MIRA INFORM REPORT

 

 

Report Date :           

16.05.2012

 

IDENTIFICATION DETAILS

 

Name :

TESMEC SPA

 

 

Registered Office :

Via Zanica, 17/O, 24050 Grassobbio, 24050

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1951

 

 

Com. Reg. No.:

10227100152

 

 

Legal Form :

Public Parent Company

 

 

Line of Business :

Subject is engaged in Construction and Agriculture Machinery

 

 

No. of Employees :

290

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Good

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES:

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

 

ECGC Country Risk Classification List – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Italy

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name & address 

 

Tesmec SpA

Via Zanica, 17/O

24050

Grassobbio, 24050

Italy

Tel:       39-035-4232911

Fax:      39-035-4522444

Web:    www.tesmec.com/en

           

 

Synthesis

 

Employees:                   290

Company Type:            Public Parent

Corporate Family:          2 Companies

Traded:                         Italian SE (Mercato Continuo Italia):         TES

Incorporation Date:         1951

Auditor:                        Ernst & Young LLP       

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2010

Reporting Currency:       Euro

Annual Sales:               139.4  1

Net Income:                   6.9

Total Assets:                 155.6  2

Market Value:                63.0

(09-Mar-2012)

 

 

Business Description     

 

Tesmec SpA is an Italy-based company active in the design, production and marketing of integrated solutions for the construction and maintenance of infrastructures such as aerial and underground networks and pipelines. It operates mainly in two markets that include the design, production, marketing and sale of integrated systems and machinery for stringing electrical networks and optical fiber cables and for stringing railway power lines, and the design, production, marketing and sale of high-powered crawler trenchers used in excavation for the installation of underground networks and pipelines or earth-moving operations, as well as to a lesser extent, multi-purpose machinery for construction sites. At December 31, 2010, the Company had three subsidiaries: Tesmec SpA, Tesmec Balkani E.O.D. and Tesmec Service SpA; four Associated companies: Locavert SA, Zao Sibtechmash, Consorzio Lombartech and EastTrencher Srl, and two Joint Ventures: Consorzio TR Scarl and Condux Tesmec Inc. For the six months ended 30 June 2011, Tesmec SpA's total revenue increased 5% to EUR56.1M. Net income decreased 31% to EUR3.3M. Total revenue reflects an increase in demand for the Company's products and services in the Strining Equipment business segment as well as favorable market conditions. Net income for the period was offset by significantly higher financial expenses and lower financial income.

 Industry            

Industry            Construction and Agriculture Machinery

ANZSIC 2006:    2462 - Mining and Construction Machinery Manufacturing

NACE 2002:      2952 - Manufacture of machinery for mining, quarrying and construction

NAICS 2002:     33312 - Construction Machinery Manufacturing

UK SIC 2003:    2952 - Manufacture of machinery for mining, quarrying and construction

US SIC 1987:    3531 - Construction Machinery and Equipment

 

Key Executives

 

Name

Title

Ambrogio Caccia Dominioni

Chairman of the Board, Chief Executive Officer

Andrea Bramani

Director of Finance and Control Controller

Marco Cabisto

Investor Relations Manager, Corporate Development Director

Caterina Caccia Dominioni

Legal Counsel, Director

Alberto Fasoli

Internal Control Manager

 

                                          Significant Developments  

 

Topic

#*

Most Recent Headline

Date

Equity Investments

1

Tesmec SpA Acquires 40% of the Share Capital of Bertel SpA

13-Jan-2012

Share Repurchases

1

Tesmec SpA Announces New Share Repurchase Program

10-Jan-2012

Dividends

1

Tesmec SpA Announces Distribution of Dividend for FY 2011

14-Mar-2012

* number of significant developments within the last 12 months

 

 

Financial Summary 

As of 30-Sep-2011

Key Ratios                               Company         Industry

Current Ratio (MRQ)                   1.68                  2.15

Quick Ratio (MRQ)                     0.88                  1.00

Debt to Equity (MRQ)                 2.00                  2.35

Net Profit Margin (TTM) %           4.57                  7.21

Return on Assets (TTM) %          3.71                  5.95

Return on Equity (TTM) %           13.99                26.91

 

 

Stock Snapshot

 

 

Traded: Italian SE (Mercato Continuo Italia): TES

 

As of 9-Mar-2012

   Financials in: EUR

Recent Price

0.44

 

EPS

0.07

52 Week High

0.71

 

Price/Sales

0.45

52 Week Low

0.32

 

Dividend Rate

0.03

Avg. Volume (mil)

0.14

 

Price/Earnings

8.47

Market Value (mil)

47.49

 

Price/Book

1.37

 

Price % Change

Rel S&P 500%

4 Week

10.87%

10.03%

13 Week

16.47%

8.14%

52 Week

-36.91%

-17.99%

Year to Date

17.17%

6.25%

 

Registered No.(ITA): 10227100152

 

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

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

 

 

Corporate Overview

 

Location

via Zanica, 17/O

24050

Grassobbio, 24050

Italy

Tel:       39-035-4232911

Fax:      39-035-4522444

Web     www.tesmec.com

           

Quote Symbol - Exchange

TES - Italian SE (Mercato Continuo Italia)

Sales EUR(mil):             105.3

Assets EUR(mil):           116.0

Employees:                   290

Fiscal Year End:            31-Dec-2010

Industry:                        Construction and Agriculture Machinery

Incorporation Date:         1951

Company Type:             Public Parent

Quoted Status:              Quoted

Registered No.(ITA):       10227100152

Chairman of the Board,

Chief Executive Officer:   Ambrogio Caccia Dominioni

 

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Employment Opportunities

Executives

Home Page

Investor Relations

 

News Releases

Products/Services

Contents

Industry Codes

Business Description

Financial Data

Subsidiaries

Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

2491     -          Lifting and Material Handling Equipment Manufacturing

2462     -          Mining and Construction Machinery Manufacturing

3109     -          Other Heavy and Civil Engineering Construction

 

NACE 2002 Codes:

2922     -          Manufacture of lifting and handling equipment

2952     -          Manufacture of machinery for mining, quarrying and construction

4521     -          General construction of buildings and civil engineering works

 

NAICS 2002 Codes:

33312   -          Construction Machinery Manufacturing

333924  -          Industrial Truck, Tractor, Trailer, and Stacker Machinery Manufacturing

237990  -          Other Heavy and Civil Engineering Construction

 

US SIC 1987:

1629     -          Heavy Construction, Not Elsewhere Classified

3537     -          Industrial Trucks, Tractors, Trailers, and Stackers

3531     -          Construction Machinery and Equipment

 

UK SIC 2003:

45213   -          Construction of civil engineering constructions

2922     -          Manufacture of lifting and handling equipment

2952     -          Manufacture of machinery for mining, quarrying and construction

 

Business Description

Tesmec SpA is an Italy-based company active in the design, production and marketing of integrated solutions for the construction and maintenance of infrastructures such as aerial and underground networks and pipelines. It operates mainly in two markets that include the design, production, marketing and sale of integrated systems and machinery for stringing electrical networks and optical fiber cables and for stringing railway power lines, and the design, production, marketing and sale of high-powered crawler trenchers used in excavation for the installation of underground networks and pipelines or earth-moving operations, as well as to a lesser extent, multi-purpose machinery for construction sites. At December 31, 2010, the Company had three subsidiaries: Tesmec SpA, Tesmec Balkani E.O.D. and Tesmec Service SpA; four Associated companies: Locavert SA, Zao Sibtechmash, Consorzio Lombartech and EastTrencher Srl, and two Joint Ventures: Consorzio TR Scarl and Condux Tesmec Inc. For the six months ended 30 June 2011, Tesmec SpA's total revenue increased 5% to EUR56.1M. Net income decreased 31% to EUR3.3M. Total revenue reflects an increase in demand for the Company's products and services in the Strining Equipment business segment as well as favorable market conditions. Net income for the period was offset by significantly higher financial expenses and lower financial income.

More Business Descriptions

 

The Company is specialised in the design, production and marketing of: machines and integrated systems for the stringing of power lines and fibre optic cables; high powered tracked trenchers for linear excavation of underground networks and pipeline excavation

 

Tesmec SpA is primarily engaged in manufacture of machinery for working soft rubber or plastics or for the manufacture of products of these materials (extruders, moulders, pneumatic tyre making or retreading machines and other machines for making a specific rubber or plastic product); manufacture of printing and bookbinding machines; manufacture of machinery for producing tiles, bricks, shaped ceramic pastes, pipes, graphite electrodes, blackboard chalk, foundry moulds, etc.; manufacture of moulding boxes for any material; mould bases; moulding patterns; moulds; manufacture of dryers for wood, paper pulp, paper or paperboard; manufacture of centrifugal clothes dryers; manufacture of diverse special machinery and equipment (machines to assemble electric or electronic lamps, tubes (valves) or bulbs; machines for production or hot-working of glass or glassware, glass fibre or yarn; machinery or apparatus for isotopic separation; rope-making machinery, etc.); and manufacture of industrial robots for multiple uses.

 

Construction, Transportation, Mining and Forestry Machinery and Equipment Rental & Leasing

 

 

Financial Data

Financials in:

EUR(mil)

 

Revenue:

105.3

Net Income:

5.2

Assets:

116.0

Long Term Debt:

20.0

 

Total Liabilities:

81.2

 

Working Capital:

0.0

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

22.3%

-28.8%

7.1%

 

Subsidiaries

Company

Percentage Owned

Country

Tesmec Service SpA

 

 

 

 

 

 

Key Corporate Relationships

Auditor:

Ernst & Young LLP

Bank:

Banca Nazionale del Lavoro Ag, Banca Popolare di Sondrio Ag, Intesa Sanpaolo Ag

 

Auditor:

Ernst & Young LLP

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

Tesmec SpA

Tesmec SpA 
Total Corporate Family Members: 2 

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Tesmec SpA

Parent

Grassobbio

Italy

Construction and Agriculture Machinery

139.4

290

 

Tesmec Service SpA

Subsidiary

Costa Volpino, Bergamo

Italy

Construction Services

0.6

2

 

 

 

 

Executive report

 

 

Board of Directors

 

Name

Title

Function

 

 

Ambrogio Caccia Dominioni

 

Chairman of the Board, Chief Executive Officer

Chairman

 

 

 

Dr. Ambrogio Caccia Dominioni is Chairman and Chief Executive Officer of Tesmec SpA. He graduated in Business Economics from Universita del Sacro Cuore in Milan in 1970. From 1971 to 1979 he worked for Andersen Consulting SpA and was Director of their Industry Finance – Leasing division. In 1980, he started work for the family-owned company M.T.S. Officine Meccaniche di Precisione SpA. He is Director in numerous companies, including Ambrosio S.r.l., Promor Fondazione, Reggiani Macchine S.p.A. and M.T.S. S.p.A., among others. He serves as Chairman and Chief Executive Officer of TESMEC USA. He was Director of Isagro S.p.A., Snia S.p.A., as well as Chief Executive Officer of Reggiani Macchine S.p.A., FI.IND and of M.T.S. S.p.A.



Business Economics, Universita Cattolica del Sacro Cuore, Milano


Compensation/Salary: 450,000

Gianluca Bolelli

 

Vice Chairman of the Board

Vice-Chairman

 

 

 

Dr. Gianluca Bolelli is Vice Chairman of Tesmec SpA. He graduated in Business Economics from Universita Commerciale Luigi Bocconi in 1983. He has been a registered tax accountant since 1985 and a registered auditor since 1995. He has also been a registered journalist since 1994. From 1990 to 1993 he served as an adjunct teaching professor on the Economics and Business faculty in the undergraduate Business Economics Department at the Catholic University of Milan. He is Member of several scientific committees for research related to tax and corporate governance issues, including the scientific committee for the Association of Family Held Businesses (Associazione delle Imprese Familiari). He is Member of the scientific committee and a professor at the Italian University of Switzerland (Scuola Universitaria Superiore Svizzera Italiana) in Lugano. He also teaches at the management school of Bocconi University, where he is the supervisor for tax, corporate and corporate governance courses. From 1984 to 1985 he was Auditor at Deloitte Haskins Sells (subsequently, Deloitte & Touche S.p.A.). In 1985 and 1986 he was a consultant at Peat Marwick Consultants (subsequently KPMG S.p.A.). Since 1986, he has worked as a tax specialist and in 1989 became the co-founding partner of the firm, Studio Bolelli, Sportelli, de Pietri-Tonelli.



Business Economics, Universita Commerciale Luigi Bocconi


Compensation/Salary: 50,000

Alfredo Brignoli

 

Vice Chairman of the Board

Vice-Chairman

 

 

 

Dr. Alfredo Brignoli serves as Vice Chairmen of Tesmec SpA. He graduated with a diploma as Surveyor. He has worked in the mechanical sector since 1960. He has served as Director of FI.IND S.p.A. since 2001, of M.T.S. S.p.A. since 2004 and of CBF S.r.l. since 2006.


Compensation/Salary: 40,000

Sergio Arnoldi

 

Independent Director

Director/Board Member

 

 

 

Mr. Sergio Arnoldi serves as Independent Director of Tesmec SpA. He graduated in Business Economics from Universita degli Studi di Padova in 1971. He has been a registered accountant since 1976 and a registered auditor since 1995. He worked from 1971 to 1976 for Enzo Berlanda. In 1976, he opened his own offices in Bergamo, Italy. In addition, holds various postions at a number of comoabies including Ambe S.r.l., Italcanditi S.p.A., Minoronzoni S.r.l., Bergamo Infrastrutture S.p.A., P.M. S.r.l. and Europea S.p.A., among others.



Business Economics, Universita degli Studi di Padova


Compensation/Salary: 20,000

Gioacchino Attanzio

 

Lead Independent Director

Director/Board Member

 

 

 

Mr. Gioacchino Attanzio has been Lead Independent Director of Tesmec SpA since February 23, 2010. He graduated in Law from Universita degli Studi di Palermo in 1968. From 1968 to 1979 he worked as Regional Director for Pirelli S.p.A. From 1979 to 1983 he worked at Merloni Elettrodomestici S.p.A. (now Indesit Company) where he was Commercial Director. From 1983 to 1985, he served as General Manager for Permaflex S.p.A. and later, from 1996 to 1998, as Managing Director. From 1985 to 1991 he worked as General Manager for the Candy Hoover Group S.r.l. From 1991 to 1996 he worked as General Manager for Brionvega S.r.l. From 1998 he has held the post of General Manager and is a Member of the Board of Directors of the Italian Association of Family Owned Businesses (Associazione Italiana delle Aziende Familiari) (Aidaf). He is a member of the GEEF Committee – European Group of Owner-Managed and Family Enterprises (Madrid, Spain). He is President of the Family Business Network (Lausanne, Switzerland). He is Chairman of the Italian Family Office Network (IFONE). He is Milan's Honorary Advisor of the Italian Association of Temporary Management (Atema). He is Member of the Italian Association of Private Equity and Venture Capital (AIFI) Committee (Milan).



Law, Universita degli Studi di Palermo


Compensation/Salary: 25,000

Caterina Caccia Dominioni

 

Legal Counsel, Director

Director/Board Member

 

 

 

Ms. Caterina Caccia Dominioni serves as Legal Counsel and Director of Tesmec SpA. She was appointed Legal Counsel of the Company in 2008. She graduated in Law from Universita Cattolica del Sacro Cuorein di Milano in 2003. She is Member of the Milan bar. From 2004 to 2007, she practiced law for Baldoli – Caccia Dominioni. From 2007 to 2008 she worked for the law firm Frau, Ruffino, Verna. Since 2008 she been acting as Legal Counsel to Reggiani Macchine S.p.A.



, Universita Cattolica del Sacro Cuore


Compensation/Salary: 25,000

Guido Giuseppe Maria Corbetta

 

Independent Director

Director/Board Member

 

 

 

Mr. Guido Giuseppe Maria Corbetta serves as Independent Director of Tesmec SpA. He graduated in Business Economics from Universita Commerciale Luigi Bocconi in Milan in 1983. In 1991 he obtained his Doctorate in Business Economics and in 1999 he pursued a year of post-graduate studies at Loyola University in Chicago. From 1984 to 1998 he was a teaching professor at Bocconi University. From 1997 to 1999 he was Associate Professor of business administration on the Economics Faculty at the Italian University of Switzerland in Lugano. From 1998 to 1999, he was Professor of at LIUC in Castellanza. He was first Associate Professor and later a full professor of Strategy and Business Policy at Bocconi. He has also held various positions at Bocconi University and at its School of Management (SDA), including: from 1990 to 1995 he was in charge of business "Small and medium-sized enterprises" and a member of the Coordinating Committee Enterprise Division of SDA. From 1996 to 2001 he was Director of Strategy and member of the management committee of the SDA. From 2001 to 2005 he was co-director of the International Master in Fashion, Experience and Design Management" at the SDA. From 2004 to 2005 he was director of the degree in General Management of the University. From 2004 to 2009 he was director of the University’s research center, "Entrepreneurship and Entrepreneurs" (EntER). From 2006 to date he has been Dean of the Graduate School and a member of the Comitato Rettorale. Since 2007 he has been a director and founder of "Bocconi Graduate School". Since 1997 he has conducted research and taught executive courses at the following business schools: IESE in Barcelona (Spain), AESE in Lisbon (Portugal) and Loyola University in Chicago (USA). From 1990 to 1992 he was Member of the Executive Committee of the "European Business Ethics Network" in Brussels. Since 1992, he has been an associate editor of the magazine Business Ethics, A European Review.



Business Economics, Universita Commerciale Luigi Bocconi


Compensation/Salary: 12,000

Michele Felice Milani

 

Director

Director/Board Member

 

 

 

Mr. Michele Carlo Felice Milani is Director of Tesmec SpA. He graduated in Business Economics from the Universita Commerciale Luigi Bocconi in Milan in 1991. He has been a registered accountant since 1993 and a registered auditor since 1999. He has gained experience in senior positions in companies operating internationally in the finance and banking sectors. From 1991 to 1992, he worked for the tax and law consulting firm "Pirola, Pennuto, Zei & Associati". From 1992 to 1994 he worked as a financial analyst responsible primarily for Italian companies and institutional clients for KPMG Consulting S.p.A.. From 1994 to 1998 he was an Associate Director in the "Investment Banking Italy" department of Morgan Grenfell S.p.A. (Deutsche Bank group). From 1998 to 2001, he was an Associate Director and then Vice President at JP Morgan Chase – Robert Fleming SIM S.p.A., in charge of their "Investment Banking Italy" group and responsible for the development of equity clients in Italy. From 2001 to 2010 he was the head of "Corporate Finance" and of Equity and Capital Markets for BNP Paribas’ branch in Italy. Currently, he works for Banknord SIM S.p.A. as a consultant within their Family Office, and provides consulting services for corporate finance transactions for customers of Banknord. He is Member of the Management Committee of Banknord.



Business Economics, Universita Commerciale Luigi Bocconi


Compensation/Salary: 50,000

Leonardo Marseglia

 

Director

Director/Board Member

 

 

 

Mr. Leonardo Marseglia has served as Director of Tesmec SpA since January 10, 2012. He started his professional career in the family business, operating in the oil sector. In 1981, through the Italiana Alimenti SpA company, he purchased a refinery of vegetable oils in Monopoli. In 1985, without ever leaving the oil sector, he started a process of diversification of its economic activities, focusing increasingly on the production of biodiesel and electrical power from biomass, both solid and liquid. He is Commendatore of the Italian Republic as well as the reference shareholder of the Italian Oil Industry Association, the Renewable Energy Producers’ Association and Assoelettrica.

Michele Carlo Felice Milani

 

Member of the board

Director/Board Member

 

 

Luca Poggi

 

Director

Director/Board Member

 

 

 

Dr. Luca Poggi is Director of Tesmec SpA. He graduated in Business Economics from Universita degli Studi di Bologna in 1984. He has been a registered tax accountant since 1986 and a registered journalist since 1995. He specializes in tax and corporate governance issues and has contributed to various tax and corporate governance journals. Since 1991 he has collaborated with the editorial group of Il Sole 24 Ore, contributing articles on tax and participating in seminars organized on tax related matters. He is Partner of Poggi & Associati, In addition he hold various posts in numerous companies, such as Vetrerie Riunite S.p.A., Boato International S.p.A. L.E. Partecipazioni S.r.l., Fariniundici S.r.l. and Opera SGR S.p.A. among others.



Business Economics, Universita degli Studi di Bologna


Compensation/Salary: 12,000

Gianluca Vacchi

 

Director

Director/Board Member

 

 

 

Dr. Gianluca Vacchi is Director of Tesmec SpA. He graduated in Business and Economics from Universita Alma Mater Studiorum di Bologna in 1983. He is an entrepreneur and financier and holds shares in various companies, including listed companies such as SO.FI.MA. S.p.A., I.M.A. S.p.A. and First Investments S.p.A., among others. He is also Member of the Board of Directors of several investment companies such as GV Finanziaria S.r.l., Eleven Finanziaria S.r.l. and 3T Finanziaria S.p.A.



Business Economics, Universita degli Studi di Bologna


Compensation/Salary: 12,000

 

Executives

 

Name

Title

Function

 

Ambrogio Caccia Dominioni

 

Chairman of the Board, Chief Executive Officer

Chief Executive Officer

 

 

Dr. Ambrogio Caccia Dominioni is Chairman and Chief Executive Officer of Tesmec SpA. He graduated in Business Economics from Universita del Sacro Cuore in Milan in 1970. From 1971 to 1979 he worked for Andersen Consulting SpA and was Director of their Industry Finance – Leasing division. In 1980, he started work for the family-owned company M.T.S. Officine Meccaniche di Precisione SpA. He is Director in numerous companies, including Ambrosio S.r.l., Promor Fondazione, Reggiani Macchine S.p.A. and M.T.S. S.p.A., among others. He serves as Chairman and Chief Executive Officer of TESMEC USA. He was Director of Isagro S.p.A., Snia S.p.A., as well as Chief Executive Officer of Reggiani Macchine S.p.A., FI.IND and of M.T.S. S.p.A.



Business Economics, Universita Cattolica del Sacro Cuore, Milano


Compensation/Salary: 450,000

Alfredo Gianetti

 

Presidente

President

 

 

Paolo Mosconi

 

General Manager, Commercial Manager

Division Head Executive

 

 

 

Mr. Paolo Mosconi has been General Manager and Commercial Manager of Tesmec SpA since 1996. He is graduated in Civil Engineering from the Politecnico di Milano in 1984. After acquiring work experience, he began his career in business in 1987 NCR S.p.A in Milan. In 1989 he began work at Tesmec as Commercial Director of the stringing machinery department.



Civil Engineering, Politecnico di Milano

Andrea Zamboni

 

Chief Executive Officer of Tesmec USA

Division Head Executive

RT 

 

 

Mr. Andrea Zamboni has been Chief Executive Officer of Tesmec USA a sucbsidiary of Tesmec SpA since 2005. He graduated in Agricultural Sciences from Universita degli Studi di Milano. He was a university assistant at the Institute for Political Economy in the faculty of Agriculture at the University of Milan. He has been a consultant and manager in different companies such as Group Editoriale Finelco from 2000 to 2002, A.T. Kearney Consulting – New York from 1997 to 1999 and Fiat Trattori S.p.A. from 1987 to 1991, as Export Manager for South America and assistant to the General Manager in Madrid. He was also a founding partner of Telefonica Srl and Director of Connet-Ro S.r.l. He is also Sole Director of Nordef S.r.l. and Director of Tennis Calcetto Barona.



Agricultural Science, Universita degli Studi di Milano

Giuseppe Crotta

 

Direttore-Amministrativo

Administration Executive

 

 

Marco Bachechi

 

Direttore-Finanziario

Finance Executive

 

 

Andrea Bramani

 

Director of Finance and Control Controller

Finance Executive

 

 

 

Mr. Andrea Bramani has been Director of Finance and Control of Tesmec SpA since 2008. He graduated in Economics and Business. From 1986 to 1989 he worked for Istituto Bancario San Paolo in Torino (non Intesa Sanpaolo S.p.A.) and from 1989 to 1998 at Shell Italia S.p.A. with responsibilities such as administration, internal control, finance and implementation of the S.A.P. accounting management software. Since 1998 he has served as Financial Director for various companies such as Atos S.p.A., I. Net S.p.A., Siat S.p.A.

Numa Pellizzoli

 

Direttore-Personale

Human Resources Executive

 

 

Marco Cabisto

 

Investor Relations Manager, Corporate Development Director

Investor Relations Executive

 

 

 

Mr. Marco Cabisto has been appointed Investor Relations Manager and Corporate Development Director of Tesmec SpA with effect from February 1, 2011. He graduated in Business Administration from the University of Pavia. In 2004, Mr. Cabisto began his career at Ernst & Young, where he remained until early 2010, holding positions of increasing responsibility until becoming Manager. In 2010 joined Tesmec SpA, assuming the position of Head of Consolidated Subsidiaries and Abroad.

 

Business Administration, University of Pavia

Caterina Caccia Dominioni

 

Legal Counsel, Director

Legal Executive

 

 

 

Ms. Caterina Caccia Dominioni serves as Legal Counsel and Director of Tesmec SpA. She was appointed Legal Counsel of the Company in 2008. She graduated in Law from Universita Cattolica del Sacro Cuorein di Milano in 2003. She is Member of the Milan bar. From 2004 to 2007, she practiced law for Baldoli – Caccia Dominioni. From 2007 to 2008 she worked for the law firm Frau, Ruffino, Verna. Since 2008 she been acting as Legal Counsel to Reggiani Macchine S.p.A.



, Universita Cattolica del Sacro Cuore


Compensation/Salary: 25,000

Claudio Cantamessa

 

Executive

Other

 

 

Gianni De Liberato

 

Executive

Other

 

 

Alberto Fasoli

 

Internal Control Manager

Other

 

 

Mauro Milli

 

Executive

Other

 

 

Fabio Monzani

 

Executive

Other

 

 

Marco Negri

 

Executive

Other

 

 

Adelio Nembrini

 

Executive

Other

 

 

Vera Pepitoni

 

Executive

Other

 

 

 

 

Significant Developments

 

Tesmec SpA Announces Distribution of Dividend for FY 2011 Mar 14, 2012

 

Tesmec SpA announced that it has proposed to the Ordinary Shareholders the payment of a dividend for the fiscal year 2011 amounting to EUR 0.03 per share up 7% compared to EUR 0.028 for fiscal year 2010. The ex-dividend date will be May 21, 2012, with payment on or after May 24, 2012.

 

Tesmec SpA Acquires 40% of the Share Capital of Bertel SpA Jan 13, 2012

 

Tesmec SpA announced that it has acquired 40% of the share capital of Bertel SpA, through subscription of a reserved capital increase of nominal EUR 200,000. According to the agreement of acquisition Tesmec SpA has an option for the acquisition of a further 20% stake in the share capital of Bertel SpA that could be exercised in the period from January 1, 2014 and March 31, 2016.

 

Tesmec SpA Announces New Share Repurchase Program Jan 10, 2012

 

Tesmec SpA announced that it has authorized a new share repurchase program to purchase and sale treasury shares for a maximum period of 18 months, up to a maximum number of ordinary shares representing as a whole not more than 5% of the currently existing share capital of the Company. To date, the Company does not own treasury shares and the subsidiary companies do not hold shares in Tesmec SpA.

 

 

Tesmec SpA Files Patent Application for Synchronization Device for Machines for Laying Cables, Such as for Example Conductors, Optical Fibres, Ropes Or Suchlike, and Cable Laying Plant Adopting Said Device

 

Indian Patent News

13 December 2011

 

[What follows is the full text of the article.]

 

New Delhi, Dec. 13 -- Italy based Tesmec SpA filed patent application for synchronization device for machines for laying cables, such as for example conductors, optical fibres, ropes or suchlike, and cable laying plant adopting said device. The inventor is Oscar Alberto.

 

Tesmec SpA filed the patent application on July 7, 2010. The patent application number is 2459/KOLNP/2010 A. The international classification number is H02G1/04.

 

According to the Controller General of Patents, Designs & Trade Marks, "Synchronization device, plant and machines for laying cables such as electric conductors, optical fibres, ropes or suchlike. The machines are distinct and independent with respect to each other and each comprises unwinding members consisting of at least a pair of capstans to unwind the cables and corresponding traction/collection members consisting of at least a pair of capstans to wind the cables fed from the relative unwinding members. The synchronization device comprises automatic adjustment members that adjust the speed of rotation of the capstans of at least two traction/collection means, or of at least two unwinding means of the laying machines, so as to maintain the winding/unwinding speed of the cables stretched by each machine substantially equal."

 

 

Annual Profit & Loss

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

Consolidated

No

No

No

 

 

 

 

Total income

139.5

119.8

139.4

Net sales

135.2

111.2

132.0

Other operating income

0.2

2.0

1.2

Raw materials and consumables employed

64.2

55.0

68.1

Other expenses

33.9

28.0

33.8

Total payroll costs

19.0

18.0

18.3

Fixed asset depreciation and amortisation

5.9

6.2

5.4

Other operating costs

1.8

0.3

0.2

Net operating income

14.7

12.3

13.7

Total financial income

1.4

-0.4

1.6

Total expenses

3.1

2.4

4.6

Profit before tax

13.0

9.6

10.8

Extraordinary result

-

-1.7

-0.1

Profit after extraordinary items and before tax

13.0

7.9

10.7

Total taxation

4.3

2.9

4.1

Net profit

8.7

5.1

6.7

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

Consolidated

No

No

No

 

 

 

 

Total stockholders equity

43.5

31.0

27.7

Provision for risks

1.5

1.7

0.6

Provision for pensions

4.0

5.2

5.4

Mortgages and loans

24.6

5.8

1.8

Other long-term liabilities

1.8

9.3

12.5

Trade creditors

31.5

25.3

29.6

Bank loans and overdrafts

9.4

35.8

33.8

Other current liabilities

23.6

14.6

11.9

Accruals and deferred income

0.2

0.3

0.4

Total current liabilities

64.7

75.9

75.7

Total liabilities (including net worth)

140.1

128.9

123.7

Intangibles

8.2

13.7

13.1

Total tangible fixed assets

12.7

14.5

7.2

Long-term investments

20.8

8.0

7.6

Total financial assets

21.0

19.2

15.1

Receivables due after 1 year

4.7

0.0

0.0

Loans to associated companies

-

7.9

4.4

Total non-current assets

46.6

47.3

35.4

Finished goods

12.1

11.5

15.0

Net stocks and work in progress

37.6

36.1

42.0

Trade debtors

38.2

32.9

30.4

Other receivables

6.8

10.0

9.2

Cash and liquid assets

10.0

1.9

4.1

Marketable securities

0.1

-

-

Accruals

0.8

0.6

2.6

Total current assets

93.5

81.6

88.3

Total assets

140.1

128.9

123.7

 

 

Annual Ratios

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

Consolidated

No

No

No

 

 

 

 

Current ratio

1.40

1.10

1.20

Quick ratio

0.90

0.60

0.60

Current liabilities to net worth

0.02%

0.03%

0.03%

Sales per employee

0.35

0.40

0.35

Profit per employee

0.03

0.02

0.03

Average wage per employee

0.05

0.06

0.05

Net worth

43.5

31.0

27.7

Number of employees

290

269

259

 

 

Annual Income Statement

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Filed Currency

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

    Net Sales

139.4

119.7

161.2

122.5

Revenue

139.4

119.7

161.2

122.5

Total Revenue

139.4

119.7

161.2

122.5

 

 

 

 

 

    Cost of Revenue

91.7

76.7

115.1

91.2

Cost of Revenue, Total

91.7

76.7

115.1

91.2

Gross Profit

47.7

43.0

46.1

31.3

 

 

 

 

 

    Labor & Related Expense

22.7

21.5

23.2

15.3

Total Selling/General/Administrative Expenses

22.7

21.5

23.2

15.3

Research & Development

-4.5

-4.2

-3.8

-1.8

    Depreciation

3.0

1.9

1.5

1.0

    Amortization of Intangibles

4.3

2.8

2.4

0.9

Depreciation/Amortization

7.3

4.8

3.9

1.9

    Other Unusual Expense (Income)

4.7

-

-

-

Unusual Expense (Income)

4.7

-

-

-

    Other Operating Expense

4.9

3.8

4.7

4.0

Other Operating Expenses, Total

4.9

3.8

4.7

4.0

Total Operating Expense

126.8

102.6

143.1

110.6

 

 

 

 

 

Operating Income

12.7

17.1

18.1

12.0

 

 

 

 

 

        Interest Expense - Non-Operating

-2.5

-3.0

-4.1

-3.6

    Interest Expense, Net Non-Operating

-2.5

-3.0

-4.1

-3.6

        Interest Income - Non-Operating

0.0

0.1

0.1

0.2

        Investment Income - Non-Operating

0.1

0.0

0.0

0.1

    Interest/Investment Income - Non-Operating

0.1

0.0

0.2

0.4

Interest Income (Expense) - Net Non-Operating Total

-2.3

-3.0

-4.0

-3.3

    Other Non-Operating Income (Expense)

0.3

-0.8

1.0

0.6

Other, Net

0.3

-0.8

1.0

0.6

Income Before Tax

10.6

13.3

15.0

9.2

 

 

 

 

 

Total Income Tax

3.7

3.1

4.6

4.5

Income After Tax

6.9

10.3

10.4

4.8

 

 

 

 

 

    Minority Interest

0.0

0.0

0.0

0.0

Net Income Before Extraord Items

6.9

10.2

10.4

4.8

Net Income

6.9

10.2

10.4

4.8

 

 

 

 

 

Income Available to Common Excl Extraord Items

6.9

10.2

10.4

4.8

 

 

 

 

 

Income Available to Common Incl Extraord Items

6.9

10.2

10.4

4.8

 

 

 

 

 

Basic/Primary Weighted Average Shares

107.1

90.6

90.6

90.6

Basic EPS Excl Extraord Items

0.06

0.11

0.12

0.05

Basic/Primary EPS Incl Extraord Items

0.06

0.11

0.12

0.05

Diluted Net Income

6.9

10.2

10.4

4.8

Diluted Weighted Average Shares

107.1

90.6

90.6

90.6

Diluted EPS Excl Extraord Items

0.06

0.11

0.12

0.05

Diluted EPS Incl Extraord Items

0.06

0.11

0.12

0.05

Dividends per Share - Common Stock Primary Issue

0.04

0.03

0.00

0.00

Gross Dividends - Common Stock

4.0

3.6

0.0

0.0

Interest Expense, Supplemental

2.5

3.0

4.1

3.6

Depreciation, Supplemental

3.0

1.9

1.5

1.0

Total Special Items

4.7

-

-

-

Normalized Income Before Tax

15.2

13.3

15.0

9.2

 

 

 

 

 

Effect of Special Items on Income Taxes

1.6

-

-

-

Inc Tax Ex Impact of Sp Items

5.3

3.1

4.6

4.5

Normalized Income After Tax

9.9

10.3

10.4

4.8

 

 

 

 

 

Normalized Inc. Avail to Com.

10.0

10.2

10.4

4.8

 

 

 

 

 

Basic Normalized EPS

0.09

0.11

0.12

0.05

Diluted Normalized EPS

0.09

0.11

0.12

0.05

Amort of Intangibles, Supplemental

4.3

2.8

2.4

0.9

Rental Expenses

3.9

3.9

4.8

3.2

Advertising Expense, Supplemental

0.9

0.5

1.3

0.9

Research & Development Exp, Supplemental

-4.5

-4.2

-3.8

-1.8

Normalized EBIT

17.3

17.1

18.1

12.0

Normalized EBITDA

24.6

21.9

22.0

13.9

Interest Cost - Domestic

0.2

0.2

0.2

0.2

Actuarial Gains and Losses - Domestic

0.0

0.0

0.0

-0.3

Curtailments & Settlements - Domestic

0.0

0.0

0.0

0.3

Domestic Pension Plan Expense

0.2

0.1

0.2

0.2

Total Pension Expense

0.2

0.1

0.2

0.2

Discount Rate - Domestic

4.50%

4.50%

4.50%

4.50%

Total Plan Interest Cost

0.2

0.2

0.2

0.2

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Filed Currency

EUR

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

0.683971

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

    Cash & Equivalents

10.4

2.1

4.5

7.8

    Short Term Investments

0.5

4.8

5.7

3.6

Cash and Short Term Investments

11.0

6.9

10.2

11.4

        Accounts Receivable - Trade, Gross

44.6

42.1

34.8

27.9

        Provision for Doubtful Accounts

-1.0

-1.3

-1.5

-0.4

    Trade Accounts Receivable - Net

43.6

40.8

33.3

27.5

    Other Receivables

0.6

1.5

0.0

0.2

Total Receivables, Net

44.2

42.4

33.3

27.7

    Inventories - Finished Goods

8.8

9.5

10.2

8.2

    Inventories - Work In Progress

10.5

11.7

10.7

11.5

    Inventories - Raw Materials

36.8

39.1

42.4

25.4

    Inventories - Other

0.6

-

-

-

Total Inventory

56.6

60.2

63.3

45.2

    Other Current Assets

2.1

4.8

5.9

3.8

Other Current Assets, Total

2.1

4.8

5.9

3.8

Total Current Assets

113.8

114.3

112.7

88.1

 

 

 

 

 

        Buildings

8.9

8.7

3.8

3.9

        Land/Improvements

0.2

0.2

0.2

0.2

        Machinery/Equipment

16.1

15.6

12.0

11.1

        Other Property/Plant/Equipment

11.1

10.5

6.0

2.0

    Property/Plant/Equipment - Gross

36.3

35.0

22.0

17.3

    Accumulated Depreciation

-12.1

-10.3

-8.5

-7.8

Property/Plant/Equipment - Net

24.1

24.7

13.5

9.5

    Intangibles - Gross

21.4

16.1

-

-

    Accumulated Intangible Amortization

-12.2

-8.0

-

-

Intangibles, Net

9.1

8.1

6.2

4.0

    LT Investment - Affiliate Companies

1.7

1.6

0.3

0.3

    LT Investments - Other

0.2

1.8

0.0

0.3

Long Term Investments

1.9

3.4

0.3

0.6

    Other Long Term Assets

6.6

4.8

5.7

5.2

Other Long Term Assets, Total

6.6

4.8

5.7

5.2

Total Assets

155.6

155.3

138.4

107.3

 

 

 

 

 

Accounts Payable

35.3

31.3

38.0

29.1

Notes Payable/Short Term Debt

15.7

43.0

40.5

23.5

Current Portion - Long Term Debt/Capital Leases

12.2

12.5

1.9

2.8

    Customer Advances

2.8

6.9

3.9

4.6

    Income Taxes Payable

5.3

2.5

2.1

2.5

    Other Current Liabilities

5.6

4.9

5.1

6.8

Other Current liabilities, Total

13.7

14.2

11.1

13.8

Total Current Liabilities

76.9

101.0

91.6

69.3

 

 

 

 

 

    Long Term Debt

24.1

14.4

16.1

12.6

    Capital Lease Obligations

2.7

3.0

3.0

3.5

Total Long Term Debt

26.8

17.4

19.0

16.1

Total Debt

54.7

72.9

61.5

42.4

 

 

 

 

 

    Deferred Income Tax - LT Liability

1.3

2.1

1.0

0.7

Deferred Income Tax

1.3

2.1

1.0

0.7

Minority Interest

0.0

0.0

0.0

0.0

    Pension Benefits - Underfunded

4.0

4.6

4.6

5.3

    Other Long Term Liabilities

0.0

0.3

0.3

0.0

Other Liabilities, Total

4.0

4.9

4.9

5.3

Total Liabilities

109.0

125.4

116.5

91.3

 

 

 

 

 

    Common Stock

14.4

13.0

12.6

13.2

Common Stock

14.4

13.0

12.6

13.2

Retained Earnings (Accumulated Deficit)

32.2

16.9

9.2

2.7

Total Equity

46.6

29.9

21.8

15.9

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

155.6

155.3

138.4

107.3

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

107.1

90.6

90.6

90.6

Total Common Shares Outstanding

107.1

90.6

90.6

90.6

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

Employees

346

342

348

218

Accumulated Intangible Amort, Suppl.

12.2

8.0

4.9

2.7

Deferred Revenue - Current

2.8

6.9

3.9

4.6

Pension Obligation - Domestic

4.0

4.6

4.6

5.3

Funded Status - Domestic

-4.0

-4.6

-4.6

-5.3

Total Funded Status

-4.0

-4.6

-4.6

-5.3

Discount Rate - Domestic

4.50%

4.50%

4.50%

4.50%

Accrued Liabilities - Domestic

-4.0

-4.6

-4.6

-5.3

Net Assets Recognized on Balance Sheet

-4.0

-4.6

-4.6

-5.3

Total Plan Obligations

4.0

4.6

4.6

5.3

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Filed Currency

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

Net Income/Starting Line

6.9

10.3

10.4

4.8

    Depreciation

7.3

4.8

3.9

1.9

Depreciation/Depletion

7.3

4.8

3.9

1.9

Deferred Taxes

-2.6

2.0

-0.5

0.4

    Other Non-Cash Items

2.6

0.6

1.3

-0.4

Non-Cash Items

2.6

0.6

1.3

-0.4

    Accounts Receivable

-10.5

-3.7

-9.1

2.8

    Inventories

1.1

3.8

-20.8

-10.3

    Accounts Payable

5.2

-7.5

10.4

6.9

    Other Assets & Liabilities, Net

6.9

-0.3

-3.6

-0.7

Changes in Working Capital

2.6

-7.7

-23.2

-1.4

Cash from Operating Activities

16.8

9.9

-7.9

5.3

 

 

 

 

 

    Purchase of Fixed Assets

-4.7

-15.2

-6.0

-0.2

    Purchase/Acquisition of Intangibles

-5.8

-4.5

-4.9

-2.8

Capital Expenditures

-10.5

-19.8

-10.9

-3.0

    Acquisition of Business

-

0.0

0.0

-2.1

    Sale of Fixed Assets

1.4

2.5

0.1

0.3

    Purchase of Investments

5.4

-1.9

-2.0

-2.9

Other Investing Cash Flow Items, Total

6.8

0.6

-1.9

-4.7

Cash from Investing Activities

-3.7

-19.2

-12.8

-7.8

 

 

 

 

 

    Other Financing Cash Flow

-0.2

0.0

-

-

Financing Cash Flow Items

-0.2

0.0

-

-

    Cash Dividends Paid - Common

-3.4

-2.8

-4.0

-1.4

Total Cash Dividends Paid

-3.4

-2.8

-4.0

-1.4

        Sale/Issuance of Common

13.3

0.0

0.0

4.8

    Common Stock, Net

13.3

0.0

0.0

4.8

Issuance (Retirement) of Stock, Net

13.3

0.0

0.0

4.8

    Short Term Debt, Net

-24.8

1.4

18.8

-7.3

        Long Term Debt Issued

21.1

11.1

5.1

6.9

        Long Term Debt Reduction

-10.8

-2.9

-2.2

-0.7

    Long Term Debt, Net

10.4

8.2

2.9

6.1

Issuance (Retirement) of Debt, Net

-14.4

9.5

21.7

-1.2

Cash from Financing Activities

-4.7

6.8

17.8

2.2

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

0.0

Net Change in Cash

8.4

-2.5

-3.0

-0.3

 

 

 

 

 

Net Cash - Beginning Balance

1.9

4.5

7.8

7.5

Net Cash - Ending Balance

10.3

2.0

4.7

7.3

Cash Interest Paid

2.8

1.7

1.7

1.2

Cash Taxes Paid

2.2

1.0

4.9

2.2

 

 

Annual Income Statement

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Filed Currency

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

    Revenues from Sales and Services

139.4

119.7

161.2

122.5

Total Revenue

139.4

119.7

161.2

122.5

 

 

 

 

 

    Raw Materials

64.5

53.6

82.8

67.3

    Services Costs

27.3

23.1

32.3

23.9

    Non-Recurring Costs for Services

4.7

-

-

-

    Labour Costs

22.7

21.5

23.2

15.3

    Other Costs / Net Operating Revenues

4.9

3.8

4.7

4.0

    Amortisation

4.3

2.8

2.4

0.9

    Depreciation

3.0

1.9

1.5

1.0

    Research and Development Costs

-4.5

-4.2

-3.8

-1.8

Total Operating Expense

126.8

102.6

143.1

110.6

 

 

 

 

 

    Interest Income

0.0

0.1

0.1

0.2

    Financial Income

2.3

0.5

2.9

1.5

    Interest Expense

-2.5

-3.0

-4.1

-3.6

    Financial Expense

-2.0

-1.3

-1.9

-0.9

    Equity in Affiliates

0.1

0.0

0.0

0.1

Net Income Before Taxes

10.6

13.3

15.0

9.2

 

 

 

 

 

Provision for Income Taxes

3.7

3.1

4.6

4.5

Net Income After Taxes

6.9

10.3

10.4

4.8

 

 

 

 

 

    Minority Interest

0.0

0.0

0.0

0.0

Net Income Before Extra. Items

6.9

10.2

10.4

4.8

Net Income

6.9

10.2

10.4

4.8

 

 

 

 

 

Income Available to Com Excl ExtraOrd

6.9

10.2

10.4

4.8

 

 

 

 

 

Income Available to Com Incl ExtraOrd

6.9

10.2

10.4

4.8

 

 

 

 

 

Basic Weighted Average Shares

107.1

90.6

90.6

90.6

Basic EPS Excluding ExtraOrdinary Items

0.06

0.11

0.12

0.05

Basic EPS Including ExtraOrdinary Items

0.06

0.11

0.12

0.05

Diluted Net Income

6.9

10.2

10.4

4.8

Diluted Weighted Average Shares

107.1

90.6

90.6

90.6

Diluted EPS Excluding ExtraOrd Items

0.06

0.11

0.12

0.05

Diluted EPS Including ExtraOrd Items

0.06

0.11

0.12

0.05

DPS-Common Stock

0.04

0.03

0.00

0.00

Gross Dividends - Common Stock

4.0

3.6

0.0

0.0

Normalized Income Before Taxes

15.2

13.3

15.0

9.2

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

5.3

3.1

4.6

4.5

Normalized Income After Taxes

9.9

10.3

10.4

4.8

 

 

 

 

 

Normalized Inc. Avail to Com.

10.0

10.2

10.4

4.8

 

 

 

 

 

Basic Normalized EPS

0.09

0.11

0.12

0.05

Diluted Normalized EPS

0.09

0.11

0.12

0.05

Amort of Intangibles, Supplemental

4.3

2.8

2.4

0.9

Depreciation, Supplemental

3.0

1.9

1.5

1.0

Interest Expense, Supplemental

2.5

3.0

4.1

3.6

Research & Development Exp, Supplemental

-4.5

-4.2

-3.8

-1.8

Advertising Expense, Supplemental

0.9

0.5

1.3

0.9

Rental Expense, Supplemental

3.9

3.9

4.8

3.2

Curtailments & Settlements - Domestic

0.0

0.0

0.0

0.3

Interest Cost - Domestic

0.2

0.2

0.2

0.2

Actuarial Gains and Losses - Domestic

0.0

0.0

0.0

-0.3

Domestic Pension Plan Expense

0.2

0.1

0.2

0.2

Total Pension Expense

0.2

0.1

0.2

0.2

Discount Rate - Domestic

4.50%

4.50%

4.50%

4.50%

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Filed Currency

EUR

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

0.683971

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

    Raw Materials

36.8

39.1

42.4

25.4

    Work in Progress

10.5

11.7

10.7

11.5

    Finished Goods

8.8

9.5

10.2

8.2

    Advances to Suppliers

0.6

-

-

-

    Trade Receivables, Gross

44.6

42.1

34.8

27.9

    Provisions for Doubtfull Accounts

-1.0

-1.3

-1.5

-0.4

    Tax Receivables

0.6

1.5

0.0

0.2

    Other Securities Available for Sale

0.1

0.2

0.1

0.3

    Financial Receivables and ST Fin. Assets

0.4

4.7

5.6

3.4

    Other Current Assets

2.1

4.8

5.9

3.8

    Cash and Cash Equivalents

10.4

2.1

4.5

7.8

Total Current Assets

113.8

114.3

112.7

88.1

 

 

 

 

 

    Intangibles, Net

-

-

6.2

4.0

    Intangibles, Gross

21.4

16.1

-

-

    Acc. Intangibles Amortization

-12.2

-8.0

-

-

    Land

0.2

0.2

0.2

0.2

    Buildings

8.9

8.7

3.8

3.9

    Plants and Machinery

13.2

12.7

9.6

8.5

    Equipment

2.8

2.9

2.4

2.7

    Other Tangibles

11.0

10.5

4.9

2.0

    Tangibles in Progress

0.1

0.0

1.0

0.0

    Depreciation

-12.1

-10.3

-8.5

-7.8

    Equity Investments

1.7

1.6

0.3

0.3

    Other Investments

0.0

0.0

0.0

0.0

    Financial Receivables and LT Fin. Assets

0.0

1.8

0.0

0.3

    Prepaid Taxes

6.6

4.8

5.7

5.2

    Fin. Derivatives

0.2

0.0

-

-

Total Assets

155.6

155.3

138.4

107.3

 

 

 

 

 

    Banks and Other Lenders

15.7

43.0

40.5

23.5

    Current Portion of LT Debt

11.6

11.9

1.7

2.5

    Leasing

0.6

0.5

0.2

0.3

    Derivative Financial Instruments

0.1

0.0

0.0

0.3

    Trade Payables

35.3

31.3

38.0

29.1

    Advances from Customers

2.8

6.9

3.9

4.6

    Tax Liabilities

5.3

2.5

2.1

2.5

    Provisions for Risks and Charges

1.1

1.1

1.0

1.1

    Other Current Liabilities

4.4

3.9

4.1

5.4

Total Current Liabilities

76.9

101.0

91.6

69.3

 

 

 

 

 

    Medium/ LT Financing

24.1

14.4

16.1

12.6

    Leasing

2.7

3.0

3.0

3.5

Total Long Term Debt

26.8

17.4

19.0

16.1

 

 

 

 

 

    Financial Derivatives

0.0

0.3

0.3

0.0

    Employee benefit liability

4.0

4.6

4.6

5.3

    Deferred Tax Liabilities

1.3

2.1

1.0

0.7

    Minority Interest

-

-

0.0

0.0

    Minority Interest in Capital & Reserves

0.1

0.0

-

-

    Minority Interest Net Income/Loss

0.0

0.0

-

-

Total Liabilities

109.0

125.4

116.5

91.3

 

 

 

 

 

    Share Capital

14.4

13.0

12.6

13.2

    Reserves

25.2

6.3

-0.7

-2.4

    Group Net Profit

7.0

10.6

9.9

5.1

Total Equity

46.6

29.9

21.8

15.9

 

 

 

 

 

Total Liabilities & Shareholders' Equity

155.6

155.3

138.4

107.3

 

 

 

 

 

    S/O-Common Stock

107.1

90.6

90.6

90.6

Total Common Shares Outstanding

107.1

90.6

90.6

90.6

T/S-Common Stock

0.0

0.0

0.0

0.0

Deferred Revenue - Current

2.8

6.9

3.9

4.6

Accumulated Intangible Amort, Suppl.

12.2

8.0

4.9

2.7

Full-Time Employees

346

342

348

218

Pension Obligation - Domestic

4.0

4.6

4.6

5.3

Funded Status - Domestic

-4.0

-4.6

-4.6

-5.3

Total Funded Status

-4.0

-4.6

-4.6

-5.3

Discount Rate - Domestic

4.50%

4.50%

4.50%

4.50%

Accrued Liabilities - Domestic

-4.0

-4.6

-4.6

-5.3

Net Assets Recognized on Balance Sheet

-4.0

-4.6

-4.6

-5.3

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Filed Currency

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

Net Income

6.9

10.3

10.4

4.8

    Depreciation

7.3

4.8

3.9

1.9

    Exchange Differences

1.1

0.0

-

-

    Severance Provisions

0.2

0.1

0.2

0.2

    Provisions for Risks & Charges

2.7

1.0

2.1

0.3

    Severance Provision Paid

-0.5

-0.3

-0.5

-0.3

    Net Change in Prov. for Risks & Charges

-0.5

-0.3

-0.3

-0.3

    Net Change in Def. Tax Assets & Liabs.

-2.6

2.0

-0.5

0.4

    Financial Instruments Fair Value Change

-0.3

0.0

-0.1

-0.4

    Trade Receivables

-10.5

-3.7

-9.1

2.8

    Inventory

1.1

3.8

-20.8

-10.3

    Trade Payables

5.2

-7.5

10.4

6.9

    Other ST Assets & Liabilities

6.9

-0.3

-3.6

-0.7

Cash from Operating Activities

16.8

9.9

-7.9

5.3

 

 

 

 

 

    Purchase of Tangibles

-4.7

-15.2

-6.0

-0.2

    Purchase of Intangibles

-5.8

-4.5

-4.9

-2.8

    Purchase/Sale of Financial Assets

5.4

-1.9

-2.0

-2.9

    Purchase of Business

-

0.0

0.0

-2.1

    Sale of Tangibles

1.4

2.5

0.1

0.3

Cash from Investing Activities

-3.7

-19.2

-12.8

-7.8

 

 

 

 

 

    Issuance of Medium / LT Debt

21.1

11.1

5.1

6.9

    Retirement of Medium / LT Debt

-10.8

-2.9

-2.2

-0.7

    Other Changes

-0.2

0.0

-

-

    Net Change in ST Fin. Liabilities

-24.8

1.4

18.8

-7.3

    Dividends Distribution

-3.4

-2.8

-4.0

-1.4

    Capital injection for share capital incr

13.3

0.0

0.0

4.8

Cash from Financing Activities

-4.7

6.8

17.8

2.2

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

0.0

Net Change in Cash

8.4

-2.5

-3.0

-0.3

 

 

 

 

 

Net Cash - Beginning Balance

1.9

4.5

7.8

7.5

Net Cash - Ending Balance

10.3

2.0

4.7

7.3

    Cash Interest Paid

2.8

1.7

1.7

1.2

    Cash Taxes Paid

2.2

1.0

4.9

2.2

 

 

Financial Health

 

Financials in: USD (mil) 

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

Key Indicators USD (mil)

 

Quarter
Ending
30-Sep-2011

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2010

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

34.8

-0.35%

139.4

22.29%

5.55%

-

Research & Development1

-1.4

-

-4.5

-

-

-

Operating Income1

3.3

188.11%

12.7

-22.45%

3.03%

-

Income Available to Common Excl Extraord Items1

2.1

350.77%

6.9

-28.84%

14.33%

-

Basic EPS Excl Extraord Items1

0.02

356.67%

0.06

-39.73%

8.18%

-

Capital Expenditures2

8.0

1.52%

10.5

-44.38%

52.89%

-

Cash from Operating Activities2

2.2

-60.76%

16.8

78.31%

48.18%

-

Free Cash Flow

-5.5

-

6.4

-

41.52%

-

Total Assets3

192.1

16.48%

155.6

7.12%

16.48%

-

Total Liabilities3

143.6

21.05%

109.0

-7.06%

9.15%

-

Total Long Term Debt3

66.0

115.74%

26.8

64.41%

22.07%

-

Employees3

-

-

346

1.17%

16.65%

-

Total Common Shares Outstanding3

107.1

0.00%

107.1

18.22%

5.74%

-

1-ExchangeRate: EUR to USD Average for Period

0.707825

 

0.755078

 

 

 

2-ExchangeRate: EUR to USD Average for Period

0.711706

 

0.755078

 

 

 

3-ExchangeRate: EUR to USD Period End Date

0.745323

 

0.745406

 

 

 

Key Ratios

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin

34.20%

35.94%

28.58%

25.57%

Operating Margin

9.08%

14.32%

11.21%

9.76%

Pretax Margin

7.60%

11.12%

9.33%

7.55%

Net Profit Margin

4.98%

8.56%

6.48%

3.92%

Financial Strength

Current Ratio

1.48

1.13

1.23

1.27

Long Term Debt/Equity

0.58

0.58

0.87

1.01

Total Debt/Equity

1.17

2.44

2.82

2.66

Management Effectiveness

Return on Assets

4.65%

7.10%

8.26%

-

Return on Equity

18.87%

40.32%

53.63%

-

Efficiency

Receivables Turnover

3.37

3.22

5.13

-

Inventory Turnover

1.65

1.26

2.06

-

Asset Turnover

0.94

0.83

1.27

-

Market Valuation USD (mil)

P/E (TTM)

9.61

.

Enterprise Value2

143.8

Price/Sales (TTM)

0.44

.

Enterprise Value/Revenue (TTM)

0.99

Price/Book (MRQ)

1.31

.

Enterprise Value/EBITDA (TTM)

6.21

Market Cap as of 09-Mar-20121

63.0

.

 

 

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

0.754287

 

 

 

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

0.745323

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil)                                                                

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



 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Financial Strength

Current Ratio

1.48

1.13

1.23

1.27

Quick/Acid Test Ratio

0.72

0.49

0.48

0.57

Working Capital1

37.0

13.3

21.2

18.8

Long Term Debt/Equity

0.58

0.58

0.87

1.01

Total Debt/Equity

1.17

2.44

2.82

2.66

Long Term Debt/Total Capital

0.26

0.17

0.23

0.28

Total Debt/Total Capital

0.54

0.71

0.74

0.73

Payout Ratio

57.14%

24.60%

0.00%

0.00%

Effective Tax Rate

34.81%

22.95%

30.48%

48.38%

Total Capital1

101.3

102.8

83.3

58.3

 

 

 

 

 

Efficiency

Asset Turnover

0.94

0.83

1.27

-

Inventory Turnover

1.65

1.26

2.06

-

Days In Inventory

221.79

289.60

177.28

-

Receivables Turnover

3.37

3.22

5.13

-

Days Receivables Outstanding

108.25

113.36

71.09

-

Revenue/Employee2

408,203

361,154

440,091

600,413

Operating Income/Employee2

37,075

51,727

49,331

58,630

EBITDA/Employee2

58,466

66,057

60,000

68,180

 

 

 

 

 

Profitability

Gross Margin

34.20%

35.94%

28.58%

25.57%

Operating Margin

9.08%

14.32%

11.21%

9.76%

EBITDA Margin

14.32%

18.29%

13.63%

11.36%

EBIT Margin

9.08%

14.32%

11.21%

9.76%

Pretax Margin

7.60%

11.12%

9.33%

7.55%

Net Profit Margin

4.98%

8.56%

6.48%

3.92%

R&D Expense/Revenue

-3.23%

-3.47%

-2.35%

-1.50%

COGS/Revenue

65.80%

64.06%

71.42%

74.43%

SG&A Expense/Revenue

16.26%

17.96%

14.40%

12.49%

 

 

 

 

 

Management Effectiveness

Return on Assets

4.65%

7.10%

8.26%

-

Return on Equity

18.87%

40.32%

53.63%

-

 

 

 

 

 

Valuation

Free Cash Flow/Share2

0.06

-0.11

-0.20

0.03

Operating Cash Flow/Share 2

0.16

0.11

-0.08

0.06

1-ExchangeRate: EUR to USD Period End Date

0.745406

0.696986

0.719399

0.683971

2-ExchangeRate: EUR to USD Average for Period

0.745406

0.696986

0.719399

0.683971

 

Current Market Multiples

Market Cap/Earnings (TTM)

9.61

Market Cap/Equity (MRQ)

1.31

Market Cap/Revenue (TTM)

0.44

Market Cap/EBIT (TTM)

4.28

Market Cap/EBITDA (TTM)

2.75

Enterprise Value/Earnings (TTM)

21.68

Enterprise Value/Equity (MRQ)

2.96

Enterprise Value/Revenue (TTM)

0.99

Enterprise Value/EBIT (TTM)

9.66

Enterprise Value/EBITDA (TTM)

6.21

 

 

 

Annual Income Statement

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Filed Currency

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

    Net Sales

139.4

119.7

161.2

122.5

Revenue

139.4

119.7

161.2

122.5

Total Revenue

139.4

119.7

161.2

122.5

 

 

 

 

 

    Cost of Revenue

91.7

76.7

115.1

91.2

Cost of Revenue, Total

91.7

76.7

115.1

91.2

Gross Profit

47.7

43.0

46.1

31.3

 

 

 

 

 

    Labor & Related Expense

22.7

21.5

23.2

15.3

Total Selling/General/Administrative Expenses

22.7

21.5

23.2

15.3

Research & Development

-4.5

-4.2

-3.8

-1.8

    Depreciation

3.0

1.9

1.5

1.0

    Amortization of Intangibles

4.3

2.8

2.4

0.9

Depreciation/Amortization

7.3

4.8

3.9

1.9

    Other Unusual Expense (Income)

4.7

-

-

-

Unusual Expense (Income)

4.7

-

-

-

    Other Operating Expense

4.9

3.8

4.7

4.0

Other Operating Expenses, Total

4.9

3.8

4.7

4.0

Total Operating Expense

126.8

102.6

143.1

110.6

 

 

 

 

 

Operating Income

12.7

17.1

18.1

12.0

 

 

 

 

 

        Interest Expense - Non-Operating

-2.5

-3.0

-4.1

-3.6

    Interest Expense, Net Non-Operating

-2.5

-3.0

-4.1

-3.6

        Interest Income - Non-Operating

0.0

0.1

0.1

0.2

        Investment Income - Non-Operating

0.1

0.0

0.0

0.1

    Interest/Investment Income - Non-Operating

0.1

0.0

0.2

0.4

Interest Income (Expense) - Net Non-Operating Total

-2.3

-3.0

-4.0

-3.3

    Other Non-Operating Income (Expense)

0.3

-0.8

1.0

0.6

Other, Net

0.3

-0.8

1.0

0.6

Income Before Tax

10.6

13.3

15.0

9.2

 

 

 

 

 

Total Income Tax

3.7

3.1

4.6

4.5

Income After Tax

6.9

10.3

10.4

4.8

 

 

 

 

 

    Minority Interest

0.0

0.0

0.0

0.0

Net Income Before Extraord Items

6.9

10.2

10.4

4.8

Net Income

6.9

10.2

10.4

4.8

 

 

 

 

 

Income Available to Common Excl Extraord Items

6.9

10.2

10.4

4.8

 

 

 

 

 

Income Available to Common Incl Extraord Items

6.9

10.2

10.4

4.8

 

 

 

 

 

Basic/Primary Weighted Average Shares

107.1

90.6

90.6

90.6

Basic EPS Excl Extraord Items

0.06

0.11

0.12

0.05

Basic/Primary EPS Incl Extraord Items

0.06

0.11

0.12

0.05

Diluted Net Income

6.9

10.2

10.4

4.8

Diluted Weighted Average Shares

107.1

90.6

90.6

90.6

Diluted EPS Excl Extraord Items

0.06

0.11

0.12

0.05

Diluted EPS Incl Extraord Items

0.06

0.11

0.12

0.05

Dividends per Share - Common Stock Primary Issue

0.04

0.03

0.00

0.00

Gross Dividends - Common Stock

4.0

3.6

0.0

0.0

Interest Expense, Supplemental

2.5

3.0

4.1

3.6

Depreciation, Supplemental

3.0

1.9

1.5

1.0

Total Special Items

4.7

-

-

-

Normalized Income Before Tax

15.2

13.3

15.0

9.2

 

 

 

 

 

Effect of Special Items on Income Taxes

1.6

-

-

-

Inc Tax Ex Impact of Sp Items

5.3

3.1

4.6

4.5

Normalized Income After Tax

9.9

10.3

10.4

4.8

 

 

 

 

 

Normalized Inc. Avail to Com.

10.0

10.2

10.4

4.8

 

 

 

 

 

Basic Normalized EPS

0.09

0.11

0.12

0.05

Diluted Normalized EPS

0.09

0.11

0.12

0.05

Amort of Intangibles, Supplemental

4.3

2.8

2.4

0.9

Rental Expenses

3.9

3.9

4.8

3.2

Advertising Expense, Supplemental

0.9

0.5

1.3

0.9

Research & Development Exp, Supplemental

-4.5

-4.2

-3.8

-1.8

Normalized EBIT

17.3

17.1

18.1

12.0

Normalized EBITDA

24.6

21.9

22.0

13.9

Interest Cost - Domestic

0.2

0.2

0.2

0.2

Actuarial Gains and Losses - Domestic

0.0

0.0

0.0

-0.3

Curtailments & Settlements - Domestic

0.0

0.0

0.0

0.3

Domestic Pension Plan Expense

0.2

0.1

0.2

0.2

Total Pension Expense

0.2

0.1

0.2

0.2

Discount Rate - Domestic

4.50%

4.50%

4.50%

4.50%

Total Plan Interest Cost

0.2

0.2

0.2

0.2

 

 

 

Interim Income Statement

Standardized

 

Financials in: USD (mil) 

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

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.707825

0.695476

0.731463

0.736368

0.774922

 

 

 

 

 

 

    Net Sales

34.8

42.6

36.3

36.9

31.9

Revenue

34.8

42.6

36.3

36.9

31.9

Total Revenue

34.8

42.6

36.3

36.9

31.9

 

 

 

 

 

 

    Cost of Revenue

24.3

29.1

23.2

27.0

24.0

Cost of Revenue, Total

24.3

29.1

23.2

27.0

24.0

Gross Profit

10.5

13.5

13.1

10.0

7.9

 

 

 

 

 

 

    Labor & Related Expense

5.8

6.3

6.4

5.5

5.4

Total Selling/General/Administrative Expenses

5.8

6.3

6.4

5.5

5.4

Research & Development

-1.4

-1.3

-1.0

-1.1

-0.9

    Amortization of Intangibles

2.1

2.0

1.8

2.6

1.5

Depreciation/Amortization

2.1

2.0

1.8

2.6

1.5

    Other Operating Expense

0.7

0.6

0.6

1.8

0.9

Other Operating Expenses, Total

0.7

0.6

0.6

1.8

0.9

Total Operating Expense

31.5

36.8

30.9

35.8

30.9

 

 

 

 

 

 

Operating Income

3.3

5.8

5.4

1.1

1.0

 

 

 

 

 

 

        Investment Income - Non-Operating

0.0

-0.2

0.0

0.1

0.0

    Interest/Investment Income - Non-Operating

0.0

-0.2

0.0

0.1

0.0

    Interest Income (Expense) - Net Non-Operating

-1.2

-2.2

-1.7

-

-

Interest Income (Expense) - Net Non-Operating Total

-1.2

-2.4

-1.8

0.1

0.0

    Other Non-Operating Income (Expense)

1.1

-0.3

0.7

-0.6

-0.6

Other, Net

1.1

-0.3

0.7

-0.6

-0.6

Income Before Tax

3.2

3.1

4.3

0.6

0.4

 

 

 

 

 

 

Total Income Tax

1.1

1.2

1.6

0.4

0.0

Income After Tax

2.1

1.9

2.6

0.3

0.4

 

 

 

 

 

 

    Minority Interest

0.0

0.0

0.0

0.0

0.0

Net Income Before Extraord Items

2.1

1.9

2.6

0.3

0.4

Net Income

2.1

1.9

2.6

0.3

0.4

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

2.1

1.9

2.6

0.3

0.4

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

2.1

1.9

2.6

0.3

0.4

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

107.1

107.1

107.1

107.1

107.1

Basic EPS Excl Extraord Items

0.02

0.02

0.02

0.00

0.00

Basic/Primary EPS Incl Extraord Items

0.02

0.02

0.02

0.00

0.00

Diluted Net Income

2.1

1.9

2.6

0.3

0.4

Diluted Weighted Average Shares

107.1

107.1

107.1

107.1

107.1

Diluted EPS Excl Extraord Items

0.02

0.02

0.02

0.00

0.00

Diluted EPS Incl Extraord Items

0.02

0.02

0.02

0.00

0.00

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.04

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

4.1

0.0

Normalized Income Before Tax

3.2

3.1

4.3

0.6

0.4

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

1.1

1.2

1.6

0.4

0.0

Normalized Income After Tax

2.1

1.9

2.6

0.3

0.4

 

 

 

 

 

 

Normalized Inc. Avail to Com.

2.1

1.9

2.6

0.3

0.4

 

 

 

 

 

 

Basic Normalized EPS

0.02

0.02

0.02

0.00

0.00

Diluted Normalized EPS

0.02

0.02

0.02

0.00

0.00

Amort of Intangibles, Supplemental

2.1

2.0

1.8

2.6

1.5

Research & Development Exp, Supplemental

-1.4

-1.3

-1.0

-1.1

-0.9

Normalized EBIT

3.3

5.8

5.4

1.1

1.0

Normalized EBITDA

5.4

7.8

7.2

3.8

2.5

 

 

 

Annual Balance Sheet

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Filed Currency

EUR

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

0.683971

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

    Cash & Equivalents

10.4

2.1

4.5

7.8

    Short Term Investments

0.5

4.8

5.7

3.6

Cash and Short Term Investments

11.0

6.9

10.2

11.4

        Accounts Receivable - Trade, Gross

44.6

42.1

34.8

27.9

        Provision for Doubtful Accounts

-1.0

-1.3

-1.5

-0.4

    Trade Accounts Receivable - Net

43.6

40.8

33.3

27.5

    Other Receivables

0.6

1.5

0.0

0.2

Total Receivables, Net

44.2

42.4

33.3

27.7

    Inventories - Finished Goods

8.8

9.5

10.2

8.2

    Inventories - Work In Progress

10.5

11.7

10.7

11.5

    Inventories - Raw Materials

36.8

39.1

42.4

25.4

    Inventories - Other

0.6

-

-

-

Total Inventory

56.6

60.2

63.3

45.2

    Other Current Assets

2.1

4.8

5.9

3.8

Other Current Assets, Total

2.1

4.8

5.9

3.8

Total Current Assets

113.8

114.3

112.7

88.1

 

 

 

 

 

        Buildings

8.9

8.7

3.8

3.9

        Land/Improvements

0.2

0.2

0.2

0.2

        Machinery/Equipment

16.1

15.6

12.0

11.1

        Other Property/Plant/Equipment

11.1

10.5

6.0

2.0

    Property/Plant/Equipment - Gross

36.3

35.0

22.0

17.3

    Accumulated Depreciation

-12.1

-10.3

-8.5

-7.8

Property/Plant/Equipment - Net

24.1

24.7

13.5

9.5

    Intangibles - Gross

21.4

16.1

-

-

    Accumulated Intangible Amortization

-12.2

-8.0

-

-

Intangibles, Net

9.1

8.1

6.2

4.0

    LT Investment - Affiliate Companies

1.7

1.6

0.3

0.3

    LT Investments - Other

0.2

1.8

0.0

0.3

Long Term Investments

1.9

3.4

0.3

0.6

    Other Long Term Assets

6.6

4.8

5.7

5.2

Other Long Term Assets, Total

6.6

4.8

5.7

5.2

Total Assets

155.6

155.3

138.4

107.3

 

 

 

 

 

Accounts Payable

35.3

31.3

38.0

29.1

Notes Payable/Short Term Debt

15.7

43.0

40.5

23.5

Current Portion - Long Term Debt/Capital Leases

12.2

12.5

1.9

2.8

    Customer Advances

2.8

6.9

3.9

4.6

    Income Taxes Payable

5.3

2.5

2.1

2.5

    Other Current Liabilities

5.6

4.9

5.1

6.8

Other Current liabilities, Total

13.7

14.2

11.1

13.8

Total Current Liabilities

76.9

101.0

91.6

69.3

 

 

 

 

 

    Long Term Debt

24.1

14.4

16.1

12.6

    Capital Lease Obligations

2.7

3.0

3.0

3.5

Total Long Term Debt

26.8

17.4

19.0

16.1

Total Debt

54.7

72.9

61.5

42.4

 

 

 

 

 

    Deferred Income Tax - LT Liability

1.3

2.1

1.0

0.7

Deferred Income Tax

1.3

2.1

1.0

0.7

Minority Interest

0.0

0.0

0.0

0.0

    Pension Benefits - Underfunded

4.0

4.6

4.6

5.3

    Other Long Term Liabilities

0.0

0.3

0.3

0.0

Other Liabilities, Total

4.0

4.9

4.9

5.3

Total Liabilities

109.0

125.4

116.5

91.3

 

 

 

 

 

    Common Stock

14.4

13.0

12.6

13.2

Common Stock

14.4

13.0

12.6

13.2

Retained Earnings (Accumulated Deficit)

32.2

16.9

9.2

2.7

Total Equity

46.6

29.9

21.8

15.9

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

155.6

155.3

138.4

107.3

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

107.1

90.6

90.6

90.6

Total Common Shares Outstanding

107.1

90.6

90.6

90.6

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

Employees

346

342

348

218

Accumulated Intangible Amort, Suppl.

12.2

8.0

4.9

2.7

Deferred Revenue - Current

2.8

6.9

3.9

4.6

Pension Obligation - Domestic

4.0

4.6

4.6

5.3

Funded Status - Domestic

-4.0

-4.6

-4.6

-5.3

Total Funded Status

-4.0

-4.6

-4.6

-5.3

Discount Rate - Domestic

4.50%

4.50%

4.50%

4.50%

Accrued Liabilities - Domestic

-4.0

-4.6

-4.6

-5.3

Net Assets Recognized on Balance Sheet

-4.0

-4.6

-4.6

-5.3

Total Plan Obligations

4.0

4.6

4.6

5.3

 

 

 

Interim Balance Sheet

Standardized

 

Financials in: USD (mil)                                                                

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

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

UpdateType/Date

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Reclassified Normal 
31-Mar-2011

Updated Normal 
30-Sep-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.745323

0.689727

0.704672

0.745406

0.732493

 

 

 

 

 

 

    Cash & Equivalents

12.8

13.1

11.3

10.4

10.8

    Short Term Investments

4.3

4.4

1.8

0.5

0.4

Cash and Short Term Investments

17.0

17.5

13.1

11.0

11.2

    Trade Accounts Receivable - Net

42.3

49.3

51.9

43.6

48.5

    Other Receivables

0.1

0.1

0.6

0.6

0.0

Total Receivables, Net

42.3

49.4

52.4

44.2

48.5

    Inventories - Finished Goods

10.8

11.5

9.6

8.8

11.0

    Inventories - Work In Progress

10.2

11.7

11.9

10.5

11.1

    Inventories - Raw Materials

36.6

38.7

40.0

36.8

39.6

    Inventories - Other

0.3

0.5

0.6

0.6

-

Total Inventory

57.9

62.4

62.1

56.6

61.7

    Other Current Assets

4.8

4.4

3.6

2.1

5.2

Other Current Assets, Total

4.8

4.4

3.6

2.1

5.2

Total Current Assets

122.1

133.6

131.2

113.8

126.7

 

 

 

 

 

 

Property/Plant/Equipment - Net

51.2

55.1

55.2

24.1

23.9

Goodwill, Net

0.4

-

-

-

-

Intangibles, Net

9.9

10.2

9.7

9.1

9.7

    LT Investment - Affiliate Companies

2.0

2.0

1.7

1.7

1.7

    LT Investments - Other

0.0

0.2

0.4

0.2

0.0

Long Term Investments

2.0

2.2

2.0

1.9

1.7

    Other Long Term Assets

6.5

7.4

7.0

6.6

5.8

Other Long Term Assets, Total

6.5

7.4

7.0

6.6

5.8

Total Assets

192.1

208.5

205.2

155.6

167.8

 

 

 

 

 

 

Accounts Payable

30.5

38.9

35.8

35.3

39.6

Notes Payable/Short Term Debt

22.2

27.1

27.0

15.7

23.2

Current Portion - Long Term Debt/Capital Leases

8.9

8.8

8.5

12.2

9.8

    Customer Advances

0.9

1.5

2.4

2.8

0.7

    Income Taxes Payable

4.2

6.9

5.4

5.3

3.6

    Other Current Liabilities

5.9

6.5

5.9

5.6

6.6

Other Current liabilities, Total

11.0

14.9

13.7

13.7

10.9

Total Current Liabilities

72.6

89.7

85.0

76.9

83.6

 

 

 

 

 

 

    Long Term Debt

38.3

34.8

34.8

24.6

31.1

    Capital Lease Obligations

27.6

30.1

29.9

2.2

-

Total Long Term Debt

66.0

64.9

64.6

26.8

31.1

Total Debt

97.1

100.8

100.1

54.7

64.2

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

1.3

1.3

1.2

1.3

1.8

Deferred Income Tax

1.3

1.3

1.2

1.3

1.8

Minority Interest

0.0

0.0

0.0

0.0

0.0

    Pension Benefits - Underfunded

3.4

3.8

3.8

4.0

4.0

    Other Long Term Liabilities

0.3

0.0

0.0

0.0

0.2

Other Liabilities, Total

3.7

3.9

3.9

4.0

4.2

Total Liabilities

143.6

159.7

154.7

109.0

120.7

 

 

 

 

 

 

    Common Stock

14.4

15.5

15.2

14.4

14.6

Common Stock

14.4

15.5

15.2

14.4

14.6

Retained Earnings (Accumulated Deficit)

34.1

33.3

35.4

32.2

32.5

Total Equity

48.5

48.8

50.6

46.6

47.1

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

192.1

208.5

205.2

155.6

167.8

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

107.1

107.1

107.1

107.1

107.1

Total Common Shares Outstanding

107.1

107.1

107.1

107.1

107.1

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

359

349

350

346

339

Deferred Revenue - Current

0.9

1.5

2.4

2.8

0.7

 

 

 

Annual Cash Flows

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Filed Currency

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

Net Income/Starting Line

6.9

10.3

10.4

4.8

    Depreciation

7.3

4.8

3.9

1.9

Depreciation/Depletion

7.3

4.8

3.9

1.9

Deferred Taxes

-2.6

2.0

-0.5

0.4

    Other Non-Cash Items

2.6

0.6

1.3

-0.4

Non-Cash Items

2.6

0.6

1.3

-0.4

    Accounts Receivable

-10.5

-3.7

-9.1

2.8

    Inventories

1.1

3.8

-20.8

-10.3

    Accounts Payable

5.2

-7.5

10.4

6.9

    Other Assets & Liabilities, Net

6.9

-0.3

-3.6

-0.7

Changes in Working Capital

2.6

-7.7

-23.2

-1.4

Cash from Operating Activities

16.8

9.9

-7.9

5.3

 

 

 

 

 

    Purchase of Fixed Assets

-4.7

-15.2

-6.0

-0.2

    Purchase/Acquisition of Intangibles

-5.8

-4.5

-4.9

-2.8

Capital Expenditures

-10.5

-19.8

-10.9

-3.0

    Acquisition of Business

-

0.0

0.0

-2.1

    Sale of Fixed Assets

1.4

2.5

0.1

0.3

    Purchase of Investments

5.4

-1.9

-2.0

-2.9

Other Investing Cash Flow Items, Total

6.8

0.6

-1.9

-4.7

Cash from Investing Activities

-3.7

-19.2

-12.8

-7.8

 

 

 

 

 

    Other Financing Cash Flow

-0.2

0.0

-

-

Financing Cash Flow Items

-0.2

0.0

-

-

    Cash Dividends Paid - Common

-3.4

-2.8

-4.0

-1.4

Total Cash Dividends Paid

-3.4

-2.8

-4.0

-1.4

        Sale/Issuance of Common

13.3

0.0

0.0

4.8

    Common Stock, Net

13.3

0.0

0.0

4.8

Issuance (Retirement) of Stock, Net

13.3

0.0

0.0

4.8

    Short Term Debt, Net

-24.8

1.4

18.8

-7.3

        Long Term Debt Issued

21.1

11.1

5.1

6.9

        Long Term Debt Reduction

-10.8

-2.9

-2.2

-0.7

    Long Term Debt, Net

10.4

8.2

2.9

6.1

Issuance (Retirement) of Debt, Net

-14.4

9.5

21.7

-1.2

Cash from Financing Activities

-4.7

6.8

17.8

2.2

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

0.0

Net Change in Cash

8.4

-2.5

-3.0

-0.3

 

 

 

 

 

Net Cash - Beginning Balance

1.9

4.5

7.8

7.5

Net Cash - Ending Balance

10.3

2.0

4.7

7.3

Cash Interest Paid

2.8

1.7

1.7

1.2

Cash Taxes Paid

2.2

1.0

4.9

2.2

 

 

Interim Cash Flows

Standardized

 

Financials in: USD (mil) 

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

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

Period Length

9 Months

6 Months

3 Months

12 Months

9 Months

UpdateType/Date

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.711706

0.713558

0.731463

0.755078

0.761121

 

 

 

 

 

 

Net Income/Starting Line

6.6

4.6

2.6

6.9

6.6

    Depreciation

5.9

3.8

1.8

7.3

4.7

Depreciation/Depletion

5.9

3.8

1.8

7.3

4.7

Deferred Taxes

0.1

-0.4

-0.3

-2.6

-1.3

    Other Non-Cash Items

-0.1

-0.3

-0.5

2.6

2.4

Non-Cash Items

-0.1

-0.3

-0.5

2.6

2.4

    Accounts Receivable

-0.8

-4.0

-6.3

-10.5

-16.9

    Inventories

-1.8

-2.8

-3.4

1.1

-3.2

    Accounts Payable

-4.8

1.0

-1.3

5.2

9.2

    Other Assets & Liabilities, Net

-3.0

0.1

-1.5

6.9

3.8

Changes in Working Capital

-10.4

-5.7

-12.4

2.6

-7.2

Cash from Operating Activities

2.2

1.9

-8.7

16.8

5.2

 

 

 

 

 

 

    Purchase of Fixed Assets

-3.7

-1.3

-30.9

-4.7

-3.0

    Purchase/Acquisition of Intangibles

-4.3

-2.4

-1.1

-5.8

-4.4

Capital Expenditures

-8.0

-3.8

-32.0

-10.5

-7.4

    Sale of Fixed Assets

3.6

2.0

0.8

1.4

0.8

    Purchase of Investments

-4.4

-4.0

-1.1

5.4

5.5

Other Investing Cash Flow Items, Total

-0.7

-2.0

-0.3

6.8

6.3

Cash from Investing Activities

-8.7

-5.8

-32.3

-3.7

-1.0

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

0.0

0.0

-0.2

-

Financing Cash Flow Items

0.0

0.0

0.0

-0.2

-

    Cash Dividends Paid - Common

-4.2

-4.2

0.0

-3.4

-3.4

Total Cash Dividends Paid

-4.2

-4.2

0.0

-3.4

-3.4

        Sale/Issuance of Common

0.0

-

-

13.3

13.4

    Common Stock, Net

0.0

-

-

13.3

13.4

Issuance (Retirement) of Stock, Net

0.0

-

-

13.3

13.4

    Short Term Debt, Net

7.4

11.3

11.6

-24.8

-17.1

        Long Term Debt Issued

21.0

11.5

37.4

21.1

15.6

        Long Term Debt Reduction

-15.1

-13.0

-7.7

-10.8

-4.2

    Long Term Debt, Net

5.9

-1.4

29.7

10.4

11.4

Issuance (Retirement) of Debt, Net

13.3

9.9

41.3

-14.4

-5.7

Cash from Financing Activities

9.0

5.6

41.2

-4.7

4.3

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

0.0

0.0

Net Change in Cash

2.5

1.8

0.3

8.4

8.5

 

 

 

 

 

 

Net Cash - Beginning Balance

10.9

10.9

10.6

1.9

1.9

Net Cash - Ending Balance

13.4

12.7

10.9

10.3

10.4

Cash Interest Paid

3.1

1.9

0.7

2.8

1.4

Cash Taxes Paid

5.0

2.0

2.0

2.2

1.5

 

 

 

Annual Income Statement

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Filed Currency

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

    Revenues from Sales and Services

139.4

119.7

161.2

122.5

Total Revenue

139.4

119.7

161.2

122.5

 

 

 

 

 

    Raw Materials

64.5

53.6

82.8

67.3

    Services Costs

27.3

23.1

32.3

23.9

    Non-Recurring Costs for Services

4.7

-

-

-

    Labour Costs

22.7

21.5

23.2

15.3

    Other Costs / Net Operating Revenues

4.9

3.8

4.7

4.0

    Amortisation

4.3

2.8

2.4

0.9

    Depreciation

3.0

1.9

1.5

1.0

    Research and Development Costs

-4.5

-4.2

-3.8

-1.8

Total Operating Expense

126.8

102.6

143.1

110.6

 

 

 

 

 

    Interest Income

0.0

0.1

0.1

0.2

    Financial Income

2.3

0.5

2.9

1.5

    Interest Expense

-2.5

-3.0

-4.1

-3.6

    Financial Expense

-2.0

-1.3

-1.9

-0.9

    Equity in Affiliates

0.1

0.0

0.0

0.1

Net Income Before Taxes

10.6

13.3

15.0

9.2

 

 

 

 

 

Provision for Income Taxes

3.7

3.1

4.6

4.5

Net Income After Taxes

6.9

10.3

10.4

4.8

 

 

 

 

 

    Minority Interest

0.0

0.0

0.0

0.0

Net Income Before Extra. Items

6.9

10.2

10.4

4.8

Net Income

6.9

10.2

10.4

4.8

 

 

 

 

 

Income Available to Com Excl ExtraOrd

6.9

10.2

10.4

4.8

 

 

 

 

 

Income Available to Com Incl ExtraOrd

6.9

10.2

10.4

4.8

 

 

 

 

 

Basic Weighted Average Shares

107.1

90.6

90.6

90.6

Basic EPS Excluding ExtraOrdinary Items

0.06

0.11

0.12

0.05

Basic EPS Including ExtraOrdinary Items

0.06

0.11

0.12

0.05

Diluted Net Income

6.9

10.2

10.4

4.8

Diluted Weighted Average Shares

107.1

90.6

90.6

90.6

Diluted EPS Excluding ExtraOrd Items

0.06

0.11

0.12

0.05

Diluted EPS Including ExtraOrd Items

0.06

0.11

0.12

0.05

DPS-Common Stock

0.04

0.03

0.00

0.00

Gross Dividends - Common Stock

4.0

3.6

0.0

0.0

Normalized Income Before Taxes

15.2

13.3

15.0

9.2

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

5.3

3.1

4.6

4.5

Normalized Income After Taxes

9.9

10.3

10.4

4.8

 

 

 

 

 

Normalized Inc. Avail to Com.

10.0

10.2

10.4

4.8

 

 

 

 

 

Basic Normalized EPS

0.09

0.11

0.12

0.05

Diluted Normalized EPS

0.09

0.11

0.12

0.05

Amort of Intangibles, Supplemental

4.3

2.8

2.4

0.9

Depreciation, Supplemental

3.0

1.9

1.5

1.0

Interest Expense, Supplemental

2.5

3.0

4.1

3.6

Research & Development Exp, Supplemental

-4.5

-4.2

-3.8

-1.8

Advertising Expense, Supplemental

0.9

0.5

1.3

0.9

Rental Expense, Supplemental

3.9

3.9

4.8

3.2

Curtailments & Settlements - Domestic

0.0

0.0

0.0

0.3

Interest Cost - Domestic

0.2

0.2

0.2

0.2

Actuarial Gains and Losses - Domestic

0.0

0.0

0.0

-0.3

Domestic Pension Plan Expense

0.2

0.1

0.2

0.2

Total Pension Expense

0.2

0.1

0.2

0.2

Discount Rate - Domestic

4.50%

4.50%

4.50%

4.50%

 

 

 

Interim Income Statement

As Reported

 

Financials in: USD (mil) 

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

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.707825

0.695476

0.731463

0.736368

0.774922

 

 

 

 

 

 

    Revenues from Sales and Services

34.8

42.6

36.3

36.9

31.9

Total Revenue

34.8

42.6

36.3

36.9

31.9

 

 

 

 

 

 

    Raw Materials

17.8

21.7

16.0

18.8

13.7

    Costs for Services

6.5

7.4

7.1

8.1

10.3

    Labour Costs

5.8

6.3

6.4

5.5

5.4

    Other Operating (Costs)/Revenues, Net

0.7

0.6

0.6

1.8

0.9

    Amortisation and Depreciation

2.1

2.0

1.8

2.6

1.5

    Development Costs Capitalised

-1.4

-1.3

-1.0

-1.1

-0.9

Total Operating Expense

31.5

36.8

30.9

35.8

30.9

 

 

 

 

 

 

    Other Financial Income

1.1

-0.3

0.7

0.6

-0.6

    Interest Expense, Net

-1.2

-2.2

-1.7

-

-

    Financial Expenses

-

-

-

-1.2

0.0

    Equity in Affiliates

0.0

-0.2

0.0

0.1

0.0

Net Income Before Taxes

3.2

3.1

4.3

0.6

0.4

 

 

 

 

 

 

Provision for Income Taxes

1.1

1.2

1.6

0.4

0.0

Net Income After Taxes

2.1

1.9

2.6

0.3

0.4

 

 

 

 

 

 

    Minority Interest

0.0

0.0

0.0

0.0

0.0

Net Income Before Extra. Items

2.1

1.9

2.6

0.3

0.4

Net Income

2.1

1.9

2.6

0.3

0.4

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

2.1

1.9

2.6

0.3

0.4

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

2.1

1.9

2.6

0.3

0.4

 

 

 

 

 

 

Basic Weighted Average Shares

107.1

107.1

107.1

107.1

107.1

Basic EPS Excluding ExtraOrdinary Items

0.02

0.02

0.02

0.00

0.00

Basic EPS Including ExtraOrdinary Items

0.02

0.02

0.02

0.00

0.00

Diluted Net Income

2.1

1.9

2.6

0.3

0.4

Diluted Weighted Average Shares

107.1

107.1

107.1

107.1

107.1

Diluted EPS Excluding ExtraOrd Items

0.02

0.02

0.02

0.00

0.00

Diluted EPS Including ExtraOrd Items

0.02

0.02

0.02

0.00

0.00

DPS-Common Stock

0.00

0.00

0.00

0.04

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

4.1

0.0

Normalized Income Before Taxes

3.2

3.1

4.3

0.6

0.4

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

1.1

1.2

1.6

0.4

0.0

Normalized Income After Taxes

2.1

1.9

2.6

0.3

0.4

 

 

 

 

 

 

Normalized Inc. Avail to Com.

2.1

1.9

2.6

0.3

0.4

 

 

 

 

 

 

Basic Normalized EPS

0.02

0.02

0.02

0.00

0.00

Diluted Normalized EPS

0.02

0.02

0.02

0.00

0.00

Amort of Intangibles, Supplemental

2.1

2.0

1.8

2.6

1.5

Research & Development Exp, Supplemental

-1.4

-1.3

-1.0

-1.1

-0.9

 

 

Annual Balance Sheet

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Filed Currency

EUR

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

0.683971

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

    Raw Materials

36.8

39.1

42.4

25.4

    Work in Progress

10.5

11.7

10.7

11.5

    Finished Goods

8.8

9.5

10.2

8.2

    Advances to Suppliers

0.6

-

-

-

    Trade Receivables, Gross

44.6

42.1

34.8

27.9

    Provisions for Doubtfull Accounts

-1.0

-1.3

-1.5

-0.4

    Tax Receivables

0.6

1.5

0.0

0.2

    Other Securities Available for Sale

0.1

0.2

0.1

0.3

    Financial Receivables and ST Fin. Assets

0.4

4.7

5.6

3.4

    Other Current Assets

2.1

4.8

5.9

3.8

    Cash and Cash Equivalents

10.4

2.1

4.5

7.8

Total Current Assets

113.8

114.3

112.7

88.1

 

 

 

 

 

    Intangibles, Net

-

-

6.2

4.0

    Intangibles, Gross

21.4

16.1

-

-

    Acc. Intangibles Amortization

-12.2

-8.0

-

-

    Land

0.2

0.2

0.2

0.2

    Buildings

8.9

8.7

3.8

3.9

    Plants and Machinery

13.2

12.7

9.6

8.5

    Equipment

2.8

2.9

2.4

2.7

    Other Tangibles

11.0

10.5

4.9

2.0

    Tangibles in Progress

0.1

0.0

1.0

0.0

    Depreciation

-12.1

-10.3

-8.5

-7.8

    Equity Investments

1.7

1.6

0.3

0.3

    Other Investments

0.0

0.0

0.0

0.0

    Financial Receivables and LT Fin. Assets

0.0

1.8

0.0

0.3

    Prepaid Taxes

6.6

4.8

5.7

5.2

    Fin. Derivatives

0.2

0.0

-

-

Total Assets

155.6

155.3

138.4

107.3

 

 

 

 

 

    Banks and Other Lenders

15.7

43.0

40.5

23.5

    Current Portion of LT Debt

11.6

11.9

1.7

2.5

    Leasing

0.6

0.5

0.2

0.3

    Derivative Financial Instruments

0.1

0.0

0.0

0.3

    Trade Payables

35.3

31.3

38.0

29.1

    Advances from Customers

2.8

6.9

3.9

4.6

    Tax Liabilities

5.3

2.5

2.1

2.5

    Provisions for Risks and Charges

1.1

1.1

1.0

1.1

    Other Current Liabilities

4.4

3.9

4.1

5.4

Total Current Liabilities

76.9

101.0

91.6

69.3

 

 

 

 

 

    Medium/ LT Financing

24.1

14.4

16.1

12.6

    Leasing

2.7

3.0

3.0

3.5

Total Long Term Debt

26.8

17.4

19.0

16.1

 

 

 

 

 

    Financial Derivatives

0.0

0.3

0.3

0.0

    Employee benefit liability

4.0

4.6

4.6

5.3

    Deferred Tax Liabilities

1.3

2.1

1.0

0.7

    Minority Interest

-

-

0.0

0.0

    Minority Interest in Capital & Reserves

0.1

0.0

-

-

    Minority Interest Net Income/Loss

0.0

0.0

-

-

Total Liabilities

109.0

125.4

116.5

91.3

 

 

 

 

 

    Share Capital

14.4

13.0

12.6

13.2

    Reserves

25.2

6.3

-0.7

-2.4

    Group Net Profit

7.0

10.6

9.9

5.1

Total Equity

46.6

29.9

21.8

15.9

 

 

 

 

 

Total Liabilities & Shareholders' Equity

155.6

155.3

138.4

107.3

 

 

 

 

 

    S/O-Common Stock

107.1

90.6

90.6

90.6

Total Common Shares Outstanding

107.1

90.6

90.6

90.6

T/S-Common Stock

0.0

0.0

0.0

0.0

Deferred Revenue - Current

2.8

6.9

3.9

4.6

Accumulated Intangible Amort, Suppl.

12.2

8.0

4.9

2.7

Full-Time Employees

346

342

348

218

Pension Obligation - Domestic

4.0

4.6

4.6

5.3

Funded Status - Domestic

-4.0

-4.6

-4.6

-5.3

Total Funded Status

-4.0

-4.6

-4.6

-5.3

Discount Rate - Domestic

4.50%

4.50%

4.50%

4.50%

Accrued Liabilities - Domestic

-4.0

-4.6

-4.6

-5.3

Net Assets Recognized on Balance Sheet

-4.0

-4.6

-4.6

-5.3

 

 

 

Interim Balance Sheet

As Reported

 

Financials in: USD (mil) 

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

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

UpdateType/Date

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Reclassified Normal 
31-Mar-2011

Updated Normal 
30-Sep-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.745323

0.689727

0.704672

0.745406

0.732493

 

 

 

 

 

 

    Raw Materials

36.6

38.7

40.0

36.8

39.6

    Work in Progress

10.2

11.7

11.9

10.5

11.1

    Finished Goods

10.8

11.5

9.6

8.8

11.0

    Advances to Suppliers

0.3

0.5

0.6

0.6

-

    Trade Receivables, Net

42.3

49.3

51.9

43.6

48.5

    Tax Receivables

0.1

0.1

0.6

0.6

0.0

    Available-for-Sale Securities

0.1

0.2

0.2

0.1

0.0

    Financial Receivables and ST Fin. Assets

4.1

4.2

1.6

0.4

0.4

    Other Current Assets

4.8

4.4

3.6

2.1

5.2

    Cash and Cash Equivalents

12.8

13.1

11.3

10.4

10.8

Total Current Assets

122.1

133.6

131.2

113.8

126.7

 

 

 

 

 

 

    Goodwill

0.4

-

-

-

-

    Intangible Assets

9.9

10.2

9.7

9.1

9.7

    Tangibles, Net

-

-

55.2

24.1

23.9

    Land

5.6

6.1

-

-

-

    Buildings

31.0

33.3

-

-

-

    Plant and Machinery

7.4

7.7

-

-

-

    Equipment

0.5

0.6

-

-

-

    Other Tangible Assets

6.8

7.4

-

-

-

    Tangible Assets in Progress

0.1

0.1

-

-

-

    Equity in Affiliates

2.0

2.0

1.7

1.7

1.7

    Other Investments

0.0

0.0

0.0

0.0

0.0

    Derivative Financial Instruments

0.0

0.2

0.3

0.2

-

    Financial Receivables and LT Fin. Assets

0.0

0.0

0.0

0.0

0.0

    Prepaid Taxes

6.5

7.4

7.0

6.6

5.8

Total Assets

192.1

208.5

205.2

155.6

167.8

 

 

 

 

 

 

    Banks and Other Lenders

22.2

27.1

27.0

15.7

23.2

    Current Portion of LT Debt

7.1

6.9

6.8

11.6

9.3

    Leasing

1.8

1.9

1.7

0.6

0.5

    Trade Payables

30.5

38.9

35.8

35.3

39.6

    Advances from Customers

0.9

1.5

2.4

2.8

0.7

    Tax Liabilities

4.2

6.9

5.4

5.3

3.6

    Provisions for Risks and Charges

0.9

1.2

1.2

1.1

0.9

    Other Current Liabilities

4.9

5.2

4.6

4.4

5.6

    Derivative Financial Instruments

0.1

0.1

0.1

0.1

-

Total Current Liabilities

72.6

89.7

85.0

76.9

83.6

 

 

 

 

 

 

    Medium/ LT Financing

38.3

34.8

34.8

24.6

31.1

    Leasing

27.6

30.1

29.9

2.2

-

Total Long Term Debt

66.0

64.9

64.6

26.8

31.1

 

 

 

 

 

 

    Derivative Financial Instruments

0.3

0.0

0.0

0.0

0.2

    Liabilities for Employee Benefits

3.4

3.8

3.8

4.0

4.0

    Deferred Tax Liabilities

1.3

1.3

1.2

1.3

1.8

    Minority Interest in Capital and Reserve

0.0

0.0

0.0

0.1

0.0

    Net Income/Loss to Minority Interest

0.0

0.0

0.0

0.0

0.0

Total Liabilities

143.6

159.7

154.7

109.0

120.7

 

 

 

 

 

 

    Share Capital

14.4

15.5

15.2

14.4

14.6

    Reserves

27.8

28.6

32.6

25.2

25.6

    Net Income (Loss) for the Period

6.3

4.7

2.7

7.0

6.9

Total Equity

48.5

48.8

50.6

46.6

47.1

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

192.1

208.5

205.2

155.6

167.8

 

 

 

 

 

 

    S/O-Common Stock

107.1

107.1

107.1

107.1

107.1

Total Common Shares Outstanding

107.1

107.1

107.1

107.1

107.1

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

Deferred Revenue - Current

0.9

1.5

2.4

2.8

0.7

Full-Time Employees

359

349

350

346

339

 

 

 

Annual Cash Flows

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2010

Filed Currency

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

Net Income

6.9

10.3

10.4

4.8

    Depreciation

7.3

4.8

3.9

1.9

    Exchange Differences

1.1

0.0

-

-

    Severance Provisions

0.2

0.1

0.2

0.2

    Provisions for Risks & Charges

2.7

1.0

2.1

0.3

    Severance Provision Paid

-0.5

-0.3

-0.5

-0.3

    Net Change in Prov. for Risks & Charges

-0.5

-0.3

-0.3

-0.3

    Net Change in Def. Tax Assets & Liabs.

-2.6

2.0

-0.5

0.4

    Financial Instruments Fair Value Change

-0.3

0.0

-0.1

-0.4

    Trade Receivables

-10.5

-3.7

-9.1

2.8

    Inventory

1.1

3.8

-20.8

-10.3

    Trade Payables

5.2

-7.5

10.4

6.9

    Other ST Assets & Liabilities

6.9

-0.3

-3.6

-0.7

Cash from Operating Activities

16.8

9.9

-7.9

5.3

 

 

 

 

 

    Purchase of Tangibles

-4.7

-15.2

-6.0

-0.2

    Purchase of Intangibles

-5.8

-4.5

-4.9

-2.8

    Purchase/Sale of Financial Assets

5.4

-1.9

-2.0

-2.9

    Purchase of Business

-

0.0

0.0

-2.1

    Sale of Tangibles

1.4

2.5

0.1

0.3

Cash from Investing Activities

-3.7

-19.2

-12.8

-7.8

 

 

 

 

 

    Issuance of Medium / LT Debt

21.1

11.1

5.1

6.9

    Retirement of Medium / LT Debt

-10.8

-2.9

-2.2

-0.7

    Other Changes

-0.2

0.0

-

-

    Net Change in ST Fin. Liabilities

-24.8

1.4

18.8

-7.3

    Dividends Distribution

-3.4

-2.8

-4.0

-1.4

    Capital injection for share capital incr

13.3

0.0

0.0

4.8

Cash from Financing Activities

-4.7

6.8

17.8

2.2

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

0.0

Net Change in Cash

8.4

-2.5

-3.0

-0.3

 

 

 

 

 

Net Cash - Beginning Balance

1.9

4.5

7.8

7.5

Net Cash - Ending Balance

10.3

2.0

4.7

7.3

    Cash Interest Paid

2.8

1.7

1.7

1.2

    Cash Taxes Paid

2.2

1.0

4.9

2.2

 

 

 

Interim Cash Flows

As Reported

 

Financials in: USD (mil) 

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

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

Period Length

9 Months

6 Months

3 Months

12 Months

9 Months

UpdateType/Date

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.711706

0.713558

0.731463

0.755078

0.761121

 

 

 

 

 

 

Net Income

6.6

4.6

2.6

6.9

6.6

    Depreciation

5.9

3.8

1.8

7.3

4.7

    Exchange Differences

0.0

0.0

0.0

1.1

1.3

    Severance Provisions

0.1

0.1

0.1

0.2

0.0

    Provisions for Risks & Charges

0.3

0.3

0.1

2.7

1.9

    Severance Provision Paid

-0.7

-0.6

-0.4

-0.5

-0.3

    Net Change in Prov. for Risks & Charges

-0.3

0.0

0.0

-0.5

-0.4

    Net Change in Def. Tax Assets & Liabs.

0.1

-0.4

-0.3

-2.6

-1.3

    Financial Instruments Fair Value Change

0.4

-0.1

-0.2

-0.3

0.0

    Trade Receivables

-0.8

-4.0

-6.3

-10.5

-16.9

    Inventory

-1.8

-2.8

-3.4

1.1

-3.2

    Trade Payables

-4.8

1.0

-1.3

5.2

9.2

    Other ST Assets & Liabilities

-3.0

0.1

-1.5

6.9

3.8

Cash from Operating Activities

2.2

1.9

-8.7

16.8

5.2

 

 

 

 

 

 

    Purchase of Tangibles

-3.7

-1.3

-30.9

-4.7

-3.0

    Purchase of Intangibles

-4.3

-2.4

-1.1

-5.8

-4.4

    Purchase/Sale of Financial Assets

-4.4

-4.0

-1.1

5.4

5.5

    Sale of Tangibles

3.6

2.0

0.8

1.4

0.8

Cash from Investing Activities

-8.7

-5.8

-32.3

-3.7

-1.0

 

 

 

 

 

 

    Issuance of Medium / LT Debt

21.0

11.5

37.4

21.1

15.6

    Retirement of Medium / LT Debt

-15.1

-13.0

-7.7

-10.8

-4.2

    Other Changes

-

0.0

-

-0.2

-

    Net Change in ST Fin. Liabilities

7.4

11.3

11.6

-24.8

-17.1

    Dividends Distribution

-4.2

-4.2

0.0

-3.4

-3.4

    Share Capital Increase

0.0

-

-

13.3

13.4

    Other Variations

0.0

-

0.0

-

-

Cash from Financing Activities

9.0

5.6

41.2

-4.7

4.3

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

0.0

0.0

Net Change in Cash

2.5

1.8

0.3

8.4

8.5

 

 

 

 

 

 

Net Cash - Beginning Balance

10.9

10.9

10.6

1.9

1.9

Net Cash - Ending Balance

13.4

12.7

10.9

10.3

10.4

    Cash Interest Paid

3.1

1.9

0.7

2.8

1.4

    Cash Taxes Paid

5.0

2.0

2.0

2.2

1.5

 

 

 

Geographic Segments

 

Financials in: As Reported (mil)

Annual  

           

            

 

Employees  

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Italy

290.0

-

269.0

-

259.0

-

192.0

-

Other Foreign

56.0

-

73.0

-

87.0

-

75.0

-

Segment Total

346.0

-

342.0

-

346.0

-

267.0

-

Consolidated Total

346.0

-

342.0

-

346.0

-

267.0

-

 

 

Geographic Segments

 

Financials in: As Reported (mil)

 

           Interim  

            

 

External Revenue   USD (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

30-Sep-10

30-Jun-10

Italy

1.3

3.9 %

2.6

6.2 %

3.7

10.2 %

2.9

9.2 %

3.9

5.5 %

Europe

7.1

20.4 %

9.3

21.8 %

3.1

8.4 %

3.0

9.3 %

15.0

21.3 %

Middle East

7.3

20.8 %

12.5

29.4 %

5.1

14 %

5.4

16.8 %

13.2

18.7 %

Africa

3.4

9.6 %

0.1

0.2 %

2.9

7.9 %

3.8

11.9 %

10.2

14.4 %

North America/Central America

7.0

20.1 %

4.9

11.6 %

3.7

10.3 %

1.7

5.4 %

7.0

10 %

India/Middle East

-

-

-

-

-

-

10.9

34.3 %

21.5

30.4 %

BRIC and other

8.8

25.2 %

13.1

30.8 %

17.8

49.1 %

15.1

47.4 %

21.4

30.2 %

Other Foreign

-

-

-

-

-

-

6.4

19.9 %

23.3

32.9 %

Segment Total

34.8

100 %

42.6

100 %

36.3

100 %

31.9

100 %

70.7

100 %

Consolidated Total

34.8

100 %

42.6

100 %

36.3

100 %

31.9

100 %

70.7

100 %

Exchange Rate: EUR to USD

0.707825

 

0.695476

 

0.731463

 

0.774922

 

0.754409

 

Total Revenue   USD (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

30-Sep-10

30-Jun-10

Italy

1.3

3.9 %

2.6

6.2 %

3.7

10.2 %

2.9

9.2 %

3.9

5.5 %

Europe

7.1

20.4 %

9.3

21.8 %

3.1

8.4 %

3.0

9.3 %

15.0

21.3 %

Middle East

7.3

20.8 %

12.5

29.4 %

5.1

14 %

5.4

16.8 %

13.2

18.7 %

Africa

3.4

9.6 %

0.1

0.2 %

2.9

7.9 %

3.8

11.9 %

10.2

14.4 %

North America/Central America

7.0

20.1 %

4.9

11.6 %

3.7

10.3 %

1.7

5.4 %

7.0

10 %

India/Middle East

-

-

-

-

-

-

10.9

34.3 %

21.5

30.4 %

BRIC and other

8.8

25.2 %

13.1

30.8 %

17.8

49.1 %

15.1

47.4 %

21.4

30.2 %

Other Foreign

-

-

-

-

-

-

6.4

19.9 %

23.3

32.9 %

Segment Total

34.8

100 %

42.6

100 %

36.3

100 %

31.9

100 %

70.7

100 %

Consolidated Total

34.8

100 %

42.6

100 %

36.3

100 %

31.9

100 %

70.7

100 %

Exchange Rate: EUR to USD

0.707825

 

0.695476

 

0.731463

 

0.774922

 

0.754409

 

 

 

Business Segments

 

Financials in: As Reported (mil)

Annual  

           

            

 

External Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Stringing of Power Lines

86.2

61.8 %

61.9

51.7 %

69.5

43.1 %

56.9

46.5 %

Trenchers

53.3

38.2 %

57.9

48.3 %

91.7

56.9 %

65.6

53.5 %

Segment Total

139.4

100 %

119.7

100 %

161.2

100 %

122.5

100 %

Consolidated Total

139.4

100 %

119.7

100 %

161.2

100 %

122.5

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

Total Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Stringing of Power Lines

86.2

61.8 %

61.9

51.7 %

69.5

43.1 %

56.9

46.5 %

Trenchers

53.3

38.2 %

57.9

48.3 %

91.7

56.9 %

65.6

53.5 %

Segment Total

139.4

100 %

119.7

100 %

161.2

100 %

122.5

100 %

Consolidated Total

139.4

100 %

119.7

100 %

161.2

100 %

122.5

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

 

Earn. bef. Int., Tax & Depr.   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Stringing of Power Lines

13.9

69.7 %

12.8

58.3 %

13.8

62.9 %

9.8

70.5 %

Trenchers

6.1

30.3 %

9.1

41.7 %

8.2

37.1 %

4.1

29.5 %

Segment Total

20.0

100 %

21.9

100 %

22.0

100 %

13.9

100 %

Consolidated Total

20.0

100 %

21.9

100 %

22.0

100 %

13.9

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

EBITDA Margin (%)  

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Stringing of Power Lines

16.2

-

20.6

-

19.9

-

17.2

-

Trenchers

11.4

-

15.8

-

8.9

-

6.2

-

Segment Total

14.3

-

18.3

-

13.6

-

11.4

-

Consolidated Total

14.3

-

18.3

-

13.6

-

11.4

-

 

Depreciation   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Stringing of Power Lines

2.2

30.8 %

2.1

44 %

1.6

40.3 %

0.7

36 %

Trenchers

5.1

69.2 %

2.7

56 %

2.3

59.7 %

1.2

64 %

Segment Total

7.3

100 %

4.8

100 %

3.9

100 %

1.9

100 %

Consolidated Total

7.3

100 %

4.8

100 %

3.9

100 %

1.9

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

Total Operating Expense   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Stringing of Power Lines

74.5

58.8 %

51.2

49.9 %

57.2

40 %

47.8

43.3 %

Trenchers

52.3

41.2 %

51.4

50.1 %

85.8

60 %

62.7

56.7 %

Segment Total

126.8

100 %

102.6

100 %

143.1

100 %

110.6

100 %

Consolidated Total

126.8

100 %

102.6

100 %

143.1

100 %

110.6

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

 

Earn. bef. Int. & Tax   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Stringing of Power Lines

11.7

92.1 %

10.7

62.3 %

12.2

67.8 %

9.1

76.2 %

Trenchers

1.0

7.9 %

6.5

37.7 %

5.8

32.2 %

2.8

23.8 %

Segment Total

12.7

100 %

17.1

100 %

18.1

100 %

12.0

100 %

Consolidated Total

12.7

100 %

17.1

100 %

18.1

100 %

12.0

100 %

Exchange Rate: EUR to USD

0.755078

 

0.719047

 

0.683679

 

0.730637

 

EBIT Margin (%)  

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Stringing of Power Lines

13.5

-

17.3

-

17.6

-

16.0

-

Trenchers

1.9

-

11.2

-

6.4

-

4.3

-

Segment Total

9.1

-

14.3

-

11.2

-

9.8

-

Consolidated Total

9.1

-

14.3

-

11.2

-

9.8

-

 

Long Lived Assets   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Stringing of Power Lines

5.3

14.5 %

3.6

8.7 %

3.5

13.5 %

2.8

14.7 %

Trenchers

31.5

85.5 %

31.1

75.8 %

16.5

64.3 %

10.9

56.8 %

Unallocated

-

-

6.3

15.4 %

5.7

22.2 %

5.5

28.5 %

Segment Total

36.9

100 %

41.0

100 %

25.6

100 %

19.2

100 %

Consolidated Total

36.9

100 %

41.0

100 %

25.6

100 %

19.2

100 %

Exchange Rate: EUR to USD

0.745406

 

0.696986

 

0.719399

 

0.683971

 

Total Assets   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Stringing of Power Lines

38.2

24.6 %

35.0

22.6 %

40.1

29 %

31.1

29 %

Trenchers

100.3

64.5 %

105.9

68.2 %

82.8

59.8 %

57.6

53.7 %

Unallocated

17.0

11 %

14.3

9.2 %

15.5

11.2 %

18.5

17.3 %

Segment Total

155.6

100 %

155.3

100 %

138.4

100 %

107.3

100 %

Consolidated Total

155.6

100 %

155.3

100 %

138.4

100 %

107.3

100 %

Exchange Rate: EUR to USD

0.745406

 

0.696986

 

0.719399

 

0.683971

 

 

Operating Return on Assets (%)  

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Stringing of Power Lines

36.9

-

37.6

-

32.7

-

33.7

-

Trenchers

6.1

-

8.9

-

9.4

-

7.6

-

Segment Total

13.0

-

14.5

-

15.1

-

13.9

-

Consolidated Total

13.0

-

14.5

-

15.1

-

13.9

-

Total Liabilities   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Stringing of Power Lines

25.1

23 %

16.6

13.3 %

21.3

18.3 %

20.6

22.5 %

Trenchers

19.9

18.2 %

29.1

23.2 %

27.8

23.9 %

21.6

23.6 %

Unallocated

64.0

58.7 %

79.6

63.5 %

67.4

57.8 %

49.2

53.9 %

Segment Total

109.0

100 %

125.4

100 %

116.5

100 %

91.4

100 %

Consolidated Total

109.0

100 %

125.4

100 %

116.5

100 %

91.4

100 %

Exchange Rate: EUR to USD

0.745406

 

0.696986

 

0.719399

 

0.683971

 

 

 

Business Segments

 

Financials in: As Reported (mil)

 

           Interim  

            

 

External Revenue   USD (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Stringing of Power Lines

17.7

50.9 %

25.1

58.9 %

23.4

64.5 %

25.2

68.3 %

20.6

64.7 %

Trenchers

17.1

49.1 %

17.5

41.1 %

12.9

35.5 %

11.7

31.7 %

11.3

35.3 %

Segment Total

34.8

100 %

42.6

100 %

36.3

100 %

36.9

100 %

31.9

100 %

Consolidated Total

34.8

100 %

42.6

100 %

36.3

100 %

36.9

100 %

31.9

100 %

Exchange Rate: EUR to USD

0.707825

 

0.695476

 

0.731463

 

0.736368

 

0.774922

 

Total Revenue   USD (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Stringing of Power Lines

17.7

50.9 %

25.1

58.9 %

23.4

64.5 %

25.2

68.3 %

20.6

64.7 %

Trenchers

17.1

49.1 %

17.5

41.1 %

12.9

35.5 %

11.7

31.7 %

11.3

35.3 %

Segment Total

34.8

100 %

42.6

100 %

36.3

100 %

36.9

100 %

31.9

100 %

Consolidated Total

34.8

100 %

42.6

100 %

36.3

100 %

36.9

100 %

31.9

100 %

Exchange Rate: EUR to USD

0.707825

 

0.695476

 

0.731463

 

0.736368

 

0.774922

 

 

Earn. bef. Int., Tax & Depr.   USD (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Stringing of Power Lines

3.7

68.8 %

6.6

84.3 %

5.1

70.5 %

4.6

122.5 %

1.0

40.3 %

Trenchers

1.7

31.2 %

1.2

15.7 %

2.1

29.5 %

-0.8

-22.5 %

1.5

59.7 %

Segment Total

5.4

100 %

7.8

100 %

7.2

100 %

3.8

100 %

2.5

100 %

Consolidated Total

5.4

100 %

7.8

100 %

7.2

100 %

3.8

100 %

2.5

100 %

Exchange Rate: EUR to USD

0.707825

 

0.695476

 

0.731463

 

0.736368

 

0.774922

 

EBITDA Margin (%)  

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Stringing of Power Lines

20.8

-

26.2

-

21.7

-

18.3

-

4.9

-

Trenchers

9.8

-

7.0

-

16.6

-

-7.2

-

13.3

-

Segment Total

15.4

-

18.3

-

19.9

-

10.2

-

7.9

-

Consolidated Total

15.4

-

18.3

-

19.9

-

10.2

-

7.9

-

 

Depreciation   USD (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Stringing of Power Lines

0.7

32.5 %

0.6

31.1 %

0.5

27.1 %

-1.3

25.9 %

0.4

29.2 %

Trenchers

1.4

67.5 %

1.4

68.9 %

1.3

72.9 %

-3.6

74.1 %

1.0

70.8 %

Segment Total

2.1

100 %

2.0

100 %

1.8

100 %

-4.9

100 %

1.5

100 %

Consolidated Total

2.1

100 %

2.0

100 %

1.8

100 %

-4.9

100 %

1.5

100 %

Exchange Rate: EUR to USD

0.707825

 

0.695476

 

0.731463

 

0.736368

 

0.774922

 

Total Operating Expense   USD (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Stringing of Power Lines

14.7

46.6 %

19.1

52 %

18.8

60.9 %

21.7

60.5 %

20.0

65 %

Trenchers

16.8

53.4 %

17.6

48 %

12.1

39.1 %

14.1

39.5 %

10.8

35 %

Segment Total

31.5

100 %

36.8

100 %

30.9

100 %

35.8

100 %

30.9

100 %

Consolidated Total

31.5

100 %

36.8

100 %

30.9

100 %

35.8

100 %

30.9

100 %

Exchange Rate: EUR to USD

0.707825

 

0.695476

 

0.731463

 

0.736368

 

0.774922

 

 

Earn. bef. Int. & Tax   USD (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Stringing of Power Lines

3.0

92.3 %

5.9

102.4 %

4.6

85.4 %

8.5

118.8 %

0.6

56.2 %

Trenchers

0.3

7.7 %

-0.1

-2.4 %

0.8

14.6 %

-1.3

-18.8 %

0.5

43.8 %

Segment Total

3.3

100 %

5.8

100 %

5.4

100 %

7.2

100 %

1.0

100 %

Consolidated Total

3.3

100 %

5.8

100 %

5.4

100 %

7.2

100 %

1.0

100 %

Exchange Rate: EUR to USD

0.707825

 

0.695476

 

0.731463

 

0.736368

 

0.774922

 

EBIT Margin (%)  

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Stringing of Power Lines

17.0

-

23.7

-

19.6

-

33.7

-

2.8

-

Trenchers

1.5

-

-0.8

-

6.1

-

-11.5

-

4.0

-

Segment Total

9.3

-

13.6

-

14.8

-

19.4

-

3.2

-

Consolidated Total

9.3

-

13.6

-

14.8

-

19.4

-

3.2

-

 

Long Lived Assets   USD (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Stringing of Power Lines

22.6

32.3 %

23.2

31 %

22.9

30.9 %

5.3

12.8 %

4.3

10.4 %

Trenchers

43.1

61.6 %

46.4

61.9 %

45.8

61.9 %

31.5

75.5 %

29.8

72.4 %

Unallocated

4.3

6.1 %

5.3

7.1 %

5.3

7.1 %

4.9

11.7 %

7.1

17.2 %

Segment Total

70.0

100 %

74.9

100 %

74.0

100 %

41.7

100 %

41.1

100 %

Consolidated Total

70.0

100 %

74.9

100 %

74.0

100 %

41.7

100 %

41.1

100 %

Exchange Rate: EUR to USD

0.745323

 

0.689727

 

0.704672

 

0.745406

 

0.732493

 

Total Assets   USD (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Stringing of Power Lines

54.1

28.2 %

61.9

29.7 %

58.8

28.6 %

38.2

24.6 %

44.6

26.7 %

Trenchers

115.9

60.3 %

122.6

58.8 %

124.9

60.8 %

100.3

64.5 %

102.4

61.2 %

Unallocated

22.1

11.5 %

24.0

11.5 %

21.6

10.5 %

17.0

11 %

20.2

12.1 %

Segment Total

192.1

100 %

208.5

100 %

205.2

100 %

155.6

100 %

167.3

100 %

Consolidated Total

192.1

100 %

208.5

100 %

205.2

100 %

155.6

100 %

167.3

100 %

Exchange Rate: EUR to USD

0.745323

 

0.689727

 

0.704672

 

0.745406

 

0.732493

 

 

Operating Return on Assets (%)  

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Stringing of Power Lines

6.5

-

10.7

-

9.0

-

11.9

-

2.4

-

Trenchers

1.4

-

1.0

-

1.8

-

-0.8

-

1.5

-

Segment Total

2.6

-

3.8

-

3.6

-

2.4

-

1.6

-

Consolidated Total

2.6

-

3.8

-

3.6

-

2.4

-

1.6

-

Total Liabilities   USD (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Stringing of Power Lines

20.2

14.1 %

21.6

10.3 %

25.1

16.3 %

25.1

23 %

12.7

10.6 %

Trenchers

84.7

59 %

23.1

11.1 %

16.7

10.8 %

19.9

18.2 %

33.1

27.4 %

Unallocated

38.7

26.9 %

163.8

78.6 %

112.8

72.9 %

64.0

58.7 %

74.9

62 %

Segment Total

143.6

100 %

208.5

100 %

154.7

100 %

109.0

100 %

120.7

100 %

Consolidated Total

143.6

100 %

208.5

100 %

154.7

100 %

109.0

100 %

120.7

100 %

Exchange Rate: EUR to USD

0.745323

 

0.689727

 

0.704672

 

0.745406

 

0.732493

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.84

UK Pound

1

Rs.86.72

Euro

1

Rs.69.17

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.