MIRA
INFORM REPORT
|
Report Date : |
19.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
PICANOL NV |
|
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Registered Office : |
Steverlyncklaan 15, Ieper, 8900 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1928 |
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Com. Reg. No.: |
405502362 |
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Legal Form : |
Public Subsidiary Company |
|
|
|
|
Line of Business : |
development,
production and sale of weaving machines and other related technologies for
the textile industry |
|
|
|
|
No. of Employees : |
1,900 |
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 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name & address
Picanol NV
Steverlyncklaan 15
Ieper, 8900
Belgium
Tel: 32-57-222111
Fax: 32-57-222001
Web: www.picanolgroup.com
Synthesis
Employees: 1,900
Company Type: Public Subsidiary
Corporate Family: 11
Companies
Ultimate Parent: Oostrotex
Traded: Euronext Brussels: PIC
Incorporation Date: 1928
Auditor: Deloitte LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: Euro
Annual Sales: 649.3
1
Net Income: 84.8
Total Assets: 374.2
2
Market Value: 231.1 (24-May-2012)
Business Description
Picanol NV is a Belgium-based company engaged in the development, production and sale of weaving machines and other related technologies for the textile industry. The Company operates through two divisions: weaving machines and industries. Weaving Solutions (Picanol) develops, manufactures and sells high-tech weaving machines, based on air (airjet) or rapier (rapier) technology. It supplies weaving machines to weaving mills worldwide and Melotte to the design, development, manufacturing and support of technological components, services and mechatronical system solutions for original equipment manufacturers in various industries. Manufacturing comprises all foundry activities (Proferro) and the group’s mechanic finishing activities. As of December December 31, 2010, the Picanol Group had subsidiaries and production facilities in Asia, Europe and the United States, Brazil, Mexico and India. For the fiscal year ended 31 December 2011, Picanol NV's total revenue increased 18% to EUR467M. Net income increased 73% to EUR61M. Total revenue reflects high global demand for weaving machines, also supported by the favorable exchange rate of the yen and the weaker euro. Net income benefited from an increase in both gross and operating margin due to strict cost control, and the capital gain linked to the sale of GTP Greenville.
Industry
Industry Miscellaneous Capital Goods
ANZSIC 2006: 2469 - Other
Specialised Machinery and Equipment Manufacturing
NACE 2002: 2954 - Manufacture
of machinery for textile, apparel and leather production
NAICS 2002: 333292 - Textile
Machinery Manufacturing
UK SIC 2003: 2954 - Manufacture
of machinery for textile, apparel and leather production
US SIC 1987: 3552 - Textile
Machinery
Key Executives
|
Name |
Title |
|
Luc Tack |
Appointed Executive Director, Member of the Management Committee |
|
Karen D'Hondt |
Compliance Officer, Group Controller, Company Secretary |
|
Johan Verstraete |
Vice President Marketing, Sales and Service, Member of the Management
Committee |
|
Philip De Bie |
Vice-President Accessories & IT, Member of the Management
Committee, Representative of VOF Pretium Plus |
|
Jurgen Couvreur |
Directeur Administratif, Financier & Secretaire |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
Divestitures |
1 |
Picanol NV Sells Steel Heddle To Groz-Beckert-Tijd |
20-Sep-2011 |
* number of significant developments within the last 12 months
News
|
Title |
Date |
|
The effect of loom settings on weavability
limits on air-jet weaving machines |
1-Jan-2012 |
|
KBC Securities restarts coverage on
Belgian Picanol with "buy" rating |
18-Nov-2011 |
|
Belgian Picanol to sell US Steel Heddle
unit |
21-Sep-2011 |
Financial Summary
As of 31-Dec-2011
Key Ratios Company Industry
Current Ratio (MRQ) 2.27 1.95
Quick Ratio (MRQ) 1.83 1.03
Debt to Equity (MRQ) 0.05 0.45
Sales 5 Year Growth 2.62 6.22
Net Profit Margin (TTM) % 13.07 7.96
Return on Assets (TTM) % 23.98 8.48
Return on Equity (TTM) % 46.61 17.58
Stock Snapshot
|
Registered
No.(VAT): 405502362
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
Corporate Overview
Location
Steverlyncklaan 15
Ieper, 8900
Belgium
Tel: 32-57-222111
Fax: 32-57-222001
Web: www.picanolgroup.com
Quote Symbol - Exchange
PIC - Euronext
Brussels
Sales EUR(mil): 467.0
Assets EUR(mil): 288.3
Employees: 1,900
Fiscal Year End: 31-Dec-2011
Industry: Miscellaneous Capital Goods
Incorporation Date: 1928
Company Type: Public Subsidiary
Quoted Status: Quoted
Registered No.(VAT): 405502362
Appointed
Executive Director, Member of the Management Committee:
· Luc Tack
Company Web Links
Corporate History/Profile
Employment Opportunities
Executives
Financial Information
Home Page
Investor Relations
News Releases
Products/Services
Contents
Industry Codes
Business Description
Brand/Trade Names
Financial Data
Market Data
Shareholders
Subsidiaries
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2469 - Other Specialised Machinery and Equipment Manufacturing
NACE 2002 Codes:
2954 - Manufacture of machinery for textile, apparel and leather
production
2924 - Manufacture of other general purpose machinery not
elsewhere classified
NAICS 2002 Codes:
333292 - Textile Machinery Manufacturing
333298 - All Other Industrial Machinery Manufacturing
US SIC 1987:
3559 - Special Industry Machinery, Not Elsewhere Classified
3552 - Textile Machinery
UK SIC 2003:
2924 - Manufacture of other general purpose machinery not
elsewhere classified
2954 - Manufacture of machinery for textile, apparel and leather
production
Business
Description
Picanol NV is a Belgium-based company engaged in the development, production and sale of weaving machines and other related technologies for the textile industry. The Company operates through two divisions: weaving machines and industries. Weaving Solutions (Picanol) develops, manufactures and sells high-tech weaving machines, based on air (airjet) or rapier (rapier) technology. It supplies weaving machines to weaving mills worldwide and Melotte to the design, development, manufacturing and support of technological components, services and mechatronical system solutions for original equipment manufacturers in various industries. Manufacturing comprises all foundry activities (Proferro) and the group’s mechanic finishing activities. As of December December 31, 2010, the Picanol Group had subsidiaries and production facilities in Asia, Europe and the United States, Brazil, Mexico and India. For the fiscal year ended 31 December 2011, Picanol NV's total revenue increased 18% to EUR467M. Net income increased 73% to EUR61M. Total revenue reflects high global demand for weaving machines, also supported by the favorable exchange rate of the yen and the weaker euro. Net income benefited from an increase in both gross and operating margin due to strict cost control, and the capital gain linked to the sale of GTP Greenville.
More Business
Descriptions
Manufacture of machinery for textile, apparel, and leather production
Development, production and sales of weaving machines and supply od
total technology solutions for the textile industry and other industries
This major group includes establishments primarily engaged in the
wholesale distribution of durable goods.
Other Industrial Machinery Manufacturing
Brand/Trade Names
PICANOL
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Corporate
Family |
Corporate
Structure News: |
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Picanol NV |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Oostrotex |
Parent |
Bachte-Maria-Leerne |
Belgium |
Personal and Household Products |
7.9 |
21 |
|
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Picanol NV |
Subsidiary |
Ieper |
Belgium |
Miscellaneous Capital Goods |
649.3 |
1,900 |
|
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Proferro |
Subsidiary |
Ieper |
Belgium |
Iron and Steel |
111.2 |
547 |
|
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Psicontrol Mechatronics |
Subsidiary |
Ieper |
Belgium |
Electronic Instruments and Controls |
49.0 |
113 |
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Melotte |
Subsidiary |
Zonhoven |
Belgium |
Miscellaneous Fabricated Products |
7.0 |
50 |
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Gerber Technology |
Subsidiary |
Zaventem |
Belgium |
Audio and Video Equipment |
54.8 |
40 |
|
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Verbrugge |
Subsidiary |
Ieper |
Belgium |
Miscellaneous Capital Goods |
20.7 |
40 |
|
|
Garage Felix Mol |
Subsidiary |
Sint-Lenaarts |
Belgium |
Retail (Specialty) |
12.6 |
12 |
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Garage Felix - Herentals |
Subsidiary |
Sint-Lenaarts |
Belgium |
Retail (Specialty) |
10.2 |
12 |
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De Smet - Van Rossem |
Subsidiary |
Herdersem |
Belgium |
Trucking |
0.0 |
5 |
|
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Garage Albert Marchal |
Subsidiary |
Malonne |
Belgium |
Retail (Specialty) |
0.0 |
1 |
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Executive report
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Board of
Directors |
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Executive Chairman of the Board, Member of
the Management Committee, Representative of Findar BVBA |
Chairman |
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Chairman |
Chairman |
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Non-Executive Independent Director,
Permanent Representative of NV Kantoor Torrimmo |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Non-Executive Independent Director,
Permanent Representative of M.O.S.T. BVBA |
Director/Board Member |
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Executive Director, Permanent
Representative of Pasma NV |
Director/Board Member |
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Appointed Executive Director, Member of
the Management Committee |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Non-Executive Independent Director,
Representative of HRV NV |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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Appointed Executive Director, Member of
the Management Committee |
Managing Director |
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Administrator |
Administration Executive |
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Administrator |
Administration Executive |
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Directeur Administratif, Financier &
Secretaire |
Administration Executive |
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Vice-President Accessories & IT,
Member of the Management Committee, Representative of VOF Pretium Plus |
Administration Executive |
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Vice-President Industries, Member of the
Management Committee |
Administration Executive |
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Administrator, Shareholders'
Representative |
Administration Executive |
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Executive Chairman of the Board, Member of
the Management Committee, Representative of Findar BVBA |
Administration Executive |
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Administrator |
Administration Executive |
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Vice-President Weaving Machines, Member of
the Management Committee |
Administration Executive |
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Administrator |
Administration Executive |
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Vice President Human
Resources/Administration and Company Secretary |
Administration Executive |
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Vice President Marketing, Sales and
Service, Member of the Management Committee |
Administration Executive |
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Responsable Sécurité |
Security |
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Compliance Officer, Group Controller,
Company Secretary |
Company Secretary |
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Representative/Auditor |
Accounting Executive |
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Representative/Auditor |
Accounting Executive |
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Representative/Auditor |
Accounting Executive |
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Vice President-Marketing, Ventes &
Services |
Sales Executive |
IUSA |
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Shareholders' Representative |
Shareholder Relations Executive |
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Directeur Informatique |
Information Executive |
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Responsable-Recherche Développement |
Research & Development Executive |
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Responsable Juridique |
Legal Executive |
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Directeur-Achats |
Purchasing Executive |
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Decision-maker |
Other |
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Decision-maker |
Other |
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Decision-maker |
Other |
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Decision-maker |
Other |
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Decision-maker |
Other |
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Significant Developments
Picanol NV Sells Steel Heddle To Groz-Beckert-Tijd Sep 20, 2011
De Tijd reported that Picanol NV is to sell Steel Heddle, a division of the American subsidiary CTP Greenville. The German Groz-Beckers has taken over all of the division's shares. The Company is to receive EUR 10.62 million for the deal (17.7 million shares at EUR 0.60 per share).
Annual Profit & Loss
|
|
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 |
485.1 |
349.7 |
236.7 |
|
Increase or Decrease in Stocks of Finished
Goods, and Orders in Progress |
0.3 |
-2.8 |
-4.0 |
|
Other Operating Income |
18.1 |
14.9 |
10.9 |
|
Operating Income |
503.5 |
361.9 |
243.6 |
|
Purchases |
313.0 |
232.5 |
132.0 |
|
Increase or Decrease
in Stocks |
0.1 |
-8.1 |
14.9 |
|
Raw Materials, Consumables, and Goods for
Release |
313.1 |
224.4 |
146.8 |
|
Services and Sundry Goods |
69.7 |
55.8 |
57.9 |
|
Remuneration, Social Security Charges, and
Pensions |
50.0 |
44.3 |
58.6 |
|
Depreciation of and Other Amounts Written Off
of Formation Expense, Intangible and Tangible Fixed Assets |
2.9 |
3.3 |
4.9 |
|
Increase or Decrease in Amounts Written Off
Stocks, Orders, and Trade Debtors |
1.3 |
3.6 |
-9.1 |
|
Provisions for Liabilities and Charges |
4.3 |
1.7 |
6.3 |
|
Other Operating Charges |
0.9 |
1.1 |
1.6 |
|
Operating Charges |
442.2 |
334.1 |
266.9 |
|
Income From Financial Fixed Assets |
13.5 |
1.3 |
7.7 |
|
Income From Current Assets |
1.4 |
1.5 |
1.2 |
|
Other Financial Income |
1.0 |
1.7 |
2.3 |
|
Financial Income |
15.9 |
4.5 |
11.2 |
|
Interest and Other Debt Charges |
0.1 |
0.3 |
1.0 |
|
Amounts Written Off on Current Assets |
0.2 |
- |
- |
|
Other Financial Charges |
1.6 |
1.5 |
2.4 |
|
Financial Charges |
1.9 |
1.8 |
3.3 |
|
Adjustments to Amounts Written Off on Financial
Fixed Assets |
4.9 |
- |
- |
|
Gain on Disposal of Fixed Assets |
22.5 |
0.1 |
0.2 |
|
Other Extraordinary Income |
0.1 |
0.0 |
0.0 |
|
Extraordinary Income |
27.5 |
0.1 |
0.2 |
|
Amounts Written Off on Financial Fixed Assets |
- |
- |
3.4 |
|
Loss on Disposal of Fixed Assets |
5.0 |
- |
0.3 |
|
Other Extraordinary Charges |
0.0 |
0.0 |
0.0 |
|
Extraordinary Charges |
5.0 |
0.0 |
3.8 |
|
Income Taxes |
9.5 |
0.0 |
0.0 |
|
Income Taxes |
9.5 |
0.0 |
0.0 |
|
To the Legal Reserve |
2.1 |
- |
- |
|
Transfers to Capital and Reserves |
2.1 |
- |
- |
|
Employees |
595 |
617 |
839 |
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 |
0.8 |
1.1 |
1.9 |
|
Land & Buildings |
6.2 |
6.8 |
7.9 |
|
Plant, Machinery, and
Equipment |
2.5 |
3.0 |
3.7 |
|
Furniture and Vehicles |
0.8 |
0.2 |
0.3 |
|
Other Tangible Assets |
0.3 |
0.3 |
0.4 |
|
Assets Under
Construction and Advance Payments |
- |
0.0 |
0.0 |
|
Tangible Assets |
9.8 |
10.4 |
12.2 |
|
Participating
Interests |
66.4 |
72.1 |
61.3 |
|
Amounts Receivable |
0.8 |
- |
- |
|
Affiliated Enterprises |
67.2 |
72.1 |
61.3 |
|
Participating
Interests |
0.1 |
0.1 |
0.1 |
|
Other Enterprises
Linked by Participating Interests |
0.1 |
0.1 |
0.1 |
|
Amounts Receivable and
Cash Guarantees |
0.2 |
0.1 |
0.1 |
|
Other Capital Assets |
0.2 |
0.1 |
0.1 |
|
Capital Assets |
67.4 |
72.2 |
61.5 |
|
Fixed Assets |
78.1 |
83.8 |
75.7 |
|
Trade Debtors |
0.9 |
4.8 |
4.5 |
|
Amounts Receivable After More Than One Year |
0.9 |
4.8 |
4.5 |
|
Raw Materials and
Consumables |
16.1 |
17.5 |
15.3 |
|
Work in Progress |
2.3 |
3.1 |
6.4 |
|
Finished Goods |
3.5 |
2.7 |
2.5 |
|
Stocks |
21.9 |
23.3 |
24.2 |
|
Inventory and Orders in Progress |
21.9 |
23.3 |
24.2 |
|
Trade Debtors |
41.0 |
53.0 |
33.0 |
|
Other Amounts
Receivable |
10.4 |
7.7 |
14.0 |
|
Amounts Receivable Within One Year |
51.4 |
60.7 |
47.0 |
|
Other Investments and
Deposits |
0.1 |
0.1 |
0.1 |
|
Investments |
0.1 |
0.1 |
0.1 |
|
Liquid Assets |
111.0 |
17.6 |
10.4 |
|
Adjustment Accounts |
0.7 |
0.3 |
0.2 |
|
Current Assets |
186.0 |
106.6 |
86.3 |
|
Total Assets |
264.1 |
190.4 |
162.0 |
|
Issued Capital |
28.8 |
29.8 |
31.9 |
|
Capital |
28.8 |
29.8 |
31.9 |
|
Paid-In Capital |
2.0 |
2.0 |
2.2 |
|
Legal Reserve |
2.9 |
1.0 |
1.1 |
|
Untaxed Reserves |
14.4 |
14.9 |
15.9 |
|
Reserves Available for
Distribution |
41.3 |
42.7 |
45.6 |
|
Reserves |
58.6 |
58.6 |
62.6 |
|
Pensions and Similar
Obligations |
9.8 |
11.2 |
12.7 |
|
Major Repairs and
Maintenance |
2.5 |
- |
- |
|
Other Liabilities and
Charges |
8.3 |
5.9 |
3.7 |
|
Provisions for
Liabilities and Charges |
20.5 |
17.0 |
16.4 |
|
Provisions and Deferred Taxes |
20.5 |
17.0 |
16.4 |
|
Capital and Reserves |
159.8 |
80.0 |
52.3 |
|
Credit Institutions |
0.7 |
1.5 |
3.0 |
|
Financial Debts |
0.7 |
1.5 |
3.0 |
|
Amounts Due After More Than One Year |
0.7 |
1.5 |
3.0 |
|
Current Portion of
Amounts Payable After More Than One Year |
1.1 |
2.8 |
6.7 |
|
Credit Institutions |
- |
- |
8.6 |
|
Other Loans |
0.4 |
3.9 |
2.6 |
|
Financial Debts |
0.4 |
3.9 |
11.2 |
|
Suppliers |
52.5 |
56.7 |
50.6 |
|
Trade Debts |
52.5 |
56.7 |
50.6 |
|
Advances Received on
Orders in Progress |
15.3 |
17.3 |
5.7 |
|
Taxes |
0.5 |
0.6 |
0.9 |
|
Remuneration and
Social Security |
8.5 |
7.0 |
12.7 |
|
Taxes, Wages, and
Social Security |
9.0 |
7.6 |
13.6 |
|
Other Amounts Payable |
0.1 |
0.1 |
0.1 |
|
Amounts Payable Within One Year |
78.4 |
88.4 |
87.8 |
|
Adjustment Accounts |
4.6 |
3.5 |
2.5 |
|
Creditors |
83.8 |
93.4 |
93.3 |
|
Total Liabilities + Shareholders' Equity |
264.1 |
190.4 |
162.0 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated 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 |
Deloitte LLP |
Deloitte LLP |
Deloitte LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
649.3 |
524.1 |
348.0 |
413.4 |
565.3 |
|
Revenue |
649.3 |
524.1 |
348.0 |
413.4 |
565.3 |
|
Total Revenue |
649.3 |
524.1 |
348.0 |
413.4 |
565.3 |
|
|
|
|
|
|
|
|
Cost of Revenue |
508.6 |
415.6 |
315.2 |
379.5 |
469.2 |
|
Cost of Revenue, Total |
508.6 |
415.6 |
315.2 |
379.5 |
469.2 |
|
Gross Profit |
140.6 |
108.5 |
32.9 |
33.8 |
96.1 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
47.1 |
45.5 |
52.8 |
67.8 |
79.4 |
|
Total Selling/General/Administrative Expenses |
47.1 |
45.5 |
52.8 |
67.8 |
79.4 |
|
Restructuring Charge |
0.0 |
0.1 |
16.7 |
- |
- |
|
Loss (Gain) on Sale of Assets - Operating |
0.4 |
0.4 |
- |
- |
- |
|
Other Unusual Expense (Income) |
0.6 |
- |
2.1 |
- |
- |
|
Unusual Expense (Income) |
1.0 |
0.6 |
18.8 |
- |
- |
|
Other Operating Expense |
0.3 |
1.4 |
0.5 |
0.1 |
0.3 |
|
Other, Net |
-13.5 |
-0.8 |
-0.1 |
-2.9 |
-0.2 |
|
Other Operating Expenses, Total |
-13.2 |
0.6 |
0.5 |
-2.8 |
0.1 |
|
Total Operating Expense |
543.5 |
462.3 |
387.2 |
444.5 |
548.7 |
|
|
|
|
|
|
|
|
Operating Income |
105.8 |
61.9 |
-39.2 |
-31.1 |
16.6 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-1.0 |
-1.5 |
-2.7 |
-5.3 |
-5.9 |
|
Interest Expense, Net Non-Operating |
-1.0 |
-1.5 |
-2.7 |
-5.3 |
-5.9 |
|
Interest Income -
Non-Operating |
1.6 |
1.4 |
1.8 |
2.9 |
4.9 |
|
Interest/Investment Income - Non-Operating |
1.6 |
1.4 |
1.8 |
2.9 |
4.9 |
|
Interest Income (Expense) - Net Non-Operating Total |
0.5 |
-0.1 |
-1.0 |
-2.4 |
-0.9 |
|
Other Non-Operating Income (Expense) |
0.4 |
0.3 |
-0.8 |
0.0 |
-1.2 |
|
Other, Net |
0.4 |
0.3 |
-0.8 |
0.0 |
-1.2 |
|
Income Before Tax |
106.7 |
62.1 |
-41.0 |
-33.5 |
14.5 |
|
|
|
|
|
|
|
|
Total Income Tax |
21.9 |
15.4 |
-8.3 |
-10.8 |
5.5 |
|
Income After Tax |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income Before Extraord Items |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
Net Income |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
17.7 |
17.7 |
11.6 |
10.9 |
10.9 |
|
Basic EPS Excl Extraord Items |
4.79 |
2.64 |
-2.82 |
-2.09 |
0.82 |
|
Basic/Primary EPS Incl Extraord Items |
4.79 |
2.64 |
-2.82 |
-2.09 |
0.82 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
- |
|
Diluted Net Income |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
Diluted Weighted Average Shares |
17.7 |
17.7 |
11.6 |
10.9 |
10.9 |
|
Diluted EPS Excl Extraord Items |
4.79 |
2.64 |
-2.82 |
-2.09 |
0.82 |
|
Diluted EPS Incl Extraord Items |
4.79 |
2.64 |
-2.82 |
-2.09 |
0.82 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.19 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
2.0 |
|
Interest Expense, Supplemental |
1.0 |
1.5 |
2.7 |
5.3 |
5.9 |
|
Depreciation, Supplemental |
10.8 |
10.6 |
13.1 |
13.1 |
12.9 |
|
Total Special Items |
1.0 |
0.6 |
18.8 |
- |
- |
|
Normalized Income Before Tax |
107.7 |
62.7 |
-22.2 |
-33.5 |
14.5 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.2 |
0.1 |
6.6 |
- |
- |
|
Inc Tax Ex Impact of Sp Items |
22.1 |
15.6 |
-1.7 |
-10.8 |
5.5 |
|
Normalized Income After Tax |
85.6 |
47.1 |
-20.5 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
85.6 |
47.1 |
-20.5 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
4.84 |
2.66 |
-1.77 |
-2.09 |
0.82 |
|
Diluted Normalized EPS |
4.84 |
2.66 |
-1.77 |
-2.09 |
0.82 |
|
Amort of Intangibles, Supplemental |
1.6 |
1.5 |
2.6 |
3.6 |
4.6 |
|
Rental Expenses |
2.9 |
3.2 |
- |
- |
- |
|
Normalized EBIT |
106.7 |
62.5 |
-20.4 |
-31.1 |
16.6 |
|
Normalized EBITDA |
119.2 |
74.6 |
-4.7 |
-14.4 |
34.1 |
|
Current Tax - Total |
15.4 |
4.7 |
0.0 |
0.2 |
6.4 |
|
Current Tax - Total |
15.4 |
4.7 |
0.0 |
0.2 |
6.4 |
|
Deferred Tax - Total |
6.5 |
10.7 |
-8.3 |
-11.0 |
-0.8 |
|
Deferred Tax - Total |
6.5 |
10.7 |
-8.3 |
-11.0 |
-0.8 |
|
Income Tax - Total |
21.9 |
15.4 |
-8.3 |
-10.8 |
5.5 |
|
Interest Cost - Domestic |
0.8 |
1.0 |
0.9 |
0.8 |
0.7 |
|
Service Cost - Domestic |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Prior Service Cost - Domestic |
0.0 |
0.0 |
1.2 |
1.2 |
1.0 |
|
Expected Return on Assets - Domestic |
-0.1 |
-0.2 |
-0.3 |
-0.3 |
-0.3 |
|
Actuarial Gains and Losses - Domestic |
0.4 |
0.6 |
-0.2 |
0.5 |
-0.1 |
|
Curtailments & Settlements - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.2 |
|
Other Pension, Net - Domestic |
0.0 |
0.0 |
0.0 |
0.7 |
0.0 |
|
Domestic Pension Plan Expense |
1.3 |
1.6 |
1.7 |
3.2 |
1.7 |
|
Defined Contribution Expense - Domestic |
1.1 |
0.9 |
1.1 |
1.8 |
1.4 |
|
Total Pension Expense |
2.4 |
2.5 |
2.8 |
5.0 |
3.1 |
|
Discount Rate - Domestic |
4.00% |
4.00% |
5.00% |
5.00% |
5.50% |
|
Expected Rate of Return - Domestic |
4.00% |
4.00% |
4.50% |
4.50% |
4.50% |
|
Compensation Rate - Domestic |
2.00% |
2.00% |
2.88% |
2.88% |
2.88% |
|
Total Plan Interest Cost |
0.8 |
1.0 |
0.9 |
0.8 |
0.7 |
|
Total Plan Service Cost |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Total Plan Expected Return |
-0.1 |
-0.2 |
-0.3 |
-0.3 |
-0.3 |
|
Total Plan Other Expense |
0.0 |
0.0 |
0.0 |
0.7 |
0.0 |
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 |
Reclassified
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 |
Deloitte LLP |
Deloitte LLP |
Deloitte LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
143.6 |
37.2 |
27.0 |
18.2 |
27.6 |
|
Cash and Short Term Investments |
143.6 |
37.2 |
27.0 |
18.2 |
27.6 |
|
Accounts Receivable -
Trade, Gross |
68.6 |
83.5 |
- |
- |
- |
|
Provision for Doubtful
Accounts |
-8.0 |
-7.8 |
- |
- |
- |
|
Trade Accounts Receivable - Net |
60.6 |
75.8 |
47.1 |
47.8 |
90.8 |
|
Other Receivables |
26.1 |
27.9 |
18.7 |
3.8 |
8.4 |
|
Total Receivables, Net |
86.7 |
103.7 |
65.7 |
51.6 |
99.2 |
|
Inventories - Finished Goods |
14.3 |
13.1 |
15.3 |
24.3 |
18.4 |
|
Inventories - Work In Progress |
8.8 |
13.2 |
14.7 |
12.1 |
20.6 |
|
Inventories - Raw Materials |
33.7 |
37.7 |
60.3 |
70.5 |
70.6 |
|
Inventories - Other |
0.3 |
0.1 |
-33.8 |
-25.1 |
-21.8 |
|
Total Inventory |
57.1 |
64.0 |
56.6 |
81.8 |
87.8 |
|
Prepaid Expenses |
1.0 |
0.6 |
1.0 |
7.1 |
- |
|
Deferred Income Tax - Current Asset |
4.8 |
0.6 |
- |
- |
- |
|
Other Current Assets |
- |
- |
- |
0.3 |
- |
|
Other Current Assets, Total |
4.8 |
0.6 |
- |
0.3 |
- |
|
Total Current Assets |
293.2 |
206.1 |
150.3 |
159.0 |
214.7 |
|
|
|
|
|
|
|
|
Land/Improvements |
44.6 |
46.4 |
48.3 |
45.8 |
62.5 |
|
Machinery/Equipment |
237.2 |
251.7 |
266.4 |
278.4 |
282.0 |
|
Construction in
Progress |
3.6 |
0.1 |
0.3 |
6.8 |
0.7 |
|
Other
Property/Plant/Equipment |
2.1 |
2.7 |
2.5 |
2.5 |
2.2 |
|
Property/Plant/Equipment - Gross |
287.4 |
301.0 |
317.5 |
333.5 |
347.4 |
|
Accumulated Depreciation |
-219.3 |
-226.9 |
-232.7 |
-253.4 |
-259.5 |
|
Property/Plant/Equipment - Net |
68.1 |
74.1 |
84.7 |
80.1 |
87.9 |
|
Goodwill - Gross |
0.0 |
0.0 |
0.2 |
2.2 |
2.3 |
|
Accumulated Goodwill Amortization |
- |
- |
- |
0.0 |
0.0 |
|
Goodwill, Net |
0.0 |
0.0 |
0.2 |
2.2 |
2.3 |
|
Intangibles - Gross |
28.6 |
36.4 |
37.4 |
34.8 |
32.2 |
|
Accumulated Intangible Amortization |
-20.9 |
-27.7 |
-29.0 |
-25.7 |
-23.4 |
|
Intangibles, Net |
7.7 |
8.7 |
8.4 |
9.1 |
8.8 |
|
LT Investments - Other |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Long Term Investments |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Note Receivable - Long Term |
1.2 |
5.0 |
4.7 |
10.0 |
15.3 |
|
Deferred Income Tax - Long Term Asset |
4.7 |
2.9 |
11.7 |
4.6 |
3.0 |
|
Other Long Term Assets |
-0.8 |
-0.8 |
- |
- |
0.0 |
|
Other Long Term Assets, Total |
3.9 |
2.1 |
11.7 |
4.6 |
3.0 |
|
Total Assets |
374.2 |
296.0 |
260.1 |
265.1 |
332.2 |
|
|
|
|
|
|
|
|
Accounts Payable |
64.5 |
66.3 |
62.8 |
44.5 |
78.0 |
|
Accrued Expenses |
25.5 |
25.1 |
22.7 |
22.2 |
1.4 |
|
Notes Payable/Short Term Debt |
0.0 |
0.3 |
10.0 |
36.9 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
3.3 |
5.2 |
10.9 |
14.6 |
24.4 |
|
Customer Advances |
23.8 |
24.5 |
18.4 |
11.8 |
- |
|
Income Taxes Payable |
3.0 |
3.7 |
1.5 |
1.4 |
2.0 |
|
Other Current Liabilities |
9.4 |
8.0 |
12.2 |
8.0 |
46.5 |
|
Other Current liabilities, Total |
36.1 |
36.2 |
32.1 |
21.1 |
48.5 |
|
Total Current Liabilities |
129.4 |
133.0 |
138.4 |
139.3 |
152.2 |
|
|
|
|
|
|
|
|
Long Term Debt |
0.7 |
1.6 |
3.0 |
6.7 |
15.3 |
|
Capital Lease Obligations |
7.4 |
9.9 |
13.1 |
6.7 |
15.1 |
|
Total Long Term Debt |
8.1 |
11.4 |
16.2 |
13.4 |
30.4 |
|
Total Debt |
11.3 |
16.9 |
37.1 |
65.0 |
54.8 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
11.2 |
3.0 |
0.2 |
2.1 |
11.5 |
|
Deferred Income Tax |
11.2 |
3.0 |
0.2 |
2.1 |
11.5 |
|
Minority Interest |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Reserves |
2.3 |
2.4 |
2.6 |
2.5 |
2.2 |
|
Pension Benefits - Underfunded |
11.9 |
13.5 |
15.3 |
9.3 |
10.0 |
|
Other Liabilities, Total |
14.2 |
15.9 |
17.8 |
11.7 |
12.2 |
|
Total Liabilities |
162.8 |
163.3 |
172.7 |
166.6 |
206.2 |
|
|
|
|
|
|
|
|
Common Stock |
28.2 |
29.1 |
31.2 |
10.3 |
10.8 |
|
Common Stock |
28.2 |
29.1 |
31.2 |
10.3 |
10.8 |
|
Additional Paid-In Capital |
2.0 |
2.0 |
2.2 |
1.9 |
1.9 |
|
Retained Earnings (Accumulated Deficit) |
174.9 |
98.8 |
55.2 |
86.1 |
115.5 |
|
Translation Adjustment |
6.4 |
2.7 |
-1.1 |
0.2 |
-2.3 |
|
Other Equity, Total |
6.4 |
2.7 |
-1.1 |
0.2 |
-2.3 |
|
Total Equity |
211.4 |
132.7 |
87.4 |
98.4 |
125.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
374.2 |
296.0 |
260.1 |
265.1 |
332.2 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
17.7 |
17.7 |
17.7 |
10.9 |
10.9 |
|
Total Common Shares Outstanding |
17.7 |
17.7 |
17.7 |
10.9 |
10.9 |
|
Employees |
2,036 |
2,008 |
2,112 |
2,363 |
2,342 |
|
Accumulated Goodwill Amortization Suppl. |
- |
- |
- |
0.0 |
0.0 |
|
Accumulated Intangible Amort, Suppl. |
20.9 |
27.7 |
29.0 |
25.7 |
23.4 |
|
Deferred Revenue - Current |
23.8 |
24.5 |
18.4 |
11.8 |
- |
|
Total Long Term Debt, Supplemental |
1.8 |
4.3 |
9.7 |
28.1 |
54.8 |
|
Long Term Debt Maturing within 1 Year |
1.1 |
2.8 |
6.7 |
14.6 |
24.4 |
|
Long Term Debt Maturing in Year 2 |
0.2 |
0.4 |
0.8 |
2.9 |
5.4 |
|
Long Term Debt Maturing in Year 3 |
0.2 |
0.4 |
0.8 |
2.9 |
5.4 |
|
Long Term Debt Maturing in Year 4 |
0.2 |
0.4 |
0.8 |
2.9 |
5.4 |
|
Long Term Debt Maturing in Year 5 |
0.2 |
0.4 |
0.8 |
2.9 |
5.4 |
|
Long Term Debt Maturing in 2-3 Years |
0.3 |
0.8 |
1.5 |
5.8 |
10.9 |
|
Long Term Debt Maturing in 4-5 Years |
0.3 |
0.8 |
1.5 |
5.8 |
10.9 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
1.8 |
8.6 |
|
Total Capital Leases, Supplemental |
9.6 |
12.3 |
17.3 |
9.6 |
17.8 |
|
Capital Lease Payments Due in Year 1 |
2.2 |
2.4 |
4.1 |
2.9 |
2.7 |
|
Capital Lease Payments Due in Year 2 |
1.8 |
2.5 |
2.3 |
1.2 |
1.6 |
|
Capital Lease Payments Due in Year 3 |
1.8 |
2.5 |
2.3 |
1.2 |
1.6 |
|
Capital Lease Payments Due in Year 4 |
1.8 |
2.5 |
2.3 |
1.2 |
1.6 |
|
Capital Lease Payments Due in Year 5 |
1.8 |
2.5 |
2.3 |
1.2 |
1.6 |
|
Capital Lease Payments Due in 2-3 Years |
3.7 |
4.9 |
4.6 |
2.5 |
3.2 |
|
Capital Lease Payments Due in 4-5 Years |
3.7 |
4.9 |
4.6 |
2.5 |
3.2 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
3.9 |
1.8 |
8.6 |
|
Total Operating Leases, Supplemental |
2.9 |
3.8 |
9.5 |
13.1 |
16.7 |
|
Operating Lease Payments Due in Year 1 |
1.6 |
2.4 |
4.3 |
4.9 |
4.1 |
|
Operating Lease Payments Due in Year 2 |
0.3 |
0.4 |
1.3 |
2.0 |
5.6 |
|
Operating Lease Payments Due in Year 3 |
0.3 |
0.4 |
1.3 |
2.0 |
2.3 |
|
Operating Lease Payments Due in Year 4 |
0.3 |
0.4 |
1.3 |
2.0 |
2.3 |
|
Operating Lease Payments Due in Year 5 |
0.3 |
0.4 |
1.3 |
2.0 |
2.3 |
|
Operating Lease Pymts. Due in 2-3 Years |
0.6 |
0.7 |
2.6 |
4.1 |
7.9 |
|
Operating Lease Pymts. Due in 4-5 Years |
0.6 |
0.7 |
2.6 |
4.1 |
4.7 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Pension Obligation - Domestic |
2.0 |
2.9 |
7.3 |
7.3 |
7.1 |
|
Plan Assets - Domestic |
1.9 |
2.8 |
6.7 |
6.7 |
6.0 |
|
Funded Status - Domestic |
-0.1 |
-0.1 |
-0.6 |
-0.6 |
-1.2 |
|
Unfunded Plan Obligations |
13.1 |
14.7 |
10.9 |
10.7 |
9.3 |
|
Total Funded Status |
-13.2 |
-14.8 |
-11.5 |
-11.3 |
-10.5 |
|
Discount Rate - Domestic |
4.00% |
4.00% |
5.00% |
5.00% |
5.50% |
|
Expected Rate of Return - Domestic |
4.00% |
4.00% |
4.50% |
4.50% |
4.50% |
|
Compensation Rate - Domestic |
2.00% |
2.00% |
2.88% |
2.88% |
2.88% |
|
Net Domestic Pension Assets |
13.2 |
14.8 |
10.6 |
10.4 |
10.2 |
|
Net Assets Recognized on Balance Sheet |
13.2 |
14.8 |
10.6 |
10.4 |
10.2 |
|
Total Plan Obligations |
15.1 |
17.6 |
18.2 |
18.0 |
16.4 |
|
Total Plan Assets |
1.9 |
2.8 |
6.7 |
6.7 |
6.0 |
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 |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
Deloitte LLP |
Deloitte LLP |
Deloitte LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
105.8 |
61.9 |
-39.2 |
-31.1 |
16.6 |
|
Depreciation |
12.4 |
12.2 |
15.7 |
16.8 |
17.5 |
|
Depreciation/Depletion |
12.4 |
12.2 |
15.7 |
16.8 |
17.5 |
|
Other Non-Cash Items |
0.5 |
0.0 |
20.4 |
1.6 |
1.0 |
|
Non-Cash Items |
0.5 |
0.0 |
20.4 |
1.6 |
1.0 |
|
Accounts Receivable |
- |
-30.1 |
-3.4 |
- |
- |
|
Inventories |
- |
-14.9 |
19.5 |
- |
- |
|
Other Assets |
- |
-11.1 |
3.6 |
- |
- |
|
Accounts Payable |
- |
7.5 |
16.3 |
- |
- |
|
Taxes Payable |
-16.1 |
-2.4 |
0.0 |
-0.2 |
-6.4 |
|
Other Liabilities |
- |
9.9 |
4.0 |
- |
- |
|
Other Assets & Liabilities, Net |
7.9 |
- |
- |
6.8 |
23.8 |
|
Other Operating Cash Flow |
2.5 |
0.4 |
0.0 |
-2.7 |
- |
|
Changes in Working Capital |
-5.6 |
-40.7 |
40.0 |
3.9 |
17.5 |
|
Cash from Operating Activities |
113.0 |
33.4 |
36.9 |
-8.9 |
52.6 |
|
Purchase of Fixed Assets |
-9.6 |
-4.9 |
-5.4 |
-12.4 |
-13.9 |
|
Capital Expenditures |
-9.6 |
-4.9 |
-5.4 |
-12.4 |
-13.9 |
|
Sale of Fixed Assets |
13.2 |
0.0 |
0.1 |
2.2 |
0.3 |
|
Investment, Net |
- |
- |
- |
0.0 |
-0.9 |
|
Sale of Intangible Assets |
- |
- |
0.0 |
0.0 |
0.0 |
|
Intangible, Net |
-0.8 |
-1.4 |
-1.6 |
-4.3 |
-1.0 |
|
Other Investing Cash Flow |
1.6 |
1.4 |
1.1 |
2.9 |
4.9 |
|
Other Investing Cash Flow Items, Total |
14.0 |
0.0 |
-0.4 |
0.8 |
3.3 |
|
Cash from Investing Activities |
4.4 |
-4.9 |
-5.8 |
-11.6 |
-10.5 |
|
Other Financing Cash Flow |
-1.0 |
-1.5 |
-2.1 |
-5.3 |
-5.9 |
|
Financing Cash Flow Items |
-1.0 |
-1.5 |
-2.1 |
-5.3 |
-5.9 |
|
Cash Dividends Paid - Common |
- |
0.0 |
0.0 |
-2.2 |
-2.6 |
|
Total Cash Dividends Paid |
- |
0.0 |
0.0 |
-2.2 |
-2.6 |
|
Common Stock, Net |
- |
0.0 |
19.8 |
- |
- |
|
Issuance (Retirement) of Stock, Net |
- |
0.0 |
19.8 |
- |
- |
|
Long Term Debt Issued |
- |
0.3 |
0.6 |
38.8 |
0.0 |
|
Long Term Debt
Reduction |
-5.4 |
-17.8 |
-39.9 |
-20.7 |
-28.1 |
|
Long Term Debt, Net |
-5.4 |
-17.6 |
-39.3 |
18.1 |
-28.1 |
|
Issuance (Retirement) of Debt, Net |
-5.4 |
-17.6 |
-39.3 |
18.1 |
-28.1 |
|
Cash from Financing Activities |
-6.4 |
-19.0 |
-21.6 |
10.6 |
-36.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
4.2 |
2.4 |
-1.5 |
1.4 |
-2.1 |
|
Net Change in Cash |
115.2 |
11.8 |
8.0 |
-8.5 |
3.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
38.6 |
25.0 |
18.2 |
27.6 |
22.6 |
|
Net Cash - Ending Balance |
153.8 |
36.8 |
26.2 |
19.2 |
25.9 |
|
Cash Interest Paid |
1.0 |
1.5 |
2.1 |
5.3 |
5.9 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated 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 |
Deloitte LLP |
Deloitte LLP |
Deloitte LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Turnover |
649.3 |
524.1 |
348.0 |
413.4 |
565.3 |
|
Total Revenue |
649.3 |
524.1 |
348.0 |
413.4 |
565.3 |
|
|
|
|
|
|
|
|
Cost of Sales |
508.6 |
415.6 |
315.2 |
379.5 |
469.2 |
|
Other Operating Income |
-13.5 |
-0.8 |
-0.1 |
-2.9 |
-0.2 |
|
General & Administrative Costs |
24.4 |
23.9 |
32.5 |
45.3 |
52.2 |
|
Sales and Marketing Costs |
22.7 |
21.6 |
20.3 |
22.6 |
27.3 |
|
Other Operating Expenses |
0.3 |
1.4 |
0.5 |
0.1 |
0.3 |
|
Restructuring Costs |
0.0 |
0.1 |
16.7 |
- |
- |
|
Exceptional Losses |
0.6 |
- |
2.1 |
- |
- |
|
Disposal Fixed Asset |
0.4 |
0.4 |
- |
- |
- |
|
Total Operating Expense |
543.5 |
462.3 |
387.2 |
444.5 |
548.7 |
|
|
|
|
|
|
|
|
Interest Income |
1.6 |
1.4 |
1.8 |
2.9 |
4.9 |
|
Interest Expense |
-1.0 |
-1.5 |
-2.7 |
-5.3 |
-5.9 |
|
Other Fin. Income |
0.0 |
0.0 |
0.4 |
1.2 |
0.3 |
|
Other Fin. Charges |
-0.1 |
0.0 |
-1.2 |
-1.2 |
-1.5 |
|
Consolidation Diff. |
0.5 |
0.3 |
- |
- |
- |
|
Net Income Before Taxes |
106.7 |
62.1 |
-41.0 |
-33.5 |
14.5 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
21.9 |
15.4 |
-8.3 |
-10.8 |
5.5 |
|
Net Income After Taxes |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income Before Extra. Items |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
Net Income |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
17.7 |
17.7 |
11.6 |
10.9 |
10.9 |
|
Basic EPS Excluding ExtraOrdinary Items |
4.79 |
2.64 |
-2.82 |
-2.09 |
0.82 |
|
Basic EPS Including ExtraOrdinary Item |
4.79 |
2.64 |
-2.82 |
-2.09 |
0.82 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
- |
|
Diluted Net Income |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
Diluted Weighted Average Shares |
17.7 |
17.7 |
11.6 |
10.9 |
10.9 |
|
Diluted EPS Excluding ExtraOrd Items |
4.79 |
2.64 |
-2.82 |
-2.09 |
0.82 |
|
Diluted EPS Including ExtraOrd Items |
4.79 |
2.64 |
-2.82 |
-2.09 |
0.82 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.19 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
2.0 |
|
Normalized Income Before Taxes |
107.7 |
62.7 |
-22.2 |
-33.5 |
14.5 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
22.1 |
15.6 |
-1.7 |
-10.8 |
5.5 |
|
Normalized Income After Taxes |
85.6 |
47.1 |
-20.5 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
85.6 |
47.1 |
-20.5 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
4.84 |
2.66 |
-1.77 |
-2.09 |
0.82 |
|
Diluted Normalized EPS |
4.84 |
2.66 |
-1.77 |
-2.09 |
0.82 |
|
Interest Expense |
1.0 |
1.5 |
2.7 |
5.3 |
5.9 |
|
Depreciation |
10.8 |
10.6 |
13.1 |
13.1 |
12.9 |
|
Amortization of Intangibles |
1.6 |
1.5 |
2.6 |
3.6 |
4.6 |
|
Rental Expense |
2.9 |
3.2 |
- |
- |
- |
|
Current Tax |
15.4 |
4.7 |
0.0 |
0.2 |
6.4 |
|
Current Tax - Total |
15.4 |
4.7 |
0.0 |
0.2 |
6.4 |
|
Deferred Tax |
6.5 |
10.7 |
-8.3 |
-11.0 |
-0.8 |
|
Deferred Tax - Total |
6.5 |
10.7 |
-8.3 |
-11.0 |
-0.8 |
|
Income Tax - Total |
21.9 |
15.4 |
-8.3 |
-10.8 |
5.5 |
|
Service Cost |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Interest Cost |
0.8 |
1.0 |
0.9 |
0.8 |
0.7 |
|
Expected Return on Assets |
-0.1 |
-0.2 |
-0.3 |
-0.3 |
-0.3 |
|
Actuarial Gains and Losses |
0.4 |
0.6 |
-0.2 |
0.5 |
-0.1 |
|
Prior Service Cost |
0.0 |
0.0 |
1.2 |
1.2 |
1.0 |
|
Other Pension |
0.0 |
0.0 |
0.0 |
0.7 |
0.0 |
|
Curtailments & Settlements |
0.0 |
0.0 |
0.0 |
0.0 |
0.2 |
|
Domestic Pension Plan Expense |
1.3 |
1.6 |
1.7 |
3.2 |
1.7 |
|
Defined Contribution Expense |
1.1 |
0.9 |
1.1 |
1.8 |
1.4 |
|
Total Pension Expense |
2.4 |
2.5 |
2.8 |
5.0 |
3.1 |
|
Dicount Rate |
4.00% |
4.00% |
5.00% |
5.00% |
5.50% |
|
Expected Rate of Return |
4.00% |
4.00% |
4.50% |
4.50% |
4.50% |
|
Compensation Rate |
2.00% |
2.00% |
2.88% |
2.88% |
2.88% |
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 |
Reclassified
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 |
Deloitte LLP |
Deloitte LLP |
Deloitte LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Raw Materials |
33.7 |
37.7 |
60.3 |
70.5 |
70.6 |
|
Work in Progress |
8.8 |
13.2 |
14.7 |
12.1 |
20.6 |
|
Finished Goods |
14.3 |
13.1 |
15.3 |
24.3 |
18.4 |
|
Advance Payments |
0.3 |
0.1 |
0.2 |
0.4 |
0.2 |
|
Stock Depreciation |
- |
- |
-34.0 |
-25.4 |
-22.0 |
|
Trade Debtors |
- |
- |
47.1 |
47.8 |
90.8 |
|
Trade Debtors, Gross |
68.6 |
83.5 |
- |
- |
- |
|
Provision for Doubtful Accounts |
-8.0 |
-7.8 |
- |
- |
- |
|
VAT Receivables |
3.9 |
4.4 |
3.2 |
1.9 |
- |
|
Deferret Tax |
4.8 |
0.6 |
- |
- |
- |
|
Deferred Charges |
1.0 |
0.6 |
1.0 |
7.1 |
- |
|
Derivatives |
- |
- |
- |
0.3 |
- |
|
Other Receivable |
22.1 |
23.5 |
15.4 |
1.9 |
8.4 |
|
Cash at Bank |
143.6 |
37.2 |
27.0 |
18.2 |
27.6 |
|
Total Current Assets |
293.2 |
206.1 |
150.3 |
159.0 |
214.7 |
|
|
|
|
|
|
|
|
Formation Exp. |
12.5 |
12.4 |
11.9 |
10.2 |
7.9 |
|
Concess./Patents |
16.1 |
24.0 |
25.5 |
24.6 |
24.2 |
|
Business Goodwill |
0.0 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Impairment of Business Goodwill |
0.0 |
-0.2 |
- |
- |
- |
|
Amortisation |
-20.9 |
-27.7 |
-29.0 |
-25.7 |
-23.4 |
|
Impairment of Intangibles |
-0.8 |
-0.8 |
- |
- |
- |
|
Goodwill |
0.0 |
0.0 |
0.0 |
2.1 |
2.2 |
|
Goodwill Amortisation |
- |
- |
- |
0.0 |
0.0 |
|
Land/Building |
44.6 |
46.4 |
48.3 |
45.8 |
62.5 |
|
Plant/Machinery |
223.1 |
237.1 |
251.0 |
262.8 |
266.6 |
|
Furn./Vehicles |
14.0 |
14.7 |
15.4 |
15.6 |
15.4 |
|
Other Tangible |
2.1 |
2.7 |
2.5 |
2.5 |
2.2 |
|
Assets/Const. |
3.6 |
0.1 |
0.3 |
6.8 |
0.7 |
|
Depreciation |
-219.3 |
-226.9 |
-232.7 |
-253.4 |
-259.5 |
|
Other Financial Investments |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Amounts Rcvbl. |
1.2 |
5.0 |
4.7 |
10.0 |
15.3 |
|
Deferred Tax Receivable |
4.7 |
2.9 |
11.7 |
4.6 |
3.0 |
|
Adjustment |
- |
- |
- |
- |
0.0 |
|
Total Assets |
374.2 |
296.0 |
260.1 |
265.1 |
332.2 |
|
|
|
|
|
|
|
|
Curr. Ptn. LT |
1.1 |
2.8 |
6.8 |
11.7 |
21.6 |
|
Leases |
2.2 |
2.4 |
4.1 |
2.9 |
2.7 |
|
Credit Inst. |
0.0 |
0.3 |
10.0 |
36.9 |
0.0 |
|
Provisions |
9.0 |
7.7 |
10.6 |
4.2 |
6.2 |
|
Trade Debts/Supp |
64.5 |
66.3 |
62.8 |
44.5 |
78.0 |
|
Taxes |
3.0 |
3.7 |
1.5 |
1.4 |
2.0 |
|
Pensions |
1.7 |
1.7 |
1.9 |
2.1 |
1.4 |
|
Advances Rec. |
23.8 |
24.5 |
18.4 |
11.8 |
- |
|
Remuneration & Social Security |
19.1 |
19.0 |
17.7 |
20.1 |
- |
|
Accruals |
4.8 |
4.4 |
3.1 |
- |
- |
|
Other Liabilities |
0.4 |
0.3 |
1.6 |
3.8 |
40.3 |
|
Total Current Liabilities |
129.4 |
133.0 |
138.4 |
139.3 |
152.2 |
|
|
|
|
|
|
|
|
Leases |
7.4 |
9.9 |
13.1 |
6.7 |
15.1 |
|
Credit Inst. |
0.7 |
1.6 |
3.0 |
6.7 |
15.3 |
|
Total Long Term Debt |
8.1 |
11.4 |
16.2 |
13.4 |
30.4 |
|
|
|
|
|
|
|
|
Pension Prov. |
11.9 |
13.5 |
15.3 |
9.3 |
10.0 |
|
Other Provisions |
2.3 |
2.4 |
2.6 |
2.5 |
2.2 |
|
Deferred Tax |
11.2 |
3.0 |
0.2 |
2.1 |
11.5 |
|
Minority Ints. |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Liabilities |
162.8 |
163.3 |
172.7 |
166.6 |
206.2 |
|
|
|
|
|
|
|
|
Capital |
28.2 |
29.1 |
31.2 |
10.3 |
10.8 |
|
Share Premium |
2.0 |
2.0 |
2.2 |
1.9 |
1.9 |
|
Consol. Res. |
174.9 |
98.8 |
55.2 |
86.1 |
115.5 |
|
Trans. Diff. |
6.4 |
2.7 |
-1.1 |
0.2 |
-2.3 |
|
Total Equity |
211.4 |
132.7 |
87.4 |
98.4 |
125.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
374.2 |
296.0 |
260.1 |
265.1 |
332.2 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
17.7 |
17.7 |
17.7 |
10.9 |
10.9 |
|
Total Common Shares Outstanding |
17.7 |
17.7 |
17.7 |
10.9 |
10.9 |
|
Deferred Revenue - Current |
23.8 |
24.5 |
18.4 |
11.8 |
- |
|
Accumulated Goodwill Amortisation |
- |
- |
- |
0.0 |
0.0 |
|
Accumulated Intangible Amortisation |
20.9 |
27.7 |
29.0 |
25.7 |
23.4 |
|
Full-Time Employees |
2,036 |
2,008 |
2,112 |
2,363 |
2,342 |
|
LT Debt Maturing Within 1 Year |
1.1 |
2.8 |
6.7 |
14.6 |
24.4 |
|
LT Debt Maturing Within 5 Years |
0.7 |
1.6 |
3.0 |
11.7 |
21.7 |
|
LT Debt Maturing After 5 Years |
0.0 |
0.0 |
0.0 |
1.8 |
8.6 |
|
Total Long Term Debt, Supplemental |
1.8 |
4.3 |
9.7 |
28.1 |
54.8 |
|
Leases Maturing Within 1Year |
2.2 |
2.4 |
4.1 |
2.9 |
2.7 |
|
Leases Maturing Within 5 Years |
7.4 |
9.9 |
9.2 |
4.9 |
6.4 |
|
Leases Maturing After 5 Years |
0.0 |
0.0 |
3.9 |
1.8 |
8.6 |
|
Total Capital Leases |
9.6 |
12.3 |
17.3 |
9.6 |
17.8 |
|
Op. Lease Maturing Within 1 Year |
1.6 |
2.4 |
4.3 |
4.9 |
4.1 |
|
Op. Lease Maturing Within 5 Years |
1.3 |
1.4 |
5.2 |
8.2 |
7.0 |
|
Remaining Maturities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Optg leases-year 2 |
- |
- |
- |
- |
5.6 |
|
Total Operating Leases |
2.9 |
3.8 |
9.5 |
13.1 |
16.7 |
|
Pension Obligation |
2.0 |
2.9 |
7.3 |
7.3 |
7.1 |
|
Plan Assets |
1.9 |
2.8 |
6.7 |
6.7 |
6.0 |
|
Funded Status |
-0.1 |
-0.1 |
-0.6 |
-0.6 |
-1.2 |
|
Unfunded Plan Obligation |
13.1 |
14.7 |
10.9 |
10.7 |
9.3 |
|
Total Funded Status |
-13.2 |
-14.8 |
-11.5 |
-11.3 |
-10.5 |
|
Discount Rate |
4.00% |
4.00% |
5.00% |
5.00% |
5.50% |
|
Expected Rate of Return |
4.00% |
4.00% |
4.50% |
4.50% |
4.50% |
|
Compensation Rate |
2.00% |
2.00% |
2.88% |
2.88% |
2.88% |
|
Net Domestic Pension Assets |
13.2 |
14.8 |
10.6 |
10.4 |
10.2 |
|
Net Assets Recognized on Balance Sheet |
13.2 |
14.8 |
10.6 |
10.4 |
10.2 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated 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 |
Deloitte LLP |
Deloitte LLP |
Deloitte LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Profit |
105.8 |
61.9 |
-39.2 |
-31.1 |
16.6 |
|
Depreciation |
12.4 |
12.2 |
15.7 |
16.8 |
17.5 |
|
Revaluation Of Assets |
-0.5 |
2.7 |
7.1 |
2.4 |
-0.4 |
|
Provisions |
0.4 |
-3.0 |
11.3 |
-0.8 |
1.5 |
|
Other Working Cap. |
7.9 |
- |
- |
6.8 |
23.8 |
|
Other/Exposures |
- |
-0.5 |
5.4 |
- |
- |
|
Inventories |
- |
-14.9 |
19.5 |
- |
- |
|
ST Receivables |
- |
-30.1 |
-3.4 |
- |
- |
|
Other Receivables |
- |
-10.5 |
-1.9 |
- |
- |
|
Payables |
- |
7.5 |
16.3 |
- |
- |
|
Other Liabilities |
- |
9.9 |
4.0 |
- |
- |
|
Taxes Payable |
-16.1 |
-2.4 |
0.0 |
-0.2 |
-6.4 |
|
Gain/Loss on Disposal of Assets |
2.5 |
0.4 |
0.0 |
-2.7 |
- |
|
Extraord. Impairments on Assets |
0.6 |
0.3 |
2.1 |
0.0 |
0.0 |
|
Cash from Operating Activities |
113.0 |
33.4 |
36.9 |
-8.9 |
52.6 |
|
|
|
|
|
|
|
|
Interest Received |
1.6 |
1.4 |
1.1 |
2.9 |
4.9 |
|
Purchase Fixed Assets |
-9.6 |
-4.9 |
-5.4 |
-12.4 |
-13.9 |
|
Intangibles |
-0.8 |
-1.4 |
-1.6 |
-4.3 |
-1.0 |
|
Investments |
- |
- |
- |
0.0 |
-0.9 |
|
Sale of Intangibles |
- |
- |
0.0 |
0.0 |
0.0 |
|
Sale of Tangibles |
13.2 |
0.0 |
0.1 |
2.2 |
0.3 |
|
Cash from Investing Activities |
4.4 |
-4.9 |
-5.8 |
-11.6 |
-10.5 |
|
|
|
|
|
|
|
|
Capital Increase |
- |
0.0 |
19.8 |
- |
- |
|
Interest Paid |
-1.0 |
-1.5 |
-2.1 |
-5.3 |
-5.9 |
|
Dividend |
- |
0.0 |
0.0 |
-2.2 |
-2.6 |
|
Export Finance |
-2.6 |
-4.6 |
-7.5 |
-14.3 |
-20.4 |
|
Loans Issued |
- |
0.3 |
0.6 |
38.8 |
0.0 |
|
Loans Repaid |
-2.8 |
-13.3 |
-32.4 |
-6.4 |
-7.7 |
|
Cash from Financing Activities |
-6.4 |
-19.0 |
-21.6 |
10.6 |
-36.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
4.2 |
2.4 |
-1.5 |
1.4 |
-2.1 |
|
Net Change in Cash |
115.2 |
11.8 |
8.0 |
-8.5 |
3.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
38.6 |
25.0 |
18.2 |
27.6 |
22.6 |
|
Net Cash - Ending Balance |
153.8 |
36.8 |
26.2 |
19.2 |
25.9 |
|
Cash Interest Paid |
1.0 |
1.5 |
2.1 |
5.3 |
5.9 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual Income Statement
Standardized
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 |
Updated 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 |
Deloitte LLP |
Deloitte LLP |
Deloitte LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
649.3 |
524.1 |
348.0 |
413.4 |
565.3 |
|
Revenue |
649.3 |
524.1 |
348.0 |
413.4 |
565.3 |
|
Total Revenue |
649.3 |
524.1 |
348.0 |
413.4 |
565.3 |
|
|
|
|
|
|
|
|
Cost of Revenue |
508.6 |
415.6 |
315.2 |
379.5 |
469.2 |
|
Cost of Revenue, Total |
508.6 |
415.6 |
315.2 |
379.5 |
469.2 |
|
Gross Profit |
140.6 |
108.5 |
32.9 |
33.8 |
96.1 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
47.1 |
45.5 |
52.8 |
67.8 |
79.4 |
|
Total Selling/General/Administrative Expenses |
47.1 |
45.5 |
52.8 |
67.8 |
79.4 |
|
Restructuring Charge |
0.0 |
0.1 |
16.7 |
- |
- |
|
Loss (Gain) on Sale of Assets - Operating |
0.4 |
0.4 |
- |
- |
- |
|
Other Unusual Expense (Income) |
0.6 |
- |
2.1 |
- |
- |
|
Unusual Expense (Income) |
1.0 |
0.6 |
18.8 |
- |
- |
|
Other Operating Expense |
0.3 |
1.4 |
0.5 |
0.1 |
0.3 |
|
Other, Net |
-13.5 |
-0.8 |
-0.1 |
-2.9 |
-0.2 |
|
Other Operating Expenses, Total |
-13.2 |
0.6 |
0.5 |
-2.8 |
0.1 |
|
Total Operating Expense |
543.5 |
462.3 |
387.2 |
444.5 |
548.7 |
|
|
|
|
|
|
|
|
Operating Income |
105.8 |
61.9 |
-39.2 |
-31.1 |
16.6 |
|
|
|
|
|
|
|
|
Interest Expense - Non-Operating |
-1.0 |
-1.5 |
-2.7 |
-5.3 |
-5.9 |
|
Interest Expense, Net Non-Operating |
-1.0 |
-1.5 |
-2.7 |
-5.3 |
-5.9 |
|
Interest Income -
Non-Operating |
1.6 |
1.4 |
1.8 |
2.9 |
4.9 |
|
Interest/Investment Income - Non-Operating |
1.6 |
1.4 |
1.8 |
2.9 |
4.9 |
|
Interest Income (Expense) - Net Non-Operating Total |
0.5 |
-0.1 |
-1.0 |
-2.4 |
-0.9 |
|
Other Non-Operating Income (Expense) |
0.4 |
0.3 |
-0.8 |
0.0 |
-1.2 |
|
Other, Net |
0.4 |
0.3 |
-0.8 |
0.0 |
-1.2 |
|
Income Before Tax |
106.7 |
62.1 |
-41.0 |
-33.5 |
14.5 |
|
|
|
|
|
|
|
|
Total Income Tax |
21.9 |
15.4 |
-8.3 |
-10.8 |
5.5 |
|
Income After Tax |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income Before Extraord Items |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
Net Income |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
17.7 |
17.7 |
11.6 |
10.9 |
10.9 |
|
Basic EPS Excl Extraord Items |
4.79 |
2.64 |
-2.82 |
-2.09 |
0.82 |
|
Basic/Primary EPS Incl Extraord Items |
4.79 |
2.64 |
-2.82 |
-2.09 |
0.82 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
- |
|
Diluted Net Income |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
Diluted Weighted Average Shares |
17.7 |
17.7 |
11.6 |
10.9 |
10.9 |
|
Diluted EPS Excl Extraord Items |
4.79 |
2.64 |
-2.82 |
-2.09 |
0.82 |
|
Diluted EPS Incl Extraord Items |
4.79 |
2.64 |
-2.82 |
-2.09 |
0.82 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.19 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
2.0 |
|
Interest Expense, Supplemental |
1.0 |
1.5 |
2.7 |
5.3 |
5.9 |
|
Depreciation, Supplemental |
10.8 |
10.6 |
13.1 |
13.1 |
12.9 |
|
Total Special Items |
1.0 |
0.6 |
18.8 |
- |
- |
|
Normalized Income Before Tax |
107.7 |
62.7 |
-22.2 |
-33.5 |
14.5 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.2 |
0.1 |
6.6 |
- |
- |
|
Inc Tax Ex Impact of Sp Items |
22.1 |
15.6 |
-1.7 |
-10.8 |
5.5 |
|
Normalized Income After Tax |
85.6 |
47.1 |
-20.5 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
85.6 |
47.1 |
-20.5 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
4.84 |
2.66 |
-1.77 |
-2.09 |
0.82 |
|
Diluted Normalized EPS |
4.84 |
2.66 |
-1.77 |
-2.09 |
0.82 |
|
Amort of Intangibles, Supplemental |
1.6 |
1.5 |
2.6 |
3.6 |
4.6 |
|
Rental Expenses |
2.9 |
3.2 |
- |
- |
- |
|
Normalized EBIT |
106.7 |
62.5 |
-20.4 |
-31.1 |
16.6 |
|
Normalized EBITDA |
119.2 |
74.6 |
-4.7 |
-14.4 |
34.1 |
|
Current Tax - Total |
15.4 |
4.7 |
0.0 |
0.2 |
6.4 |
|
Current Tax - Total |
15.4 |
4.7 |
0.0 |
0.2 |
6.4 |
|
Deferred Tax - Total |
6.5 |
10.7 |
-8.3 |
-11.0 |
-0.8 |
|
Deferred Tax - Total |
6.5 |
10.7 |
-8.3 |
-11.0 |
-0.8 |
|
Income Tax - Total |
21.9 |
15.4 |
-8.3 |
-10.8 |
5.5 |
|
Interest Cost - Domestic |
0.8 |
1.0 |
0.9 |
0.8 |
0.7 |
|
Service Cost - Domestic |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Prior Service Cost - Domestic |
0.0 |
0.0 |
1.2 |
1.2 |
1.0 |
|
Expected Return on Assets - Domestic |
-0.1 |
-0.2 |
-0.3 |
-0.3 |
-0.3 |
|
Actuarial Gains and Losses - Domestic |
0.4 |
0.6 |
-0.2 |
0.5 |
-0.1 |
|
Curtailments & Settlements - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.2 |
|
Other Pension, Net - Domestic |
0.0 |
0.0 |
0.0 |
0.7 |
0.0 |
|
Domestic Pension Plan Expense |
1.3 |
1.6 |
1.7 |
3.2 |
1.7 |
|
Defined Contribution Expense - Domestic |
1.1 |
0.9 |
1.1 |
1.8 |
1.4 |
|
Total Pension Expense |
2.4 |
2.5 |
2.8 |
5.0 |
3.1 |
|
Discount Rate - Domestic |
4.00% |
4.00% |
5.00% |
5.00% |
5.50% |
|
Expected Rate of Return - Domestic |
4.00% |
4.00% |
4.50% |
4.50% |
4.50% |
|
Compensation Rate - Domestic |
2.00% |
2.00% |
2.88% |
2.88% |
2.88% |
|
Total Plan Interest Cost |
0.8 |
1.0 |
0.9 |
0.8 |
0.7 |
|
Total Plan Service Cost |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Total Plan Expected Return |
-0.1 |
-0.2 |
-0.3 |
-0.3 |
-0.3 |
|
Total Plan Other Expense |
0.0 |
0.0 |
0.0 |
0.7 |
0.0 |
Interim Income Statement
Standardized
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 |
6 Months |
3 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 |
0.724783 |
0.707825 |
0.713558 |
0.731463 |
|
|
|
|
|
|
|
|
Net Sales |
0.1 |
285.5 |
0.1 |
364.5 |
0.2 |
|
Revenue |
0.1 |
285.5 |
0.1 |
364.5 |
0.2 |
|
Total Revenue |
0.1 |
285.5 |
0.1 |
364.5 |
0.2 |
|
|
|
|
|
|
|
|
Cost of Revenue |
- |
232.3 |
- |
276.7 |
- |
|
Cost of Revenue, Total |
- |
232.3 |
- |
276.7 |
- |
|
Gross Profit |
- |
53.1 |
- |
87.8 |
- |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
- |
24.6 |
- |
22.4 |
- |
|
Total Selling/General/Administrative Expenses |
- |
24.6 |
- |
22.4 |
- |
|
Other Operating Expense |
- |
1.2 |
- |
0.1 |
- |
|
Other, Net |
- |
-13.3 |
- |
-0.1 |
- |
|
Other Operating Expenses, Total |
- |
-12.1 |
- |
0.0 |
- |
|
Total Operating Expense |
- |
244.9 |
- |
299.1 |
- |
|
|
|
|
|
|
|
|
Operating Income |
- |
40.6 |
- |
65.4 |
- |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
- |
-0.6 |
- |
-0.5 |
- |
|
Interest Expense, Net Non-Operating |
- |
-0.6 |
- |
-0.5 |
- |
|
Interest Income -
Non-Operating |
- |
0.8 |
- |
0.7 |
- |
|
Interest/Investment Income - Non-Operating |
- |
0.8 |
- |
0.7 |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
- |
0.3 |
- |
0.3 |
- |
|
Other Non-Operating Income (Expense) |
- |
0.3 |
- |
0.0 |
- |
|
Other, Net |
- |
0.3 |
- |
0.0 |
- |
|
Income Before Tax |
- |
41.2 |
- |
65.7 |
- |
|
|
|
|
|
|
|
|
Total Income Tax |
- |
4.8 |
- |
17.2 |
- |
|
Income After Tax |
- |
36.4 |
- |
48.5 |
- |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
- |
36.4 |
- |
48.5 |
- |
|
Net Income |
- |
36.4 |
- |
48.5 |
- |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
- |
36.4 |
- |
48.5 |
- |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
- |
36.4 |
- |
48.5 |
- |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
- |
17.7 |
- |
17.7 |
- |
|
Basic EPS Excl Extraord Items |
- |
2.06 |
- |
2.74 |
- |
|
Basic/Primary EPS Incl Extraord Items |
- |
2.06 |
- |
2.74 |
- |
|
Diluted Net Income |
- |
36.4 |
- |
48.5 |
- |
|
Diluted Weighted Average Shares |
- |
17.7 |
- |
17.7 |
- |
|
Diluted EPS Excl Extraord Items |
- |
2.06 |
- |
2.74 |
- |
|
Diluted EPS Incl Extraord Items |
- |
2.06 |
- |
2.74 |
- |
|
Dividends per Share - Common Stock Primary Issue |
- |
0.00 |
- |
0.00 |
- |
|
Gross Dividends - Common Stock |
- |
0.0 |
- |
0.0 |
- |
|
Interest Expense, Supplemental |
- |
0.6 |
- |
0.5 |
- |
|
Depreciation, Supplemental |
- |
6.2 |
- |
6.2 |
- |
|
Normalized Income Before Tax |
- |
41.2 |
- |
65.7 |
- |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
- |
4.8 |
- |
17.2 |
- |
|
Normalized Income After Tax |
- |
36.4 |
- |
48.5 |
- |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
- |
36.4 |
- |
48.5 |
- |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
- |
2.06 |
- |
2.74 |
- |
|
Diluted Normalized EPS |
- |
2.06 |
- |
2.74 |
- |
|
Normalized EBIT |
- |
40.6 |
- |
65.4 |
- |
|
Normalized EBITDA |
- |
46.8 |
- |
71.6 |
- |
Annual Balance Sheet
Standardized
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 |
Reclassified
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 |
Deloitte LLP |
Deloitte LLP |
Deloitte LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
143.6 |
37.2 |
27.0 |
18.2 |
27.6 |
|
Cash and Short Term Investments |
143.6 |
37.2 |
27.0 |
18.2 |
27.6 |
|
Accounts Receivable -
Trade, Gross |
68.6 |
83.5 |
- |
- |
- |
|
Provision for Doubtful
Accounts |
-8.0 |
-7.8 |
- |
- |
- |
|
Trade Accounts Receivable - Net |
60.6 |
75.8 |
47.1 |
47.8 |
90.8 |
|
Other Receivables |
26.1 |
27.9 |
18.7 |
3.8 |
8.4 |
|
Total Receivables, Net |
86.7 |
103.7 |
65.7 |
51.6 |
99.2 |
|
Inventories - Finished Goods |
14.3 |
13.1 |
15.3 |
24.3 |
18.4 |
|
Inventories - Work In Progress |
8.8 |
13.2 |
14.7 |
12.1 |
20.6 |
|
Inventories - Raw Materials |
33.7 |
37.7 |
60.3 |
70.5 |
70.6 |
|
Inventories - Other |
0.3 |
0.1 |
-33.8 |
-25.1 |
-21.8 |
|
Total Inventory |
57.1 |
64.0 |
56.6 |
81.8 |
87.8 |
|
Prepaid Expenses |
1.0 |
0.6 |
1.0 |
7.1 |
- |
|
Deferred Income Tax - Current Asset |
4.8 |
0.6 |
- |
- |
- |
|
Other Current Assets |
- |
- |
- |
0.3 |
- |
|
Other Current Assets, Total |
4.8 |
0.6 |
- |
0.3 |
- |
|
Total Current Assets |
293.2 |
206.1 |
150.3 |
159.0 |
214.7 |
|
|
|
|
|
|
|
|
Land/Improvements |
44.6 |
46.4 |
48.3 |
45.8 |
62.5 |
|
Machinery/Equipment |
237.2 |
251.7 |
266.4 |
278.4 |
282.0 |
|
Construction in
Progress |
3.6 |
0.1 |
0.3 |
6.8 |
0.7 |
|
Other
Property/Plant/Equipment |
2.1 |
2.7 |
2.5 |
2.5 |
2.2 |
|
Property/Plant/Equipment - Gross |
287.4 |
301.0 |
317.5 |
333.5 |
347.4 |
|
Accumulated Depreciation |
-219.3 |
-226.9 |
-232.7 |
-253.4 |
-259.5 |
|
Property/Plant/Equipment - Net |
68.1 |
74.1 |
84.7 |
80.1 |
87.9 |
|
Goodwill - Gross |
0.0 |
0.0 |
0.2 |
2.2 |
2.3 |
|
Accumulated Goodwill Amortization |
- |
- |
- |
0.0 |
0.0 |
|
Goodwill, Net |
0.0 |
0.0 |
0.2 |
2.2 |
2.3 |
|
Intangibles - Gross |
28.6 |
36.4 |
37.4 |
34.8 |
32.2 |
|
Accumulated Intangible Amortization |
-20.9 |
-27.7 |
-29.0 |
-25.7 |
-23.4 |
|
Intangibles, Net |
7.7 |
8.7 |
8.4 |
9.1 |
8.8 |
|
LT Investments - Other |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Long Term Investments |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Note Receivable - Long Term |
1.2 |
5.0 |
4.7 |
10.0 |
15.3 |
|
Deferred Income Tax - Long Term Asset |
4.7 |
2.9 |
11.7 |
4.6 |
3.0 |
|
Other Long Term Assets |
-0.8 |
-0.8 |
- |
- |
0.0 |
|
Other Long Term Assets, Total |
3.9 |
2.1 |
11.7 |
4.6 |
3.0 |
|
Total Assets |
374.2 |
296.0 |
260.1 |
265.1 |
332.2 |
|
|
|
|
|
|
|
|
Accounts Payable |
64.5 |
66.3 |
62.8 |
44.5 |
78.0 |
|
Accrued Expenses |
25.5 |
25.1 |
22.7 |
22.2 |
1.4 |
|
Notes Payable/Short Term Debt |
0.0 |
0.3 |
10.0 |
36.9 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
3.3 |
5.2 |
10.9 |
14.6 |
24.4 |
|
Customer Advances |
23.8 |
24.5 |
18.4 |
11.8 |
- |
|
Income Taxes Payable |
3.0 |
3.7 |
1.5 |
1.4 |
2.0 |
|
Other Current Liabilities |
9.4 |
8.0 |
12.2 |
8.0 |
46.5 |
|
Other Current liabilities, Total |
36.1 |
36.2 |
32.1 |
21.1 |
48.5 |
|
Total Current Liabilities |
129.4 |
133.0 |
138.4 |
139.3 |
152.2 |
|
|
|
|
|
|
|
|
Long Term Debt |
0.7 |
1.6 |
3.0 |
6.7 |
15.3 |
|
Capital Lease Obligations |
7.4 |
9.9 |
13.1 |
6.7 |
15.1 |
|
Total Long Term Debt |
8.1 |
11.4 |
16.2 |
13.4 |
30.4 |
|
Total Debt |
11.3 |
16.9 |
37.1 |
65.0 |
54.8 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
11.2 |
3.0 |
0.2 |
2.1 |
11.5 |
|
Deferred Income Tax |
11.2 |
3.0 |
0.2 |
2.1 |
11.5 |
|
Minority Interest |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Reserves |
2.3 |
2.4 |
2.6 |
2.5 |
2.2 |
|
Pension Benefits - Underfunded |
11.9 |
13.5 |
15.3 |
9.3 |
10.0 |
|
Other Liabilities, Total |
14.2 |
15.9 |
17.8 |
11.7 |
12.2 |
|
Total Liabilities |
162.8 |
163.3 |
172.7 |
166.6 |
206.2 |
|
|
|
|
|
|
|
|
Common Stock |
28.2 |
29.1 |
31.2 |
10.3 |
10.8 |
|
Common Stock |
28.2 |
29.1 |
31.2 |
10.3 |
10.8 |
|
Additional Paid-In Capital |
2.0 |
2.0 |
2.2 |
1.9 |
1.9 |
|
Retained Earnings (Accumulated Deficit) |
174.9 |
98.8 |
55.2 |
86.1 |
115.5 |
|
Translation Adjustment |
6.4 |
2.7 |
-1.1 |
0.2 |
-2.3 |
|
Other Equity, Total |
6.4 |
2.7 |
-1.1 |
0.2 |
-2.3 |
|
Total Equity |
211.4 |
132.7 |
87.4 |
98.4 |
125.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
374.2 |
296.0 |
260.1 |
265.1 |
332.2 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
17.7 |
17.7 |
17.7 |
10.9 |
10.9 |
|
Total Common Shares Outstanding |
17.7 |
17.7 |
17.7 |
10.9 |
10.9 |
|
Employees |
2,036 |
2,008 |
2,112 |
2,363 |
2,342 |
|
Accumulated Goodwill Amortization Suppl. |
- |
- |
- |
0.0 |
0.0 |
|
Accumulated Intangible Amort, Suppl. |
20.9 |
27.7 |
29.0 |
25.7 |
23.4 |
|
Deferred Revenue - Current |
23.8 |
24.5 |
18.4 |
11.8 |
- |
|
Total Long Term Debt, Supplemental |
1.8 |
4.3 |
9.7 |
28.1 |
54.8 |
|
Long Term Debt Maturing within 1 Year |
1.1 |
2.8 |
6.7 |
14.6 |
24.4 |
|
Long Term Debt Maturing in Year 2 |
0.2 |
0.4 |
0.8 |
2.9 |
5.4 |
|
Long Term Debt Maturing in Year 3 |
0.2 |
0.4 |
0.8 |
2.9 |
5.4 |
|
Long Term Debt Maturing in Year 4 |
0.2 |
0.4 |
0.8 |
2.9 |
5.4 |
|
Long Term Debt Maturing in Year 5 |
0.2 |
0.4 |
0.8 |
2.9 |
5.4 |
|
Long Term Debt Maturing in 2-3 Years |
0.3 |
0.8 |
1.5 |
5.8 |
10.9 |
|
Long Term Debt Maturing in 4-5 Years |
0.3 |
0.8 |
1.5 |
5.8 |
10.9 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
1.8 |
8.6 |
|
Total Capital Leases, Supplemental |
9.6 |
12.3 |
17.3 |
9.6 |
17.8 |
|
Capital Lease Payments Due in Year 1 |
2.2 |
2.4 |
4.1 |
2.9 |
2.7 |
|
Capital Lease Payments Due in Year 2 |
1.8 |
2.5 |
2.3 |
1.2 |
1.6 |
|
Capital Lease Payments Due in Year 3 |
1.8 |
2.5 |
2.3 |
1.2 |
1.6 |
|
Capital Lease Payments Due in Year 4 |
1.8 |
2.5 |
2.3 |
1.2 |
1.6 |
|
Capital Lease Payments Due in Year 5 |
1.8 |
2.5 |
2.3 |
1.2 |
1.6 |
|
Capital Lease Payments Due in 2-3 Years |
3.7 |
4.9 |
4.6 |
2.5 |
3.2 |
|
Capital Lease Payments Due in 4-5 Years |
3.7 |
4.9 |
4.6 |
2.5 |
3.2 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
3.9 |
1.8 |
8.6 |
|
Total Operating Leases, Supplemental |
2.9 |
3.8 |
9.5 |
13.1 |
16.7 |
|
Operating Lease Payments Due in Year 1 |
1.6 |
2.4 |
4.3 |
4.9 |
4.1 |
|
Operating Lease Payments Due in Year 2 |
0.3 |
0.4 |
1.3 |
2.0 |
5.6 |
|
Operating Lease Payments Due in Year 3 |
0.3 |
0.4 |
1.3 |
2.0 |
2.3 |
|
Operating Lease Payments Due in Year 4 |
0.3 |
0.4 |
1.3 |
2.0 |
2.3 |
|
Operating Lease Payments Due in Year 5 |
0.3 |
0.4 |
1.3 |
2.0 |
2.3 |
|
Operating Lease Pymts. Due in 2-3 Years |
0.6 |
0.7 |
2.6 |
4.1 |
7.9 |
|
Operating Lease Pymts. Due in 4-5 Years |
0.6 |
0.7 |
2.6 |
4.1 |
4.7 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Pension Obligation - Domestic |
2.0 |
2.9 |
7.3 |
7.3 |
7.1 |
|
Plan Assets - Domestic |
1.9 |
2.8 |
6.7 |
6.7 |
6.0 |
|
Funded Status - Domestic |
-0.1 |
-0.1 |
-0.6 |
-0.6 |
-1.2 |
|
Unfunded Plan Obligations |
13.1 |
14.7 |
10.9 |
10.7 |
9.3 |
|
Total Funded Status |
-13.2 |
-14.8 |
-11.5 |
-11.3 |
-10.5 |
|
Discount Rate - Domestic |
4.00% |
4.00% |
5.00% |
5.00% |
5.50% |
|
Expected Rate of Return - Domestic |
4.00% |
4.00% |
4.50% |
4.50% |
4.50% |
|
Compensation Rate - Domestic |
2.00% |
2.00% |
2.88% |
2.88% |
2.88% |
|
Net Domestic Pension Assets |
13.2 |
14.8 |
10.6 |
10.4 |
10.2 |
|
Net Assets Recognized on Balance Sheet |
13.2 |
14.8 |
10.6 |
10.4 |
10.2 |
|
Total Plan Obligations |
15.1 |
17.6 |
18.2 |
18.0 |
16.4 |
|
Total Plan Assets |
1.9 |
2.8 |
6.7 |
6.7 |
6.0 |
Interim Balance Sheet
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
30-Jun-2011 |
31-Dec-2010 |
30-Jun-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.689727 |
0.745406 |
0.816393 |
0.696986 |
|
|
|
|
|
|
|
|
Cash & Equivalents |
143.6 |
75.3 |
37.2 |
55.7 |
27.0 |
|
Cash and Short Term Investments |
143.6 |
75.3 |
37.2 |
55.7 |
27.0 |
|
Trade Accounts Receivable - Net |
60.6 |
117.2 |
75.8 |
62.7 |
47.1 |
|
Other Receivables |
31.9 |
21.0 |
29.1 |
4.5 |
19.7 |
|
Total Receivables, Net |
92.5 |
138.3 |
104.8 |
67.2 |
66.7 |
|
Total Inventory |
57.1 |
75.8 |
64.0 |
60.1 |
56.6 |
|
Total Current Assets |
293.2 |
289.4 |
206.1 |
183.1 |
150.3 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
68.1 |
77.3 |
74.1 |
71.1 |
84.7 |
|
Goodwill, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Intangibles, Net |
6.9 |
8.3 |
7.9 |
7.3 |
8.5 |
|
LT Investments - Other |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Long Term Investments |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Note Receivable - Long Term |
1.2 |
1.7 |
5.0 |
1.5 |
4.7 |
|
Deferred Income Tax - Long Term Asset |
4.7 |
3.0 |
2.9 |
6.0 |
11.7 |
|
Other Long Term Assets, Total |
4.7 |
3.0 |
2.9 |
6.0 |
11.7 |
|
Total Assets |
374.2 |
379.8 |
296.0 |
269.1 |
260.1 |
|
|
|
|
|
|
|
|
Accounts Payable |
64.5 |
79.6 |
66.3 |
68.2 |
62.8 |
|
Accrued Expenses |
1.7 |
1.9 |
1.7 |
1.6 |
1.9 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
3.3 |
4.3 |
5.5 |
7.0 |
20.9 |
|
Income Taxes Payable |
3.0 |
9.7 |
3.7 |
2.8 |
1.5 |
|
Other Current Liabilities |
57.0 |
56.5 |
55.9 |
62.7 |
51.4 |
|
Other Current liabilities, Total |
60.0 |
66.2 |
59.6 |
65.5 |
52.9 |
|
Total Current Liabilities |
129.4 |
152.0 |
133.0 |
142.4 |
138.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
0.7 |
1.0 |
1.6 |
1.5 |
3.0 |
|
Capital Lease Obligations |
7.4 |
9.5 |
9.9 |
10.0 |
13.1 |
|
Total Long Term Debt |
8.1 |
10.5 |
11.4 |
11.5 |
16.2 |
|
Total Debt |
11.3 |
14.9 |
16.9 |
18.5 |
37.1 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
11.2 |
11.4 |
3.0 |
0.3 |
0.2 |
|
Deferred Income Tax |
11.2 |
11.4 |
3.0 |
0.3 |
0.2 |
|
Minority Interest |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Reserves |
2.3 |
2.5 |
2.4 |
2.2 |
2.6 |
|
Pension Benefits - Underfunded |
11.9 |
13.8 |
13.5 |
12.3 |
15.3 |
|
Other Liabilities, Total |
14.2 |
16.3 |
15.9 |
14.5 |
17.8 |
|
Total Liabilities |
162.8 |
190.2 |
163.3 |
168.6 |
172.7 |
|
|
|
|
|
|
|
|
Common Stock |
28.2 |
31.5 |
29.1 |
26.6 |
31.2 |
|
Common Stock |
28.2 |
31.5 |
29.1 |
26.6 |
31.2 |
|
Additional Paid-In Capital |
2.0 |
2.2 |
2.0 |
1.9 |
2.2 |
|
Retained Earnings (Accumulated Deficit) |
174.9 |
157.0 |
98.8 |
66.6 |
55.2 |
|
Translation Adjustment |
6.4 |
-1.1 |
2.7 |
5.4 |
-1.1 |
|
Other Equity, Total |
6.4 |
-1.1 |
2.7 |
5.4 |
-1.1 |
|
Total Equity |
211.4 |
189.6 |
132.7 |
100.5 |
87.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
374.2 |
379.8 |
296.0 |
269.1 |
260.1 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
17.7 |
17.7 |
17.7 |
17.7 |
17.7 |
|
Total Common Shares Outstanding |
17.7 |
17.7 |
17.7 |
17.7 |
17.7 |
|
Employees |
2,036 |
2,000 |
2,008 |
1,904 |
2,112 |
|
Total Long Term Debt, Supplemental |
- |
- |
5.5 |
7.0 |
- |
|
Long Term Debt Maturing within 1 Year |
- |
- |
5.5 |
7.0 |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
- |
0.0 |
0.0 |
- |
|
Total Operating Leases, Supplemental |
- |
- |
3.8 |
- |
- |
|
Operating Lease Payments Due in Year 1 |
- |
- |
2.4 |
- |
- |
|
Operating Lease Payments Due in Year 2 |
- |
- |
1.4 |
- |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
- |
- |
1.4 |
- |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
- |
0.0 |
- |
- |
Annual Cash Flows
Standardized
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 |
Updated 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 |
Deloitte LLP |
Deloitte LLP |
Deloitte LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
105.8 |
61.9 |
-39.2 |
-31.1 |
16.6 |
|
Depreciation |
12.4 |
12.2 |
15.7 |
16.8 |
17.5 |
|
Depreciation/Depletion |
12.4 |
12.2 |
15.7 |
16.8 |
17.5 |
|
Other Non-Cash Items |
0.5 |
0.0 |
20.4 |
1.6 |
1.0 |
|
Non-Cash Items |
0.5 |
0.0 |
20.4 |
1.6 |
1.0 |
|
Accounts Receivable |
- |
-30.1 |
-3.4 |
- |
- |
|
Inventories |
- |
-14.9 |
19.5 |
- |
- |
|
Other Assets |
- |
-11.1 |
3.6 |
- |
- |
|
Accounts Payable |
- |
7.5 |
16.3 |
- |
- |
|
Taxes Payable |
-16.1 |
-2.4 |
0.0 |
-0.2 |
-6.4 |
|
Other Liabilities |
- |
9.9 |
4.0 |
- |
- |
|
Other Assets & Liabilities, Net |
7.9 |
- |
- |
6.8 |
23.8 |
|
Other Operating Cash Flow |
2.5 |
0.4 |
0.0 |
-2.7 |
- |
|
Changes in Working Capital |
-5.6 |
-40.7 |
40.0 |
3.9 |
17.5 |
|
Cash from Operating Activities |
113.0 |
33.4 |
36.9 |
-8.9 |
52.6 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-9.6 |
-4.9 |
-5.4 |
-12.4 |
-13.9 |
|
Capital Expenditures |
-9.6 |
-4.9 |
-5.4 |
-12.4 |
-13.9 |
|
Sale of Fixed Assets |
13.2 |
0.0 |
0.1 |
2.2 |
0.3 |
|
Investment, Net |
- |
- |
- |
0.0 |
-0.9 |
|
Sale of Intangible Assets |
- |
- |
0.0 |
0.0 |
0.0 |
|
Intangible, Net |
-0.8 |
-1.4 |
-1.6 |
-4.3 |
-1.0 |
|
Other Investing Cash Flow |
1.6 |
1.4 |
1.1 |
2.9 |
4.9 |
|
Other Investing Cash Flow Items, Total |
14.0 |
0.0 |
-0.4 |
0.8 |
3.3 |
|
Cash from Investing Activities |
4.4 |
-4.9 |
-5.8 |
-11.6 |
-10.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-1.0 |
-1.5 |
-2.1 |
-5.3 |
-5.9 |
|
Financing Cash Flow Items |
-1.0 |
-1.5 |
-2.1 |
-5.3 |
-5.9 |
|
Cash Dividends Paid - Common |
- |
0.0 |
0.0 |
-2.2 |
-2.6 |
|
Total Cash Dividends Paid |
- |
0.0 |
0.0 |
-2.2 |
-2.6 |
|
Common Stock, Net |
- |
0.0 |
19.8 |
- |
- |
|
Issuance (Retirement) of Stock, Net |
- |
0.0 |
19.8 |
- |
- |
|
Long Term Debt Issued |
- |
0.3 |
0.6 |
38.8 |
0.0 |
|
Long Term Debt
Reduction |
-5.4 |
-17.8 |
-39.9 |
-20.7 |
-28.1 |
|
Long Term Debt, Net |
-5.4 |
-17.6 |
-39.3 |
18.1 |
-28.1 |
|
Issuance (Retirement) of Debt, Net |
-5.4 |
-17.6 |
-39.3 |
18.1 |
-28.1 |
|
Cash from Financing Activities |
-6.4 |
-19.0 |
-21.6 |
10.6 |
-36.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
4.2 |
2.4 |
-1.5 |
1.4 |
-2.1 |
|
Net Change in Cash |
115.2 |
11.8 |
8.0 |
-8.5 |
3.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
38.6 |
25.0 |
18.2 |
27.6 |
22.6 |
|
Net Cash - Ending Balance |
153.8 |
36.8 |
26.2 |
19.2 |
25.9 |
|
Cash Interest Paid |
1.0 |
1.5 |
2.1 |
5.3 |
5.9 |
Interim Cash Flows
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
30-Jun-2011 |
31-Dec-2010 |
30-Jun-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
6 Months |
12 Months |
6 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.713558 |
0.755078 |
0.754409 |
0.719047 |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
105.8 |
65.4 |
61.9 |
27.8 |
-39.2 |
|
Depreciation |
12.4 |
6.2 |
12.2 |
6.0 |
15.7 |
|
Depreciation/Depletion |
12.4 |
6.2 |
12.2 |
6.0 |
15.7 |
|
Unusual Items |
2.6 |
-1.3 |
3.4 |
1.3 |
9.1 |
|
Other Non-Cash Items |
0.4 |
-1.3 |
-3.0 |
-3.5 |
11.3 |
|
Non-Cash Items |
3.0 |
-2.6 |
0.4 |
-2.1 |
20.4 |
|
Taxes Payable |
-16.1 |
-3.8 |
-2.4 |
-2.2 |
0.0 |
|
Other Assets & Liabilities, Net |
7.9 |
-21.1 |
-38.7 |
7.1 |
40.0 |
|
Changes in Working Capital |
-8.2 |
-24.9 |
-41.1 |
4.9 |
40.0 |
|
Cash from Operating Activities |
113.0 |
44.1 |
33.4 |
36.6 |
36.9 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-9.6 |
-3.9 |
-4.9 |
-2.2 |
-5.4 |
|
Purchase/Acquisition of Intangibles |
-0.8 |
-0.5 |
-1.4 |
-0.8 |
-1.6 |
|
Capital Expenditures |
-10.3 |
-4.4 |
-6.3 |
-2.9 |
-7.0 |
|
Sale of Fixed Assets |
13.2 |
- |
0.0 |
0.0 |
0.1 |
|
Sale of Intangible Assets |
- |
- |
- |
- |
0.0 |
|
Other Investing Cash Flow |
1.6 |
0.7 |
1.4 |
0.7 |
1.1 |
|
Other Investing Cash Flow Items, Total |
14.7 |
0.7 |
1.4 |
0.7 |
1.3 |
|
Cash from Investing Activities |
4.4 |
-3.6 |
-4.9 |
-2.3 |
-5.8 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-1.0 |
-0.5 |
-1.5 |
-0.8 |
-2.1 |
|
Financing Cash Flow Items |
-1.0 |
-0.5 |
-1.5 |
-0.8 |
-2.1 |
|
Cash Dividends Paid - Common |
- |
- |
- |
- |
0.0 |
|
Total Cash Dividends Paid |
- |
- |
- |
- |
0.0 |
|
Common Stock, Net |
- |
- |
- |
- |
19.8 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
- |
- |
19.8 |
|
Long Term Debt Issued |
- |
- |
0.3 |
0.0 |
0.6 |
|
Long Term Debt
Reduction |
-5.4 |
-3.3 |
-17.8 |
-14.2 |
-39.9 |
|
Long Term Debt, Net |
-5.4 |
-3.3 |
-17.6 |
-14.2 |
-39.3 |
|
Issuance (Retirement) of Debt, Net |
-5.4 |
-3.3 |
-17.6 |
-14.2 |
-39.3 |
|
Cash from Financing Activities |
-6.4 |
-3.8 |
-19.0 |
-15.0 |
-21.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
4.2 |
-2.8 |
2.4 |
4.5 |
-1.5 |
|
Net Change in Cash |
115.2 |
33.9 |
11.8 |
23.8 |
8.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
38.6 |
38.9 |
25.0 |
36.5 |
18.2 |
|
Net Cash - Ending Balance |
153.8 |
72.8 |
36.8 |
60.3 |
26.2 |
|
Cash Interest Paid |
1.0 |
0.5 |
1.5 |
0.8 |
2.1 |
Annual Income Statement
As Reported
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 |
Updated 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 |
Deloitte LLP |
Deloitte LLP |
Deloitte LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Turnover |
649.3 |
524.1 |
348.0 |
413.4 |
565.3 |
|
Total Revenue |
649.3 |
524.1 |
348.0 |
413.4 |
565.3 |
|
|
|
|
|
|
|
|
Cost of Sales |
508.6 |
415.6 |
315.2 |
379.5 |
469.2 |
|
Other Operating Income |
-13.5 |
-0.8 |
-0.1 |
-2.9 |
-0.2 |
|
General & Administrative Costs |
24.4 |
23.9 |
32.5 |
45.3 |
52.2 |
|
Sales and Marketing Costs |
22.7 |
21.6 |
20.3 |
22.6 |
27.3 |
|
Other Operating Expenses |
0.3 |
1.4 |
0.5 |
0.1 |
0.3 |
|
Restructuring Costs |
0.0 |
0.1 |
16.7 |
- |
- |
|
Exceptional Losses |
0.6 |
- |
2.1 |
- |
- |
|
Disposal Fixed Asset |
0.4 |
0.4 |
- |
- |
- |
|
Total Operating Expense |
543.5 |
462.3 |
387.2 |
444.5 |
548.7 |
|
|
|
|
|
|
|
|
Interest Income |
1.6 |
1.4 |
1.8 |
2.9 |
4.9 |
|
Interest Expense |
-1.0 |
-1.5 |
-2.7 |
-5.3 |
-5.9 |
|
Other Fin. Income |
0.0 |
0.0 |
0.4 |
1.2 |
0.3 |
|
Other Fin. Charges |
-0.1 |
0.0 |
-1.2 |
-1.2 |
-1.5 |
|
Consolidation Diff. |
0.5 |
0.3 |
- |
- |
- |
|
Net Income Before Taxes |
106.7 |
62.1 |
-41.0 |
-33.5 |
14.5 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
21.9 |
15.4 |
-8.3 |
-10.8 |
5.5 |
|
Net Income After Taxes |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income Before Extra. Items |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
Net Income |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
17.7 |
17.7 |
11.6 |
10.9 |
10.9 |
|
Basic EPS Excluding ExtraOrdinary Items |
4.79 |
2.64 |
-2.82 |
-2.09 |
0.82 |
|
Basic EPS Including ExtraOrdinary Item |
4.79 |
2.64 |
-2.82 |
-2.09 |
0.82 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
- |
|
Diluted Net Income |
84.8 |
46.7 |
-32.7 |
-22.7 |
8.9 |
|
Diluted Weighted Average Shares |
17.7 |
17.7 |
11.6 |
10.9 |
10.9 |
|
Diluted EPS Excluding ExtraOrd Items |
4.79 |
2.64 |
-2.82 |
-2.09 |
0.82 |
|
Diluted EPS Including ExtraOrd Items |
4.79 |
2.64 |
-2.82 |
-2.09 |
0.82 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.19 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
2.0 |
|
Normalized Income Before Taxes |
107.7 |
62.7 |
-22.2 |
-33.5 |
14.5 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
22.1 |
15.6 |
-1.7 |
-10.8 |
5.5 |
|
Normalized Income After Taxes |
85.6 |
47.1 |
-20.5 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
85.6 |
47.1 |
-20.5 |
-22.7 |
8.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
4.84 |
2.66 |
-1.77 |
-2.09 |
0.82 |
|
Diluted Normalized EPS |
4.84 |
2.66 |
-1.77 |
-2.09 |
0.82 |
|
Interest Expense |
1.0 |
1.5 |
2.7 |
5.3 |
5.9 |
|
Depreciation |
10.8 |
10.6 |
13.1 |
13.1 |
12.9 |
|
Amortization of Intangibles |
1.6 |
1.5 |
2.6 |
3.6 |
4.6 |
|
Rental Expense |
2.9 |
3.2 |
- |
- |
- |
|
Current Tax |
15.4 |
4.7 |
0.0 |
0.2 |
6.4 |
|
Current Tax - Total |
15.4 |
4.7 |
0.0 |
0.2 |
6.4 |
|
Deferred Tax |
6.5 |
10.7 |
-8.3 |
-11.0 |
-0.8 |
|
Deferred Tax - Total |
6.5 |
10.7 |
-8.3 |
-11.0 |
-0.8 |
|
Income Tax - Total |
21.9 |
15.4 |
-8.3 |
-10.8 |
5.5 |
|
Service Cost |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Interest Cost |
0.8 |
1.0 |
0.9 |
0.8 |
0.7 |
|
Expected Return on Assets |
-0.1 |
-0.2 |
-0.3 |
-0.3 |
-0.3 |
|
Actuarial Gains and Losses |
0.4 |
0.6 |
-0.2 |
0.5 |
-0.1 |
|
Prior Service Cost |
0.0 |
0.0 |
1.2 |
1.2 |
1.0 |
|
Other Pension |
0.0 |
0.0 |
0.0 |
0.7 |
0.0 |
|
Curtailments & Settlements |
0.0 |
0.0 |
0.0 |
0.0 |
0.2 |
|
Domestic Pension Plan Expense |
1.3 |
1.6 |
1.7 |
3.2 |
1.7 |
|
Defined Contribution Expense |
1.1 |
0.9 |
1.1 |
1.8 |
1.4 |
|
Total Pension Expense |
2.4 |
2.5 |
2.8 |
5.0 |
3.1 |
|
Dicount Rate |
4.00% |
4.00% |
5.00% |
5.00% |
5.50% |
|
Expected Rate of Return |
4.00% |
4.00% |
4.50% |
4.50% |
4.50% |
|
Compensation Rate |
2.00% |
2.00% |
2.88% |
2.88% |
2.88% |
Interim Income Statement
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
30-Jun-2011 |
31-Dec-2010 |
30-Jun-2010 |
31-Dec-2009 |
|
Period Length |
6 Months |
6 Months |
6 Months |
6 Months |
6 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.724783 |
0.713558 |
0.75577 |
0.754409 |
0.688522 |
|
|
|
|
|
|
|
|
Sales |
285.5 |
364.5 |
285.9 |
238.2 |
205.4 |
|
Total Revenue |
285.5 |
364.5 |
285.9 |
238.2 |
205.4 |
|
|
|
|
|
|
|
|
Cost of Sales |
232.3 |
276.7 |
229.4 |
186.2 |
180.4 |
|
General and Administrative Expenses |
13.2 |
11.2 |
11.3 |
12.6 |
16.1 |
|
Sales and Marketing Costs |
11.4 |
11.3 |
11.7 |
9.9 |
9.6 |
|
Operating Costs |
1.2 |
0.1 |
0.1 |
1.8 |
10.0 |
|
Operating Income |
-13.3 |
-0.1 |
-0.7 |
-0.1 |
0.0 |
|
Total Operating Expense |
244.9 |
299.1 |
251.9 |
210.4 |
215.9 |
|
|
|
|
|
|
|
|
Interest Income |
0.8 |
0.7 |
0.8 |
0.7 |
1.7 |
|
Interest Expense |
-0.6 |
-0.5 |
-0.7 |
-0.8 |
-1.8 |
|
Other Fin. Income |
0.1 |
1.1 |
0.4 |
1.1 |
-0.2 |
|
Other Fin. Expense |
0.2 |
-1.1 |
-0.4 |
-0.9 |
0.0 |
|
Net Income Before Taxes |
41.2 |
65.7 |
34.2 |
27.9 |
-11.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
4.8 |
17.2 |
8.6 |
6.8 |
-4.8 |
|
Net Income After Taxes |
36.4 |
48.5 |
25.6 |
21.1 |
-6.1 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
36.4 |
48.5 |
25.6 |
21.1 |
-6.1 |
|
Net Income |
36.4 |
48.5 |
25.6 |
21.1 |
-6.1 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
36.4 |
48.5 |
25.6 |
21.1 |
-6.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
36.4 |
48.5 |
25.6 |
21.1 |
-6.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
17.7 |
17.7 |
17.7 |
17.7 |
12.4 |
|
Basic EPS Excluding ExtraOrdinary Items |
2.06 |
2.74 |
1.44 |
1.19 |
-0.49 |
|
Basic EPS Including ExtraOrdinary Item |
2.06 |
2.74 |
1.44 |
1.19 |
-0.49 |
|
Dilution Adjustment |
- |
- |
- |
0.0 |
0.0 |
|
Diluted Net Income |
36.4 |
48.5 |
25.6 |
21.1 |
-6.1 |
|
Diluted Weighted Average Shares |
17.7 |
17.7 |
17.7 |
17.7 |
12.4 |
|
Diluted EPS Excluding ExtraOrd Items |
2.06 |
2.74 |
1.44 |
1.19 |
-0.49 |
|
Diluted EPS Including ExtraOrd Items |
2.06 |
2.74 |
1.44 |
1.19 |
-0.49 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
41.2 |
65.7 |
34.2 |
27.9 |
-11.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
4.8 |
17.2 |
8.6 |
6.8 |
-4.8 |
|
Normalized Income After Taxes |
36.4 |
48.5 |
25.6 |
21.1 |
-6.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
36.4 |
48.5 |
25.6 |
21.1 |
-6.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
2.06 |
2.74 |
1.44 |
1.19 |
-0.49 |
|
Diluted Normalized EPS |
2.06 |
2.74 |
1.44 |
1.19 |
-0.49 |
|
Interest Expense |
0.6 |
0.5 |
0.7 |
0.8 |
1.8 |
|
Depreciation |
6.2 |
6.2 |
6.1 |
6.0 |
6.2 |
Annual Balance Sheet
As Reported
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 |
Reclassified
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 |
Deloitte LLP |
Deloitte LLP |
Deloitte LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Raw Materials |
33.7 |
37.7 |
60.3 |
70.5 |
70.6 |
|
Work in Progress |
8.8 |
13.2 |
14.7 |
12.1 |
20.6 |
|
Finished Goods |
14.3 |
13.1 |
15.3 |
24.3 |
18.4 |
|
Advance Payments |
0.3 |
0.1 |
0.2 |
0.4 |
0.2 |
|
Stock Depreciation |
- |
- |
-34.0 |
-25.4 |
-22.0 |
|
Trade Debtors |
- |
- |
47.1 |
47.8 |
90.8 |
|
Trade Debtors, Gross |
68.6 |
83.5 |
- |
- |
- |
|
Provision for Doubtful Accounts |
-8.0 |
-7.8 |
- |
- |
- |
|
VAT Receivables |
3.9 |
4.4 |
3.2 |
1.9 |
- |
|
Deferret Tax |
4.8 |
0.6 |
- |
- |
- |
|
Deferred Charges |
1.0 |
0.6 |
1.0 |
7.1 |
- |
|
Derivatives |
- |
- |
- |
0.3 |
- |
|
Other Receivable |
22.1 |
23.5 |
15.4 |
1.9 |
8.4 |
|
Cash at Bank |
143.6 |
37.2 |
27.0 |
18.2 |
27.6 |
|
Total Current Assets |
293.2 |
206.1 |
150.3 |
159.0 |
214.7 |
|
|
|
|
|
|
|
|
Formation Exp. |
12.5 |
12.4 |
11.9 |
10.2 |
7.9 |
|
Concess./Patents |
16.1 |
24.0 |
25.5 |
24.6 |
24.2 |
|
Business Goodwill |
0.0 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Impairment of Business Goodwill |
0.0 |
-0.2 |
- |
- |
- |
|
Amortisation |
-20.9 |
-27.7 |
-29.0 |
-25.7 |
-23.4 |
|
Impairment of Intangibles |
-0.8 |
-0.8 |
- |
- |
- |
|
Goodwill |
0.0 |
0.0 |
0.0 |
2.1 |
2.2 |
|
Goodwill Amortisation |
- |
- |
- |
0.0 |
0.0 |
|
Land/Building |
44.6 |
46.4 |
48.3 |
45.8 |
62.5 |
|
Plant/Machinery |
223.1 |
237.1 |
251.0 |
262.8 |
266.6 |
|
Furn./Vehicles |
14.0 |
14.7 |
15.4 |
15.6 |
15.4 |
|
Other Tangible |
2.1 |
2.7 |
2.5 |
2.5 |
2.2 |
|
Assets/Const. |
3.6 |
0.1 |
0.3 |
6.8 |
0.7 |
|
Depreciation |
-219.3 |
-226.9 |
-232.7 |
-253.4 |
-259.5 |
|
Other Financial Investments |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Amounts Rcvbl. |
1.2 |
5.0 |
4.7 |
10.0 |
15.3 |
|
Deferred Tax Receivable |
4.7 |
2.9 |
11.7 |
4.6 |
3.0 |
|
Adjustment |
- |
- |
- |
- |
0.0 |
|
Total Assets |
374.2 |
296.0 |
260.1 |
265.1 |
332.2 |
|
|
|
|
|
|
|
|
Curr. Ptn. LT |
1.1 |
2.8 |
6.8 |
11.7 |
21.6 |
|
Leases |
2.2 |
2.4 |
4.1 |
2.9 |
2.7 |
|
Credit Inst. |
0.0 |
0.3 |
10.0 |
36.9 |
0.0 |
|
Provisions |
9.0 |
7.7 |
10.6 |
4.2 |
6.2 |
|
Trade Debts/Supp |
64.5 |
66.3 |
62.8 |
44.5 |
78.0 |
|
Taxes |
3.0 |
3.7 |
1.5 |
1.4 |
2.0 |
|
Pensions |
1.7 |
1.7 |
1.9 |
2.1 |
1.4 |
|
Advances Rec. |
23.8 |
24.5 |
18.4 |
11.8 |
- |
|
Remuneration & Social Security |
19.1 |
19.0 |
17.7 |
20.1 |
- |
|
Accruals |
4.8 |
4.4 |
3.1 |
- |
- |
|
Other Liabilities |
0.4 |
0.3 |
1.6 |
3.8 |
40.3 |
|
Total Current Liabilities |
129.4 |
133.0 |
138.4 |
139.3 |
152.2 |
|
|
|
|
|
|
|
|
Leases |
7.4 |
9.9 |
13.1 |
6.7 |
15.1 |
|
Credit Inst. |
0.7 |
1.6 |
3.0 |
6.7 |
15.3 |
|
Total Long Term Debt |
8.1 |
11.4 |
16.2 |
13.4 |
30.4 |
|
|
|
|
|
|
|
|
Pension Prov. |
11.9 |
13.5 |
15.3 |
9.3 |
10.0 |
|
Other Provisions |
2.3 |
2.4 |
2.6 |
2.5 |
2.2 |
|
Deferred Tax |
11.2 |
3.0 |
0.2 |
2.1 |
11.5 |
|
Minority Ints. |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Liabilities |
162.8 |
163.3 |
172.7 |
166.6 |
206.2 |
|
|
|
|
|
|
|
|
Capital |
28.2 |
29.1 |
31.2 |
10.3 |
10.8 |
|
Share Premium |
2.0 |
2.0 |
2.2 |
1.9 |
1.9 |
|
Consol. Res. |
174.9 |
98.8 |
55.2 |
86.1 |
115.5 |
|
Trans. Diff. |
6.4 |
2.7 |
-1.1 |
0.2 |
-2.3 |
|
Total Equity |
211.4 |
132.7 |
87.4 |
98.4 |
125.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
374.2 |
296.0 |
260.1 |
265.1 |
332.2 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
17.7 |
17.7 |
17.7 |
10.9 |
10.9 |
|
Total Common Shares Outstanding |
17.7 |
17.7 |
17.7 |
10.9 |
10.9 |
|
Deferred Revenue - Current |
23.8 |
24.5 |
18.4 |
11.8 |
- |
|
Accumulated Goodwill Amortisation |
- |
- |
- |
0.0 |
0.0 |
|
Accumulated Intangible Amortisation |
20.9 |
27.7 |
29.0 |
25.7 |
23.4 |
|
Full-Time Employees |
2,036 |
2,008 |
2,112 |
2,363 |
2,342 |
|
LT Debt Maturing Within 1 Year |
1.1 |
2.8 |
6.7 |
14.6 |
24.4 |
|
LT Debt Maturing Within 5 Years |
0.7 |
1.6 |
3.0 |
11.7 |
21.7 |
|
LT Debt Maturing After 5 Years |
0.0 |
0.0 |
0.0 |
1.8 |
8.6 |
|
Total Long Term Debt, Supplemental |
1.8 |
4.3 |
9.7 |
28.1 |
54.8 |
|
Leases Maturing Within 1Year |
2.2 |
2.4 |
4.1 |
2.9 |
2.7 |
|
Leases Maturing Within 5 Years |
7.4 |
9.9 |
9.2 |
4.9 |
6.4 |
|
Leases Maturing After 5 Years |
0.0 |
0.0 |
3.9 |
1.8 |
8.6 |
|
Total Capital Leases |
9.6 |
12.3 |
17.3 |
9.6 |
17.8 |
|
Op. Lease Maturing Within 1 Year |
1.6 |
2.4 |
4.3 |
4.9 |
4.1 |
|
Op. Lease Maturing Within 5 Years |
1.3 |
1.4 |
5.2 |
8.2 |
7.0 |
|
Remaining Maturities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Optg leases-year 2 |
- |
- |
- |
- |
5.6 |
|
Total Operating Leases |
2.9 |
3.8 |
9.5 |
13.1 |
16.7 |
|
Pension Obligation |
2.0 |
2.9 |
7.3 |
7.3 |
7.1 |
|
Plan Assets |
1.9 |
2.8 |
6.7 |
6.7 |
6.0 |
|
Funded Status |
-0.1 |
-0.1 |
-0.6 |
-0.6 |
-1.2 |
|
Unfunded Plan Obligation |
13.1 |
14.7 |
10.9 |
10.7 |
9.3 |
|
Total Funded Status |
-13.2 |
-14.8 |
-11.5 |
-11.3 |
-10.5 |
|
Discount Rate |
4.00% |
4.00% |
5.00% |
5.00% |
5.50% |
|
Expected Rate of Return |
4.00% |
4.00% |
4.50% |
4.50% |
4.50% |
|
Compensation Rate |
2.00% |
2.00% |
2.88% |
2.88% |
2.88% |
|
Net Domestic Pension Assets |
13.2 |
14.8 |
10.6 |
10.4 |
10.2 |
|
Net Assets Recognized on Balance Sheet |
13.2 |
14.8 |
10.6 |
10.4 |
10.2 |
Interim Balance Sheet
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
30-Jun-2011 |
31-Dec-2010 |
30-Jun-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.689727 |
0.745406 |
0.816393 |
0.696986 |
|
|
|
|
|
|
|
|
Trade Debtors>1Y |
60.6 |
117.2 |
75.8 |
62.7 |
47.1 |
|
Other Rcvbl.>1Y |
31.9 |
21.0 |
29.1 |
4.5 |
19.7 |
|
Inventories |
57.1 |
75.8 |
64.0 |
60.1 |
56.6 |
|
Cash at Bank |
143.6 |
75.3 |
37.2 |
55.7 |
27.0 |
|
Total Current Assets |
293.2 |
289.4 |
206.1 |
183.1 |
150.3 |
|
|
|
|
|
|
|
|
Intangibles |
6.9 |
8.3 |
7.9 |
7.3 |
8.5 |
|
Goodwill |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Tangibles |
68.1 |
77.3 |
74.1 |
71.1 |
84.7 |
|
Other Financial Investments |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Amounts Rcvbl. |
1.2 |
1.7 |
5.0 |
1.5 |
4.7 |
|
Deferred Tax Receivable |
4.7 |
3.0 |
2.9 |
6.0 |
11.7 |
|
Total Assets |
374.2 |
379.8 |
296.0 |
269.1 |
260.1 |
|
|
|
|
|
|
|
|
Interest-bearing debt |
3.3 |
4.3 |
5.5 |
7.0 |
20.9 |
|
Provisions |
9.0 |
7.8 |
7.7 |
6.6 |
10.6 |
|
Trade Debts/Supp |
64.5 |
79.6 |
66.3 |
68.2 |
62.8 |
|
Taxes |
3.0 |
9.7 |
3.7 |
2.8 |
1.5 |
|
Employee benefit obligations |
1.7 |
1.9 |
1.7 |
1.6 |
1.9 |
|
Other Liabilities |
48.0 |
48.7 |
48.2 |
56.1 |
40.8 |
|
Total Current Liabilities |
129.4 |
152.0 |
133.0 |
142.4 |
138.4 |
|
|
|
|
|
|
|
|
Financial leases |
7.4 |
9.5 |
9.9 |
10.0 |
13.1 |
|
Credit Inst. |
0.7 |
1.0 |
1.6 |
1.5 |
3.0 |
|
Total Long Term Debt |
8.1 |
10.5 |
11.4 |
11.5 |
16.2 |
|
|
|
|
|
|
|
|
Employee benefit obligations |
11.9 |
13.8 |
13.5 |
12.3 |
15.3 |
|
Provisions |
2.3 |
2.5 |
2.4 |
2.2 |
2.6 |
|
Deferred Tax |
11.2 |
11.4 |
3.0 |
0.3 |
0.2 |
|
Minority Ints. |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Liabilities |
162.8 |
190.2 |
163.3 |
168.6 |
172.7 |
|
|
|
|
|
|
|
|
Capital |
28.2 |
31.5 |
29.1 |
26.6 |
31.2 |
|
Share Premium |
2.0 |
2.2 |
2.0 |
1.9 |
2.2 |
|
Consol. Res. |
174.9 |
157.0 |
98.8 |
66.6 |
55.2 |
|
Trans. Diff. |
6.4 |
-1.1 |
2.7 |
5.4 |
-1.1 |
|
Total Equity |
211.4 |
189.6 |
132.7 |
100.5 |
87.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
374.2 |
379.8 |
296.0 |
269.1 |
260.1 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
17.7 |
17.7 |
17.7 |
17.7 |
17.7 |
|
Total Common Shares Outstanding |
17.7 |
17.7 |
17.7 |
17.7 |
17.7 |
|
Employees |
2,036 |
2,000 |
2,008 |
1,904 |
2,112 |
|
Current maturities |
- |
- |
5.5 |
7.0 |
- |
|
Total Long Term Debt, Supplemental |
- |
- |
5.5 |
7.0 |
- |
|
Optg leases-year 1 |
- |
- |
2.4 |
- |
- |
|
Optg leases-year 2 |
- |
- |
1.4 |
- |
- |
|
Total Operating Leases |
- |
- |
3.8 |
- |
- |
Annual Cash Flows
As Reported
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 |
Updated 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 |
Deloitte LLP |
Deloitte LLP |
Deloitte LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Profit |
105.8 |
61.9 |
-39.2 |
-31.1 |
16.6 |
|
Depreciation |
12.4 |
12.2 |
15.7 |
16.8 |
17.5 |
|
Revaluation Of Assets |
-0.5 |
2.7 |
7.1 |
2.4 |
-0.4 |
|
Provisions |
0.4 |
-3.0 |
11.3 |
-0.8 |
1.5 |
|
Other Working Cap. |
7.9 |
- |
- |
6.8 |
23.8 |
|
Other/Exposures |
- |
-0.5 |
5.4 |
- |
- |
|
Inventories |
- |
-14.9 |
19.5 |
- |
- |
|
ST Receivables |
- |
-30.1 |
-3.4 |
- |
- |
|
Other Receivables |
- |
-10.5 |
-1.9 |
- |
- |
|
Payables |
- |
7.5 |
16.3 |
- |
- |
|
Other Liabilities |
- |
9.9 |
4.0 |
- |
- |
|
Taxes Payable |
-16.1 |
-2.4 |
0.0 |
-0.2 |
-6.4 |
|
Gain/Loss on Disposal of Assets |
2.5 |
0.4 |
0.0 |
-2.7 |
- |
|
Extraord. Impairments on Assets |
0.6 |
0.3 |
2.1 |
0.0 |
0.0 |
|
Cash from Operating Activities |
113.0 |
33.4 |
36.9 |
-8.9 |
52.6 |
|
|
|
|
|
|
|
|
Interest Received |
1.6 |
1.4 |
1.1 |
2.9 |
4.9 |
|
Purchase Fixed Assets |
-9.6 |
-4.9 |
-5.4 |
-12.4 |
-13.9 |
|
Intangibles |
-0.8 |
-1.4 |
-1.6 |
-4.3 |
-1.0 |
|
Investments |
- |
- |
- |
0.0 |
-0.9 |
|
Sale of Intangibles |
- |
- |
0.0 |
0.0 |
0.0 |
|
Sale of Tangibles |
13.2 |
0.0 |
0.1 |
2.2 |
0.3 |
|
Cash from Investing Activities |
4.4 |
-4.9 |
-5.8 |
-11.6 |
-10.5 |
|
|
|
|
|
|
|
|
Capital Increase |
- |
0.0 |
19.8 |
- |
- |
|
Interest Paid |
-1.0 |
-1.5 |
-2.1 |
-5.3 |
-5.9 |
|
Dividend |
- |
0.0 |
0.0 |
-2.2 |
-2.6 |
|
Export Finance |
-2.6 |
-4.6 |
-7.5 |
-14.3 |
-20.4 |
|
Loans Issued |
- |
0.3 |
0.6 |
38.8 |
0.0 |
|
Loans Repaid |
-2.8 |
-13.3 |
-32.4 |
-6.4 |
-7.7 |
|
Cash from Financing Activities |
-6.4 |
-19.0 |
-21.6 |
10.6 |
-36.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
4.2 |
2.4 |
-1.5 |
1.4 |
-2.1 |
|
Net Change in Cash |
115.2 |
11.8 |
8.0 |
-8.5 |
3.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
38.6 |
25.0 |
18.2 |
27.6 |
22.6 |
|
Net Cash - Ending Balance |
153.8 |
36.8 |
26.2 |
19.2 |
25.9 |
|
Cash Interest Paid |
1.0 |
1.5 |
2.1 |
5.3 |
5.9 |
Interim Cash Flows
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
30-Jun-2011 |
31-Dec-2010 |
30-Jun-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
6 Months |
12 Months |
6 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.713558 |
0.755078 |
0.754409 |
0.719047 |
|
|
|
|
|
|
|
|
Net Profit |
105.8 |
65.4 |
61.9 |
27.8 |
-39.2 |
|
Depreciation |
12.4 |
6.2 |
12.2 |
6.0 |
15.7 |
|
Provisions |
0.4 |
-1.3 |
-3.0 |
-3.5 |
11.3 |
|
Disposal of Assets |
2.5 |
0.1 |
0.4 |
0.2 |
0.0 |
|
Impairment of Assets |
0.6 |
0.0 |
0.3 |
0.3 |
- |
|
Write-offs on Assets |
-0.5 |
-1.5 |
2.7 |
0.7 |
7.1 |
|
Working Capital |
7.9 |
-21.1 |
-38.7 |
7.1 |
40.0 |
|
Taxes Payable |
-16.1 |
-3.8 |
-2.4 |
-2.2 |
0.0 |
|
Extraord. Impairments on Assets |
- |
- |
- |
- |
2.1 |
|
Cash from Operating Activities |
113.0 |
44.1 |
33.4 |
36.6 |
36.9 |
|
|
|
|
|
|
|
|
Interest Received |
1.6 |
0.7 |
1.4 |
0.7 |
1.1 |
|
Purchase Fixed Assets |
-9.6 |
-3.9 |
-4.9 |
-2.2 |
-5.4 |
|
Purchase Intangibles |
-0.8 |
-0.5 |
-1.4 |
-0.8 |
-1.6 |
|
Sale of tangibles |
13.2 |
- |
0.0 |
0.0 |
0.1 |
|
Sale of Intangibles |
- |
- |
- |
- |
0.0 |
|
Cash from Investing Activities |
4.4 |
-3.6 |
-4.9 |
-2.3 |
-5.8 |
|
|
|
|
|
|
|
|
Capital Issused |
- |
- |
- |
- |
19.8 |
|
Interest paid |
-1.0 |
-0.5 |
-1.5 |
-0.8 |
-2.1 |
|
Dividend Paid |
- |
- |
- |
- |
0.0 |
|
Increase/ (Decrease) of export financing |
-2.6 |
-1.8 |
-4.6 |
-3.7 |
-7.5 |
|
Loans Issued |
- |
- |
0.3 |
0.0 |
0.6 |
|
Loans Repaid |
-2.8 |
-1.5 |
-13.3 |
-10.6 |
-32.4 |
|
Cash from Financing Activities |
-6.4 |
-3.8 |
-19.0 |
-15.0 |
-21.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
4.2 |
-2.8 |
2.4 |
4.5 |
-1.5 |
|
Net Change in Cash |
115.2 |
33.9 |
11.8 |
23.8 |
8.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
38.6 |
38.9 |
25.0 |
36.5 |
18.2 |
|
Net Cash - Ending Balance |
153.8 |
72.8 |
36.8 |
60.3 |
26.2 |
|
Cash Interest Paid |
1.0 |
0.5 |
1.5 |
0.8 |
2.1 |
Geographic Segments
Financials in: As Reported (mil)
|
Annual |
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Business Segments
Financials in: As Reported (mil)
|
Annual |
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Business Segments
Financials in: As Reported (mil)
|
Interim |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.59 |
|
UK Pound |
1 |
Rs.87.34 |
|
Euro |
1 |
Rs.70.66 |
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.