MIRA INFORM REPORT

 

 

Report Date :           

20.03.2012

 

IDENTIFICATION DETAILS

 

Name :

TULIKIVI OYJ

 

 

Registered Office :

Tulikivi Corporation, Kuhnustantie 10, Juuka, 83900

 

 

Country :

Finland

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1958

 

 

Com. Reg. No.:

03500801

 

 

Legal Form :

Public Parent Company

 

 

Line of Business :

manufacture of heat-retaining fireplaces.

 

 

No. of Employees :

436

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Finland

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name & address 

 

Tulikivi Oyj

Tulikivi Corporation

Kuhnustantie 10

Juuka, 83900

Finland

Tel:       358-2-07636000

Fax:      358-2-06050711

Web:    www.tulikivi.com

           

 

Synthesis

 

Employees:                  436

Company Type:            Public Parent

Corporate Family:          2 Companies

Traded:                         Helsinki Stock Exchange:           TULAV

Incorporation Date:         1958

Auditor:                        KPMG OY AB  

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2011

Reporting Currency:       Euro

Annual Sales:                83.1  1

Net Income:                   (3.3)

Total Assets:                 73.5  2

Market Value:                26.3

(09-Mar-2012)

 

 

Business Description     

 

Tulikivi Oyj (Tulikivi Corporation) is a Finland-base company engaged in the manufacture of heat-retaining fireplaces. The Company operates through two business segments: Fireplaces segment includes heat accumulation fireplaces, heat accumulating fireplaces with bakeoven, bakeovens and cookstoves, design stoves and tulikivi green, and Natural Stone Products division comprises a range of natural stone, including soapstone, granite, marble, limestone, travertine and slate as countertops, tiles and mosaics, as well as interior design stone products, paving stones and stone deliveries to construction sites. The Company processes its natural stone products at factories located in Taivassalo, Espoo and Juuka. The Taivassalo factory focuses on granite kitchen countertops and building stone. The Espoo factory makes kitchen and bathroom countertops of granite, marble, composites, soapstone and limestone. At Juuka, the manufacturing focus is on soapstone tiles. Tulikivi Oyj is a Finland- based manufacturer of fireplaces. It main offerings comprise Tulikivi fireplaces and natural stone products, as well as its Kermansavi tiled stoves and utility ceramics. The Company's products are structured into five groups: Tulkivi Heating and Environment, Tulkivi Interior and Design, as well as Tulkivi Cooking. It owns six production plants. The Group companies also include The New Alberene Stone Company Inc.

Industry             

Industry            Construction - Raw Materials

ANZSIC 2006:    2090 - Other Non-Metallic Mineral Product Manufacturing

NACE 2002:      2670 - Cutting, shaping and finishing of ornamental and building stone

NAICS 2002:     327991 - Cut Stone and Stone Product Manufacturing

UK SIC 2003:    2670 - Cutting, shaping and finishing of ornamental and building stone

US SIC 1987:    3281 - Cut Stone and Stone Products

 

 Key Executives

 

Name

Title

Heikki Vauhkonen

Managing Director, Member of the Management Group, Director

Jani Kerkkanen

Chief Financial Officer, Member of the Management Group

Martti Purtola

Head of Sales of Lining Stone Business, Member of the Management Group

Pekka Horttanainen

Product Development Director, Member of the Management Group

Matti Vauhkonen

Managing Director / Director

 

                                          Significant Developments             

 

Topic

#*

Most Recent Headline

Date

Layoffs

1

Tulikivi Oyj Starts Codetermination Negotiations and Plans Personnel Reductions of Approximately 50 People

31-Oct-2011

Labor Issues

1

Tulikivi Oyj Concludes Codetermination Negotiations and Announces Layoffs; Company Announces FY 2012 Operating Profit Guidance In Line With Analysts' Estimates

22-Dec-2011

Divestitures / Spin-offs

1

Tulikivi Oyj Reorganizes its Operations; Divests its Taivassalo Building Stone Business to Vientikivi Oy Finland; 15 People to Be Made Redundant

30-Jun-2011

Restructuring / Reorganization

1

Tulikivi Oyj Concludes Codetermination Negotiations at Heinavesi Plant Resulting in 24 Redundancies; Plans to Discontinue Utility Ceramics Business

17-Jun-2011

Officer Changes

1

Tulikivi Oyj Appoints Risto Vidgren as New Financial Director

4-Aug-2011

* number of significant developments within the last 12 months

 

 

News   

 

Title

Date

New Small Wonder: 823 Sq. Ft. Montana "Kiwi House" Featuring Tulikivi Soapstone Fireplace Brings New Zealand Home
PR Web (402 Words)

6-Mar-2012

Tulikivi Introduces Harmaja Fireplace in United States and Canada
PR Web (434 Words)

1-Mar-2012

Summons to the Annual General Meeting of Tulikivi Corporation
Company News Service / English (2309 Words)

10-Feb-2012

Corporate Governance Statement
Company News Service / English (140 Words)

10-Feb-2012

Financial Statement Release Jan-Dec 2011
Company News Service / English (2425 Words)

10-Feb-2012

 

 

 

 

Financial summary

 

As of 31-Dec-2011

Key Ratios                               Company         Industry

Current Ratio (MRQ)                   1.45                  2.04

Quick Ratio (MRQ)                     0.77                  1.12

Debt to Equity (MRQ)                 1.32                  1.04

Sales 5 Year Growth                  -6.29                 -0.71

Net Profit Margin (TTM) %           -4.18                 -1.38

Return on Assets (TTM) %          -4.30                 -0.0060

Return on Equity (TTM) %           -11.74               -2.72

 

 

Stock Snapshot

 

 

Traded: Helsinki Stock Exchange: TULAV

 

As of 9-Mar-2012

   Financials in: EUR

Recent Price

0.72

 

EPS

-0.04

52 Week High

1.29

 

Price/Sales

0.33

52 Week Low

0.61

 

Price/Book

1.42

Avg. Volume (mil)

0.02

 

Beta

0.75

Market Value (mil)

19.87

 

 

 

 

Price % Change

Rel S&P 500%

4 Week

-21.74%

-23.00%

13 Week

2.86%

-9.73%

52 Week

-35.71%

-21.75%

Year to Date

14.29%

0.54%

 

Registered No.(FIN): 03500801

 

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

Tulikivi Corporation

Kuhnustantie 10

Juuka, 83900

Finland

Tel:       358-2-07636000

Fax:      358-2-06050711

Web:    www.tulikivi.com

           

Quote Symbol - Exchange

TULAV - Helsinki Stock Exchange

 

Sales EUR(mil):             59.8

Assets EUR(mil):           56.6

Employees:                   436

Fiscal Year End:            31-Dec-2011

Industry:                        Construction - Raw Materials

Incorporation Date:         1958

Company Type:             Public Parent

Quoted Status:              Quoted

Registered No.(FIN):       03500801

Managing Director,

Member of the

Management Group,

Director:                        Heikki Vauhkonen

 

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Financial Information

Home Page

Investor Relations

News Releases

 

Contents

Industry Codes

Business Description

Financial Data

Market Data

Shareholders

Subsidiaries

Key Corporate Relationships

Industry Codes

 

ANZSIC 2006 Codes:

2090     -          Other Non-Metallic Mineral Product Manufacturing

2449     -          Other Domestic Appliance Manufacturing

 

NACE 2002 Codes:

2670     -          Cutting, shaping and finishing of ornamental and building stone

2822     -          Manufacture of central heating radiators and boilers

 

NAICS 2002 Codes:

333414  -          Heating Equipment (except Warm Air Furnaces) Manufacturing

327991  -          Cut Stone and Stone Product Manufacturing

 

US SIC 1987:

3281     -          Cut Stone and Stone Products

3433     -          Heating Equipment, Except Electric and Warm Air Furnaces

 

UK SIC 2003:

2822     -          Manufacture of central heating radiators and boilers

2670     -          Cutting, shaping and finishing of ornamental and building stone

 

Business Description

Tulikivi Oyj (Tulikivi Corporation) is a Finland-base company engaged in the manufacture of heat-retaining fireplaces. The Company operates through two business segments: Fireplaces segment includes heat accumulation fireplaces, heat accumulating fireplaces with bakeoven, bakeovens and cookstoves, design stoves and tulikivi green, and Natural Stone Products division comprises a range of natural stone, including soapstone, granite, marble, limestone, travertine and slate as countertops, tiles and mosaics, as well as interior design stone products, paving stones and stone deliveries to construction sites. The Company processes its natural stone products at factories located in Taivassalo, Espoo and Juuka. The Taivassalo factory focuses on granite kitchen countertops and building stone. The Espoo factory makes kitchen and bathroom countertops of granite, marble, composites, soapstone and limestone. At Juuka, the manufacturing focus is on soapstone tiles. Tulikivi Oyj is a Finland- based manufacturer of fireplaces. It main offerings comprise Tulikivi fireplaces and natural stone products, as well as its Kermansavi tiled stoves and utility ceramics. The Company's products are structured into five groups: Tulkivi Heating and Environment, Tulkivi Interior and Design, as well as Tulkivi Cooking. It owns six production plants. The Group companies also include The New Alberene Stone Company Inc.

 

More Business Descriptions

 

Tulikivi Corporation is a manufacturer of heat-retaining fireplaces. The Group is known for its Tulikivi soapstone fireplaces and natural stone products as well as its Kermansavi tiled stoves and utility ceramics. The company's business areas are: Fireplaces - comprises soapstone quarrying, production, design, sales and marketing, some examples of products are soapstone fireplaces, bake ovens and sauna stoves. Natural Stone Products - comprises household interior decoration stone products and deliveries of stone materials for construction sites, plus the procurement, sales, after-sales, marketing and commercialization of natural stone.

 

Tulikivi Oyj is primarily engaged in cutting, shaping and finishing stone for use in construction, in cemeteries, on roads, as roofing, etc.

 

Tulikivi Oyj is primarily engaged in manufacturing electric and nonelectric major household-type appliances (except cooking equipment, refrigerators, upright and chest freezers, and household-type laundry equipment).

 

Sand, Gravel, Clay, and Ceramic and Refractory Minerals Mining and Quarrying

 

 

Financial Data

Financials in:

EUR(mil)

 

Revenue:

59.8

Net Income:

-2.4

Assets:

56.6

Long Term Debt:

19.0

 

Total Liabilities:

37.8

 

Working Capital:

0.0

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

5.8%

NA

-5.4%

Market Data

Quote Symbol:

TULAV

Exchange:

Helsinki Stock Exchange

Currency:

EUR

Stock Price:

0.7

Stock Price Date:

03-09-2012

52 Week Price Change %:

-35.7

Market Value (mil):

19,874.9

 

SEDOL:

B137929

ISIN:

FI0009900583

 

Equity and Dept Distribution:

04/2006, 4-for-1 stock split.

 

Subsidiaries

Company

Percentage Owned

Country

Kivia Oy

 

Finland

Awl-Marmori Oy

 

Finland

Kivia Oy

100%

FINLAND

Tulikivi US Inc

100%

USA

AWL-Marmori Oy

100%

FINLAND

The New Alberene Stone Company Inc

100%

USA

OOO Tulikivi

100%

RUSSIA

 

 

 

Shareholders

 

 

Major Shareholders

Reijo Vauhkonen (11.27%); Heikki Vauhkonen (8.12%); Eliisa Elo (7.96%); Matti Virtaala (6.54%); Ilmarinen Mutual Pension Insurance Company (5.12%)

 

 

 

 

Key Corporate Relationships

Auditor:

KPMG OY AB

 

Auditor:

KPMG OY AB, KMPG

 

 

 

 

 

 

 

 

 

 

 

Strategic Initiatives

 

Sales and Distribution

COMPETITION STRATEGY Tulikivi’s goal is to sell 20 000 branded fireplaces in 2011, made from our own raw materials on a centralised and modular basis. Our fireplaces will all be environmentally friendly and attractively designed to complement customers’ interiors. Sales of fireplaces will be targeted at affluent market areas with a climate suitable for their use and where the benefits of bioenergy are valued, and will involve close collaboration with our highly committed partners. TULIKIVI’S STRENGTHS IN A CHANGING OPERATING ENVIRONMENT Our vision is based on Tulikivi’s traditional strengths: a respected brand, differentiated products based on use of our own raw materials, and excellent product characteristics. In order to secure growth we will seek to expand our market area, focusing primarily on Russia and those European countries in which Tulikivi has no distribution at present.

 

Corporate Family

Corporate Structure News:

 

Tulikivi Oyj

Tulikivi Oyj 
Total Corporate Family Members: 2 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Tulikivi Oyj

Parent

Juuka

Finland

Construction - Raw Materials

83.1

436

 

Kivia Oy

Subsidiary

Kuhmo

Finland

Construction - Raw Materials

0.0

 

 

 

 

Executive report

 

 

Board of Directors

 

Name

Title

Function

 

 

Matti Virtaala

 

Chairman of the Board

Chairman

 

Reuters Biography (Tulikivi Oyj)

Mr. Matti Virtaala has been Chairman of the Board at Tulikivi Oyj since 2003. He has held the position of Member of the Company's Board of Directors since 1994. He is Member of the Company's Nomination and Audit Committees. He acted as President of Alboy Oy from 1987 until December 31, 2008. In addition to his current duties at the Company, he is Member of the Board of Directors at Metroauto Group Oy, Turvatiimi Corporation, as well as Chairman of the Board of Directors at Arctia Shipping Oy. Previously, he was also Managing Director of Kone Sweden from 1982 to 1985 and Area Director, Europe, for the Crane Division of Kone Finland from 1985 to 1987. Mr. Virtaala holds Bachelor of Science degree in Engineering and is Industrial Counsellor.

Reijo Vauhkonen

 

Hallituksen Varapuheenjohtaja

Vice-Chairman

I

 

Juhani Mauri Erma

 

Independent Director

Director/Board Member

 

 

Reuters Biography (Tulikivi Oyj)

Mr. Juhani Erma has been Independent Member of the Board of Directors at Tulikivi Oyj since 2000. He is Chairman of the Company’s Audit Committee. In addition to his current duties at the Company, he serves as Vice Chairman of the Board of Oral Hammaslaakarit Plc, Vice Chairman of the Panel on Takeovers and Mergers at The Central Chamber of Commerce of Finland, Member of the Board of the Finnish Association of Professional Board Members, Member of the Board of Turvatiimi Corporation, Vice Chairman of the Board of the Finnish Stone Research Foundation, and Vice Chairman of the Board of the Finnish Eye Foundation. In his professional career, Mr. Erma served as In-house Lawyer at Enso-Gutzeit Ltd, 1972–1979; held various positions at Union Bank of Finland Ltd, including Head of Legal Affairs Department and of the Financial and Legal Affairs Group, 1979–1985; Managing Director of Unitas Ltd, 1985–1988; Managing Director of Suomen Teollisuuspankki Oy, 1988–1989; Managing Director of the Helsinki Stock Exchange, 1989–1997; Managing Director of HEX Oy, Helsinki Securities and Derivatives Exchange, Clearing House, 1998–1999; Managing Director of Helsinki Exchanges Group Ltd, 1999; Senior Advisor at Attorneys at law Borenius & Kemppinen Ltd, 2002–2009, and held his own legal and securities consultancy, 2000–2002. Mr. Erma holds LL.Lic. degree and has been trained on the Bench.

Olli Pohjanvirta

 

Independent Director

Director/Board Member

 

 

Reuters Biography (Tulikivi Oyj)

Mr. Olli Pohjanvirta has served as Independent Member of the Board of Directors of Tulikivi Oyj since 2010. He holds a LL.M. degree and is Honorary Professor at (International Banking Institute, St. Petersburg. He also serves as Member of the Board of PCK Group Oy, Chairman of the Board of Nurminen Logistics Plc, Member of the Board of Matkayhtyma Oy, Member of the Board of Russian Capital Management Ltd, and Member of the Board of International Banking Institute, St. Petersburg. He previously was Partner at ETL Law Offices Oy, 1993–2006 and Area Manager, Russia for Hannes Snellman Attorneys Ltd, 2006–2009. He has also served as Managing Director of Russian Capital Management Ltd since 2010.

Markku Ronkko

 

Independent Director

Director/Board Member

 

 

Reuters Biography (Tulikivi Oyj)

Mr. Markku Ronkko has held the position of Independent Member of the Board of Directors at Tulikivi Oyj since 2009. He is also Member of the Company’s Audit Committee. In addition to his current duties at the Company, he is Member of the Board and Audit Committee of Altia Corporation; Member of the Board of Digital Foodie Ltd, Vice Chairman of the Board of Osuuskunta KPY, Chairman of the Board of Profile Vehicles Oy, Chairman of the Board of Voimatel Oy, Deputy Member of the Auditing Board of the Central Chamber of Commerce, and shareholder/partner at Boardman Ltd. In his professional career, Mr. Ronkko served as Part-time authorized public Accountant in number of companies, between 1984 and 2003; Chief Financial Officer (CFO) of IS-Yhtyma Oy, 1977–1982; CFO of Olvi plc, 1983–1985; Managing Director of Olvi plc, 1985–2004; Managing Director of Savon Voima Oyj, 2004–2006; Managing Director of Karelia-Upofloor Ltd, 2006–2007; and Managing Director of Jarvi-Suomen Portti Oy, 2008–2010. He holds a Master of Science degree in Economics and Business Administration.

Pasi Saarinen

 

Director

Director/Board Member

 

 

Reuters Biography (Tulikivi Oyj)

Mr. Pasi Saarinen has been appointed as Member of the Board of Directors of Tulikivi Oyj on April 14, 2011. He holds a Bachelor of Science degree in Engineering. He also serves as Member of the Board of Finnsecurity ry and Chairman of Finnsecurity’s Company Division; Chairman of the Locks and Fittings Group and Member of the Builders’ Hardware Group of The Federation of Finnish Technology Industries. He previously served at Abloy Oy as Production Engineer (1995-1996), Project Manager (1996-1997), Production Manager (1997-2000), Exports Manager (2000-2003) and Manager of Baltic Operations (2003-2004). He was also Business Unit Director at Assa Abloy Asia (Shanghai, China) (2004-2005) and Vice President of Domestic Sales at Abloy Oy (2006-2010). He has served as Vice President of Construction Locking since 2011.

Maarit Toivanen-Koivisto

 

Independent Director

Director/Board Member

 

 

Reuters Biography (Tulikivi Oyj)

Ms. Maarit Toivanen-Koivisto has been Independent Member of the Board of Directors at Tulikivi Oyj since April 13, 2007. In addition to her duties at the Company, she is President of Onvest Oy; Chairman of the Board of Onninen Oy, Onvest Oy and Are Oy; Board Member of Neste Oil Corporation, Itella Corporation, Vice Chairman of the Board and Member of the Delegation of the Central Chamber of Commerce; Vice Chairman of the Helsinki Chamber of Commerce, Member of the Nordea Advisory Board, Member of the Advisory Board of the City of Vantaa, and Member of the Board and Committee of the Foundation for Economic Education. In her professional career, she served as Store Manager at Elektro–Sahko Oy, from 1980 to 1984; Buyer, Product Manager, Purchase Manager and Quality Manager at Onninen Oy, between 1984 and 1998; Development Manager, Financial Manager, Financial Director at Onvest Oy, from 1997 to 2001. She holds Master of Science degree in Economics and is Senior Industrialist.

Heikki Vauhkonen

 

Managing Director, Member of the Management Group, Director

Director/Board Member

 

 

Reuters Biography (Tulikivi Oyj)

Mr. Heikki Vauhkonen has been Member of the Management Group and Member of the Board of Directors at Tulikivi Oyj since 2001. He has acted as the Company’s Managing Director since June 2007. He also serves as Chairman of the Board of Directors of Stone Pole Oy. Previously, he worked for Tulikivi Corporation as Marketing Director of the Fireplace Business from 2002 to 2007. He was also Vice President of Tulikivi U.S. Inc. from 1997 to 2001. Mr. Vauhkonen holds a Bachelor of Legal Letters and Bachelor of Business Administration degrees.


Compensation/Salary: 234,000

 

Executives

 

Name

Title

Function

 

Heikki Vauhkonen

 

Managing Director, Member of the Management Group, Director

Managing Director

 

Reuters Biography (Tulikivi Oyj)

Mr. Heikki Vauhkonen has been Member of the Management Group and Member of the Board of Directors at Tulikivi Oyj since 2001. He has acted as the Company’s Managing Director since June 2007. He also serves as Chairman of the Board of Directors of Stone Pole Oy. Previously, he worked for Tulikivi Corporation as Marketing Director of the Fireplace Business from 2002 to 2007. He was also Vice President of Tulikivi U.S. Inc. from 1997 to 2001. Mr. Vauhkonen holds a Bachelor of Legal Letters and Bachelor of Business Administration degrees.


Compensation/Salary: 234,000

Matti Vauhkonen

 

Managing Director / Director

Managing Director

 

 

Pekka Horttanainen

 

Product Development Director, Member of the Management Group

Administration Executive

 

 

Reuters Biography (Tulikivi Oyj)

Mr. Pekka Horttanainen has been Member of the Management Group and Product Development Director at Tulikivi Oyj since 2009. Previously, he served as Tulikivi Corporation as Product Development Manager in 2001, Product Development Director in 2003, Product Development Manager in 2006 and Development Manager in 2008. In his professional career, he was also Product Development Engineer at Halton Oy, from 1988 to 1999 and Project Manager, between 1989 and 1991; Product Development Manager at Halton Bethune S.A. France, from 1992 to 1994; Technical Expert at Halton Oy, from 1994 and 1997 and Product Manager, between 1997 and 2001.

Jani Kerkkanen

 

Chief Financial Officer, Member of the Management Group

Administration Executive

 

 

Reuters Biography (Tulikivi Oyj)

Mr. Jani Kerkkanen has held the position of Member of the Management Group and Chief Financial Officer at Tulikivi Oyj since 2009. Previously, he served at Tulikivi Group as Project Manager in 2004, Accounting Manager between 2005 and 2007, as well as Financial Manager from 2007 to 2009.

Christian Kraft

 

Business Director of Sauna Business in Finland and export markets, Member of the Management Group

Administration Executive

 

 

Reuters Biography (Tulikivi Oyj)

Mr. Christian Kraft has served as Business Director of Sauna Business in Finland and export markets and Member of the Management Group of Tulikivi Oyj since May 24, 2010. He has a Diploma in Business and Administration, a Diploma in Marketing, and a Diploma in Marketing Management. He previously was Sales Manager at Oy Electrolux Ab, 1991–2000, and Sales and Marketing Manager at Saunatec Ltd/Helo Ltd, 2000–2010.

Jaana Lyhykainen

 

Director of Human Resources, Member of the Management Group

Administration Executive

 

 

Ismo Makelainen

 

Head of Production and Purchasing, Member of the Management Board

Administration Executive

 

 

Reuters Biography (Tulikivi Oyj)

Mr. Ismo Makelainen has held the position of Member of the Management Group at Tulukivi Oyj since 2009 and Head of Production and Purchasing in the Company since 2010. He was Head of Production at the Company from 2009 to 2010. He has served for Tulikivi since 2007. He is Master Builder. He previously was Building Consultant at the Municipality of Nurmes, 1987; General Foreman at Industrial Power Corporation/Posiva Oy, 1987–1990; General Foreman at Rakennusliike Mustonen Oy, 1990–1991; Site Manager at the Kainuu Regional Environment Centre, 1991; General Foreman/Construction Supervisor at Kuhmon Lampo Oy, 1991–1992; Site Manager at Posiva Oy, 1993–1998; Production Manager at Kivia Oy, 1999–2004; Sales Manager at Kivia Oy, 2002–2004; Plant Manager at Kuhmo and Suomussalmi at Kivia Oy/Tulikivi Corporation, 2005–2007; Production Manager at Tulikivi Corporation, Soapstone Business, 2007–2008, and Production Manager at Tulikivi Corporation, Fireplace Business, 2008–2009.

Michel Mercier

 

Export Director, Member of the Management Group

Administration Executive

 

 

Reuters Biography (Tulikivi Oyj)

Mr. Michel Mercier has held the position of Member of the Management Group, Export Director at Tulikivi Oyj since 2009. Previously, he served at Tulikivi Corporation as Export Manager, France and Benelux from 1997 till 2002; Area Manager Middle Europe between 2002 and 2006, as well as Export Manager from 2006 to 2009. He also worked for Rhone-Poulenc Ceres as Head of Finance and Logistics from 1993 to 1994 and Export Manager between 1994 and 1997. Between 1990 and 1993, Mr. Michel Mercier occupied the post of Sales Representative at Rhone-Poulenc Pepro. He holds a Bachelor of Science degree from ISARA-Lyon.



BS English, ISARA-Lyon

Martti Purtola

 

Head of Sales of Lining Stone Business, Member of the Management Group

Administration Executive

 

 

Reuters Biography (Tulikivi Oyj)

Mr. Martti Purtola has held the position of Member of the Management Group at Tulikivi Oyj since 2009. He also serves as Head of Sales of the Lining Stone Business at the Company. From 2008, he was also Director for Business Development & Lining Stone Business at the Company. He worked for Tulikivi from 1999 to 2006 and from Dcember 2008. Previously, he served at Tulikivi Corporation as Manager of the Lining Stone Business from 1999 to 2001; Director of the Lining Stone Business from 2001 till 2003; Area Manager Germany between 2003 and 2005, as well as Product Manager, Fireplaces Business from 2005 to 2006. He was also Business Development Manager at Kesla Oyj between 2007 and 2008. In his professional career, Mr. Martti Purtola was Product Development Manager at Ilmair Oy from 1992 to 1997; Project Manager at Halton Oy between 1997 and 1999.

Juha Sivonen

 

Sales Director, Member of the Management Group

Administration Executive

 

 

Reuters Biography (Tulikivi Oyj)

Mr. Juha Sivonen has been Member of the Management Group at Tulikivi Oyj since 1987. Since 2009, he has also occupied the post of Sales Director at the Company. He has worked at Tulikivi since 1987. Previously, he served at Tulikivi as Production Manager from 1993 to 1996, Marketing Director between 1998 and 1999, Business Unit Manager from 2000 to 2001, Managing Director from 2001 to 2007, as well as Director of the Fireplace Business between 2007 and 2009. He has previously worked at Suomen Vuolukivi Oy, as Development Engineer from 1987 to 1988, Sales Engineer, from 1988 to 1989 and Production Manager, from 1989 to 1990. He was also Project Manager at The New Alberene Stone Co Virginia USA, in 1991, and its President, in 1992, as well as Product Manager at Exel Oy, in 1997. He is Chairman of the Board at TSY (Fireplace and Chimney Association). Mr. Sivonen holds a Master of Science degree in Civil Engineering.


Compensation/Salary: 188,420

Jouko Toivanen

 

Director of Natural Stone Products Business, Member of the Management Group

Administration Executive

 

 

Reuters Biography (Tulikivi Oyj)

Mr. Jouko Toivanen has held the position of Member of the Management Group at Tulikivi Oyj since 1995. In addition, since 2003, he has also occupied the post of the Company's Director of the Natural Stone Products Business. He has worked for Tulikivi since 1993. Previously, he served at Tulikivi Corporation as Accounting Assistant from 1993 to 1994; Accounting Manager, from 1995 to 1997; Tulikivi Corporation Financial Manager, from 1997 to 1999. He was also Manager, Operational Accounting and Management Systems at Tulikivi Group between 1999 and 2001, as well as its Financial Director from 2001 to 2007. In addition to his current duties at the Company, he is Member of the Board of the Finnish Natural Stone Association. Mr. Jouko Toivanen holds a Doctorate of Science in Technology and a Master of Science degree in Engineering.

Paavo Tuononen

 

Information Management Director, Member of the Management Group

Administration Executive

 

 

Reuters Biography (Tulikivi Oyj)

Mr. Paavo Tuononen has held the position of Member of the Management Group, Information Management Director at Tulikivi Oyj since 2009. Previously, he acted at Tulikivi Corporation as IT (information technology) Manager from 1997 to 2001, Information Management Director from 2001 to 2006, as well as Head of Customer Service Centre from 2002 to 2006 and IT Manager between 2006 and 2009.

Anu Vauhkonen

 

Communications Director, Member of the Management Group

Administration Executive

 

 

Reuters Biography (Tulikivi Oyj)

Ms. Anu Vauhkonen has been Member of the Management Group and Communications Director at Tulikivi Oy since 2001. She has worked for Tulikivi since 1997. She previously worked as PR for Wartsila Diesel Oy, from 1995 to 1997; PR for Tulikivi Corporation, in 1998, and PR and Communications Manager at Tulikivi U.S. Inc., between 1998 and 2001. She is Board Member of the Social Policy Committee of the Finnish Family Firms Association. Ms. Vauhkonen holds Master of Arts degree.

Kaisa Toivanen

 

Sihteeri

Company Secretary

 

 

Risto Vidgren

 

Financial Director

Finance Executive

 

 

Reuters Biography (Tulikivi Oyj)

Mr. Risto Vidgren has been appointed Financial Director of Tulikivi Oyj, effective as of August 29, 2011. He has nearly 20 years’ experience from positions within general and financial administration in Finland and Russia. He joins the Company from Itella Corporation, where he was OOO NLC’s Business Development Vice President in Moscow. Previously, he had served as Financial Director of Itella Corporation’s Logistics Unit. He also has experience of general and financial administration duties in the Veho Group, Nokia Corporation and Huhtamaki. He holds a Master of Science degree in Economics.

Matti Ainasoja

 

Trading, rakennuskivi

Investment Executive

 

 

Arja Lehikoinen

 

Rahoitusjohtaja

Treasurer

 

 

Salli Hari-Haikkala

 

Henkilöstöjohtaja

Human Resources Executive

 

 

Markus Virtanen

 

Myyntijohtaja

Sales Executive

 

 

Tapani Ylihärsilä

 

Rakennuskivi

Sales Executive

 

 

Jukka Järvinen

 

Rakennuskivi

Marketing Executive

 

 

Eliisa Vauhkonen

 

Marketing / Communication Executive

Marketing Executive

 

 

Timo Vuorinen

 

Markkointijohtaja

Marketing Executive

 

 

Kyösti Nuutinen

 

Production Director

Product Management Executive

 

 

Matti Silvennoinen

 

Rakennuskivi

Product Management Executive

 

 

Keijo Vuokkonen

 

Purchasing Executive

Purchasing Executive

 

 

Teddy Kullberg

 

Rakennuskivi

Other

 

 

 

 

Significant Developments

 

Tulikivi Oyj Proposes No Dividend Payment for FY 2011; Company Issues FY 2012 Revenue Guidance In Line With Analysts' Estimates Feb 10, 2012

 

Tulikivi Oyj announced that its Board of Directors has decided to propose that no dividend should be paid for the fiscal year 2011. In addition, the Company announced that it expects to report its net sales (revenue) for the fiscal year 2012 at the same level as for the fiscal year 2011. For the fiscal year 2011, the Company reported revenue of EUR 58.8 million. According to I/B/E/S Estimates, analysts on average are expecting the Company to report revenue of EUR 60.23 for the fiscal year 2012.

 

Tulikivi Oyj Updates on FY 2011 Guidance Dec 22, 2011

 

Tulikivi Oyj announced that it expects to report revenue of approximately EUR 58.5 million and operating loss between EUR 0.4 million to EUR 0.8 million for the fiscal year 2011. Previously, the Company expected the revenue to be up by slightly under 10%, and the operating profit before non-recurring items to improve in 2011 compared to 2010. The full-year operating result for the fiscal year 2011 taking into account the non-recurring expenses was expected to be negative, and at the same level as for 2010.

 

Tulikivi Oyj Concludes Codetermination Negotiations and Announces Layoffs; Company Announces FY 2012 Operating Profit Guidance In Line With Analysts' Estimates Dec 22, 2011

 

Tulikivi Oyj announced that it has concluded the codetermination negotiations on December 22, 2011. The negotiations were started on October 31, 2011 with the aim of improving the Company's profitability and the efficiency of its operations. In addition to any redundancies, the Company also discussed layoffs in 2012. As a result of the negotiations, 51 employees will be made redundant. It was also decided that the Company can implement layoffs of a maximum of 90 days in 2012. These adjustment measures are expected to result in non-recurring expenses of about EUR 1 million, which will burden the result for 2011. As a result of these adjustment measures, the Company expects to achieve a positive operating result in 2012. According to I/B/E/S Estimates, analysts on average are expecting the Company to report operating profit of EUR 3 million for the fiscal year 2012.

 

Tulikivi Oyj Starts Codetermination Negotiations and Plans Personnel Reductions of Approximately 50 People Oct 31, 2011

 

Tulikivi Oyj announced that the Company is to start codetermination negotiations involving the entire Group and all personnel groups with the aim of improving the Company's profitability and the efficiency of its operations. Because of the ongoing economic crisis, the sales outlook in Tulikivi's principal markets continues to be challenging. The Company estimates that it needs to reduce personnel by approximately 50 people. In addition to any redundancies, the Company will also be negotiating about layoffs in 2012. These adjustment measures are expected to result in non-recurring costs of about EUR 1 million, which will burden the result for 2011. The codetermination negotiations will take at least six weeks.

 

Tulikivi Oyj Updates on FY 2011 Guidance Oct 20, 2011

 

Tulikivi Oyj announced that it expects its full-year revenue for the fiscal year 2011 to grow by slightly under 10% compared to the fiscal year 2010, and the operating profit before non-recurring items is expected to improve in the fiscal year 2011 compared to the fiscal year 2010. The full-year 2011 operating result taking into account the non-recurring expenses is expected to be negative, however, and at the same level as for the fiscal year 2010. For the fiscal year 2010, the Company reported revenue of EUR 55.90 million and operating loss of EUR 0.30 million. According to I/B/E/S Estimates, analysts on average are expecting the Company to report revenue of EUR 60.46 million and a break-even operating profit for the fiscal year 2011.

 

Tulikivi Oyj Appoints Risto Vidgren as New Financial Director Aug 04, 2011

 

Tulikivi Oyj announced that Risto Vidgren has been appointed Financial Director of the Company, effective as of August 29, 2011. Mr. Vidgren, who will report directly to Heikki Vauhkonen, Managing Director, will be responsible for financial and economic administration, IT and personnel administration.

 

Tulikivi Oyj Updates on FY 2011 Financial Guidance Aug 04, 2011

 

Tulikivi Oyj announced that the comparable net sales for the fiscal year 2011 are expected to increase by approximately 10%. Due to the seasonal nature of the industry, profit is mostly accumulated in the second half of the year. As a result of improved cost efficiency and despite the expenses caused by concentration, the operating profit for 2011 is expected to improve and to be positive.

 

Tulikivi Oyj Reorganizes its Operations; Divests its Taivassalo Building Stone Business to Vientikivi Oy Finland; 15 People to Be Made Redundant Jun 30, 2011

 

Tulikivi Oyj announced that it has on June 30, 2011, signed an agreement with Vientikivi Oy Finland on the sale of the Company's Taivassalo-based building stone business. The agreement covers Tulikivi Oyj's building stone business at its Taivassalo factory, comprising building stones, environmental stones and semi-finished products. No financial details were disclosed. As a result, the Company will discontinue its building stone business in Taivassalo and focus its natural stone products business on interior stone production at the Espoo factory. At the same time, the production of counter tops in Taivassalo will end. Additionally, 15 people will be made redundant at the Taivassalo factory.

 

Tulikivi Oyj Concludes Codetermination Negotiations at Heinavesi Plant Resulting in 24 Redundancies; Plans to Discontinue Utility Ceramics Business Jun 17, 2011

 

Tulikivi Oyj announced that the Company's codetermination negotiations at the Heinavesi plant, which began in May, were concluded on June 17, 2011. As a result of the negotiations, 24 people were made redundant, of whom eight are office staff. Tulikivi also announced that the Company will discontinue its Utility Ceramics Business by the end of 2011, but ceramics manufacturing operations will continue at Heinavesi until the end of the year. Under the profitability and concentration programme the Heinavesi plant will be integrated into the company's Fireplaces Business and in the future the plant will focus solely on the production of ceramic fireplaces, tiles and fireplace components.

 

Tulikivi Oyj Issues FY 2011 Revenue Guidance In Line With Analysts' Estimates Apr 20, 2011

 

Tulikivi Oyj announced that it expects to report revenue for the fiscal year 2011 at least 10% higher than for the fiscal year 2010. For the fiscal year 2010, the Company reported revenue of EUR 55.90 million. According to Reuters Estimates, analysts on average are expecting the Company to report revenue of EUR 60.50 million for the fiscal year 2011.

 

 

Annual Profit & Loss

 

 

 

 

01-Dec-2010

01-Dec-2009

Period Length

12 Months

12 Months

Filed Currency

EUR

EUR

Exchange Rate (Period Average)

0.749339

0.723487

Consolidated

No

No

 

 

 

Total income

73.8

72.7

Cost of goods sold

27.5

23.6

Other operating costs

17.7

16.8

Total operating costs

70.1

64.7

Interest received from loans

0.3

0.2

Profit before tax

-1.5

-3.5

Total taxation

0.1

-0.2

Income before depreciation

5.5

4.6

Depreciation

6.0

6.9

Profit before financial items

-0.5

-2.2

Other financial expenses

1.2

1.5

Income/profit after financial items

-1.5

-3.5

Income before allocations

-1.0

-0.1

Net income

1.3

-1.6

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

01-Dec-2010

01-Dec-2009

Filed Currency

EUR

EUR

Exchange Rate

0.765521

0.662537

Consolidated

No

No

 

 

 

Issued capital

8.2

9.5

Untaxed/reserves allocations

2.1

2.7

Other restricted equity

-0.1

-0.1

Non restricted equity

3.8

7.3

Total stockholders equity

21.4

27.6

Other long-term liabilities

27.8

31.6

Trade creditors

3.8

4.0

Other current liabilities

15.2

16.7

Total current liabilities

48.1

53.9

Land and buildings

10.8

13.0

Machinery and tools

8.3

11.4

Depreciable assets

35.5

43.5

Total non-current assets

36.9

45.4

Stocks

14.1

15.2

Trade debtors

6.8

6.3

Cash and liquid assets

13.9

17.2

Short-term investments

1.3

1.5

Shares in associated companies

1.2

1.4

Total current assets

34.8

38.8

Total assets

71.6

84.2

 

 

Annual Ratios

Financials in: USD (mil)

 

 

 

01-Dec-2010

01-Dec-2009

Period Length

12 Months

12 Months

Filed Currency

EUR

EUR

Exchange Rate

0.765521

0.662537

Consolidated

No

No

 

 

 

Current ratio

1.80

1.90

Quick ratio

1.10

1.20

Asset turnover

0.01%

0.01%

Profit margin

0.02%

-0.05%

Equity ratio

0.32%

0.35%

Interest on liabilities

0.07%

-

Risk margin

179.89%

200.60%

Net worth

21.4

27.6

Number of employees

400

413

 

 

 

Annual Income Statement

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal
31-Dec-2008

Restated Normal 
31-Dec-2008

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.71919

0.755078

0.719047

0.683679

0.730637

Auditor

 

KPMG OY AB

KPMG LLP

KPMG LLP

PricewaterhouseCoopers LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

81.8

74.0

73.9

97.3

95.7

Revenue

81.8

74.0

73.9

97.3

95.7

    Other Revenue

1.4

0.8

0.8

1.0

0.8

Other Revenue, Total

1.4

0.8

0.8

1.0

0.8

Total Revenue

83.1

74.9

74.7

98.3

96.5

 

 

 

 

 

 

    Cost of Revenue

29.1

25.9

25.7

32.6

30.3

Cost of Revenue, Total

29.1

25.9

25.7

32.6

30.3

Gross Profit

52.7

48.2

48.2

64.7

65.4

 

 

 

 

 

 

    Labor & Related Expense

31.3

26.1

27.8

33.8

37.0

Total Selling/General/Administrative Expenses

31.3

26.1

27.8

33.8

37.0

    Depreciation

5.8

6.3

7.4

7.9

7.7

    Amortization of Intangibles

-

0.0

0.3

0.4

-

Depreciation/Amortization

5.8

6.3

7.7

8.3

7.7

    Loss (Gain) on Sale of Assets - Operating

-

0.0

0.0

-

-

Unusual Expense (Income)

-

0.0

0.0

-

-

    Other Operating Expense

20.2

17.0

16.8

18.9

20.1

Other Operating Expenses, Total

20.2

17.0

16.8

18.9

20.1

Total Operating Expense

86.3

75.2

78.0

93.5

95.1

 

 

 

 

 

 

Operating Income

-3.2

-0.4

-3.4

4.7

1.3

 

 

 

 

 

 

        Interest Expense - Non-Operating

-

-1.0

-1.1

-

-

    Interest Expense, Net Non-Operating

-

-1.0

-1.1

-

-

        Interest Income - Non-Operating

-

0.0

0.0

-

-

        Investment Income - Non-Operating

0.0

0.0

0.0

0.0

-

    Interest/Investment Income - Non-Operating

0.0

0.0

0.0

0.0

-

    Interest Income (Expense) - Net Non-Operating

-1.3

-0.3

-0.1

-2.1

-1.4

Interest Income (Expense) - Net Non-Operating Total

-1.3

-1.3

-1.2

-2.1

-1.4

    Other Non-Operating Income (Expense)

0.1

0.3

0.0

0.4

0.3

Other, Net

0.1

0.3

0.0

0.4

0.3

Income Before Tax

-4.3

-1.3

-4.6

3.0

0.2

 

 

 

 

 

 

Total Income Tax

-1.0

-0.2

-1.3

0.9

-0.3

Income After Tax

-3.3

-1.1

-3.3

2.1

0.5

 

 

 

 

 

 

Net Income Before Extraord Items

-3.3

-1.1

-3.3

2.1

0.5

Net Income

-3.3

-1.1

-3.3

2.1

0.5

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-3.3

-1.1

-3.3

2.1

0.5

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-3.3

-1.1

-3.3

2.1

0.5

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

37.0

37.0

37.0

37.1

37.1

Basic EPS Excl Extraord Items

-0.09

-0.03

-0.09

0.06

0.01

Basic/Primary EPS Incl Extraord Items

-0.09

-0.03

-0.09

0.06

0.01

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

-3.3

-1.1

-3.3

2.1

0.5

Diluted Weighted Average Shares

37.0

37.0

37.0

37.1

37.1

Diluted EPS Excl Extraord Items

-0.09

-0.03

-0.09

0.06

0.01

Diluted EPS Incl Extraord Items

-0.09

-0.03

-0.09

0.06

0.01

Dividends per Share - Common Stock Primary Issue

0.00

0.03

0.03

0.04

0.06

Dividends per Share - Common Stock Issue 2

0.00

0.03

0.03

0.04

0.06

Gross Dividends - Common Stock

0.0

1.2

1.3

1.5

2.3

Interest Expense, Supplemental

-

1.0

1.1

1.5

-

Depreciation, Supplemental

5.8

4.5

5.6

6.4

6.2

Total Special Items

2.2

0.0

1.8

-

-

Normalized Income Before Tax

-2.1

-1.3

-2.8

3.0

0.2

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.8

0.0

0.6

-

-

Inc Tax Ex Impact of Sp Items

-0.2

-0.2

-0.7

0.9

-0.3

Normalized Income After Tax

-1.9

-1.1

-2.1

2.1

0.5

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-1.9

-1.1

-2.1

2.1

0.5

 

 

 

 

 

 

Basic Normalized EPS

-0.05

-0.03

-0.06

0.06

0.01

Diluted Normalized EPS

-0.05

-0.03

-0.06

0.06

0.01

Amort of Intangibles, Supplemental

-

1.8

1.8

1.6

1.5

Rental Expenses

-

1.7

2.1

2.0

1.9

Research & Development Exp, Supplemental

2.9

1.9

1.7

2.0

2.0

Normalized EBIT

-1.0

-0.4

-1.6

4.7

1.3

Normalized EBITDA

4.9

5.9

5.8

12.7

9.0

    Current Tax - Total

0.0

0.1

-0.1

1.0

1.5

Current Tax - Total

0.0

0.1

-0.1

1.0

1.5

    Deferred Tax - Total

-1.0

-0.3

-1.3

-0.1

-1.8

Deferred Tax - Total

-1.0

-0.3

-1.3

-0.1

-1.8

    Other Tax

-

0.0

0.0

0.0

0.0

Income Tax - Total

-1.0

-0.2

-1.3

0.9

-0.3

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Restated Normal 
30-Jun-2008

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.770327

0.745406

0.696986

0.719399

0.683971

Auditor

 

KPMG OY AB

KPMG LLP

KPMG LLP

PricewaterhouseCoopers LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

8.8

13.7

15.2

16.3

5.6

Cash and Short Term Investments

8.8

13.7

15.2

16.3

5.6

        Accounts Receivable - Trade, Gross

-

6.9

6.5

7.6

-

        Provision for Doubtful Accounts

-

-0.2

-0.6

-0.3

-

    Trade Accounts Receivable - Net

5.6

6.7

5.9

7.4

7.7

    Other Receivables

1.6

0.3

0.6

0.1

0.9

Total Receivables, Net

7.1

7.0

6.5

7.4

8.6

    Inventories - Finished Goods

-

7.7

7.2

8.3

-

    Inventories - Raw Materials

-

7.0

7.5

7.6

-

Total Inventory

13.9

14.7

14.6

15.9

18.6

Prepaid Expenses

-

-

-

0.0

-

    Other Current Assets

-

1.0

1.1

0.5

-

Other Current Assets, Total

-

1.0

1.1

0.5

-

Total Current Assets

29.9

36.4

37.4

40.2

32.7

 

 

 

 

 

 

        Buildings

-

20.5

21.7

21.0

-

        Land/Improvements

-

1.8

1.8

1.8

-

        Machinery/Equipment

-

65.1

68.6

65.2

-

        Construction in Progress

-

0.2

0.0

0.1

-

        Other Property/Plant/Equipment

-

3.4

3.6

3.4

-

    Property/Plant/Equipment - Gross

-

91.0

95.8

91.5

-

    Accumulated Depreciation

-

-69.7

-70.5

-62.8

-

Property/Plant/Equipment - Net

18.6

21.3

25.3

28.6

34.8

Goodwill, Net

5.5

5.6

6.0

5.9

6.3

    Intangibles - Gross

-

31.5

-

-

-

    Accumulated Intangible Amortization

-

-17.0

-

-

-

Intangibles, Net

16.4

14.5

15.2

15.5

16.2

    LT Investments - Other

0.4

0.4

0.4

0.4

0.4

Long Term Investments

0.4

0.4

0.4

0.4

0.4

Note Receivable - Long Term

0.3

-

-

-

-

    Deferred Income Tax - Long Term Asset

2.6

2.2

2.3

1.2

1.5

    Other Long Term Assets

-

-

-

-

-0.1

Other Long Term Assets, Total

2.6

2.2

2.3

1.2

1.3

Total Assets

73.5

80.3

86.6

91.9

91.8

 

 

 

 

 

 

Accounts Payable

11.8

3.6

3.1

2.6

13.7

Accrued Expenses

-

8.3

8.7

8.9

-

Notes Payable/Short Term Debt

-

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

7.7

6.6

6.8

7.1

5.6

    Customer Advances

-

0.1

0.0

0.0

-

    Income Taxes Payable

-

0.0

0.0

0.1

0.1

    Other Payables

-

0.1

0.0

0.1

-

    Other Current Liabilities

1.2

1.0

1.0

1.0

1.0

Other Current liabilities, Total

1.2

1.2

1.1

1.2

1.2

Total Current Liabilities

20.6

19.7

19.7

19.9

20.5

 

 

 

 

 

 

    Long Term Debt

24.7

27.3

28.6

30.0

25.9

Total Long Term Debt

24.7

27.3

28.6

30.0

25.9

Total Debt

32.3

33.9

35.5

37.1

31.4

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

1.8

2.2

2.7

2.8

3.4

Deferred Income Tax

1.8

2.2

2.7

2.8

3.4

    Reserves

1.7

1.3

1.4

1.3

1.3

    Other Long Term Liabilities

0.3

0.1

0.1

0.0

0.4

Other Liabilities, Total

1.9

1.4

1.5

1.3

1.8

Total Liabilities

49.1

50.6

52.5

54.0

51.5

 

 

 

 

 

 

    Common Stock

8.2

8.5

9.1

8.8

9.2

Common Stock

8.2

8.5

9.1

8.8

9.2

Additional Paid-In Capital

-

0.0

10.5

10.2

10.8

Retained Earnings (Accumulated Deficit)

6.9

11.6

14.9

19.1

20.5

Treasury Stock - Common

-0.1

-0.1

-0.2

-0.1

0.0

Unrealized Gain (Loss)

-0.1

-0.1

-0.1

-0.1

0.0

    Translation Adjustment

0.0

0.0

-0.1

-0.1

-0.1

    Other Equity

9.6

9.8

-

-

-

Other Equity, Total

9.6

9.8

-0.1

-0.1

-0.1

Total Equity

24.4

29.7

34.1

37.9

40.4

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

73.5

80.3

86.6

91.9

91.8

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

27.5

27.5

27.5

27.5

27.6

    Shares Outstanding - Common Stock Issue 2

9.5

9.5

9.5

9.5

9.5

Total Common Shares Outstanding

37.0

37.0

37.0

37.1

37.1

Treasury Shares - Common Stock Primary Issue

0.1

0.1

0.1

0.1

0.0

Treasury Shares - Common Issue 2

-

-

-

-

0.0

Employees

436

497

484

521

693

Number of Common Shareholders

-

4,981

4,899

-

4,441

Accumulated Intangible Amort, Suppl.

-

17.0

22.3

19.5

-

Deferred Revenue - Current

-

0.1

0.0

0.0

-

Total Long Term Debt, Supplemental

-

33.9

35.5

37.1

-

Long Term Debt Maturing within 1 Year

-

6.6

6.9

0.0

-

Long Term Debt Maturing in Year 2

-

7.9

8.6

7.2

-

Long Term Debt Maturing in Year 3

-

6.5

6.3

8.8

-

Long Term Debt Maturing in Year 4

-

6.2

4.9

7.2

-

Long Term Debt Maturing in Year 5

-

4.9

4.6

5.1

-

Long Term Debt Maturing in 2-3 Years

-

14.5

14.9

15.9

-

Long Term Debt Maturing in 4-5 Years

-

11.2

9.6

12.2

-

Long Term Debt Matur. in Year 6 & Beyond

-

1.7

4.2

9.0

-

Total Operating Leases, Supplemental

-

2.6

1.6

1.6

-

Operating Lease Payments Due in Year 1

-

1.4

1.4

1.4

-

Operating Lease Payments Due in Year 2

-

0.3

0.0

0.1

-

Operating Lease Payments Due in Year 3

-

0.3

0.0

0.1

-

Operating Lease Payments Due in Year 4

-

0.3

0.0

0.1

-

Operating Lease Payments Due in Year 5

-

0.3

0.0

0.1

-

Operating Lease Pymts. Due in 2-3 Years

-

0.6

0.1

0.1

-

Operating Lease Pymts. Due in 4-5 Years

-

0.6

0.1

0.1

-

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

-

0.0

0.0

0.0

-

 

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 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.71919

0.755078

0.719047

0.683679

0.730637

Auditor

 

KPMG OY AB

KPMG LLP

KPMG LLP

PricewaterhouseCoopers LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-3.3

-1.1

-3.3

2.1

0.5

    Depreciation

-

6.3

7.4

7.9

7.7

Depreciation/Depletion

-

6.3

7.4

7.9

7.7

    Unusual Items

-

0.0

0.3

0.4

0.0

    Equity in Net Earnings (Loss)

-

-

-

0.0

0.0

    Other Non-Cash Items

5.0

0.7

-0.1

2.8

0.7

Non-Cash Items

5.0

0.7

0.3

3.1

0.7

    Inventories

-

-1.0

1.8

1.8

-2.8

    Other Assets

-

-1.2

1.0

0.1

4.7

    Other Liabilities

-

1.1

-0.2

-1.7

-4.4

    Other Assets & Liabilities, Net

1.5

-

-

-

-

    Other Operating Cash Flow

-1.3

-0.9

-1.8

-2.3

-3.0

Changes in Working Capital

0.3

-2.0

0.8

-2.0

-5.4

Cash from Operating Activities

1.9

3.9

5.1

11.1

3.4

 

 

 

 

 

 

    Purchase of Fixed Assets

-6.5

-2.0

-1.4

-2.0

-5.4

    Purchase/Acquisition of Intangibles

-

-

-

0.0

-2.3

Capital Expenditures

-6.5

-2.0

-1.4

-2.0

-7.8

    Acquisition of Business

-

-

0.0

-0.5

0.0

    Sale of Fixed Assets

-

0.0

0.0

0.1

0.2

    Sale/Maturity of Investment

1.5

-

0.1

0.0

0.0

    Other Investing Cash Flow

-

-2.0

-1.2

-2.1

1.7

Other Investing Cash Flow Items, Total

1.5

-2.0

-1.1

-2.4

1.9

Cash from Investing Activities

-5.0

-3.9

-2.5

-4.5

-5.9

 

 

 

 

 

 

    Cash Dividends Paid - Common

-1.3

-1.2

-1.4

-2.4

-4.7

Total Cash Dividends Paid

-1.3

-1.2

-1.4

-2.4

-4.7

        Repurchase/Retirement of Common

-

-

-0.1

-0.1

-

    Common Stock, Net

-

-

-0.1

-0.1

-

Issuance (Retirement) of Stock, Net

-

-

-0.1

-0.1

-

        Short Term Debt Issued

-

-

-

0.0

2.5

        Short Term Debt Reduction

-

-

-

-2.7

-

    Short Term Debt, Net

-

-

-

-2.7

2.5

        Long Term Debt Issued

7.6

10.6

7.0

14.6

9.2

        Long Term Debt Reduction

-8.2

-9.9

-9.7

-4.5

-6.0

    Long Term Debt, Net

-0.6

0.7

-2.7

10.2

3.2

Issuance (Retirement) of Debt, Net

-0.6

0.7

-2.7

7.5

5.7

Cash from Financing Activities

-1.8

-0.5

-4.2

4.9

0.9

 

 

 

 

 

 

Foreign Exchange Effects

-

0.0

0.0

0.0

-0.1

Net Change in Cash

-4.9

-0.5

-1.5

11.6

-1.6

 

 

 

 

 

 

Net Cash - Beginning Balance

14.2

14.0

16.3

5.5

6.7

Net Cash - Ending Balance

9.5

13.5

14.7

17.1

5.2

Cash Interest Paid

-

1.3

1.5

1.7

1.2

Cash Taxes Paid

-

-0.3

0.5

0.9

2.0

 

 

 

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 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2008

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.71919

0.755078

0.719047

0.683679

0.730637

Auditor

 

KPMG OY AB

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Sales

81.8

74.0

73.9

97.3

95.7

    Other Revenue

1.4

0.8

0.8

1.0

0.8

Total Revenue

83.1

74.9

74.7

98.3

96.5

 

 

 

 

 

 

    Work in Progress

0.7

-1.0

1.4

0.9

-2.9

    Own Use

-1.1

-0.6

-0.4

-1.1

-1.5

    Raw Materials

17.0

15.2

14.2

18.2

19.5

    External Services

12.5

12.2

10.6

14.6

15.1

    Proceeds from Sale of PPE

-

0.0

0.0

-

-

    Personnel Expenses

31.3

26.1

27.8

33.8

37.0

    Depreciation

5.8

6.3

7.4

7.9

7.7

    Intangible Amort.

-

0.0

0.3

0.4

-

    Other Expenses

20.2

17.0

16.8

18.9

20.1

    Losses on Sales of Tangible Assets

-

0.0

0.0

-

-

Total Operating Expense

86.3

75.2

78.0

93.5

95.1

 

 

 

 

 

 

    Financial Income

0.3

0.3

0.1

0.4

0.3

    Finance Expense

-1.3

-0.3

-0.1

-2.1

-1.4

    Dividend Income

-

-

0.0

-

-

    Interest Income

-

0.0

0.0

-

-

    Fair Value Changes

-

-

-0.1

-

-

    Interest Expense

-

-1.0

-1.1

-

-

    Exchange Difference

-

-

0.0

-

-

    Share of Loss/Profit of Associates

0.0

0.0

-

0.0

-

    Rounding Adjustment

-0.1

-

0.0

-

-

Net Income Before Taxes

-4.3

-1.3

-4.6

3.0

0.2

 

 

 

 

 

 

Provision for Income Taxes

-1.0

-0.2

-1.3

0.9

-0.3

Net Income After Taxes

-3.3

-1.1

-3.3

2.1

0.5

 

 

 

 

 

 

Net Income Before Extra. Items

-3.3

-1.1

-3.3

2.1

0.5

Net Income

-3.3

-1.1

-3.3

2.1

0.5

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-3.3

-1.1

-3.3

2.1

0.5

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-3.3

-1.1

-3.3

2.1

0.5

 

 

 

 

 

 

Basic Weighted Average Shares

37.0

37.0

37.0

37.1

37.1

Basic EPS Excluding ExtraOrdinary Items

-0.09

-0.03

-0.09

0.06

0.01

Basic EPS Including ExtraOrdinary Item

-0.09

-0.03

-0.09

0.06

0.01

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

-3.3

-1.1

-3.3

2.1

0.5

Diluted Weighted Average Shares

37.0

37.0

37.0

37.1

37.1

Diluted EPS Excluding ExtraOrd Items

-0.09

-0.03

-0.09

0.06

0.01

Diluted EPS Including ExtraOrd Items

-0.09

-0.03

-0.09

0.06

0.01

DPS-A-Shares

0.00

0.03

0.03

0.04

0.06

DPS-K-Shares

0.00

0.03

0.03

0.04

0.06

Gross Dividends - Common Stock

0.0

1.2

1.3

1.5

2.3

Normalized Income Before Taxes

-2.1

-1.3

-2.8

3.0

0.2

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

-0.2

-0.2

-0.7

0.9

-0.3

Normalized Income After Taxes

-1.9

-1.1

-2.1

2.1

0.5

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-1.9

-1.1

-2.1

2.1

0.5

 

 

 

 

 

 

Basic Normalized EPS

-0.05

-0.03

-0.06

0.06

0.01

Diluted Normalized EPS

-0.05

-0.03

-0.06

0.06

0.01

Interest Expense

-

1.0

1.1

1.5

-

Amort of Intangibles

-

1.8

1.8

1.6

1.5

Depreciation

5.8

4.5

5.6

6.4

6.2

Rental Expense

-

1.7

2.1

2.0

1.9

Research & Development

2.9

1.9

1.7

2.0

2.0

    Current Tax

0.0

0.1

-0.1

1.0

1.5

Current Tax - Total

0.0

0.1

-0.1

1.0

1.5

    Deferred Tax

-1.0

-0.3

-1.3

-0.1

-1.8

Deferred Tax - Total

-1.0

-0.3

-1.3

-0.1

-1.8

    Tax from Previous Years

-

0.0

0.0

0.0

0.0

Income Tax - Total

-1.0

-0.2

-1.3

0.9

-0.3

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Restated Normal 
30-Jun-2008

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.770327

0.745406

0.696986

0.719399

0.683971

Auditor

 

KPMG OY AB

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Inventory

13.9

-

-

-

18.6

    Raw Materials

-

7.0

7.5

7.6

-

    Finished Goods

-

7.7

7.2

8.3

-

    Taxes

-

0.1

0.4

0.0

0.1

    Associates

-

-

0.0

0.0

-

    Tax Receivables

0.1

-

-

-

-

    Trade Receivable

5.6

-

-

-

7.7

    Trade Receivable, Gross

-

6.9

6.5

7.6

-

    Provisions

-

-0.2

-0.6

-0.3

-

    Other Receivable

1.4

0.3

0.1

0.1

0.7

    Prepaid Expenses

-

-

-

0.0

-

    Accrued Trade

-

0.6

0.3

0.4

-

    Other Accruals

-

0.4

0.7

0.1

-

    Cash and Bank

8.8

13.7

15.2

16.3

5.6

Total Current Assets

29.9

36.4

37.4

40.2

32.7

 

 

 

 

 

 

    Other Intangible Assets

-

31.5

-

-

-

    Amortisation

-

-17.0

-

-

-

    Other Intangible Assets

16.4

-

-

-

-

    Land

-

1.8

1.8

1.8

-

    Buildings

-

20.5

21.7

21.0

-

    Machinery

-

60.1

63.3

60.1

-

    Vehicles

-

5.0

5.3

5.1

-

    Other Tangibles

-

3.4

3.6

3.4

-

    Advance Payments

-

0.2

0.0

0.1

-

    Depreciation

-

-69.7

-70.5

-62.8

-

    Investments in Associates

-

0.0

0.0

0.0

-

    Other Investment

0.1

0.0

0.0

0.0

0.1

    Investment Properties

0.3

0.3

0.4

0.4

0.3

    Deferred Tax Assets

2.6

2.2

2.3

1.2

1.5

    Receivables

0.3

-

-

-

-

    Land

1.3

-

-

-

1.6

    Buildings

8.4

-

-

-

12.6

    Machinery and Equipment

7.0

-

-

-

18.6

    Other Tangibles

1.8

-

-

-

2.0

    Goodwill, Net

5.5

5.6

6.0

5.9

6.3

    Intangible Assets, Net

-

-

15.2

15.5

16.2

    Rounding Adjustment

-

-

-

-

-0.1

Total Assets

73.5

80.3

86.6

91.9

91.8

 

 

 

 

 

 

    Current Income Tax Liabilities

-

0.0

0.0

0.1

0.1

    S/T Provisions

1.2

-

-

0.0

1.0

    Credit Institut.

-

5.6

5.8

6.5

-

    Other Interest-Bearing Liabilities

-

-

-

0.0

-

    Other Interest-Bearing Current Liabilit.

7.7

1.0

1.1

0.7

5.6

    Provisions

-

0.1

-

-

-

    Advances

-

0.1

0.0

0.0

-

    Trade Payable

11.8

3.6

3.1

2.6

13.7

    Other Liabs.

-

1.0

1.0

1.0

-

    Accrued Wages

-

5.6

5.5

6.1

-

    Accrued Advert.

-

0.6

0.8

0.9

-

    Accrued Services

-

1.5

0.6

0.6

-

    Amounts due to Associates

-

0.1

0.0

0.1

-

    Other Accruals

-

0.6

1.8

1.3

-

Total Current Liabilities

20.6

19.7

19.7

19.9

20.5

 

 

 

 

 

 

    Credit Institut.

24.7

15.0

18.9

17.8

25.9

    Premium Loans

-

12.0

8.3

9.7

-

    Other LT Interest-Bearing Liabilities

-

0.4

1.4

2.5

-

Total Long Term Debt

24.7

27.3

28.6

30.0

25.9

 

 

 

 

 

 

    Provisions

1.7

1.3

1.4

1.3

1.3

    Deferred Tax

1.8

2.2

2.7

2.8

3.4

    Other Debt

0.3

-

-

0.0

0.4

    Other Liab.

-

0.1

0.1

-

-

    Adjustment

0.1

-

-

-

-

Total Liabilities

49.2

50.6

52.5

54.0

51.5

 

 

 

 

 

 

    Share Capital

8.2

8.5

9.1

8.8

9.2

    Share Premium

-0.1

0.0

10.5

10.2

10.8

    Retained Earning

6.9

11.6

14.9

19.1

20.5

    Translation Differences

0.0

0.0

-0.1

-0.1

-0.1

    Revaluation reserve

-0.1

-0.1

-0.1

-0.1

0.0

    Own Shares

-0.1

-0.1

-0.2

-0.1

0.0

    Invested Unrestricted Equity

9.6

9.8

-

-

-

Total Equity

24.3

29.7

34.1

37.9

40.4

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

73.5

80.3

86.6

91.9

91.8

 

 

 

 

 

 

    S/O-A-Shares

27.5

27.5

27.5

27.5

27.6

    S/O-K-Shares

9.5

9.5

9.5

9.5

9.5

Total Common Shares Outstanding

37.0

37.0

37.0

37.1

37.1

T/S-A-Shares

0.1

0.1

0.1

0.1

0.0

T/S-K-Shares

-

-

-

-

0.0

Deferred Revenue - Current

-

0.1

0.0

0.0

-

Accumulated Intangible Amortisation

-

17.0

22.3

19.5

-

Full-Time Employees

436

497

484

521

693

Number of Common Shareholders

-

4,981

4,899

-

4,441

Liabilities Maturing within 1 Year

-

6.6

6.9

0.0

-

Liabilities Maturing within 2 Years

-

7.9

8.6

7.2

-

Liabilities Maturing within 3 Years

-

6.5

6.3

8.8

-

Liabilities Maturing within 4 Years

-

6.2

4.9

7.2

-

Liabilities Maturing within 5 Years

-

4.9

4.6

5.1

-

Liabilities Remaining

-

1.7

4.2

9.0

-

Total Long Term Debt, Supplemental

-

33.9

35.5

37.1

-

Maturing Within 1 Year

-

1.4

1.4

1.4

-

Maturing Within 5 Years

-

1.2

0.2

0.2

-

Total Operating Leases

-

2.6

1.6

1.6

-

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.71919

0.755078

0.719047

0.683679

0.730637

Auditor

 

KPMG OY AB

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Operating Income

-3.3

-1.1

-3.3

2.1

0.5

    Depreciation

-

6.3

7.4

7.9

7.7

    Impairment

-

0.0

0.3

0.4

0.0

    Share of Profit Associates

-

-

-

0.0

0.0

    Exchange Differences

-

0.0

-0.1

0.1

-0.1

    Other Non-Cash Items

4.9

0.0

0.0

0.0

-0.1

    Interest Expense and Finance Costs

-

1.3

1.5

2.1

1.4

    Interest Income

-

-0.3

-0.2

-0.3

-0.3

    Dividend Income

-

0.0

0.0

0.0

0.0

    Interest and Tax Paid

-1.3

-

-

-

-

    Changes in Working Capital

1.5

-

-

-

-

    Interest & Tax Expenses

0.1

-

-

-

-

    Income Taxes

-

-0.2

-1.3

0.9

-0.3

    Receivables

-

-1.2

1.0

0.1

4.7

    Inventories

-

-1.0

1.8

1.8

-2.8

    Change in Trade and Other Payables

-

1.3

-0.7

-0.7

-5.4

    Change in Provisions

-

-0.3

0.5

-1.0

1.0

    Interest Paid

-

-1.3

-1.5

-1.7

-1.2

    Dividends Received

-

0.0

0.0

0.0

0.0

    Interest Received

-

0.1

0.3

0.3

0.2

    Tax Paid

-

0.3

-0.5

-0.9

-2.0

Cash from Operating Activities

1.9

3.9

5.1

11.1

3.4

 

 

 

 

 

 

    Purchase/Tangibles

-6.5

-2.0

-1.4

-2.0

-5.4

    Purchase/Intangibles

-

-

-

0.0

-2.3

    Investment Grants

-

-2.3

-1.4

-2.2

1.5

    Grants Received

-

0.2

0.2

0.1

0.3

    Sale of Tangibles

-

0.0

0.0

0.1

0.2

    Sale of Financial Assets

-

-

0.1

0.0

0.0

    Purchase/Subsidiary

-

-

-

-0.5

0.0

    Purchase/Associates

-

-

0.0

-

-

    Disposals on Financial Assets

-

0.0

-

-

-

    Sale of Investments

1.5

-

-

-

-

Cash from Investing Activities

-5.0

-3.9

-2.5

-4.5

-5.9

 

 

 

 

 

 

    Own Shares

-

-

-0.1

-0.1

-

    Repayments of Borrowings

-

-

-

-2.7

-

    ST Debt Issued

-

-

-

0.0

2.5

    LT Loans Issued

7.6

10.6

7.0

14.6

9.2

    LT Loans Repaid

-8.2

-9.9

-9.7

-4.5

-6.0

    Dividends Paid

-1.3

-1.2

-1.4

-2.4

-4.7

Cash from Financing Activities

-1.8

-0.5

-4.2

4.9

0.9

 

 

 

 

 

 

Foreign Exchange Effects

-

0.0

0.0

0.0

-0.1

Net Change in Cash

-4.9

-0.5

-1.5

11.6

-1.6

 

 

 

 

 

 

Net Cash - Beginning Balance

14.2

14.0

16.3

5.5

6.7

Net Cash - Ending Balance

9.5

13.5

14.7

17.1

5.2

    Cash Interest Paid

-

1.3

1.5

1.7

1.2

    Cash Taxes Paid

-

-0.3

0.5

0.9

2.0

 

Financial Health

 

Financials in: USD (mil) 

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

Key Indicators USD (mil)

 

Quarter
Ending
31-Dec-2011

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

21.0

-6.85%

83.1

5.80%

-3.81%

-6.29%

Operating Income1

-1.3

-

-3.2

-

-

-

Income Available to Common Excl Extraord Items1

-1.3

-

-3.3

-

-

-

Basic EPS Excl Extraord Items1

-0.04

-

-0.09

-

-

-

Capital Expenditures2

6.5

47.15%

6.5

216.29%

50.45%

-14.19%

Cash from Operating Activities2

1.9

-52.12%

1.9

-52.12%

-43.10%

-34.88%

Free Cash Flow

-4.3

-

-4.3

-

-

-

Total Assets3

73.5

-5.35%

73.5

-5.42%

-5.04%

-3.17%

Total Liabilities3

49.1

0.27%

49.1

0.23%

-0.91%

1.09%

Total Long Term Debt3

24.7

-6.86%

24.7

-6.79%

-4.16%

5.21%

Employees3

-

-

436

-12.27%

-5.76%

-10.64%

Total Common Shares Outstanding3

37.0

0.00%

37.0

0.00%

-0.05%

-0.07%

1-ExchangeRate: EUR to USD Average for Period

0.741961

 

0.719190

 

 

 

2-ExchangeRate: EUR to USD Average for Period

0.719190

 

0.719190

 

 

 

3-ExchangeRate: EUR to USD Period End Date

0.770327

 

0.770327

 

 

 

Key Ratios

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin

64.46%

65.05%

65.21%

66.52%

68.34%

Operating Margin

-3.85%

-0.48%

-4.51%

4.83%

1.37%

Pretax Margin

-5.18%

-1.75%

-6.18%

3.07%

0.23%

Net Profit Margin

-4.01%

-1.45%

-4.39%

2.13%

0.51%

Financial Strength

Current Ratio

1.45

1.85

1.90

2.02

1.60

Long Term Debt/Equity

1.01

0.92

0.84

0.79

0.64

Total Debt/Equity

1.32

1.14

1.04

0.98

0.78

Interest Coverage

-2.56

-1.33

-28.85

2.28

0.93

Management Effectiveness

Return on Assets

-4.12%

-1.36%

-3.73%

2.22%

0.56%

Return on Equity

-11.73%

-3.56%

-9.25%

5.21%

1.24%

Efficiency

Receivables Turnover

11.14

11.58

10.87

11.94

9.60

Inventory Turnover

1.93

1.85

1.71

1.84

1.90

Asset Turnover

1.03

0.94

0.85

1.04

1.09

Market Valuation USD (mil)

Enterprise Value2

49.3

.

Price/Sales (TTM)

0.33

Enterprise Value/Revenue (TTM)

0.64

.

Price/Book (MRQ)

1.42

Enterprise Value/EBITDA (TTM)

19.99

.

Market Cap1

26.3

1-ExchangeRate: EUR to USD on 9-Mar-2012

0.754287

 

 

 

2-ExchangeRate: EUR to USD on 31-Dec-2011

0.770327

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Financial Strength

Current Ratio

1.45

1.85

1.90

2.02

1.60

Quick/Acid Test Ratio

0.77

1.05

1.10

1.19

0.69

Working Capital1

9.2

16.7

17.7

20.3

12.3

Long Term Debt/Equity

1.01

0.92

0.84

0.79

0.64

Total Debt/Equity

1.32

1.14

1.04

0.98

0.78

Long Term Debt/Total Capital

0.43

0.43

0.41

0.40

0.36

Total Debt/Total Capital

0.57

0.53

0.51

0.50

0.44

Interest Coverage

-2.56

-1.33

-28.85

2.28

0.93

Payout Ratio

0.00%

-113.12%

-39.25%

72.73%

463.92%

Effective Tax Rate

-

-

-

30.73%

-125.63%

Total Capital1

56.7

63.6

69.6

75.0

71.8

 

 

 

 

 

 

Efficiency

Asset Turnover

1.03

0.94

0.85

1.04

1.09

Inventory Turnover

1.93

1.85

1.71

1.84

1.90

Days In Inventory

188.95

197.41

213.61

197.95

192.28

Receivables Turnover

11.14

11.58

10.87

11.94

9.60

Days Receivables Outstanding

32.75

31.51

33.57

30.56

38.03

Revenue/Employee2

178,049

152,564

159,174

179,255

148,688

Operating Income/Employee2

-6,848

-734

-7,183

8,660

2,036

EBITDA/Employee2

5,657

12,023

8,525

23,135

13,935

 

 

 

 

 

 

Profitability

Gross Margin

64.46%

65.05%

65.21%

66.52%

68.34%

Operating Margin

-3.85%

-0.48%

-4.51%

4.83%

1.37%

EBITDA Margin

3.18%

7.88%

5.36%

12.91%

9.37%

EBIT Margin

-3.85%

-0.48%

-4.51%

4.83%

1.37%

Pretax Margin

-5.18%

-1.75%

-6.18%

3.07%

0.23%

Net Profit Margin

-4.01%

-1.45%

-4.39%

2.13%

0.51%

COGS/Revenue

34.95%

34.56%

34.44%

33.14%

31.39%

SG&A Expense/Revenue

37.63%

34.89%

37.28%

34.35%

38.39%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

-4.12%

-1.36%

-3.73%

2.22%

0.56%

Return on Equity

-11.73%

-3.56%

-9.25%

5.21%

1.24%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-0.12

0.05

0.10

0.23

-0.12

Operating Cash Flow/Share 2

0.05

0.11

0.14

0.28

0.10

1-ExchangeRate: EUR to USD Period End Date

0.770327

0.745406

0.696986

0.719399

0.683971

2-ExchangeRate: EUR to USD Average for Period

0.770327

0.745406

0.696986

0.719399

0.683971

 

Current Market Multiples

Market Cap/Earnings (TTM)

-8.28

Market Cap/Equity (MRQ)

1.06

Market Cap/Revenue (TTM)

0.33

Market Cap/EBIT (TTM)

-5.37

Market Cap/EBITDA (TTM)

39.75

Enterprise Value/Earnings (TTM)

-15.82

Enterprise Value/Equity (MRQ)

2.02

Enterprise Value/Revenue (TTM)

0.64

Enterprise Value/EBIT (TTM)

-10.26

Enterprise Value/EBITDA (TTM)

75.95

 

 

 

 

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 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal
31-Dec-2008

Restated Normal 
31-Dec-2008

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.71919

0.755078

0.719047

0.683679

0.730637

Auditor

 

KPMG OY AB

KPMG LLP

KPMG LLP

PricewaterhouseCoopers LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

81.8

74.0

73.9

97.3

95.7

Revenue

81.8

74.0

73.9

97.3

95.7

    Other Revenue

1.4

0.8

0.8

1.0

0.8

Other Revenue, Total

1.4

0.8

0.8

1.0

0.8

Total Revenue

83.1

74.9

74.7

98.3

96.5

 

 

 

 

 

 

    Cost of Revenue

29.1

25.9

25.7

32.6

30.3

Cost of Revenue, Total

29.1

25.9

25.7

32.6

30.3

Gross Profit

52.7

48.2

48.2

64.7

65.4

 

 

 

 

 

 

    Labor & Related Expense

31.3

26.1

27.8

33.8

37.0

Total Selling/General/Administrative Expenses

31.3

26.1

27.8

33.8

37.0

    Depreciation

5.8

6.3

7.4

7.9

7.7

    Amortization of Intangibles

-

0.0

0.3

0.4

-

Depreciation/Amortization

5.8

6.3

7.7

8.3

7.7

    Loss (Gain) on Sale of Assets - Operating

-

0.0

0.0

-

-

Unusual Expense (Income)

-

0.0

0.0

-

-

    Other Operating Expense

20.2

17.0

16.8

18.9

20.1

Other Operating Expenses, Total

20.2

17.0

16.8

18.9

20.1

Total Operating Expense

86.3

75.2

78.0

93.5

95.1

 

 

 

 

 

 

Operating Income

-3.2

-0.4

-3.4

4.7

1.3

 

 

 

 

 

 

        Interest Expense - Non-Operating

-

-1.0

-1.1

-

-

    Interest Expense, Net Non-Operating

-

-1.0

-1.1

-

-

        Interest Income - Non-Operating

-

0.0

0.0

-

-

        Investment Income - Non-Operating

0.0

0.0

0.0

0.0

-

    Interest/Investment Income - Non-Operating

0.0

0.0

0.0

0.0

-

    Interest Income (Expense) - Net Non-Operating

-1.3

-0.3

-0.1

-2.1

-1.4

Interest Income (Expense) - Net Non-Operating Total

-1.3

-1.3

-1.2

-2.1

-1.4

    Other Non-Operating Income (Expense)

0.1

0.3

0.0

0.4

0.3

Other, Net

0.1

0.3

0.0

0.4

0.3

Income Before Tax

-4.3

-1.3

-4.6

3.0

0.2

 

 

 

 

 

 

Total Income Tax

-1.0

-0.2

-1.3

0.9

-0.3

Income After Tax

-3.3

-1.1

-3.3

2.1

0.5

 

 

 

 

 

 

Net Income Before Extraord Items

-3.3

-1.1

-3.3

2.1

0.5

Net Income

-3.3

-1.1

-3.3

2.1

0.5

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-3.3

-1.1

-3.3

2.1

0.5

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-3.3

-1.1

-3.3

2.1

0.5

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

37.0

37.0

37.0

37.1

37.1

Basic EPS Excl Extraord Items

-0.09

-0.03

-0.09

0.06

0.01

Basic/Primary EPS Incl Extraord Items

-0.09

-0.03

-0.09

0.06

0.01

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

-3.3

-1.1

-3.3

2.1

0.5

Diluted Weighted Average Shares

37.0

37.0

37.0

37.1

37.1

Diluted EPS Excl Extraord Items

-0.09

-0.03

-0.09

0.06

0.01

Diluted EPS Incl Extraord Items

-0.09

-0.03

-0.09

0.06

0.01

Dividends per Share - Common Stock Primary Issue

0.00

0.03

0.03

0.04

0.06

Dividends per Share - Common Stock Issue 2

0.00

0.03

0.03

0.04

0.06

Gross Dividends - Common Stock

0.0

1.2

1.3

1.5

2.3

Interest Expense, Supplemental

-

1.0

1.1

1.5

-

Depreciation, Supplemental

5.8

4.5

5.6

6.4

6.2

Total Special Items

2.2

0.0

1.8

-

-

Normalized Income Before Tax

-2.1

-1.3

-2.8

3.0

0.2

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.8

0.0

0.6

-

-

Inc Tax Ex Impact of Sp Items

-0.2

-0.2

-0.7

0.9

-0.3

Normalized Income After Tax

-1.9

-1.1

-2.1

2.1

0.5

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-1.9

-1.1

-2.1

2.1

0.5

 

 

 

 

 

 

Basic Normalized EPS

-0.05

-0.03

-0.06

0.06

0.01

Diluted Normalized EPS

-0.05

-0.03

-0.06

0.06

0.01

Amort of Intangibles, Supplemental

-

1.8

1.8

1.6

1.5

Rental Expenses

-

1.7

2.1

2.0

1.9

Research & Development Exp, Supplemental

2.9

1.9

1.7

2.0

2.0

Normalized EBIT

-1.0

-0.4

-1.6

4.7

1.3

Normalized EBITDA

4.9

5.9

5.8

12.7

9.0

    Current Tax - Total

0.0

0.1

-0.1

1.0

1.5

Current Tax - Total

0.0

0.1

-0.1

1.0

1.5

    Deferred Tax - Total

-1.0

-0.3

-1.3

-0.1

-1.8

Deferred Tax - Total

-1.0

-0.3

-1.3

-0.1

-1.8

    Other Tax

-

0.0

0.0

0.0

0.0

Income Tax - Total

-1.0

-0.2

-1.3

0.9

-0.3

 

 

 

Interim Income Statement

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.741961

0.707825

0.695476

0.731463

0.736368

 

 

 

 

 

 

    Net Sales

20.9

21.3

22.4

17.2

22.5

Revenue

20.9

21.3

22.4

17.2

22.5

    Other Revenue

0.1

0.1

1.0

0.1

0.2

Other Revenue, Total

0.1

0.1

1.0

0.1

0.2

Total Revenue

21.0

21.5

23.4

17.4

22.7

 

 

 

 

 

 

    Cost of Revenue

7.1

8.2

9.8

6.2

7.5

Cost of Revenue, Total

7.1

8.2

9.8

6.2

7.5

Gross Profit

13.7

13.1

12.7

11.1

15.0

 

 

 

 

 

 

    Labor & Related Expense

9.0

6.2

9.3

6.7

7.8

Total Selling/General/Administrative Expenses

9.0

6.2

9.3

6.7

7.8

    Depreciation

1.3

1.4

1.7

1.4

1.5

Depreciation/Amortization

1.3

1.4

1.7

1.4

1.5

    Other Operating Expense

4.9

4.8

5.2

5.2

4.7

Other Operating Expenses, Total

4.9

4.8

5.2

5.2

4.7

Total Operating Expense

22.4

20.6

26.0

19.4

21.5

 

 

 

 

 

 

Operating Income

-1.3

0.8

-2.6

-2.1

1.3

 

 

 

 

 

 

        Investment Income - Non-Operating

0.0

0.0

0.0

0.0

0.0

    Interest/Investment Income - Non-Operating

0.0

0.0

0.0

0.0

0.0

    Interest Income (Expense) - Net Non-Operating

-0.3

-0.3

-0.3

-0.4

-0.4

Interest Income (Expense) - Net Non-Operating Total

-0.3

-0.3

-0.3

-0.4

-0.4

    Other Non-Operating Income (Expense)

0.0

-0.1

2.2

0.1

0.1

Other, Net

0.0

-0.1

2.2

0.1

0.1

Income Before Tax

-1.6

0.4

-0.7

-2.3

1.0

 

 

 

 

 

 

Total Income Tax

-0.3

0.1

-0.1

-0.5

0.3

Income After Tax

-1.3

0.3

-0.6

-1.8

0.7

 

 

 

 

 

 

Net Income Before Extraord Items

-1.3

0.3

-0.6

-1.8

0.7

Net Income

-1.3

0.3

-0.6

-1.8

0.7

 

 

 

 

 

 

    Miscellaneous Earnings Adjustment

-

-

0.1

-

-0.1

Total Adjustments to Net Income

-

-

0.1

-

-0.1

Income Available to Common Excl Extraord Items

-1.3

0.3

-0.4

-1.8

0.5

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-1.3

0.3

-0.4

-1.8

0.5

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

37.0

37.0

37.0

37.0

36.9

Basic EPS Excl Extraord Items

-0.04

0.01

-0.01

-0.05

0.01

Basic/Primary EPS Incl Extraord Items

-0.04

0.01

-0.01

-0.05

0.01

Dilution Adjustment

0.0

-

0.0

0.0

-

Diluted Net Income

-1.3

0.3

-0.4

-1.8

0.5

Diluted Weighted Average Shares

37.0

37.0

37.0

37.0

36.9

Diluted EPS Excl Extraord Items

-0.04

0.01

-0.01

-0.05

0.01

Diluted EPS Incl Extraord Items

-0.04

0.01

-0.01

-0.05

0.01

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.03

Dividends per Share - Common Stock Issue 2

0.00

0.00

0.00

0.00

0.03

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

1.2

Depreciation, Supplemental

1.3

1.4

1.7

1.4

1.5

Total Special Items

2.2

-

-

-

-

Normalized Income Before Tax

0.5

0.4

-0.7

-2.3

1.0

Effect of Special Items on Income Taxes

0.8

-

-

-

-

Inc Tax Ex Impact of Sp Items

0.5

0.1

-0.1

-0.5

0.3

Normalized Income After Tax

0.1

0.3

-0.6

-1.8

0.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

0.1

0.3

-0.4

-1.8

0.5

 

 

 

 

 

 

Basic Normalized EPS

0.00

0.01

-0.01

-0.05

0.01

Diluted Normalized EPS

0.00

0.01

-0.01

-0.05

0.01

Normalized EBIT

0.8

0.8

-2.6

-2.1

1.3

Normalized EBITDA

2.2

2.3

-0.9

-0.7

2.8

 

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 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Restated Normal 
30-Jun-2008

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.770327

0.745406

0.696986

0.719399

0.683971

Auditor

 

KPMG OY AB

KPMG LLP

KPMG LLP

PricewaterhouseCoopers LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

8.8

13.7

15.2

16.3

5.6

Cash and Short Term Investments

8.8

13.7

15.2

16.3

5.6

        Accounts Receivable - Trade, Gross

-

6.9

6.5

7.6

-

        Provision for Doubtful Accounts

-

-0.2

-0.6

-0.3

-

    Trade Accounts Receivable - Net

5.6

6.7

5.9

7.4

7.7

    Other Receivables

1.6

0.3

0.6

0.1

0.9

Total Receivables, Net

7.1

7.0

6.5

7.4

8.6

    Inventories - Finished Goods

-

7.7

7.2

8.3

-

    Inventories - Raw Materials

-

7.0

7.5

7.6

-

Total Inventory

13.9

14.7

14.6

15.9

18.6

Prepaid Expenses

-

-

-

0.0

-

    Other Current Assets

-

1.0

1.1

0.5

-

Other Current Assets, Total

-

1.0

1.1

0.5

-

Total Current Assets

29.9

36.4

37.4

40.2

32.7

 

 

 

 

 

 

        Buildings

-

20.5

21.7

21.0

-

        Land/Improvements

-

1.8

1.8

1.8

-

        Machinery/Equipment

-

65.1

68.6

65.2

-

        Construction in Progress

-

0.2

0.0

0.1

-

        Other Property/Plant/Equipment

-

3.4

3.6

3.4

-

    Property/Plant/Equipment - Gross

-

91.0

95.8

91.5

-

    Accumulated Depreciation

-

-69.7

-70.5

-62.8

-

Property/Plant/Equipment - Net

18.6

21.3

25.3

28.6

34.8

Goodwill, Net

5.5

5.6

6.0

5.9

6.3

    Intangibles - Gross

-

31.5

-

-

-

    Accumulated Intangible Amortization

-

-17.0

-

-

-

Intangibles, Net

16.4

14.5

15.2

15.5

16.2

    LT Investments - Other

0.4

0.4

0.4

0.4

0.4

Long Term Investments

0.4

0.4

0.4

0.4

0.4

Note Receivable - Long Term

0.3

-

-

-

-

    Deferred Income Tax - Long Term Asset

2.6

2.2

2.3

1.2

1.5

    Other Long Term Assets

-

-

-

-

-0.1

Other Long Term Assets, Total

2.6

2.2

2.3

1.2

1.3

Total Assets

73.5

80.3

86.6

91.9

91.8

 

 

 

 

 

 

Accounts Payable

11.8

3.6

3.1

2.6

13.7

Accrued Expenses

-

8.3

8.7

8.9

-

Notes Payable/Short Term Debt

-

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

7.7

6.6

6.8

7.1

5.6

    Customer Advances

-

0.1

0.0

0.0

-

    Income Taxes Payable

-

0.0

0.0

0.1

0.1

    Other Payables

-

0.1

0.0

0.1

-

    Other Current Liabilities

1.2

1.0

1.0

1.0

1.0

Other Current liabilities, Total

1.2

1.2

1.1

1.2

1.2

Total Current Liabilities

20.6

19.7

19.7

19.9

20.5

 

 

 

 

 

 

    Long Term Debt

24.7

27.3

28.6

30.0

25.9

Total Long Term Debt

24.7

27.3

28.6

30.0

25.9

Total Debt

32.3

33.9

35.5

37.1

31.4

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

1.8

2.2

2.7

2.8

3.4

Deferred Income Tax

1.8

2.2

2.7

2.8

3.4

    Reserves

1.7

1.3

1.4

1.3

1.3

    Other Long Term Liabilities

0.3

0.1

0.1

0.0

0.4

Other Liabilities, Total

1.9

1.4

1.5

1.3

1.8

Total Liabilities

49.1

50.6

52.5

54.0

51.5

 

 

 

 

 

 

    Common Stock

8.2

8.5

9.1

8.8

9.2

Common Stock

8.2

8.5

9.1

8.8

9.2

Additional Paid-In Capital

-

0.0

10.5

10.2

10.8

Retained Earnings (Accumulated Deficit)

6.9

11.6

14.9

19.1

20.5

Treasury Stock - Common

-0.1

-0.1

-0.2

-0.1

0.0

Unrealized Gain (Loss)

-0.1

-0.1

-0.1

-0.1

0.0

    Translation Adjustment

0.0

0.0

-0.1

-0.1

-0.1

    Other Equity

9.6

9.8

-

-

-

Other Equity, Total

9.6

9.8

-0.1

-0.1

-0.1

Total Equity

24.4

29.7

34.1

37.9

40.4

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

73.5

80.3

86.6

91.9

91.8

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

27.5

27.5

27.5

27.5

27.6

    Shares Outstanding - Common Stock Issue 2

9.5

9.5

9.5

9.5

9.5

Total Common Shares Outstanding

37.0

37.0

37.0

37.1

37.1

Treasury Shares - Common Stock Primary Issue

0.1

0.1

0.1

0.1

0.0

Treasury Shares - Common Issue 2

-

-

-

-

0.0

Employees

436

497

484

521

693

Number of Common Shareholders

-

4,981

4,899

-

4,441

Accumulated Intangible Amort, Suppl.

-

17.0

22.3

19.5

-

Deferred Revenue - Current

-

0.1

0.0

0.0

-

Total Long Term Debt, Supplemental

-

33.9

35.5

37.1

-

Long Term Debt Maturing within 1 Year

-

6.6

6.9

0.0

-

Long Term Debt Maturing in Year 2

-

7.9

8.6

7.2

-

Long Term Debt Maturing in Year 3

-

6.5

6.3

8.8

-

Long Term Debt Maturing in Year 4

-

6.2

4.9

7.2

-

Long Term Debt Maturing in Year 5

-

4.9

4.6

5.1

-

Long Term Debt Maturing in 2-3 Years

-

14.5

14.9

15.9

-

Long Term Debt Maturing in 4-5 Years

-

11.2

9.6

12.2

-

Long Term Debt Matur. in Year 6 & Beyond

-

1.7

4.2

9.0

-

Total Operating Leases, Supplemental

-

2.6

1.6

1.6

-

Operating Lease Payments Due in Year 1

-

1.4

1.4

1.4

-

Operating Lease Payments Due in Year 2

-

0.3

0.0

0.1

-

Operating Lease Payments Due in Year 3

-

0.3

0.0

0.1

-

Operating Lease Payments Due in Year 4

-

0.3

0.0

0.1

-

Operating Lease Payments Due in Year 5

-

0.3

0.0

0.1

-

Operating Lease Pymts. Due in 2-3 Years

-

0.6

0.1

0.1

-

Operating Lease Pymts. Due in 4-5 Years

-

0.6

0.1

0.1

-

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

-

0.0

0.0

0.0

-

 

 

 

Interim Balance Sheet

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Reclassified Normal 
30-Jun-2011

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.770327

0.745323

0.689727

0.704672

0.745406

 

 

 

 

 

 

    Cash & Equivalents

8.8

10.3

10.0

10.6

13.7

Cash and Short Term Investments

8.8

10.3

10.0

10.6

13.7

    Trade Accounts Receivable - Net

5.6

8.9

8.1

7.9

6.8

    Other Receivables

1.6

1.5

1.9

1.8

1.2

Total Receivables, Net

7.1

10.3

10.0

9.8

8.0

Total Inventory

13.9

14.6

17.1

15.8

14.6

Total Current Assets

29.9

35.3

37.1

36.2

36.4

 

 

 

 

 

 

Property/Plant/Equipment - Net

18.6

19.5

21.3

21.9

21.2

Goodwill, Net

5.5

5.6

6.1

6.0

5.6

Intangibles, Net

16.4

15.8

16.7

15.8

14.5

    LT Investments - Other

0.4

0.4

0.4

0.4

0.4

Long Term Investments

0.4

0.4

0.4

0.4

0.4

Note Receivable - Long Term

0.3

-

-

-

-

    Deferred Income Tax - Long Term Asset

2.6

2.5

3.0

2.8

2.1

    Other Long Term Assets

-

0.5

0.6

-

-

Other Long Term Assets, Total

2.6

3.1

3.6

2.8

2.1

Total Assets

73.5

79.7

85.3

83.0

80.2

 

 

 

 

 

 

Accounts Payable

11.8

11.9

13.8

12.9

12.9

Notes Payable/Short Term Debt

-

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

7.7

8.2

8.1

-

6.6

    Income Taxes Payable

-

-

-

0.0

-

    Other Current Liabilities

1.2

0.4

0.7

6.2

0.1

Other Current liabilities, Total

1.2

0.4

0.7

6.2

0.1

Total Current Liabilities

20.6

20.5

22.6

19.2

19.6

 

 

 

 

 

 

    Long Term Debt

24.7

29.0

30.3

30.7

27.4

Total Long Term Debt

24.7

29.0

30.3

30.7

27.4

Total Debt

32.3

37.2

38.4

30.7

33.9

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

1.8

2.0

2.3

2.3

2.1

Deferred Income Tax

1.8

2.0

2.3

2.3

2.1

    Reserves

1.7

1.3

1.4

1.4

1.3

    Other Long Term Liabilities

0.3

0.3

0.3

-

0.1

Other Liabilities, Total

1.9

1.6

1.7

1.4

1.5

Total Liabilities

49.1

53.1

57.0

53.5

50.6

 

 

 

 

 

 

    Common Stock

8.2

8.5

9.1

8.9

8.5

Common Stock

8.2

8.5

9.1

8.9

8.5

Retained Earnings (Accumulated Deficit)

6.9

8.5

8.7

10.4

11.7

Treasury Stock - Common

-0.1

-0.1

-0.1

-0.1

-0.3

Unrealized Gain (Loss)

-0.1

-0.1

-

-

-0.1

    Translation Adjustment

0.0

0.0

-0.1

-0.1

0.0

    Other Equity

9.6

9.9

10.7

10.5

9.9

Other Equity, Total

9.6

9.9

10.6

10.4

9.9

Total Equity

24.4

26.6

28.3

29.5

29.6

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

73.5

79.7

85.3

83.0

80.2

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

27.5

27.5

27.5

27.5

27.5

    Shares Outstanding - Common Stock Issue 2

9.5

9.5

9.5

9.5

9.5

Total Common Shares Outstanding

37.0

37.0

37.0

37.0

37.0

Treasury Shares - Common Stock Primary Issue

0.1

0.1

0.1

0.1

0.1

Employees

436

437

-

412

-

 

 

 

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 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.71919

0.755078

0.719047

0.683679

0.730637

Auditor

 

KPMG OY AB

KPMG LLP

KPMG LLP

PricewaterhouseCoopers LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-3.3

-1.1

-3.3

2.1

0.5

    Depreciation

-

6.3

7.4

7.9

7.7

Depreciation/Depletion

-

6.3

7.4

7.9

7.7

    Unusual Items

-

0.0

0.3

0.4

0.0

    Equity in Net Earnings (Loss)

-

-

-

0.0

0.0

    Other Non-Cash Items

5.0

0.7

-0.1

2.8

0.7

Non-Cash Items

5.0

0.7

0.3

3.1

0.7

    Inventories

-

-1.0

1.8

1.8

-2.8

    Other Assets

-

-1.2

1.0

0.1

4.7

    Other Liabilities

-

1.1

-0.2

-1.7

-4.4

    Other Assets & Liabilities, Net

1.5

-

-

-

-

    Other Operating Cash Flow

-1.3

-0.9

-1.8

-2.3

-3.0

Changes in Working Capital

0.3

-2.0

0.8

-2.0

-5.4

Cash from Operating Activities

1.9

3.9

5.1

11.1

3.4

 

 

 

 

 

 

    Purchase of Fixed Assets

-6.5

-2.0

-1.4

-2.0

-5.4

    Purchase/Acquisition of Intangibles

-

-

-

0.0

-2.3

Capital Expenditures

-6.5

-2.0

-1.4

-2.0

-7.8

    Acquisition of Business

-

-

0.0

-0.5

0.0

    Sale of Fixed Assets

-

0.0

0.0

0.1

0.2

    Sale/Maturity of Investment

1.5

-

0.1

0.0

0.0

    Other Investing Cash Flow

-

-2.0

-1.2

-2.1

1.7

Other Investing Cash Flow Items, Total

1.5

-2.0

-1.1

-2.4

1.9

Cash from Investing Activities

-5.0

-3.9

-2.5

-4.5

-5.9

 

 

 

 

 

 

    Cash Dividends Paid - Common

-1.3

-1.2

-1.4

-2.4

-4.7

Total Cash Dividends Paid

-1.3

-1.2

-1.4

-2.4

-4.7

        Repurchase/Retirement of Common

-

-

-0.1

-0.1

-

    Common Stock, Net

-

-

-0.1

-0.1

-

Issuance (Retirement) of Stock, Net

-

-

-0.1

-0.1

-

        Short Term Debt Issued

-

-

-

0.0

2.5

        Short Term Debt Reduction

-

-

-

-2.7

-

    Short Term Debt, Net

-

-

-

-2.7

2.5

        Long Term Debt Issued

7.6

10.6

7.0

14.6

9.2

        Long Term Debt Reduction

-8.2

-9.9

-9.7

-4.5

-6.0

    Long Term Debt, Net

-0.6

0.7

-2.7

10.2

3.2

Issuance (Retirement) of Debt, Net

-0.6

0.7

-2.7

7.5

5.7

Cash from Financing Activities

-1.8

-0.5

-4.2

4.9

0.9

 

 

 

 

 

 

Foreign Exchange Effects

-

0.0

0.0

0.0

-0.1

Net Change in Cash

-4.9

-0.5

-1.5

11.6

-1.6

 

 

 

 

 

 

Net Cash - Beginning Balance

14.2

14.0

16.3

5.5

6.7

Net Cash - Ending Balance

9.5

13.5

14.7

17.1

5.2

Cash Interest Paid

-

1.3

1.5

1.7

1.2

Cash Taxes Paid

-

-0.3

0.5

0.9

2.0

 

 

 

Interim Cash Flows

Standardized

 

Financials in: USD (mil)

 

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

 

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

12 Months

9 Months

6 Months

3 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.71919

0.711706

0.713558

0.731463

0.755078

Net Income/Starting Line

-3.3

-2.0

-2.4

-1.8

-1.1

    Other Non-Cash Items

5.0

3.5

1.5

1.1

6.3

Non-Cash Items

5.0

3.5

1.5

1.1

6.3

    Other Assets & Liabilities, Net

1.5

-2.8

-1.8

-2.1

2.4

    Other Operating Cash Flow

-1.3

-0.8

-0.6

-0.3

-3.7

Changes in Working Capital

0.3

-3.7

-2.4

-2.3

-1.3

Cash from Operating Activities

1.9

-2.1

-3.2

-3.0

3.9

    Purchase of Fixed Assets

-6.5

-4.6

-3.1

-1.5

-4.2

Capital Expenditures

-6.5

-4.6

-3.1

-1.5

-4.2

    Sale/Maturity of Investment

1.5

-

-

-

0.0

    Purchase of Investments

-

-

-

-

0.0

    Other Investing Cash Flow

-

1.1

1.3

-

0.2

Other Investing Cash Flow Items, Total

1.5

1.1

1.3

-

0.3

Cash from Investing Activities

-5.0

-3.5

-1.8

-1.5

-3.9

 

 

 

 

 

 

    Cash Dividends Paid - Common

-1.3

-1.3

-1.3

-

-1.2

Total Cash Dividends Paid

-1.3

-1.3

-1.3

-

-1.2

        Long Term Debt Issued

7.6

7.7

4.9

2.1

10.6

        Long Term Debt Reduction

-8.2

-4.4

-3.2

-1.2

-9.9

    Long Term Debt, Net

-0.6

3.4

1.7

0.8

0.7

Issuance (Retirement) of Debt, Net

-0.6

3.4

1.7

0.8

0.7

Cash from Financing Activities

-1.8

2.1

0.4

0.8

-0.5

 

 

 

 

 

 

Foreign Exchange Effects

-

-

-

-

0.0

Net Change in Cash

-4.9

-3.5

-4.6

-3.7

-0.5

 

 

 

 

 

 

Net Cash - Beginning Balance

14.2

14.3

14.3

13.9

14.0

Net Cash - Ending Balance

9.5

10.8

9.7

10.3

13.5

 

 

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 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2008

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.71919

0.755078

0.719047

0.683679

0.730637

Auditor

 

KPMG OY AB

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Sales

81.8

74.0

73.9

97.3

95.7

    Other Revenue

1.4

0.8

0.8

1.0

0.8

Total Revenue

83.1

74.9

74.7

98.3

96.5

 

 

 

 

 

 

    Work in Progress

0.7

-1.0

1.4

0.9

-2.9

    Own Use

-1.1

-0.6

-0.4

-1.1

-1.5

    Raw Materials

17.0

15.2

14.2

18.2

19.5

    External Services

12.5

12.2

10.6

14.6

15.1

    Proceeds from Sale of PPE

-

0.0

0.0

-

-

    Personnel Expenses

31.3

26.1

27.8

33.8

37.0

    Depreciation

5.8

6.3

7.4

7.9

7.7

    Intangible Amort.

-

0.0

0.3

0.4

-

    Other Expenses

20.2

17.0

16.8

18.9

20.1

    Losses on Sales of Tangible Assets

-

0.0

0.0

-

-

Total Operating Expense

86.3

75.2

78.0

93.5

95.1

 

 

 

 

 

 

    Financial Income

0.3

0.3

0.1

0.4

0.3

    Finance Expense

-1.3

-0.3

-0.1

-2.1

-1.4

    Dividend Income

-

-

0.0

-

-

    Interest Income

-

0.0

0.0

-

-

    Fair Value Changes

-

-

-0.1

-

-

    Interest Expense

-

-1.0

-1.1

-

-

    Exchange Difference

-

-

0.0

-

-

    Share of Loss/Profit of Associates

0.0

0.0

-

0.0

-

    Rounding Adjustment

-0.1

-

0.0

-

-

Net Income Before Taxes

-4.3

-1.3

-4.6

3.0

0.2

 

 

 

 

 

 

Provision for Income Taxes

-1.0

-0.2

-1.3

0.9

-0.3

Net Income After Taxes

-3.3

-1.1

-3.3

2.1

0.5

 

 

 

 

 

 

Net Income Before Extra. Items

-3.3

-1.1

-3.3

2.1

0.5

Net Income

-3.3

-1.1

-3.3

2.1

0.5

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-3.3

-1.1

-3.3

2.1

0.5

Income Available to Com Incl ExtraOrd

-3.3

-1.1

-3.3

2.1

0.5

Basic Weighted Average Shares

37.0

37.0

37.0

37.1

37.1

Basic EPS Excluding ExtraOrdinary Items

-0.09

-0.03

-0.09

0.06

0.01

Basic EPS Including ExtraOrdinary Item

-0.09

-0.03

-0.09

0.06

0.01

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

-3.3

-1.1

-3.3

2.1

0.5

Diluted Weighted Average Shares

37.0

37.0

37.0

37.1

37.1

Diluted EPS Excluding ExtraOrd Items

-0.09

-0.03

-0.09

0.06

0.01

Diluted EPS Including ExtraOrd Items

-0.09

-0.03

-0.09

0.06

0.01

DPS-A-Shares

0.00

0.03

0.03

0.04

0.06

DPS-K-Shares

0.00

0.03

0.03

0.04

0.06

Gross Dividends - Common Stock

0.0

1.2

1.3

1.5

2.3

Normalized Income Before Taxes

-2.1

-1.3

-2.8

3.0

0.2

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

-0.2

-0.2

-0.7

0.9

-0.3

Normalized Income After Taxes

-1.9

-1.1

-2.1

2.1

0.5

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-1.9

-1.1

-2.1

2.1

0.5

 

 

 

 

 

 

Basic Normalized EPS

-0.05

-0.03

-0.06

0.06

0.01

Diluted Normalized EPS

-0.05

-0.03

-0.06

0.06

0.01

Interest Expense

-

1.0

1.1

1.5

-

Amort of Intangibles

-

1.8

1.8

1.6

1.5

Depreciation

5.8

4.5

5.6

6.4

6.2

Rental Expense

-

1.7

2.1

2.0

1.9

Research & Development

2.9

1.9

1.7

2.0

2.0

    Current Tax

0.0

0.1

-0.1

1.0

1.5

Current Tax - Total

0.0

0.1

-0.1

1.0

1.5

    Deferred Tax

-1.0

-0.3

-1.3

-0.1

-1.8

Deferred Tax - Total

-1.0

-0.3

-1.3

-0.1

-1.8

    Tax from Previous Years

-

0.0

0.0

0.0

0.0

Income Tax - Total

-1.0

-0.2

-1.3

0.9

-0.3

 

Interim Income Statement

As Reported

 

Financials in: USD (mil)                                                                

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

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.741961

0.707825

0.695476

0.731463

0.736368

 

 

 

 

 

 

    Turnover

20.9

21.3

22.4

17.2

22.5

    Other Operating Income

0.1

0.1

1.0

0.1

0.2

Total Revenue

21.0

21.5

23.4

17.4

22.7

 

 

 

 

 

 

    Work in Progress

0.0

1.3

0.9

0.3

-0.9

    Own Use

-0.4

-0.1

0.3

-0.3

-0.3

    Raw Materials and Consumables

4.2

3.8

5.3

3.6

4.9

    External Services

3.4

3.2

3.3

2.6

3.8

    Personnel Expenses

9.0

6.2

9.3

6.7

7.8

    Depreciation

1.3

1.4

1.7

1.4

1.5

    Other Expenses

4.9

4.8

5.2

5.2

4.7

Total Operating Expense

22.4

20.6

26.0

19.4

21.5

 

 

 

 

 

 

    Financial Income

0.1

0.0

0.0

0.1

0.1

    Financial Expenses

-0.3

-0.3

-0.3

-0.4

-0.4

    Share of Associates

0.0

0.0

0.0

0.0

0.0

    Adjustment

-0.1

-0.1

2.2

-

0.0

Net Income Before Taxes

-1.6

0.4

-0.7

-2.3

1.0

 

 

 

 

 

 

Provision for Income Taxes

-0.3

0.1

-0.1

-0.5

0.3

Net Income After Taxes

-1.3

0.3

-0.6

-1.8

0.7

 

 

 

 

 

 

Net Income Before Extra. Items

-1.3

0.3

-0.6

-1.8

0.7

Net Income

-1.3

0.3

-0.6

-1.8

0.7

 

 

 

 

 

 

    Earnings Adjustment

-

-

0.1

-

-0.1

Income Available to Com Excl ExtraOrd

-1.3

0.3

-0.4

-1.8

0.5

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-1.3

0.3

-0.4

-1.8

0.5

 

 

 

 

 

 

Basic Weighted Average Shares

37.0

37.0

37.0

37.0

36.9

Basic EPS Excluding ExtraOrdinary Items

-0.04

0.01

-0.01

-0.05

0.01

Basic EPS Including ExtraOrdinary Item

-0.04

0.01

-0.01

-0.05

0.01

Dilution Adjustment

0.0

-

0.0

0.0

-

Diluted Net Income

-1.3

0.3

-0.4

-1.8

0.5

Diluted Weighted Average Shares

37.0

37.0

37.0

37.0

36.9

Diluted EPS Excluding ExtraOrd Items

-0.04

0.01

-0.01

-0.05

0.01

Diluted EPS Including ExtraOrd Items

-0.04

0.01

-0.01

-0.05

0.01

DPS-A-Shares

0.00

0.00

0.00

0.00

0.03

DPS-K-Shares

0.00

0.00

0.00

0.00

0.03

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

1.2

Normalized Income Before Taxes

0.5

0.4

-0.7

-2.3

1.0

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.5

0.1

-0.1

-0.5

0.3

Normalized Income After Taxes

0.1

0.3

-0.6

-1.8

0.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

0.1

0.3

-0.4

-1.8

0.5

 

 

 

 

 

 

Basic Normalized EPS

0.00

0.01

-0.01

-0.05

0.01

Diluted Normalized EPS

0.00

0.01

-0.01

-0.05

0.01

Depreciation

1.3

1.4

1.7

1.4

1.5

 

 

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 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Restated Normal 
30-Jun-2008

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.770327

0.745406

0.696986

0.719399

0.683971

Auditor

 

KPMG OY AB

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Inventory

13.9

-

-

-

18.6

    Raw Materials

-

7.0

7.5

7.6

-

    Finished Goods

-

7.7

7.2

8.3

-

    Taxes

-

0.1

0.4

0.0

0.1

    Associates

-

-

0.0

0.0

-

    Tax Receivables

0.1

-

-

-

-

    Trade Receivable

5.6

-

-

-

7.7

    Trade Receivable, Gross

-

6.9

6.5

7.6

-

    Provisions

-

-0.2

-0.6

-0.3

-

    Other Receivable

1.4

0.3

0.1

0.1

0.7

    Prepaid Expenses

-

-

-

0.0

-

    Accrued Trade

-

0.6

0.3

0.4

-

    Other Accruals

-

0.4

0.7

0.1

-

    Cash and Bank

8.8

13.7

15.2

16.3

5.6

Total Current Assets

29.9

36.4

37.4

40.2

32.7

 

 

 

 

 

 

    Other Intangible Assets

-

31.5

-

-

-

    Amortisation

-

-17.0

-

-

-

    Other Intangible Assets

16.4

-

-

-

-

    Land

-

1.8

1.8

1.8

-

    Buildings

-

20.5

21.7

21.0

-

    Machinery

-

60.1

63.3

60.1

-

    Vehicles

-

5.0

5.3

5.1

-

    Other Tangibles

-

3.4

3.6

3.4

-

    Advance Payments

-

0.2

0.0

0.1

-

    Depreciation

-

-69.7

-70.5

-62.8

-

    Investments in Associates

-

0.0

0.0

0.0

-

    Other Investment

0.1

0.0

0.0

0.0

0.1

    Investment Properties

0.3

0.3

0.4

0.4

0.3

    Deferred Tax Assets

2.6

2.2

2.3

1.2

1.5

    Receivables

0.3

-

-

-

-

    Land

1.3

-

-

-

1.6

    Buildings

8.4

-

-

-

12.6

    Machinery and Equipment

7.0

-

-

-

18.6

    Other Tangibles

1.8

-

-

-

2.0

    Goodwill, Net

5.5

5.6

6.0

5.9

6.3

    Intangible Assets, Net

-

-

15.2

15.5

16.2

    Rounding Adjustment

-

-

-

-

-0.1

Total Assets

73.5

80.3

86.6

91.9

91.8

 

 

 

 

 

 

    Current Income Tax Liabilities

-

0.0

0.0

0.1

0.1

    S/T Provisions

1.2

-

-

0.0

1.0

    Credit Institut.

-

5.6

5.8

6.5

-

    Other Interest-Bearing Liabilities

-

-

-

0.0

-

    Other Interest-Bearing Current Liabilit.

7.7

1.0

1.1

0.7

5.6

    Provisions

-

0.1

-

-

-

    Advances

-

0.1

0.0

0.0

-

    Trade Payable

11.8

3.6

3.1

2.6

13.7

    Other Liabs.

-

1.0

1.0

1.0

-

    Accrued Wages

-

5.6

5.5

6.1

-

    Accrued Advert.

-

0.6

0.8

0.9

-

    Accrued Services

-

1.5

0.6

0.6

-

    Amounts due to Associates

-

0.1

0.0

0.1

-

    Other Accruals

-

0.6

1.8

1.3

-

Total Current Liabilities

20.6

19.7

19.7

19.9

20.5

 

 

 

 

 

 

    Credit Institut.

24.7

15.0

18.9

17.8

25.9

    Premium Loans

-

12.0

8.3

9.7

-

    Other LT Interest-Bearing Liabilities

-

0.4

1.4

2.5

-

Total Long Term Debt

24.7

27.3

28.6

30.0

25.9

 

 

 

 

 

 

    Provisions

1.7

1.3

1.4

1.3

1.3

    Deferred Tax

1.8

2.2

2.7

2.8

3.4

    Other Debt

0.3

-

-

0.0

0.4

    Other Liab.

-

0.1

0.1

-

-

    Adjustment

0.1

-

-

-

-

Total Liabilities

49.2

50.6

52.5

54.0

51.5

 

 

 

 

 

 

    Share Capital

8.2

8.5

9.1

8.8

9.2

    Share Premium

-0.1

0.0

10.5

10.2

10.8

    Retained Earning

6.9

11.6

14.9

19.1

20.5

    Translation Differences

0.0

0.0

-0.1

-0.1

-0.1

    Revaluation reserve

-0.1

-0.1

-0.1

-0.1

0.0

    Own Shares

-0.1

-0.1

-0.2

-0.1

0.0

    Invested Unrestricted Equity

9.6

9.8

-

-

-

Total Equity

24.3

29.7

34.1

37.9

40.4

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

73.5

80.3

86.6

91.9

91.8

 

 

 

 

 

 

    S/O-A-Shares

27.5

27.5

27.5

27.5

27.6

    S/O-K-Shares

9.5

9.5

9.5

9.5

9.5

Total Common Shares Outstanding

37.0

37.0

37.0

37.1

37.1

T/S-A-Shares

0.1

0.1

0.1

0.1

0.0

T/S-K-Shares

-

-

-

-

0.0

Deferred Revenue - Current

-

0.1

0.0

0.0

-

Accumulated Intangible Amortisation

-

17.0

22.3

19.5

-

Full-Time Employees

436

497

484

521

693

Number of Common Shareholders

-

4,981

4,899

-

4,441

Liabilities Maturing within 1 Year

-

6.6

6.9

0.0

-

Liabilities Maturing within 2 Years

-

7.9

8.6

7.2

-

Liabilities Maturing within 3 Years

-

6.5

6.3

8.8

-

Liabilities Maturing within 4 Years

-

6.2

4.9

7.2

-

Liabilities Maturing within 5 Years

-

4.9

4.6

5.1

-

Liabilities Remaining

-

1.7

4.2

9.0

-

Total Long Term Debt, Supplemental

-

33.9

35.5

37.1

-

Maturing Within 1 Year

-

1.4

1.4

1.4

-

Maturing Within 5 Years

-

1.2

0.2

0.2

-

Total Operating Leases

-

2.6

1.6

1.6

-

 

 

 

Interim Balance Sheet

As Reported

 

Financials in: USD (mil)                                                                

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

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Reclassified Normal 
30-Jun-2011

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.770327

0.745323

0.689727

0.704672

0.745406

 

 

 

 

 

 

    Inventories

13.9

14.6

17.1

15.8

14.6

    Trade Debtors

5.6

8.9

8.1

7.9

6.8

    Tax Receivable

0.1

0.1

0.1

0.0

-

    Other Debtors

1.4

1.3

1.7

1.8

1.2

    Cash & Equivalent

8.8

10.3

10.0

10.6

13.7

Total Current Assets

29.9

35.3

37.1

36.2

36.4

 

 

 

 

 

 

    Land

1.3

1.3

1.4

1.4

1.3

    Buildings

8.4

8.9

9.7

9.8

9.4

    Machinery and equipment

7.0

7.5

8.3

8.8

8.7

    Other Tangible Assets

1.8

1.7

1.9

1.8

1.7

    Goodwill

5.5

5.6

6.1

6.0

5.6

    Intangibles

16.4

15.8

16.7

15.8

14.5

    Receivables

0.3

-

-

-

-

    Investment Properties

0.3

0.3

0.3

0.3

0.3

    Available for Sale Investments

0.1

0.1

0.1

0.1

0.1

    Receivables

-

0.5

0.6

-

-

    Deferred Tax Assets

2.6

2.5

3.0

2.8

2.1

Total Assets

73.5

79.7

85.3

83.0

80.2

 

 

 

 

 

 

    Trade and Other Payable

11.8

11.9

13.8

12.9

12.9

    Current Income Tax Liabilities

-

-

-

0.0

-

    Loans

7.7

8.2

8.1

-

6.6

    S/T Provisions

1.2

0.4

0.7

0.1

0.1

    Other Liabilities

-

-

-

6.1

-

Total Current Liabilities

20.6

20.5

22.6

19.2

19.6

 

 

 

 

 

 

    Interest-bearing Debt

24.7

29.0

30.3

30.7

27.4

Total Long Term Debt

24.7

29.0

30.3

30.7

27.4

 

 

 

 

 

 

    Deferred Tax

1.8

2.0

2.3

2.3

2.1

    Provisions

1.7

1.3

1.4

1.4

1.3

    Other Liabs.

0.3

0.3

0.3

-

0.1

Total Liabilities

49.1

53.1

57.0

53.5

50.6

 

 

 

 

 

 

    Share Capital

8.2

8.5

9.1

8.9

8.5

    Treasury Shares

-0.1

-0.1

-0.1

-0.1

-0.1

    Translation Differences

0.0

0.0

-0.1

-0.1

0.0

    Revalue Reserve

-0.1

-0.1

-

-

-0.1

    Invested Unrestricted Equity

9.6

9.9

10.7

10.5

9.9

    Retained Earnings

6.9

8.5

8.7

10.4

11.7

    Own Shares

-

-

-

-

-0.1

Total Equity

24.4

26.6

28.3

29.5

29.6

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

73.5

79.7

85.3

83.0

80.2

 

 

 

 

 

 

    S/O-A-Shares

27.5

27.5

27.5

27.5

27.5

    S/O-K-Shares

9.5

9.5

9.5

9.5

9.5

Total Common Shares Outstanding

37.0

37.0

37.0

37.0

37.0

T/S-A-Shares

0.1

0.1

0.1

0.1

0.1

Full-Time Employees

436

437

-

412

-

 

 

 

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 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.71919

0.755078

0.719047

0.683679

0.730637

Auditor

 

KPMG OY AB

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Operating Income

-3.3

-1.1

-3.3

2.1

0.5

    Depreciation

-

6.3

7.4

7.9

7.7

    Impairment

-

0.0

0.3

0.4

0.0

    Share of Profit Associates

-

-

-

0.0

0.0

    Exchange Differences

-

0.0

-0.1

0.1

-0.1

    Other Non-Cash Items

4.9

0.0

0.0

0.0

-0.1

    Interest Expense and Finance Costs

-

1.3

1.5

2.1

1.4

    Interest Income

-

-0.3

-0.2

-0.3

-0.3

    Dividend Income

-

0.0

0.0

0.0

0.0

    Interest and Tax Paid

-1.3

-

-

-

-

    Changes in Working Capital

1.5

-

-

-

-

    Interest & Tax Expenses

0.1

-

-

-

-

    Income Taxes

-

-0.2

-1.3

0.9

-0.3

    Receivables

-

-1.2

1.0

0.1

4.7

    Inventories

-

-1.0

1.8

1.8

-2.8

    Change in Trade and Other Payables

-

1.3

-0.7

-0.7

-5.4

    Change in Provisions

-

-0.3

0.5

-1.0

1.0

    Interest Paid

-

-1.3

-1.5

-1.7

-1.2

    Dividends Received

-

0.0

0.0

0.0

0.0

    Interest Received

-

0.1

0.3

0.3

0.2

    Tax Paid

-

0.3

-0.5

-0.9

-2.0

Cash from Operating Activities

1.9

3.9

5.1

11.1

3.4

 

 

 

 

 

 

    Purchase/Tangibles

-6.5

-2.0

-1.4

-2.0

-5.4

    Purchase/Intangibles

-

-

-

0.0

-2.3

    Investment Grants

-

-2.3

-1.4

-2.2

1.5

    Grants Received

-

0.2

0.2

0.1

0.3

    Sale of Tangibles

-

0.0

0.0

0.1

0.2

    Sale of Financial Assets

-

-

0.1

0.0

0.0

    Purchase/Subsidiary

-

-

-

-0.5

0.0

    Purchase/Associates

-

-

0.0

-

-

    Disposals on Financial Assets

-

0.0

-

-

-

    Sale of Investments

1.5

-

-

-

-

Cash from Investing Activities

-5.0

-3.9

-2.5

-4.5

-5.9

 

 

 

 

 

 

    Own Shares

-

-

-0.1

-0.1

-

    Repayments of Borrowings

-

-

-

-2.7

-

    ST Debt Issued

-

-

-

0.0

2.5

    LT Loans Issued

7.6

10.6

7.0

14.6

9.2

    LT Loans Repaid

-8.2

-9.9

-9.7

-4.5

-6.0

    Dividends Paid

-1.3

-1.2

-1.4

-2.4

-4.7

Cash from Financing Activities

-1.8

-0.5

-4.2

4.9

0.9

 

 

 

 

 

 

Foreign Exchange Effects

-

0.0

0.0

0.0

-0.1

Net Change in Cash

-4.9

-0.5

-1.5

11.6

-1.6

 

 

 

 

 

 

Net Cash - Beginning Balance

14.2

14.0

16.3

5.5

6.7

Net Cash - Ending Balance

9.5

13.5

14.7

17.1

5.2

    Cash Interest Paid

-

1.3

1.5

1.7

1.2

    Cash Taxes Paid

-

-0.3

0.5

0.9

2.0

 

Interim Cash Flows

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

12 Months

9 Months

6 Months

3 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.71919

0.711706

0.713558

0.731463

0.755078

 

 

 

 

 

 

Profit Before Extraordinary Items

-3.3

-2.0

-2.4

-1.8

-1.1

    Non-Cash Transactions

4.9

3.4

1.8

1.4

6.3

    Changes in Working Capital

1.5

-2.8

-1.8

-2.1

2.4

    Interest and Tax Expenses

0.1

0.1

-0.3

-0.3

-

    Interest and Tax Paid

-1.3

-0.8

-0.6

-0.3

-2.4

    Interest Paid/Received & Taxes Paid

-

-

-

-

-1.3

Cash from Operating Activities

1.9

-2.1

-3.2

-3.0

3.9

 

 

 

 

 

 

    Purchase of Intangible/Tangible/Assoc.

-6.5

-4.6

-3.1

-1.5

-4.2

    Grants Received

-

1.1

1.3

-

0.2

    Loans Granted

-

-

-

-

0.0

    Sale of Investments

1.5

-

-

-

0.0

Cash from Investing Activities

-5.0

-3.5

-1.8

-1.5

-3.9

 

 

 

 

 

 

    LT Loans Issued

7.6

7.7

4.9

2.1

10.6

    LT Loans Repaid

-8.2

-4.4

-3.2

-1.2

-9.9

    Dividends Paid

-1.3

-1.3

-1.3

-

-1.2

Cash from Financing Activities

-1.8

2.1

0.4

0.8

-0.5

 

 

 

 

 

 

Foreign Exchange Effects

-

-

-

-

0.0

Net Change in Cash

-4.9

-3.5

-4.6

-3.7

-0.5

 

 

 

 

 

 

Net Cash - Beginning Balance

14.2

14.3

14.3

13.9

14.0

Net Cash - Ending Balance

9.5

10.8

9.7

10.3

13.5

 

Geographic Segments

 

Financials in: As Reported (mil)

Annual   

           

                

 

External Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Finland

38.7

52.3 %

36.1

48.8 %

51.0

52.4 %

52.4

54.8 %

50.4

48.9 %

Rest of Europe

34.0

45.9 %

36.3

49.1 %

44.2

45.4 %

40.7

42.5 %

50.3

48.8 %

USA

1.3

1.8 %

1.5

2 %

2.1

2.1 %

2.6

2.7 %

2.3

2.2 %

Segment Total

74.0

100 %

73.9

100 %

97.3

100 %

95.7

100 %

103.1

100 %

Consolidated Total

74.0

100 %

73.9

100 %

97.3

100 %

95.7

100 %

103.1

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

0.796979

 

Total Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Finland

38.7

52.3 %

36.1

48.8 %

51.0

52.4 %

52.4

54.8 %

50.4

48.9 %

Rest of Europe

34.0

45.9 %

36.3

49.1 %

44.2

45.4 %

40.7

42.5 %

50.3

48.8 %

USA

1.3

1.8 %

1.5

2 %

2.1

2.1 %

2.6

2.7 %

2.3

2.2 %

Segment Total

74.0

100 %

73.9

100 %

97.3

100 %

95.7

100 %

103.1

100 %

Consolidated Total

74.0

100 %

73.9

100 %

97.3

100 %

95.7

100 %

103.1

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

0.796979

 

 

Total Assets   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Finland

78.0

97.2 %

84.0

97 %

90.1

98.1 %

89.8

97.8 %

86.8

99 %

Rest of Europe

1.8

2.2 %

1.7

2 %

1.2

1.3 %

1.1

1.2 %

0.3

0.3 %

USA

0.5

0.6 %

0.9

1 %

0.6

0.6 %

0.9

1 %

0.6

0.7 %

Segment Total

80.3

100 %

86.6

100 %

91.9

100 %

91.8

100 %

87.7

100 %

Consolidated Total

80.3

100 %

86.6

100 %

91.9

100 %

91.8

100 %

87.7

100 %

Exchange Rate: EUR to USD

0.745406

 

0.696986

 

0.719399

 

0.683971

 

0.758351

 

 

 

Business Segments

 

Financials in: As Reported (mil)

Annual   

           

             

 

External Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Fireplaces

67.2

90.8 %

66.6

90.1 %

85.6

88 %

81.7

85.4 %

90.4

87.7 %

Natural Stone Building Materials

6.8

9.2 %

7.3

9.9 %

11.7

12 %

10.1

10.6 %

9.2

8.9 %

Ceramic Products

-

-

-

-

-

-

-

-

16.9

16.4 %

Other

-

-

0.0

0 %

0.0

0 %

3.9

4 %

3.5

3.4 %

Segment Total

74.0

100 %

73.9

100 %

97.3

100 %

95.7

100 %

103.1

100 %

Consolidated Total

74.0

100 %

73.9

100 %

97.3

100 %

95.7

100 %

103.1

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

0.796979

 

Total Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Fireplaces

67.2

90.8 %

66.6

90.1 %

85.6

88 %

81.7

85.4 %

90.4

87.7 %

Natural Stone Building Materials

6.8

9.2 %

7.3

9.9 %

11.7

12 %

10.1

10.6 %

9.2

8.9 %

Ceramic Products

-

-

-

-

-

-

-

-

16.9

16.4 %

Other

-

-

0.0

0 %

0.0

0 %

3.9

4 %

3.5

3.4 %

Segment Total

74.0

100 %

73.9

100 %

97.3

100 %

95.7

100 %

103.1

100 %

Consolidated Total

74.0

100 %

73.9

100 %

97.3

100 %

95.7

100 %

103.1

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

0.796979

 

 

Depreciation   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Fireplaces

5.6

88.5 %

6.9

89.1 %

7.4

88.9 %

6.6

85.5 %

5.6

86 %

Natural Stone Building Materials

0.3

4.4 %

0.4

5.3 %

0.4

5.2 %

0.4

4.9 %

0.3

4.9 %

Ceramic Products

-

-

-

-

-

-

-

-

1.1

16.8 %

Other

0.4

7.1 %

0.4

5.6 %

0.5

5.9 %

0.7

9.6 %

0.6

9.1 %

Unallocated

-

-

-

-

-

-

-

-

0.3

5.1 %

Segment Total

6.3

100 %

7.7

100 %

8.3

100 %

7.7

100 %

6.5

100 %

Consolidated Total

6.3

100 %

7.7

100 %

8.3

100 %

7.7

100 %

6.5

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

0.796979

 

Operating Income/Loss   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Fireplaces

2.9

-818.8 %

-0.3

8 %

4.3

91.4 %

6.1

459.4 %

13.8

133.9 %

Natural Stone Building Materials

-0.7

188.6 %

-0.4

10.6 %

0.4

8.6 %

0.5

37.8 %

0.4

4.2 %

Ceramic Products

-

-

-

-

-

-

-

-

1.5

14.2 %

Other

-2.6

730.1 %

-2.7

81.4 %

-5.2

-110.5 %

-5.2

-397.2 %

-3.9

-38.1 %

Unallocated

-

-

-

-

-

-

-

-

-3.8

-37.1 %

Segment Total

-0.4

100 %

-3.3

100 %

4.7

100 %

1.3

100 %

10.3

100 %

Consolidated Total

-0.4

100 %

-3.3

100 %

4.7

100 %

1.3

100 %

10.3

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

0.796979

 

 

Operating Margin (%)  

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Fireplaces

4.4

-

-0.4

-

5.1

-

7.4

-

15.3

-

Natural Stone Building Materials

-10.0

-

-4.8

-

3.5

-

4.9

-

4.7

-

Ceramic Products

-

-

-

-

-

-

-

-

8.7

-

Other

-

-

-

-

-169.3

-

-135.9

-

-111.5

-

Segment Total

-0.5

-

-4.5

-

4.9

-

1.4

-

10.0

-

Consolidated Total

-0.5

-

-4.5

-

4.9

-

1.4

-

10.0

-

Total Assets   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Fireplaces

58.3

72.7 %

62.5

72.2 %

67.6

73.6 %

69.9

76.2 %

66.3

75.6 %

Natural Stone Building Materials

5.0

6.2 %

5.6

6.5 %

6.9

7.5 %

8.0

8.7 %

7.3

8.3 %

Ceramic Products

-

-

-

-

-

-

-

-

23.6

26.9 %

Other

17.0

21.2 %

18.5

21.3 %

17.4

18.9 %

13.9

15.1 %

14.2

16.1 %

Unallocated

-

-

-

-

-

-

-

-

7.8

8.9 %

Segment Total

80.3

100 %

86.6

100 %

91.9

100 %

91.8

100 %

87.7

100 %

Consolidated Total

80.3

100 %

86.6

100 %

91.9

100 %

91.8

100 %

87.7

100 %

Exchange Rate: EUR to USD

0.745406

 

0.696986

 

0.719399

 

0.683971

 

0.758351

 

 

Operating Return on Assets (%)  

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Fireplaces

5.1

-

-0.4

-

6.1

-

9.3

-

21.9

-

Natural Stone Building Materials

-13.9

-

-6.4

-

5.6

-

6.7

-

6.3

-

Ceramic Products

-

-

-

-

-

-

-

-

6.5

-

Other

-15.7

-

-15.1

-

-20.9

-

-40.3

-

-29.2

-

Unallocated

-

-

-

-

-

-

-

-

-51.7

-

Segment Total

-0.5

-

-4.0

-

4.9

-

1.5

-

12.4

-

Consolidated Total

-0.5

-

-4.0

-

4.9

-

1.5

-

12.4

-

Total Liabilities   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Fireplaces

12.5

24.7 %

11.9

22.6 %

11.8

21.8 %

12.8

24.9 %

16.3

34.5 %

Natural Stone Building Materials

0.9

1.8 %

0.9

1.7 %

1.2

2.3 %

1.4

2.7 %

1.0

2 %

Ceramic Products

-

-

-

-

-

-

-

-

2.6

5.4 %

Other

37.2

73.5 %

39.7

75.6 %

41.0

75.9 %

37.3

72.4 %

30.0

63.5 %

Unallocated

-

-

-

-

-

-

-

-

28.9

61.2 %

Segment Total

50.6

100 %

52.5

100 %

54.0

100 %

51.5

100 %

47.2

100 %

Consolidated Total

50.6

100 %

52.5

100 %

54.0

100 %

51.5

100 %

47.2

100 %

Exchange Rate: EUR to USD

0.745406

 

0.696986

 

0.719399

 

0.683971

 

0.758351

 

 

Purchase of Fixed Assets   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Fireplaces

3.3

78.8 %

2.5

87.4 %

3.4

82.3 %

5.7

80.1 %

24.3

81.6 %

Natural Stone Building Materials

0.0

0.3 %

0.0

0.7 %

0.3

8.4 %

0.6

8.1 %

0.5

1.5 %

Ceramic Products

-

-

-

-

-

-

-

-

18.5

61.9 %

Other

0.9

20.9 %

0.3

12 %

0.4

9.3 %

0.8

11.8 %

5.0

16.9 %

Unallocated

-

-

-

-

-

-

-

-

0.8

2.6 %

Segment Total

4.2

100 %

2.9

100 %

4.1

100 %

7.1

100 %

29.8

100 %

Consolidated Total

4.2

100 %

2.9

100 %

4.1

100 %

7.1

100 %

29.8

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

0.796979

 

 

 

Business Segments

 

Financials in: As Reported (mil)

 

Interim

 

 

External Revenue   USD (mil)

 

31-Mar-11

31-Dec-10

30-Sep-10

30-Jun-10

31-Mar-10

Fireplaces

15.6

90.5 %

21.0

93.1 %

16.5

92.1 %

16.6

88.4 %

13.1

88.8 %

Natural Stone Building Materials

1.6

9.5 %

1.5

6.9 %

1.4

7.9 %

2.2

11.6 %

1.7

11.2 %

Segment Total

17.2

100 %

22.5

100 %

17.9

100 %

18.7

100 %

14.8

100 %

Consolidated Total

17.2

100 %

22.5

100 %

17.9

100 %

18.7

100 %

14.8

100 %

Exchange Rate: EUR to USD

0.731463

 

0.736368

 

0.774922

 

0.785482

 

0.722987

 

Total Revenue   USD (mil)

 

31-Mar-11

31-Dec-10

30-Sep-10

30-Jun-10

31-Mar-10

Fireplaces

15.6

90.5 %

21.0

93.1 %

16.5

92.1 %

16.6

88.4 %

13.1

88.8 %

Natural Stone Building Materials

1.6

9.5 %

1.5

6.9 %

1.4

7.9 %

2.2

11.6 %

1.7

11.2 %

Segment Total

17.2

100 %

22.5

100 %

17.9

100 %

18.7

100 %

14.8

100 %

Consolidated Total

17.2

100 %

22.5

100 %

17.9

100 %

18.7

100 %

14.8

100 %

Exchange Rate: EUR to USD

0.731463

 

0.736368

 

0.774922

 

0.785482

 

0.722987

 

 

Depreciation   USD (mil)

 

31-Mar-11

31-Dec-10

30-Sep-10

30-Jun-10

31-Mar-10

Fireplaces

1.1

88.9 %

2.7

107.6 %

4.0

93.9 %

2.7

95.5 %

1.4

90.9 %

Natural Stone Building Materials

0.1

11.1 %

0.3

10.3 %

0.3

6.1 %

0.1

4.5 %

0.1

9.1 %

Ceramic Products Business

-

-

-0.5

-17.9 %

-

-

-

-

-

-

Segment Total

1.2

100 %

2.5

100 %

4.3

100 %

2.8

100 %

1.5

100 %

Other/Unallocated

0.1

11.1 %

0.7

26.8 %

0.3

6.1 %

0.3

9.1 %

0.1

9.1 %

Consolidated Total

1.4

111.1 %

3.2

126.8 %

4.5

106.1 %

3.1

109.1 %

1.7

109.1 %

Exchange Rate: EUR to USD

0.731463

 

0.736368

 

0.774922

 

0.785482

 

0.722987

 

Operating Income/Loss   USD (mil)

 

31-Mar-11

31-Dec-10

30-Sep-10

30-Jun-10

31-Mar-10

Fireplaces

-1.2

81.8 %

2.2

-284.4 %

1.2

128.6 %

1.0

88.9 %

-1.5

84.6 %

Natural Stone Building Materials

-0.3

18.2 %

-0.3

37.2 %

-0.3

-28.6 %

0.1

11.1 %

-0.3

15.4 %

Ceramic Products Business

-

-

-2.7

347.2 %

-

-

-

-

-

-

Segment Total

-1.5

100 %

-0.8

100 %

0.9

100 %

1.1

100 %

-1.8

100 %

Other/Unallocated

-0.5

36.4 %

1.9

-244.8 %

-0.6

-71.4 %

-0.6

-55.6 %

-0.6

30.8 %

Consolidated Total

-2.1

136.4 %

1.1

-144.8 %

0.3

28.6 %

0.5

44.4 %

-2.4

130.8 %

Exchange Rate: EUR to USD

0.731463

 

0.736368

 

0.774922

 

0.785482

 

0.722987

 

 

Operating Margin (%)  

 

31-Mar-11

31-Dec-10

30-Sep-10

30-Jun-10

31-Mar-10

Fireplaces

-7.9

-

10.5

-

7.0

-

6.2

-

-11.6

-

Natural Stone Building Materials

-16.7

-

-18.7

-

-18.2

-

5.9

-

-16.7

-

Segment Total

-8.7

-

-3.4

-

5.0

-

6.1

-

-12.1

-

Consolidated Total

-11.9

-

5.0

-

1.4

-

2.7

-

-15.9

-

Total Assets   USD (mil)

 

31-Mar-11

31-Dec-10

30-Sep-10

30-Jun-10

31-Mar-10

Fireplaces

60.9

91.9 %

58.3

72.7 %

64.0

92 %

55.2

91.5 %

59.3

91.3 %

Natural Stone Building Materials

5.4

8.1 %

5.0

6.2 %

5.6

8 %

5.1

8.5 %

5.7

8.8 %

Ceramic Products Business

-

-

17.0

21.2 %

-

-

-

-

-

-

Segment Total

66.3

100 %

80.3

100 %

69.6

100 %

60.4

100 %

64.9

100 %

Other/Unallocated

16.6

25.1 %

-

-

10.6

15.3 %

13.7

22.7 %

16.1

24.8 %

Consolidated Total

82.9

125.1 %

80.3

100 %

80.3

115.3 %

74.1

122.7 %

81.1

124.8 %

Exchange Rate: EUR to USD

0.704672

 

0.745406

 

0.732493

 

0.816393

 

0.739044

 

 

Operating Return on Assets (%)  

 

31-Mar-11

31-Dec-10

30-Sep-10

30-Jun-10

31-Mar-10

Fireplaces

-2.1

-

3.7

-

1.9

-

1.8

-

-2.5

-

Natural Stone Building Materials

-5.3

-

-5.8

-

-4.9

-

2.4

-

-4.8

-

Ceramic Products Business

-

-

-15.7

-

-

-

-

-

-

-

Segment Total

-2.4

-

-1.0

-

1.4

-

1.8

-

-2.7

-

Other/Unallocated

-3.4

-

-

-

-6.4

-

-4.5

-

-3.4

-

Consolidated Total

-2.6

-

1.4

-

0.3

-

0.7

-

-2.8

-

Total Liabilities   USD (mil)

 

31-Mar-11

31-Dec-10

30-Sep-10

30-Jun-10

31-Mar-10

Fireplaces

12.2

91.5 %

12.5

24.7 %

11.2

92.1 %

10.4

90.4 %

10.8

92 %

Natural Stone Building Materials

1.1

8.5 %

0.9

1.8 %

1.0

7.9 %

1.1

9.6 %

0.9

8 %

Ceramic Products Business

-

-

37.2

73.5 %

-

-

-

-

-

-

Segment Total

13.3

100 %

50.6

100 %

12.2

100 %

11.5

100 %

11.8

100 %

Other/Unallocated

40.3

302.1 %

-

-

38.5

316.9 %

36.0

312.8 %

39.1

332.2 %

Consolidated Total

53.6

402.1 %

50.6

100 %

50.6

416.9 %

47.5

412.8 %

50.9

432.2 %

Exchange Rate: EUR to USD

0.704672

 

0.745406

 

0.732493

 

0.816393

 

0.739044

 

 

Purchase of Fixed Assets   USD (mil)

 

31-Mar-11

31-Dec-10

30-Sep-10

30-Jun-10

31-Mar-10

Fireplaces

1.0

100 %

-0.8

-585.9 %

1.9

100 %

1.3

100 %

0.8

100 %

Natural Stone Building Materials

0.0

0 %

0.0

11.1 %

0.0

0 %

0.0

0 %

0.0

0 %

Ceramic Products Business

-

-

0.9

674.7 %

-

-

-

-

-

-

Segment Total

1.0

100 %

0.1

100 %

1.9

100 %

1.3

100 %

0.8

100 %

Other/Unallocated

0.4

42.9 %

-1.0

-707.1 %

0.5

26.7 %

0.3

20 %

0.1

16.7 %

Consolidated Total

1.4

142.9 %

-0.8

-607.1 %

2.5

126.7 %

1.5

120 %

1.0

116.7 %

Exchange Rate: EUR to USD

0.731463

 

0.736368

 

0.774922

 

0.785482

 

0.722987

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.12

UK Pound

1

Rs.79.37

Euro

1

Rs.66.02

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.