MIRA
INFORM REPORT
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Report Date : |
04.10.2012 |
IDENTIFICATION DETAILS
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Name : |
ORCHESTRA KAZIBAO SA |
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Registered Office : |
400 avenue Marcel Dassault Castelnau-Le-Lez, 34170 |
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Country : |
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Financials (as on) : |
28.02.2011 |
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Date of Incorporation : |
July 1995 |
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Com. Reg. No.: |
398471565 |
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Legal Form : |
Public Parent |
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Line of Business : |
Retail sale of clothing |
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No. of Employees : |
616 |
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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 : |
No Complaints |
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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
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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France |
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 |
FRANCE - ECONOMIC OVERVIEW
France was transitioning from
an economy that has featured extensive government ownership and intervention to
one that relies more on market mechanisms but is in the midst of a euro-zone
crisis. The government has partially or fully privatized many large companies,
banks, and insurers, and has ceded stakes in such leading firms as Air France,
France Telecom, Renault, and Thales. It maintains a strong presence in some
sectors, particularly power, public transport, and defense industries. With at
least 75 million foreign tourists per year, France is the most visited country
in the world and maintains the third largest income in the world from tourism.
France's leaders remain committed to a capitalism in which they maintain social
equity by means of laws, tax policies, and social spending that reduce income
disparity and the impact of free markets on public health and welfare. France's
real GDP contracted 2.6% in 2009, but recovered somewhat in 2010 and 2011. The
unemployment rate increased from 7.4% in 2008 to 9.3% in 2010 and 9.1% in 2011.
Lower-than-expected growth and increased unemployment have cut government revenues
and increased borrowing costs, contributing to a deterioration of France's
public finances. The government budget deficit rose sharply from 3.4% of GDP in
2008 to 7.5% of GDP in 2009 before improving to 5.8% of GDP in 2011, while
France's public debt rose from 68% of GDP to 86% over the same period. Under
President SARKOZY, Paris implemented austerity measures that eliminated tax
credits and froze most government spending in an effort to bring the budget
deficit under the 3% euro-zone ceiling by 2013 and to highlight France's
commitment to fiscal discipline at a time of intense financial market scrutiny
of euro-zone debt levels. Socialist Francois HOLLANDE won the May 2012
presidential election, after advocating pro-growth economic policies, as well
as measures such as forcing banks to separate their traditional deposit taking
and lending activities from more speculative businesses, increasing taxes on
bank profits, introducing a new top bracket on income taxes for people earning
over €1 million ($1.3 million) a year, and hiring an additional 60,000 civil
servants during his five-year term of office.
Source : CIA
Company name and address
Orchestra Kazibao
SA
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Business
Description
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Orchestra Kazibao SA is a France-based company that is primarily
engaged in the design and retail of clothing, shoes and accessories for
children from birth to the age of 14. The Company sells products through
their own and franchised shops, as well as online, through www.kazibao.fr
Website. It distributes the products through its branches, trading partners
and multi brand distributors. The Company operates several subsidiaries
located in France, Spain, Canada, Belgium, Switzerland and China, among
others. As of December 31, 2011, Mestre held 47,31% stake in the Company’s
shareholdings and Gotlib held 29.96% stake. For the fiscal year ended 29
February 2012, Orchestra Kazibao SA revenues increased 54% to EUR275.5M. Net
income increased from EUR740K to EUR4.2M. Revenues reflect Products/Franchise
segment increase of 50% to EUR145.5M, Products/Retailers segment increase of
64% to EUR117.2M, France segment increase of 60% to EUR205.7M, Western Europe
segment increase of 34% to EUR42.1M. Net income benefited from Other
Financial Income increase from |
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Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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Significant
Developments
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Financial
Summary
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Stock Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7233241
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7431791
Corporate Overview
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Corporate Structure News
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Orchestra
Kazibao SA |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Castelnau-Le-Lez |
France |
Retail (Apparel) |
380.8 |
616 |
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Subsidiary |
Matosinhos, Matosinhos |
Portugal |
Apparel and Accessories |
0.8 |
7 |
Executives Report
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Significant Developments
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Annual Profit & Loss
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28-Feb-2011 |
28-Feb-2010 |
28-Feb-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) |
0.759157 |
0.711244 |
0.697482 |
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Consolidated |
No |
No |
No |
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Total income |
219.9 |
218.1 |
176.6 |
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Net sales |
212.4 |
206.7 |
168.5 |
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Change in stock |
-34.6 |
1.8 |
3.7 |
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Own work capitalised |
5.0 |
5.5 |
7.1 |
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Supplementary operating income |
2.4 |
5.9 |
1.0 |
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Other operating income |
0.1 |
0.0 |
0.0 |
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Other external charges |
84.5 |
74.6 |
42.6 |
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Cost of goods sold |
123.9 |
84.6 |
82.9 |
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Taxes and social security costs |
3.9 |
3.5 |
3.3 |
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Social charges |
6.2 |
6.6 |
6.3 |
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Total payroll costs |
17.4 |
18.7 |
18.1 |
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Cost of stock depreciation and amortisation |
4.4 |
6.2 |
0.9 |
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Fixed asset depreciation and amortisation |
10.6 |
12.0 |
10.8 |
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Other operating costs |
0.3 |
0.2 |
0.3 |
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Total operating costs |
216.5 |
208.3 |
169.0 |
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Net operating income |
3.4 |
9.8 |
7.5 |
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Total financial income |
10.7 |
12.9 |
14.5 |
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Interest payable on loans |
2.5 |
9.3 |
9.5 |
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Other expenses |
3.9 |
22.7 |
9.7 |
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Total expenses |
6.5 |
32.1 |
19.2 |
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Profit before tax |
7.5 |
-9.4 |
2.9 |
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Extraordinary income |
5.5 |
8.0 |
4.4 |
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Extraordinary expenses |
7.2 |
2.6 |
4.3 |
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Extraordinary result |
-1.8 |
5.3 |
0.1 |
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Total taxation |
- |
-0.1 |
0.8 |
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Profit distributed to employees |
- |
0.0 |
- |
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Net profit |
5.8 |
- |
2.3 |
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Net loss |
- |
3.9 |
- |
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Annual Balance
Sheet |
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Financials in:
USD (mil) |
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28-Feb-2011 |
28-Feb-2010 |
28-Feb-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.724008 |
0.732762 |
0.787371 |
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Consolidated |
No |
No |
No |
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Issued capital |
32.0 |
31.6 |
29.4 |
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Share premium account |
34.9 |
34.5 |
32.1 |
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Total reserves |
0.8 |
0.7 |
0.6 |
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Profits for the year |
6.1 |
-3.8 |
2.0 |
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Profit brought forward from previous year(s) |
-0.9 |
2.9 |
0.8 |
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Total stockholders equity |
72.7 |
65.9 |
64.9 |
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Provisions and allowances |
0.3 |
1.2 |
0.9 |
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Trade creditors |
69.2 |
34.5 |
38.2 |
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Advances received |
0.5 |
0.2 |
0.0 |
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Bank loans and overdrafts |
67.6 |
100.1 |
87.7 |
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Current bank debts |
67.3 |
13.8 |
16.7 |
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Other loans |
7.8 |
5.7 |
6.7 |
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Other liabilities |
20.8 |
0.8 |
0.6 |
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Income stated in advance |
8.6 |
0.9 |
0.0 |
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Taxation and social security |
11.3 |
11.1 |
7.9 |
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Total current liabilities |
185.3 |
61.1 |
63.4 |
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Total debts |
185.8 |
153.2 |
141.2 |
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Regularisation account |
0.8 |
0.3 |
- |
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Total liabilities (including net worth) |
259.5 |
220.6 |
207.0 |
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Patents |
14.7 |
13.1 |
12.3 |
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Goodwill |
22.8 |
25.4 |
22.9 |
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Other intangibles |
3.4 |
3.9 |
3.5 |
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Other fixed assets |
27.8 |
30.7 |
26.7 |
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Long-term investments |
7.4 |
7.4 |
7.2 |
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Other financial assets |
35.4 |
40.2 |
34.6 |
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Total non-current assets |
111.4 |
120.7 |
107.3 |
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Prepayments |
- |
0.0 |
- |
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Net stocks and work in progress |
86.3 |
50.4 |
48.2 |
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Trade debtors |
32.9 |
24.6 |
32.0 |
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Other receivables |
11.6 |
11.1 |
7.7 |
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Prepaid expenses |
6.2 |
3.0 |
2.7 |
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Cash and liquid assets |
11.1 |
9.9 |
8.5 |
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Total current assets |
148.1 |
99.0 |
99.0 |
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Prepaid expenses and deferred costs |
0.0 |
0.8 |
0.7 |
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Total assets |
259.5 |
220.6 |
207.0 |
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Annual Ratios |
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Financials in:
USD (mil) |
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|
28-Feb-2011 |
28-Feb-2010 |
28-Feb-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 |
0.724008 |
0.732762 |
0.787371 |
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Consolidated |
No |
No |
No |
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Current ratio |
0.80 |
1.60 |
1.60 |
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Quick ratio |
0.30 |
0.80 |
0.80 |
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Total liabilities to net worth |
5.82% |
6.79% |
5.54% |
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Net worth to total assets |
0.12% |
0.10% |
0.12% |
|
Collection period |
44.90 |
37.20 |
65.10 |
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Stock turnover rate |
2.60 |
4.00 |
3.10 |
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Asset turnover |
0.86% |
0.91% |
0.72% |
|
Profit margin |
0.04% |
-0.05% |
0.02% |
|
Return on assets |
0.03% |
-0.04% |
0.01% |
|
Shareholders' return |
0.25% |
-0.40% |
0.10% |
|
Sales per employee |
1,617.15 |
1,537.70 |
- |
|
Profit per employee |
57.45 |
-69.75 |
- |
|
Average wage per employee |
132.39 |
139.05 |
- |
|
Net worth |
72.7 |
65.9 |
64.9 |
|
Number of employees |
654 |
627 |
- |
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Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
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|
29-Feb-2012 |
28-Feb-2011 |
28-Feb-2010 |
28-Feb-2009 |
29-Feb-2008 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.723324 |
0.759157 |
0.711244 |
0.697482 |
0.716258 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
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Net Sales |
380.5 |
235.2 |
232.0 |
209.7 |
183.7 |
|
Revenue |
380.5 |
235.2 |
232.0 |
209.7 |
183.7 |
|
Other Revenue |
0.4 |
0.2 |
7.2 |
0.0 |
0.1 |
|
Other Revenue, Total |
0.4 |
0.2 |
7.2 |
0.0 |
0.1 |
|
Total Revenue |
380.8 |
235.4 |
239.2 |
209.7 |
183.8 |
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Cost of Revenue |
192.7 |
97.7 |
96.5 |
93.1 |
87.1 |
|
Cost of Revenue, Total |
192.7 |
97.7 |
96.5 |
93.1 |
87.1 |
|
Gross Profit |
187.8 |
137.5 |
135.5 |
116.6 |
96.6 |
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Labor & Related Expense |
35.4 |
29.1 |
32.3 |
27.6 |
24.8 |
|
Total Selling/General/Administrative Expenses |
35.4 |
29.1 |
32.3 |
27.6 |
24.8 |
|
Depreciation |
16.6 |
16.0 |
17.8 |
13.6 |
13.1 |
|
Depreciation/Amortization |
16.6 |
16.0 |
17.8 |
13.6 |
13.1 |
|
Loss (Gain) on Sale of Assets - Operating |
1.8 |
0.1 |
0.1 |
0.0 |
1.1 |
|
Other Unusual Expense (Income) |
2.1 |
0.8 |
- |
- |
0.2 |
|
Unusual Expense (Income) |
3.9 |
0.9 |
0.1 |
0.0 |
1.4 |
|
Other Operating Expense |
119.5 |
86.9 |
86.0 |
69.0 |
40.1 |
|
Other, Net |
5.5 |
2.9 |
3.7 |
-0.9 |
0.8 |
|
Other Operating Expenses, Total |
125.0 |
89.7 |
89.7 |
68.1 |
40.9 |
|
Total Operating Expense |
373.6 |
233.5 |
236.4 |
202.4 |
167.3 |
|
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Operating Income |
7.2 |
1.9 |
2.8 |
7.4 |
16.6 |
|
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Interest Expense -
Non-Operating |
-2.7 |
-2.7 |
-2.9 |
-5.1 |
-5.1 |
|
Interest Expense, Net Non-Operating |
-2.7 |
-2.7 |
-2.9 |
-5.1 |
-5.1 |
|
Interest Income -
Non-Operating |
0.6 |
0.4 |
0.6 |
0.8 |
0.8 |
|
Investment Income - Non-Operating |
-0.1 |
0.3 |
0.1 |
0.1 |
-0.2 |
|
Interest/Investment Income - Non-Operating |
0.5 |
0.7 |
0.7 |
0.9 |
0.6 |
|
Interest Income (Expense) - Net Non-Operating Total |
-2.2 |
-2.0 |
-2.3 |
-4.1 |
-4.5 |
|
Other Non-Operating Income (Expense) |
8.1 |
0.0 |
2.0 |
3.2 |
-0.6 |
|
Other, Net |
8.1 |
0.0 |
2.0 |
3.2 |
-0.6 |
|
Income Before Tax |
13.1 |
-0.1 |
2.6 |
6.4 |
11.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
7.1 |
-1.1 |
-0.4 |
1.6 |
3.4 |
|
Income After Tax |
6.0 |
0.9 |
3.0 |
4.8 |
8.0 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.1 |
0.0 |
0.2 |
0.0 |
0.0 |
|
Net Income Before Extraord Items |
5.9 |
1.0 |
3.1 |
4.8 |
8.0 |
|
Net Income |
5.9 |
1.0 |
3.1 |
4.8 |
8.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
5.9 |
1.0 |
3.1 |
4.8 |
8.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
5.9 |
1.0 |
3.1 |
4.8 |
8.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
3.9 |
3.9 |
3.9 |
3.9 |
3.9 |
|
Basic EPS Excl Extraord Items |
1.52 |
0.25 |
0.81 |
1.24 |
2.09 |
|
Basic/Primary EPS Incl Extraord Items |
1.52 |
0.25 |
0.81 |
1.24 |
2.09 |
|
Diluted Net Income |
5.9 |
1.0 |
3.1 |
4.8 |
8.0 |
|
Diluted Weighted Average Shares |
3.9 |
3.9 |
3.9 |
3.9 |
4.9 |
|
Diluted EPS Excl Extraord Items |
1.52 |
0.25 |
0.81 |
1.24 |
1.65 |
|
Diluted EPS Incl Extraord Items |
1.52 |
0.25 |
0.81 |
1.24 |
1.65 |
|
Dividends per Share - Common Stock Primary Issue |
0.48 |
0.00 |
0.00 |
0.00 |
0.42 |
|
Gross Dividends - Common Stock |
1.9 |
0.0 |
0.0 |
0.0 |
1.6 |
|
Interest Expense, Supplemental |
2.7 |
2.7 |
2.9 |
5.1 |
5.1 |
|
Depreciation, Supplemental |
10.0 |
8.3 |
9.0 |
13.6 |
5.1 |
|
Total Special Items |
3.9 |
0.9 |
0.1 |
0.0 |
1.4 |
|
Normalized Income Before Tax |
17.0 |
0.7 |
2.7 |
6.4 |
12.8 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
2.1 |
0.3 |
0.0 |
0.0 |
0.4 |
|
Inc Tax Ex Impact of Sp Items |
9.2 |
-0.8 |
-0.4 |
1.6 |
3.8 |
|
Normalized Income After Tax |
7.8 |
1.5 |
3.1 |
4.8 |
9.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
7.6 |
1.5 |
3.2 |
4.8 |
9.0 |
|
|
|
|
|
|
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|
Basic Normalized EPS |
1.98 |
0.40 |
0.83 |
1.24 |
2.34 |
|
Diluted Normalized EPS |
1.98 |
0.40 |
0.83 |
1.24 |
1.85 |
|
Amort of Intangibles, Supplemental |
7.1 |
6.8 |
12.3 |
- |
8.2 |
|
Rental Expenses |
- |
- |
1.0 |
0.9 |
- |
|
Research & Development Exp, Supplemental |
7.6 |
6.2 |
6.5 |
- |
- |
|
Normalized EBIT |
11.1 |
2.7 |
2.9 |
7.4 |
17.9 |
|
Normalized EBITDA |
28.2 |
17.8 |
24.3 |
21.0 |
31.3 |
|
Current Tax - Total |
5.7 |
0.9 |
-0.2 |
1.6 |
3.6 |
|
Current Tax - Total |
5.7 |
0.9 |
-0.2 |
1.6 |
3.6 |
|
Deferred Tax - Total |
1.4 |
-1.9 |
-0.2 |
0.0 |
-0.2 |
|
Deferred Tax - Total |
1.4 |
-1.9 |
-0.2 |
0.0 |
-0.2 |
|
Income Tax - Total |
7.1 |
-1.1 |
-0.4 |
1.6 |
3.4 |
|
Interest Cost - Domestic |
- |
- |
45.1 |
- |
37.8 |
|
Service Cost - Domestic |
- |
- |
2.3 |
- |
14.4 |
|
Actuarial Gains and Losses - Domestic |
- |
- |
8.8 |
- |
-25.7 |
|
Domestic Pension Plan Expense |
- |
- |
56.2 |
- |
26.4 |
|
Total Pension Expense |
- |
- |
56.2 |
- |
26.4 |
|
Discount Rate - Domestic |
4.31% |
4.88% |
3.50% |
- |
5.50% |
|
Compensation Rate - Domestic |
- |
- |
1.00% |
- |
1.00% |
|
Total Plan Interest Cost |
- |
- |
45.1 |
- |
37.8 |
|
Total Plan Service Cost |
- |
- |
2.3 |
- |
14.4 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
29-Feb-2012 |
28-Feb-2011 |
28-Feb-2010 |
28-Feb-2009 |
29-Feb-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.743179 |
0.724008 |
0.732762 |
0.787371 |
0.658718 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
39.1 |
13.4 |
9.0 |
13.6 |
4.1 |
|
Cash and Short Term Investments |
39.1 |
13.4 |
9.0 |
13.6 |
4.1 |
|
Accounts Receivable -
Trade, Gross |
27.7 |
27.2 |
50.1 |
36.9 |
- |
|
Provision for Doubtful
Accounts |
-6.7 |
-6.0 |
-3.7 |
-1.9 |
- |
|
Trade Accounts Receivable - Net |
21.0 |
21.2 |
46.4 |
35.0 |
52.2 |
|
Other Receivables |
16.8 |
15.4 |
17.8 |
13.3 |
10.3 |
|
Total Receivables, Net |
37.8 |
36.7 |
64.1 |
48.3 |
62.5 |
|
Inventories - Finished Goods |
98.6 |
95.4 |
64.1 |
52.2 |
69.1 |
|
Inventories - Raw Materials |
- |
- |
0.9 |
1.5 |
0.1 |
|
Inventories - Other |
-4.3 |
-1.2 |
0.2 |
0.1 |
-0.2 |
|
Total Inventory |
94.3 |
94.1 |
65.2 |
53.9 |
69.0 |
|
Prepaid Expenses |
7.3 |
7.1 |
3.3 |
2.9 |
- |
|
Other Current Assets |
0.0 |
0.0 |
1.1 |
0.0 |
0.0 |
|
Other Current Assets, Total |
0.0 |
0.0 |
1.1 |
0.0 |
0.0 |
|
Total Current Assets |
178.5 |
151.4 |
142.7 |
118.7 |
135.6 |
|
|
|
|
|
|
|
|
Buildings |
2.0 |
0.8 |
- |
- |
- |
|
Machinery/Equipment |
10.3 |
8.6 |
- |
- |
- |
|
Construction in
Progress |
0.0 |
0.1 |
- |
- |
- |
|
Other
Property/Plant/Equipment |
73.2 |
65.1 |
- |
- |
- |
|
Property/Plant/Equipment - Gross |
85.5 |
74.6 |
74.9 |
59.5 |
59.7 |
|
Accumulated Depreciation |
-43.6 |
-36.9 |
-30.6 |
-23.3 |
-21.1 |
|
Property/Plant/Equipment - Net |
41.8 |
37.6 |
44.3 |
36.1 |
38.6 |
|
Goodwill - Gross |
- |
- |
7.4 |
- |
- |
|
Accumulated Goodwill Amortization |
- |
- |
0.0 |
- |
- |
|
Goodwill, Net |
40.2 |
39.7 |
7.4 |
6.6 |
5.6 |
|
Intangibles - Gross |
48.9 |
44.6 |
77.0 |
62.8 |
- |
|
Accumulated Intangible Amortization |
-27.5 |
-24.7 |
-22.9 |
-13.3 |
- |
|
Intangibles, Net |
21.4 |
20.0 |
54.1 |
49.5 |
55.5 |
|
LT Investments - Other |
9.5 |
9.0 |
4.4 |
4.3 |
6.4 |
|
Long Term Investments |
9.5 |
9.0 |
4.4 |
4.3 |
6.4 |
|
Deferred Income Tax - Long Term Asset |
2.7 |
5.8 |
5.1 |
4.2 |
5.5 |
|
Other Long Term Assets, Total |
2.7 |
5.8 |
5.1 |
4.2 |
5.5 |
|
Total Assets |
294.1 |
263.5 |
258.1 |
219.4 |
247.1 |
|
|
|
|
|
|
|
|
Accounts Payable |
70.0 |
66.5 |
36.3 |
36.1 |
40.8 |
|
Accrued Expenses |
19.2 |
13.8 |
12.1 |
9.8 |
12.7 |
|
Notes Payable/Short Term Debt |
15.9 |
10.7 |
22.4 |
26.6 |
64.4 |
|
Current Portion - Long Term Debt/Capital Leases |
0.5 |
0.7 |
0.6 |
65.1 |
9.2 |
|
Customer Advances |
15.5 |
11.4 |
23.3 |
4.7 |
2.5 |
|
Other Payables |
6.6 |
2.2 |
1.1 |
0.3 |
6.1 |
|
Other Current Liabilities |
7.1 |
5.5 |
0.1 |
0.3 |
4.4 |
|
Other Current liabilities, Total |
29.2 |
19.2 |
24.5 |
5.3 |
13.0 |
|
Total Current Liabilities |
134.7 |
110.8 |
95.9 |
142.9 |
140.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
76.0 |
71.9 |
79.1 |
4.0 |
21.5 |
|
Capital Lease Obligations |
0.0 |
0.3 |
2.2 |
0.5 |
0.6 |
|
Total Long Term Debt |
76.0 |
72.2 |
81.2 |
4.4 |
22.1 |
|
Total Debt |
92.3 |
83.6 |
104.3 |
96.1 |
95.7 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
3.2 |
5.2 |
7.4 |
6.4 |
8.2 |
|
Deferred Income Tax |
3.2 |
5.2 |
7.4 |
6.4 |
8.2 |
|
Minority Interest |
0.2 |
-0.2 |
-0.2 |
0.0 |
0.0 |
|
Reserves |
0.3 |
0.0 |
0.1 |
0.0 |
0.2 |
|
Other Liabilities, Total |
0.3 |
0.0 |
0.1 |
0.0 |
0.2 |
|
Total Liabilities |
214.4 |
188.0 |
184.5 |
153.8 |
170.5 |
|
|
|
|
|
|
|
|
Common Stock |
31.1 |
32.0 |
31.6 |
29.4 |
35.1 |
|
Common Stock |
31.1 |
32.0 |
31.6 |
29.4 |
35.1 |
|
Retained Earnings (Accumulated Deficit) |
48.6 |
43.5 |
42.0 |
36.2 |
41.6 |
|
Total Equity |
79.7 |
75.5 |
73.5 |
65.6 |
76.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
294.1 |
263.5 |
258.1 |
219.4 |
247.1 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
3.6 |
3.6 |
3.5 |
3.9 |
3.9 |
|
Total Common Shares Outstanding |
3.6 |
3.6 |
3.5 |
3.9 |
3.9 |
|
Treasury Shares - Common Stock Primary Issue |
0.2 |
0.3 |
0.3 |
0.0 |
- |
|
Employees |
616 |
477 |
477 |
349 |
576 |
|
Accumulated Goodwill Amortization Suppl. |
- |
- |
0.0 |
- |
- |
|
Accumulated Intangible Amort, Suppl. |
27.5 |
24.7 |
22.9 |
13.3 |
7.0 |
|
Deferred Revenue - Current |
15.5 |
11.4 |
23.3 |
4.7 |
8.5 |
|
Deferred Revenue - Long Term |
21.8 |
- |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
76.1 |
72.1 |
79.2 |
69.1 |
30.4 |
|
Long Term Debt Maturing within 1 Year |
0.2 |
0.2 |
0.2 |
65.1 |
8.9 |
|
Long Term Debt Maturing in Year 2 |
19.0 |
18.0 |
19.8 |
1.0 |
5.0 |
|
Long Term Debt Maturing in Year 3 |
19.0 |
18.0 |
19.8 |
1.0 |
5.0 |
|
Long Term Debt Maturing in Year 4 |
19.0 |
18.0 |
19.8 |
1.0 |
5.0 |
|
Long Term Debt Maturing in Year 5 |
19.0 |
18.0 |
19.8 |
1.0 |
5.0 |
|
Long Term Debt Maturing in 2-3 Years |
38.0 |
36.0 |
39.5 |
2.0 |
10.0 |
|
Long Term Debt Maturing in 4-5 Years |
38.0 |
36.0 |
39.5 |
2.0 |
10.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
1.5 |
|
Total Capital Leases, Supplemental |
0.3 |
0.8 |
2.6 |
0.5 |
0.9 |
|
Capital Lease Payments Due in Year 1 |
0.3 |
0.5 |
0.4 |
0.0 |
0.3 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
0.3 |
2.2 |
0.5 |
0.6 |
|
Total Operating Leases, Supplemental |
0.3 |
0.8 |
12.4 |
10.4 |
10.1 |
|
Operating Lease Payments Due in Year 1 |
0.2 |
0.5 |
12.2 |
9.9 |
9.2 |
|
Operating Lease Payments Due in Year 2 |
0.0 |
0.1 |
0.0 |
0.1 |
0.2 |
|
Operating Lease Payments Due in Year 3 |
0.0 |
0.1 |
0.0 |
0.1 |
0.2 |
|
Operating Lease Payments Due in Year 4 |
0.0 |
0.1 |
0.0 |
0.1 |
0.2 |
|
Operating Lease Payments Due in Year 5 |
0.0 |
0.1 |
0.0 |
0.1 |
0.2 |
|
Operating Lease Pymts. Due in 2-3 Years |
0.0 |
0.1 |
0.1 |
0.3 |
0.4 |
|
Operating Lease Pymts. Due in 4-5 Years |
0.0 |
0.1 |
0.1 |
0.3 |
0.4 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Discount Rate - Domestic |
4.31% |
4.88% |
3.50% |
3.75% |
- |
|
Compensation Rate - Domestic |
- |
- |
1.00% |
1.00% |
- |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
29-Feb-2012 |
28-Feb-2011 |
28-Feb-2010 |
28-Feb-2009 |
29-Feb-2008 |
|
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) |
0.723324 |
0.759157 |
0.711244 |
0.697482 |
0.716258 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
6.0 |
0.9 |
3.0 |
4.8 |
8.0 |
|
Depreciation |
18.1 |
15.8 |
19.5 |
12.8 |
13.9 |
|
Depreciation/Depletion |
18.1 |
15.8 |
19.5 |
12.8 |
13.9 |
|
Deferred Taxes |
1.4 |
- |
- |
- |
- |
|
Unusual Items |
1.9 |
-1.9 |
0.1 |
0.0 |
- |
|
Equity in Net Earnings (Loss) |
0.0 |
-0.3 |
-0.1 |
-0.1 |
-0.3 |
|
Other Non-Cash Items |
3.9 |
6.6 |
2.6 |
2.1 |
6.5 |
|
Non-Cash Items |
5.8 |
4.4 |
2.6 |
2.1 |
6.2 |
|
Accounts Receivable |
11.8 |
25.2 |
-10.8 |
10.3 |
-11.7 |
|
Inventories |
-2.5 |
-26.5 |
-7.3 |
4.5 |
-11.5 |
|
Accounts Payable |
2.7 |
22.5 |
-2.5 |
2.6 |
2.9 |
|
Taxes Payable |
- |
-1.1 |
0.6 |
0.7 |
3.4 |
|
Other Assets & Liabilities, Net |
1.5 |
4.8 |
4.9 |
-9.5 |
5.3 |
|
Other Operating Cash Flow |
- |
-0.9 |
-1.0 |
-2.6 |
-0.1 |
|
Changes in Working Capital |
13.6 |
24.0 |
-16.1 |
6.1 |
-11.6 |
|
Cash from Operating Activities |
44.8 |
45.1 |
9.0 |
25.9 |
16.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-30.7 |
-16.1 |
-20.1 |
-30.9 |
-33.8 |
|
Capital Expenditures |
-30.7 |
-16.1 |
-20.1 |
-30.9 |
-33.8 |
|
Sale of Fixed Assets |
4.6 |
8.6 |
2.0 |
6.2 |
6.0 |
|
Other Investing Cash Flow |
0.4 |
0.1 |
-6.1 |
8.1 |
3.7 |
|
Other Investing Cash Flow Items, Total |
5.0 |
8.7 |
-4.1 |
14.3 |
9.6 |
|
Cash from Investing Activities |
-25.7 |
-7.4 |
-24.2 |
-16.7 |
-24.2 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
20.5 |
-12.0 |
24.9 |
-43.0 |
10.2 |
|
Financing Cash Flow Items |
20.5 |
-12.0 |
24.9 |
-43.0 |
10.2 |
|
Cash Dividends Paid - Common |
0.0 |
0.0 |
0.0 |
-1.6 |
0.0 |
|
Total Cash Dividends Paid |
0.0 |
0.0 |
0.0 |
-1.6 |
0.0 |
|
Treasury Stock |
0.0 |
0.0 |
0.0 |
-4.1 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
0.0 |
0.0 |
-4.1 |
0.0 |
|
Long Term Debt Issued |
- |
- |
0.0 |
56.2 |
6.5 |
|
Long Term Debt
Reduction |
-16.0 |
-7.6 |
-5.6 |
-10.6 |
-11.3 |
|
Long Term Debt, Net |
-16.5 |
-10.3 |
-3.4 |
45.3 |
-7.9 |
|
Issuance (Retirement) of Debt, Net |
-16.5 |
-10.3 |
-3.4 |
45.3 |
-7.9 |
|
Cash from Financing Activities |
4.0 |
-22.2 |
21.5 |
-3.4 |
2.2 |
|
|
|
|
|
|
|
|
Net Change in Cash |
23.1 |
15.4 |
6.2 |
5.8 |
-5.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
12.8 |
-3.2 |
-9.7 |
-15.7 |
-9.8 |
|
Net Cash - Ending Balance |
35.9 |
12.2 |
-3.4 |
-9.8 |
-15.3 |
|
Cash Taxes Paid |
- |
0.9 |
1.0 |
2.6 |
0.1 |
Annual Income Statement
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
29-Feb-2012 |
28-Feb-2011 |
28-Feb-2010 |
28-Feb-2009 |
29-Feb-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.723324 |
0.759157 |
0.711244 |
0.697482 |
0.716258 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
380.5 |
235.2 |
232.0 |
209.7 |
183.7 |
|
Other Income |
0.4 |
0.2 |
7.2 |
0.0 |
0.1 |
|
Total Revenue |
380.8 |
235.4 |
239.2 |
209.7 |
183.8 |
|
|
|
|
|
|
|
|
Purchases |
192.7 |
97.7 |
96.5 |
93.1 |
87.1 |
|
Other External Chgs. |
116.2 |
83.4 |
81.9 |
64.9 |
36.9 |
|
Taxes/Duties |
3.4 |
3.4 |
3.8 |
3.7 |
3.0 |
|
Labor Expenses |
35.4 |
29.1 |
32.3 |
27.6 |
24.8 |
|
Depreciation |
16.6 |
16.0 |
17.8 |
13.6 |
13.1 |
|
Provisions |
5.5 |
2.9 |
1.7 |
-0.8 |
0.8 |
|
Other Expenses/Income |
0.0 |
0.0 |
0.2 |
0.4 |
0.3 |
|
Other Non-Current Income/Expense |
- |
- |
2.0 |
-0.1 |
- |
|
Other Unusual Income |
-0.7 |
-0.3 |
- |
- |
-0.4 |
|
Other Unusual Expense |
2.8 |
1.1 |
- |
- |
0.7 |
|
Sale of Assets |
1.8 |
0.1 |
0.1 |
0.0 |
1.1 |
|
Total Operating Expense |
373.6 |
233.5 |
236.4 |
202.4 |
167.3 |
|
|
|
|
|
|
|
|
Disposal/Fin. Assets |
- |
- |
- |
- |
-0.9 |
|
Interest Income |
0.6 |
0.4 |
0.6 |
0.8 |
0.8 |
|
Gains/Exchange |
-1.2 |
3.1 |
- |
- |
2.7 |
|
Interest Expense |
-2.7 |
-2.7 |
-2.9 |
-5.1 |
-5.1 |
|
Losses/Exchange |
1.2 |
-3.1 |
- |
- |
-2.3 |
|
Other Financial Income |
8.6 |
0.1 |
- |
- |
- |
|
Other Financial Expense |
-0.5 |
-0.1 |
- |
- |
- |
|
Other Fin. Expenses/Income |
- |
- |
2.0 |
3.2 |
-0.6 |
|
Share/Equity |
0.0 |
0.3 |
0.1 |
0.1 |
0.3 |
|
Net Income Before Taxes |
13.1 |
-0.1 |
2.6 |
6.4 |
11.4 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
7.1 |
-1.1 |
-0.4 |
1.6 |
3.4 |
|
Net Income After Taxes |
6.0 |
0.9 |
3.0 |
4.8 |
8.0 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.1 |
0.0 |
0.2 |
0.0 |
0.0 |
|
Net Income Before Extra. Items |
5.9 |
1.0 |
3.1 |
4.8 |
8.0 |
|
Net Income |
5.9 |
1.0 |
3.1 |
4.8 |
8.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
5.9 |
1.0 |
3.1 |
4.8 |
8.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
5.9 |
1.0 |
3.1 |
4.8 |
8.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
3.9 |
3.9 |
3.9 |
3.9 |
3.9 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.52 |
0.25 |
0.81 |
1.24 |
2.09 |
|
Basic EPS Including ExtraOrdinary Item |
1.52 |
0.25 |
0.81 |
1.24 |
2.09 |
|
Diluted Net Income |
5.9 |
1.0 |
3.1 |
4.8 |
8.0 |
|
Diluted Weighted Average Shares |
3.9 |
3.9 |
3.9 |
3.9 |
4.9 |
|
Diluted EPS Excluding ExtraOrd Items |
1.52 |
0.25 |
0.81 |
1.24 |
1.65 |
|
Diluted EPS Including ExtraOrd Items |
1.52 |
0.25 |
0.81 |
1.24 |
1.65 |
|
DPS-Ordinary Shares |
0.48 |
0.00 |
0.00 |
0.00 |
0.42 |
|
Gross Dividends - Common Stock |
1.9 |
0.0 |
0.0 |
0.0 |
1.6 |
|
Normalized Income Before Taxes |
17.0 |
0.7 |
2.7 |
6.4 |
12.8 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
9.2 |
-0.8 |
-0.4 |
1.6 |
3.8 |
|
Normalized Income After Taxes |
7.8 |
1.5 |
3.1 |
4.8 |
9.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
7.6 |
1.5 |
3.2 |
4.8 |
9.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.98 |
0.40 |
0.83 |
1.24 |
2.34 |
|
Diluted Normalized EPS |
1.98 |
0.40 |
0.83 |
1.24 |
1.85 |
|
Interest Expense |
2.7 |
2.7 |
2.9 |
5.1 |
5.1 |
|
Amortisation of Intangibles |
7.1 |
6.8 |
12.3 |
- |
8.2 |
|
Depreciation |
10.0 |
8.3 |
9.0 |
13.6 |
5.1 |
|
Research & Development Expense |
7.6 |
6.2 |
6.5 |
- |
- |
|
Rental Expense, Supplemental |
- |
- |
1.0 |
0.9 |
- |
|
Income Tax |
5.7 |
0.9 |
-0.2 |
1.6 |
3.6 |
|
Current Tax - Total |
5.7 |
0.9 |
-0.2 |
1.6 |
3.6 |
|
Defered Tax |
1.4 |
-1.9 |
-0.2 |
0.0 |
-0.2 |
|
Deferred Tax - Total |
1.4 |
-1.9 |
-0.2 |
0.0 |
-0.2 |
|
Income Tax - Total |
7.1 |
-1.1 |
-0.4 |
1.6 |
3.4 |
|
Service Costs |
- |
- |
2.3 |
- |
14.4 |
|
Actuarial Losses |
- |
- |
8.8 |
- |
-25.7 |
|
Interest Cost |
- |
- |
45.1 |
- |
37.8 |
|
Domestic Pension Plan Expense |
- |
- |
56.2 |
- |
26.4 |
|
Total Pension Expense |
- |
- |
56.2 |
- |
26.4 |
|
Discount Rate |
4.31% |
4.88% |
3.50% |
- |
5.50% |
|
Compensation Rate |
- |
- |
1.00% |
- |
1.00% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
29-Feb-2012 |
28-Feb-2011 |
28-Feb-2010 |
28-Feb-2009 |
29-Feb-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.743179 |
0.724008 |
0.732762 |
0.787371 |
0.658718 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Fabric |
- |
- |
0.9 |
1.5 |
0.1 |
|
Merchandise |
98.6 |
95.4 |
64.1 |
52.2 |
69.1 |
|
Samples |
- |
- |
0.5 |
0.6 |
0.6 |
|
Provisions |
-4.3 |
-1.2 |
-0.3 |
-0.5 |
-0.8 |
|
Trade Debtors |
- |
- |
- |
- |
52.2 |
|
Trade Debtors |
27.7 |
27.2 |
50.1 |
36.9 |
- |
|
Prov./Bad Debts |
-6.7 |
-6.0 |
-3.7 |
-1.9 |
- |
|
Other Debtors |
- |
- |
- |
- |
10.3 |
|
Cash & Equivalents |
39.1 |
13.4 |
9.0 |
13.6 |
4.1 |
|
Financial Derivatives |
- |
- |
- |
0.0 |
0.0 |
|
Social Receivables |
0.2 |
0.3 |
- |
- |
- |
|
Fiscal Receivables |
1.5 |
2.7 |
- |
- |
- |
|
Suppliers Receivables |
0.2 |
0.2 |
- |
- |
- |
|
Other Receivable |
14.9 |
12.2 |
17.8 |
13.3 |
- |
|
Prepaid Expenses |
7.3 |
7.1 |
3.3 |
2.9 |
- |
|
Financial Derivatives |
0.0 |
0.0 |
1.1 |
- |
- |
|
Total Current Assets |
178.5 |
151.4 |
142.7 |
118.7 |
135.6 |
|
|
|
|
|
|
|
|
Development Costs |
28.6 |
26.6 |
- |
- |
- |
|
Licenses, Patents, Brands |
19.9 |
17.8 |
- |
- |
- |
|
Other Intangibles |
0.3 |
0.3 |
77.0 |
62.8 |
- |
|
Intangibles in Progress |
0.1 |
0.0 |
- |
- |
- |
|
Intangibles, Net |
- |
- |
- |
- |
55.5 |
|
Amort./Intang. |
-27.5 |
-24.7 |
-22.9 |
-13.3 |
- |
|
Business Goodwill |
33.2 |
32.9 |
- |
- |
- |
|
Goodwill |
7.0 |
6.9 |
- |
6.6 |
5.6 |
|
Goodwill |
- |
- |
7.4 |
- |
- |
|
Amort./Goodwill |
- |
- |
0.0 |
- |
- |
|
Buildings |
2.0 |
0.8 |
- |
- |
- |
|
Buildings/Leasing |
0.0 |
0.0 |
- |
- |
- |
|
Technical Installations |
8.4 |
6.8 |
- |
- |
- |
|
Technical Installations/Leasing |
1.8 |
1.9 |
- |
- |
- |
|
Other Tangibles |
72.3 |
64.1 |
- |
- |
- |
|
Other Tangibles/Leasing |
0.9 |
0.9 |
- |
- |
- |
|
Tangibles in Progress |
0.0 |
0.1 |
- |
- |
- |
|
Tangibles, Gross |
- |
- |
74.9 |
59.5 |
59.7 |
|
Depreciation |
-43.6 |
-36.9 |
-30.6 |
-23.3 |
-21.1 |
|
Financial Assets |
9.5 |
9.0 |
4.4 |
4.3 |
6.4 |
|
Deferred Tax |
2.7 |
5.8 |
5.1 |
4.2 |
5.5 |
|
Total Assets |
294.1 |
263.5 |
258.1 |
219.4 |
247.1 |
|
|
|
|
|
|
|
|
Current Portion of LT Debt |
0.2 |
0.2 |
0.2 |
65.1 |
8.9 |
|
Other ST Debt |
0.3 |
0.3 |
- |
- |
- |
|
Current Portion of LT Capital Leases |
0.3 |
0.5 |
0.4 |
0.0 |
0.3 |
|
Overdraft |
4.2 |
0.7 |
12.3 |
22.3 |
20.7 |
|
Advances |
0.0 |
0.5 |
12.0 |
0.0 |
2.5 |
|
Curr. Interests |
11.4 |
9.7 |
10.1 |
4.3 |
43.8 |
|
Trade Creditors |
70.0 |
66.5 |
36.3 |
36.1 |
40.8 |
|
Fiscal/Social Debt |
- |
- |
12.1 |
9.8 |
12.7 |
|
Social Payables |
7.6 |
5.9 |
- |
- |
- |
|
Fiscal Payables |
11.6 |
8.0 |
- |
- |
- |
|
Customer Advances |
2.8 |
0.5 |
11.3 |
4.7 |
- |
|
Deferred Income |
12.7 |
10.4 |
- |
- |
- |
|
Other Payables |
6.6 |
2.2 |
1.1 |
0.3 |
6.1 |
|
Provisions |
0.3 |
0.1 |
0.1 |
0.2 |
0.4 |
|
Derivatives |
6.8 |
5.4 |
0.0 |
0.1 |
4.0 |
|
Total Current Liabilities |
134.7 |
110.8 |
95.9 |
142.9 |
140.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
54.2 |
71.9 |
79.1 |
4.0 |
21.5 |
|
Capital Leases |
0.0 |
0.3 |
2.2 |
0.5 |
0.6 |
|
LT Advances |
21.8 |
0.0 |
- |
- |
- |
|
Total Long Term Debt |
76.0 |
72.2 |
81.2 |
4.4 |
22.1 |
|
|
|
|
|
|
|
|
Provisions/Chgs. |
0.3 |
0.0 |
0.1 |
0.0 |
0.2 |
|
Deferred Tax |
3.2 |
5.2 |
7.4 |
6.4 |
8.2 |
|
Minority Reserves |
0.1 |
-0.2 |
0.0 |
0.0 |
0.0 |
|
Minority Result |
0.1 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Total Liabilities |
214.4 |
188.0 |
184.5 |
153.8 |
170.5 |
|
|
|
|
|
|
|
|
Capital |
31.1 |
32.0 |
31.6 |
29.4 |
35.1 |
|
Other Reserves |
42.9 |
42.5 |
38.9 |
32.0 |
32.8 |
|
Net Income |
5.7 |
1.0 |
3.0 |
4.2 |
8.8 |
|
Total Equity |
79.7 |
75.5 |
73.5 |
65.6 |
76.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
294.1 |
263.5 |
258.1 |
219.4 |
247.1 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
3.6 |
3.6 |
3.5 |
3.9 |
3.9 |
|
Total Common Shares Outstanding |
3.6 |
3.6 |
3.5 |
3.9 |
3.9 |
|
T/S-Ordinary Shares |
0.2 |
0.3 |
0.3 |
0.0 |
- |
|
Deferred Income |
15.5 |
11.4 |
23.3 |
4.7 |
8.5 |
|
Deferred Income - Long Term |
21.8 |
- |
- |
- |
- |
|
Accumulated Intangible Amortization |
27.5 |
24.7 |
22.9 |
13.3 |
7.0 |
|
Accumulated Goodwill Amortization |
- |
- |
0.0 |
- |
- |
|
Full-Time Employees |
616 |
477 |
477 |
349 |
576 |
|
LT Debt Due Within 1 Year |
0.2 |
0.2 |
0.2 |
65.1 |
8.9 |
|
LT Debt Due Within 5 Years |
76.0 |
71.9 |
79.1 |
4.0 |
20.0 |
|
LT Debt Remaining Maturities |
0.0 |
0.0 |
0.0 |
0.0 |
1.5 |
|
Total Long Term Debt, Supplemental |
76.1 |
72.1 |
79.2 |
69.1 |
30.4 |
|
Capital Leases Within 1 Year |
0.3 |
0.5 |
0.4 |
0.0 |
0.3 |
|
Capital Lease Remaining Maturities |
0.0 |
0.3 |
2.2 |
0.5 |
0.6 |
|
Total Capital Leases |
0.3 |
0.8 |
2.6 |
0.5 |
0.9 |
|
Operating Lease Within 1 Year |
0.2 |
0.5 |
12.2 |
9.9 |
9.2 |
|
Operating Lease Within 5 Years |
0.1 |
0.3 |
0.1 |
0.5 |
0.9 |
|
Operating Lease Remaining |
0.0 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Total Operating Leases |
0.3 |
0.8 |
12.4 |
10.4 |
10.1 |
|
Discount Rate |
4.31% |
4.88% |
3.50% |
3.75% |
- |
|
Compensation Rate |
- |
- |
1.00% |
1.00% |
- |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
29-Feb-2012 |
28-Feb-2011 |
28-Feb-2010 |
28-Feb-2009 |
29-Feb-2008 |
|
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) |
0.723324 |
0.759157 |
0.711244 |
0.697482 |
0.716258 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
6.0 |
0.9 |
3.0 |
4.8 |
8.0 |
|
Depreciation |
18.1 |
15.8 |
19.5 |
12.8 |
13.9 |
|
Adjust. Prior Year |
- |
- |
- |
- |
1.1 |
|
Sale of Assets |
1.9 |
-1.9 |
0.1 |
0.0 |
- |
|
Cost of Debt |
2.7 |
2.7 |
2.4 |
4.2 |
4.3 |
|
Derivitaves Variation |
1.1 |
3.9 |
0.2 |
-2.1 |
1.1 |
|
Share-based Payments |
0.1 |
-0.1 |
- |
- |
- |
|
Tax Charges |
- |
-1.1 |
-0.4 |
-1.9 |
3.3 |
|
Charge for Tax Paid |
- |
- |
1.0 |
2.6 |
0.1 |
|
Tax Paid |
- |
-0.9 |
-1.0 |
-2.6 |
-0.1 |
|
Stock Variation |
-2.5 |
-26.5 |
-7.3 |
4.5 |
-11.5 |
|
Receivables |
11.8 |
25.2 |
-10.8 |
10.3 |
-11.7 |
|
Payables |
2.7 |
22.5 |
-2.5 |
2.6 |
2.9 |
|
Variation of Other Creditors and Debts |
1.5 |
4.8 |
4.9 |
-9.5 |
5.3 |
|
Share/Equity |
0.0 |
-0.3 |
-0.1 |
-0.1 |
-0.3 |
|
Deferred Tax |
1.4 |
- |
- |
- |
- |
|
Cash from Operating Activities |
44.8 |
45.1 |
9.0 |
25.9 |
16.5 |
|
|
|
|
|
|
|
|
Acquisition/Assets |
-30.7 |
-16.1 |
-20.1 |
-30.9 |
-33.8 |
|
Sales Assets |
4.6 |
8.6 |
2.0 |
6.2 |
6.0 |
|
Change Consolidation |
0.4 |
0.1 |
-6.1 |
8.1 |
3.7 |
|
Cash from Investing Activities |
-25.7 |
-7.4 |
-24.2 |
-16.7 |
-24.2 |
|
|
|
|
|
|
|
|
Change in Treasury Shares |
0.0 |
0.0 |
0.0 |
-4.1 |
0.0 |
|
New Loans |
- |
- |
0.0 |
56.2 |
6.5 |
|
Deposit |
-1.2 |
0.1 |
0.5 |
0.7 |
1.4 |
|
Capital Leases, Net |
-0.5 |
-2.6 |
2.2 |
-0.3 |
-3.1 |
|
Derivatives |
0.5 |
2.3 |
1.0 |
-3.7 |
1.7 |
|
Repayment Loans |
-16.0 |
-7.6 |
-5.6 |
-10.6 |
-11.3 |
|
Interest Paid, Net |
-2.7 |
-2.7 |
-2.4 |
-4.2 |
-4.3 |
|
Exchange Rate Var. |
0.0 |
0.1 |
0.3 |
0.2 |
0.3 |
|
Dividends Paid |
0.0 |
0.0 |
0.0 |
-1.6 |
0.0 |
|
Other Financing, Net |
23.9 |
-11.7 |
25.6 |
-36.0 |
11.1 |
|
Cash from Financing Activities |
4.0 |
-22.2 |
21.5 |
-3.4 |
2.2 |
|
|
|
|
|
|
|
|
Net Change in Cash |
23.1 |
15.4 |
6.2 |
5.8 |
-5.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
12.8 |
-3.2 |
-9.7 |
-15.7 |
-9.8 |
|
Net Cash - Ending Balance |
35.9 |
12.2 |
-3.4 |
-9.8 |
-15.3 |
|
Cash Taxes Paid |
- |
0.9 |
1.0 |
2.6 |
0.1 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.33 |
|
|
1 |
Rs.84.30 |
|
Euro |
1 |
Rs.67.45 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.