MIRA
INFORM REPORT
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Report Date : |
04.09.2012 |
IDENTIFICATION DETAILS
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Name : |
ERAMET SA |
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Registered Office : |
Tour Maine-Montparnasse 33, avenue du Maine, Paris cedex 15 Paris, F - 75755 |
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Country : |
France |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
23.09.1963 |
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Com. Reg. No.: |
632045381 |
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Legal Form : |
Public Parent |
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Line of Business : |
Mining of non-ferrous metal ores, except uranium and thorium ores |
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No. of Employees : |
15,000 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
Eramet SA
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Business
Description
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Eramet SA is a France-based integrated mining and metallurgical
company. The Company’s activities are spread across three business
divisions: Nickel, which specializes in production of nickel ore in New
Caledonia (mining), processing of ore to produce ferronickel, high-purity
nickel, production of chemical derivatives of nickel and and the manufacture
of tungsten carbide and cobalt powders; Manganese, which is engaged in the
production of manganese oer and sinter, processing of ore to produce
manganese alloys, production of high-purity chrome and hardeners for
aluminium production, collection and recycling of catalysts used by oil
refineries, extraction and upgrading of metal content; and Alloys, which
specializes in the production of closed-die forged parts in titanium,
aluminium, steels and nickel-based alloys on high-power presses, production
of high-speed steels, special high-performance steels, nickel-based alloys
and tool steels, among others. For the six months ended 30 June 2012, Eramet
SA revenues decreased 10% to EUR1.74B. Net income decreased 84% to EUR21M.
Revenues reflect Manganese segment decrease of 18% to EUR751M, Nickel segment
decrease of 15% to EUR457M, Asia segment decrease of 24% to EUR480M, Europe
segment decrease of 5% to EUR827M, North America segment decrease of 3% to
EUR349M. Net income also reflects Manganese segment income decrease of 61% to
EUR90M. |
Industry
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Industry |
Metal Mining |
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ANZSIC 2006: |
0809 - Other Metal Ore Mining |
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NACE 2002: |
1320 - Mining of non-ferrous metal ores,
except uranium and thorium ores |
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NAICS 2002: |
212234 - Copper Ore and Nickel Ore Mining |
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UK SIC 2003: |
1320 - Mining of non-ferrous metal ores,
except uranium and thorium ores |
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UK SIC 2007: |
0729 - Mining of other non-ferrous metal
ores |
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US SIC 1987: |
1061 - Ferroalloy Ores, Except Vanadium |
Key Executives
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Significant Developments
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* number of significant developments within the last 12 months |
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News
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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 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
Corporate Overview
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Overview
Britannia Industries Limited (Britannia) is one of the largest biscuit
manufacturing companies in India. The company’s strong manufacturing
capabilities and wide brand and product portfolio are its strengths. Further,
strategic acquisitions and growing snack and savory market could ensure a
strong future. However, its geographic concentration and declining operating
margins are areas of concern for the company. Highly competitive market and
increasing raw material prices could also affect the company’s growth.
Strengths
Steady Financial Performance
The steady revenue generation ability of the company enables it to
expand its market share. During the period 2006-2010, the Britannia recorded a
compound annual growth rate (CAGR) of 21.93%. The increase could be attributed
due to the strong market performance during the given period. Britannia's
revenue increased at a steady rate. In the fiscal year ended March 2006, it
recorded revenue of INR17,350.23m, followed by INR22,973.15m (2007),
INR28,096.65m (2008) and INR34,599.46m (2009). In fiscal year 2010, revenue
increased to INR 38,343.78 m, an increase of 10.8% over previous year. Going
further, in the nine month period ended December 2010, the revenue further
increased to INR30858.5m, as compared to INR24,711.4m in the previous nine
month period. The steady increase in its financial performance helps Britannia
to invest in its growth initiatives, leading to improved competitive position.
Strong Manufacturing Capabilities
The company's strong manufacturing capabilities help in integrating its
operations efficiently, catering to the growing demand for its products.
Britannia operates manufacturing plants in Kolkata, Delhi, Mumbai and
Uttarakhand. Further, the company has manufacturing operations in Sri Lanka.
It’s manufacturing facility in Uttarakhand surpassed production rate of 5,000
tonnes/month with significant investments in automation and mechanization.
Further, its vendor quality improvement program and information technology is
expected to increase the productivity. The company has also undertaken several
initiatives to enhance information technology infrastructure and processes.
This is useful to avail timely and granular information to improve planning and
performance measurement in manufacturing, logistics, distribution, sales and
quality. On operational front, Britannia has taken several initiatives in
eliminating wastes in the value chain. Apart from these, the company has
exploited latest technologies such as energy integration through new energy
efficient ovens and online-mixing have been put in place. Thus, a strong
control over the manufacturing processes helps the company control the entire
supply chain besides generating cost efficiencies.
High Quality Standards
The company’s continuous focus in excelling in its delivered quality
standards helps in its growth prospects. Britannia has established various
quality systems and processes at critical points of its supply chain. The
company has always ensured that quality processes are utilized in various
facets of the supply chain for covering both existing and new processes. In
this regard, consumers voted Britannia among the Top 10 Most Trusted Brands
across all categories for the 6th successive year in an independent survey
conducted by AC Nielsen and Economic Times. Britannia was rated as the second
most trusted food brand and ninth most trusted brand across all categories in
2009. Its Pure Magic Canister won the PFFCA Star award and Cake Greetings
Carton pack received the Corrustara award for the best consumer pack of the
year, awarded by Federation of Corrugated Box Manufacturers of India (FCBM). In
addition, its Treat holography pack and greetings carton pack received the,
India Star award and its Pure Magic won the India Star, Asia Star and World
Star award. Besides, Britannia was rated as # 2 Most Trusted Food brand in
2010. The industry recognitions enable the company to further expand its
business operations.
Strong Brand and Product Portfolio
The company’s strong product and brand portfolio gives the company a
competitive advantage. The various bakery products offered by Britannia include
biscuits, bread, cakes, and rusks. Dairy products offered include cheese, dairy
whitener, curd, butter and ghee. Britannia markets its products under the brand
names of 50-50, Pure Magic, Good Day, Treat, Tiger, Milk Bikis, MarieGold,
NutriChoice, Tiger Creams, and Berry Cherry. Britannia is one of the largest
manufacturers of bakery and dairy products in India. It holds around 33% of the
market share in the biscuit segment. In the small cake segment, it has a market
share of around 25%. In addition, its 50-50 biscuit brand holds almost one
third market share in the family of crackers biscuit segment. Such strong
product and brand strength support the innovation process in launching new
products and enhancing the revenue stream of the company.
Weaknesses
Increasing Operational Expenses
The increase in expenses hampers the company's ability to realize its
profits. In the fiscal year ended March 2010, the operating expenses increased
to INR37,257.00m, compared to INR32,637.01m in 2009. As a result, the operating
costs (% of sales) increased from 94.3% in 2009 to 97.2% in 2010. Going
further, in the nine months period ended December 2010, the expenses increased
to INR32,792.7m, compared to INR23,278.5m in 2009. The rise in operating
expenses reflects the company's weak operations as it affects the profit
generation ability.
Pending Litigation's
Involvement in litigation adds to costs, which could have an adverse
impact on the operations and brand image of the company. Britannia has been
subjected to lawsuits and legal proceedings in the process of its normal
business operations. In January 2011, US-based Kraft Food Global Brands LLC,
filed case agianst Britannia in copyright and trademark violation in relation
to its Oreo cookies. Kraft has alleged that Britannia's, Treat-O' biscuit, is a
copy of its Oreo cream-filled sandwich cookies. The company wants the court to
stop Britannia to stop the manufacturing and sales of the product. The outcome
of the litigation is still pending and is unpredictable. Any adverse outcome
would have a significant effect on Britannia's financial performance and
results of operations. In addition to the pending litigation, the company lost
a lawsuit in the recent past, which accounted for a significant amount of its
revenues.
Substantial Debt
High debt could have a major impact on the operational performance of
the company, as a major portion of its earnings would be diverted towards
servicing its debt obligations. This could concern the investors as well as
make it difficult for the company to raise funds at favorable terms from the
market. Britannia's total debt component increased from INR2,790.81m in 2009 to
INR6,623.77m in 2010. Its total long term debt also increased from INR2,748.23m
in 2009 to INR6,569.62m in 2010. Its total liability increased from
INR7,704.93m in 2009, to INR12,086.14m in 2010. As a result, the debt to equity
ratio increased from 38.7% in 2009 to 234.2% in 2010. Britannia's failure to
comply with any of these requirements could become due and increased payable
prior to its stated maturity. Such huge debt increases the debt servicing
obligations of the company and impacts its cash flows adversely. It could limit
Britannia's ability to raise debt in future and pursue other strategic
opportunities. It would also increase the company’s vulnerability to adverse
economic and industry conditions.
Geographic Concentration
The company’s business could be impacted during any adverse market
conditions in the Indian region. The company although has operations in Dubai,
Oman and Sri Lanka and exports its products in overseas markets such as USA,
Canada, Australia, New Zealand and Singapore, but it generates majority of its
revenue from India. Any change in the political, economic or climatic
conditions of the region could directly affect the growth prospects.
Over-dependence on one region also restricts the company’s market share and
growth options. With its competitors already having diversified their
operations, Britannia is at a disadvantage as the sales from other regions add
new avenues of income.
Opportunities
Increasing Demand for Healthier Lifestyle
Products
The company can benefit from the growing demand for healthier lifestyle
products, especially in the emerging markets like India. Increasing income
levels in these regions have increased the purchase of discretionary products.
As lifestyle gets improved, consumption of products like milk, juices, and biscuits
too will witness a strong growth. To capitalize on this growing demand for
healthy foods, Britannia entered the dairy category with the launch of
Britannia Milkman range of dairy products. Britannia Milkman launched its Daily
Fresh Dahi in Bangalore. This launch of the product is in line with the
emerging trends of quality, convenience and wellness that consumers seek,
coupled with newer retail formats. In addition, recently the company launched
NutriChoice Oat Cookies and NutriChoice Ragi Cookies, specially designed for
people with diabetes. In the same line, it also launched NutriChoice 5 Grain
biscuits and NutriChoice SugarOut, a sweetened with, sucralose, which provides
sweetness, without the added calories of sugar. Britannia can further capitalize
on this rising trend and drive its top line growth by introducing new products
and flavors that suit the growing needs of its customer base.
Rising Food Business in India
With strong growth prospects offered by the Indian food industry,
Britannia has the opportunity to tap the rising Indian food industry. Acceding
to industry estimates, the Indian food market is estimated around $182 billion
and accounts for almost two thirds of the total Indian retail market. The
segment is likely to grow $70 billion in 2008 to $150 billion by 2025. The
Indian food industry would form a large share of the global food market which
is estimated to grow from $175 billion in 2008 to $400 billion in 2025.
Additionally the Indian branded snack food business is expected to grow at
15-20% annually, while the growth for unorganized sector is pegged at 7-8%
annually. The dairy sector, which is currently estimated at $62.67 billion, is
expected to grow at 5% per annum to $108 billion, in 2011. In addition, the
Indian food and grocery market is forecasted to grow at a rate of 104%, and is
expected to reach to $482 billion by 2020. With such strong growth
opportunities provided the company would be able to further accelerate its
growth.
Small Pack Business in India
With the consumption patterns’ changing frequently, Britannia is
tapping the jar biscuits market. In this regard the company has launched a new
INR5 yogurt for one-time consumption. The company is targeting on select train
routes. The product is based on the one-time consumption, which allows new
consumption moments such as at the work station at a BPO (business process
outsourcing office) or at a kiosk at a railway station or at various small
outlets. The growth opportunity would enable Britannia to diversify its revenue
generation ability.
New Products Launches
The company continues to fuel its revenue growth with the launch of new
and innovative products in the market. In February 2011, Britannia launched its
new product, named, Chinese poha and Manchurian upma, under its Healthy Start
brand. The new product is aimed at the urban market. The ready-to-cook food
products would enable Britannia to tap the growing breakfast foods market.
Earlier in April 2010, the company launched itself into the chocolate market
with the launch of Treat Choco Decker, a products that is a combination of
chocolate, jam and biscuit. The product is available in two variants and the
company has additional chocolate offerings in the pipeline, in the near future.
Going further, in the first three months of 2010, the company launched various
new product variants in categories such as cookies and veg cakes. Britannia
also introduced Actimind, a health drink. It also launched milk in tetrapaks,
cheese spread variants, new flavour variants of Tiger biscuits, Nutri Choice
Nature Spice, a cream cracker and others. New products enable the company to
meet the changing demand of customers.
Threats
Government Regulations
The company’s operations are subjected to extensive government
regulations. In India, the taxes on the biscuit products are high. The total
impact of taxation on biscuit sector includes Value Added Tax (VAT) at 12.5%,
Central Sales Tax (CST) at 8% and other local taxes amounts to 26%, making it
one of the highest taxed food product in the country. Prior to the imposition
of 12.5% VAT, the sales tax on biscuits was only 8%. Due to the high incidence
of taxation, the per capita consumption of biscuits in India is only 1.9 kg
compared to 10 kg in the USA, the UK and West European countries and above 4.2
kg in the South East Asian countries like Singapore, Hong Kong, Thailand and
Indonesia. Due to these high taxes, product costs have been increasing, which in
turn affect the sales of the company. Thus, the margins of the company are
subjected to changes in the tax structures by the Government.
Intense Competition
The company operates in confectionery market which is highly
competitive. With the entry of new international players, the competition is
expected to further intensify. Key competitors of the company include Maxwell
Inc., Samay Foods Private Limited, Surya Food & Agro Ltd., ITC Limited and
Parle Products Pvt. Ltd. Due to the growing economy and flourishing retail
industry in India, many international players have forayed into the market.
Some of these global players enjoy strong financial and marketing arm, which
could lure away the company’s customers. If the company is not able to
maintain product quality and consumer loyalty, this intense competition could
reduce the sales volume of the company, thereby hampering its market position.
Rising Raw Material Prices
The company’s operational performance could be impacted due to the
increasing raw material prices. The company’s business faces inflationary
pressure in key raw materials such as wheat flour, refined palm oil, skimmed
milk powder and other dairy products. There are fluctuations in the prices of
raw materials which may result in variability in profits of the company. During
the recent past, the industry witnessed an inordinate increase in the market
prices of all key commodities like flour, refined palm oil and skimmed milk
powder. Further, the ongoing wage inflation in India and increasing freight
costs could have a potential impact on the company’s input costs. This
increasing raw material cost will increase the cost of production and may
affect the profitability of the company.
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Corporate Structure News
Total Corporate Family Members: 55
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Paris |
France |
Metal Mining |
5,122.4 |
15,000 |
|
|
Division |
Paris |
France |
Chemical Manufacturing |
|
6,719 |
|
|
Facility |
Odda |
Norway |
Iron and Steel |
|
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|
|
Subsidiary |
Paris |
France |
Iron and Steel |
974.3 |
3,422 |
|
|
Subsidiary |
Clermont Ferrand |
France |
Miscellaneous Fabricated Products |
24.6 |
176 |
|
|
Subsidiary |
Clermont Ferrand |
France |
Iron and Steel |
14.9 |
34 |
|
|
Subsidiary |
Varilhes |
France |
Miscellaneous Fabricated Products |
2.4 |
34 |
|
|
Subsidiary |
Ferrara, Ferrara |
Italy |
Miscellaneous Capital Goods |
9.5 |
13 |
|
|
Facility |
Pamiers, Ariege |
France |
Miscellaneous Fabricated Products |
|
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|
|
Facility |
Firminy, Loire |
France |
Iron and Steel |
|
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|
Facility |
Gennevilliers, Hauts-de-Seine |
France |
Iron and Steel |
|
|
|
|
Facility |
Issoire, Puy-de-Dome |
France |
Iron and Steel |
|
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|
Facility |
Imphy, Nievre |
France |
Iron and Steel |
|
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Facility |
Les Ancizes-Comps, Puy-de-Dome |
France |
Iron and Steel |
|
|
|
|
Subsidiary |
Libreville |
Gabon |
Railroads |
|
1,500 |
|
|
Subsidiary |
Moanda |
Gabon |
Metal Mining |
906.5 |
1,400 |
|
|
Subsidiary |
Porsgrunn |
Norway |
Metal Mining |
338.3 |
471 |
|
|
Subsidiary |
Söderfors |
Sweden |
Iron and Steel |
174.3 |
404 |
|
|
Division |
Paris |
France |
Metal Mining |
|
200 |
|
|
Subsidiary |
Pánuco, Veracruz |
Mexico |
Chemical Manufacturing |
|
175 |
|
|
Subsidiary |
Grenoble |
France |
Chemical Manufacturing |
70.9 |
123 |
|
|
Subsidiary |
Freeport, TX |
United States |
Iron and Steel |
65.9 |
120 |
|
|
Division |
Paris |
France |
Miscellaneous Fabricated Products |
|
100 |
|
|
Division |
Paris |
France |
Computer Services |
970.8 |
77 |
|
|
Subsidiary |
Saint Ghislain-Villerot |
Belgium |
Chemical Manufacturing |
76.0 |
145 |
|
|
Subsidiary |
Trappes |
France |
Miscellaneous Financial Services |
12.6 |
57 |
|
|
Subsidiary |
Trappes cedex |
France |
Engineering Consultants |
|
41 |
|
|
Subsidiary |
Trappes Cedex |
France |
Miscellaneous Fabricated Products |
|
40 |
|
|
Subsidiary |
Paris |
France |
Miscellaneous Capital Goods |
69.4 |
26 |
|
|
Subsidiary |
Soderfors, Tierp |
Sweden |
Iron and Steel |
|
150 |
|
|
Subsidiary |
Champagnole |
France |
Iron and Steel |
15.7 |
74 |
|
|
Subsidiary |
Warrington |
United Kingdom |
Miscellaneous Fabricated Products |
14.0 |
48 |
|
|
Subsidiary |
Mönchengladbach, Nordrhein-Westfalen |
Germany |
Miscellaneous Capital Goods |
|
11 |
|
|
Facility |
Commentry, Allier |
France |
Iron and Steel |
|
|
|
|
Subsidiary |
Notodden |
Norway |
Electric Utilities |
|
25 |
|
|
Subsidiary |
Kvinesdal |
Norway |
Miscellaneous Capital Goods |
4,657.3 |
|
|
|
Subsidiary |
Coraopolis, PA |
United States |
Miscellaneous Capital Goods |
18.2 |
16 |
|
|
Subsidiary |
Trezzano Sul Naviglio, Milano |
Italy |
Miscellaneous Capital Goods |
2.6 |
14 |
|
|
Subsidiary |
Paris |
France |
Computer Services |
13.4 |
7 |
|
|
Subsidiary |
Trappes |
France |
Biotechnology and Drugs |
26.7 |
6 |
|
|
Subsidiary |
Paris |
France |
Miscellaneous Capital Goods |
11.6 |
1 |
|
|
Subsidiary |
Paris |
France |
Iron and Steel |
|
|
|
|
Subsidiary |
Paris |
France |
Iron and Steel |
85.1 |
74 |
|
|
Subsidiary |
Oakville, ON |
Canada |
Miscellaneous Capital Goods |
1.2 |
1 |
|
|
Subsidiary |
Paris |
France |
Commercial Banks |
|
1 |
|
|
Subsidiary |
Laval De Cere |
France |
Construction - Supplies and Fixtures |
19.6 |
74 |
|
|
Subsidiary |
St Priest |
France |
Miscellaneous Fabricated Products |
6.1 |
20 |
|
|
Subsidiary |
Paris |
France |
Metal Mining |
1,466.4 |
|
|
|
Subsidiary |
Clermont-Ferrand |
France |
Miscellaneous Fabricated Products |
625.0 |
|
|
|
Subsidiary |
Paris |
France |
Miscellaneous Capital Goods |
13.1 |
|
|
|
Subsidiary |
Paris |
France |
Miscellaneous Financial Services |
|
|
|
|
Subsidiary |
Jakarta |
Indonesia |
Metal Mining |
|
|
|
|
Tinfos As |
Subsidiary |
|
|
|
|
|
|
Subsidiary |
Tyssedal, Hordaland |
Norway |
|
128.5 |
205 |
|
|
Subsidiary |
Akron, OH |
United States |
Miscellaneous Capital Goods |
5.7 |
5 |
|
Executives Report
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Significant Developments
|
|
|
Annual Profit & Loss
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Total income |
1,525.2 |
1,444.7 |
1,053.5 |
|
Net sales |
1,451.1 |
1,413.1 |
1,045.5 |
|
Change in stock |
24.5 |
- |
2.3 |
|
Unfinished work in progress |
3.1 |
10.6 |
- |
|
Own work capitalised |
6.2 |
3.8 |
0.1 |
|
Subsidies for operating costs |
0.1 |
0.1 |
0.0 |
|
Supplementary operating income |
64.7 |
17.1 |
8.6 |
|
Other operating income |
0.0 |
- |
0.2 |
|
Other external charges |
114.1 |
101.0 |
93.4 |
|
Cost of goods sold |
1,246.8 |
1,327.3 |
895.3 |
|
Taxes and social security costs |
6.6 |
3.8 |
7.1 |
|
Social charges |
69.8 |
29.4 |
21.5 |
|
Total payroll costs |
40.3 |
35.3 |
37.2 |
|
Cost of stock depreciation and amortisation |
66.5 |
22.6 |
9.8 |
|
Fixed asset depreciation and amortisation |
7.0 |
6.3 |
7.1 |
|
Other operating costs |
4.0 |
2.6 |
4.8 |
|
Total operating costs |
1,579.6 |
1,485.3 |
1,078.6 |
|
Total financial income |
807.6 |
127.9 |
268.8 |
|
Interest payable on loans |
15.4 |
- |
14.2 |
|
Other expenses |
326.7 |
- |
216.1 |
|
Total expenses |
342.1 |
- |
230.3 |
|
Profit before tax |
411.1 |
87.3 |
13.4 |
|
Extraordinary income |
74.3 |
98.7 |
130.1 |
|
Extraordinary expenses |
19.8 |
- |
193.3 |
|
Extraordinary result |
54.5 |
98.7 |
- |
|
Profit distributed to employees |
5.0 |
5.6 |
0.8 |
|
Net profit |
474.1 |
193.5 |
- |
|
Net loss |
- |
- |
41.6 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Issued capital |
105.0 |
108.5 |
115.4 |
|
Share premium account |
482.7 |
498.4 |
489.6 |
|
Legal reserves |
106.6 |
107.6 |
106.7 |
|
Total reserves |
340.0 |
351.3 |
375.7 |
|
Profits for the year |
442.6 |
196.0 |
- |
|
Profit brought forward from previous year(s) |
597.3 |
545.1 |
693.8 |
|
Total stockholders equity |
2,074.3 |
1,806.8 |
1,738.2 |
|
Provisions and allowances |
29.7 |
21.6 |
23.4 |
|
Trade creditors |
128.6 |
280.7 |
169.8 |
|
Advances received |
1.4 |
10.3 |
1.5 |
|
Bank loans and overdrafts |
20.2 |
0.4 |
0.2 |
|
Other loans |
549.5 |
889.2 |
1,338.4 |
|
Other liabilities |
2.5 |
12.7 |
16.9 |
|
Debts on fixed assets |
2.6 |
2.2 |
1.4 |
|
Income stated in advance |
0.0 |
0.0 |
0.0 |
|
Taxation and social security |
22.7 |
19.6 |
16.1 |
|
Total current liabilities |
726.2 |
1,204.9 |
1,542.7 |
|
Total debts |
727.6 |
1,215.1 |
1,544.3 |
|
Total liabilities (including net worth) |
2,831.6 |
3,043.5 |
3,305.9 |
|
Patents |
0.4 |
0.3 |
0.4 |
|
Other intangibles |
15.8 |
6.3 |
0.6 |
|
Land |
1.5 |
1.5 |
1.6 |
|
Buildings |
9.1 |
10.0 |
11.7 |
|
Other fixed assets |
20.5 |
22.3 |
24.0 |
|
Long-term investments |
1,592.8 |
2,065.3 |
2,163.9 |
|
Other financial assets |
855.7 |
598.1 |
830.6 |
|
Total non-current assets |
2,495.9 |
2,703.9 |
3,032.7 |
|
Prepayments |
4.4 |
3.6 |
2.9 |
|
Net stocks and work in progress |
137.2 |
162.9 |
116.3 |
|
Trade debtors |
122.6 |
138.5 |
126.4 |
|
Other receivables |
56.3 |
18.8 |
22.8 |
|
Prepaid expenses |
4.6 |
8.6 |
2.2 |
|
Cash and liquid assets |
5.3 |
7.1 |
2.4 |
|
Total current assets |
330.6 |
339.6 |
273.0 |
|
Prepaid expenses and deferred costs |
5.2 |
0.0 |
0.1 |
|
Total assets |
2,831.6 |
3,043.5 |
3,305.9 |
|
|
|
Annual Ratios |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
0.50 |
0.30 |
0.20 |
|
Quick ratio |
0.30 |
0.10 |
0.10 |
|
Total liabilities to net worth |
0.35% |
0.68% |
0.89% |
|
Net worth to total assets |
0.73% |
0.59% |
0.53% |
|
Collection period |
27.50 |
29.40 |
35.60 |
|
Stock turnover rate |
9.90 |
8.80 |
9.30 |
|
Asset turnover |
0.48% |
0.47% |
0.33% |
|
Profit margin |
0.28% |
0.06% |
0.01% |
|
Return on assets |
0.14% |
0.03% |
0.00% |
|
Shareholders' return |
0.19% |
0.05% |
0.01% |
|
Sales per employee |
17.03 |
18.37 |
12.88 |
|
Profit per employee |
4.82 |
1.13 |
0.17 |
|
Average wage per employee |
0.47 |
0.46 |
0.46 |
|
Net worth |
2,074.3 |
1,806.8 |
1,738.2 |
|
Number of employees |
402 |
381 |
383 |
|
|
|
|
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 |
Reclassified
Normal |
Reclassified
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 |
Ernst &
Young et Autres |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
5,009.8 |
4,735.9 |
3,739.7 |
6,356.8 |
5,190.0 |
|
Revenue |
5,009.8 |
4,735.9 |
3,739.7 |
6,356.8 |
5,190.0 |
|
Other Revenue |
112.6 |
41.1 |
-48.7 |
156.5 |
84.9 |
|
Other Revenue, Total |
112.6 |
41.1 |
-48.7 |
156.5 |
84.9 |
|
Total Revenue |
5,122.4 |
4,777.0 |
3,691.0 |
6,513.3 |
5,274.8 |
|
|
|
|
|
|
|
|
Cost of Revenue |
3,718.1 |
3,227.5 |
3,357.2 |
4,020.9 |
3,172.6 |
|
Cost of Revenue, Total |
3,718.1 |
3,227.5 |
3,357.2 |
4,020.9 |
3,172.6 |
|
Gross Profit |
1,291.7 |
1,508.5 |
382.5 |
2,335.9 |
2,017.4 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
241.9 |
205.3 |
197.5 |
206.2 |
172.5 |
|
Total Selling/General/Administrative Expenses |
241.9 |
205.3 |
197.5 |
206.2 |
172.5 |
|
Research & Development |
65.4 |
58.3 |
54.2 |
84.8 |
50.6 |
|
Depreciation |
298.9 |
274.1 |
267.0 |
260.4 |
223.1 |
|
Amortization of Intangibles |
7.0 |
10.6 |
11.1 |
11.7 |
10.9 |
|
Depreciation/Amortization |
305.9 |
284.7 |
278.1 |
272.1 |
234.0 |
|
Restructuring Charge |
2.8 |
23.8 |
2.8 |
1.5 |
-1.4 |
|
Loss (Gain) on Sale of Assets - Operating |
- |
-1.3 |
0.0 |
-1.5 |
-4.1 |
|
Other Unusual Expense (Income) |
23.6 |
-14.6 |
70.9 |
70.2 |
-4.1 |
|
Unusual Expense (Income) |
26.4 |
7.9 |
73.7 |
70.2 |
-9.6 |
|
Other Operating Expense |
13.9 |
13.2 |
13.9 |
- |
- |
|
Other, Net |
68.1 |
26.5 |
87.6 |
41.0 |
95.8 |
|
Other Operating Expenses, Total |
82.0 |
39.7 |
101.5 |
41.0 |
95.8 |
|
Total Operating Expense |
4,439.7 |
3,823.4 |
4,062.3 |
4,695.2 |
3,715.9 |
|
|
|
|
|
|
|
|
Operating Income |
682.7 |
953.5 |
-371.3 |
1,818.1 |
1,558.9 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-26.4 |
-21.2 |
-20.9 |
-16.1 |
-19.2 |
|
Interest Expense, Net Non-Operating |
-26.4 |
-21.2 |
-20.9 |
-16.1 |
-19.2 |
|
Interest Income -
Non-Operating |
29.2 |
19.9 |
30.6 |
68.7 |
23.3 |
|
Investment Income -
Non-Operating |
62.6 |
4.0 |
9.7 |
0.0 |
0.0 |
|
Interest/Investment Income - Non-Operating |
91.8 |
23.8 |
40.3 |
68.7 |
23.3 |
|
Interest Income (Expense) - Net Non-Operating Total |
65.4 |
2.6 |
19.5 |
52.7 |
4.1 |
|
Other Non-Operating Income (Expense) |
-22.2 |
-17.2 |
-20.9 |
-112.6 |
30.1 |
|
Other, Net |
-22.2 |
-17.2 |
-20.9 |
-112.6 |
30.1 |
|
Income Before Tax |
725.8 |
939.0 |
-372.7 |
1,758.1 |
1,593.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
304.5 |
337.7 |
-9.7 |
507.5 |
479.0 |
|
Income After Tax |
421.3 |
601.3 |
-363.0 |
1,250.6 |
1,114.1 |
|
|
|
|
|
|
|
|
Minority Interest |
-150.2 |
-166.9 |
-5.6 |
-235.5 |
-317.5 |
|
Net Income Before Extraord Items |
271.1 |
434.4 |
-368.5 |
1,015.1 |
796.6 |
|
Net Income |
271.1 |
434.4 |
-368.5 |
1,015.1 |
796.6 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
271.1 |
434.4 |
-368.5 |
1,015.1 |
796.6 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
271.1 |
434.4 |
-368.5 |
1,015.1 |
796.6 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
26.3 |
26.4 |
26.1 |
25.7 |
25.9 |
|
Basic EPS Excl Extraord Items |
10.31 |
16.44 |
-14.13 |
39.52 |
30.79 |
|
Basic/Primary EPS Incl Extraord Items |
10.31 |
16.44 |
-14.13 |
39.52 |
30.79 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
- |
- |
|
Diluted Net Income |
271.1 |
434.4 |
-368.5 |
1,015.1 |
796.6 |
|
Diluted Weighted Average Shares |
26.4 |
26.5 |
26.1 |
25.8 |
26.0 |
|
Diluted EPS Excl Extraord Items |
10.26 |
16.40 |
-14.13 |
39.41 |
30.61 |
|
Diluted EPS Incl Extraord Items |
10.26 |
16.40 |
-14.13 |
39.41 |
30.61 |
|
Dividends per Share - Common Stock Primary Issue |
3.13 |
4.64 |
2.50 |
7.68 |
8.15 |
|
Gross Dividends - Common Stock |
83.0 |
122.9 |
66.0 |
201.3 |
210.8 |
|
Interest Expense, Supplemental |
26.4 |
21.2 |
20.9 |
16.1 |
19.2 |
|
Depreciation, Supplemental |
317.0 |
271.5 |
336.6 |
323.3 |
216.2 |
|
Total Special Items |
26.4 |
7.9 |
73.7 |
70.2 |
-9.6 |
|
Normalized Income Before Tax |
752.2 |
946.9 |
-299.0 |
1,828.3 |
1,583.5 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
11.1 |
2.9 |
25.8 |
20.3 |
-2.9 |
|
Inc Tax Ex Impact of Sp Items |
315.6 |
340.6 |
16.1 |
527.8 |
476.2 |
|
Normalized Income After Tax |
436.6 |
606.4 |
-315.1 |
1,300.5 |
1,107.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
286.5 |
439.5 |
-320.6 |
1,065.0 |
789.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
10.89 |
16.63 |
-12.29 |
41.46 |
30.53 |
|
Diluted Normalized EPS |
10.84 |
16.60 |
-12.29 |
41.35 |
30.35 |
|
Amort of Intangibles, Supplemental |
22.2 |
10.6 |
13.9 |
11.7 |
10.9 |
|
Rental Expenses |
70.9 |
60.9 |
- |
- |
12.3 |
|
Research & Development Exp, Supplemental |
65.4 |
58.3 |
54.2 |
84.8 |
50.6 |
|
Normalized EBIT |
709.1 |
961.5 |
-297.6 |
1,888.3 |
1,549.3 |
|
Normalized EBITDA |
1,048.4 |
1,243.6 |
52.8 |
2,223.3 |
1,776.5 |
|
Current Tax - Total |
184.9 |
227.8 |
73.7 |
485.6 |
416.1 |
|
Current Tax - Total |
184.9 |
227.8 |
73.7 |
485.6 |
416.1 |
|
Deferred Tax - Total |
119.6 |
109.9 |
-83.4 |
21.9 |
63.0 |
|
Deferred Tax - Total |
119.6 |
109.9 |
-83.4 |
21.9 |
63.0 |
|
Income Tax - Total |
304.5 |
337.7 |
-9.7 |
507.5 |
479.0 |
|
Interest Cost - Domestic |
22.2 |
22.5 |
23.6 |
21.9 |
17.8 |
|
Service Cost - Domestic |
13.9 |
11.9 |
12.5 |
16.1 |
10.9 |
|
Prior Service Cost - Domestic |
2.8 |
4.0 |
7.0 |
- |
- |
|
Expected Return on Assets - Domestic |
-15.3 |
-15.9 |
-13.9 |
-14.6 |
-12.3 |
|
Actuarial Gains and Losses - Domestic |
4.2 |
0.0 |
18.1 |
21.9 |
0.0 |
|
Other Pension, Net - Domestic |
2.8 |
-11.9 |
-1.4 |
-5.9 |
-2.7 |
|
Domestic Pension Plan Expense |
30.6 |
10.6 |
45.9 |
39.5 |
13.7 |
|
Total Pension Expense |
30.6 |
10.6 |
45.9 |
39.5 |
13.7 |
|
Discount Rate - Domestic |
0.90% |
2.10% |
3.40% |
2.60% |
4.30% |
|
Expected Rate of Return - Domestic |
3.50% |
3.80% |
4.50% |
3.75% |
4.90% |
|
Compensation Rate - Domestic |
2.10% |
2.30% |
3.00% |
2.50% |
2.50% |
|
Total Plan Interest Cost |
22.2 |
22.5 |
23.6 |
21.9 |
17.8 |
|
Total Plan Service Cost |
13.9 |
11.9 |
12.5 |
16.1 |
10.9 |
|
Total Plan Expected Return |
-15.3 |
-15.9 |
-13.9 |
-14.6 |
-12.3 |
|
Total Plan Other Expense |
2.8 |
-11.9 |
-1.4 |
-5.9 |
-2.7 |
|
|
|
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 |
Ernst &
Young et Autres |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash |
155.8 |
127.4 |
84.7 |
104.3 |
83.3 |
|
Cash & Equivalents |
1,026.8 |
1,518.6 |
1,080.4 |
1,208.0 |
1,323.2 |
|
Short Term Investments |
614.0 |
481.6 |
581.1 |
539.3 |
210.5 |
|
Cash and Short Term Investments |
1,796.6 |
2,127.7 |
1,746.1 |
1,851.5 |
1,617.0 |
|
Accounts Receivable -
Trade, Gross |
567.3 |
630.5 |
573.9 |
656.1 |
820.2 |
|
Provision for Doubtful
Accounts |
-7.8 |
-6.7 |
-51.7 |
-45.9 |
-10.2 |
|
Trade Accounts Receivable - Net |
559.5 |
623.8 |
522.2 |
610.2 |
810.0 |
|
Other Receivables |
299.9 |
222.7 |
249.6 |
389.2 |
331.9 |
|
Total Receivables, Net |
859.4 |
846.5 |
771.9 |
999.4 |
1,141.9 |
|
Inventories - Finished Goods |
511.5 |
438.7 |
440.5 |
496.2 |
454.7 |
|
Inventories - Work In Progress |
446.6 |
397.1 |
307.0 |
450.4 |
469.3 |
|
Inventories - Raw Materials |
423.2 |
457.5 |
403.2 |
747.8 |
374.3 |
|
Inventories - Other |
37.6 |
42.9 |
31.6 |
32.0 |
24.9 |
|
Total Inventory |
1,418.9 |
1,336.2 |
1,182.2 |
1,726.4 |
1,323.2 |
|
Prepaid Expenses |
45.4 |
30.9 |
27.3 |
26.4 |
36.6 |
|
Other Current Assets |
59.7 |
171.7 |
129.1 |
154.3 |
188.6 |
|
Other Current Assets, Total |
59.7 |
171.7 |
129.1 |
154.3 |
188.6 |
|
Total Current Assets |
4,180.0 |
4,513.0 |
3,856.6 |
4,758.1 |
4,307.2 |
|
|
|
|
|
|
|
|
Land/Improvements |
1,152.8 |
1,133.6 |
1,137.8 |
975.8 |
899.2 |
|
Machinery/Equipment |
3,672.5 |
3,624.9 |
3,641.4 |
3,325.0 |
3,121.5 |
|
Construction in
Progress |
576.4 |
334.0 |
309.9 |
442.0 |
374.3 |
|
Other
Property/Plant/Equipment |
769.8 |
760.7 |
759.0 |
660.3 |
596.5 |
|
Property/Plant/Equipment - Gross |
6,171.4 |
5,853.2 |
5,848.0 |
5,403.1 |
4,991.4 |
|
Accumulated Depreciation |
-3,420.6 |
-3,300.2 |
-3,272.7 |
-2,952.5 |
-2,791.1 |
|
Property/Plant/Equipment - Net |
2,750.8 |
2,553.0 |
2,575.4 |
2,450.7 |
2,200.4 |
|
Goodwill, Net |
272.6 |
230.7 |
231.0 |
365.6 |
48.2 |
|
Intangibles - Gross |
1,007.4 |
888.1 |
799.2 |
- |
- |
|
Accumulated Intangible Amortization |
-212.9 |
-189.2 |
-179.3 |
- |
- |
|
Intangibles, Net |
795.8 |
698.9 |
619.8 |
479.6 |
451.8 |
|
LT Investment - Affiliate Companies |
29.9 |
29.5 |
30.1 |
0.0 |
1.5 |
|
LT Investments - Other |
112.9 |
115.4 |
143.5 |
190.4 |
89.2 |
|
Long Term Investments |
142.8 |
144.9 |
173.6 |
190.4 |
90.6 |
|
Deferred Income Tax - Long Term Asset |
32.5 |
40.2 |
97.6 |
44.5 |
19.0 |
|
Other Long Term Assets |
6.5 |
6.7 |
7.2 |
8.3 |
8.8 |
|
Other Long Term Assets, Total |
38.9 |
47.0 |
104.7 |
52.8 |
27.8 |
|
Total Assets |
8,180.9 |
8,187.5 |
7,561.1 |
8,297.2 |
7,126.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
614.0 |
547.4 |
505.0 |
646.4 |
488.3 |
|
Accrued Expenses |
281.7 |
288.4 |
218.1 |
305.8 |
286.6 |
|
Notes Payable/Short Term Debt |
36.3 |
34.9 |
44.5 |
63.9 |
84.8 |
|
Current Portion - Long Term Debt/Capital Leases |
67.5 |
83.2 |
58.8 |
84.8 |
42.4 |
|
Customer Advances |
11.7 |
12.1 |
14.3 |
19.5 |
13.2 |
|
Income Taxes Payable |
100.0 |
199.9 |
106.2 |
398.9 |
403.5 |
|
Other Payables |
174.0 |
132.8 |
109.0 |
289.1 |
171.1 |
|
Other Current Liabilities |
168.8 |
134.2 |
78.9 |
264.1 |
163.7 |
|
Other Current liabilities, Total |
454.4 |
478.9 |
308.5 |
971.6 |
751.5 |
|
Total Current Liabilities |
1,453.9 |
1,432.8 |
1,134.9 |
2,072.6 |
1,653.6 |
|
|
|
|
|
|
|
|
Long Term Debt |
154.5 |
224.0 |
221.0 |
58.4 |
11.7 |
|
Capital Lease Obligations |
41.5 |
48.3 |
64.6 |
69.5 |
83.3 |
|
Total Long Term Debt |
196.0 |
272.3 |
285.5 |
127.9 |
95.0 |
|
Total Debt |
299.9 |
390.4 |
388.8 |
276.6 |
222.2 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
527.0 |
458.8 |
426.1 |
333.6 |
359.7 |
|
Deferred Income Tax |
527.0 |
458.8 |
426.1 |
333.6 |
359.7 |
|
Minority Interest |
1,354.0 |
1,363.0 |
1,391.7 |
1,488.7 |
1,229.6 |
|
Reserves |
492.0 |
483.0 |
450.5 |
376.7 |
372.8 |
|
Pension Benefits - Underfunded |
167.5 |
165.0 |
183.6 |
168.2 |
163.7 |
|
Other Long Term Liabilities |
48.0 |
44.3 |
51.7 |
30.6 |
43.9 |
|
Other Liabilities, Total |
707.5 |
692.2 |
685.8 |
575.5 |
580.4 |
|
Total Liabilities |
4,238.5 |
4,219.2 |
3,924.0 |
4,598.3 |
3,918.3 |
|
|
|
|
|
|
|
|
Common Stock |
105.2 |
108.7 |
114.8 |
111.2 |
115.5 |
|
Common Stock |
105.2 |
108.7 |
114.8 |
111.2 |
115.5 |
|
Additional Paid-In Capital |
482.9 |
497.7 |
489.2 |
479.6 |
326.0 |
|
Retained Earnings (Accumulated Deficit) |
3,316.8 |
3,329.7 |
3,079.0 |
3,291.6 |
2,810.1 |
|
Translation Adjustment |
36.3 |
32.2 |
-45.9 |
-183.5 |
-43.9 |
|
Other Equity, Total |
36.3 |
32.2 |
-45.9 |
-183.5 |
-43.9 |
|
Total Equity |
3,941.2 |
3,968.3 |
3,637.1 |
3,698.9 |
3,207.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
8,179.6 |
8,187.5 |
7,561.1 |
8,297.2 |
7,126.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
26.3 |
26.4 |
26.5 |
26.0 |
25.8 |
|
Total Common Shares Outstanding |
26.3 |
26.4 |
26.5 |
26.0 |
25.8 |
|
Treasury Shares - Common Stock Primary Issue |
0.3 |
0.1 |
0.1 |
0.4 |
0.3 |
|
Employees |
14,208 |
14,123 |
14,183 |
15,241 |
14,507 |
|
Accumulated Intangible Amort, Suppl. |
212.9 |
189.2 |
179.3 |
148.7 |
146.2 |
|
Deferred Revenue - Current |
11.7 |
12.1 |
14.3 |
19.5 |
13.2 |
|
Total Long Term Debt, Supplemental |
214.2 |
296.5 |
271.2 |
133.4 |
43.9 |
|
Long Term Debt Maturing within 1 Year |
59.7 |
75.1 |
50.2 |
77.8 |
32.2 |
|
Long Term Debt Maturing in Year 2 |
34.1 |
44.6 |
43.8 |
7.6 |
-1.5 |
|
Long Term Debt Maturing in Year 3 |
34.1 |
44.6 |
43.8 |
7.6 |
-1.5 |
|
Long Term Debt Maturing in Year 4 |
34.1 |
44.6 |
43.8 |
7.6 |
-1.5 |
|
Long Term Debt Maturing in Year 5 |
34.1 |
44.6 |
43.8 |
7.6 |
-1.5 |
|
Long Term Debt Maturing in 2-3 Years |
68.2 |
89.2 |
87.5 |
15.3 |
-2.9 |
|
Long Term Debt Maturing in 4-5 Years |
68.2 |
89.2 |
87.5 |
15.3 |
-2.9 |
|
Long Term Debt Matur. in Year 6 & Beyond |
18.2 |
42.9 |
45.9 |
25.0 |
17.5 |
|
Total Capital Leases, Supplemental |
49.3 |
59.0 |
73.2 |
79.2 |
93.6 |
|
Capital Lease Payments Due in Year 1 |
7.8 |
8.0 |
8.6 |
9.7 |
10.2 |
|
Capital Lease Payments Due in Year 2 |
7.8 |
8.0 |
9.0 |
8.7 |
9.1 |
|
Capital Lease Payments Due in Year 3 |
7.8 |
8.0 |
9.0 |
8.7 |
9.1 |
|
Capital Lease Payments Due in Year 4 |
7.8 |
8.0 |
9.0 |
8.7 |
9.1 |
|
Capital Lease Payments Due in Year 5 |
7.8 |
8.0 |
9.0 |
8.7 |
9.1 |
|
Capital Lease Payments Due in 2-3 Years |
15.6 |
16.1 |
17.9 |
17.4 |
18.3 |
|
Capital Lease Payments Due in 4-5 Years |
15.6 |
16.1 |
17.9 |
17.4 |
18.3 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
10.4 |
18.8 |
28.7 |
34.8 |
46.8 |
|
Pension Obligation - Domestic |
454.4 |
417.2 |
414.6 |
404.5 |
301.2 |
|
Plan Assets - Domestic |
272.6 |
268.3 |
269.7 |
239.1 |
209.1 |
|
Funded Status - Domestic |
-181.7 |
-148.9 |
-144.9 |
-165.4 |
-92.1 |
|
Unfunded Plan Obligations |
67.5 |
67.1 |
70.3 |
65.3 |
59.9 |
|
Total Funded Status |
-249.2 |
-216.0 |
-215.2 |
-230.7 |
-152.1 |
|
Discount Rate - Domestic |
0.90% |
2.10% |
3.40% |
2.60% |
4.30% |
|
Expected Rate of Return - Domestic |
3.50% |
3.80% |
4.50% |
3.75% |
4.90% |
|
Compensation Rate - Domestic |
2.10% |
2.30% |
3.00% |
2.50% |
2.50% |
|
Net Domestic Pension Assets |
-101.3 |
-97.9 |
-107.6 |
- |
- |
|
Net Post-Retirement Assets |
-63.6 |
-38.9 |
-70.3 |
- |
- |
|
Net Assets Recognized on Balance Sheet |
-164.9 |
-136.8 |
-177.9 |
- |
- |
|
Equity % - Domestic |
9.00% |
10.00% |
9.00% |
8.00% |
13.00% |
|
Debt Securities % - Domestic |
36.00% |
36.00% |
37.00% |
31.00% |
15.00% |
|
Other Investments % - Domestic |
9.00% |
9.00% |
11.00% |
20.00% |
10.00% |
|
Total Plan Obligations |
521.9 |
484.3 |
484.9 |
469.8 |
361.1 |
|
Total Plan Assets |
272.6 |
268.3 |
269.7 |
239.1 |
209.1 |
|
|
|
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 |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
Ernst &
Young et Autres |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
421.3 |
601.3 |
-363.0 |
1,250.6 |
1,114.1 |
|
Depreciation |
340.7 |
300.6 |
472.8 |
299.8 |
254.6 |
|
Depreciation/Depletion |
340.7 |
300.6 |
472.8 |
299.8 |
254.6 |
|
Deferred Taxes |
119.6 |
109.9 |
-83.4 |
21.9 |
63.0 |
|
Unusual Items |
-2.8 |
5.3 |
-66.8 |
13.2 |
-2.7 |
|
Equity in Net Earnings (Loss) |
-1.4 |
-1.3 |
0.0 |
0.0 |
0.0 |
|
Other Non-Cash Items |
4.2 |
4.0 |
-18.1 |
38.0 |
-20.5 |
|
Non-Cash Items |
0.0 |
7.9 |
-84.8 |
51.2 |
-23.3 |
|
Accounts Receivable |
45.9 |
-108.6 |
108.5 |
264.7 |
1.4 |
|
Inventories |
-137.7 |
-188.1 |
632.8 |
-399.3 |
-212.1 |
|
Accounts Payable |
77.9 |
50.3 |
-154.4 |
136.0 |
71.2 |
|
Other Assets & Liabilities, Net |
265.6 |
295.3 |
-119.6 |
469.5 |
392.8 |
|
Other Operating Cash Flow |
-311.5 |
-105.9 |
-253.1 |
-427.1 |
-309.3 |
|
Changes in Working Capital |
-59.8 |
-56.9 |
214.2 |
43.9 |
-56.1 |
|
Cash from Operating Activities |
821.8 |
962.8 |
155.8 |
1,667.4 |
1,352.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-668.8 |
-415.9 |
-408.9 |
-991.7 |
-490.0 |
|
Capital Expenditures |
-668.8 |
-415.9 |
-408.9 |
-991.7 |
-490.0 |
|
Sale of Fixed Assets |
1.4 |
10.6 |
0.0 |
8.8 |
16.4 |
|
Investment, Net |
-159.9 |
60.9 |
-5.6 |
- |
- |
|
Other Investing Cash Flow |
-73.7 |
-25.2 |
-27.8 |
-275.0 |
6.8 |
|
Other Investing Cash Flow Items, Total |
-232.2 |
46.4 |
-33.4 |
-266.2 |
23.3 |
|
Cash from Investing Activities |
-901.0 |
-369.5 |
-442.3 |
-1,257.9 |
-466.7 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-118.2 |
-31.8 |
118.2 |
-89.2 |
-41.1 |
|
Financing Cash Flow Items |
-118.2 |
-31.8 |
118.2 |
-89.2 |
-41.1 |
|
Cash Dividends Paid - Common |
-127.9 |
-62.2 |
-189.1 |
-225.3 |
-101.3 |
|
Total Cash Dividends Paid |
-127.9 |
-62.2 |
-189.1 |
-225.3 |
-101.3 |
|
Sale/Issuance of
Common |
1.4 |
41.1 |
1.4 |
7.3 |
1.4 |
|
Common Stock, Net |
1.4 |
41.1 |
1.4 |
7.3 |
1.4 |
|
Issuance (Retirement) of Stock, Net |
1.4 |
41.1 |
1.4 |
7.3 |
1.4 |
|
Long Term Debt Issued |
25.0 |
529.7 |
269.8 |
83.4 |
106.8 |
|
Long Term Debt
Reduction |
-98.7 |
-525.8 |
-130.7 |
-178.4 |
-276.5 |
|
Long Term Debt, Net |
-73.7 |
4.0 |
139.1 |
-95.1 |
-169.7 |
|
Issuance (Retirement) of Debt, Net |
-73.7 |
4.0 |
139.1 |
-95.1 |
-169.7 |
|
Cash from Financing Activities |
-318.4 |
-49.0 |
69.5 |
-402.2 |
-310.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-41.7 |
5.3 |
33.4 |
-33.6 |
2.7 |
|
Net Change in Cash |
-439.4 |
549.6 |
-183.6 |
-26.3 |
577.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,706.1 |
1,075.4 |
1,312.8 |
1,407.1 |
739.1 |
|
Net Cash - Ending Balance |
1,266.7 |
1,625.0 |
1,129.3 |
1,380.8 |
1,316.7 |
|
Cash Interest Paid |
26.4 |
21.2 |
20.9 |
16.1 |
19.2 |
|
Cash Taxes Paid |
314.2 |
104.6 |
262.8 |
479.8 |
313.4 |
|
|
|
|
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 |
Reclassified
Normal |
Reclassified
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 |
Ernst &
Young et Autres |
Ernst &
Young et Autres |
Ernst &
Young et Autres |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Turnover |
5,009.8 |
4,735.9 |
3,739.7 |
6,356.8 |
5,190.0 |
|
Other Operating Inc. |
112.6 |
41.1 |
-48.7 |
156.5 |
84.9 |
|
Total Revenue |
5,122.4 |
4,777.0 |
3,691.0 |
6,513.3 |
5,274.8 |
|
|
|
|
|
|
|
|
Cost of Sales |
3,718.1 |
3,227.5 |
3,357.2 |
4,020.9 |
3,172.6 |
|
Administrative and Selling |
241.9 |
205.3 |
197.5 |
206.2 |
172.5 |
|
Research and Development |
65.4 |
58.3 |
54.2 |
84.8 |
50.6 |
|
Amortization of Intangibles |
7.0 |
10.6 |
11.1 |
11.7 |
10.9 |
|
Depreciation |
298.9 |
274.1 |
267.0 |
260.4 |
223.1 |
|
Otehr Provisions |
13.9 |
13.2 |
13.9 |
- |
- |
|
Net Provisions |
7.0 |
9.3 |
16.7 |
-2.9 |
8.2 |
|
Other Operating Income / Charges |
61.2 |
17.2 |
70.9 |
43.9 |
87.6 |
|
Gain (Loss) on Disposal of Fixed Assets |
- |
-1.3 |
0.0 |
-1.5 |
-4.1 |
|
Restructuring and Redundancy Plans |
2.8 |
23.8 |
2.8 |
1.5 |
-1.4 |
|
WB on Depreciation |
23.6 |
-14.6 |
70.9 |
70.2 |
-4.1 |
|
Total Operating Expense |
4,439.7 |
3,823.4 |
4,062.3 |
4,695.2 |
3,715.9 |
|
|
|
|
|
|
|
|
Interest Income |
29.2 |
19.9 |
30.6 |
68.7 |
23.3 |
|
Interest Charges |
-26.4 |
-21.2 |
-20.9 |
-16.1 |
-19.2 |
|
Investment Income |
27.8 |
5.3 |
5.6 |
- |
- |
|
Other Financial |
- |
- |
- |
-2.9 |
21.9 |
|
Investment Income/Other |
33.4 |
-2.6 |
4.2 |
- |
- |
|
Other Financial Income, Net |
-22.2 |
-17.2 |
-20.9 |
-109.7 |
8.2 |
|
Share in Associates |
1.4 |
1.3 |
0.0 |
0.0 |
0.0 |
|
Equity in Affiliates |
- |
- |
- |
- |
0.0 |
|
Net Income Before Taxes |
725.8 |
939.0 |
-372.7 |
1,758.1 |
1,593.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
304.5 |
337.7 |
-9.7 |
507.5 |
479.0 |
|
Net Income After Taxes |
421.3 |
601.3 |
-363.0 |
1,250.6 |
1,114.1 |
|
|
|
|
|
|
|
|
Minority Interest |
-150.2 |
-166.9 |
-5.6 |
-235.5 |
-317.5 |
|
Net Income Before Extra. Items |
271.1 |
434.4 |
-368.5 |
1,015.1 |
796.6 |
|
Net Income |
271.1 |
434.4 |
-368.5 |
1,015.1 |
796.6 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
271.1 |
434.4 |
-368.5 |
1,015.1 |
796.6 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
271.1 |
434.4 |
-368.5 |
1,015.1 |
796.6 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
26.3 |
26.4 |
26.1 |
25.7 |
25.9 |
|
Basic EPS Excluding ExtraOrdinary Items |
10.31 |
16.44 |
-14.13 |
39.52 |
30.79 |
|
Basic EPS Including ExtraOrdinary Item |
10.31 |
16.44 |
-14.13 |
39.52 |
30.79 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
- |
- |
|
Diluted Net Income |
271.1 |
434.4 |
-368.5 |
1,015.1 |
796.6 |
|
Diluted Weighted Average Shares |
26.4 |
26.5 |
26.1 |
25.8 |
26.0 |
|
Diluted EPS Excluding ExtraOrd Items |
10.26 |
16.40 |
-14.13 |
39.41 |
30.61 |
|
Diluted EPS Including ExtraOrd Items |
10.26 |
16.40 |
-14.13 |
39.41 |
30.61 |
|
DPS-Ordinary Shares |
3.13 |
4.64 |
2.50 |
7.68 |
8.15 |
|
Gross Dividends - Common Stock |
83.0 |
122.9 |
66.0 |
201.3 |
210.8 |
|
Normalized Income Before Taxes |
752.2 |
946.9 |
-299.0 |
1,828.3 |
1,583.5 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
315.6 |
340.6 |
16.1 |
527.8 |
476.2 |
|
Normalized Income After Taxes |
436.6 |
606.4 |
-315.1 |
1,300.5 |
1,107.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
286.5 |
439.5 |
-320.6 |
1,065.0 |
789.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
10.89 |
16.63 |
-12.29 |
41.46 |
30.53 |
|
Diluted Normalized EPS |
10.84 |
16.59 |
-12.29 |
41.35 |
30.35 |
|
Interest Expense |
26.4 |
21.2 |
20.9 |
16.1 |
19.2 |
|
Research and Development |
65.4 |
58.3 |
54.2 |
84.8 |
50.6 |
|
Rental Expense |
70.9 |
60.9 |
- |
- |
12.3 |
|
Amortisation of Intangibles |
22.2 |
10.6 |
13.9 |
11.7 |
10.9 |
|
Depreciation |
317.0 |
271.5 |
336.6 |
323.3 |
216.2 |
|
Income Tax - Current |
184.9 |
227.8 |
73.7 |
485.6 |
416.1 |
|
Current Tax - Total |
184.9 |
227.8 |
73.7 |
485.6 |
416.1 |
|
Income Tax - Deferred |
119.6 |
109.9 |
-83.4 |
21.9 |
63.0 |
|
Deferred Tax - Total |
119.6 |
109.9 |
-83.4 |
21.9 |
63.0 |
|
Income Tax - Total |
304.5 |
337.7 |
-9.7 |
507.5 |
479.0 |
|
Service Cost |
13.9 |
11.9 |
12.5 |
16.1 |
10.9 |
|
Interest Cost |
22.2 |
22.5 |
23.6 |
21.9 |
17.8 |
|
Expected Return on Assets |
-15.3 |
-15.9 |
-13.9 |
-14.6 |
-12.3 |
|
Actuarial Gains and Losses |
4.2 |
0.0 |
18.1 |
21.9 |
0.0 |
|
Prior Service Cost |
2.8 |
4.0 |
7.0 |
- |
- |
|
Other |
2.8 |
-11.9 |
-1.4 |
-5.9 |
-2.7 |
|
Domestic Pension Plan Expense |
30.6 |
10.6 |
45.9 |
39.5 |
13.7 |
|
Total Pension Expense |
30.6 |
10.6 |
45.9 |
39.5 |
13.7 |
|
Discount Rate/Europe |
0.90% |
2.10% |
3.40% |
2.60% |
4.30% |
|
Discount Rate/North America |
4.20% |
5.00% |
5.75% |
6.00% |
6.25% |
|
Discount Rate/New Caledonia |
4.75% |
4.90% |
5.00% |
5.40% |
5.25% |
|
Discount Rate/Gabon |
6.20% |
5.40% |
5.80% |
6.50% |
6.50% |
|
Compensation Rate/Europe |
2.10% |
2.30% |
3.00% |
2.50% |
2.50% |
|
Compensation Rate/North America |
3.40% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Compensation Rate/New Caledonia |
4.00% |
4.00% |
4.00% |
4.00% |
4.00% |
|
Compensation Rate/Gabon |
5.00% |
5.00% |
4.00% |
5.00% |
5.00% |
|
Exp. Rate of Return/Europe |
3.50% |
3.80% |
4.50% |
3.75% |
4.90% |
|
Exp. Rate of Return/North America |
7.00% |
7.80% |
7.80% |
7.80% |
7.80% |
|
Exp. Rate of Return/New Caledonia |
3.50% |
4.00% |
4.50% |
5.00% |
5.00% |
|
|
|
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 |
Ernst &
Young et Autres |
Ernst &
Young et Autres |
Ernst &
Young et Autres |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Raw Materials |
423.2 |
457.5 |
403.2 |
747.8 |
374.3 |
|
Merchandises & Finished Goods |
511.5 |
438.7 |
440.5 |
496.2 |
454.7 |
|
Work in Progress |
446.6 |
397.1 |
307.0 |
450.4 |
469.3 |
|
Spare Parts |
37.6 |
42.9 |
31.6 |
32.0 |
24.9 |
|
Trade Rcvbls. |
567.3 |
630.5 |
573.9 |
656.1 |
820.2 |
|
Trade Provision |
-7.8 |
-6.7 |
-51.7 |
-45.9 |
-10.2 |
|
Prepayments |
45.4 |
30.9 |
27.3 |
26.4 |
36.6 |
|
Other Receivables |
257.0 |
206.6 |
188.0 |
193.2 |
140.4 |
|
Income Tax Receivables |
42.8 |
16.1 |
61.7 |
196.0 |
191.5 |
|
Derivative Fin. Instruments |
59.7 |
171.7 |
129.1 |
154.3 |
188.6 |
|
Short Term Investment |
614.0 |
481.6 |
581.1 |
539.3 |
210.5 |
|
Cash |
155.8 |
127.4 |
84.7 |
104.3 |
83.3 |
|
Cash and Equivalent |
1,026.8 |
1,518.6 |
1,080.4 |
1,208.0 |
1,323.2 |
|
Total Current Assets |
4,180.0 |
4,513.0 |
3,856.6 |
4,758.1 |
4,307.2 |
|
|
|
|
|
|
|
|
Goodwill |
272.6 |
230.7 |
231.0 |
365.6 |
48.2 |
|
Net Intangibles |
1.3 |
- |
- |
479.6 |
451.8 |
|
Intangibles, Gross |
1,007.4 |
888.1 |
799.2 |
- |
- |
|
Amortisation of Intangibles |
-212.9 |
-189.2 |
-179.3 |
- |
- |
|
Land |
1,152.8 |
1,133.6 |
1,137.8 |
975.8 |
899.2 |
|
Installations |
3,672.5 |
3,624.9 |
3,641.4 |
3,325.0 |
3,121.5 |
|
Other Tangibles |
769.8 |
760.7 |
759.0 |
660.3 |
596.5 |
|
In Construction |
576.4 |
334.0 |
309.9 |
442.0 |
374.3 |
|
Depreciation |
-3,267.4 |
-3,147.3 |
-3,094.8 |
-2,827.4 |
-2,718.0 |
|
Impairment |
-153.2 |
-152.9 |
-177.9 |
-125.1 |
-73.1 |
|
Equity Affil. |
29.9 |
29.5 |
30.1 |
0.0 |
1.5 |
|
Other Fi. Assets |
112.9 |
115.4 |
143.5 |
190.4 |
89.2 |
|
Deferred Taxes |
32.5 |
40.2 |
97.6 |
44.5 |
19.0 |
|
Other LT Assets |
6.5 |
6.7 |
7.2 |
8.3 |
8.8 |
|
Total Assets |
8,180.9 |
8,187.5 |
7,561.1 |
8,297.2 |
7,126.0 |
|
|
|
|
|
|
|
|
Provisions |
37.6 |
38.9 |
41.6 |
44.5 |
45.3 |
|
S.T. Borrowings / Overdrafts |
36.3 |
34.9 |
44.5 |
63.9 |
84.8 |
|
Current Portion of LT Debt |
59.7 |
75.1 |
50.2 |
75.1 |
32.2 |
|
Current Portion of LT Capital Lease |
7.8 |
8.0 |
8.6 |
9.7 |
10.2 |
|
Income Taxes |
100.0 |
199.9 |
106.2 |
398.9 |
403.5 |
|
Derivative Fin. Instruments |
131.1 |
95.3 |
37.3 |
219.6 |
118.4 |
|
Trade Payables |
614.0 |
547.4 |
505.0 |
646.4 |
488.3 |
|
Payroll/Fiscal |
281.7 |
288.4 |
218.1 |
305.8 |
286.6 |
|
Customer Advances |
11.7 |
12.1 |
14.3 |
19.5 |
13.2 |
|
Other Trade Pay. |
174.0 |
132.8 |
109.0 |
289.1 |
171.1 |
|
Total Current Liabilities |
1,453.9 |
1,432.8 |
1,134.9 |
2,072.6 |
1,653.6 |
|
|
|
|
|
|
|
|
L.T. Borrowings |
154.5 |
224.0 |
221.0 |
58.4 |
11.7 |
|
Capital Lease Obligations |
41.5 |
48.3 |
64.6 |
69.5 |
83.3 |
|
Total Long Term Debt |
196.0 |
272.3 |
285.5 |
127.9 |
95.0 |
|
|
|
|
|
|
|
|
Other Long Term Liabilities |
48.0 |
44.3 |
51.7 |
30.6 |
43.9 |
|
Pensions Provisions |
167.5 |
165.0 |
183.6 |
168.2 |
163.7 |
|
Provisions |
492.0 |
483.0 |
450.5 |
376.7 |
372.8 |
|
Deferred Income Tax |
527.0 |
458.8 |
426.1 |
333.6 |
359.7 |
|
Minority Int. |
1,354.0 |
1,363.0 |
1,391.7 |
1,488.7 |
1,229.6 |
|
Total Liabilities |
4,238.5 |
4,219.2 |
3,924.0 |
4,598.3 |
3,918.3 |
|
|
|
|
|
|
|
|
Share Capital |
105.2 |
108.7 |
114.8 |
111.2 |
115.5 |
|
Share Premium |
482.9 |
497.7 |
489.2 |
479.6 |
326.0 |
|
Reserves/Assets Revaluation |
0.0 |
9.4 |
8.6 |
- |
- |
|
Reserves/Instruments Revaluation |
-31.2 |
13.4 |
34.4 |
- |
- |
|
Translation Adj. |
36.3 |
32.2 |
-45.9 |
-183.5 |
-43.9 |
|
Reserves |
3,347.9 |
3,306.9 |
3,035.9 |
2,326.9 |
1,959.1 |
|
Net Income/Year |
- |
- |
- |
964.7 |
850.9 |
|
Total Equity |
3,941.2 |
3,968.3 |
3,637.1 |
3,698.9 |
3,207.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
8,179.6 |
8,187.5 |
7,561.1 |
8,297.2 |
7,126.0 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
26.3 |
26.4 |
26.5 |
26.0 |
25.8 |
|
Total Common Shares Outstanding |
26.3 |
26.4 |
26.5 |
26.0 |
25.8 |
|
T/S-Ordinary Shares |
0.3 |
0.1 |
0.1 |
0.4 |
0.3 |
|
Accumulated Intangible Amortization |
212.9 |
189.2 |
179.3 |
148.7 |
146.2 |
|
Deferred Revenue |
11.7 |
12.1 |
14.3 |
19.5 |
13.2 |
|
Full-Time Employees |
14,208 |
14,123 |
14,183 |
15,241 |
14,507 |
|
Long Term Debt Maturing Within 1 Year |
59.7 |
75.1 |
50.2 |
77.8 |
32.2 |
|
Long Term Debt Maturing Within 5 Years |
136.3 |
178.4 |
175.0 |
30.6 |
-5.8 |
|
Long Term Debt Remaining Maturities |
18.2 |
42.9 |
45.9 |
25.0 |
17.5 |
|
Total Long Term Debt, Supplemental |
214.2 |
296.5 |
271.2 |
133.4 |
43.9 |
|
Capital Leases Maturing Within 1 Year |
7.8 |
8.0 |
8.6 |
9.7 |
10.2 |
|
Capital Leases Maturing Within 5 Years |
31.2 |
32.2 |
35.9 |
34.8 |
36.6 |
|
Capital Leases Remaining Maturities |
10.4 |
18.8 |
28.7 |
34.8 |
46.8 |
|
Total Capital Leases |
49.3 |
59.0 |
73.2 |
79.2 |
93.6 |
|
Pension Obligation |
454.4 |
417.2 |
414.6 |
404.5 |
301.2 |
|
Plan Assets |
272.6 |
268.3 |
269.7 |
239.1 |
209.1 |
|
Funded Status |
-181.7 |
-148.9 |
-144.9 |
-165.4 |
-92.1 |
|
Unfunded Post-Retiremnt Obligation |
67.5 |
67.1 |
70.3 |
65.3 |
59.9 |
|
Total Funded Status |
-249.2 |
-216.0 |
-215.2 |
-230.7 |
-152.1 |
|
Discount Rate/Europe |
0.90% |
2.10% |
3.40% |
2.60% |
4.30% |
|
Discount Rate/North America |
4.20% |
5.00% |
5.75% |
6.00% |
6.25% |
|
Discount Rate/New Caledonia |
4.75% |
4.90% |
5.00% |
5.40% |
5.25% |
|
Discount Rate/Gabon |
6.20% |
5.40% |
5.80% |
6.50% |
6.50% |
|
Compensation Rate/Europe |
2.10% |
2.30% |
3.00% |
2.50% |
2.50% |
|
Compensation Rate/North America |
3.40% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Compensation Rate/New Caledonia |
4.00% |
4.00% |
4.00% |
4.00% |
4.00% |
|
Compensation Rate/Gabon |
5.00% |
5.00% |
4.00% |
5.00% |
5.00% |
|
Exp. Rate of ReturnEurope |
3.50% |
3.80% |
4.50% |
3.75% |
4.90% |
|
Exp. Rate of Return/North America |
7.00% |
7.80% |
7.80% |
7.80% |
7.80% |
|
Exp. Rate of Return/New Caledonia |
3.50% |
4.00% |
4.50% |
5.00% |
5.00% |
|
Net Domestic Pension Assets |
-101.3 |
-97.9 |
-107.6 |
- |
- |
|
Net Post-Retirement Assets |
-63.6 |
-38.9 |
-70.3 |
- |
- |
|
Net Assets Recognized on Balance Sheet |
-164.9 |
-136.8 |
-177.9 |
- |
- |
|
Equity/Europe |
9.00% |
10.00% |
9.00% |
8.00% |
13.00% |
|
Equity/North America |
18.00% |
21.00% |
24.00% |
21.00% |
35.00% |
|
Equity/New Caledonia |
0.00% |
2.00% |
1.00% |
1.00% |
1.00% |
|
Debt Securities/Europe |
36.00% |
36.00% |
37.00% |
31.00% |
15.00% |
|
Debt Securities/North America |
23.00% |
20.00% |
15.00% |
15.00% |
21.00% |
|
Debt Securities/New Caledonia |
4.00% |
3.00% |
4.00% |
4.00% |
3.00% |
|
Other/Europe |
9.00% |
9.00% |
11.00% |
20.00% |
10.00% |
|
Other/North America |
0.00% |
0.00% |
0.00% |
1.00% |
1.00% |
|
Other/New Caledonia |
0.00% |
1.00% |
1.00% |
0.00% |
1.00% |
|
|
|
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 |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
Ernst &
Young et Autres |
Ernst &
Young et Autres |
Ernst &
Young et Autres |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
421.3 |
601.3 |
-363.0 |
1,250.6 |
1,114.1 |
|
Depreciation |
340.7 |
300.6 |
472.8 |
299.8 |
254.6 |
|
Financial Instruments |
4.2 |
4.0 |
-18.1 |
38.0 |
-20.5 |
|
Deferred Taxation |
119.6 |
109.9 |
-83.4 |
21.9 |
63.0 |
|
Sale/Tangible |
-2.8 |
5.3 |
-66.8 |
13.2 |
-2.7 |
|
Share in Affiliates |
-1.4 |
-1.3 |
0.0 |
0.0 |
0.0 |
|
Inventories |
-137.7 |
-188.1 |
632.8 |
-399.3 |
-212.1 |
|
Accounts Receivable |
45.9 |
-108.6 |
108.5 |
264.7 |
1.4 |
|
Trade Payables |
77.9 |
50.3 |
-154.4 |
136.0 |
71.2 |
|
Operating Assets &Liabilities |
265.6 |
295.3 |
-119.6 |
469.5 |
392.8 |
|
Interest Income |
29.2 |
19.9 |
30.6 |
68.7 |
23.3 |
|
Interest Paid |
-26.4 |
-21.2 |
-20.9 |
-16.1 |
-19.2 |
|
Income Tax - Paid |
-314.2 |
-104.6 |
-262.8 |
-479.8 |
-313.4 |
|
Cash from Operating Activities |
821.8 |
962.8 |
155.8 |
1,667.4 |
1,352.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-668.8 |
-415.9 |
-408.9 |
-991.7 |
-490.0 |
|
Sale of Fixed Assets |
1.4 |
10.6 |
0.0 |
8.8 |
16.4 |
|
Investment Grants Received |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Changes in Receivables&Loans |
7.0 |
-5.3 |
-4.2 |
- |
- |
|
Financial Investments |
-159.9 |
60.9 |
-5.6 |
- |
- |
|
Dividend Received/Affiliates |
0.0 |
0.0 |
0.0 |
1.5 |
1.4 |
|
Consolidation Variation/ Begining |
-80.6 |
-19.9 |
-23.6 |
-241.3 |
0.0 |
|
Consolidation Variation/ Ending |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Reimbursement of Borrowings |
- |
- |
- |
-35.1 |
5.5 |
|
Cash from Investing Activities |
-901.0 |
-369.5 |
-442.3 |
-1,257.9 |
-466.7 |
|
|
|
|
|
|
|
|
Dividends |
-127.9 |
-62.2 |
-189.1 |
-225.3 |
-101.3 |
|
Dividends/Minority |
-130.7 |
-139.1 |
-37.5 |
-74.6 |
-45.2 |
|
Increase/Share Cap. |
1.4 |
41.1 |
1.4 |
7.3 |
1.4 |
|
Treasury Shares |
-57.0 |
-6.6 |
1.4 |
-14.6 |
5.5 |
|
Changes in Equity in Affiliates |
72.3 |
113.9 |
129.3 |
- |
- |
|
Long Term Debt Issued |
25.0 |
529.7 |
269.8 |
83.4 |
106.8 |
|
Long Term Debt Repaid |
-98.7 |
-525.8 |
-130.7 |
-178.4 |
-276.5 |
|
Changes in Financial Working Cap. |
-2.8 |
0.0 |
25.0 |
0.0 |
-1.4 |
|
Cash from Financing Activities |
-318.4 |
-49.0 |
69.5 |
-402.2 |
-310.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-41.7 |
5.3 |
33.4 |
-33.6 |
2.7 |
|
Net Change in Cash |
-439.4 |
549.6 |
-183.6 |
-26.3 |
577.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,706.1 |
1,075.4 |
1,312.8 |
1,407.1 |
739.1 |
|
Net Cash - Ending Balance |
1,266.7 |
1,625.0 |
1,129.3 |
1,380.8 |
1,316.7 |
|
Cash Interest Paid |
26.4 |
21.2 |
20.9 |
16.1 |
19.2 |
|
Cash Taxes Paid |
314.2 |
104.6 |
262.8 |
479.8 |
313.4 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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Financials in: USD (mil) |
|
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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.55.45 |
|
|
1 |
Rs.87.98 |
|
Euro |
1 |
Rs.69.69 |
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.