MIRA
INFORM REPORT
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Report Date : |
23.11.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
MASCHINENFABRIK BERTHOLD HERMLE AG |
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Registered Office : |
Industriestrasse 8-12, Gosheim, 78559 |
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Country : |
Germany |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1938 |
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Com. Reg. No.: |
460397 |
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Legal Form : |
Private Parent Company |
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Line of Business : |
Subject is engaged in production of universal milling
machines and machining centers. |
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No. of Employees : |
860 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Germany |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
germany - ECONOMIC OVERVIEW
The German economy - the fifth largest economy in the world in PPP terms
and Europe's largest - is a leading exporter of machinery, vehicles, chemicals,
and household equipment and benefits from a highly skilled labor force. Like
its Western European neighbors, Germany faces significant demographic
challenges to sustained long-term growth. Low fertility rates and declining net
immigration are increasing pressure on the country's social welfare system and
necessitate structural reforms. Reforms launched by the government of
Chancellor Gerhard SCHROEDER (1998-2005), deemed necessary to address
chronically high unemployment and low average growth, contributed to strong
growth in 2006 and 2007 and falling unemployment. These advances, as well as a
government subsidized, reduced working hour scheme, help explain the relatively
modest increase in unemployment during the 2008-09 recession - the deepest
since World War II - and its decrease to 6.0% in 2011. GDP contracted 5.1% in
2009 but grew by 3.6% in 2010, and 2.7% in 2011. The recovery was attributable
primarily to rebounding manufacturing orders and exports - increasingly outside
the Euro Zone. Germany's central bank projects that GDP will grow 0.6% in 2012,
a reflection of the worsening euro-zone financial crisis and the financial
burden it places on Germany as well as falling demand for German exports.
Domestic demand is therefore becoming a more significant driver of Germany's
economic expansion. Stimulus and stabilization efforts initiated in 2008 and
2009 and tax cuts introduced in Chancellor Angela MERKEL's second term
increased Germany's budget deficit to 3.3% in 2010, but slower spending and
higher tax revenues reduce the deficit to 1.7% in 2011, below the EU's 3%
limit. A constitutional amendment approved in 2009 limits the federal
government to structural deficits of no more than 0.35% of GDP per annum as of
2016. Following the March 2011 Fukushima nuclear disaster, Chancellor Angela
Merkel announced in May 2011 that eight of the country's 17 nuclear reactors
would be shut down immediately and the remaining plants would close by 2022.
Germany hopes to replace nuclear power with renewable energy. Before the
shutdown of the eight reactors, Germany relied on nuclear power for 23% of its
energy and 46% of its base-load electrical production.
|
Source : CIA |
Company name & address
Maschinenfabrik Berthold Hermle AG
Industriestrasse 8-12
Gosheim, 78559
Germany
Tel: 49-7426-950
Fax: 49-7426-951309
Web: www.hermle.de
Synthesis
Employees: 860
Company Type: Private Parent
Corporate Family: 15
Companies
Traded: Frankfurt Stock Exchange: MBH
Incorporation Date: 1938
Auditor: Bansbach Schubel Broszh & Partner GhbH
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: Euro
Annual Sales: 383.7
1
Net Income: 57.0
Total Assets: 300.0 2
Business Description
Maschinenfabrik Berthold Hermle AG is a Germany-based company engaged in the production of universal milling machines and machining centers. The Company's products are used for the machining of tools, molds and series-produced parts in a variety of sectors, including medical technology, optics, aviation, automotive and racing, as well as in tool and mold making. The Company's product range encompasses Machining Centers C series, Machining Center B 300 and MT series. As of December 31, 2011, Maschinenfabrik Berthold Hermle AG operated through its nine subsidiaries divided into two business segments: Domestic Sales segment, including three subsidiaries, and Foreign Sales segment, including six subsidiaries located in Switzerland, Russia, the Netherlands, Italy and the United States. For the six months ended 30 June 2012, Maschinenfabrik Berthold Hermle AG revenues increased 18% to EUR135M. Net income increased 21% to EUR14.2M. Revenues reflect Germany segment increase of 14% to EUR90.3M, Other Foreign segment increase of 29% to EUR44.7M. Net income benefited from Germany segment income increase of 37% to EUR22M. Basic Earnings per Share excluding Extraordinary Items increased from EUR2.35 to EUR2.86.
Industry
Industry Miscellaneous Capital Goods
ANZSIC 2006: 2463 - Machine
Tool and Parts Manufacturing
NACE 2002: 2942 - Manufacture
of other metalworking machine tools
NAICS 2002: 333512 - Machine
Tool (Metal Cutting Types) Manufacturing
UK SIC 2003: 2942 - Manufacture
of other metalworking machine tools
UK SIC 2007: 2841 - Manufacture
of metal forming machinery
US SIC 1987: 3541 - Machine
Tools, Metal Cutting Types
Key Executives
|
Name |
Title |
|
Guenther Beck |
Member of the Management Board, Finances, Human
Resources, Information Processing |
|
Alfons Betting |
Chief Representative Production, Customer Service |
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Udo Hipp |
Leiter-Marketing |
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Peter Doser |
Manager-EDV |
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Tobias Schwörer |
Leiter-Engineering |
Significant
Developments
|
Topic |
#* |
Most Recent Headline |
Date |
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Dividends |
1 |
Maschinenfabrik Berthold Hermle AG to Propose FY
2011 Dividend |
22-Mar-2012 |
* number of significant developments within the last 12 months
Financial Summary
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Stock Snapshot
Traded: Frankfurt Stock Exchange: MBH
As of 31-Dec-2011 Financials in:
EUR
Price % Change Rel S&P 500%
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
Corporate Overview
Location
Industriestrasse 8-12
Gosheim, 78559
Germany
Tel: 49-7426-950
Fax: 49-7426-951309
Web: www.hermle.de
Quote Symbol - Exchange
MBH - Frankfurt
Stock Exchange
Sales EUR(mil): 275.9
Assets EUR(mil): 231.1
Employees: 860
Fiscal Year End: 31-Dec-2011
Industry: Miscellaneous Capital Goods
Incorporation Date: 1938
Company Type: Private Parent
Quoted Status: Not Quoted
Registered No.(DEU): 460397
Chairman of the
Supervisory Board:
Wolfgang Kuhn
Company Web Links
Company Contact/E-mail
Corporate History/Profile
Executives
Home Page
News Releases
Products/Services
Contents
Industry Codes
Business Description
Financial Data
Subsidiaries
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2463 - Machine Tool and Parts Manufacturing
NACE 2002 Codes:
2942 - Manufacture of other metalworking machine tools
NAICS 2002 Codes:
333512 - Machine Tool (Metal Cutting Types) Manufacturing
US SIC 1987:
3541 - Machine Tools, Metal Cutting Types
UK SIC 2003:
2942 - Manufacture of other metalworking machine tools
UK SIC 2007:
2841 - Manufacture of metal forming machinery
Business
Description
Maschinenfabrik
Berthold Hermle AG is a Germany-based company engaged in the production of
universal milling machines and machining centers. The Company's products are
used for the machining of tools, molds and series-produced parts in a variety
of sectors, including medical technology, optics, aviation, automotive and
racing, as well as in tool and mold making. The Company's product range
encompasses Machining Centers C series, Machining Center B 300 and MT series.
As of December 31, 2011, Maschinenfabrik Berthold Hermle AG operated through
its nine subsidiaries divided into two business segments: Domestic Sales
segment, including three subsidiaries, and Foreign Sales segment, including six
subsidiaries located in Switzerland, Russia, the Netherlands, Italy and the
United States. For the six months ended 30 June 2012, Maschinenfabrik Berthold
Hermle AG revenues increased 18% to EUR135M. Net income increased 21% to
EUR14.2M. Revenues reflect Germany segment increase of 14% to EUR90.3M, Other
Foreign segment increase of 29% to EUR44.7M. Net income benefited from Germany
segment income increase of 37% to EUR22M. Basic Earnings per Share excluding
Extraordinary Items increased from EUR2.35 to EUR2.86.
More Business
Descriptions
l Manufacture of milling machinery
l Milling Machine Mfr
l Maschinenfabrik Berthold Hermle AG is primarily engaged in manufacture of machines and equipment for handling hot metals (converters, ingot moulds, ladles, casting machines); and manufacture of metal-rolling mills and rolls for such mills.
l Machine Shops
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Corporate Family |
Corporate Structure News: |
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Maschinenfabrik Berthold Hermle AG |
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Maschinenfabrik
Berthold Hermle AG |
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Company
Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Gosheim |
Germany |
Miscellaneous Capital Goods |
383.7 |
910 |
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Subsidiary |
Baar |
Switzerland |
Miscellaneous Capital Goods |
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900 |
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Subsidiary |
Tuttlingen, Baden-WĂ¼rttemberg |
Germany |
Software and Programming |
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70 |
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Subsidiary |
Moscow |
Russian Federation |
Miscellaneous Capital Goods |
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70 |
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Subsidiary |
Beijing |
China |
Miscellaneous Capital Goods |
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25 |
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Subsidiary |
Gosheim, Baden-Wurttemberg |
Germany |
Miscellaneous Capital Goods |
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20 |
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Subsidiary |
Rodano, ME |
Italy |
Miscellaneous Capital Goods |
15.8 |
12 |
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Subsidiary |
Franklin, WI |
United States |
Miscellaneous Capital Goods |
6.8 |
10 |
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Subsidiary |
Venlo |
Netherlands |
Miscellaneous Capital Goods |
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10 |
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Subsidiary |
Neuhausen, Schaffhausen |
Switzerland |
Construction Services |
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2 |
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Subsidiary |
Leoben |
Austria |
Miscellaneous Capital Goods |
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Subsidiary |
Sofia |
Bulgaria |
Miscellaneous Capital Goods |
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Subsidiary |
Wiesing |
Austria |
Miscellaneous Capital Goods |
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Subsidiary |
Arslev |
Denmark |
Miscellaneous Capital Goods |
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Subsidiary |
Wuppertal |
Germany |
Miscellaneous Capital Goods |
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Executive report
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Board of
Directors |
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Spokesman of the Management Board |
Chairman |
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Chairman-Supervisory Board |
Chairman |
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Chairman of the Supervisory Board |
Chairman |
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Vice Chairman of the Supervisory Board |
Vice-Chairman |
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Vice Chairman of the Supervisory Board |
Vice-Chairman |
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Vice Chairman-Supervisory Board |
Vice-Chairman |
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Member of the board of directors |
Director/Board Member |
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Executives |
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Member of the Management Board, Finances, Human
Resources, Information Processing |
Administration Executive |
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Member of the Management Board, Sales, Research
and Development |
Administration Executive |
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Honorary Member of the Supervisory Board |
Administration Executive |
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Member of the Supervisory Board |
Administration Executive |
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Member of the Supervisory Board, Employee
Representative |
Administration Executive |
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Leiter-Rechnungswesen |
Accounting Executive |
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Manager-Personal |
Human Resources Executive |
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Chief Representative Production, Customer Service |
Customer Service Executive |
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Manager-Verkauf |
Sales Executive |
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Leiter-Marketing |
Marketing Executive |
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Manager-EDV |
Information Executive |
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Leiter-Engineering |
Engineering/Technical Executive |
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Leiter-Logistik |
Logistics Executive |
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Supervisory Board of Directors |
Other |
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Supervisory Board of Directors |
Other |
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Supervisory Board of Directors |
Other |
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Maschinenfabrik Berthold Hermle AG to Propose FY 2011 Dividend Mar 22, 2012
Maschinenfabrik Berthold Hermle AG announced that it will propose to the Annual
General Meeting to distribute a dividend of EUR 0.80 per ordinary share and EUR
0.85 per preferred share, as well as a bonus of EUR 5.20 per share for the
fiscal year 2011. For the fiscal year 2010 the Company distributed a bonus of
EUR 2.20 per share.
Annual Profit & Loss
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate (Period Average) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
Yes |
Yes |
Yes |
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Total income |
374.5 |
248.4 |
176.6 |
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Raw materials and services |
166.8 |
108.7 |
68.3 |
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Net sales |
374.5 |
248.4 |
176.6 |
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Change in stock |
8.8 |
3.3 |
-10.5 |
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Own work capitalised |
1.2 |
1.2 |
0.4 |
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Other operating income |
9.2 |
9.0 |
7.1 |
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Raw materials and consumables employed |
166.8 |
108.7 |
68.3 |
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Other external charges |
12.9 |
9.2 |
7.9 |
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Cost of goods sold |
179.6 |
117.9 |
76.2 |
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Cost of raw materials |
179.6 |
117.9 |
76.2 |
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Taxes and social security costs |
11.5 |
9.3 |
8.3 |
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Total payroll costs |
81.5 |
64.4 |
55.2 |
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Fixed asset depreciation and amortisation |
9.5 |
8.3 |
8.8 |
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Other operating costs |
91.7 |
76.7 |
43.5 |
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Net operating income |
77.2 |
32.9 |
11.7 |
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Other income |
1.3 |
0.8 |
2.0 |
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Interest payable on loans |
0.4 |
0.2 |
0.1 |
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Total expenses |
-0.8 |
-0.6 |
-1.9 |
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Profit before tax |
78.0 |
33.5 |
13.6 |
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Provisions |
53.1 |
40.9 |
34.5 |
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Total taxation |
20.9 |
9.0 |
4.4 |
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Net profit |
57.0 |
24.5 |
9.2 |
Annual Balance Sheet
Financials in: USD (mil)
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|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
Yes |
Yes |
Yes |
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Issued capital |
19.5 |
20.1 |
21.5 |
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Capital reserves |
0.5 |
0.6 |
0.6 |
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Total reserves |
128.7 |
126.2 |
132.0 |
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Profits for the year |
57.9 |
31.7 |
16.0 |
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Total stockholders equity |
205.1 |
177.3 |
167.6 |
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Minority interests |
0.0 |
0.0 |
0.0 |
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Deferred taxation |
11.0 |
10.8 |
9.8 |
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Other provisions |
38.6 |
30.2 |
25.5 |
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Provisions and allowances |
49.6 |
41.4 |
35.6 |
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Trade creditors |
11.5 |
9.2 |
6.9 |
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Advances received |
16.3 |
8.3 |
3.3 |
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Taxation and social security |
16.9 |
11.9 |
7.5 |
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Total current liabilities |
44.8 |
29.4 |
17.8 |
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Regularisation account |
0.1 |
0.1 |
0.1 |
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Total liabilities (including net worth) |
300.0 |
248.2 |
221.1 |
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Patents |
0.9 |
1.0 |
1.3 |
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Other intangibles |
- |
0.9 |
0.1 |
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Intangibles |
1.7 |
1.9 |
1.5 |
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Land and buildings |
36.5 |
24.3 |
27.3 |
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Machinery and tools |
8.9 |
10.9 |
13.8 |
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Fixtures and equipment |
36.5 |
24.3 |
27.3 |
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Fixed assets under construction |
0.0 |
- |
- |
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Total tangible fixed assets |
54.1 |
42.5 |
46.5 |
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Participating interest |
0.0 |
0.0 |
0.0 |
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Total financial assets |
0.0 |
0.0 |
0.0 |
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Total non-current assets |
55.8 |
44.4 |
48.0 |
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Raw materials |
30.2 |
26.9 |
21.2 |
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Work in progress |
16.7 |
11.9 |
9.1 |
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Finished goods |
15.6 |
13.1 |
14.1 |
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Net stocks and work in progress |
62.5 |
51.8 |
44.5 |
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Trade debtors |
64.8 |
50.5 |
32.9 |
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Other receivables |
5.5 |
6.0 |
7.6 |
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Total receivables |
70.3 |
56.6 |
40.6 |
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Cash and liquid assets |
89.8 |
64.9 |
82.4 |
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Short-term investments |
19.5 |
28.9 |
4.3 |
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Recoverable taxation |
1.2 |
0.7 |
0.7 |
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Total current assets |
242.0 |
202.2 |
171.8 |
|
Prepaid expenses and deferred costs |
1.0 |
0.9 |
0.7 |
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Total assets |
300.0 |
248.2 |
221.1 |
Annual Ratios
Financials in: USD (mil)
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|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
Yes |
Yes |
Yes |
|
|
|
|
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Current ratio |
54.05 |
68.82 |
96.58 |
|
Acid test ratio |
40.10 |
51.18 |
71.55 |
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Total liabilities to net worth |
0.02% |
0.02% |
0.01% |
|
Net worth to total assets |
0.07% |
0.07% |
0.08% |
|
Current liabilities to net worth |
0.02% |
0.02% |
0.01% |
|
Current liabilities to stock |
0.07% |
0.06% |
0.04% |
|
Fixed assets to net worth |
0.03% |
0.03% |
0.03% |
|
Collection period |
675.00 |
734.00 |
661.00 |
|
Stock turnover rate |
1.79 |
2.06 |
2.44 |
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Profit margin |
0.02% |
0.01% |
0.01% |
|
Return on assets |
0.02% |
0.01% |
0.00% |
|
Shareholders' return |
0.03% |
0.01% |
0.01% |
|
Sales per employee |
31.32 |
22.90 |
15.68 |
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Profit per employee |
4.77 |
2.26 |
0.82 |
|
Average wage per employee |
6.82 |
5.94 |
4.90 |
|
Net worth |
205.1 |
177.3 |
167.6 |
|
Number of employees |
860 |
819 |
810 |
Annual Income Statement
Financials in: USD (mil),
Except for share items (millions) and per share items (actual units),
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
374.5 |
248.4 |
176.6 |
407.2 |
332.6 |
|
Revenue |
374.5 |
248.4 |
176.6 |
407.2 |
332.6 |
|
Interest Income, Non-Bank |
0.4 |
0.3 |
0.3 |
1.2 |
0.7 |
|
Other Revenue |
8.8 |
8.7 |
6.8 |
8.9 |
8.9 |
|
Other Revenue, Total |
9.2 |
9.0 |
7.1 |
10.1 |
9.6 |
|
Total Revenue |
383.7 |
257.5 |
183.7 |
417.3 |
342.2 |
|
|
|
|
|
|
|
|
Cost of Revenue |
169.6 |
113.5 |
86.2 |
190.7 |
157.6 |
|
Cost of Revenue, Total |
169.6 |
113.5 |
86.2 |
190.7 |
157.6 |
|
Gross Profit |
204.8 |
135.0 |
90.4 |
216.5 |
175.0 |
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|
|
|
|
|
|
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Labor & Related Expense |
81.5 |
64.4 |
55.2 |
76.5 |
64.2 |
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Total Selling/General/Administrative Expenses |
81.5 |
64.4 |
55.2 |
76.5 |
64.2 |
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Depreciation |
9.5 |
8.3 |
8.8 |
10.9 |
8.6 |
|
Depreciation/Amortization |
9.5 |
8.3 |
8.8 |
10.9 |
8.6 |
|
Investment Income -
Operating |
1.1 |
3.8 |
- |
- |
- |
|
Interest/Investment Income - Operating |
1.1 |
3.8 |
- |
- |
- |
|
Interest Expense (Income) - Net Operating Total |
1.1 |
3.8 |
- |
- |
- |
|
Impairment-Assets Held for Use |
0.0 |
0.0 |
0.0 |
- |
- |
|
Unusual Expense (Income) |
0.0 |
0.0 |
0.0 |
- |
- |
|
Other Operating Expense |
44.8 |
34.5 |
21.8 |
41.8 |
35.6 |
|
Other Operating Expenses, Total |
44.8 |
34.5 |
21.8 |
41.8 |
35.6 |
|
Total Operating Expense |
306.5 |
224.6 |
172.0 |
319.8 |
266.0 |
|
|
|
|
|
|
|
|
Operating Income |
77.2 |
32.9 |
11.7 |
97.5 |
76.2 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-0.4 |
-0.2 |
-0.1 |
-0.1 |
-0.9 |
|
Interest Expense, Net Non-Operating |
-0.4 |
-0.2 |
-0.1 |
-0.1 |
-0.9 |
|
Interest Income -
Non-Operating |
1.3 |
0.8 |
2.0 |
4.0 |
3.5 |
|
Investment Income -
Non-Operating |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest/Investment Income - Non-Operating |
1.3 |
0.8 |
2.0 |
4.0 |
3.5 |
|
Interest Income (Expense) - Net Non-Operating Total |
0.8 |
0.6 |
1.9 |
3.9 |
2.6 |
|
Other Non-Operating Income (Expense) |
- |
- |
0.0 |
-0.3 |
-1.0 |
|
Other, Net |
- |
- |
0.0 |
-0.3 |
-1.0 |
|
Income Before Tax |
78.0 |
33.5 |
13.6 |
101.0 |
77.9 |
|
|
|
|
|
|
|
|
Total Income Tax |
20.9 |
9.0 |
4.4 |
27.4 |
28.7 |
|
Income After Tax |
57.0 |
24.5 |
9.2 |
73.7 |
49.1 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
0.0 |
-0.3 |
-0.2 |
|
Net Income Before Extraord Items |
57.0 |
24.5 |
9.2 |
73.4 |
48.9 |
|
Net Income |
57.0 |
24.5 |
9.2 |
73.4 |
48.9 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
57.0 |
24.5 |
9.2 |
73.4 |
48.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
57.0 |
24.5 |
9.2 |
73.4 |
48.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
5.0 |
5.0 |
5.0 |
5.0 |
5.0 |
|
Basic EPS Excl Extraord Items |
11.47 |
4.93 |
1.85 |
14.74 |
9.79 |
|
Basic/Primary EPS Incl Extraord Items |
11.47 |
4.93 |
1.85 |
14.74 |
9.79 |
|
Diluted Net Income |
57.0 |
24.5 |
9.2 |
73.4 |
48.9 |
|
Diluted Weighted Average Shares |
5.0 |
5.0 |
5.0 |
5.0 |
5.0 |
|
Diluted EPS Excl Extraord Items |
11.47 |
4.93 |
1.85 |
14.74 |
9.79 |
|
Diluted EPS Incl Extraord Items |
11.47 |
4.93 |
1.85 |
14.74 |
9.79 |
|
Dividends per Share - Common Stock Primary Issue |
8.34 |
- |
- |
10.24 |
9.44 |
|
Dividends per Share - Common Stock Issue 2 |
8.41 |
0.07 |
0.07 |
10.31 |
9.51 |
|
Gross Dividends - Common Stock |
41.8 |
46.5 |
0.1 |
51.3 |
- |
|
Interest Expense, Supplemental |
0.4 |
0.2 |
0.1 |
0.1 |
0.9 |
|
Depreciation, Supplemental |
8.5 |
7.5 |
8.1 |
9.6 |
7.3 |
|
Total Special Items |
-0.3 |
-0.3 |
-0.3 |
-1.2 |
-0.7 |
|
Normalized Income Before Tax |
77.6 |
33.2 |
13.4 |
99.8 |
77.1 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-0.1 |
-0.1 |
-0.1 |
-0.3 |
-0.3 |
|
Inc Tax Ex Impact of Sp Items |
20.8 |
8.9 |
4.4 |
27.0 |
28.5 |
|
Normalized Income After Tax |
56.8 |
24.3 |
9.0 |
72.8 |
48.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
56.8 |
24.3 |
9.0 |
72.5 |
48.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
11.42 |
4.88 |
1.81 |
14.56 |
9.70 |
|
Diluted Normalized EPS |
11.42 |
4.88 |
1.81 |
14.56 |
9.70 |
|
Amort of Intangibles, Supplemental |
1.1 |
0.8 |
0.8 |
1.4 |
1.3 |
|
Research & Development Exp, Supplemental |
12.8 |
10.7 |
10.0 |
- |
- |
|
Normalized EBIT |
77.9 |
36.4 |
11.4 |
96.2 |
75.5 |
|
Normalized EBITDA |
87.5 |
44.7 |
20.3 |
107.2 |
84.1 |
|
Current Tax - Total |
21.2 |
8.7 |
4.1 |
27.5 |
28.9 |
|
Current Tax - Total |
21.2 |
8.7 |
4.1 |
27.5 |
28.9 |
|
Deferred Tax - Total |
-0.3 |
0.2 |
0.4 |
-0.1 |
-0.1 |
|
Deferred Tax - Total |
-0.3 |
0.2 |
0.4 |
-0.1 |
-0.1 |
|
Income Tax - Total |
20.9 |
9.0 |
4.4 |
27.4 |
28.7 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
0.683971 |
|
Auditor |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
89.8 |
64.9 |
82.4 |
105.4 |
111.5 |
|
Short Term Investments |
19.5 |
28.9 |
4.3 |
- |
0.0 |
|
Cash and Short Term Investments |
109.3 |
93.8 |
86.7 |
105.4 |
111.5 |
|
Accounts Receivable - Trade,
Gross |
70.9 |
56.7 |
38.8 |
62.6 |
63.8 |
|
Provision for Doubtful
Accounts |
-6.1 |
-6.1 |
-5.9 |
-6.8 |
-6.1 |
|
Trade Accounts Receivable - Net |
64.8 |
50.5 |
32.9 |
55.9 |
57.7 |
|
Other Receivables |
0.1 |
0.5 |
1.4 |
0.7 |
- |
|
Total Receivables, Net |
65.0 |
51.0 |
34.3 |
56.6 |
57.7 |
|
Inventories - Finished Goods |
15.6 |
13.1 |
14.1 |
18.9 |
15.9 |
|
Inventories - Work In Progress |
16.7 |
11.9 |
9.1 |
14.3 |
15.6 |
|
Inventories - Raw Materials |
30.2 |
26.9 |
21.2 |
22.0 |
19.4 |
|
Inventories - Other |
1.3 |
0.8 |
0.1 |
0.4 |
0.6 |
|
Total Inventory |
63.8 |
52.7 |
44.6 |
55.5 |
51.5 |
|
Prepaid Expenses |
1.0 |
0.9 |
0.7 |
0.7 |
- |
|
Other Current Assets |
1.4 |
1.7 |
2.8 |
1.6 |
4.0 |
|
Other Current Assets, Total |
1.4 |
1.7 |
2.8 |
1.6 |
4.0 |
|
Total Current Assets |
240.4 |
200.0 |
169.1 |
219.8 |
224.7 |
|
|
|
|
|
|
|
|
Land/Improvements |
56.8 |
43.5 |
46.1 |
44.6 |
44.1 |
|
Machinery/Equipment |
42.0 |
41.7 |
43.8 |
41.1 |
34.1 |
|
Other
Property/Plant/Equipment |
29.2 |
27.0 |
26.5 |
26.7 |
34.1 |
|
Property/Plant/Equipment - Gross |
127.9 |
112.2 |
116.4 |
112.5 |
112.3 |
|
Accumulated Depreciation |
-73.8 |
-69.8 |
-69.9 |
-61.8 |
-60.8 |
|
Property/Plant/Equipment - Net |
54.1 |
42.5 |
46.5 |
50.7 |
51.5 |
|
Intangibles - Gross |
10.6 |
10.2 |
- |
- |
- |
|
Accumulated Intangible Amortization |
-8.9 |
-8.2 |
- |
- |
- |
|
Intangibles, Net |
1.7 |
1.9 |
1.5 |
1.9 |
2.6 |
|
LT Investments - Other |
- |
- |
- |
4.1 |
4.5 |
|
Long Term Investments |
- |
- |
- |
4.1 |
4.5 |
|
Note Receivable - Long Term |
0.0 |
0.0 |
0.0 |
0.1 |
0.5 |
|
Deferred Income Tax - Long Term Asset |
1.2 |
0.7 |
0.7 |
1.2 |
1.4 |
|
Other Long Term Assets |
2.6 |
3.1 |
3.4 |
- |
- |
|
Other Long Term Assets, Total |
3.8 |
3.8 |
4.1 |
1.2 |
1.4 |
|
Total Assets |
300.0 |
248.2 |
221.1 |
277.8 |
285.1 |
|
|
|
|
|
|
|
|
Accounts Payable |
11.5 |
9.2 |
6.9 |
11.6 |
13.2 |
|
Accrued Expenses |
10.3 |
7.3 |
4.2 |
6.2 |
- |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Customer Advances |
16.3 |
8.3 |
3.3 |
9.5 |
16.9 |
|
Other Current Liabilities |
53.2 |
42.2 |
35.3 |
45.7 |
60.4 |
|
Other Current liabilities, Total |
69.5 |
50.4 |
38.7 |
55.2 |
77.3 |
|
Total Current Liabilities |
91.3 |
66.9 |
49.8 |
73.1 |
90.5 |
|
|
|
|
|
|
|
|
Capital Lease Obligations |
- |
- |
- |
0.0 |
0.0 |
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.5 |
0.5 |
0.3 |
0.3 |
0.8 |
|
Deferred Income Tax |
0.5 |
0.5 |
0.3 |
0.3 |
0.8 |
|
Minority Interest |
0.0 |
0.0 |
0.0 |
0.1 |
0.4 |
|
Reserves |
3.2 |
3.4 |
3.4 |
2.5 |
2.3 |
|
Other Liabilities, Total |
3.2 |
3.4 |
3.4 |
2.5 |
2.3 |
|
Total Liabilities |
95.0 |
70.9 |
53.5 |
76.0 |
94.1 |
|
|
|
|
|
|
|
|
Common Stock |
19.5 |
20.1 |
21.5 |
20.9 |
21.9 |
|
Common Stock |
19.5 |
20.1 |
21.5 |
20.9 |
21.9 |
|
Additional Paid-In Capital |
0.5 |
0.6 |
0.6 |
0.6 |
0.6 |
|
Retained Earnings (Accumulated Deficit) |
186.6 |
157.9 |
148.1 |
182.7 |
169.4 |
|
Treasury Stock - Common |
-1.9 |
-2.0 |
-2.1 |
-1.7 |
0.0 |
|
Translation Adjustment |
1.1 |
0.9 |
-0.6 |
-0.5 |
-1.2 |
|
Other Equity |
-0.7 |
-0.2 |
0.1 |
-0.2 |
0.3 |
|
Other Equity, Total |
0.3 |
0.7 |
-0.4 |
-0.7 |
-0.8 |
|
Total Equity |
205.1 |
177.3 |
167.6 |
201.8 |
191.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
300.0 |
248.2 |
221.1 |
277.8 |
285.1 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
4.0 |
4.0 |
4.0 |
4.0 |
4.0 |
|
Shares Outstanding - Common Stock Issue 2 |
1.0 |
1.0 |
1.0 |
1.0 |
1.0 |
|
Total Common Shares Outstanding |
5.0 |
5.0 |
5.0 |
5.0 |
5.0 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Treasury Shares - Common Issue 2 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
891 |
827 |
817 |
799 |
743 |
|
Accumulated Intangible Amort, Suppl. |
8.9 |
8.2 |
8.1 |
7.2 |
6.2 |
|
Deferred Revenue - Current |
16.3 |
8.3 |
3.3 |
9.5 |
16.9 |
|
Total Capital Leases, Supplemental |
- |
- |
- |
- |
0.0 |
|
Capital Lease Payments Due in Year 1 |
- |
- |
- |
- |
0.0 |
|
Capital Lease Payments Due in Year 2 |
- |
- |
- |
- |
0.0 |
|
Capital Lease Payments Due in Year 3 |
- |
- |
- |
- |
0.0 |
|
Capital Lease Payments Due in Year 4 |
- |
- |
- |
- |
0.0 |
|
Capital Lease Payments Due in Year 5 |
- |
- |
- |
- |
0.0 |
|
Capital Lease Payments Due in 2-3 Years |
- |
- |
- |
- |
0.0 |
|
Capital Lease Payments Due in 4-5 Years |
- |
- |
- |
- |
0.0 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
- |
- |
- |
0.0 |
|
Total Operating Leases, Supplemental |
0.9 |
0.6 |
0.8 |
0.8 |
0.8 |
|
Operating Lease Payments Due in Year 1 |
0.7 |
0.5 |
0.6 |
0.5 |
0.5 |
|
Operating Lease Payments Due in Year 2 |
0.1 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Operating Lease Payments Due in Year 3 |
0.1 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Operating Lease Payments Due in Year 4 |
0.1 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Operating Lease Payments Due in Year 5 |
0.1 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Operating Lease Pymts. Due in 2-3 Years |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Operating Lease Pymts. Due in 4-5 Years |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
57.0 |
24.5 |
9.2 |
73.7 |
49.1 |
|
Depreciation |
9.5 |
8.3 |
8.8 |
10.9 |
8.6 |
|
Depreciation/Depletion |
9.5 |
8.3 |
8.8 |
10.9 |
8.6 |
|
Deferred Taxes |
-0.1 |
0.0 |
1.4 |
0.3 |
-0.6 |
|
Unusual Items |
-0.2 |
-0.2 |
-0.2 |
-0.9 |
-0.4 |
|
Other Non-Cash Items |
10.7 |
8.0 |
-8.5 |
-9.1 |
19.9 |
|
Non-Cash Items |
10.4 |
7.8 |
-8.7 |
-9.9 |
19.5 |
|
Accounts Receivable |
-17.1 |
-19.5 |
24.0 |
-1.1 |
1.6 |
|
Inventories |
-13.8 |
-10.9 |
12.3 |
-6.9 |
-5.9 |
|
Other Assets |
0.4 |
1.5 |
-1.7 |
0.8 |
0.5 |
|
Accounts Payable |
2.8 |
2.7 |
-4.9 |
-1.0 |
5.4 |
|
Other Liabilities |
14.8 |
9.8 |
-10.6 |
-3.5 |
8.6 |
|
Changes in Working Capital |
-12.8 |
-16.3 |
19.1 |
-11.6 |
10.2 |
|
Cash from Operating Activities |
64.1 |
24.4 |
29.7 |
63.3 |
86.9 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-22.5 |
-6.2 |
-2.7 |
-12.0 |
-15.4 |
|
Purchase/Acquisition of Intangibles |
-0.9 |
-1.3 |
-0.3 |
-0.8 |
-0.9 |
|
Capital Expenditures |
-23.3 |
-7.6 |
-3.0 |
-12.8 |
-16.3 |
|
Sale of Fixed Assets |
0.4 |
0.4 |
0.5 |
1.6 |
0.8 |
|
Sale/Maturity of Investment |
9.0 |
0.0 |
0.1 |
0.0 |
6.9 |
|
Purchase of Investments |
0.0 |
-24.5 |
-4.2 |
- |
0.0 |
|
Sale of Intangible Assets |
0.0 |
0.0 |
0.0 |
- |
0.0 |
|
Other Investing Cash Flow Items, Total |
9.4 |
-24.1 |
-3.6 |
1.6 |
7.6 |
|
Cash from Investing Activities |
-13.9 |
-31.7 |
-6.6 |
-11.2 |
-8.6 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.6 |
-0.3 |
0.2 |
-0.5 |
0.2 |
|
Financing Cash Flow Items |
-0.6 |
-0.3 |
0.2 |
-0.5 |
0.2 |
|
Cash Dividends Paid - Common |
-20.8 |
-5.3 |
-48.5 |
-51.1 |
-27.5 |
|
Total Cash Dividends Paid |
-20.8 |
-5.3 |
-48.5 |
-51.1 |
-27.5 |
|
Repurchase/Retirement
of Preferred |
0.0 |
0.0 |
-0.4 |
-1.7 |
- |
|
Preferred Stock, Net |
0.0 |
0.0 |
-0.4 |
-1.7 |
- |
|
Issuance (Retirement) of Stock, Net |
0.0 |
0.0 |
-0.4 |
-1.7 |
- |
|
Long Term Debt
Reduction |
0.0 |
0.0 |
0.0 |
0.0 |
-0.8 |
|
Long Term Debt, Net |
0.0 |
0.0 |
0.0 |
0.0 |
-0.8 |
|
Issuance (Retirement) of Debt, Net |
0.0 |
0.0 |
0.0 |
0.0 |
-0.8 |
|
Cash from Financing Activities |
-21.4 |
-5.7 |
-48.7 |
-53.3 |
-28.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.1 |
1.0 |
0.0 |
0.6 |
-0.3 |
|
Net Change in Cash |
28.9 |
-11.9 |
-25.6 |
-0.6 |
49.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
67.3 |
76.0 |
105.5 |
111.5 |
54.5 |
|
Net Cash - Ending Balance |
96.2 |
64.1 |
79.8 |
110.9 |
104.4 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Revenues |
374.5 |
248.4 |
176.6 |
407.2 |
332.6 |
|
Other Operating Income |
8.8 |
8.7 |
6.8 |
8.9 |
8.9 |
|
Gain on Sale of Fixed Assets |
0.4 |
0.3 |
0.3 |
1.2 |
0.7 |
|
Total Revenue |
383.7 |
257.5 |
183.7 |
417.3 |
342.2 |
|
|
|
|
|
|
|
|
Finished/Unfin.Goods |
-8.8 |
-3.3 |
10.5 |
-3.2 |
-6.2 |
|
Own Work Capitalized |
-1.2 |
-1.2 |
-0.4 |
-2.0 |
-0.5 |
|
Cost of Materials/Services |
- |
- |
- |
195.8 |
- |
|
Raw Material/Goods |
166.8 |
108.7 |
68.3 |
- |
152.7 |
|
Services |
12.9 |
9.2 |
7.9 |
- |
11.6 |
|
Personel Expenses |
- |
- |
- |
76.5 |
- |
|
Wages / Salaries |
70.0 |
55.1 |
47.0 |
- |
55.1 |
|
Social Insurance |
11.5 |
9.3 |
8.3 |
- |
9.1 |
|
Depreciation |
9.5 |
8.3 |
8.8 |
10.9 |
8.6 |
|
Impairments of Intang. and Tang. Assets |
0.0 |
0.0 |
0.0 |
- |
- |
|
Exchange Rate Differences |
1.1 |
3.8 |
- |
- |
- |
|
Other Operating Expenses |
44.8 |
34.5 |
21.8 |
41.8 |
35.6 |
|
Total Operating Expense |
306.5 |
224.6 |
172.0 |
319.8 |
266.0 |
|
|
|
|
|
|
|
|
Securities/Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Income |
1.3 |
0.8 |
2.0 |
4.0 |
3.5 |
|
Writedown of Financial Assets |
- |
- |
0.0 |
-0.3 |
-1.0 |
|
Interest Expense |
-0.4 |
-0.2 |
-0.1 |
-0.1 |
-0.9 |
|
Net Income Before Taxes |
78.0 |
33.5 |
13.6 |
101.0 |
77.9 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
20.9 |
9.0 |
4.4 |
27.4 |
28.7 |
|
Net Income After Taxes |
57.0 |
24.5 |
9.2 |
73.7 |
49.1 |
|
|
|
|
|
|
|
|
Minority Interests |
0.0 |
0.0 |
0.0 |
-0.3 |
-0.2 |
|
Net Income Before Extra. Items |
57.0 |
24.5 |
9.2 |
73.4 |
48.9 |
|
Net Income |
57.0 |
24.5 |
9.2 |
73.4 |
48.9 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
57.0 |
24.5 |
9.2 |
73.4 |
48.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
57.0 |
24.5 |
9.2 |
73.4 |
48.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
5.0 |
5.0 |
5.0 |
5.0 |
5.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
11.47 |
4.93 |
1.85 |
14.74 |
9.79 |
|
Basic EPS Including ExtraOrdinary Item |
11.47 |
4.93 |
1.85 |
14.74 |
9.79 |
|
Diluted Net Income |
57.0 |
24.5 |
9.2 |
73.4 |
48.9 |
|
Diluted Weighted Average Shares |
5.0 |
5.0 |
5.0 |
5.0 |
5.0 |
|
Diluted EPS Excluding ExtraOrd Items |
11.47 |
4.93 |
1.85 |
14.74 |
9.79 |
|
Diluted EPS Including ExtraOrd Items |
11.47 |
4.93 |
1.85 |
14.74 |
9.79 |
|
DPS-Common Shares |
8.34 |
- |
- |
10.24 |
9.44 |
|
DPS-Preferred Shares |
8.41 |
0.07 |
0.07 |
10.31 |
9.51 |
|
Gross Dividends - Common Stock |
41.8 |
46.5 |
0.1 |
51.3 |
- |
|
Normalized Income Before Taxes |
77.6 |
33.2 |
13.4 |
99.8 |
77.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
20.8 |
8.9 |
4.4 |
27.0 |
28.5 |
|
Normalized Income After Taxes |
56.8 |
24.3 |
9.0 |
72.8 |
48.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
56.8 |
24.3 |
9.0 |
72.5 |
48.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
11.42 |
4.88 |
1.81 |
14.56 |
9.70 |
|
Diluted Normalized EPS |
11.42 |
4.88 |
1.81 |
14.56 |
9.70 |
|
Interest Expense |
0.4 |
0.2 |
0.1 |
0.1 |
0.9 |
|
Depreciation |
8.5 |
7.5 |
8.1 |
9.6 |
7.3 |
|
Amortisation of Intangibles |
1.1 |
0.8 |
0.8 |
1.4 |
1.3 |
|
Research & Development Exp, Supplemental |
12.8 |
10.7 |
10.0 |
- |
- |
|
Current Taxes |
21.2 |
8.7 |
4.1 |
27.5 |
28.9 |
|
Current Tax - Total |
21.2 |
8.7 |
4.1 |
27.5 |
28.9 |
|
Deferred Taxes |
-0.3 |
0.2 |
0.4 |
-0.1 |
-0.1 |
|
Deferred Tax - Total |
-0.3 |
0.2 |
0.4 |
-0.1 |
-0.1 |
|
Income Tax - Total |
20.9 |
9.0 |
4.4 |
27.4 |
28.7 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
0.683971 |
|
Auditor |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Raw Materials |
30.2 |
26.9 |
21.2 |
22.0 |
19.4 |
|
Work in Progress |
16.7 |
11.9 |
9.1 |
14.3 |
15.6 |
|
Finished Goods |
15.6 |
13.1 |
14.1 |
18.9 |
15.9 |
|
Advances Paid |
1.3 |
0.8 |
0.1 |
0.4 |
0.6 |
|
Trade Receivables, Gross |
70.9 |
56.7 |
38.8 |
62.6 |
63.8 |
|
Provision for Doubtful Accounts |
-6.1 |
-6.1 |
-5.9 |
-6.8 |
-6.1 |
|
From Associated |
0.0 |
0.0 |
0.0 |
- |
0.0 |
|
Tax Refund Claims from Other Assets |
0.1 |
0.5 |
1.4 |
0.7 |
- |
|
Prepayments from Other Assets |
1.0 |
0.9 |
0.7 |
0.7 |
- |
|
Other Assets |
1.4 |
1.7 |
2.8 |
1.6 |
4.0 |
|
Securities |
19.5 |
28.9 |
4.3 |
- |
0.0 |
|
Cash/Equivalents |
89.8 |
64.9 |
82.4 |
105.4 |
111.5 |
|
Total Current Assets |
240.4 |
200.0 |
169.1 |
219.8 |
224.7 |
|
|
|
|
|
|
|
|
Intangibles, Net |
- |
- |
1.5 |
1.9 |
2.6 |
|
Intangibles |
10.6 |
10.2 |
- |
- |
- |
|
Amort.Intangib. |
-8.9 |
-8.2 |
- |
- |
- |
|
Property/Build. |
56.8 |
43.5 |
46.1 |
44.6 |
44.1 |
|
Plant/Equipment |
42.0 |
41.7 |
43.8 |
41.1 |
34.1 |
|
Other Plant/Equ. |
29.2 |
27.0 |
26.5 |
26.3 |
27.0 |
|
Prepayments Tang. Assets |
0.0 |
0.0 |
0.0 |
0.4 |
7.1 |
|
Depreciation |
-73.8 |
-69.8 |
-69.9 |
-61.8 |
-60.8 |
|
Profit Participation Life Insurance |
- |
- |
- |
4.1 |
4.5 |
|
Loans to Assoc. |
0.0 |
0.0 |
0.0 |
0.1 |
0.5 |
|
Deferred Taxes |
1.2 |
0.7 |
0.7 |
1.2 |
1.4 |
|
Other LT Assets |
2.6 |
3.1 |
3.4 |
- |
- |
|
Total Assets |
300.0 |
248.2 |
221.1 |
277.8 |
285.1 |
|
|
|
|
|
|
|
|
ST Borrowings |
0.0 |
0.0 |
- |
- |
- |
|
Customer Advance |
16.3 |
8.3 |
3.3 |
9.5 |
16.9 |
|
Trade Payables |
11.5 |
9.2 |
6.9 |
11.6 |
12.8 |
|
Assoc. Payable |
- |
- |
- |
- |
0.4 |
|
Accruals from Other Liabilities |
10.3 |
7.3 |
4.2 |
6.2 |
- |
|
Other Liabs. |
6.8 |
4.7 |
3.4 |
5.5 |
9.0 |
|
ST Provisions |
46.4 |
37.5 |
31.9 |
40.2 |
51.4 |
|
Total Current Liabilities |
91.3 |
66.9 |
49.8 |
73.1 |
90.5 |
|
|
|
|
|
|
|
|
Financial Leasing |
- |
- |
- |
0.0 |
0.0 |
|
Total Long Term Debt |
- |
- |
- |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Minority Int. |
0.0 |
0.0 |
0.0 |
0.1 |
0.4 |
|
Deferred Tax |
0.5 |
0.5 |
0.3 |
0.3 |
0.8 |
|
Other Provisions |
3.2 |
3.4 |
3.4 |
2.5 |
2.3 |
|
Total Liabilities |
95.0 |
70.9 |
53.5 |
76.0 |
94.1 |
|
|
|
|
|
|
|
|
Share Capital |
19.5 |
20.1 |
21.5 |
20.9 |
21.9 |
|
Capital Res. |
0.5 |
0.6 |
0.6 |
0.6 |
0.6 |
|
Other Reserves |
186.6 |
157.9 |
148.1 |
125.2 |
107.6 |
|
Treasury Shares |
-1.9 |
-2.0 |
-2.1 |
-1.7 |
0.0 |
|
Currency Translation Adj. |
1.1 |
0.9 |
-0.6 |
-0.5 |
-1.2 |
|
Profit/Loss |
- |
- |
- |
57.5 |
61.8 |
|
Other Equity |
-0.7 |
-0.2 |
0.1 |
-0.2 |
0.3 |
|
Total Equity |
205.1 |
177.3 |
167.6 |
201.8 |
191.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
300.0 |
248.2 |
221.1 |
277.8 |
285.1 |
|
|
|
|
|
|
|
|
S/O-Common Shares |
4.0 |
4.0 |
4.0 |
4.0 |
4.0 |
|
S/O-Preferred Shares |
1.0 |
1.0 |
1.0 |
1.0 |
1.0 |
|
Total Common Shares Outstanding |
5.0 |
5.0 |
5.0 |
5.0 |
5.0 |
|
T/S-Common Shares |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
T/S-Preferred Shares |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Revenue - Current |
16.3 |
8.3 |
3.3 |
9.5 |
16.9 |
|
Accumulated Intangible Amortisation |
8.9 |
8.2 |
8.1 |
7.2 |
6.2 |
|
Full-Time Employees |
891 |
827 |
817 |
799 |
743 |
|
Leasing < 1 Year |
- |
- |
- |
- |
0.0 |
|
Leasing 1-5 Years |
- |
- |
- |
- |
0.0 |
|
Leasing > 5 Years |
- |
- |
- |
- |
0.0 |
|
Total Capital Leases |
- |
- |
- |
- |
0.0 |
|
Operating Leases up to 1 Year |
0.7 |
0.5 |
0.6 |
0.5 |
0.5 |
|
Operating Leases 1 to 5 Years |
0.2 |
0.1 |
0.2 |
0.3 |
0.2 |
|
Total Operating Leases |
0.9 |
0.6 |
0.8 |
0.8 |
0.8 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
Bansbach Schubel
Broszh & Partner GhbH |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
57.0 |
24.5 |
9.2 |
73.7 |
49.1 |
|
Depreciation |
9.5 |
8.3 |
8.8 |
10.9 |
8.6 |
|
Amortization of Financial Assets |
0.0 |
0.0 |
0.0 |
- |
- |
|
LT Provisions |
-0.1 |
0.2 |
0.8 |
0.3 |
0.3 |
|
Write-down of Financial Assets |
0.0 |
0.0 |
0.0 |
0.3 |
1.0 |
|
Inventories |
-13.8 |
-10.9 |
12.3 |
-6.9 |
-5.9 |
|
Trade Rec. |
-17.1 |
-19.5 |
24.0 |
-1.1 |
1.6 |
|
Other Assets |
0.4 |
1.5 |
-1.7 |
0.8 |
0.5 |
|
Deferred Tax |
-0.1 |
0.0 |
1.4 |
0.3 |
-0.6 |
|
Trade Payable |
2.8 |
2.7 |
-4.9 |
-1.0 |
5.4 |
|
Provisions |
10.8 |
7.6 |
-9.3 |
-9.2 |
19.0 |
|
Other Liabilities |
14.8 |
9.8 |
-10.6 |
-3.5 |
8.6 |
|
Loss Sale of Assets |
-0.2 |
-0.2 |
-0.2 |
-0.9 |
-0.4 |
|
Other LT Liab |
0.0 |
0.2 |
-0.1 |
-0.5 |
-0.4 |
|
Cash from Operating Activities |
64.1 |
24.4 |
29.7 |
63.3 |
86.9 |
|
|
|
|
|
|
|
|
Purch. Tangibles |
-22.5 |
-6.2 |
-2.7 |
-12.0 |
-15.4 |
|
Sale Tangibles |
0.4 |
0.4 |
0.5 |
1.6 |
0.8 |
|
Purch. Intangibles |
-0.9 |
-1.3 |
-0.3 |
-0.8 |
-0.9 |
|
Sale Intangibles |
0.0 |
0.0 |
0.0 |
- |
0.0 |
|
Purch. Fin. Assets |
0.0 |
0.0 |
0.0 |
- |
0.0 |
|
Sale Financial Assets |
0.0 |
0.0 |
0.1 |
- |
0.0 |
|
Sale of Securities |
9.0 |
- |
- |
0.0 |
6.9 |
|
Purch. Securities |
- |
-24.5 |
-4.2 |
- |
- |
|
Cash from Investing Activities |
-13.9 |
-31.7 |
-6.6 |
-11.2 |
-8.6 |
|
|
|
|
|
|
|
|
Dividend Paid |
-20.8 |
-5.3 |
-48.5 |
-51.1 |
-27.5 |
|
LT Borrowings Repaid |
0.0 |
0.0 |
0.0 |
0.0 |
-0.8 |
|
Direct Elim. in Equity n. Affecting N.I. |
-0.6 |
-0.3 |
0.3 |
-0.5 |
0.2 |
|
Basis of Consolidation |
0.0 |
0.0 |
-0.1 |
- |
0.0 |
|
Purchase of Preferred Threasury Shares |
0.0 |
0.0 |
-0.4 |
-1.7 |
- |
|
Cash from Financing Activities |
-21.4 |
-5.7 |
-48.7 |
-53.3 |
-28.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.1 |
1.0 |
0.0 |
0.6 |
-0.3 |
|
Net Change in Cash |
28.9 |
-11.9 |
-25.6 |
-0.6 |
49.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
67.3 |
76.0 |
105.5 |
111.5 |
54.5 |
|
Net Cash - Ending Balance |
96.2 |
64.1 |
79.8 |
110.9 |
104.4 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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Annual
Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.16 |
|
UK Pound |
1 |
Rs.88.03 |
|
Euro |
1 |
Rs.70.86 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.