MIRA INFORM REPORT
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Report Date : |
12.04.2013 |
IDENTIFICATION DETAILS
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Name : |
NATUREX SA
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Registered Office : |
ZAC, Pole Technologique Agroparc, BP 1218, Avignon, 84911 |
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Country : |
France |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
22.07.1992 |
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Com. Reg. No.: |
384093563 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Subject company specializes in the production of natural extracts
for use in colorings and flavorings, as well as with nutraceutical and
antioxidant properties |
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No. of Employees : |
1200 |
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 (31.03.2012) |
Current Rating (30.06.2012) |
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France |
A2 |
A2 |
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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.
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Source : CIA |
Company name & address
Naturex SA
ZAC
Pole Technologique Agroparc
BP 1218
Avignon, 84911
France
Tel: 33-4-90239689
Fax: 33-4-90237340
Web: www.naturex.com
synthesis
Employees: 1,200
Company Type: Public Parent
Corporate Family: 8
Companies
Traded: Euronext
Paris: NRX
Incorporation Date:
22-Jul-1992
Auditor: KPMG SA
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2012
Reporting Currency: Euro
Annual Sales: 331.2
1
Net Income:
563.3 2
Market Value: 589.6 (28-Mar-2013)
Business Description
Naturex SA is a France-based company that specializes in the production of natural extracts for use in colorings and flavorings, as well as with nutraceutical and antioxidant properties. All the products are marketed under four product lines: NAT arom, NAT stabil, NAT color, NAT healthy, NAT textur, NAT F&V, NAT taste, NAT Life, NAT activ, NAT pharma, NAT beauty, NAT select and NAT protect. The portfolio of Company’s clients comprises food, flavor and nutraceutical industries worldwide. As of December 31, 2011, Naturex operates a number of subsidiaries in Europe, Northern Africa, Asia and the United States, including Naturex Maroc in Casablanca, Morocco and Burgundy Iberia SAU in Spain, among others. As of September 18, 2012, it acquired Decas Botanical Synergies involved in Cranberry nutraceuticals industry. For the six months ended 30 June 2012, Naturex SA revenues increased 16% to EUR150.7M. Net income decreased 7% to EUR9M. Revenues reflect Americas segment increase of 31% to EUR57.8M, Europe/Africa/Russia segment increase of 5% to EUR81.1M, Asia/ Pacific-Oceanic segment increase of 29% to EUR8.3M. Net income was offset by Other segment loss totaling EUR4.9M vs. income of EUR102K.
Industry
Industry Beverages (Non-Alcoholic)
ANZSIC 2006: 1211 - Soft Drink,
Cordial and Syrup Manufacturing
NACE 2002: 1589 - Manufacture
of other food products not elsewhere classified
NAICS 2002: 311942 - Spice and
Extract Manufacturing
UK SIC 2003: 1589 - Manufacture
of other food products not elsewhere classified
UK SIC 2007: 1089 - Manufacture
of other food products n.e.c.
US SIC 1987: 2087 - Flavoring
Extracts and Flavoring Syrups, Not Elsewhere Classified
Key Executives
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Name |
Title |
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Chairman of the Board, Chief Executive Officer |
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Vice President - Sales and Operations Americas & Asia, Director |
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Serge Sabrier |
Director of Purchasing - Supply Chain |
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Marc Roller |
Scientific Director |
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Frederic Seguin |
Industrial Director |
Significant
Developments
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Topic |
#* |
Most Recent Headline |
Date |
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1 |
Naturex SA
Announces Acquisition of DECAS Botanical Synergies |
18-Sep-2012 |
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3 |
Naturex SA
Appoints Mr. Thierry Lambert as Chairman of the Board |
18-Oct-2012 |
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|
1 |
Naturex SA
Announces Joint Venture with Aker ASA's Aker BioMarine |
11-Feb-2013 |
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2 |
6-Dec-2012 |
||
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1 |
17-Jan-2013 |
* number of significant developments within the last 12 months
News
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Title |
Date |
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New dietary
supplement concepts from Naturex offer a winning combination of taste, naturalness
and efficacy |
10-Apr-2013 |
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Naturex
unveils 4 supplement concepts |
9-Apr-2013 |
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Naturex
Develops System to Take Fruits and Vegetables into Foods |
9-Apr-2013 |
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Naturex
launches new fruit and vegetable powder |
9-Apr-2013 |
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Naturex to
unveil dietary supplement concepts at Vitafoods Europe 2013 |
9-Apr-2013 |
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Naturex
Soci Downgraded by Societe Generale to "Hold" (NRX) |
8-Apr-2013 |
Financial
Summary
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As of 30-Jun-2012 |
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7782366
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7566
Corporate Overview
Location
ZAC
Pole Technologique Agroparc
BP 1218
Avignon, 84911
France
Tel: 33-4-90239689
Fax: 33-4-90237340
Web : www.naturex.com
Quote Symbol - Exchange
NRX - Euronext
Paris
Sales EUR(mil): 257.8
Assets EUR(mil): 426.2
Employees: 1,200
Fiscal Year End: 31-Dec-2012
Industry: Beverages
(Non-Alcoholic)
Incorporation Date: 22-Jul-1992
Company Type: Public
Parent
Quoted Status: Quoted
Registered No.(FRA): 384093563
Chairman of the
Board, Chief Executive Officer:
Thierry Lambert
Industry Codes
ANZSIC 2006 Codes:
1211 - Soft Drink, Cordial and Syrup Manufacturing
1133 - Cheese and Other Dairy Product Manufacturing
1813 - Basic Inorganic Chemical Manufacturing
NACE 2002 Codes:
1589 - Manufacture of other food products not elsewhere classified
1551 - Operation of dairies and cheese making
2413 - Manufacture of other inorganic basic chemicals
NAICS 2002 Codes:
311942 - Spice and Extract Manufacturing
311514 - Dry, Condensed, and Evaporated Dairy Product Manufacturing
325188 - All Other Basic Inorganic Chemical Manufacturing
US SIC 1987:
2087 - Flavoring Extracts and Flavoring Syrups, Not Elsewhere
Classified
2023 - Dry, Condensed, and Evaporated Dairy Products
2819 - Industrial Inorganic Chemicals, Not Elsewhere Classified
UK SIC 2003:
1589 - Manufacture of other food products not elsewhere classified
2413 - Manufacture of other inorganic basic chemicals
15519 - Manufacture of other milk products
UK SIC 2007:
1089 - Manufacture of other food products n.e.c.
2013 - Manufacture of other inorganic basic chemicals
10519 - Manufacture of milk products (other than liquid milk and
cream, butter, cheese) n.e.c.
Business
Description
Naturex SA is a
France-based company that specializes in the production of natural extracts for
use in colorings and flavorings, as well as with nutraceutical and antioxidant
properties. All the products are marketed under four product lines: NAT arom,
NAT stabil, NAT color, NAT healthy, NAT textur, NAT F&V, NAT taste, NAT
Life, NAT activ, NAT pharma, NAT beauty, NAT select and NAT protect. The
portfolio of Company’s clients comprises food, flavor and nutraceutical
industries worldwide. As of December 31, 2011, Naturex operates a number of
subsidiaries in Europe, Northern Africa, Asia and the United States, including
Naturex Maroc in Casablanca, Morocco and Burgundy Iberia SAU in Spain, among
others. As of September 18, 2012, it acquired Decas Botanical Synergies
involved in Cranberry nutraceuticals industry. For the six months ended 30 June
2012, Naturex SA revenues increased 16% to EUR150.7M. Net income decreased 7%
to EUR9M. Revenues reflect Americas segment increase of 31% to EUR57.8M,
Europe/Africa/Russia segment increase of 5% to EUR81.1M, Asia/ Pacific-Oceanic
segment increase of 29% to EUR8.3M. Net income was offset by Other segment loss
totaling EUR4.9M vs. income of EUR102K.
More Business Descriptions
Manufacture of
natural speciality ingredients for the food and beverage, nutrition and health
and personal care industries
Food, Flavor &
Nutraceutical Products Mfr
Naturex is
primarily engaged in manufacture of various chemical products: peptones,
peptone derivatives, other protein substances and their derivatives not
elsewhere classified; chemically modified oils and fats; materials used in the
finishing of textiles and leather; powders and pastes used in soldering,
brazing or welding; substances used to pickle metal; prepared additives for
cements; activated carbon, lubricating oil additives, prepared rubber
accelerators, catalysts and other chemical products for industrial use;
anti-knock preparations, anti-freeze preparations, liquids for hydraulic
transmission; and composite diagnostic or laboratory reagents. This class also
includes: manufacture of writing and drawing ink.
All Other Food
Manufacturing
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Corporate Family |
Corporate
Structure News: |
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Naturex
SA |
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Naturex SA |
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Company Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Avignon |
France |
Beverages (Non-Alcoholic) |
331.2 |
1,200 |
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Subsidiary |
South Hackensack, NJ |
United States |
Biotechnology and Drugs |
37.1 |
150 |
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Branch |
Shingle Springs, CA |
United States |
Food Processing |
6.7 |
19 |
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Branch |
Teterboro, NJ |
United States |
Food Processing |
4.7 |
12 |
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Subsidiary |
Brevard, NC |
United States |
Food Processing |
26.0 |
120 |
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Subsidiary |
Swadlincote |
United Kingdom |
Food Processing |
67.0 |
88 |
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Subsidiary |
London |
United Kingdom |
Food Processing |
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Subsidiary |
Caronno Pertus, Varese |
Italy |
Food Processing |
30.3 |
85 |
Competitors Report
|
CompanyName |
Location |
Employees |
Ownership |
|
Campbell Soup Company |
Camden, New Jersey, United States |
17,700 |
Public |
|
Cargill Foods Inc. |
Hialeah, Florida, United States |
50 |
Private |
|
Chr. Hansen, Inc. |
Milwaukee, Wisconsin, United States |
300 |
Private |
|
Dairygold Cooperative Society Ltd |
Co Cork, Ireland |
1,109 |
Private |
|
General Mills, Inc. |
Minneapolis, Minnesota, United States |
35,000 |
Public |
|
Givaudan S.A. |
Vernier, Switzerland |
9,124 |
Public |
|
Hershey Co |
Hershey, Pennsylvania, United States |
12,100 |
Public |
|
Kerry Group PLC |
Tralee, Ireland |
24,045 |
Public |
|
McCormick & Company, Incorporated |
Sparks, Maryland, United States |
9,000 |
Public |
|
Northern Foods Ltd. |
Wakefield, United Kingdom |
9,034 |
Private |
|
Premier Foods Plc |
St. Albans, United Kingdom |
11,720 |
Public |
|
Sensient Technologies Corporation |
Milwaukee, Wisconsin, United States |
3,887 |
Public |
|
Symrise SAS |
Clichy, France |
222 |
Private |
Executive report
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Board of
Directors |
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Chairman of the Board, Chief Executive Officer |
Chairman |
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Director |
Director/Board Member |
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Vice President - Sales and Operations Americas & Asia, Director |
Director/Board Member |
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Director - Permanent Representative of SGD |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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President & CEO |
Chief Executive Officer |
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Chairman of the Board, Chief Executive Officer |
Chief Executive Officer |
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Vice President - Sales and Operations Americas & Asia, Director |
Operations Executive |
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Director |
Administration Executive |
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Director of Sales - Europe and Africa |
Sales Executive |
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Director-Sales-Europe |
Sales Executive |
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Director-Sales-USA |
Sales Executive |
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USA Sales Director |
Sales Executive |
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Director-Marketing |
Marketing Executive |
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Scientific Director |
Research & Development Executive |
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Director of Purchasing - Supply Chain |
Purchasing Executive |
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Industrial Director |
Other |
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Significant Developments
Naturex SA Announces Joint Venture with Aker ASA's Aker BioMarine Feb 11, 2013
Naturex SA announced the creation of a joint venture for krill extraction with Aker ASA's Aker BioMarine. This joint venture, whose production plant will be based in the US, will provide increased volumes for sourcing krill oil, supplementing the current production of Naturex Spain.
Naturex SA Announces EUR 18 Million Convertible Debt Issue Jan 17, 2013
Naturex SA announced a six and a half-year EUR 18 million convertible bond issue for private investors. This bond issue, coordinated by CM-CIC Securities acting as the lead manager and bookrunner, was carried out through a private placement. Accordingly, France's Strategic Investment Fund (Fonds strategique d'Investissement or FSI) subscribed for EUR 12 million of this issue and SALVEPAR (Tikehau Capital Group) for EUR 6 million. The nominal value of this issue is EUR 18 million divided by 257,143 OCEANE convertible bonds of EUR 70 at par per bond. The OCEANE convertible bonds will carry a coupon of 4.40% per annum from their issue date, payable in arrears on 22 January of each year, and be redeemable at par on June 30, 2019. They will also carry a right to an allotment for new and/or existing Naturex shares at a rate of one share per OCEANE bond subject to possible subsequent adjustments. A maximum number of 257,1432 new shares may be issued from the conversion of OCEANE bonds representing a maximum rate of dilution of 3.33% based on the number of shares comprising the share capital.
Naturex SA Announces Equity Investment from Caravelle Dec 06, 2012
Naturex SA announced an equity investment by Groupe Caravelle, a diversified French industrial group with holdings in the pharmaceutical, industrial bodywork, mechanics and hotel sectors. Caravelle's equity investment follows the sale by Natraceutical of its stake that represented 15.35% of the share capital and 8.27% of the voting rights on December 5, 2012.
Natraceutical SA Concludes Divestiture Process Of Its Stake In Naturex Dec 05, 2012
Natraceutical SA announced that on December 5, 2012 it concluded the process of divestiture of its stake in Naturex SA, through diverse private placements, realized between October 2012 and December 2012. During that period, Natraceutical SA sold 1,324,200 shares of Naturex SA, representing a 17.13% stake.
Naturex SA Appoints Mr. Thierry Lambert as Chairman of the Board Oct 18, 2012
Naturex SA announced that it has appointed Mr. Thierry Lambert as its new Chairman of the Board of Directors. Mr. Lambert will also continue to serve as the Company's Chief Executive Officer.
Naturex SA Announces Passing Away of Mr. Jacques Dikansky Oct 01, 2012
Naturex SA announced the passing away of its Chairman and Founder, Mr. Jacques Dikansky, during the week-end of September 28 and 29, 2012.
Naturex SA Announces Acquisition of DECAS Botanical Synergies Sep 18, 2012
Naturex SA announced the acquisition of DECAS Botanical Synergies, an American company located in Massachusetts, specialized in Cranberry extracts and powders for nutraceutical and pharmaceutical industries. Financial terms of the transaction were not disclosed.
Naturex SA Announces Dividend with Option for Payment in Cash or Shares Jun 11, 2012
Naturex SA announced that its shareholders' meeting held on June 8, 2012 approved the payment of a dividend amounting to EUR 0.10 per share and proposes to shareholders to opt for the dividend payment in cash or shares between June 15, 2012 and July 18, 2012 included. If shareholders do not instruct their intermediaries on the shares option before the end of the option period, they will receive the dividend in cash. The issue price of the share given as payment for the dividend was set at EUR 41.01, corresponding to 90% of the average share price over the 20 trading days preceding the General meeting, less the net amount of the dividend. If the dividend amount for which the stock option is chosen is not equivalent to a whole number of shares, shareholders have two options: the amount of shares can be rounded down to the nearest whole number and shareholders will receive a cash indemnification for the dividend that could not be exercised into shares; shareholders can opt to have the number of shares rounded up to the nearest whole number and in addition pay the difference in cash. The record date is set for June 14, 2012 and the ex-date to June 15, 2012. Payment of the dividend in cash and the admission of new shares on NYSE Euronext Paris will be on July 30, 2012.
Naturex SA Announces Temporary Unavailability of Jacques Dikansky, Chairman and CEO Apr 13, 2012
Naturex SA, informs its shareholders of the temporary unavailability for health reasons of Jacques Dikansky, President and CEO of the Company. The Board of Directors of NATUREX S.A. acknowledged this situation during its meeting on April 13, 2012. In accordance with the Company's method of governance set out in the articles of association, Thierry Lambert, in his capacity as director and Vice-President, will chair the meetings of the Board of Directors during this period and will ensure the proper execution of the Board's work in close collaboration with its members, including Stephane Ducroux, Vice-President of NATUREX Inc. and Paul Lippens, independent director and Chairman of FINASUCRE.
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 |
131.7 |
118.5 |
82.7 |
|
Net sales |
107.7 |
102.6 |
73.0 |
|
Change in stock |
-1.0 |
-1.4 |
0.9 |
|
Unfinished work in progress |
-0.8 |
3.9 |
-0.4 |
|
Own work capitalised |
0.7 |
0.5 |
0.4 |
|
Subsidies for operating costs |
- |
- |
0.0 |
|
Supplementary operating income |
0.9 |
0.4 |
0.9 |
|
Other operating income |
23.1 |
11.1 |
8.8 |
|
Other external charges |
28.2 |
24.7 |
19.1 |
|
Cost of goods sold |
73.6 |
72.3 |
40.1 |
|
Taxes and social security costs |
1.3 |
0.9 |
1.2 |
|
Social charges |
5.8 |
4.2 |
3.8 |
|
Total payroll costs |
13.0 |
9.9 |
8.7 |
|
Cost of stock depreciation and amortisation |
0.3 |
0.7 |
0.3 |
|
Fixed asset depreciation and amortisation |
3.0 |
2.5 |
2.2 |
|
Other operating costs |
0.3 |
0.3 |
0.8 |
|
Total operating costs |
124.5 |
114.2 |
77.1 |
|
Net operating income |
7.2 |
4.2 |
5.6 |
|
Total financial income |
12.6 |
9.6 |
4.8 |
|
Interest payable on loans |
7.1 |
8.0 |
5.5 |
|
Other expenses |
5.5 |
6.7 |
4.8 |
|
Total expenses |
12.6 |
14.7 |
10.3 |
|
Profit before tax |
7.2 |
-0.9 |
0.1 |
|
Extraordinary income |
2.1 |
0.2 |
111.8 |
|
Extraordinary expenses |
4.2 |
1.3 |
112.7 |
|
Extraordinary result |
-2.2 |
-1.1 |
-0.9 |
|
Total taxation |
-0.4 |
-1.5 |
-1.1 |
|
Net profit |
5.4 |
- |
0.3 |
|
Net loss |
- |
0.5 |
- |
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 |
15.0 |
12.9 |
13.7 |
|
Share premium account |
231.5 |
177.4 |
188.0 |
|
Legal reserves |
2.7 |
1.6 |
0.5 |
|
Other reserves |
0.1 |
0.1 |
- |
|
Total reserves |
2.0 |
2.9 |
3.8 |
|
Profits for the year |
5.1 |
-0.5 |
0.3 |
|
Profit brought forward from previous year(s) |
-0.5 |
0.0 |
0.0 |
|
Total stockholders equity |
255.9 |
194.4 |
206.3 |
|
Provisions and allowances |
2.4 |
2.8 |
2.4 |
|
Trade creditors |
15.7 |
11.7 |
11.5 |
|
Bank loans and overdrafts |
136.1 |
162.1 |
137.1 |
|
Current bank debts |
1.0 |
1.7 |
4.8 |
|
Other loans |
13.2 |
13.6 |
2.3 |
|
Other liabilities |
1.1 |
2.3 |
1.7 |
|
Debts on fixed assets |
1.4 |
1.5 |
1.4 |
|
Income stated in advance |
0.5 |
- |
- |
|
Taxation and social security |
3.4 |
2.8 |
2.5 |
|
Total current liabilities |
49.8 |
31.1 |
42.9 |
|
Total debts |
171.5 |
194.0 |
156.4 |
|
Regularisation account |
9.9 |
9.3 |
0.3 |
|
Total liabilities (including net worth) |
439.7 |
400.5 |
365.4 |
|
Patents |
2.1 |
1.4 |
1.2 |
|
Goodwill |
17.1 |
18.8 |
19.0 |
|
Other intangibles |
0.6 |
0.1 |
0.2 |
|
Land |
0.3 |
0.4 |
- |
|
Other fixed assets |
9.1 |
8.4 |
8.6 |
|
Long-term investments |
163.1 |
149.2 |
157.5 |
|
Other financial assets |
93.0 |
112.3 |
98.4 |
|
Total non-current assets |
285.3 |
290.5 |
284.9 |
|
Prepayments |
0.1 |
0.1 |
0.3 |
|
Net stocks and work in progress |
28.0 |
28.7 |
25.0 |
|
Trade debtors |
13.9 |
14.7 |
10.8 |
|
Other receivables |
67.1 |
37.6 |
23.0 |
|
Prepaid expenses |
1.7 |
0.9 |
0.8 |
|
Cash and liquid assets |
30.0 |
13.3 |
14.2 |
|
Marketable securities |
- |
0.8 |
0.9 |
|
Total current assets |
140.8 |
96.1 |
74.9 |
|
Prepaid expenses and deferred costs |
13.6 |
13.9 |
5.5 |
|
Total assets |
439.7 |
400.5 |
365.4 |
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 |
2.80 |
3.10 |
1.70 |
|
Quick ratio |
2.30 |
2.20 |
1.20 |
|
Total liabilities to net worth |
0.77% |
1.21% |
0.87% |
|
Net worth to total assets |
0.51% |
0.40% |
0.49% |
|
Collection period |
42.00 |
43.00 |
43.70 |
|
Stock turnover rate |
3.60 |
3.60 |
3.00 |
|
Asset turnover |
0.23% |
0.26% |
0.21% |
|
Profit margin |
0.07% |
-0.01% |
0.00% |
|
Return on assets |
0.02% |
0.00% |
- |
|
Shareholders' return |
0.03% |
-0.01% |
0.00% |
|
Sales per employee |
2,008.50 |
2,375.16 |
1,851.28 |
|
Profit per employee |
133.96 |
-20.91 |
2.55 |
|
Average wage per employee |
242.20 |
228.32 |
221.10 |
|
Net worth |
255.9 |
194.4 |
206.3 |
|
Number of employees |
253 |
214 |
186 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
|
KPMG SA |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
- |
352.6 |
299.7 |
141.7 |
136.3 |
|
Revenue |
- |
352.6 |
299.7 |
141.7 |
136.3 |
|
Other Revenue |
- |
5.8 |
13.1 |
3.1 |
1.5 |
|
Other Revenue, Total |
- |
5.8 |
13.1 |
3.1 |
1.5 |
|
Total Revenue |
- |
358.4 |
312.8 |
144.8 |
137.8 |
|
|
|
|
|
|
|
|
Cost of Revenue |
- |
145.9 |
124.8 |
46.0 |
42.9 |
|
Cost of Revenue, Total |
- |
145.9 |
124.8 |
46.0 |
42.9 |
|
Gross Profit |
- |
206.6 |
174.9 |
95.7 |
93.3 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
- |
1.3 |
0.9 |
1.4 |
1.4 |
|
Labor & Related Expense |
- |
68.3 |
57.2 |
33.1 |
32.5 |
|
Total Selling/General/Administrative Expenses |
- |
69.6 |
58.1 |
34.5 |
33.9 |
|
Depreciation |
- |
17.6 |
15.0 |
7.3 |
6.6 |
|
Depreciation/Amortization |
- |
17.6 |
15.0 |
7.3 |
6.6 |
|
Restructuring Charge |
- |
0.7 |
- |
- |
- |
|
Loss (Gain) on Sale of Assets - Operating |
- |
0.2 |
0.2 |
0.0 |
0.2 |
|
Other Unusual Expense (Income) |
- |
2.8 |
4.3 |
- |
- |
|
Unusual Expense (Income) |
- |
3.7 |
4.5 |
0.0 |
0.2 |
|
Other Operating Expense |
- |
81.9 |
74.3 |
38.8 |
37.7 |
|
Other Operating Expenses, Total |
- |
81.9 |
74.3 |
38.8 |
37.7 |
|
Total Operating Expense |
- |
318.7 |
276.7 |
126.6 |
121.4 |
|
|
|
|
|
|
|
|
Operating Income |
- |
39.7 |
36.1 |
18.2 |
16.5 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
- |
-7.4 |
-7.6 |
-5.8 |
-7.6 |
|
Interest Expense, Net Non-Operating |
- |
-7.4 |
-7.6 |
-5.8 |
-7.6 |
|
Interest Income -
Non-Operating |
- |
0.7 |
0.2 |
0.1 |
0.4 |
|
Investment Income -
Non-Operating |
- |
0.2 |
-0.9 |
-1.7 |
0.6 |
|
Interest/Investment Income - Non-Operating |
- |
0.9 |
-0.7 |
-1.6 |
1.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
- |
-6.5 |
-8.2 |
-7.4 |
-6.6 |
|
Other Non-Operating Income (Expense) |
- |
- |
- |
-0.7 |
-1.1 |
|
Other, Net |
- |
- |
- |
-0.7 |
-1.1 |
|
Income Before Tax |
- |
33.2 |
27.9 |
10.0 |
8.8 |
|
|
|
|
|
|
|
|
Total Income Tax |
- |
11.5 |
8.3 |
2.7 |
2.5 |
|
Income After Tax |
- |
21.7 |
19.6 |
7.3 |
6.3 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Net Income Before Extraord Items |
- |
21.7 |
19.6 |
7.3 |
6.2 |
|
Net Income |
- |
21.7 |
19.6 |
7.3 |
6.2 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
- |
21.7 |
19.6 |
7.3 |
6.2 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
- |
21.7 |
19.6 |
7.3 |
6.2 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
- |
6.7 |
6.4 |
6.4 |
3.0 |
|
Basic EPS Excl Extraord Items |
- |
3.22 |
3.08 |
1.15 |
2.06 |
|
Basic/Primary EPS Incl Extraord Items |
- |
3.22 |
3.08 |
1.15 |
2.06 |
|
Diluted Net Income |
- |
21.7 |
19.6 |
7.3 |
6.2 |
|
Diluted Weighted Average Shares |
- |
7.0 |
6.6 |
6.5 |
3.1 |
|
Diluted EPS Excl Extraord Items |
- |
3.12 |
2.98 |
1.12 |
1.98 |
|
Diluted EPS Incl Extraord Items |
- |
3.12 |
2.98 |
1.12 |
1.98 |
|
Dividends per Share - Common Stock Primary Issue |
- |
0.14 |
0.13 |
0.15 |
0.15 |
|
Gross Dividends - Common Stock |
- |
1.1 |
0.8 |
1.0 |
0.6 |
|
Interest Expense, Supplemental |
- |
7.4 |
7.6 |
5.8 |
7.6 |
|
Depreciation, Supplemental |
- |
15.1 |
13.0 |
6.4 |
5.9 |
|
Total Special Items |
- |
3.7 |
4.5 |
0.0 |
0.2 |
|
Normalized Income Before Tax |
- |
36.9 |
32.4 |
10.0 |
9.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
- |
1.3 |
1.3 |
0.0 |
0.1 |
|
Inc Tax Ex Impact of Sp Items |
- |
12.8 |
9.6 |
2.7 |
2.6 |
|
Normalized Income After Tax |
- |
24.1 |
22.8 |
7.3 |
6.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
- |
24.1 |
22.8 |
7.3 |
6.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
- |
3.58 |
3.58 |
1.15 |
2.12 |
|
Diluted Normalized EPS |
- |
3.47 |
3.47 |
1.12 |
2.03 |
|
Amort of Intangibles, Supplemental |
- |
2.5 |
1.9 |
1.0 |
0.7 |
|
Rental Expenses |
- |
6.4 |
5.4 |
2.8 |
2.6 |
|
Advertising Expense, Supplemental |
- |
2.4 |
1.9 |
1.4 |
1.1 |
|
Research & Development Exp, Supplemental |
- |
6.7 |
5.6 |
- |
- |
|
Normalized EBIT |
- |
43.3 |
40.7 |
18.2 |
16.7 |
|
Normalized EBITDA |
- |
60.9 |
55.7 |
25.5 |
23.3 |
|
Current Tax - Total |
- |
8.4 |
6.9 |
2.7 |
- |
|
Current Tax - Total |
- |
8.4 |
6.9 |
2.7 |
- |
|
Deferred Tax - Total |
- |
3.1 |
1.4 |
0.0 |
- |
|
Deferred Tax - Total |
- |
3.1 |
1.4 |
0.0 |
- |
|
Income Tax - Total |
- |
11.5 |
8.3 |
2.7 |
- |
|
Service Cost - Foreign |
- |
1.1 |
1.8 |
- |
- |
|
Expected Return on Assets - Foreign |
- |
-0.4 |
0.5 |
- |
- |
|
Actuarial Gains and Losses - Foreign |
- |
0.1 |
-0.4 |
- |
- |
|
Other Pension, Net - Foreign |
- |
0.2 |
0.0 |
- |
- |
|
Foreign Pension Plan Expense |
- |
1.0 |
1.8 |
- |
- |
|
Total Pension Expense |
- |
1.0 |
1.8 |
- |
- |
|
Discount Rate - Domestic |
- |
4.60% |
4.27% |
- |
- |
|
Discount Rate - Foreign |
- |
2.85% |
3.25% |
- |
- |
|
Expected Rate of Return - Foreign |
- |
3.75% |
4.25% |
- |
- |
|
Compensation Rate - Foreign |
- |
2.00% |
2.00% |
- |
- |
|
Total Plan Service Cost |
- |
1.1 |
1.8 |
- |
- |
|
Total Plan Expected Return |
- |
-0.4 |
0.5 |
- |
- |
|
Total Plan Other Expense |
- |
0.2 |
0.0 |
- |
- |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
|
Auditor |
|
KPMG SA |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash |
- |
48.9 |
22.9 |
21.8 |
4.9 |
|
Cash & Equivalents |
- |
0.0 |
0.5 |
0.6 |
0.0 |
|
Cash and Short Term Investments |
- |
48.9 |
23.4 |
22.4 |
4.9 |
|
Accounts Receivable -
Trade, Gross |
- |
63.3 |
57.0 |
49.9 |
21.8 |
|
Provision for Doubtful
Accounts |
- |
-2.3 |
-2.1 |
-2.8 |
-1.2 |
|
Trade Accounts Receivable - Net |
- |
61.1 |
54.9 |
47.1 |
20.6 |
|
Other Receivables |
- |
19.8 |
15.8 |
11.6 |
6.7 |
|
Total Receivables, Net |
- |
80.9 |
70.7 |
58.6 |
27.3 |
|
Inventories - Finished Goods |
- |
100.8 |
82.5 |
69.7 |
44.7 |
|
Inventories - Raw Materials |
- |
48.4 |
51.8 |
40.4 |
20.3 |
|
Inventories - Other |
- |
0.3 |
-2.5 |
0.1 |
0.5 |
|
Total Inventory |
- |
149.5 |
131.8 |
110.2 |
65.6 |
|
Prepaid Expenses |
- |
- |
- |
- |
1.7 |
|
Other Current Assets |
- |
1.6 |
0.4 |
0.0 |
- |
|
Other Current Assets, Total |
- |
1.6 |
0.4 |
0.0 |
- |
|
Total Current Assets |
- |
280.8 |
226.3 |
191.2 |
99.4 |
|
|
|
|
|
|
|
|
Buildings |
- |
97.4 |
90.5 |
89.9 |
33.7 |
|
Land/Improvements |
- |
18.2 |
15.1 |
7.5 |
2.9 |
|
Machinery/Equipment |
- |
76.0 |
68.9 |
64.7 |
47.8 |
|
Construction in
Progress |
- |
5.5 |
2.6 |
3.2 |
2.4 |
|
Other
Property/Plant/Equipment |
- |
11.1 |
8.5 |
5.8 |
4.1 |
|
Property/Plant/Equipment - Gross |
- |
208.2 |
185.7 |
171.1 |
90.9 |
|
Accumulated Depreciation |
- |
-74.3 |
-61.8 |
-51.0 |
-44.2 |
|
Property/Plant/Equipment - Net |
- |
133.9 |
123.8 |
120.1 |
46.7 |
|
Goodwill, Net |
- |
121.3 |
112.5 |
106.3 |
74.5 |
|
Intangibles - Gross |
- |
18.1 |
12.3 |
6.4 |
4.2 |
|
Accumulated Intangible Amortization |
- |
-6.0 |
-3.9 |
-2.1 |
-1.1 |
|
Intangibles, Net |
- |
12.0 |
8.5 |
4.3 |
3.0 |
|
LT Investment - Affiliate Companies |
- |
- |
0.5 |
1.4 |
1.4 |
|
LT Investments - Other |
- |
1.5 |
0.5 |
0.6 |
0.3 |
|
Long Term Investments |
- |
1.5 |
1.0 |
2.0 |
1.7 |
|
Deferred Income Tax - Long Term Asset |
- |
3.2 |
7.7 |
2.7 |
1.1 |
|
Discontinued Operations - Long Term Asset |
- |
- |
0.0 |
1.1 |
1.1 |
|
Other Long Term Assets |
- |
0.4 |
0.7 |
- |
- |
|
Other Long Term Assets, Total |
- |
3.7 |
8.4 |
3.8 |
2.3 |
|
Total Assets |
- |
553.3 |
480.5 |
427.7 |
227.6 |
|
|
|
|
|
|
|
|
Accounts Payable |
- |
84.6 |
68.7 |
52.6 |
26.6 |
|
Accrued Expenses |
- |
- |
- |
- |
0.6 |
|
Notes Payable/Short Term Debt |
- |
1.6 |
2.9 |
8.4 |
15.4 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
22.4 |
12.0 |
22.5 |
20.7 |
|
Income Taxes Payable |
- |
2.1 |
1.8 |
0.6 |
0.2 |
|
Other Current Liabilities |
- |
1.2 |
1.8 |
4.0 |
0.2 |
|
Other Current liabilities, Total |
- |
3.3 |
3.6 |
4.5 |
0.4 |
|
Total Current Liabilities |
- |
111.9 |
87.2 |
88.1 |
63.7 |
|
|
|
|
|
|
|
|
Long Term Debt |
- |
113.1 |
145.2 |
118.8 |
78.5 |
|
Capital Lease Obligations |
- |
0.2 |
0.2 |
0.1 |
0.1 |
|
Total Long Term Debt |
- |
113.4 |
145.5 |
118.9 |
78.6 |
|
Total Debt |
- |
137.4 |
160.4 |
149.8 |
114.7 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
- |
14.8 |
15.0 |
10.8 |
2.9 |
|
Deferred Income Tax |
- |
14.8 |
15.0 |
10.8 |
2.9 |
|
Minority Interest |
- |
0.5 |
0.5 |
0.5 |
0.5 |
|
Pension Benefits - Underfunded |
- |
3.8 |
3.0 |
2.2 |
- |
|
Other Long Term Liabilities |
- |
2.9 |
3.4 |
- |
- |
|
Other Liabilities, Total |
- |
6.7 |
6.4 |
2.2 |
- |
|
Total Liabilities |
- |
247.3 |
254.5 |
220.5 |
145.7 |
|
|
|
|
|
|
|
|
Common Stock |
- |
15.0 |
12.9 |
13.7 |
6.3 |
|
Common Stock |
- |
15.0 |
12.9 |
13.7 |
6.3 |
|
Additional Paid-In Capital |
- |
213.7 |
158.9 |
168.2 |
55.5 |
|
Retained Earnings (Accumulated Deficit) |
- |
73.6 |
55.6 |
42.1 |
33.7 |
|
Treasury Stock - Common |
- |
0.0 |
-0.3 |
-0.3 |
- |
|
Translation Adjustment |
- |
3.8 |
-1.2 |
-16.6 |
-13.6 |
|
Other Equity, Total |
- |
3.8 |
-1.2 |
-16.6 |
-13.6 |
|
Total Equity |
- |
306.0 |
225.9 |
207.2 |
81.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
- |
553.3 |
480.5 |
427.7 |
227.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
- |
6.3 |
4.9 |
4.8 |
3.0 |
|
Total Common Shares Outstanding |
- |
6.3 |
4.9 |
4.8 |
3.0 |
|
Treasury Shares - Common Stock Primary Issue |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Shares Outstanding - Preferred Stock Primary
Issue |
- |
1.4 |
1.5 |
1.5 |
- |
|
Total Preferred Stock Outstanding |
- |
1.4 |
1.5 |
1.5 |
- |
|
Employees |
- |
1,055 |
916 |
851 |
523 |
|
Accumulated Intangible Amort, Suppl. |
- |
6.0 |
3.9 |
2.1 |
1.1 |
|
Total Long Term Debt, Supplemental |
- |
151.5 |
157.1 |
- |
99.2 |
|
Long Term Debt Maturing within 1 Year |
- |
24.8 |
11.9 |
- |
20.7 |
|
Long Term Debt Maturing in Year 2 |
- |
31.6 |
25.0 |
- |
18.6 |
|
Long Term Debt Maturing in Year 3 |
- |
31.6 |
25.0 |
- |
18.6 |
|
Long Term Debt Maturing in Year 4 |
- |
31.6 |
25.0 |
- |
18.6 |
|
Long Term Debt Maturing in Year 5 |
- |
31.6 |
25.0 |
- |
18.6 |
|
Long Term Debt Maturing in 2-3 Years |
- |
63.2 |
49.9 |
- |
37.1 |
|
Long Term Debt Maturing in 4-5 Years |
- |
63.2 |
49.9 |
- |
37.1 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
0.3 |
45.4 |
- |
4.3 |
|
Total Capital Leases, Supplemental |
- |
0.5 |
0.4 |
- |
0.1 |
|
Capital Lease Payments Due in Year 1 |
- |
0.3 |
0.2 |
- |
0.1 |
|
Capital Lease Payments Due in Year 2 |
- |
0.1 |
0.1 |
- |
0.0 |
|
Capital Lease Payments Due in Year 3 |
- |
0.1 |
0.1 |
- |
0.0 |
|
Capital Lease Payments Due in Year 4 |
- |
0.1 |
0.1 |
- |
0.0 |
|
Capital Lease Payments Due in Year 5 |
- |
0.1 |
0.1 |
- |
0.0 |
|
Capital Lease Payments Due in 2-3 Years |
- |
0.1 |
0.1 |
- |
0.0 |
|
Capital Lease Payments Due in 4-5 Years |
- |
0.1 |
0.1 |
- |
0.0 |
|
Total Operating Leases, Supplemental |
- |
16.9 |
16.1 |
- |
- |
|
Operating Lease Payments Due in Year 1 |
- |
1.2 |
1.0 |
- |
- |
|
Operating Lease Payments Due in Year 2 |
- |
0.9 |
0.5 |
- |
- |
|
Operating Lease Payments Due in Year 3 |
- |
0.9 |
0.5 |
- |
- |
|
Operating Lease Payments Due in Year 4 |
- |
0.9 |
0.5 |
- |
- |
|
Operating Lease Payments Due in Year 5 |
- |
0.9 |
0.5 |
- |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
- |
1.8 |
1.0 |
- |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
- |
1.8 |
1.0 |
- |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
12.2 |
13.1 |
- |
- |
|
Pension Obligation - Domestic |
- |
0.3 |
0.1 |
- |
- |
|
Pension Obligation - Foreign |
- |
20.7 |
14.1 |
14.2 |
- |
|
Plan Assets - Domestic |
- |
0.1 |
0.1 |
- |
- |
|
Plan Assets - Foreign |
- |
17.1 |
11.1 |
12.0 |
- |
|
Funded Status - Domestic |
- |
-0.2 |
0.0 |
- |
- |
|
Funded Status - Foreign |
- |
-3.6 |
-3.0 |
-2.2 |
- |
|
Total Funded Status |
- |
-3.8 |
-3.0 |
-2.2 |
- |
|
Discount Rate - Domestic |
- |
4.60% |
4.27% |
- |
- |
|
Discount Rate - Foreign |
- |
2.85% |
3.25% |
- |
- |
|
Expected Rate of Return - Foreign |
- |
3.75% |
4.25% |
- |
- |
|
Compensation Rate - Foreign |
- |
2.00% |
2.00% |
- |
- |
|
Equity % - Foreign |
- |
25.00% |
- |
- |
- |
|
Debt Securities % - Foreign |
- |
30.00% |
- |
- |
- |
|
Real Estate % - Foreign |
- |
15.00% |
- |
- |
- |
|
Other Investments % - Foreign |
- |
30.00% |
- |
- |
- |
|
Total Plan Obligations |
- |
21.0 |
14.2 |
14.2 |
- |
|
Total Plan Assets |
- |
17.2 |
11.3 |
12.0 |
- |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
|
KPMG SA |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
- |
21.7 |
19.6 |
7.3 |
6.3 |
|
Depreciation |
- |
18.4 |
7.9 |
9.0 |
6.6 |
|
Depreciation/Depletion |
- |
18.4 |
7.9 |
9.0 |
6.6 |
|
Deferred Taxes |
- |
- |
- |
- |
0.2 |
|
Unusual Items |
- |
0.2 |
0.1 |
0.0 |
0.2 |
|
Other Non-Cash Items |
- |
18.2 |
16.7 |
9.7 |
10.0 |
|
Non-Cash Items |
- |
18.4 |
16.8 |
9.7 |
10.2 |
|
Accounts Receivable |
- |
-4.8 |
-8.5 |
-6.6 |
-3.2 |
|
Inventories |
- |
-16.4 |
-20.1 |
3.2 |
-7.1 |
|
Accounts Payable |
- |
4.6 |
15.3 |
3.4 |
5.9 |
|
Taxes Payable |
- |
- |
- |
- |
-1.9 |
|
Other Assets & Liabilities, Net |
- |
- |
- |
- |
-0.2 |
|
Other Operating Cash Flow |
- |
-6.3 |
-8.3 |
-0.9 |
-2.3 |
|
Changes in Working Capital |
- |
-22.9 |
-21.6 |
-0.9 |
-8.7 |
|
Cash from Operating Activities |
- |
35.7 |
22.7 |
25.1 |
14.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
- |
-20.1 |
-15.4 |
-11.5 |
-12.0 |
|
Purchase/Acquisition of Intangibles |
- |
-6.4 |
-5.3 |
-1.3 |
-1.8 |
|
Capital Expenditures |
- |
-26.4 |
-20.6 |
-12.8 |
-13.8 |
|
Sale of Fixed Assets |
- |
0.2 |
1.0 |
0.0 |
0.1 |
|
Purchase of Investments |
- |
-0.5 |
-0.1 |
-0.1 |
-0.7 |
|
Other Investing Cash Flow |
- |
-9.3 |
-1.1 |
-7.6 |
-17.4 |
|
Other Investing Cash Flow Items, Total |
- |
-9.7 |
-0.2 |
-7.7 |
-18.0 |
|
Cash from Investing Activities |
- |
-36.1 |
-20.8 |
-20.5 |
-31.8 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
-14.7 |
-8.6 |
-5.9 |
-7.9 |
|
Financing Cash Flow Items |
- |
-14.7 |
-8.6 |
-5.9 |
-7.9 |
|
Sale/Issuance of
Common |
- |
66.4 |
0.8 |
23.3 |
0.7 |
|
Common Stock, Net |
- |
66.4 |
0.8 |
23.3 |
0.8 |
|
Issuance (Retirement) of Stock, Net |
- |
66.4 |
0.8 |
23.3 |
0.8 |
|
Long Term Debt
Reduction |
- |
-0.2 |
- |
- |
- |
|
Long Term Debt, Net |
- |
-0.2 |
- |
- |
- |
|
Total Debt Issued |
- |
12.7 |
37.0 |
97.8 |
23.3 |
|
Total Debt Reduction |
- |
-35.1 |
-23.7 |
-96.8 |
-10.0 |
|
Issuance (Retirement) of Debt, Net |
- |
-22.6 |
13.3 |
1.0 |
13.2 |
|
Cash from Financing Activities |
- |
29.1 |
5.6 |
18.4 |
6.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
- |
-0.1 |
0.3 |
1.7 |
2.8 |
|
Net Change in Cash |
- |
28.6 |
7.7 |
24.8 |
-8.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
- |
22.5 |
13.7 |
-10.4 |
-2.5 |
|
Net Cash - Ending Balance |
- |
51.1 |
21.4 |
14.4 |
-10.9 |
|
Cash Interest Paid |
- |
6.5 |
8.1 |
5.8 |
7.2 |
|
Cash Taxes Paid |
- |
6.3 |
8.3 |
0.9 |
2.3 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
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 |
KPMG SA |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Turnover |
352.6 |
299.7 |
141.7 |
136.3 |
108.8 |
|
Other Op. Income |
5.8 |
13.1 |
3.1 |
1.5 |
1.9 |
|
Total Revenue |
358.4 |
312.8 |
144.8 |
137.8 |
110.7 |
|
|
|
|
|
|
|
|
Change/Inventory |
-14.8 |
-16.7 |
0.3 |
-4.6 |
-12.4 |
|
Own Work Capitalised |
- |
- |
-0.4 |
-0.7 |
-1.1 |
|
Subsidies |
-3.9 |
-2.3 |
-2.0 |
-1.4 |
-0.9 |
|
Purchases |
160.8 |
141.5 |
46.1 |
48.3 |
45.8 |
|
Other Ext. Expenses |
85.3 |
73.5 |
38.9 |
37.9 |
35.8 |
|
Tax/Duties |
1.3 |
0.9 |
1.4 |
1.4 |
1.5 |
|
Dep/Amort/Provisions |
17.6 |
15.0 |
7.3 |
6.6 |
5.4 |
|
Personnel |
68.3 |
57.2 |
33.1 |
32.5 |
26.3 |
|
Other Op. Expenses |
0.5 |
3.1 |
1.9 |
1.3 |
1.0 |
|
Impairment/Current Assets |
1.3 |
4.3 |
- |
- |
- |
|
Sale of Assets |
0.2 |
0.2 |
0.0 |
0.2 |
0.0 |
|
Restructuring Charge |
0.7 |
- |
- |
- |
- |
|
Other Non-Recurring Charges |
1.5 |
0.0 |
- |
- |
- |
|
Total Operating Expense |
318.7 |
276.7 |
126.6 |
121.4 |
101.5 |
|
|
|
|
|
|
|
|
Interest Income |
0.7 |
0.2 |
0.1 |
0.4 |
0.7 |
|
Interest Expense |
-7.4 |
-7.6 |
-5.8 |
-7.6 |
-4.9 |
|
Losses/Exchange |
- |
- |
- |
- |
-1.8 |
|
Gains/Exchange |
0.2 |
-0.9 |
- |
- |
4.0 |
|
Net Financial |
- |
- |
-0.7 |
-1.1 |
- |
|
Equity in Affiliates |
- |
0.0 |
-1.7 |
0.6 |
- |
|
Net Income Before Taxes |
33.2 |
27.9 |
10.0 |
8.8 |
7.2 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
11.5 |
8.3 |
2.7 |
2.5 |
1.6 |
|
Net Income After Taxes |
21.7 |
19.6 |
7.3 |
6.3 |
5.6 |
|
|
|
|
|
|
|
|
Equity in Affiliates |
- |
- |
- |
- |
0.4 |
|
Minority Interest |
0.0 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Net Income Before Extra. Items |
21.7 |
19.6 |
7.3 |
6.2 |
5.9 |
|
Net Income |
21.7 |
19.6 |
7.3 |
6.2 |
5.9 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
21.7 |
19.6 |
7.3 |
6.2 |
5.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
21.7 |
19.6 |
7.3 |
6.2 |
5.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
6.7 |
6.4 |
6.4 |
3.0 |
3.1 |
|
Basic EPS Excluding ExtraOrdinary Items |
3.22 |
3.08 |
1.15 |
2.06 |
1.92 |
|
Basic EPS Including ExtraOrdinary Item |
3.22 |
3.08 |
1.15 |
2.06 |
1.92 |
|
Diluted Net Income |
21.7 |
19.6 |
7.3 |
6.2 |
5.9 |
|
Diluted Weighted Average Shares |
7.0 |
6.6 |
6.5 |
3.1 |
3.4 |
|
Diluted EPS Excluding ExtraOrd Items |
3.12 |
2.98 |
1.12 |
1.98 |
1.77 |
|
Diluted EPS Including ExtraOrd Items |
3.12 |
2.98 |
1.12 |
1.98 |
1.77 |
|
DPS-Common Stock |
0.14 |
0.13 |
0.15 |
0.15 |
0.13 |
|
Gross Dividends - Common Stock |
1.1 |
0.8 |
1.0 |
0.6 |
0.4 |
|
Normalized Income Before Taxes |
36.9 |
32.4 |
10.0 |
9.0 |
7.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
12.8 |
9.6 |
2.7 |
2.6 |
1.6 |
|
Normalized Income After Taxes |
24.1 |
22.8 |
7.3 |
6.5 |
5.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
24.1 |
22.8 |
7.3 |
6.4 |
6.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
3.58 |
3.58 |
1.15 |
2.12 |
1.93 |
|
Diluted Normalized EPS |
3.47 |
3.47 |
1.12 |
2.03 |
1.77 |
|
Interest Expense |
7.4 |
7.6 |
5.8 |
7.6 |
4.9 |
|
Amort of Intangibles |
2.5 |
1.9 |
1.0 |
0.7 |
0.3 |
|
Depreciation |
15.1 |
13.0 |
6.4 |
5.9 |
5.1 |
|
Rental Expense |
6.4 |
5.4 |
2.8 |
2.6 |
2.2 |
|
Advertising |
2.4 |
1.9 |
1.4 |
1.1 |
1.0 |
|
R&D Expenses |
6.7 |
5.6 |
- |
- |
- |
|
Current Tax |
8.4 |
6.9 |
2.7 |
- |
0.7 |
|
Current Tax - Total |
8.4 |
6.9 |
2.7 |
- |
0.7 |
|
Deferred Tax |
3.1 |
1.4 |
0.0 |
- |
0.9 |
|
Deferred Tax - Total |
3.1 |
1.4 |
0.0 |
- |
0.9 |
|
Income Tax - Total |
11.5 |
8.3 |
2.7 |
- |
1.6 |
|
Service Cost - Foreign |
1.1 |
1.8 |
- |
- |
- |
|
Actuarial Gains and Losses - Foreign |
0.1 |
-0.4 |
- |
- |
- |
|
Expected Return on Assets - Foreign |
-0.4 |
0.5 |
- |
- |
- |
|
Exchange Differences |
0.2 |
0.0 |
- |
- |
- |
|
Employer Contributions |
-0.1 |
0.0 |
- |
- |
- |
|
Foreign Pension Plan Expense |
1.0 |
1.8 |
- |
- |
- |
|
Total Pension Expense |
1.0 |
1.8 |
- |
- |
- |
|
Discount Rate - Switzerland |
2.85% |
3.25% |
- |
- |
- |
|
Discount Rate - Euro Zone |
4.60% |
4.27% |
- |
- |
- |
|
Compensation Rate |
2.00% |
2.00% |
- |
- |
- |
|
Expected Rate of Return - Switzerland |
3.75% |
4.25% |
- |
- |
- |
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 |
Reclassified
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 |
KPMG SA |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Raw Materials |
48.4 |
51.8 |
40.4 |
20.3 |
20.6 |
|
Consumables |
1.6 |
1.3 |
3.7 |
0.5 |
0.5 |
|
Finished Goods |
100.8 |
82.5 |
69.7 |
44.7 |
40.0 |
|
Provision |
-1.3 |
-3.8 |
-3.6 |
- |
- |
|
Derived Assets |
1.6 |
0.4 |
0.0 |
- |
- |
|
Tax |
0.9 |
4.1 |
2.2 |
4.0 |
2.6 |
|
Trade Receivable |
63.3 |
57.0 |
49.9 |
21.8 |
19.7 |
|
Prov/Doubtful |
-2.3 |
-2.1 |
-2.8 |
-1.2 |
-1.0 |
|
Prepaid Expenses |
- |
- |
- |
1.7 |
1.6 |
|
Other Receivable |
18.9 |
11.7 |
9.4 |
2.6 |
2.6 |
|
Cash |
48.9 |
22.9 |
21.8 |
4.9 |
- |
|
Cash/Equivalent |
0.0 |
0.5 |
0.6 |
0.0 |
13.3 |
|
Total Current Assets |
280.8 |
226.3 |
191.2 |
99.4 |
100.0 |
|
|
|
|
|
|
|
|
Goodwill, Net |
121.3 |
112.5 |
106.3 |
74.5 |
58.6 |
|
Intangibles, Gross |
18.1 |
12.3 |
6.4 |
4.2 |
1.9 |
|
Amortisation |
-6.0 |
-3.9 |
-2.1 |
-1.1 |
-0.5 |
|
Land |
18.2 |
15.1 |
7.5 |
2.9 |
3.6 |
|
Build/Own Land |
97.4 |
90.5 |
89.9 |
33.7 |
16.8 |
|
Tech. Equipment |
76.0 |
68.9 |
64.7 |
47.5 |
33.1 |
|
Leased Equipment |
- |
- |
- |
0.3 |
0.5 |
|
Other Tangibles |
11.1 |
8.5 |
5.8 |
4.1 |
27.7 |
|
Leased Transportation |
- |
- |
- |
0.0 |
0.1 |
|
Assets/Constr. |
5.5 |
2.6 |
3.2 |
2.4 |
3.2 |
|
Depreciation |
-74.3 |
-61.8 |
-51.0 |
-44.2 |
-41.8 |
|
Financial Assets |
1.5 |
0.5 |
0.6 |
0.3 |
1.8 |
|
Equity in Affiliates |
- |
0.5 |
1.4 |
1.4 |
0.7 |
|
Deferred Tax |
3.2 |
7.7 |
2.7 |
1.1 |
0.6 |
|
Derived Instruments |
0.4 |
0.7 |
- |
- |
- |
|
Assets Held for Sale |
- |
0.0 |
1.1 |
1.1 |
0.0 |
|
Total Assets |
553.3 |
480.5 |
427.7 |
227.6 |
206.5 |
|
|
|
|
|
|
|
|
Loans |
22.2 |
11.9 |
22.4 |
20.7 |
15.3 |
|
Finance Leases |
0.2 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Accrued Interest |
- |
- |
- |
0.6 |
0.5 |
|
Derived Instruments |
1.2 |
0.9 |
0.0 |
- |
- |
|
ST Provisions |
0.1 |
0.8 |
4.0 |
0.0 |
0.0 |
|
Taxes |
2.1 |
1.8 |
0.6 |
0.2 |
0.4 |
|
Overdrafts |
1.2 |
1.7 |
7.5 |
15.3 |
15.8 |
|
Trade Payables |
84.6 |
68.7 |
52.6 |
26.6 |
22.1 |
|
Associates Accounts |
0.4 |
1.2 |
0.9 |
0.1 |
0.0 |
|
Participation Debts |
- |
- |
- |
0.2 |
0.6 |
|
Total Current Liabilities |
111.9 |
87.2 |
88.1 |
63.7 |
54.9 |
|
|
|
|
|
|
|
|
Loans |
113.1 |
145.2 |
118.8 |
78.5 |
74.5 |
|
Capital Lease |
0.2 |
0.2 |
0.1 |
0.1 |
0.2 |
|
Total Long Term Debt |
113.4 |
145.5 |
118.9 |
78.6 |
74.7 |
|
|
|
|
|
|
|
|
Deferred Tax |
14.8 |
15.0 |
10.8 |
2.9 |
2.3 |
|
Pension Benefits |
3.8 |
3.0 |
2.2 |
- |
- |
|
Derived Instruments |
2.9 |
3.4 |
- |
- |
- |
|
Minority Int. |
0.5 |
0.5 |
0.5 |
- |
- |
|
Min Int/Reserves |
- |
- |
- |
0.6 |
0.5 |
|
Conversion Adjustment- Minority |
- |
- |
- |
-0.1 |
-0.1 |
|
Total Liabilities |
247.3 |
254.5 |
220.5 |
145.7 |
132.3 |
|
|
|
|
|
|
|
|
Capital |
15.0 |
12.9 |
13.7 |
6.3 |
6.6 |
|
Premiums |
213.7 |
158.9 |
168.2 |
55.5 |
57.7 |
|
Treasury Stock |
0.0 |
-0.3 |
-0.3 |
- |
- |
|
Reserves |
53.3 |
35.7 |
34.6 |
33.7 |
29.3 |
|
Conversion Adjustment |
3.8 |
-1.2 |
-16.6 |
-13.6 |
-19.3 |
|
Result |
20.3 |
19.9 |
7.5 |
- |
- |
|
Total Equity |
306.0 |
225.9 |
207.2 |
81.8 |
74.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
553.3 |
480.5 |
427.7 |
227.6 |
206.5 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
6.3 |
4.9 |
4.8 |
3.0 |
3.1 |
|
Total Common Shares Outstanding |
6.3 |
4.9 |
4.8 |
3.0 |
3.1 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
S/O-Preferred Shares |
1.4 |
1.5 |
1.5 |
- |
- |
|
Total Preferred Shares Outstanding |
1.4 |
1.5 |
1.5 |
- |
- |
|
Accumulated Intangible Amortization |
6.0 |
3.9 |
2.1 |
1.1 |
0.5 |
|
Full-Time Employees |
1,055 |
916 |
851 |
523 |
525 |
|
LT Debt Due Within 1 Year |
24.8 |
11.9 |
- |
20.7 |
15.3 |
|
LT Debt Due in 5 Years |
126.3 |
99.9 |
- |
74.2 |
58.0 |
|
LT Debt - Remaining Maturities |
0.3 |
45.4 |
- |
4.3 |
16.5 |
|
Total Long Term Debt, Supplemental |
151.5 |
157.1 |
- |
99.2 |
89.8 |
|
Capital Leases Due Within 1 Year |
0.3 |
0.2 |
- |
0.1 |
0.1 |
|
Capital Leases Due in 5 Years |
0.3 |
0.2 |
- |
0.1 |
0.2 |
|
Total Capital Leases |
0.5 |
0.4 |
- |
0.1 |
0.3 |
|
Operating Lease Pymts. Due within 1Year |
1.2 |
1.0 |
- |
- |
- |
|
Operating Lease Payments Due in Year 5 |
3.5 |
2.0 |
- |
- |
- |
|
Operating Leases - Remaining Payments |
12.2 |
13.1 |
- |
- |
- |
|
Total Operating Leases |
16.9 |
16.1 |
- |
- |
- |
|
Plan Assets - Switzeralnd |
17.1 |
11.1 |
12.0 |
- |
- |
|
Pension Obligation - Switzeralnd |
20.1 |
13.5 |
14.2 |
- |
- |
|
Funded Status - Switzeralnd |
-3.0 |
-2.3 |
-2.1 |
- |
- |
|
Pension Obligation - Italy |
0.6 |
0.6 |
- |
- |
- |
|
Funded Status - Italy |
-0.6 |
-0.6 |
0.0 |
- |
- |
|
Plan Assets - France |
0.1 |
0.1 |
- |
- |
- |
|
Pension Obligation - France |
0.3 |
0.1 |
- |
- |
- |
|
Funded Status - France |
-0.2 |
0.0 |
- |
- |
- |
|
Plan Assets - Other |
0.0 |
0.0 |
0.0 |
- |
- |
|
Pension Obligation - Other |
0.1 |
0.0 |
0.0 |
- |
- |
|
Funded Status - Other |
-0.1 |
0.0 |
0.0 |
- |
- |
|
Total Funded Status |
-3.8 |
-3.0 |
-2.2 |
- |
- |
|
Discount Rate - Switzerland |
2.85% |
3.25% |
- |
- |
- |
|
Discount Rate - Euro Zone |
4.60% |
4.27% |
- |
- |
- |
|
Compensation Rate |
2.00% |
2.00% |
- |
- |
- |
|
Expected Rate of Return - Switzerland |
3.75% |
4.25% |
- |
- |
- |
|
Debt Securities % - Foreign |
30.00% |
- |
- |
- |
- |
|
Equity % - Foreign |
25.00% |
- |
- |
- |
- |
|
Real Estate % - Foreign |
15.00% |
- |
- |
- |
- |
|
Other Investments % - Foreign |
30.00% |
- |
- |
- |
- |
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 |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
KPMG SA |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
21.7 |
19.6 |
7.3 |
6.3 |
6.0 |
|
Depreciation |
18.4 |
7.9 |
9.0 |
6.6 |
5.4 |
|
Stock Options |
0.3 |
0.2 |
0.2 |
0.4 |
0.3 |
|
Deferred Tax |
- |
- |
- |
0.2 |
1.1 |
|
Sale of Assets |
0.2 |
0.1 |
0.0 |
0.2 |
0.0 |
|
Cost of Debts |
6.7 |
7.4 |
5.8 |
7.2 |
4.2 |
|
Other Financial Income/Charges |
-0.2 |
0.9 |
- |
- |
- |
|
Cost of Tax |
11.5 |
8.3 |
3.8 |
2.5 |
1.6 |
|
Taxes Paid |
-6.3 |
-8.3 |
-0.9 |
-2.3 |
-2.0 |
|
Stock |
-16.4 |
-20.1 |
3.2 |
-7.1 |
-16.5 |
|
Trade Receivables |
-4.8 |
-8.5 |
-6.6 |
-3.2 |
-2.3 |
|
Trade Payables |
4.6 |
15.3 |
3.4 |
5.9 |
6.1 |
|
Taxes Payable Reduction |
- |
- |
- |
-0.2 |
- |
|
Taxes Payable Increase |
- |
- |
- |
-1.6 |
- |
|
Other Payables |
- |
- |
- |
- |
4.1 |
|
Other Working Capital |
- |
- |
- |
-0.2 |
-0.6 |
|
Cash from Operating Activities |
35.7 |
22.7 |
25.1 |
14.5 |
7.4 |
|
|
|
|
|
|
|
|
Acq. Goodwill |
- |
- |
- |
-0.7 |
-22.7 |
|
Acq. Intangible Assets |
-6.4 |
-5.3 |
-1.3 |
-1.1 |
-1.4 |
|
Intangibles Contribution |
- |
- |
- |
0.0 |
0.0 |
|
Acq. Financial Assets |
-0.5 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Investment in Affiliates |
- |
- |
- |
-0.6 |
-0.7 |
|
Financial Assets Contribution |
- |
- |
- |
0.0 |
0.0 |
|
Acq. of Minority Interest |
- |
- |
- |
0.0 |
-0.9 |
|
Acq. Fixed Assets |
-20.1 |
-15.4 |
-11.5 |
-12.0 |
-11.0 |
|
Fixed Assets Contribution |
- |
- |
- |
0.0 |
-9.9 |
|
Sale Fixed Assets |
0.2 |
1.0 |
0.0 |
0.1 |
0.0 |
|
Repayment Financial Assets |
0.1 |
0.2 |
0.1 |
1.5 |
0.2 |
|
Other Investing Activities |
- |
- |
- |
-18.9 |
0.0 |
|
Change in Business Structure |
-9.4 |
-1.3 |
-7.7 |
- |
- |
|
Cash from Investing Activities |
-36.1 |
-20.8 |
-20.5 |
-31.8 |
-46.4 |
|
|
|
|
|
|
|
|
Sale Own Shares |
- |
- |
- |
0.0 |
-0.1 |
|
Increase Capital |
66.1 |
0.8 |
23.3 |
0.7 |
0.9 |
|
Dividends-Parent Company |
-0.2 |
-0.1 |
-0.5 |
-0.4 |
-0.4 |
|
Issue Borrowings |
12.7 |
37.0 |
97.8 |
23.3 |
42.6 |
|
Repay. Borrowings |
-35.1 |
-23.7 |
-96.8 |
-10.0 |
-9.4 |
|
Interest Paid |
-6.5 |
-8.1 |
-5.8 |
-7.2 |
-4.2 |
|
Fin. Leases Repayment |
-0.2 |
- |
- |
- |
- |
|
Other Financial Liabilities |
-8.0 |
-0.3 |
0.4 |
-0.3 |
0.0 |
|
Sale of Treasury Shares |
0.3 |
- |
- |
- |
- |
|
Cash from Financing Activities |
29.1 |
5.6 |
18.4 |
6.1 |
29.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.1 |
0.3 |
1.7 |
2.8 |
-3.2 |
|
Net Change in Cash |
28.6 |
7.7 |
24.8 |
-8.4 |
-12.8 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
22.5 |
13.7 |
-10.4 |
-2.5 |
10.4 |
|
Net Cash - Ending Balance |
51.1 |
21.4 |
14.4 |
-10.9 |
-2.4 |
|
Cash Interest Paid |
6.5 |
8.1 |
5.8 |
7.2 |
4.2 |
|
Cash Taxes Paid |
6.3 |
8.3 |
0.9 |
2.3 |
2.0 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.53 |
|
UK Pound |
1 |
Rs.83.59 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.