Supplemental |
12.2 |
15.5 |
12.3 |
13.9 |
13.4 |
|
Normalized EBIT |
50.1 |
47.8 |
57.6 |
53.6 |
61.4 |
|
Normalized EBITDA |
83.8 |
89.1 |
90.7 |
87.9 |
93.5 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
0.683971 |
|
Auditor |
KPMG LLP |
KPMG OY AB |
KPMG OY AB |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
161.1 |
44.7 |
104.0 |
44.9 |
45.6 |
|
Short Term Investments |
80.1 |
78.5 |
290.0 |
121.1 |
31.3 |
|
Cash and Short Term Investments |
241.2 |
123.2 |
394.0 |
166.0 |
76.9 |
|
Other Receivables |
453.8 |
417.6 |
512.2 |
583.4 |
671.8 |
|
Total Receivables, Net |
453.8 |
417.6 |
512.2 |
583.4 |
671.8 |
|
Inventories - Finished Goods |
187.8 |
163.9 |
226.8 |
305.7 |
298.8 |
|
Inventories - Work In Progress |
- |
0.0 |
2.7 |
2.9 |
7.7 |
|
Inventories - Raw Materials |
101.3 |
102.0 |
121.5 |
133.3 |
144.3 |
|
Inventories - Other |
7.1 |
6.2 |
2.6 |
1.9 |
4.1 |
|
Total Inventory |
296.2 |
272.1 |
353.7 |
443.8 |
455.0 |
|
Prepaid Expenses |
54.7 |
92.7 |
64.6 |
112.5 |
134.2 |
|
Deferred Income Tax - Current Asset |
32.1 |
9.3 |
10.5 |
20.0 |
- |
|
Other Current Assets, Total |
32.1 |
9.3 |
10.5 |
20.0 |
- |
|
Total Current Assets |
1,078.0 |
914.8 |
1,334.9 |
1,325.7 |
1,337.9 |
|
|
|
|
|
|
|
|
Buildings |
511.1 |
520.4 |
664.7 |
602.3 |
733.7 |
|
Land/Improvements |
68.5 |
69.9 |
71.0 |
67.0 |
74.9 |
|
Machinery/Equipment |
1,475.5 |
1,517.3 |
1,743.1 |
1,625.1 |
2,139.9 |
|
Construction in
Progress |
75.4 |
55.0 |
63.0 |
77.8 |
201.8 |
|
Other
Property/Plant/Equipment |
40.8 |
45.5 |
54.1 |
50.2 |
53.9 |
|
Property/Plant/Equipment - Gross |
2,171.3 |
2,208.1 |
2,595.9 |
2,422.4 |
3,204.1 |
|
Accumulated Depreciation |
-1,319.7 |
-1,321.0 |
-1,503.2 |
-1,357.9 |
-1,764.8 |
|
Property/Plant/Equipment - Net |
851.6 |
887.0 |
1,092.7 |
1,064.5 |
1,439.2 |
|
Goodwill, Net |
786.7 |
815.5 |
944.1 |
910.6 |
916.1 |
|
Intangibles - Gross |
273.1 |
279.4 |
357.4 |
333.6 |
335.1 |
|
Accumulated Intangible Amortization |
-185.5 |
-178.8 |
-210.8 |
-178.5 |
-170.9 |
|
Intangibles, Net |
87.6 |
100.6 |
146.6 |
155.1 |
164.2 |
|
LT Investment - Affiliate Companies |
206.1 |
187.1 |
188.1 |
188.5 |
8.0 |
|
LT Investments - Other |
12.6 |
13.8 |
18.9 |
16.0 |
158.8 |
|
Long Term Investments |
218.7 |
201.0 |
207.0 |
204.5 |
166.8 |
|
Pension Benefits - Overfunded |
57.5 |
53.0 |
50.6 |
75.1 |
50.6 |
|
Deferred Income Tax - Long Term Asset |
61.4 |
58.6 |
27.0 |
17.7 |
7.6 |
|
Discontinued Operations - Long Term Asset |
333.0 |
381.9 |
238.5 |
222.1 |
52.2 |
|
Other Long Term Assets |
- |
- |
- |
-0.1 |
-0.1 |
|
Other Long Term Assets, Total |
451.9 |
493.6 |
316.1 |
314.7 |
110.2 |
|
Total Assets |
3,474.5 |
3,412.5 |
4,041.4 |
3,975.1 |
4,134.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
248.6 |
192.4 |
230.0 |
333.8 |
335.1 |
|
Accrued Expenses |
194.3 |
195.2 |
257.8 |
281.5 |
267.7 |
|
Notes Payable/Short Term Debt |
64.3 |
141.0 |
407.9 |
581.0 |
296.2 |
|
Current Portion - Long Term Debt/Capital Leases |
243.5 |
31.1 |
219.9 |
196.4 |
617.6 |
|
Customer Advances |
2.6 |
9.1 |
4.3 |
1.0 |
14.3 |
|
Income Taxes Payable |
32.2 |
19.7 |
0.7 |
7.6 |
14.2 |
|
Other Current Liabilities |
60.9 |
41.2 |
54.7 |
65.6 |
79.2 |
|
Other Current liabilities, Total |
95.7 |
70.0 |
59.7 |
74.2 |
107.8 |
|
Total Current Liabilities |
846.4 |
629.7 |
1,175.3 |
1,466.9 |
1,624.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
603.0 |
669.6 |
735.5 |
846.8 |
630.3 |
|
Total Long Term Debt |
603.0 |
669.6 |
735.5 |
846.8 |
630.3 |
|
Total Debt |
910.8 |
841.7 |
1,363.3 |
1,624.3 |
1,544.1 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
112.3 |
133.5 |
129.3 |
125.0 |
154.2 |
|
Deferred Income Tax |
112.3 |
133.5 |
129.3 |
125.0 |
154.2 |
|
Minority Interest |
16.0 |
34.7 |
27.7 |
18.3 |
22.4 |
|
Reserves |
65.3 |
73.4 |
79.8 |
85.9 |
27.5 |
|
Pension Benefits - Underfunded |
68.0 |
74.1 |
101.0 |
93.8 |
108.5 |
|
Other Liabilities, Total |
133.3 |
147.4 |
180.8 |
179.7 |
136.0 |
|
Total Liabilities |
1,711.0 |
1,615.0 |
2,248.5 |
2,636.8 |
2,567.2 |
|
|
|
|
|
|
|
|
Common Stock |
287.9 |
297.6 |
318.2 |
308.3 |
324.3 |
|
Common Stock |
287.9 |
297.6 |
318.2 |
308.3 |
324.3 |
|
Additional Paid-In Capital |
334.8 |
346.0 |
370.0 |
358.5 |
377.1 |
|
Retained Earnings (Accumulated Deficit) |
1,201.7 |
1,215.0 |
1,256.4 |
852.9 |
963.9 |
|
Treasury Stock - Common |
-28.9 |
-32.5 |
-37.2 |
-36.0 |
-37.9 |
|
Translation Adjustment |
-31.9 |
-28.6 |
-114.6 |
-145.4 |
-60.1 |
|
Other Equity, Total |
-31.9 |
-28.6 |
-114.6 |
-145.4 |
-60.1 |
|
Total Equity |
1,763.5 |
1,797.5 |
1,792.9 |
1,338.3 |
1,567.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,474.5 |
3,412.5 |
4,041.4 |
3,975.1 |
4,134.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
152.0 |
151.7 |
151.5 |
133.3 |
133.3 |
|
Total Common Shares Outstanding |
152.0 |
151.7 |
151.5 |
133.3 |
133.3 |
|
Treasury Shares - Common Stock Primary Issue |
3.3 |
3.6 |
3.9 |
4.2 |
4.2 |
|
Employees |
5,006 |
4,977 |
8,493 |
9,405 |
10,007 |
|
Number of Common Shareholders |
31,294 |
30,170 |
26,495 |
21,333 |
16,723 |
|
Accumulated Intangible Amort, Suppl. |
185.5 |
178.8 |
210.8 |
178.5 |
170.9 |
|
Deferred Revenue - Current |
2.6 |
9.1 |
4.3 |
1.0 |
14.3 |
|
Total Long Term Debt, Supplemental |
603.0 |
835.5 |
756.7 |
865.9 |
1,544.1 |
|
Long Term Debt Maturing within 1 Year |
73.7 |
165.9 |
21.2 |
19.0 |
913.8 |
|
Long Term Debt Maturing in Year 2 |
73.7 |
114.8 |
116.4 |
113.4 |
25.4 |
|
Long Term Debt Maturing in Year 3 |
93.7 |
80.1 |
104.6 |
82.0 |
80.0 |
|
Long Term Debt Maturing in Year 4 |
112.4 |
99.5 |
76.6 |
43.2 |
72.8 |
|
Long Term Debt Maturing in Year 5 |
43.5 |
111.9 |
85.4 |
88.8 |
105.6 |
|
Long Term Debt Maturing in 2-3 Years |
167.4 |
194.9 |
221.0 |
195.4 |
105.4 |
|
Long Term Debt Maturing in 4-5 Years |
155.9 |
211.4 |
162.0 |
132.1 |
178.4 |
|
Long Term Debt Matur. in Year 6 & Beyond |
206.0 |
263.2 |
352.5 |
519.3 |
346.5 |
|
Total Capital Leases, Supplemental |
1.6 |
2.4 |
6.0 |
6.4 |
6.3 |
|
Capital Lease Payments Due in Year 1 |
1.3 |
0.8 |
1.3 |
1.1 |
0.9 |
|
Capital Lease Payments Due in Year 2 |
0.1 |
0.4 |
0.7 |
0.8 |
0.7 |
|
Capital Lease Payments Due in Year 3 |
0.1 |
0.4 |
0.7 |
0.8 |
0.7 |
|
Capital Lease Payments Due in Year 4 |
0.1 |
0.4 |
0.7 |
0.8 |
0.7 |
|
Capital Lease Payments Due in Year 5 |
0.1 |
0.4 |
0.7 |
0.8 |
0.7 |
|
Capital Lease Payments Due in 2-3 Years |
0.1 |
0.8 |
1.4 |
1.5 |
1.4 |
|
Capital Lease Payments Due in 4-5 Years |
0.1 |
0.8 |
1.4 |
1.5 |
1.4 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
2.0 |
2.2 |
2.6 |
|
Total Operating Leases, Supplemental |
225.6 |
256.4 |
234.3 |
188.9 |
221.4 |
|
Operating Lease Payments Due in Year 1 |
36.1 |
28.6 |
37.3 |
29.1 |
32.7 |
|
Operating Lease Payments Due in Year 2 |
20.1 |
21.8 |
23.3 |
16.5 |
19.5 |
|
Operating Lease Payments Due in Year 3 |
20.1 |
21.8 |
23.3 |
16.5 |
19.5 |
|
Operating Lease Payments Due in Year 4 |
20.1 |
21.8 |
23.3 |
16.5 |
19.5 |
|
Operating Lease Payments Due in Year 5 |
20.1 |
21.8 |
23.3 |
16.5 |
19.5 |
|
Operating Lease Pymts. Due in 2-3 Years |
40.1 |
43.5 |
46.6 |
33.1 |
39.0 |
|
Operating Lease Pymts. Due in 4-5 Years |
40.1 |
43.5 |
46.6 |
33.1 |
39.0 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
109.3 |
140.7 |
103.9 |
93.7 |
110.5 |
|
Pension Obligation - Domestic |
475.3 |
480.5 |
526.8 |
573.0 |
838.3 |
|
Plan Assets - Domestic |
461.6 |
513.7 |
521.7 |
594.7 |
910.7 |
|
Funded Status - Domestic |
-13.6 |
33.1 |
-5.2 |
21.7 |
72.4 |
|
Total Funded Status |
-13.6 |
33.1 |
-5.2 |
21.7 |
72.4 |
|
Discount Rate - Domestic |
3.30% |
4.00% |
- |
- |
- |
|
Expected Rate of Return - Domestic |
4.10% |
2.80% |
- |
- |
- |
|
Compensation Rate - Domestic |
2.00% |
2.00% |
- |
- |
- |
|
Pension Payment Rate - Domestic |
0.70% |
1.30% |
- |
- |
- |
|
Debt Securities % - Domestic |
15.44% |
10.21% |
8.64% |
- |
- |
|
Real Estate % - Domestic |
3.93% |
3.66% |
3.85% |
3.27% |
2.25% |
|
Other Investments % - Domestic |
34.20% |
31.73% |
32.76% |
- |
- |
|
Total Plan Obligations |
475.3 |
480.5 |
526.8 |
573.0 |
838.3 |
|
Total Plan Assets |
461.6 |
513.7 |
521.7 |
594.7 |
910.7 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.753463 |
0.770327 |
0.745323 |
0.689727 |
0.704672 |
|
|
|
|
|
|
|
|
Cash & Equivalents |
166.7 |
241.2 |
196.8 |
98.4 |
66.7 |
|
Short Term Investments |
- |
- |
82.2 |
37.8 |
37.2 |
|
Cash and Short Term Investments |
166.7 |
241.2 |
279.1 |
136.3 |
103.9 |
|
Other Receivables |
493.6 |
508.5 |
525.8 |
577.2 |
675.9 |
|
Total Receivables, Net |
493.6 |
508.5 |
525.8 |
577.2 |
675.9 |
|
Total Inventory |
304.9 |
296.2 |
324.8 |
315.1 |
297.6 |
|
Deferred Income Tax - Current Asset |
34.0 |
32.1 |
23.6 |
26.5 |
9.9 |
|
Other Current Assets, Total |
34.0 |
32.1 |
23.6 |
26.5 |
9.9 |
|
Total Current Assets |
999.1 |
1,078.0 |
1,153.3 |
1,055.1 |
1,087.3 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
852.1 |
851.6 |
852.8 |
909.8 |
905.4 |
|
Goodwill, Net |
799.6 |
786.7 |
805.6 |
868.3 |
850.9 |
|
Intangibles, Net |
86.9 |
87.6 |
94.2 |
105.4 |
103.5 |
|
LT Investment - Affiliate Companies |
225.1 |
206.1 |
211.3 |
223.6 |
208.6 |
|
LT Investments - Other |
13.3 |
12.6 |
12.5 |
13.3 |
13.6 |
|
Long Term Investments |
238.4 |
218.7 |
223.8 |
236.9 |
222.2 |
|
Pension Benefits - Overfunded |
58.9 |
57.5 |
58.2 |
60.9 |
56.2 |
|
Deferred Income Tax - Long Term Asset |
40.1 |
61.4 |
65.9 |
57.6 |
59.2 |
|
Discontinued Operations - Long Term Asset |
340.4 |
333.0 |
245.3 |
265.0 |
259.4 |
|
Other Long Term Assets, Total |
439.4 |
451.9 |
369.4 |
383.5 |
374.8 |
|
Total Assets |
3,415.6 |
3,474.5 |
3,499.0 |
3,558.9 |
3,544.1 |
|
|
|
|
|
|
|
|
Notes Payable/Short Term Debt |
344.1 |
307.8 |
283.2 |
195.0 |
214.6 |
|
Deferred Income Tax - Current Liability |
42.2 |
32.2 |
28.8 |
7.0 |
6.5 |
|
Other Current Liabilities |
440.1 |
506.4 |
480.9 |
444.5 |
468.7 |
|
Other Current liabilities, Total |
482.3 |
538.6 |
509.7 |
451.5 |
475.3 |
|
Total Current Liabilities |
826.5 |
846.4 |
792.9 |
646.5 |
689.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
610.2 |
603.0 |
619.3 |
666.2 |
682.6 |
|
Total Long Term Debt |
610.2 |
603.0 |
619.3 |
666.2 |
682.6 |
|
Total Debt |
954.4 |
910.8 |
902.6 |
861.2 |
897.2 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
86.5 |
112.3 |
137.4 |
149.8 |
144.3 |
|
Deferred Income Tax |
86.5 |
112.3 |
137.4 |
149.8 |
144.3 |
|
Minority Interest |
18.6 |
16.0 |
16.1 |
35.2 |
37.9 |
|
Reserves |
66.4 |
65.3 |
70.4 |
77.1 |
77.1 |
|
Pension Benefits - Underfunded |
69.9 |
68.0 |
73.3 |
79.3 |
78.6 |
|
Other Liabilities, Total |
136.3 |
133.3 |
143.7 |
156.4 |
155.7 |
|
Total Liabilities |
1,678.1 |
1,711.0 |
1,709.5 |
1,654.1 |
1,710.3 |
|
|
|
|
|
|
|
|
Common Stock |
294.4 |
287.9 |
297.6 |
321.6 |
314.8 |
|
Common Stock |
294.4 |
287.9 |
297.6 |
321.6 |
314.8 |
|
Additional Paid-In Capital |
342.3 |
334.8 |
346.0 |
373.9 |
366.0 |
|
Retained Earnings (Accumulated Deficit) |
1,161.7 |
1,201.7 |
1,228.5 |
1,286.5 |
1,220.4 |
|
Treasury Stock - Common |
-29.6 |
-28.9 |
-29.7 |
-32.0 |
-31.4 |
|
Translation Adjustment |
-31.3 |
-31.9 |
-52.9 |
-45.1 |
-36.0 |
|
Other Equity, Total |
-31.3 |
-31.9 |
-52.9 |
-45.1 |
-36.0 |
|
Total Equity |
1,737.4 |
1,763.5 |
1,789.6 |
1,904.8 |
1,833.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,415.6 |
3,474.5 |
3,499.0 |
3,558.9 |
3,544.1 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
152.0 |
152.0 |
152.0 |
152.0 |
152.0 |
|
Total Common Shares Outstanding |
152.0 |
152.0 |
152.0 |
152.0 |
152.0 |
|
Treasury Shares - Common Stock Primary Issue |
3.3 |
3.3 |
3.3 |
3.3 |
3.3 |
|
Employees |
5,051 |
5,006 |
5,033 |
5,065 |
5,006 |
|
Number of Common Shareholders |
32,065 |
31,294 |
30,675 |
29,866 |
31,390 |
|
Total Operating Leases, Supplemental |
222.4 |
225.6 |
234.8 |
256.2 |
249.5 |
|
Operating Lease Payments Due in Year 1 |
35.3 |
36.1 |
31.1 |
32.0 |
30.2 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
187.1 |
189.5 |
203.7 |
224.1 |
219.3 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
KPMG LLP |
KPMG OY AB |
KPMG OY AB |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
195.1 |
850.1 |
113.8 |
-2.6 |
198.7 |
|
Depreciation |
140.9 |
151.4 |
161.7 |
247.5 |
237.9 |
|
Depreciation/Depletion |
140.9 |
151.4 |
161.7 |
247.5 |
237.9 |
|
Equity in Net Earnings (Loss) |
1.8 |
0.1 |
0.3 |
1.5 |
2.7 |
|
Other Non-Cash Items |
-80.6 |
-736.2 |
32.5 |
-29.3 |
-51.9 |
|
Non-Cash Items |
-78.8 |
-736.1 |
32.8 |
-27.8 |
-49.1 |
|
Accounts Receivable |
-49.4 |
-87.1 |
112.8 |
12.0 |
26.4 |
|
Inventories |
-34.2 |
-44.5 |
105.1 |
-56.2 |
-9.9 |
|
Taxes Payable |
39.1 |
31.8 |
24.2 |
0.1 |
- |
|
Other Liabilities |
79.8 |
47.7 |
-114.5 |
2.2 |
-70.1 |
|
Other Operating Cash Flow |
-45.3 |
-36.9 |
-35.7 |
-43.3 |
-98.4 |
|
Changes in Working Capital |
-10.0 |
-89.1 |
91.9 |
-85.1 |
-151.9 |
|
Cash from Operating Activities |
247.1 |
176.3 |
400.3 |
131.9 |
235.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-136.7 |
-99.6 |
-112.2 |
-220.7 |
-336.8 |
|
Capital Expenditures |
-136.7 |
-99.6 |
-112.2 |
-220.7 |
-336.8 |
|
Acquisition of Business |
0.0 |
-41.8 |
-5.1 |
-264.5 |
-91.2 |
|
Sale of Business |
2.4 |
-26.5 |
0.8 |
345.8 |
-25.6 |
|
Sale of Fixed Assets |
37.3 |
18.4 |
2.5 |
26.0 |
25.3 |
|
Sale/Maturity of Investment |
134.7 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Investment, Net |
2.2 |
197.1 |
-2.9 |
0.0 |
- |
|
Purchase of Investments |
-142.9 |
-0.5 |
-2.1 |
-14.8 |
-11.4 |
|
Other Investing Cash Flow |
16.3 |
0.0 |
- |
- |
- |
|
Other Investing Cash Flow Items, Total |
49.9 |
146.6 |
-6.8 |
92.7 |
-102.8 |
|
Cash from Investing Activities |
-86.8 |
47.0 |
-119.0 |
-128.0 |
-439.6 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-19.0 |
-17.2 |
-15.7 |
-11.4 |
16.6 |
|
Financing Cash Flow Items |
-19.0 |
-17.2 |
-15.7 |
-11.4 |
16.6 |
|
Cash Dividends Paid - Common |
-108.2 |
-59.9 |
-46.6 |
-93.9 |
-83.2 |
|
Total Cash Dividends Paid |
-108.2 |
-59.9 |
-46.6 |
-93.9 |
-83.2 |
|
Sale/Issuance of
Common |
- |
0.0 |
278.1 |
0.0 |
0.3 |
|
Common Stock, Net |
- |
0.0 |
278.1 |
0.0 |
0.3 |
|
Issuance (Retirement) of Stock, Net |
- |
0.0 |
278.1 |
0.0 |
0.3 |
|
Short Term Debt, Net |
215.0 |
-437.3 |
-255.3 |
-412.6 |
161.2 |
|
Long Term Debt Issued |
22.2 |
134.7 |
317.5 |
687.5 |
73.5 |
|
Long Term Debt
Reduction |
-143.6 |
-96.0 |
-347.3 |
-63.5 |
3.4 |
|
Long Term Debt, Net |
-121.4 |
38.7 |
-29.8 |
624.0 |
76.9 |
|
Issuance (Retirement) of Debt, Net |
93.6 |
-398.6 |
-285.1 |
211.4 |
238.1 |
|
Cash from Financing Activities |
-33.6 |
-475.7 |
-69.3 |
106.0 |
171.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
4.0 |
10.3 |
3.9 |
-12.3 |
- |
|
Net Change in Cash |
130.7 |
-242.1 |
215.8 |
97.7 |
-32.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
127.6 |
363.7 |
166.1 |
76.9 |
104.3 |
|
Net Cash - Ending Balance |
258.3 |
121.6 |
381.9 |
174.6 |
72.0 |
|
Cash Interest Paid |
- |
- |
- |
- |
49.7 |
|
Cash Taxes Paid |
52.0 |
30.3 |
36.6 |
35.0 |
48.7 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
Period Length |
3 Months |
12 Months |
9 Months |
6 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.762971 |
0.71919 |
0.711706 |
0.713558 |
0.731463 |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
39.2 |
195.1 |
144.0 |
97.5 |
51.8 |
|
Other Non-Cash Items |
41.4 |
107.8 |
105.7 |
76.1 |
47.3 |
|
Non-Cash Items |
41.4 |
107.8 |
105.7 |
76.1 |
47.3 |
|
Other Assets & Liabilities, Net |
-55.8 |
-3.8 |
-56.5 |
-102.4 |
-31.9 |
|
Other Operating Cash Flow |
-11.1 |
-52.0 |
-42.2 |
-39.7 |
-20.8 |
|
Changes in Working Capital |
-67.0 |
-55.8 |
-98.6 |
-142.1 |
-52.6 |
|
Cash from Operating Activities |
13.6 |
247.1 |
151.0 |
31.5 |
46.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-25.4 |
-279.6 |
-82.3 |
-48.3 |
-19.7 |
|
Capital Expenditures |
-25.4 |
-279.6 |
-82.3 |
-48.3 |
-19.7 |
|
Acquisition of Business |
0.0 |
0.0 |
-18.5 |
0.0 |
0.0 |
|
Sale of Fixed Assets |
0.7 |
190.6 |
149.1 |
136.4 |
1.1 |
|
Investment, Net |
0.5 |
2.2 |
1.1 |
0.8 |
0.4 |
|
Other Investing Cash Flow Items, Total |
1.2 |
192.9 |
131.7 |
137.2 |
1.5 |
|
Cash from Investing Activities |
-24.2 |
-86.8 |
49.3 |
88.9 |
-18.2 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.4 |
-19.0 |
5.2 |
-1.5 |
1.0 |
|
Financing Cash Flow Items |
-0.4 |
-19.0 |
5.2 |
-1.5 |
1.0 |
|
Cash Dividends Paid - Common |
-100.3 |
-108.2 |
-108.9 |
-108.1 |
-95.3 |
|
Total Cash Dividends Paid |
-100.3 |
-108.2 |
-108.9 |
-108.1 |
-95.3 |
|
Sale/Issuance of
Common |
- |
- |
0.0 |
0.0 |
0.0 |
|
Common Stock, Net |
- |
- |
0.0 |
0.0 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
0.0 |
0.0 |
0.0 |
|
Short Term Debt, Net |
34.2 |
215.0 |
127.2 |
38.4 |
65.1 |
|
Long Term Debt Issued |
0.5 |
22.2 |
21.4 |
18.6 |
12.2 |
|
Long Term Debt
Reduction |
-0.3 |
-143.6 |
-79.8 |
-60.1 |
-34.6 |
|
Long Term Debt, Net |
0.3 |
-121.4 |
-58.5 |
-41.5 |
-22.4 |
|
Issuance (Retirement) of Debt, Net |
34.5 |
93.6 |
68.7 |
-3.1 |
42.7 |
|
Cash from Financing Activities |
-66.2 |
-33.6 |
-35.0 |
-112.7 |
-51.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-2.1 |
4.0 |
-2.1 |
-4.6 |
-2.1 |
|
Net Change in Cash |
-78.9 |
130.7 |
163.3 |
3.1 |
-25.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
243.5 |
127.6 |
129.0 |
128.7 |
125.5 |
|
Net Cash - Ending Balance |
164.6 |
258.3 |
292.3 |
131.7 |
100.1 |
|
Cash Taxes Paid |
11.1 |
52.0 |
42.2 |
39.7 |
20.8 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
KPMG LLP |
KPMG OY AB |
KPMG OY AB |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
3,069.0 |
2,861.8 |
2,739.6 |
4,143.3 |
3,846.2 |
|
Other Operating Inc. |
16.1 |
17.3 |
18.8 |
75.3 |
62.8 |
|
Gain on Sale of Assets |
15.2 |
16.3 |
- |
- |
- |
|
Total Revenue |
3,100.3 |
2,895.5 |
2,758.4 |
4,218.6 |
3,909.1 |
|
|
|
|
|
|
|
|
Change Inventories |
- |
20.0 |
-74.5 |
22.7 |
18.8 |
|
Own Work Capitalised |
- |
-2.4 |
-2.5 |
-3.7 |
-7.5 |
|
Purch. During Year |
- |
1,505.3 |
1,488.9 |
2,216.4 |
1,824.8 |
|
Invent. Mat./Supply |
- |
19.5 |
-13.4 |
-10.7 |
5.9 |
|
External Services |
- |
24.5 |
48.4 |
59.5 |
86.6 |
|
Cost of Sales |
1,711.5 |
- |
- |
- |
- |
|
Personnel |
401.1 |
400.1 |
427.2 |
647.7 |
631.5 |
|
Rents |
52.0 |
49.0 |
50.5 |
84.3 |
59.5 |
|
Sale Fixed Assets |
0.3 |
0.4 |
0.7 |
0.7 |
2.6 |
|
Operating expenses |
574.4 |
527.2 |
544.9 |
845.9 |
853.1 |
|
Depreciation, amortization and impairmen |
117.1 |
111.1 |
115.0 |
160.3 |
156.7 |
|
Amortization |
20.7 |
17.0 |
25.0 |
31.0 |
29.3 |
|
Reversal of Impairments |
- |
0.0 |
-12.4 |
- |
- |
|
Impairments |
3.1 |
17.1 |
7.9 |
56.5 |
51.9 |
|
Total Operating Expense |
2,880.2 |
2,688.7 |
2,605.8 |
4,110.6 |
3,713.2 |
|
|
|
|
|
|
|
|
Share of Associates |
43.1 |
12.2 |
-6.7 |
-3.9 |
2.9 |
|
Dividend Income |
1.8 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Interest Income |
11.1 |
8.1 |
1.4 |
- |
- |
|
Other Interest Incom |
- |
- |
7.9 |
33.3 |
27.8 |
|
Other Financial Inc. |
2.1 |
0.9 |
0.7 |
2.6 |
1.8 |
|
Exchange Gains |
1.9 |
242.8 |
200.3 |
269.1 |
219.4 |
|
Exchange Gains |
- |
79.7 |
70.1 |
- |
- |
|
Interest Expense |
-35.5 |
-38.8 |
-32.7 |
-118.3 |
-97.9 |
|
Interest Expense |
-10.6 |
- |
-22.0 |
- |
- |
|
Financial costs, net |
- |
-5.8 |
-5.6 |
-6.3 |
-3.6 |
|
Exchange Losses |
- |
-200.8 |
-197.6 |
-282.3 |
-218.7 |
|
Exchange Losses |
- |
-122.5 |
-75.2 |
- |
- |
|
Net Income Before Taxes |
234.2 |
182.6 |
93.3 |
2.5 |
127.7 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
39.1 |
29.1 |
13.1 |
0.0 |
35.3 |
|
Net Income After Taxes |
195.1 |
153.5 |
80.2 |
2.5 |
92.4 |
|
|
|
|
|
|
|
|
Minority Interest |
-6.5 |
-6.6 |
-5.1 |
-5.3 |
-5.2 |
|
Net Income Before Extra. Items |
188.5 |
146.9 |
75.1 |
-2.8 |
87.2 |
|
Profit from Discontinued Operations |
0.0 |
703.2 |
38.7 |
- |
- |
|
Net Income |
188.5 |
850.1 |
113.8 |
-2.8 |
87.2 |
|
|
|
|
|
|
|
|
Rounding Adjustment |
- |
- |
- |
0.1 |
- |
|
Income Available to Com Excl ExtraOrd |
188.5 |
146.9 |
75.1 |
-2.6 |
87.2 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
188.5 |
850.1 |
113.8 |
-2.6 |
87.2 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
152.0 |
151.7 |
134.8 |
133.3 |
133.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.24 |
0.97 |
0.56 |
-0.02 |
0.65 |
|
Basic EPS Including ExtraOrdinary Item |
1.24 |
5.60 |
0.84 |
-0.02 |
0.65 |
|
Dilution Adjustment |
- |
- |
- |
0.0 |
- |
|
Diluted Net Income |
188.5 |
850.1 |
113.8 |
-2.6 |
87.2 |
|
Diluted Weighted Average Shares |
152.2 |
152.0 |
135.1 |
133.3 |
133.3 |
|
Diluted EPS Excluding ExtraOrd Items |
1.24 |
0.97 |
0.56 |
-0.02 |
0.65 |
|
Diluted EPS Including ExtraOrd Items |
1.24 |
5.59 |
0.84 |
-0.02 |
0.65 |
|
DPS-Ordinary Shares |
0.74 |
0.64 |
0.38 |
0.37 |
0.68 |
|
Gross Dividends - Common Stock |
112.6 |
96.5 |
57.0 |
44.3 |
82.9 |
|
Normalized Income Before Taxes |
237.5 |
201.0 |
89.6 |
59.7 |
182.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
39.6 |
32.1 |
12.5 |
0.0 |
50.4 |
|
Normalized Income After Taxes |
197.9 |
169.0 |
77.0 |
59.7 |
131.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
191.3 |
162.3 |
71.9 |
54.6 |
126.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.26 |
1.07 |
0.53 |
0.41 |
0.95 |
|
Diluted Normalized EPS |
1.26 |
1.07 |
0.53 |
0.41 |
0.95 |
|
Interest Expense |
35.5 |
38.8 |
54.7 |
118.3 |
97.9 |
|
Amort of Intangibles |
20.7 |
17.0 |
25.0 |
31.0 |
29.3 |
|
Rental Expense |
- |
- |
- |
84.3 |
59.5 |
|
Research & Development |
42.3 |
46.5 |
51.5 |
104.0 |
90.2 |
|
Depreciation |
117.1 |
111.1 |
115.4 |
160.3 |
156.7 |
|
Current Tax |
40.3 |
57.9 |
16.8 |
15.4 |
32.2 |
|
Adjustment Previous Years |
2.5 |
-2.0 |
8.9 |
7.8 |
-0.1 |
|
Current Tax - Total |
42.8 |
55.9 |
25.7 |
23.1 |
32.0 |
|
Deferred Tax |
-3.8 |
-26.8 |
-12.7 |
-23.1 |
1.5 |
|
Deferred Tax - Total |
-3.8 |
-26.8 |
-12.7 |
-23.1 |
1.5 |
|
Other Taxes |
- |
- |
- |
- |
1.8 |
|
Income Tax - Total |
39.1 |
29.1 |
13.1 |
0.0 |
35.3 |
|
Current Service Cost |
6.5 |
6.0 |
9.3 |
17.6 |
15.6 |
|
Interest Cost |
23.1 |
22.8 |
32.5 |
37.7 |
30.7 |
|
Expected Return on Plan Assets |
-26.1 |
-24.0 |
-29.8 |
-41.1 |
-37.6 |
|
Past Service Costs |
1.3 |
0.0 |
4.2 |
-0.4 |
1.1 |
|
Net Actuarial Gains/Losses |
-4.7 |
2.5 |
0.6 |
-4.2 |
-10.7 |
|
Effect of the Limit in IAS 19.58 |
-0.8 |
0.1 |
- |
- |
- |
|
Curtailments |
0.8 |
0.4 |
14.9 |
1.5 |
-0.5 |
|
Domestic Pension Plan Expense |
0.0 |
7.8 |
31.7 |
11.0 |
-1.5 |
|
Defined Contribution Expense - Domestic |
28.4 |
19.2 |
23.8 |
- |
- |
|
Total Pension Expense |
28.4 |
27.0 |
55.5 |
11.0 |
-1.5 |
|
Discount Rate |
3.30% |
4.00% |
4.00% |
4.00% |
3.80% |
|
Expected Return on Plan Assets |
4.10% |
2.80% |
2.80% |
2.80% |
4.50% |
|
Future Salary Increase |
2.00% |
2.00% |
1.50% |
2.00% |
2.00% |
|
Future Pension Increases |
0.70% |
1.30% |
0.50% |
1.30% |
0.13% |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
Period Length |
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.762971 |
0.741961 |
0.707825 |
0.695476 |
0.731463 |
|
|
|
|
|
|
|
|
Net Sales |
724.7 |
732.2 |
788.8 |
789.1 |
761.2 |
|
Other Operating Inc. |
4.3 |
18.2 |
2.8 |
4.9 |
4.9 |
|
Total Revenue |
729.0 |
750.4 |
791.6 |
794.0 |
766.1 |
|
|
|
|
|
|
|
|
Cost of Sales |
648.0 |
661.6 |
700.9 |
706.1 |
672.6 |
|
Depreciation |
33.7 |
41.2 |
33.1 |
34.2 |
32.1 |
|
Total Operating Expense |
681.7 |
702.9 |
733.9 |
740.4 |
704.8 |
|
|
|
|
|
|
|
|
Net Financing |
-13.5 |
-7.4 |
-10.9 |
-5.6 |
-5.2 |
|
Share of Associates |
14.2 |
9.7 |
12.7 |
10.5 |
10.3 |
|
Net Income Before Taxes |
48.0 |
49.9 |
59.5 |
58.5 |
66.4 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
8.8 |
-1.1 |
13.0 |
12.9 |
14.6 |
|
Net Income After Taxes |
39.2 |
50.9 |
46.5 |
45.6 |
51.8 |
|
|
|
|
|
|
|
|
Minority Interest |
-1.3 |
-1.3 |
-2.0 |
-1.4 |
-1.8 |
|
Net Income Before Extra. Items |
37.9 |
49.6 |
44.5 |
44.1 |
50.0 |
|
Profit from Discontinued Operations |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income |
37.9 |
49.6 |
44.5 |
44.1 |
50.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
37.9 |
49.6 |
44.5 |
44.1 |
50.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
37.9 |
49.6 |
44.5 |
44.1 |
50.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
152.0 |
152.0 |
152.0 |
151.9 |
151.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.25 |
0.33 |
0.29 |
0.29 |
0.33 |
|
Basic EPS Including ExtraOrdinary Item |
0.25 |
0.33 |
0.29 |
0.29 |
0.33 |
|
Diluted Net Income |
37.9 |
49.6 |
44.5 |
44.1 |
50.0 |
|
Diluted Weighted Average Shares |
152.2 |
152.2 |
152.2 |
152.2 |
152.1 |
|
Diluted EPS Excluding ExtraOrd Items |
0.25 |
0.33 |
0.29 |
0.29 |
0.33 |
|
Diluted EPS Including ExtraOrd Items |
0.25 |
0.33 |
0.29 |
0.29 |
0.33 |
|
DPS-Ordinary Shares |
0.00 |
0.71 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
109.2 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
50.7 |
50.1 |
59.5 |
58.5 |
66.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
9.3 |
-1.0 |
13.0 |
12.9 |
14.6 |
|
Normalized Income After Taxes |
41.4 |
51.1 |
46.5 |
45.6 |
51.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
40.1 |
49.8 |
44.5 |
44.1 |
50.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.26 |
0.33 |
0.29 |
0.29 |
0.33 |
|
Diluted Normalized EPS |
0.26 |
0.33 |
0.29 |
0.29 |
0.33 |
|
Research & Development Exp. |
12.2 |
15.5 |
12.3 |
13.9 |
13.4 |
|
Depreciation |
29.8 |
32.9 |
28.7 |
29.8 |
28.3 |
|
Amortization |
3.9 |
8.4 |
4.4 |
4.5 |
3.8 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
0.683971 |
|
Auditor |
KPMG LLP |
KPMG OY AB |
KPMG OY AB |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Material/Supply |
101.3 |
102.0 |
121.5 |
133.3 |
144.3 |
|
Work in Progress |
- |
0.0 |
2.7 |
2.9 |
7.7 |
|
Finished Goods |
187.8 |
163.9 |
226.8 |
305.7 |
298.8 |
|
Advances Paid |
7.1 |
6.2 |
2.6 |
1.9 |
4.1 |
|
Other Int-Bearing Rec. |
0.6 |
0.5 |
2.0 |
10.6 |
4.7 |
|
Other receivables |
389.4 |
395.8 |
494.0 |
551.2 |
604.0 |
|
Advances Paid |
11.7 |
14.5 |
8.0 |
5.4 |
6.6 |
|
Prepay./Accrued |
43.0 |
78.2 |
56.5 |
107.0 |
127.6 |
|
Current Tax Assets |
32.1 |
9.3 |
10.5 |
20.0 |
- |
|
Other Rcvbls. |
63.7 |
21.3 |
16.2 |
21.7 |
63.2 |
|
Securities |
80.1 |
78.5 |
290.0 |
121.1 |
31.3 |
|
Cash and cash equivalents |
161.1 |
44.7 |
104.0 |
44.9 |
45.6 |
|
Total Current Assets |
1,078.0 |
914.8 |
1,334.9 |
1,325.7 |
1,337.9 |
|
|
|
|
|
|
|
|
Intangibles |
273.1 |
279.4 |
357.4 |
333.6 |
335.1 |
|
Amort./Intang. |
-185.5 |
-178.8 |
-210.8 |
-178.5 |
-170.9 |
|
Goodwill, Net |
786.7 |
815.5 |
944.1 |
910.6 |
916.1 |
|
Land and Water |
68.5 |
69.9 |
71.0 |
67.0 |
74.9 |
|
Building/Constr. |
511.1 |
520.4 |
664.7 |
602.3 |
733.7 |
|
Machinery/Equip. |
1,475.5 |
1,517.3 |
1,743.1 |
1,625.1 |
2,139.9 |
|
Other Tangibles |
40.8 |
45.5 |
54.1 |
50.2 |
53.9 |
|
Construction |
75.4 |
55.0 |
63.0 |
77.8 |
201.8 |
|
Depreciation |
-1,319.7 |
-1,321.0 |
-1,503.2 |
-1,357.9 |
-1,764.8 |
|
Invest. Assoc. |
206.1 |
187.1 |
188.1 |
188.5 |
8.0 |
|
Invest. Shares |
- |
- |
- |
- |
149.4 |
|
Deferred Tax |
61.4 |
58.6 |
27.0 |
17.7 |
7.6 |
|
Pension |
57.5 |
53.0 |
50.6 |
75.1 |
50.6 |
|
Other Investment |
12.6 |
13.8 |
18.9 |
16.0 |
9.4 |
|
Non-Current Assets Held for Sale |
333.0 |
381.9 |
238.5 |
222.1 |
52.2 |
|
Adjustments |
- |
- |
- |
-0.1 |
-0.1 |
|
Total Assets |
3,474.5 |
3,412.5 |
4,041.4 |
3,975.1 |
4,134.5 |
|
|
|
|
|
|
|
|
Interest-bearing current liabilities |
219.6 |
6.2 |
192.7 |
171.0 |
590.1 |
|
Loans Finance |
64.3 |
141.0 |
384.2 |
580.1 |
273.3 |
|
Loans Pension |
- |
0.0 |
23.7 |
1.0 |
23.0 |
|
Curr. Portion LT |
22.3 |
22.5 |
21.2 |
19.0 |
21.2 |
|
Financial Lease Liabilities |
1.6 |
2.4 |
6.0 |
6.4 |
6.3 |
|
Advance Received |
2.6 |
9.1 |
4.3 |
1.0 |
14.3 |
|
Accounts Payables |
248.6 |
192.4 |
230.0 |
333.8 |
335.1 |
|
Accrued/Prepaid |
194.3 |
195.2 |
257.8 |
281.5 |
267.7 |
|
Other Int.-Free |
52.7 |
28.0 |
37.4 |
50.6 |
61.1 |
|
Provisions |
8.2 |
13.1 |
17.2 |
15.0 |
9.1 |
|
Tax Payable |
32.2 |
19.7 |
0.7 |
7.6 |
14.2 |
|
Liab. Ass. with Assets Held for Sale |
- |
- |
- |
0.0 |
9.1 |
|
Total Current Liabilities |
846.4 |
629.7 |
1,175.3 |
1,466.9 |
1,624.3 |
|
|
|
|
|
|
|
|
Int. Bear. Liab. |
603.0 |
- |
- |
- |
- |
|
Loans Finance |
- |
650.2 |
709.2 |
788.4 |
554.0 |
|
Loans Pension |
- |
13.1 |
16.1 |
51.7 |
67.5 |
|
Liab. Others |
- |
6.2 |
10.2 |
6.7 |
8.8 |
|
Total Long Term Debt |
603.0 |
669.6 |
735.5 |
846.8 |
630.3 |
|
|
|
|
|
|
|
|
Minority Int. |
16.0 |
34.7 |
27.7 |
18.3 |
22.4 |
|
Deferred Tax |
112.3 |
133.5 |
129.3 |
125.0 |
154.2 |
|
Pension |
68.0 |
74.1 |
101.0 |
93.8 |
108.5 |
|
Provisions |
65.3 |
73.4 |
79.8 |
85.9 |
27.5 |
|
Total Liabilities |
1,711.0 |
1,615.0 |
2,248.5 |
2,636.8 |
2,567.2 |
|
|
|
|
|
|
|
|
Share Capital |
287.9 |
297.6 |
318.2 |
308.3 |
324.3 |
|
Share Premium |
334.8 |
346.0 |
370.0 |
358.5 |
377.1 |
|
Exchange Differences |
-31.9 |
-28.6 |
-114.6 |
-145.4 |
-60.1 |
|
Own Shares |
-28.9 |
-32.5 |
-37.2 |
-36.0 |
-37.9 |
|
Fair Value Reserve |
115.9 |
167.7 |
137.4 |
113.2 |
99.7 |
|
Other Reserves |
254.8 |
263.3 |
281.6 |
- |
- |
|
Retained Earning |
830.9 |
784.0 |
837.3 |
739.8 |
864.2 |
|
Total Equity |
1,763.5 |
1,797.5 |
1,792.9 |
1,338.3 |
1,567.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
3,474.5 |
3,412.5 |
4,041.4 |
3,975.1 |
4,134.5 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
152.0 |
151.7 |
151.5 |
133.3 |
133.3 |
|
Total Common Shares Outstanding |
152.0 |
151.7 |
151.5 |
133.3 |
133.3 |
|
T/S-Ordinary Shares |
3.3 |
3.6 |
3.9 |
4.2 |
4.2 |
|
Deferred Revenue - Current |
2.6 |
9.1 |
4.3 |
1.0 |
14.3 |
|
Accumulated Intangible Amortization |
185.5 |
178.8 |
210.8 |
178.5 |
170.9 |
|
Full-Time Employees |
5,006 |
4,977 |
8,493 |
9,405 |
10,007 |
|
Number of Common Shareholders |
31,294 |
30,170 |
26,495 |
21,333 |
16,723 |
|
LT Debt Within 2 Years |
147.3 |
114.8 |
116.4 |
113.4 |
25.4 |
|
LT Debt Within 3 Years |
93.7 |
80.1 |
104.6 |
82.0 |
80.0 |
|
LT Debt Within 4 Years |
112.4 |
99.5 |
76.6 |
43.2 |
72.8 |
|
LT Debt Within 5 Years |
43.5 |
111.9 |
85.4 |
88.8 |
105.6 |
|
LT Debt After 5 Years |
206.0 |
263.2 |
352.5 |
519.3 |
346.5 |
|
Current maturities |
- |
165.9 |
21.2 |
19.0 |
913.8 |
|
Total Long Term Debt, Supplemental |
603.0 |
835.5 |
756.7 |
865.9 |
1,544.1 |
|
Capital Lease Within 1 Year |
1.3 |
0.8 |
1.3 |
1.1 |
0.9 |
|
Capital Lease Within 5 Years |
0.3 |
1.6 |
2.7 |
3.1 |
2.8 |
|
Capital Lease After 5 Years |
0.0 |
0.0 |
2.0 |
2.2 |
2.6 |
|
Total Capital Leases |
1.6 |
2.4 |
6.0 |
6.4 |
6.3 |
|
Leases due within 1 Year |
36.1 |
28.6 |
37.3 |
29.1 |
32.7 |
|
Leases due within 1-5 Years |
80.2 |
87.1 |
93.1 |
66.2 |
78.1 |
|
Leases Remaining |
109.3 |
140.7 |
103.9 |
93.7 |
110.5 |
|
Total Operating Leases |
225.6 |
256.4 |
234.3 |
188.9 |
221.4 |
|
Plan Obligation |
475.3 |
480.5 |
526.8 |
573.0 |
838.3 |
|
Plan Assets |
461.6 |
513.7 |
521.7 |
594.7 |
910.7 |
|
Funded Status |
-13.6 |
33.1 |
-5.2 |
21.7 |
72.4 |
|
Total Funded Status |
-13.6 |
33.1 |
-5.2 |
21.7 |
72.4 |
|
Discount Rate |
3.30% |
4.00% |
- |
- |
- |
|
Expected Rate of Return |
4.10% |
2.80% |
- |
- |
- |
|
Compensation Rate |
2.00% |
2.00% |
- |
- |
- |
|
Pension Payment Rate |
0.70% |
1.30% |
- |
- |
- |
|
Equity Instruments |
46.12% |
54.22% |
54.46% |
45.61% |
54.02% |
|
Bonds |
15.44% |
10.21% |
8.64% |
24.92% |
26.28% |
|
Current Interest-Bearing Investments |
- |
- |
- |
15.57% |
9.97% |
|
Assets in Insurance Companies |
34.20% |
31.73% |
32.76% |
2.01% |
4.78% |
|
Kemira Oyj Treasury Shares |
0.31% |
0.34% |
0.33% |
0.12% |
0.42% |
|
Real Estate |
3.93% |
3.66% |
3.85% |
3.27% |
2.25% |
|
Other |
- |
- |
- |
8.51% |
2.28% |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.753463 |
0.770327 |
0.745323 |
0.689727 |
0.704672 |
|
|
|
|
|
|
|
|
Inventories |
304.9 |
296.2 |
324.8 |
315.1 |
297.6 |
|
Interest-Bearing Receivables |
0.5 |
0.6 |
0.8 |
1.9 |
1.4 |
|
Interest-Free Receivables |
493.1 |
507.8 |
525.0 |
575.3 |
674.5 |
|
Current Tax Assets |
34.0 |
32.1 |
23.6 |
26.5 |
9.9 |
|
Short Term Investments |
- |
- |
82.2 |
37.8 |
37.2 |
|
Cash and Cash Equivalents |
166.7 |
241.2 |
196.8 |
98.4 |
66.7 |
|
Total Current Assets |
999.1 |
1,078.0 |
1,153.3 |
1,055.1 |
1,087.3 |
|
|
|
|
|
|
|
|
Goodwill |
799.6 |
786.7 |
805.6 |
868.3 |
850.9 |
|
Other Intangible Assets |
86.9 |
87.6 |
94.2 |
105.4 |
103.5 |
|
Property, Plant and Equipment |
852.1 |
851.6 |
852.8 |
909.8 |
905.4 |
|
Holdings in Associates |
225.1 |
206.1 |
211.3 |
223.6 |
208.6 |
|
Deferred Tax Assets |
40.1 |
61.4 |
65.9 |
57.6 |
59.2 |
|
Pension Receivables |
58.9 |
57.5 |
58.2 |
60.9 |
56.2 |
|
Other Investments |
13.3 |
12.6 |
12.5 |
13.3 |
13.6 |
|
Available-For-Sale Financial Assets |
340.4 |
333.0 |
245.3 |
265.0 |
259.4 |
|
Total Assets |
3,415.6 |
3,474.5 |
3,499.0 |
3,558.9 |
3,544.1 |
|
|
|
|
|
|
|
|
Interest-Bearing Current Liabilities |
344.1 |
307.8 |
283.2 |
195.0 |
214.6 |
|
Interest-Free Current Liabilities |
430.8 |
498.2 |
472.1 |
433.1 |
455.4 |
|
Provisions |
9.3 |
8.2 |
8.7 |
11.5 |
13.3 |
|
Tax |
42.2 |
32.2 |
28.8 |
7.0 |
6.5 |
|
Total Current Liabilities |
826.5 |
846.4 |
792.9 |
646.5 |
689.8 |
|
|
|
|
|
|
|
|
Interest-Bearing Non-Current Liabilities |
610.2 |
603.0 |
619.3 |
666.2 |
682.6 |
|
Total Long Term Debt |
610.2 |
603.0 |
619.3 |
666.2 |
682.6 |
|
|
|
|
|
|
|
|
Minority Interest |
18.6 |
16.0 |
16.1 |
35.2 |
37.9 |
|
Deferred Tax Liabilities |
86.5 |
112.3 |
137.4 |
149.8 |
144.3 |
|
Pension Liabilities |
69.9 |
68.0 |
73.3 |
79.3 |
78.6 |
|
Provisions |
66.4 |
65.3 |
70.4 |
77.1 |
77.1 |
|
Total Liabilities |
1,678.1 |
1,711.0 |
1,709.5 |
1,654.1 |
1,710.3 |
|
|
|
|
|
|
|
|
Share Capital |
294.4 |
287.9 |
297.6 |
321.6 |
314.8 |
|
Share Premium |
342.3 |
334.8 |
346.0 |
373.9 |
366.0 |
|
Fair Value Reserves |
119.6 |
115.9 |
147.6 |
164.6 |
166.9 |
|
Other Reserves |
260.5 |
254.8 |
263.4 |
284.6 |
278.6 |
|
Exchange Differences |
-31.3 |
-31.9 |
-52.9 |
-45.1 |
-36.0 |
|
Own Shares |
-29.6 |
-28.9 |
-29.7 |
-32.0 |
-31.4 |
|
Retained Earning |
781.6 |
830.9 |
817.5 |
837.3 |
775.0 |
|
Total Equity |
1,737.4 |
1,763.5 |
1,789.6 |
1,904.8 |
1,833.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
3,415.6 |
3,474.5 |
3,499.0 |
3,558.9 |
3,544.1 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
152.0 |
152.0 |
152.0 |
152.0 |
152.0 |
|
Total Common Shares Outstanding |
152.0 |
152.0 |
152.0 |
152.0 |
152.0 |
|
T/S-Ordinary Shares |
3.3 |
3.3 |
3.3 |
3.3 |
3.3 |
|
Number of Common Shareholders |
32,065 |
31,294 |
30,675 |
29,866 |
31,390 |
|
Full-Time Employees |
5,051 |
5,006 |
5,033 |
5,065 |
5,006 |
|
Leases due within 1 Year |
35.3 |
36.1 |
31.1 |
32.0 |
30.2 |
|
Leases Remaining |
187.1 |
189.5 |
203.7 |
224.1 |
219.3 |
|
Total Operating Leases |
222.4 |
225.6 |
234.8 |
256.2 |
249.5 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate (Period
Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
KPMG LLP |
KPMG OY AB |
KPMG OY AB |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Profit for the Period |
195.1 |
850.1 |
113.8 |
-2.6 |
198.7 |
|
Depreciation |
140.9 |
151.4 |
161.7 |
247.5 |
237.9 |
|
Total adjustments |
- |
- |
- |
- |
-51.9 |
|
Interest Income |
- |
- |
- |
- |
0.0 |
|
Net Financial Income |
29.1 |
38.4 |
69.3 |
101.7 |
-49.7 |
|
Taxes |
39.1 |
31.8 |
24.2 |
0.1 |
- |
|
Associates |
-43.1 |
-12.2 |
6.5 |
3.9 |
- |
|
Adjustments |
-37.5 |
-724.0 |
26.0 |
-33.2 |
- |
|
Interest and Other Paid |
-47.4 |
-52.7 |
-81.9 |
-135.3 |
- |
|
Interest and Other Received |
10.4 |
8.1 |
16.0 |
38.3 |
- |
|
Exchange Gains/Losses |
14.6 |
-0.4 |
-2.5 |
-13.0 |
- |
|
Dividend Received |
1.8 |
0.1 |
0.3 |
1.5 |
2.7 |
|
Other Financing |
- |
- |
- |
- |
0.0 |
|
Income taxes paid |
-52.0 |
-30.3 |
-36.6 |
-35.0 |
-48.7 |
|
Inventories |
-34.2 |
-44.5 |
105.1 |
-56.2 |
-9.9 |
|
ST Receivable |
-49.4 |
-87.1 |
112.8 |
12.0 |
26.4 |
|
ST Liabilities |
79.8 |
47.7 |
-114.5 |
2.2 |
-70.1 |
|
Cash from Operating Activities |
247.1 |
176.3 |
400.3 |
131.9 |
235.5 |
|
|
|
|
|
|
|
|
Acq. Group Comp. |
0.0 |
-41.8 |
-5.1 |
-64.8 |
-90.5 |
|
Acq. Associates |
- |
- |
0.0 |
-199.7 |
-0.7 |
|
Purch. Oth. Shares |
-142.9 |
-0.5 |
-2.1 |
-14.8 |
-11.4 |
|
Purch. Fixed Assets |
-136.7 |
-99.6 |
-112.2 |
-220.7 |
-336.8 |
|
Disposal Group Comp. |
2.4 |
-26.5 |
0.8 |
340.1 |
25.6 |
|
Disposal Associates |
- |
- |
0.0 |
5.7 |
-51.2 |
|
Paid in capital from associates |
16.3 |
0.0 |
- |
- |
- |
|
Sale Other Shares |
134.7 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Sale Fixed Assets |
37.3 |
18.4 |
2.5 |
26.0 |
25.3 |
|
Other Investments |
2.2 |
197.1 |
-2.9 |
0.0 |
- |
|
Cash from Investing Activities |
-86.8 |
47.0 |
-119.0 |
-128.0 |
-439.6 |
|
|
|
|
|
|
|
|
Net LT Loans |
22.2 |
134.7 |
317.5 |
687.5 |
73.5 |
|
Net LT Loan Rcvbl. |
-143.6 |
-96.0 |
-347.3 |
-63.5 |
3.4 |
|
Net ST Financing |
215.0 |
-437.3 |
-255.3 |
-412.6 |
161.2 |
|
Purchase of non-controlling interest |
-18.4 |
0.0 |
- |
- |
- |
|
Dividend Paid |
-108.2 |
-59.9 |
-46.6 |
-93.9 |
-83.2 |
|
Increase In Share Capital |
- |
0.0 |
278.1 |
0.0 |
0.3 |
|
Other |
-0.7 |
-17.2 |
-15.7 |
-11.4 |
16.6 |
|
Cash from Financing Activities |
-33.6 |
-475.7 |
-69.3 |
106.0 |
171.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
4.0 |
10.3 |
3.9 |
-12.3 |
- |
|
Net Change in Cash |
130.7 |
-242.1 |
215.8 |
97.7 |
-32.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
127.6 |
363.7 |
166.1 |
76.9 |
104.3 |
|
Net Cash - Ending Balance |
258.3 |
121.6 |
381.9 |
174.6 |
72.0 |
|
Cash Interest Paid |
- |
- |
- |
- |
49.7 |
|
Cash Taxes Paid |
52.0 |
30.3 |
36.6 |
35.0 |
48.7 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
Period Length |
3 Months |
12 Months |
9 Months |
6 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.762971 |
0.71919 |
0.711706 |
0.713558 |
0.731463 |
|
|
|
|
|
|
|
|
Profit for the Period |
39.2 |
195.1 |
144.0 |
97.5 |
51.8 |
|
Adjustment |
43.3 |
128.3 |
115.2 |
75.3 |
40.2 |
|
Other Financing Items |
-1.8 |
-20.6 |
-9.6 |
0.8 |
7.1 |
|
Taxes Paid |
-11.1 |
-52.0 |
-42.2 |
-39.7 |
-20.8 |
|
Working Capital |
-55.8 |
-3.8 |
-56.5 |
-102.4 |
-31.9 |
|
Cash from Operating Activities |
13.6 |
247.1 |
151.0 |
31.5 |
46.5 |
|
|
|
|
|
|
|
|
Capital Expenditure for Acquisitions |
0.0 |
0.0 |
-18.5 |
0.0 |
0.0 |
|
Capital Expenditure |
-25.4 |
-279.6 |
-82.3 |
-48.3 |
-19.7 |
|
Sale Assets |
0.7 |
190.6 |
149.1 |
136.4 |
1.1 |
|
Other |
0.5 |
2.2 |
1.1 |
0.8 |
0.4 |
|
Cash from Investing Activities |
-24.2 |
-86.8 |
49.3 |
88.9 |
-18.2 |
|
|
|
|
|
|
|
|
LT Debt |
0.5 |
22.2 |
21.4 |
18.6 |
12.2 |
|
LT Loan Receivables |
-0.3 |
-143.6 |
-79.8 |
-60.1 |
-34.6 |
|
ST Debt |
34.2 |
215.0 |
127.2 |
38.4 |
65.1 |
|
Purchase of non-controlling interest |
0.0 |
-18.4 |
- |
- |
- |
|
Dividends Paid |
-100.3 |
-108.2 |
-108.9 |
-108.1 |
-95.3 |
|
Other Financing |
-0.4 |
-0.7 |
5.2 |
-1.5 |
1.0 |
|
Shares Issue |
- |
- |
0.0 |
0.0 |
0.0 |
|
Cash from Financing Activities |
-66.2 |
-33.6 |
-35.0 |
-112.7 |
-51.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-2.1 |
4.0 |
-2.1 |
-4.6 |
-2.1 |
|
Net Change in Cash |
-78.9 |
130.7 |
163.3 |
3.1 |
-25.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
243.5 |
127.6 |
129.0 |
128.7 |
125.5 |
|
Net Cash - Ending Balance |
164.6 |
258.3 |
292.3 |
131.7 |
100.1 |
|
Cash Taxes Paid |
11.1 |
52.0 |
42.2 |
39.7 |
20.8 |
|
|
|
Financials in: As Reported (mil)
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Financials in: As Reported (mil)
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Financials in: As Reported (mil)
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Financials in: As Reported (mil)
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.55 |
|
|
1 |
Rs.85.48 |
|
Euro |
1 |
Rs.68.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.