MIRA
INFORM REPORT
|
Report Date : |
16.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
BARCO NV |
|
|
|
|
Registered Office : |
Pres. Kennedypark 35,
Courtrai ( |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
1934 |
|
|
|
|
Com. Reg. No.: |
473191041 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Manufacture of electronic valves and tubes and other
electronic components |
|
|
|
|
No. of Employees : |
3,500 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Belgium |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
Barco NV
Pres. Kennedypark 35, Courtrai (Kortrijk), 8500
|
Tel: |
32-56-233211 |
|
Fax: |
32-56-262262 |
|
|
|
|
Employees: |
3,500 |
||
|
Company Type: |
Public Parent |
||
|
Corporate Family: |
|||
|
Traded: |
|
||
|
Incorporation Date: |
1934 |
||
|
Auditor: |
Ernst & Young LLP |
||
|
Fiscal Year End: |
31-Dec-2011 |
||
|
Reporting Currency: |
Euro |
||
|
Annual Sales: |
|||
|
Net Income: |
|||
|
Total Assets: |
|||
|
Market Value: |
631.6 |
||
|
|
(29-Jun-2012) |
Business Description
|
Barco NV is a Belgium-based technology company which
specializes in the design and development of professional display and
visualization equipment and systems for a variety of markets, such as medical
imaging, media and entertainment, infrastructure and utilities, traffic and
transportation, defense and security, education and training and corporate
audio/video. The Company offers a range of products and services, including
display monitors, projectors, multi projector displays, video walls, light
emitting diode (LED) solutions, lighting products, image processing,
software, sensors and sensor processing, servers and workstations, and
services. The Company has its own facilities for Sales and Marketing,
Customer Support, Research and Development, and Manufacturing in Europe,
America and Asia-Pacific. For the fiscal year ended 31 December 2011, Barco
NV's total revenue increased 16% to EUR1.04B. Net income for the period
increased 74% to EUR75.9M. Total revenue reflects increased demand for the
Company's products and services across all geographic segments. Net income
benefited from improved operating margins as well as significant growth in
other operating income/expense, net (i.e. higher investment grants). |
|
industry |
|
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
3210 - Manufacture of electronic valves and tubes and
other electronic components |
|
NAICS 2002: |
|
|
UK SIC 2003: |
3210 - Manufacture of electronic valves and tubes and
other electronic components |
|
US SIC 1987: |
|
|
|
|
Topic |
#* |
Most Recent Headline |
Date |
|
2 |
IMAX Corporation Partners With Barco NV To Co-Develop
Laser Projection Technology |
7-Feb-2012 |
|
|
1 |
Barco NV and Arts Alliance Media Announce EUR 100
Million Digital Cinema Leasing Program |
1-Mar-2012 |
|
|
1 |
Barco NV Comments On FY 2012 EBITDA Guidance-Conference
Call |
9-Feb-2012 |
|
News |
|
|
|
|
|
|
|
tock
Snapshot |
|
|
Registered No.(VAT):
473191041
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
Corporate Overview
|
||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Key Organizational Changes |
|
|
IPVS is a US company that
provides networked visualization solutions. The acquisition is in line with
the company’s strategy to invest in high-performance networked
visualization technology. Earlier in March 2011, Barco extended its digital
cinema product offering through the acquisition of the CineStore
activities of cinema solutions provider XDC. The acquisition developed the
value chain from digital projection supplier to provider of total cinema
visualization solutions. Through acquisitions, the company could also get the
opportunity to enhance its technology and market coverage.New Distribution
AgreementsNew distribution agreements provide strength to the company’s
ability to meet the market demand. |
|
|
The same month, Barco
acquired IP Video Systems (IPVS), assets. IPVS is a US company that provides
networked visualization solutions. The acquisition is in line with the
company’s strategy to invest in high-performance networked
visualization technology. Earlier in March 2011, Barco extended its digital
cinema product offering through the acquisition of the CineStore activities
of cinema solutions provider XDC. The acquisition developed the value chain
from digital projection supplier to provider of total cinema visualization
solutions. |
|
|
Global Leadership in Core
Markets: Healthcare Barco’s Healthcare division continued to progress
convincingly with increased market share in thetraditional segments of
radiology and mammography and the introduction of newer and technically more
advanced solutions for the digital operating room. The lossless and
latency-free transmission of images in the operating room, plus the ability
to transmit and share these images over the net with viewers in remote
locations, opens up new, attractive and potentially very buoyant markets for
Barco. With the recent acquisition of JAOtech (in January 2012),
Barco has further broadened its horizons by entering the rapidly growing
opportunity for integrated media solutions in the patient care segment. Thus,
Barco has also emerged as this industry’s vendor of choice on a global
scale. When it comes to technically advanced solutions for the digitized
world of pathology, patient care or robotic surgery, Barco remains the
company of choice. |
|
|
Partnerships |
|
|
Nexxis has been specifically
designed to meet the performance standards and unique requirements of medical
imaging in the surgical suite, such as high-quality imaging, ultra-low
latency, and real-time communication. It allows better communication both in
and beyond the operating room and helps improve operational efficiency.Barco
will unveil its digital OR platform at MEDICA, from November 16–19, 2011.
Johan Stockman, vice president Strategic Marketing Surgical Imaging at Barco,
said, “Due to increasingly complex surgical and interventional approaches,
today's operating rooms require more advanced technologies that facilitate
integration of all surgical equipment and ensure
optimalcollaboration between surgeons, technicians, and other clinical
staff. Since the overall demand for surgery is projected to increase by 47%
over the next ten years, surgeons need a system that improves workflow.
“With Nexxis, Barco presents the world's first IP-centric solution that
distributes uncompressed video, graphics, audio and computer data throughout
the OR with near-zero latency. |
|
|
Since the overall demand for
surgery is projected to increase by 47% over the next ten years, surgeons
need a system that improves workflow. “With Nexxis, Barco presents the
world's first IP-centric solution that distributes uncompressed video,
graphics, audio and computer data throughout the OR with near-zero latency.
Through thoughtful integration of technology, Nexxis ensures centralized
control and a flexible surgical environment, enabling better communication
and collaboration in and beyond the operating room.â€
IP-based integration and collaboration: In today's operating rooms,
integration is key to workflow efficiency. Whereas most operating rooms use
AV (Audio Visual) systems to connect devices like endoscopy cameras,
computers, scanners and surgical displays, Nexxis uses a high bandwidth 10
Gbps IP (Internet Protocol) network to integrate surgical equipment. This
integrated digital approach eliminates the need for extensive cabling and
complicated configurations. |
|
|
This integrated digital approach eliminates the need for
extensive cabling and complicated configurations. Nexxis allows dynamic plug
and play of devices and provides the flexibility to modify the setup to meet
the ever changing imaging requirements in the operating room. Additionally,
Nexxis supports specialist collaboration by allowing surgeons and
clinicians to share audio and video in real time with other surgical suites.
With Nexxis, other critical patient information can be accessed from inside
the OR via a safe and secure gateway that is HIPAA compliant. Reduced system
downtime: Nexxis offers a set of comprehensive tools that allows technical
staff to remotely monitor, troubleshoot and solve technical problems in the
operating room. |
|
|
Sales and Distribution |
|
|
To make this possible, Barco
has trained a dedicated team of experienced product support specialists. The
new service follows the recent introduction of the Image.Care e-portal, a
24/7 support helpdesk where customers can post technical questions, create
service requests, and track the status of their factory repairs in real-time,
the company said. Luc Colle, vice president sales EMEA & India, Barco
Healthcare, said, “The launch of this new helpdesk is part of
our strategy for improving customer intimacy. We set up this new
service in response to requests from our customers. The new tool makes it easier
for them to contact and communicate with us and allows us to respond faster
to their questions. |
|
|
Overview
Barco N.V. (Barco) designs and develops visualization
products for key markets, including medical imaging, media and entertainment,
transportation, energy, infrastructure, and defense and security. The
company’s strong market position in visualization solutions segment and
particularly in digital cinema and medical display categories is supported by
its sturdy research and development capabilities and wide product portfolio.
Barco could further strengthen its market position through acquisitions,
strategic distribution agreements and increasing order book. However, volatile
economic condition and demanding technological environment could affect its
growth prospects.
Strengths
Increasing Operational Efficiency
Barco’s focused business activities helped it to improve
its overall financial performance. In the fiscal year ended December 2011,
total revenue generated by the company increased 16.08%, to €1,041.24m,
compared to €897.00m in fiscal 2010. This was also up from the 2009 fiscal
revenue of €638.07m. Such improvement could be attributed to rise in sales
from its product and geographical segments. In fiscal 2011, the company
generated an operating profit of €68.36m, compared to €45.13m generated in
fiscal 2010. Such improvement in operating income could be attributed to the
company’s ability to control its operating expenses. In fiscal 2011,
operating expenses (as a % of sales) declined slightly to 93.4%, compared to
95% in fiscal 2010. As a result, profit margins such as operating margin and
net profit margin increased from 5.03% and 4.9% in fiscal 2010 to 6.6% and 7.3%
in fiscal 2011. Thus, positive financial performance would help the company in
its future business endeavors.
Strategic Partnerships
Fueling Growth
Barco focuses on entering into strategic partnerships with
different companies to expand and strengthen its market presence. The
company’s partnership with like US-based Texas Instruments (TI) and China
Film Group benefited it in realizing higher revenues. The company has also
partnerships with other key industry players such as Samsung, Hitachi and Dolby
and several distributors including, value added resellers (VARs) and key
resellers such as Dell, HP and Ingram Micro. Barco works with TI to develop
critical technologies that are central in offering its products, including
projectors and other display solutions. It produces digital cinema projectors
based on DLP Cinema technology from TI. DLP Cinema technology is critical in
providing better viewing experience. The technology is integrated in Barco’s
projectors in the form of an optical semiconductor chip, Digital Micromirror
Device. In August 2011, Barco partnered with the China Film Group to develop
digital cinema market in China and formed a joint venture company CFG Barco
(Beijing) Electronics Co. Ltd. The new JV will strengthen domestic market for
digital cinema products and services in China through the development and
manufacture of digital cinema products. The new JV could significantly benefit
from the 12th Five-Year Plan (2011-2015), which aims to develop the culture
industry in Ching in the next five years and improve its contribution towards
the total contribution to 5%. Such strategic partnerships have helped the
company to improve market for its products. Besides, the recent partnership
will strengthen its business growth prospects in the future.
Geographical
and Customer Diversity
Barco has built a strong and diverse geographical
footprint that helps it to diversify its market and customer base through its
range of visual display products. The company offers displays, monitors and
workstations, image processors and controllers, light emitting diode (LED
displays, projectors, video walls, visual display systems, networked solutions,
3D projectors, software, and related services. Barco markets its products in
over 90 countries, globally. It operates R&D manufacturing facilities in
the US, Belgium, China, France, Germany, India and Italy. It also operates
regional offices in several other countries. During the fiscal year ended 2011,
the company generated 40.9% of its total sales from Europe, Middle East, Africa
and Latin America (EMEALA), followed by 33.8% from North America and 25.3% from
Asia Pacific. The company is focusing on growth markets such as Brazil, Russia,
India and China (BRIC) and in previous fiscal it recorded 27.1% growth in
revenue from Asia Pacific region. Besides, it recorded strong growth in orders
from BRIC countries, Mexico, Southeast Asia and Central Europe, and Japan.
Barco’s geographical and market offerings helps its serve customers in
automotive, media, education, engineering, research and training, defense and
security, utilities, retail, aviation, medical, and government sectors. Some of
the key clients of the company include Shell, Saudi Aramco and Gazprom in
energy segment. In media and entertainment market, the company serves
Volkswagen, BMW, Bristol, Deutsche Telekom, Bombay Stock Exchange, and Merrill
Lynch, besides various studios, parks, and malls. Similarly, its scientific
research and medical customers include German Climate computing centre,
University of Milan, European Space Agency, University of Calgary, among
others. The company’s defense and security customer base comprises defense
departments of various countries such as the US, the UK, Belgium, Italy,
France, Germany, Brazil, Sweden, Norway, UAE and South Africa.
Research
and Development Efforts
Barco has established robust research and development
(R&D) capabilities. The R&D activities of the company are focused on improving
the performance of products and developing new technologies. The company
focuses on R&D activities to develop new visualization products for medical
imaging, infrastructure and utilities, media and entertainment, traffic and
transportation, education and training, and defense and security markets. Its
R&D capabilities enable to overcome technical barriers encountered in the
commercialization of sophisticated display monitors, projectors,
multi-projector displays, light emitting diode (LED) solutions, lighting
products, and image processing solutions. Barco’s more than 20% employees
engage in R&D activities. The company’s continued focus on technology
innovation has helped it to register more than 200 patents under its name.
During the fiscal year ended December 2011, Barco invested €74.6m towards
R&D, compared to €71.4m invested during previous fiscal year. During
previous fiscal year, Barco achieved technological breakthroughs in projection
technology and networked visualization. Besides, during previous fiscal year,
the company launched 25 of its development stage products for commercial sale.
Some of the major achievements of the company’s R&D activities include
development of the first compact event projector in the world, which is 25% more
compact than its competing projectors; RLM-W8 projector that is ten times more
silent than the competing projectors in the market; DP4K Digital Cinema
projectors that reduces lamp operating costs by more than 30%; Mammo
Tomosynthesis 5MP, the first display system for breast tomosynthesis approved
by the US Food and Drug Administration (FDA); and Barco TX displays that
operates even at (46 degree Celsius) temperature. The strong R&D
capabilities of the company enable it to implement innovative technology and
deliver advance products, and services that meet its customers' critical needs.
In April 2012, Barco launched RLM-W12, an addition to its RLM family of
three-chip DLP projectors. Earlier in March 2012, it launched its new product
OVL-708 video wall and other latest display products.
Leading
Player: Visualization Solutions
Barco is a leading technology company that designs and
develops visualization solutions for professional markets such as media and
entertainment, infrastructure and utilities, medical imaging, traffic and
transportation, aerospace and defense, and education and training. The company
is a leading global provider of digital cinema projectors used in large screen
theaters worldwide. Barco has around 40% of the market share with over 25,000
projectors in operation, globally. In China, the company has around 65% market
share in the digital cinema projector market. The company is a leading provider
of visualization solutions for industrial clients and has over 30% of the
Fortune 100 companies. Barco has witnessed 16% growth in the demand for its big
video wall solutions for control rooms in the past year. This reflects from the
fact that over 50% of the total electricity transmitted in the world uses Barco
developed technology. The company has developed itself as a niche player in the
defense and aerospace segment and every year more than 30% of the total
military pilots in the world are trained using Barco’s technology. Such
leading position is supported by the number of products in operations. The
company’s large-screen and professional lighting technology is used in over
2,500 gigs and shows every year. Its products help in providing security
management in more than 100 metropolitan areas. Barco provides products that
support more than 250 land, sea and air force programs worldwide. The
company’s display products are used in over 100 types of aircrafts. Its key
products in operation across the world include around 500,000 medical devices,
25,000 digital projectors for movie theaters, 40,000 display cubes in control
rooms, and 10,000 displays for air traffic control. Such leading position helps
Barco to serve some of the leading brands in the world and to associate with
some of the prestigious events such as the Berlin Film Festival from the past
six years. This further helps the company to enhance its brand image.
Weaknesses
Barco has witnessed significant demand for its products in
the recent past, which helped it to improve its revenue performance. The company
also maintains strong manufacturing capabilities, but supply chain bottlenecks
could affect its ability to meet customer demands on time. In the first half of
fiscal 2011, the company’s Control Rooms business faced difficulties related
to movement of its several operations from Europe to Noida in India. During the
first half of 2011, the company could not get enough LED from its suppliers due
to supply chain issues. Barco also faced supply issues for its Digital Cinema
business, as some of its suppliers found it difficult to meet higher demand for
materials from the company. Besides, during previous fiscal the company’s
results of operations of Defense business were impacted due to low sales and
supply chain issues with certain vendors.
Opportunities
In order to grow strongly, Barco pursues organic as well
as inorganic path, including acquisitions. In February 2012, the company
acquired JAOtech. JAOtech manufactures patient entertainment and point of care
(POC) terminals for hospitals in the UK. The acquisition is aimed at enhancing
Barco’s strategy to expand into multiple healthcare segments. The same month,
Barco acquired IP Video Systems (IPVS), assets. IPVS is a US company that
provides networked visualization solutions. The acquisition is in line with the
company’s strategy to invest in high-performance networked visualization
technology. Earlier in March 2011, Barco extended its digital cinema product
offering through the acquisition of the CineStore activities of cinema
solutions provider XDC. The acquisition developed the value chain from digital
projection supplier to provider of total cinema visualization solutions.
Through acquisitions, the company could also get the opportunity to enhance its
technology and market coverage.
Increasing
Order Intake
Growing order book reflects Barco’s ability to market
its products efficiently that will lead to additional revenue generation in the
future. During the fiscal year ended December 2011, the company’s total order
intake increased 11%, to €1,082.9m, compared to €897m achieved during
previous fiscal year. Besides, its total order book at the end of fiscal 2011
was €479.9m, compared to €426.9m. During fiscal 2011, geographical order
breakdown comprised 41% from Europe, Middle East, Africa, Latin America
(EMEALA) region, followed by 34% from North America and 25% from Asia-Pacific.
Besides, in fiscal 2011, total orders from growth markets increased to 25%. In
terms of business segments, in 2011, orders for the Entertainment division
increased by 18.1%, followed by 24.2% increase in the Healthcare division. In
February 2012, Barco was selected by SF Bio, a Swedish cinema chain to convert
its projectors to digital at 244 screens in 35 cinemas with Barco DP2K and DP4K
projectors. Earlier in December 2011, Singapore-based Golden Village Multiplex
Pte Ltd selected Barco to install its new multiplex, Golden Village Katong,
with projector technology. Earlier in November 2011, Barco was selected by the
International Film Festival of India to deploy projectors for the 42nd
International Film Festival to be held in 2012. The company also partnered with
McKesson to supply medical display systems for National Integrated Medical
Imaging System (NIMIS), a national PACS program in Ireland. Under the
partnership, Barco will provide 500 diagnostic and mammography display systems
and 600 clinical review displays for use in clinical applications cardiology,
orthopedics, nuclear medicine and neurology. Barco also won several other
contracts for its products. Such contracts will help the company to strengthen
its revenue performance.
New
Distribution Agreements
New distribution agreements provide strength to the
company’s ability to meet the market demand. In March 2012, Barco entrusted
COMM-TEC, a communications technology distribution specialist in Germany, as
its distributor of projection and image processing products. In February 2012,
Barco signed a new partnership agreement with Benco Dental, leading dental
distributor in the US, to market medical grade displays. The partnership has
opened access for Barco to the 30,000 Benco customers in all the 50 states in
the US for Barco. Earlier in December 2011, Barco signed AED Display as its
distributor of projection and image processing products in Belgium,
Netherlands, and Luxembourg (Benelux) market. This will provide easier access
to resellers, system integrators and mid-sized rental companies to Barco's
products and support services. Such distribution agreements will further
enhance the company’s sales and marketing capabilities.
Barco
Leasing Program
The digital cinema leasing program (Barco Leasing Program)
is aimed at increasing the popularity of digital cinema. In March 2012, Barco
and Arts Alliance Media (AAM), a leading provider of digital cinema launched a
€100m digital cinema leading program. Both the companies launched a financial
leasing program targeted at exhibitors across Europe to convert to digital
cinema. The fund is named as the Barco Leasing Program, will provide financing
packages to exhibitors who want to convert from 35 mm to digital. The fund will
use AAM VPF agreements with all the six Hollywood distributors and around 100
local European distributors. The funding program is available for 18 months,
beginning April 2012 and will target 2,000 screens. Barco will supply the
equipment required for conversion for the interested parties. This program will
significantly improve Barco’s market share in the digital cinema market
place. The same month, Barco launched an equipment financing equipment program
with FX Financial. Under the program, both companies will offer equipment
financing program specially meant for rental and staging companies who plans to
purchase Barco’s AV solutions at low, fixed rates. Such programs could help
the company to increase its product sales.
Growth in Mammography Equipment Market: BRIC
Barco could gain from the growth opportunities offered by
the mammography equipment market. According to in-house research, the film
screen mammography equipment is the fastest growing category within the
mammography equipment market in Brazil, Russia, India and China (BRIC). The
market grew by 12.1% during 2003-2010 and is forecast to grow by 4.2% between
2010 and 2017. In 2010, the full-field digital mammography equipment segment
contributed the largest revenue of $84.8m in BRIC region and grew at a compound
average growth rate (CAGR) of 38.0% during 2003 and 2010. During the forecast
period, 2010-2017, the full-field digital mammography equipment market is
expected to remain the largest category in the mammography equipment market in
2017 in BRIC region with $117.2m in revenue. The full-field digital mammography
equipment category is expected to grow at a CAGR of 4.7% from 2010 to 2017 and
is expected to generate $56.5m in revenue in 2017. Such growth opportunities in
the region, supported by the company’s increasing focus on the BRIC region
will fuel the company’s revenue growth from the segment.
Threats
Economic Slowdown and Market Dynamics
Barco could face several challenges due to global economic
slowdown. According to IMF, global economy is projected to grow at 4% in both
2011 and 2012, which is down from 5% achieved in 2010. According to IMF's
September 2011 report, Eurozone economy is forecast to grow 1.1% in 2012, down
from the IMF's June 2011 forecast of 1.7% for 2012. The agency also predicted
that the US economy would expand at around 1.8% in 2012. This is in contrast to
the agency’s previous estimate of more than 2.5% growth in 2012. During 2010,
fears of a sovereign debt crisis surfaced in various European countries,
including Portugal, Ireland, Italy, Greece, Spain, and Belgium. The current
uncertainties in economic conditions influence international capital market and
make it difficult for the company to plan budgets and forecasting.
Evolving Technological Environment
The technology industry related to media and
entertainment, medical imaging, traffic and transportation, and defense and
security segments is subject to various significant technological advances and
product innovation and development. The company designs, develops, produces and
provides support for its innovative products that incorporate advanced
technologies. It has developed several breakthrough technologies in its areas
of operation. But, in order to meet its customers’ demands, the company must
continuously design new products, and update existing products and develop new
technologies and products. The launch of new products and technologies by the
company involves a significant commitment to its R&D. Upon investing in
these new technologies, the company’s profits may suffer if they are not
accepted in the marketplace as anticipated. Additionally, its competitors may
develop innovative technologies and products, which might render its technology
and products under development obsolete or uncompetitive.
Barco operates in a highly competitive industry, which is
characterized by rapid technological changes, product obsolescence and price
decline. The company competes with several industry players in each of its
business segments, some of which have substantially greater financial,
technical, marketing and management resources than Barco. It competes with
several global and regional companies. Some of the companies have their
production facilities in low cost countries, which enable them to offer
products at lesser prices, applying pricing pressure on Barco. With the
introduction of new products, the company is competing directly with these
companies. This competition would compel the company to compete in product
pricing, which may impact its revenues.
Corporate Structure News
|
Corporate Family |
: |
|
|
|
|
Barco
NV |
|
|
|
|
|
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Courtrai (Kortrijk) |
Belgium |
Electronic Instruments and Controls |
1,447.8 |
3,500 |
|
|
Subsidiary |
Roma |
Italy |
Retail (Specialty) |
1.0 |
2,100 |
|
|
Subsidiary |
Kortrijk |
Belgium |
Computer Services |
|
2,000 |
|
|
Subsidiary |
Taipei Hsien |
Taiwan |
Electronic Instruments and Controls |
750.0 |
1,000 |
|
|
Subsidiary |
Duluth, GA |
United States |
Software and Programming |
|
300 |
|
|
Branch |
Duluth, GA |
United States |
Aerospace and Defense |
74.0 |
225 |
|
|
Branch |
Rancho Cordova, CA |
United States |
Computer Services |
24.2 |
150 |
|
|
Subsidiary |
Poperinge |
Belgium |
Business Services |
|
200 |
|
|
Subsidiary |
Karlsruhe |
Germany |
Computer Services |
|
180 |
|
|
Subsidiary |
Wetzikon |
Switzerland |
Computer Services |
45.8 |
170 |
|
|
Subsidiary |
Austin, TX |
United States |
Furniture and Fixtures |
44.0 |
156 |
|
|
Subsidiary |
Karlsruhe, Baden-Württemberg |
Germany |
Computer Services |
135.1 |
150 |
|
|
Subsidiary |
Xenia, OH |
United States |
Communications Equipment |
7.3 |
110 |
|
|
Subsidiary |
Logan, UT |
United States |
Electronic Instruments and Controls |
|
100 |
|
|
Subsidiary |
Toulouse |
France |
Computer Peripherals |
15.4 |
74 |
|
|
Subsidiary |
Tokyo |
Japan |
Computer Services |
|
55 |
|
|
Subsidiary |
Shanghai |
China |
Computer Services |
|
50 |
|
|
Subsidiary |
Eindhoven, Noord Brabanc |
Netherlands |
Computer Services |
|
45 |
|
|
Subsidiary |
Beaverton, OR |
United States |
Retail (Technology) |
8.3 |
35 |
|
|
Subsidiary |
Nanterre |
France |
Electronic Instruments and Controls |
5.4 |
34 |
|
|
Subsidiary |
Karlsruhe, Baden-Württemberg |
Germany |
Computer Services |
3.8 |
34 |
|
|
Subsidiary |
Bremen, Bremen |
Germany |
Software and Programming |
8.3 |
86 |
|
|
Subsidiary |
Mengerskirchen |
Germany |
Computer Services |
4.8 |
30 |
|
|
Subsidiary |
Shanghai |
China |
Electronic Instruments and Controls |
1.0 |
30 |
|
|
Subsidiary |
Bracknell |
United Kingdom |
Business Services |
4.3 |
26 |
|
|
Subsidiary |
Edinburgh |
United Kingdom |
Business Services |
|
|
|
|
Subsidiary |
Louvain-La-Neuve |
Belgium |
Computer Services |
5.9 |
25 |
|
|
Subsidiary |
Singapore |
Singapore |
Computer Services |
30.0 |
20 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Computer Services |
20.0 |
20 |
|
|
Subsidiary |
Corsico, MI |
Italy |
Computer Services |
5.6 |
20 |
|
|
Subsidiary |
Wanchai |
Hong Kong |
Computer Services |
1.0 |
20 |
|
|
Subsidiary |
Barcelona |
Spain |
Computer Services |
|
20 |
|
|
Subsidiary |
Waardamme |
Belgium |
Motion Pictures |
|
15 |
|
|
Subsidiary |
Blackburn |
United Kingdom |
Computer Services |
|
15 |
|
|
Subsidiary |
Taipei, Hsien |
Taiwan |
Computer Services |
|
14 |
|
|
Subsidiary |
Sao Paulo |
Brazil |
Computer Services |
|
12 |
|
|
Subsidiary |
Petaling Jaya, Ehsan |
Malaysia |
Computer Services |
1.9 |
11 |
|
|
Subsidiary |
Jabbeke |
Belgium |
Business Services |
15.2 |
10 |
|
|
Subsidiary |
Warsaw |
Poland |
Computer Services |
0.2 |
10 |
|
|
Subsidiary |
Rishon le Zion |
Israel |
Computer Services |
|
10 |
|
|
Subsidiary |
Botany, NSW |
Australia |
Computer Services |
|
5 |
|
|
Division |
Mountlake Terrace, WA |
United States |
Software and Programming |
|
3 |
|
|
Subsidiary |
Bangkok |
Thailand |
Computer Services |
|
2 |
|
|
Subsidiary |
Mumbai |
India |
Computer Services |
|
|
|
|
|
|
|
Barco
NV
|
|
|
|
|
|
||||
|
|
|
||||
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period
Length |
52
Weeks |
52
Weeks |
52
Weeks |
|
Filed
Currency |
EUR |
EUR |
EUR |
|
Exchange
Rate (Period Average) |
0.71919 |
0.755078 |
0.719047 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Turnover |
910.1 |
751.1 |
571.6 |
|
Increase or Decrease in Stocks
of Finished Goods, and Orders in Progress |
3.8 |
40.0 |
-2.3 |
|
Immobilized Production |
49.3 |
35.8 |
27.8 |
|
Other Operating Income |
71.6 |
41.5 |
45.1 |
|
Operating Income |
1,034.8 |
868.4 |
642.2 |
|
Purchases |
601.5 |
530.5 |
367.4 |
|
Increase
or Decrease in Stocks |
1.4 |
-26.7 |
-1.6 |
|
Raw Materials, Consumables, and
Goods for Release |
602.8 |
503.8 |
365.8 |
|
Services and Sundry Goods |
156.3 |
122.0 |
96.0 |
|
Remuneration, Social Security
Charges, and Pensions |
167.8 |
142.0 |
142.9 |
|
Depreciation of and Other
Amounts Written Off of Formation Expense, Intangible and Tangible Fixed
Assets |
47.0 |
49.5 |
55.1 |
|
Increase or Decrease in Amounts
Written Off Stocks, Orders, and Trade Debtors |
1.2 |
6.8 |
12.9 |
|
Provisions for Liabilities and
Charges |
-6.6 |
5.4 |
-3.1 |
|
Other Operating Charges |
0.9 |
0.7 |
4.0 |
|
Operating Charges |
969.3 |
830.4 |
673.8 |
|
Income From Financial Fixed
Assets |
0.6 |
9.2 |
0.0 |
|
Income From Current Assets |
0.1 |
0.0 |
0.1 |
|
Other Financial Income |
36.9 |
29.3 |
21.3 |
|
Financial Income |
37.6 |
38.6 |
21.3 |
|
Interest and Other Debt Charges |
17.8 |
14.2 |
22.4 |
|
Other Financial Charges |
27.0 |
30.6 |
14.5 |
|
Financial Charges |
44.8 |
44.8 |
36.9 |
|
Gain on Disposal of Fixed Assets |
17.4 |
107.5 |
- |
|
Other Extraordinary Income |
- |
- |
21.6 |
|
Extraordinary Income |
17.4 |
107.5 |
21.6 |
|
Amounts Written Off on Financial
Fixed Assets |
0.0 |
4.4 |
- |
|
Loss on Disposal of Fixed Assets |
- |
- |
0.3 |
|
Other Extraordinary Charges |
0.2 |
- |
4.4 |
|
Extraordinary Charges |
0.2 |
4.4 |
4.7 |
|
Income Taxes |
0.0 |
0.0 |
6.4 |
|
Adjustment of Income Taxes and
Write-Back of Tax Provisions |
13.7 |
0.0 |
- |
|
Income Taxes |
-13.7 |
0.0 |
6.4 |
|
Return
on Capital |
17.4 |
16.8 |
- |
|
Profit to be Distributed |
17.4 |
16.8 |
- |
|
Employees |
1,637 |
1,587 |
1,428 |
Annual
Balance Sheet
|
|
|
|
|
Financials
in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Filed
Currency |
EUR |
EUR |
EUR |
|
Exchange
Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Intangible Assets |
82.2 |
62.2 |
59.2 |
|
Land
& Buildings |
13.6 |
14.9 |
17.1 |
|
Plant,
Machinery, and Equipment |
6.7 |
8.4 |
10.4 |
|
Furniture
and Vehicles |
4.3 |
3.5 |
3.5 |
|
Other
Tangible Assets |
0.6 |
0.4 |
0.3 |
|
Assets
Under Construction and Advance Payments |
4.0 |
1.3 |
0.7 |
|
Tangible Assets |
29.3 |
28.5 |
32.0 |
|
Participating
Interests |
774.5 |
786.5 |
905.8 |
|
Affiliated
Enterprises |
774.5 |
786.5 |
905.8 |
|
Participating
Interests |
10.4 |
0.0 |
0.0 |
|
Other
Enterprises Linked by Participating Interests |
10.4 |
0.0 |
0.0 |
|
Shares |
0.3 |
0.3 |
0.4 |
|
Amounts
Receivable and Cash Guarantees |
1.8 |
2.3 |
2.1 |
|
Other
Capital Assets |
2.1 |
2.6 |
2.4 |
|
Capital Assets |
787.0 |
789.0 |
908.2 |
|
Fixed Assets |
898.5 |
879.7 |
999.4 |
|
Trade
Debtors |
12.7 |
7.0 |
5.6 |
|
Other
Amounts Receivable |
5.4 |
9.0 |
2.1 |
|
Amounts Receivable After More
Than One Year |
18.1 |
16.1 |
7.7 |
|
Raw
Materials and Consumables |
66.5 |
68.4 |
46.9 |
|
Work in
Progress |
37.4 |
41.0 |
23.7 |
|
Finished
Goods |
46.8 |
45.7 |
29.9 |
|
Stocks |
150.6 |
155.1 |
100.5 |
|
Orders
in Progress |
22.3 |
23.7 |
24.5 |
|
Inventory and Orders in Progress |
172.9 |
178.9 |
125.0 |
|
Trade
Debtors |
156.0 |
214.7 |
149.3 |
|
Other
Amounts Receivable |
18.0 |
20.6 |
21.2 |
|
Amounts Receivable Within One
Year |
174.0 |
235.3 |
170.5 |
|
Own
Shares |
59.5 |
61.5 |
65.8 |
|
Investments |
59.5 |
61.5 |
65.8 |
|
Liquid Assets |
0.0 |
0.1 |
4.1 |
|
Adjustment Accounts |
18.5 |
5.7 |
6.8 |
|
Current Assets |
443.1 |
497.6 |
379.8 |
|
Total Assets |
1,341.6 |
1,377.3 |
1,379.2 |
|
Issued
Capital |
70.8 |
72.7 |
77.7 |
|
Capital |
70.8 |
72.7 |
77.7 |
|
Paid-In Capital |
174.4 |
175.9 |
188.2 |
|
Legal
Reserve |
8.0 |
8.3 |
8.9 |
|
For Own
Shares |
59.5 |
61.5 |
65.8 |
|
Reserves
Not Available for Distribution |
59.5 |
61.5 |
65.8 |
|
Untaxed
Reserves |
0.0 |
0.0 |
0.0 |
|
Reserves |
67.6 |
69.8 |
74.7 |
|
Pensions
and Similar Obligations |
2.1 |
2.3 |
3.2 |
|
Other
Liabilities and Charges |
23.4 |
30.5 |
25.9 |
|
Provisions
for Liabilities and Charges |
25.5 |
32.7 |
29.1 |
|
Provisions and Deferred Taxes |
25.5 |
32.7 |
29.1 |
|
Capital and Reserves |
517.7 |
461.1 |
364.7 |
|
Credit
Institutions |
27.9 |
29.2 |
36.7 |
|
Other
Loans |
12.7 |
- |
- |
|
Financial
Debts |
40.6 |
29.2 |
36.7 |
|
Other
Amounts Payable |
10.5 |
16.9 |
7.5 |
|
Amounts Due After More Than One
Year |
51.2 |
46.1 |
44.2 |
|
Current
Portion of Amounts Payable After More Than One Year |
6.9 |
11.9 |
14.7 |
|
Credit
Institutions |
506.6 |
596.0 |
774.0 |
|
Financial
Debts |
506.6 |
596.0 |
774.0 |
|
Suppliers |
129.3 |
135.7 |
90.8 |
|
Trade
Debts |
129.3 |
135.7 |
90.8 |
|
Advances
Received on Orders in Progress |
36.8 |
21.2 |
15.6 |
|
Taxes |
9.7 |
15.2 |
15.7 |
|
Remuneration
and Social Security |
35.8 |
32.4 |
25.6 |
|
Taxes,
Wages, and Social Security |
45.5 |
47.6 |
41.3 |
|
Other
Amounts Payable |
20.4 |
24.3 |
4.7 |
|
Amounts Payable Within One Year |
745.5 |
836.7 |
941.1 |
|
Adjustment Accounts |
1.7 |
0.7 |
0.2 |
|
Creditors |
798.4 |
883.5 |
985.4 |
|
Total Liabilities + Shareholders' Equity |
1,341.6 |
1,377.3 |
1,379.2 |
|
|
|
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 |
Reclassified
Normal |
Reclassified
Normal |
Restated
Normal |
|
Filed
Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange
Rate (Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
Ernst
& Young LLP |
Ernst
& Young LLP |
Ernst
& Young LLP |
Ernst
& Young LLP |
Ernst
& Young LLP |
|
Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
1,447.8 |
1,188.0 |
887.4 |
1,060.9 |
1,007.9 |
|
Revenue |
1,447.8 |
1,188.0 |
887.4 |
1,060.9 |
1,007.9 |
|
Total Revenue |
1,447.8 |
1,188.0 |
887.4 |
1,060.9 |
1,007.9 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,012.7 |
807.2 |
653.8 |
702.3 |
623.6 |
|
Cost of Revenue, Total |
1,012.7 |
807.2 |
653.8 |
702.3 |
623.6 |
|
Gross Profit |
435.1 |
380.8 |
233.6 |
358.6 |
384.3 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
240.2 |
216.6 |
189.0 |
244.7 |
215.3 |
|
Total Selling/General/Administrative Expenses |
240.2 |
216.6 |
189.0 |
244.7 |
215.3 |
|
Research & Development |
103.8 |
94.5 |
96.3 |
112.8 |
89.6 |
|
Impairment-Assets Held for Use |
13.9 |
0.0 |
46.3 |
17.4 |
- |
|
Loss (Gain) on Sale of Assets -
Operating |
-0.4 |
-0.1 |
-1.5 |
-0.7 |
-0.6 |
|
Other Unusual Expense (Income) |
- |
0.0 |
0.0 |
-6.3 |
- |
|
Unusual Expense (Income) |
13.5 |
-0.1 |
44.8 |
10.5 |
-0.6 |
|
Other Operating Expense |
0.0 |
0.0 |
8.5 |
27.9 |
0.0 |
|
Other, Net |
-17.4 |
10.0 |
-9.2 |
-11.3 |
-0.4 |
|
Other Operating Expenses, Total |
-17.4 |
10.0 |
-0.7 |
16.6 |
-0.4 |
|
Total Operating Expense |
1,352.8 |
1,128.2 |
983.2 |
1,086.9 |
927.6 |
|
|
|
|
|
|
|
|
Operating Income |
95.1 |
59.8 |
-95.9 |
-26.0 |
80.3 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
-4.8 |
-3.2 |
-7.6 |
-11.9 |
-8.5 |
|
Interest Expense, Net
Non-Operating |
-4.8 |
-3.2 |
-7.6 |
-11.9 |
-8.5 |
|
Interest
Income - Non-Operating |
1.3 |
1.2 |
5.3 |
6.5 |
5.5 |
|
Interest/Investment Income -
Non-Operating |
1.3 |
1.2 |
5.3 |
6.5 |
5.5 |
|
Interest Income (Expense) - Net Non-Operating Total |
-3.5 |
-2.0 |
-2.3 |
-5.4 |
-3.0 |
|
Other Non-Operating Income
(Expense) |
0.0 |
0.0 |
0.0 |
0.2 |
-0.5 |
|
Other, Net |
0.0 |
0.0 |
0.0 |
0.2 |
-0.5 |
|
Income Before Tax |
91.5 |
57.8 |
-98.2 |
-31.3 |
76.9 |
|
|
|
|
|
|
|
|
Total Income Tax |
-14.5 |
0.0 |
-8.9 |
0.0 |
14.2 |
|
Income After Tax |
106.0 |
57.8 |
-89.3 |
-31.3 |
62.7 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Equity In Affiliates |
-0.5 |
- |
- |
- |
- |
|
Net Income Before Extraord Items |
105.5 |
57.8 |
-89.3 |
-31.3 |
62.7 |
|
Discontinued Operations |
0.0 |
0.0 |
6.0 |
58.0 |
10.3 |
|
Total Extraord Items |
0.0 |
0.0 |
6.0 |
58.0 |
10.3 |
|
Net Income |
105.5 |
57.8 |
-83.3 |
26.7 |
73.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
105.5 |
57.8 |
-89.3 |
-31.3 |
62.7 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
105.5 |
57.8 |
-83.3 |
26.7 |
73.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
12.0 |
11.9 |
11.9 |
11.9 |
12.0 |
|
Basic EPS Excl Extraord Items |
8.79 |
4.84 |
-7.48 |
-2.62 |
5.21 |
|
Basic/Primary EPS Incl Extraord Items |
8.79 |
4.84 |
-6.98 |
2.24 |
6.06 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
- |
|
Diluted Net Income |
105.5 |
57.8 |
-83.3 |
26.7 |
73.0 |
|
Diluted Weighted Average Shares |
12.8 |
12.8 |
11.9 |
11.9 |
12.7 |
|
Diluted EPS Excl Extraord Items |
8.22 |
4.52 |
-7.48 |
-2.62 |
4.93 |
|
Diluted EPS Incl Extraord Items |
8.22 |
4.52 |
-6.98 |
2.24 |
5.74 |
|
Dividends per Share - Common Stock Primary Issue |
1.53 |
0.99 |
0.00 |
0.00 |
3.28 |
|
Gross Dividends - Common Stock |
17.4 |
- |
0.0 |
0.0 |
- |
|
Interest Expense, Supplemental |
4.8 |
3.2 |
7.6 |
11.9 |
8.5 |
|
Depreciation, Supplemental |
15.3 |
15.0 |
17.8 |
18.8 |
16.3 |
|
Total Special Items |
13.5 |
-0.1 |
44.8 |
10.5 |
-0.6 |
|
Normalized Income Before Tax |
105.1 |
57.7 |
-53.4 |
-20.8 |
76.2 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
4.7 |
0.0 |
15.7 |
0.0 |
-0.1 |
|
Inc Tax Ex Impact of Sp Items |
-9.7 |
0.0 |
6.8 |
0.0 |
14.1 |
|
Normalized Income After Tax |
114.8 |
57.7 |
-60.2 |
-20.8 |
62.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
114.3 |
57.7 |
-60.2 |
-20.8 |
62.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
9.52 |
4.83 |
-5.04 |
-1.74 |
5.16 |
|
Diluted Normalized EPS |
8.90 |
4.51 |
-5.04 |
-1.74 |
4.89 |
|
Amort of Intangibles, Supplemental |
55.0 |
54.3 |
56.8 |
67.5 |
59.8 |
|
Rental Expenses |
9.2 |
6.8 |
9.2 |
8.0 |
7.3 |
|
Research & Development Exp, Supplemental |
103.8 |
94.5 |
96.3 |
112.8 |
89.6 |
|
Normalized EBIT |
108.6 |
59.7 |
-51.0 |
-15.5 |
79.7 |
|
Normalized EBITDA |
178.8 |
129.0 |
23.5 |
70.7 |
155.8 |
|
Current Tax - Total |
9.2 |
-9.2 |
-14.2 |
15.5 |
22.5 |
|
Current Tax - Total |
9.2 |
-9.2 |
-14.2 |
15.5 |
22.5 |
|
Deferred Tax - Total |
-23.7 |
9.2 |
5.3 |
-15.5 |
-8.3 |
|
Deferred Tax - Total |
-23.7 |
9.2 |
5.3 |
-15.5 |
-8.3 |
|
Income Tax - Total |
-14.5 |
0.0 |
-8.9 |
0.0 |
14.2 |
|
|
|
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 |
Ernst
& Young LLP |
Ernst
& Young LLP |
Ernst
& Young LLP |
Ernst
& Young LLP |
Ernst
& Young LLP |
|
Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
101.1 |
45.7 |
50.6 |
43.6 |
52.1 |
|
Short Term Investments |
1.6 |
16.1 |
15.2 |
56.6 |
55.2 |
|
Cash and Short Term Investments |
102.8 |
61.8 |
65.9 |
100.2 |
107.2 |
|
Accounts
Receivable - Trade, Gross |
251.7 |
283.2 |
204.6 |
249.0 |
306.0 |
|
Provision
for Doubtful Accounts |
-8.8 |
-13.6 |
-11.2 |
-15.0 |
-10.0 |
|
Trade Accounts Receivable - Net |
242.9 |
269.6 |
193.4 |
234.0 |
296.0 |
|
Other Receivables |
45.7 |
43.0 |
37.1 |
41.9 |
40.8 |
|
Total Receivables, Net |
288.6 |
312.6 |
230.5 |
275.9 |
336.8 |
|
Inventories - Finished Goods |
151.2 |
139.4 |
111.8 |
143.0 |
163.9 |
|
Inventories - Work In Progress |
85.2 |
83.8 |
60.5 |
59.8 |
66.6 |
|
Inventories - Raw Materials |
133.0 |
136.6 |
89.6 |
91.5 |
124.6 |
|
Inventories - Other |
-65.6 |
-50.7 |
-52.1 |
-31.4 |
-56.7 |
|
Total Inventory |
303.7 |
309.1 |
209.9 |
262.9 |
298.4 |
|
Prepaid Expenses |
10.9 |
11.8 |
13.0 |
10.4 |
13.0 |
|
Discontinued Operations -
Current Asset |
0.0 |
0.0 |
9.9 |
31.9 |
73.1 |
|
Other Current Assets, Total |
0.0 |
0.0 |
9.9 |
31.9 |
73.1 |
|
Total Current Assets |
706.0 |
695.3 |
529.2 |
681.4 |
828.5 |
|
|
|
|
|
|
|
|
Land/Improvements |
85.8 |
90.0 |
92.7 |
90.2 |
- |
|
Machinery/Equipment |
169.2 |
189.9 |
180.6 |
175.6 |
- |
|
Construction
in Progress |
5.0 |
1.7 |
0.8 |
1.0 |
- |
|
Other Property/Plant/Equipment |
11.8 |
12.4 |
10.3 |
10.2 |
- |
|
Property/Plant/Equipment - Gross |
271.8 |
293.9 |
284.4 |
277.0 |
- |
|
Accumulated Depreciation |
-196.4 |
-218.6 |
-206.7 |
-190.2 |
- |
|
Property/Plant/Equipment - Net |
75.4 |
75.4 |
77.7 |
86.8 |
95.5 |
|
Goodwill, Net |
57.0 |
71.0 |
46.3 |
79.6 |
70.4 |
|
Intangibles - Gross |
507.6 |
469.3 |
416.0 |
356.6 |
362.3 |
|
Accumulated Intangible
Amortization |
-399.1 |
-378.2 |
-330.5 |
-257.4 |
-246.2 |
|
Intangibles, Net |
108.5 |
91.2 |
85.6 |
99.2 |
118.3 |
|
LT Investments - Other |
12.1 |
0.4 |
27.7 |
0.5 |
0.5 |
|
Long Term Investments |
12.1 |
0.4 |
27.7 |
0.5 |
0.5 |
|
Deferred Income Tax - Long Term
Asset |
73.7 |
56.0 |
46.1 |
47.1 |
34.3 |
|
Other Long Term Assets |
24.8 |
23.3 |
8.8 |
7.4 |
5.1 |
|
Other Long Term Assets, Total |
98.5 |
79.3 |
54.9 |
54.5 |
39.4 |
|
Total Assets |
1,057.4 |
1,012.5 |
821.4 |
1,001.9 |
1,152.6 |
|
|
|
|
|
|
|
|
Accounts Payable |
143.8 |
168.2 |
97.4 |
93.1 |
127.7 |
|
Accrued Expenses |
30.5 |
19.0 |
15.5 |
10.9 |
21.5 |
|
Notes Payable/Short Term Debt |
8.6 |
32.2 |
11.6 |
124.1 |
160.8 |
|
Current Portion - Long Term Debt/Capital Leases |
2.2 |
3.5 |
3.4 |
2.8 |
2.8 |
|
Customer Advances |
72.4 |
45.2 |
39.4 |
26.7 |
21.0 |
|
Income Taxes Payable |
28.0 |
31.6 |
17.5 |
29.2 |
34.1 |
|
Discontinued Operations -
Current Liability |
0.0 |
0.0 |
7.8 |
7.7 |
30.0 |
|
Other Current Liabilities |
132.2 |
137.4 |
102.3 |
115.4 |
106.4 |
|
Other Current liabilities, Total |
232.6 |
214.1 |
167.0 |
179.0 |
191.5 |
|
Total Current Liabilities |
417.7 |
437.1 |
294.9 |
409.9 |
504.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
24.7 |
17.0 |
17.1 |
19.0 |
21.6 |
|
Total Long Term Debt |
24.7 |
17.0 |
17.1 |
19.0 |
21.6 |
|
Total Debt |
35.4 |
52.8 |
32.2 |
145.8 |
185.2 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
6.5 |
9.8 |
7.6 |
4.5 |
5.0 |
|
Deferred Income Tax |
6.5 |
9.8 |
7.6 |
4.5 |
5.0 |
|
Minority Interest |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Liabilities |
10.5 |
17.8 |
7.8 |
8.1 |
5.3 |
|
Other Liabilities, Total |
10.5 |
17.8 |
7.8 |
8.1 |
5.3 |
|
Total Liabilities |
459.4 |
481.8 |
327.4 |
441.4 |
536.2 |
|
|
|
|
|
|
|
|
Common Stock |
70.8 |
72.7 |
77.7 |
75.3 |
79.2 |
|
Common Stock |
70.8 |
72.7 |
77.7 |
75.3 |
79.2 |
|
Additional Paid-In Capital |
174.4 |
175.9 |
188.2 |
182.3 |
191.7 |
|
Retained Earnings (Accumulated Deficit) |
448.3 |
378.5 |
342.2 |
414.9 |
451.4 |
|
Treasury Stock - Common |
-59.2 |
-61.2 |
-65.5 |
-63.4 |
-64.9 |
|
Translation Adjustment |
-39.7 |
-38.6 |
-54.2 |
-53.6 |
-45.0 |
|
Other Equity |
3.4 |
3.4 |
5.5 |
5.0 |
4.0 |
|
Other Equity, Total |
-36.2 |
-35.2 |
-48.7 |
-48.6 |
-41.0 |
|
Total Equity |
598.1 |
530.7 |
493.9 |
560.4 |
616.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,057.4 |
1,012.5 |
821.4 |
1,001.8 |
1,152.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common
Stock Primary Issue |
12.0 |
11.9 |
11.9 |
11.9 |
12.0 |
|
Total Common Shares Outstanding |
12.0 |
11.9 |
11.9 |
11.9 |
12.0 |
|
Treasury Shares - Common Stock Primary Issue |
0.7 |
0.7 |
0.7 |
0.7 |
0.7 |
|
Employees |
3,507 |
3,499 |
3,217 |
3,522 |
3,560 |
|
Accumulated Intangible Amort, Suppl. |
399.1 |
378.2 |
330.5 |
257.4 |
246.2 |
|
Deferred Revenue - Current |
72.4 |
45.2 |
39.4 |
26.7 |
21.0 |
|
Total Long Term Debt, Supplemental |
30.7 |
20.5 |
20.5 |
21.4 |
24.4 |
|
Long Term Debt Maturing within 1 Year |
2.2 |
3.5 |
3.4 |
2.4 |
2.8 |
|
Long Term Debt Maturing in Year 2 |
12.7 |
3.2 |
2.4 |
2.3 |
2.4 |
|
Long Term Debt Maturing in Year 3 |
4.7 |
3.0 |
2.2 |
2.1 |
2.2 |
|
Long Term Debt Maturing in Year 4 |
0.3 |
1.9 |
2.2 |
2.1 |
2.2 |
|
Long Term Debt Maturing in Year 5 |
0.3 |
0.2 |
1.1 |
2.1 |
2.2 |
|
Long Term Debt Maturing in 2-3 Years |
17.4 |
6.2 |
4.5 |
4.4 |
4.6 |
|
Long Term Debt Maturing in 4-5 Years |
0.7 |
2.1 |
3.2 |
4.2 |
4.4 |
|
Long Term Debt Matur. in Year 6 & Beyond |
10.4 |
8.7 |
9.3 |
10.4 |
12.6 |
|
Total Operating Leases, Supplemental |
17.0 |
19.4 |
20.3 |
23.6 |
19.8 |
|
Operating Lease Payments Due in Year 1 |
7.6 |
6.4 |
7.6 |
8.7 |
6.8 |
|
Operating Lease Payments Due in Year 2 |
2.3 |
3.0 |
0.8 |
3.6 |
3.0 |
|
Operating Lease Payments Due in Year 3 |
2.3 |
3.0 |
3.7 |
3.6 |
3.0 |
|
Operating Lease Payments Due in Year 4 |
2.3 |
3.0 |
3.7 |
3.6 |
3.0 |
|
Operating Lease Payments Due in Year 5 |
2.3 |
3.0 |
3.7 |
3.6 |
3.0 |
|
Operating Lease Pymts. Due in 2-3 Years |
4.7 |
5.9 |
4.5 |
7.1 |
6.0 |
|
Operating Lease Pymts. Due in 4-5 Years |
4.7 |
5.9 |
7.4 |
7.1 |
6.0 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.0 |
1.2 |
0.8 |
0.6 |
1.0 |
|
|
|
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 |
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 |
Ernst
& Young LLP |
Ernst
& Young LLP |
Ernst
& Young LLP |
Ernst
& Young LLP |
Ernst
& Young LLP |
|
Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
95.1 |
59.8 |
-95.8 |
-26.0 |
80.3 |
|
Depreciation |
19.6 |
17.6 |
17.8 |
18.8 |
16.8 |
|
Depreciation/Depletion |
19.6 |
17.6 |
17.8 |
18.8 |
16.8 |
|
Amortization of Intangibles |
50.7 |
51.7 |
56.8 |
67.5 |
54.4 |
|
Amortization |
50.7 |
51.7 |
56.8 |
67.5 |
54.4 |
|
Discontinued Operations |
0.0 |
0.0 |
-10.1 |
9.5 |
16.4 |
|
Unusual Items |
15.6 |
1.7 |
42.1 |
8.4 |
-0.6 |
|
Equity in Net Earnings (Loss) |
-0.5 |
0.0 |
0.0 |
- |
- |
|
Other Non-Cash Items |
-18.4 |
-1.4 |
-1.7 |
-30.6 |
-20.8 |
|
Non-Cash Items |
-3.3 |
0.3 |
30.4 |
-12.8 |
-4.9 |
|
Accounts Receivable |
17.3 |
-73.4 |
47.9 |
- |
- |
|
Inventories |
-3.5 |
-90.4 |
60.7 |
26.8 |
-96.0 |
|
Other Assets |
- |
- |
- |
47.9 |
-0.1 |
|
Accounts Payable |
-20.4 |
73.3 |
-2.8 |
-33.7 |
33.1 |
|
Other Assets & Liabilities,
Net |
49.9 |
27.8 |
15.5 |
14.9 |
-13.3 |
|
Other Operating Cash Flow |
-3.7 |
-4.6 |
-5.9 |
18.1 |
1.0 |
|
Changes in Working Capital |
39.7 |
-67.3 |
115.4 |
74.0 |
-75.3 |
|
Cash from Operating Activities |
201.7 |
62.1 |
124.6 |
121.5 |
71.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-28.2 |
-17.7 |
-7.6 |
-14.1 |
-17.7 |
|
Purchase/Acquisition of
Intangibles |
-64.6 |
-54.4 |
-45.6 |
-68.8 |
-70.6 |
|
Capital Expenditures |
-92.8 |
-72.2 |
-53.2 |
-82.9 |
-88.4 |
|
Acquisition of Business |
-13.0 |
-13.1 |
0.0 |
-53.3 |
0.0 |
|
Sale of Business |
-2.0 |
2.6 |
0.0 |
0.0 |
0.0 |
|
Sale of Fixed Assets |
4.5 |
1.1 |
1.7 |
1.2 |
2.9 |
|
Other Investing Cash Flow |
-12.5 |
0.0 |
5.2 |
87.1 |
9.7 |
|
Other Investing Cash Flow Items, Total |
-22.9 |
-9.3 |
7.0 |
35.0 |
12.6 |
|
Cash from Investing Activities |
-115.8 |
-81.5 |
-46.3 |
-47.9 |
-75.8 |
|
|
|
|
|
|
|
|
Cash Dividends Paid - Common |
-17.6 |
0.0 |
0.0 |
-41.8 |
-38.0 |
|
Total Cash Dividends Paid |
-17.6 |
0.0 |
0.0 |
-41.8 |
-38.0 |
|
Sale/Issuance
of Common |
5.0 |
0.0 |
0.0 |
0.0 |
2.0 |
|
Repurchase/Retirement
of Common |
0.0 |
0.0 |
0.0 |
-1.8 |
-15.6 |
|
Common Stock, Net |
5.0 |
0.0 |
0.0 |
-1.8 |
-13.5 |
|
Issuance (Retirement) of Stock, Net |
5.0 |
0.0 |
0.0 |
-1.8 |
-13.5 |
|
Short Term Debt, Net |
-25.6 |
21.4 |
-112.3 |
-30.2 |
47.9 |
|
Long Term Debt, Net |
-1.7 |
-1.9 |
-2.5 |
-1.7 |
-3.0 |
|
Issuance (Retirement) of Debt, Net |
-27.3 |
19.6 |
-114.7 |
-31.8 |
44.9 |
|
Cash from Financing Activities |
-39.9 |
19.6 |
-114.7 |
-75.4 |
-6.6 |
|
|
|
|
|
|
|
|
Net Change in Cash |
45.9 |
0.2 |
-36.5 |
-1.8 |
-11.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
64.0 |
60.8 |
100.3 |
107.3 |
111.4 |
|
Net Cash - Ending Balance |
110.0 |
61.0 |
63.8 |
105.5 |
100.4 |
|
|
|
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 |
Reclassified
Normal |
Reclassified
Normal |
Restated
Normal |
|
Filed
Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange
Rate (Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
Ernst
& Young LLP |
Ernst
& Young LLP |
Ernst
& Young LLP |
Ernst
& Young LLP |
Ernst
& Young LLP |
|
Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Turnover |
1,447.8 |
1,188.0 |
887.4 |
1,060.9 |
1,007.9 |
|
Total Revenue |
1,447.8 |
1,188.0 |
887.4 |
1,060.9 |
1,007.9 |
|
|
|
|
|
|
|
|
Cost of Goods Sold |
1,012.7 |
807.2 |
653.8 |
702.3 |
623.6 |
|
Research & Develop. |
103.8 |
94.5 |
96.3 |
112.8 |
89.6 |
|
Sales & Marketing |
170.3 |
151.7 |
131.1 |
170.0 |
149.2 |
|
General & Admin. |
69.8 |
64.9 |
57.9 |
74.8 |
66.2 |
|
Other Income |
-17.4 |
10.0 |
-9.2 |
-11.3 |
-0.4 |
|
Gain on Disposals |
-0.4 |
-0.1 |
-1.5 |
-0.7 |
-0.6 |
|
Impairment/Amortisation of
Goodwill |
13.9 |
0.0 |
34.8 |
2.3 |
- |
|
Impairment on Contracts in
Progress |
0.0 |
0.0 |
3.0 |
0.0 |
- |
|
Restructuring Prov. |
0.0 |
0.0 |
8.5 |
27.9 |
0.0 |
|
Impairment on Capitalized
Development |
0.0 |
0.0 |
8.5 |
15.1 |
- |
|
Governent Gains on Capitalized
Developme |
- |
0.0 |
0.0 |
-6.3 |
- |
|
Total Operating Expense |
1,352.8 |
1,128.2 |
983.2 |
1,086.9 |
927.6 |
|
|
|
|
|
|
|
|
Interest Income |
1.3 |
1.2 |
5.3 |
6.5 |
5.5 |
|
Other Non-Operating |
0.0 |
0.0 |
0.0 |
0.2 |
-0.5 |
|
Interest/Debt Chrgs. |
-4.8 |
-3.2 |
-7.6 |
-11.9 |
-8.5 |
|
Net Income Before Taxes |
91.5 |
57.8 |
-98.2 |
-31.3 |
76.9 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
-14.5 |
0.0 |
-8.9 |
0.0 |
14.2 |
|
Net Income After Taxes |
106.0 |
57.8 |
-89.3 |
-31.3 |
62.7 |
|
|
|
|
|
|
|
|
Equity In Affiliates |
-0.5 |
- |
- |
- |
- |
|
Min. Interest |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income Before Extra. Items |
105.5 |
57.8 |
-89.3 |
-31.3 |
62.7 |
|
Net Income from Discontinued
Operations |
0.0 |
0.0 |
6.0 |
58.0 |
10.3 |
|
Net Income |
105.5 |
57.8 |
-83.3 |
26.7 |
73.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
105.5 |
57.8 |
-89.3 |
-31.3 |
62.7 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
105.5 |
57.8 |
-83.3 |
26.7 |
73.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
12.0 |
11.9 |
11.9 |
11.9 |
12.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
8.79 |
4.84 |
-7.48 |
-2.62 |
5.21 |
|
Basic EPS Including ExtraOrdinary Item |
8.79 |
4.84 |
-6.98 |
2.24 |
6.06 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
- |
|
Diluted Net Income |
105.5 |
57.8 |
-83.3 |
26.7 |
73.0 |
|
Diluted Weighted Average Shares |
12.8 |
12.8 |
11.9 |
11.9 |
12.7 |
|
Diluted EPS Excluding ExtraOrd Items |
8.22 |
4.52 |
-7.48 |
-2.62 |
4.93 |
|
Diluted EPS Including ExtraOrd Items |
8.22 |
4.52 |
-6.98 |
2.24 |
5.74 |
|
DPS-Common Stock |
1.53 |
0.99 |
0.00 |
0.00 |
3.28 |
|
Gross Dividends - Common Stock |
17.4 |
- |
0.0 |
0.0 |
- |
|
Normalized Income Before Taxes |
105.1 |
57.7 |
-53.4 |
-20.8 |
76.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
-9.7 |
0.0 |
6.8 |
0.0 |
14.1 |
|
Normalized Income After Taxes |
114.8 |
57.7 |
-60.2 |
-20.8 |
62.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
114.3 |
57.7 |
-60.2 |
-20.8 |
62.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
9.52 |
4.83 |
-5.04 |
-1.74 |
5.16 |
|
Diluted Normalized EPS |
8.90 |
4.51 |
-5.04 |
-1.74 |
4.89 |
|
Research & Development Exp |
103.8 |
94.5 |
96.3 |
112.8 |
89.6 |
|
Interest Expense |
4.8 |
3.2 |
7.6 |
11.9 |
8.5 |
|
Amort of Intangibles |
55.0 |
54.3 |
56.8 |
67.5 |
59.8 |
|
Depreciation |
15.3 |
15.0 |
17.8 |
18.8 |
16.3 |
|
Rental Expense |
9.2 |
6.8 |
9.2 |
8.0 |
7.3 |
|
Current Tax |
9.2 |
-9.2 |
-14.2 |
15.5 |
22.5 |
|
Current Tax - Total |
9.2 |
-9.2 |
-14.2 |
15.5 |
22.5 |
|
Deferred Tax |
-23.7 |
9.2 |
5.3 |
-15.5 |
-8.3 |
|
Deferred Tax - Total |
-23.7 |
9.2 |
5.3 |
-15.5 |
-8.3 |
|
Income Tax - Total |
-14.5 |
0.0 |
-8.9 |
0.0 |
14.2 |
|
|
|
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 |
Ernst
& Young LLP |
Ernst
& Young LLP |
Ernst
& Young LLP |
Ernst
& Young LLP |
Ernst
& Young LLP |
|
Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Raw Materials |
133.0 |
136.6 |
89.6 |
91.5 |
124.6 |
|
Work in Progress |
85.2 |
83.8 |
60.5 |
59.8 |
66.6 |
|
Finished Goods |
151.2 |
139.4 |
111.8 |
143.0 |
163.9 |
|
Advances |
- |
- |
- |
0.0 |
0.0 |
|
Contr. Progress |
36.5 |
42.1 |
37.1 |
43.8 |
24.9 |
|
Amounts W.O. |
-102.1 |
-92.7 |
-89.2 |
-75.2 |
-81.6 |
|
Trade Debtors, Gross |
251.7 |
283.2 |
204.6 |
249.0 |
306.0 |
|
Provisions for Doubtful Accounts |
-8.8 |
-13.6 |
-11.2 |
-15.0 |
-10.0 |
|
Other Receivable |
45.7 |
43.0 |
37.1 |
41.9 |
40.8 |
|
ST Investments |
1.6 |
16.1 |
15.2 |
56.6 |
55.2 |
|
Cash |
101.1 |
45.7 |
50.6 |
43.6 |
52.1 |
|
Prepayments |
10.9 |
11.8 |
13.0 |
10.4 |
13.0 |
|
Assets from Discontinued
Operations |
0.0 |
0.0 |
9.9 |
31.9 |
73.1 |
|
Total Current Assets |
706.0 |
695.3 |
529.2 |
681.4 |
828.5 |
|
|
|
|
|
|
|
|
Goodwill, Net |
57.0 |
71.0 |
46.3 |
79.6 |
70.4 |
|
Capital. Dvlp Co |
461.7 |
432.9 |
385.1 |
331.3 |
362.3 |
|
Other Intangible |
45.9 |
36.4 |
31.0 |
25.4 |
- |
|
Amortisation |
-399.1 |
-378.2 |
-330.5 |
-257.4 |
-246.2 |
|
Intangible, Net |
- |
- |
- |
- |
2.3 |
|
Land & Buildings, Net |
- |
- |
- |
- |
51.2 |
|
Assets under Construction, Net |
- |
- |
- |
- |
3.0 |
|
Other Tangibles, net |
- |
- |
- |
- |
41.4 |
|
Deferred Tax |
73.7 |
56.0 |
46.1 |
47.1 |
34.3 |
|
Land/Buildings |
85.8 |
90.0 |
92.7 |
90.2 |
- |
|
Plant/Machinery |
121.1 |
128.3 |
119.1 |
115.3 |
- |
|
Furnit./Vehicle |
48.1 |
61.6 |
61.5 |
60.3 |
- |
|
Other Tangible |
11.8 |
12.4 |
10.3 |
10.2 |
- |
|
Assets Constr. |
5.0 |
1.7 |
0.8 |
1.0 |
- |
|
Depreciation |
-196.4 |
-218.6 |
-206.7 |
-190.2 |
- |
|
Investments |
10.8 |
0.4 |
27.7 |
0.5 |
0.5 |
|
Shares/Other |
1.3 |
0.0 |
0.0 |
- |
- |
|
Other Assets |
24.8 |
23.3 |
8.8 |
7.4 |
5.1 |
|
Adjustment |
- |
- |
0.0 |
0.0 |
- |
|
Total Assets |
1,057.4 |
1,012.5 |
821.4 |
1,001.9 |
1,152.6 |
|
|
|
|
|
|
|
|
Current Portion Long Term Debt |
2.2 |
3.5 |
3.4 |
2.8 |
2.8 |
|
ST Debts |
8.6 |
32.2 |
11.6 |
124.1 |
160.8 |
|
Trade Payables |
143.8 |
168.2 |
97.4 |
93.1 |
127.7 |
|
Advances |
72.4 |
45.2 |
39.4 |
26.7 |
21.0 |
|
Taxes |
28.0 |
31.6 |
17.5 |
29.2 |
34.1 |
|
Personnel Costs |
67.2 |
63.9 |
40.8 |
52.9 |
55.3 |
|
Other Curr. Liabilities |
10.4 |
8.7 |
5.7 |
6.4 |
6.7 |
|
Accrued Charges |
30.5 |
19.0 |
15.5 |
10.9 |
21.5 |
|
Provisions |
54.6 |
64.8 |
55.7 |
56.1 |
44.4 |
|
Discontinued Operations -
Liabilities |
0.0 |
0.0 |
7.8 |
7.7 |
30.0 |
|
Total Current Liabilities |
417.7 |
437.1 |
294.9 |
409.9 |
504.3 |
|
|
|
|
|
|
|
|
LT Int. Bearing |
24.7 |
17.0 |
17.1 |
19.0 |
21.6 |
|
Total Long Term Debt |
24.7 |
17.0 |
17.1 |
19.0 |
21.6 |
|
|
|
|
|
|
|
|
Deferred Tax |
6.5 |
9.8 |
7.6 |
4.5 |
5.0 |
|
Other LT Liab. |
10.5 |
17.8 |
7.8 |
8.1 |
5.3 |
|
Min. Interest |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Liabilities |
459.4 |
481.8 |
327.4 |
441.4 |
536.2 |
|
|
|
|
|
|
|
|
Share Capital |
70.8 |
72.7 |
77.7 |
75.3 |
79.2 |
|
Share Premium |
174.4 |
175.9 |
188.2 |
182.3 |
191.7 |
|
Retained Earning |
448.3 |
378.5 |
342.2 |
414.9 |
451.4 |
|
Acq. Own Shares |
-59.2 |
-61.2 |
-65.5 |
-63.4 |
-64.9 |
|
Transl. Differ. |
-39.7 |
-38.6 |
-54.2 |
-53.6 |
-45.0 |
|
Share-based Payments |
5.4 |
4.7 |
4.6 |
4.0 |
3.2 |
|
Derivatives |
-2.0 |
-1.3 |
0.9 |
1.1 |
0.7 |
|
Total Equity |
598.1 |
530.7 |
493.9 |
560.4 |
616.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,057.4 |
1,012.5 |
821.4 |
1,001.8 |
1,152.6 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
12.0 |
11.9 |
11.9 |
11.9 |
12.0 |
|
Total Common Shares Outstanding |
12.0 |
11.9 |
11.9 |
11.9 |
12.0 |
|
T/S-Common Stock |
0.7 |
0.7 |
0.7 |
0.7 |
0.7 |
|
Deferred Revenue - Current |
72.4 |
45.2 |
39.4 |
26.7 |
21.0 |
|
Accumulated Intangible Amortization |
399.1 |
378.2 |
330.5 |
257.4 |
246.2 |
|
Full-Time Employees |
3,507 |
3,499 |
3,217 |
3,522 |
3,560 |
|
Long Term Debt Due Within 1 Year |
2.2 |
3.5 |
3.4 |
2.4 |
2.8 |
|
Long Term debt Due in 2 Years |
12.7 |
3.2 |
2.4 |
2.3 |
2.4 |
|
Long Term Debt Due in 3 Years |
4.7 |
3.0 |
2.2 |
2.1 |
2.2 |
|
Long Term Debt Due in 4 Years |
0.3 |
1.9 |
2.2 |
2.1 |
2.2 |
|
Long Term Debt Due in 5 Years |
0.3 |
0.2 |
1.1 |
2.1 |
2.2 |
|
Long Term Debt - Remaining Maturities |
10.4 |
8.7 |
9.3 |
10.4 |
12.6 |
|
Total Long Term Debt, Supplemental |
30.7 |
20.5 |
20.5 |
21.4 |
24.4 |
|
Operating Leases Due Within 1 Year |
7.6 |
6.4 |
7.6 |
8.7 |
6.8 |
|
Operating Leases Due in 5 Years |
9.4 |
11.8 |
11.2 |
14.3 |
11.9 |
|
Operating Leases - Remaining Maturities |
0.0 |
1.2 |
0.8 |
0.6 |
1.0 |
|
Optg leases-year 2 |
- |
- |
0.8 |
- |
- |
|
Total Operating Leases |
17.0 |
19.4 |
20.3 |
23.6 |
19.8 |
|
|
|
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 |
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 |
Ernst
& Young LLP |
Ernst
& Young LLP |
Ernst
& Young LLP |
Ernst
& Young LLP |
Ernst
& Young LLP |
|
Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
EBITA |
95.1 |
59.8 |
-95.8 |
-26.0 |
80.3 |
|
Depreciation |
19.6 |
17.6 |
17.8 |
18.8 |
16.8 |
|
Impairment of Capitalized
Develop. Cost |
15.8 |
1.7 |
43.3 |
8.8 |
0.0 |
|
Restructuring Provision |
-4.7 |
-4.9 |
-6.4 |
17.2 |
0.0 |
|
Amort./Intangibles |
50.7 |
51.7 |
56.8 |
67.5 |
54.4 |
|
Disposal/Fixed Asset |
-0.1 |
0.0 |
-1.2 |
-0.5 |
-0.6 |
|
Share of profit/ (loss) of joint
venture |
-0.5 |
0.0 |
0.0 |
- |
- |
|
Share Option At Cost |
0.9 |
0.4 |
0.5 |
0.9 |
1.0 |
|
Discontinued Oper. CF from
Operating A |
0.0 |
0.0 |
-0.1 |
7.7 |
26.6 |
|
Trade Debtors |
17.3 |
-73.4 |
47.9 |
- |
- |
|
Other Receivable |
- |
- |
- |
47.9 |
-0.1 |
|
Inventory |
-3.5 |
-90.4 |
60.7 |
26.8 |
-96.0 |
|
S-T Payable |
-20.4 |
73.3 |
-2.8 |
-33.7 |
33.1 |
|
Other Changes W.C. |
49.9 |
27.8 |
15.5 |
14.9 |
-13.3 |
|
Discontinued Oper. Change in NWC |
0.0 |
0.0 |
-10.5 |
1.6 |
-6.7 |
|
Interest Net |
-3.5 |
-1.9 |
-2.3 |
-5.4 |
-3.0 |
|
Income Tax |
-14.9 |
0.5 |
0.6 |
-25.2 |
-17.8 |
|
Other Non-Operating Resutl |
0.0 |
0.0 |
0.0 |
- |
- |
|
Discontinued Oper. Income Taxes |
0.0 |
0.0 |
0.5 |
0.2 |
-3.5 |
|
Cash from Operating Activities |
201.7 |
62.1 |
124.6 |
121.5 |
71.4 |
|
|
|
|
|
|
|
|
Exp. Product Development |
-64.6 |
-54.4 |
-45.6 |
-68.8 |
-70.6 |
|
Acq. Tang./Intangibles |
-28.2 |
-17.7 |
-7.6 |
-14.1 |
-17.7 |
|
Disp. Tang./Intangibles |
4.5 |
1.1 |
1.7 |
1.2 |
2.9 |
|
Acq. Group Companies |
-13.0 |
-13.1 |
0.0 |
-53.3 |
0.0 |
|
Disp. Group Company |
-2.0 |
2.6 |
0.0 |
0.0 |
0.0 |
|
Interest in joint ventures |
-1.4 |
0.0 |
0.0 |
- |
- |
|
Other Investing Act. |
-11.1 |
0.0 |
-26.4 |
0.0 |
0.0 |
|
Discontinued Operations of
Investing Act |
0.0 |
0.0 |
31.7 |
87.1 |
9.7 |
|
Cash from Investing Activities |
-115.8 |
-81.5 |
-46.3 |
-47.9 |
-75.8 |
|
|
|
|
|
|
|
|
Dividend Payable |
-17.6 |
0.0 |
0.0 |
-41.8 |
-38.0 |
|
Share Issue |
5.0 |
0.0 |
0.0 |
0.0 |
2.0 |
|
Own Shares |
0.0 |
0.0 |
0.0 |
-1.8 |
-15.6 |
|
Pay. LT Liabilities |
-1.7 |
-1.9 |
-2.5 |
-1.7 |
-3.0 |
|
Pay. ST Liabilities |
-25.6 |
21.4 |
-112.3 |
-30.2 |
47.9 |
|
Cash from Financing Activities |
-39.9 |
19.6 |
-114.7 |
-75.4 |
-6.6 |
|
|
|
|
|
|
|
|
Net Change in Cash |
45.9 |
0.2 |
-36.5 |
-1.8 |
-11.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
64.0 |
60.8 |
100.3 |
107.3 |
111.4 |
|
Net Cash - Ending Balance |
110.0 |
61.0 |
63.8 |
105.5 |
100.4 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items
(millions) and per share items (actual units) |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
Financials in: USD (mil) |
|
|
Except for share items
(millions) and per share items (actual units) |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
Financials in: USD (mil) |