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Report Date : |
21.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
EVONIK INDUSTRIES AG |
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Formerly Known
as : |
Beteiligungs AG |
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Registered Office : |
Rellinghauser Strasse 1-11 Essen, 45128 |
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Country : |
Germany |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
12.09.2007 |
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Com. Reg. No.: |
19474 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Manufacturer of plastics in primary forms |
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No. of Employees : |
33,931 |
RATING & COMMENTS
|
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 : |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Germany |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
GERMANY - ECONOMIC OVERVIEW
The German economy - the fifth largest economy in the world
in PPP terms and Europe's largest - is a leading exporter of machinery,
vehicles, chemicals, and household equipment and benefits from a highly skilled
labor force. Like its Western European neighbors, Germany faces significant
demographic challenges to sustained long-term growth. Low fertility rates and
declining net immigration are increasing pressure on the country's social
welfare system and necessitate structural reforms. Reforms launched by the
government of Chancellor Gerhard SCHROEDER (1998-2005), deemed necessary to
address chronically high unemployment and low average growth, contributed to
strong growth in 2006 and 2007 and falling unemployment. These advances, as
well as a government subsidized, reduced working hour scheme, help explain the
relatively modest increase in unemployment during the 2008-09 recession - the
deepest since World War II - and its decrease to 6.5% in 2012. GDP contracted
5.1% in 2009 but grew by 4.2% in 2010, and 3.0% in 2011, before dipping to 0.7%
in 2012 - a reflection of low investment spending due to crisis-induced
uncertainty and the decreased demand for German exports from recession-stricken
periphery countries. Stimulus and stabilization efforts initiated in 2008 and
2009 and tax cuts introduced in Chancellor Angela MERKEL's second term
increased Germany's total budget deficit - including federal, state, and
municipal - to 4.1% in 2010, but slower spending and higher tax revenues reduced
the deficit to 0.8% in 2011. In 2012 Germany reached a budget surplus of 0.1%.
A constitutional amendment approved in 2009 limits the federal government to
structural deficits of no more than 0.35% of GDP per annum as of 2016 though
the target was already reached in 2012. By 2014, the federal government wants
to balance its budget. Following the March 2011 Fukushima nuclear disaster,
Chancellor Angela Merkel announced in May 2011 that eight of the country's 17
nuclear reactors would be shut down immediately and the remaining plants would
close by 2022. Germany hopes to replace nuclear power with renewable energy.
Before the shutdown of the eight reactors, Germany relied on nuclear power for
23% of its electricity generating capacity and 46% of its base-load electricity
production.
Source
: CIA
Evonik Industries AG
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Operating
Address
Paul-Baumann-Strable 1, D-45764 Marl,
Germany
Business
Description
|
Evonik Industries AG (Evonik) is a Germany-based company engaged in the
specialty chemicals sector. It has five business segments: Consumer Health
and Nutrition, Resource Efficiency, Specialty Materials, Services and Real
Estate. The Consumer Health and Nutrition produces specialty chemicals,
principally for applications in consumer goods, animal nutrition and
pharmaceutical sectors. The Resource Efficiency segment provides solutions
for environment-friendly and energy-efficient products. The Specialty
Materials produces polymer materials and their preproducts, and additives.
The Services segment mainly provides services for Evonik’s chemicals
segments and Corporate Center, but also serves third parties. The Real Estate
segment comprises Evonik's portfolio of residential real estate and a 50%
stake in THS. As of December 31, 2011, the Company had a number of
subsidiaries in Germany, Austria, the United Kingdom, Thailand, France, the
United States, Brazil and Hong Kong, among others. For the fiscal year ended
31 December 2012, Evonik Industries AG revenues decreased 12% to EUR13.63B.
Net income before extraordinary items increased 6% to EUR1.15B. Revenues
reflect Revenues decrease of 6% to EUR13.63B. Net Income benefited from
General Administrative Expenses decrease of 2% to EUR647M (expense),
Investments Recognized at Equity increase of 9% to EUR87M (income). |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
2821
- Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers |
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Key Executives
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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 0.7782366
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7566
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Evonik
Industries AG The Strategic Initiatives report is created using technology to
extract meaningful insights from analyst reports about a company's strategic projects
and investments. More about Strategic
Initiatives
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Key Organizational Changes |
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During the same month, the company acquired the Kemira’s hydrogen peroxide
facility in Maitland, Ontario, Canada. Through this acquisition, the company
plans to increase its hydrogen peroxide production capacity in North America
by 44,000 metric tons per annum. In May 2011, the company also signed an
agreement for the acquisition of Hanse chemie Group. In March 2011, the
company acquired RESOMER business from Boehringer Ingelheim. Evonik has more
than 300 partnerships with universities around the world. |
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|
In December 2011, the company entered into an agreement with
SurModics, Inc. for the acquisition of its Pharmaceuticals business. During
the same month, the company acquired the Kemira’s hydrogen peroxide
facility in Maitland, Ontario, Canada. Through this acquisition, the company
plans to increase its hydrogen peroxide production capacity in North America
by 44,000 metric tons per annum. In May 2011, the company also signed an
agreement for the acquisition of Hanse chemie Group. In March 2011, the
company acquired RESOMER business from Boehringer Ingelheim. |
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Partnerships |
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Together they give us the strength we need to remain successful in the
long term as well. Our employees have played a big part in that. The
development of the Evonik Group has made it clear that close and trustful
collaboration with representatives of the workforce is essential for our
success. We will be tackling the upcoming challenges in collaboration with
them and with our shareholders. Even though economic conditions are becoming
tougher, we therefore have a sound basis for continued success in the
future.GlobalData uses a range of research techniques to gather and verify
its information and analysis. |
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|
Our employees have played a big part in that. The development of the Evonik
Group has made it clear that close and trustful collaboration with
representatives of the workforce is essential for our success. We will be
tackling the upcoming challenges in collaboration with them and with our
shareholders. Even though economic conditions are becoming tougher, we
therefore have a sound basis for continued success in the future.GlobalData
uses a range of research techniques to gather and verify its information and
analysis. These include primary research, in-house knowledge and expertise,
proprietary databases, and secondary sources such as company websites, annual
reports, SEC filings and press releases. |
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|
Within the industry, industrial paints are expected to be the major
segment as a result of rising infrastructure and industrial construction
spending across the world. The industrial coatings market value is projected
to be around 55 billion by 2020. Therefore, Evonik could gain from its
coating and additive product line, which used in construction n and
industrial sectors.Strategic InitiativesAs part of its business strategy, the
company establishes and nourishes collaboration and agreements with other
companies to enhance the scope of its business operations and bring
non-dilutive capital into the company. In February 2013, the company’s
subsidiary CyPlus GmbH signed joint venture agreement with Grupo Idesa S.A de
C.V., a Mexico based company for the construction of a sodium cyanide plant
in Coatzacoalcos, Mexico. In January 2013, the company signed letter of
intent with Petronas to jointly develop production facilities related to
hydrogen peroxide, C4 co-monomer and oxo-products within PETRONAS’ Refinery
& Petrochemical Integrated Development (RAPID) project in Pengerang,
Johor. |
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|
In February 2013, the company’s subsidiary CyPlus GmbH signed joint
venture agreement with Grupo Idesa S.A de C.V., a Mexico based company for
the construction of a sodium cyanide plant in Coatzacoalcos, Mexico. In
January 2013, the company signed letter of intent with Petronas to jointly
develop production facilities related to hydrogen peroxide, C4 co-monomer and
oxo-products within PETRONAS’ Refinery & Petrochemical Integrated
Development (RAPID) project in Pengerang, Johor. In December 2011, the
company entered into an agreement with SurModics, Inc. for the acquisition of
its Pharmaceuticals business. During the same month, the company acquired the
Kemira’s hydrogen peroxide facility in Maitland, Ontario, Canada. Through
this acquisition, the company plans to increase its hydrogen peroxide
production capacity in North America by 44,000 metric tons per annum. |
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Planning |
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Overall, an investment budget of more than €6 billion has been earmarked
for the period up to 2016. In Argentina we are pressing ahead with the
construction of a new facility for catalysts for the production of biodiesel
and in Brazil we are planning a new plant for cosmetic ingredients. Moreover,
there are plans to build a new production plant for superabsorbents with
partners in Saudi Arabia. While these regions are very different, our
strategic goal is consistent: We aim to utilize our strong technology
platforms to grow our market leadership further. We want to be even nearer to
the market and work even more closely with our customers around the world. |
|
|
In Argentina we are pressing ahead with the construction of a new
facility for catalysts for the production of biodiesel and in Brazil we are
planning a new plant for cosmetic ingredients. Moreover, there are plans to
build a new production plant for superabsorbents with partners in Saudi
Arabia. While these regions are very different, our strategic goal is
consistent: We aim to utilize our strong technology platforms to grow our
market leadership further. We want to be even nearer to the market and work
even more closely with our customers around the world. Innovative capability
is one of Evonik‘s strengths—and a key driver of profitable growth. |
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Resource Management |
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The LoI was signed in Kuala Lumpur on January 16, 2013. Petronas was
represented by its COO and executive vice president of Downstream Business,
Datuk Wan Zulkiflee Wan Ariffin, while Evonik was represented by its member
of the executive board, Dr Dahai Yu. Dr Dahai Yu, said, "The entire
project is set to mark another milestone in our growth strategy in the Asian
market. This is why we’re seeking for a strong long-term strategic partner
like Petronas." The partnership is expected to strengthen Petronas’s
position as a key downstream petrochemical player in the region. |
|
|
Evonik is one of the leading industrial groups in the world. It holds a
key position in the specialty chemicals market. Evonik’s research and
development activities involve approximately 2,400 people at 35 sites around
the world that enables it to innovate and be a front-runner. However,
operational constraints are a serious issue of concern. Nevertheless, the
company has growth opportunities through growing demand for paints and coatings
and its strategic expansion initiatives. However, increasing competition and
changing regulations could also have a negative impact on the financial health
of the company.
Evonik is one of the leading industrial groups with operations around
the world. It holds key market position in specialty chemicals area. The
company is one of the global leaders in with chemical production facilities in
26 countries. Its business operations are grouped in five business segments,
namely, Consumer, Health and Nutrition; Resource Efficiency; Specialty
Materials; Services; and Real Estate. The company's Consumer, Health &
Nutrition (CHN) segment manufactures specialty chemicals, which find
applications in consumer goods, animal nutrition and pharmaceutical markets.
The CHN segment comprises the Consumer Specialties and Health & Nutrition
business units. The Resource Efficiency segment offers solutions for
environment-friendly and energy-efficient products. It consists of Additives,
and Inorganic Materials and Coatings Business Units. Its Specialty Materials
segment produces polymer materials and their preproducts, and additives. The
segment comprises the Performance Polymers and Advanced Intermediates Business
Units. The services segment provides site services and Evonik business
services. Under the Real Estate business segment, the company is engages in
modernization, demolition and new construction activities. It involves in sale
and rental of residential units, principally to private households. In January
2012, Evonik and THS merged the management of real estate properties in a newly
formed joint venture, Vivawest Wohnen. Such business operations enable the
company to have diverse revenue streams as well as help to identify its
competitive advantage.
Widespread geographical presence has enabled the company to cater to
diverse industries worldwide. The company has broad global presence in Africa, Europe,
Asia, North America, Australia and South America. Its global presence enables
to make optimum use of arising growth opportunities as well as insulates the
company from regulatory driven changes in individual national markets. For
fiscal year 2011, the company generated €3,784 million from Germany region,
which has accounted for 26% of the company’s total revenue followed by, USA,
€ 2,395 m (16.4%); China, € 829 m (5.7%); Switzerland, € 756 million
(5.2%); France € 511 m (3.5%); Netherlands, €487m (3.3%); Italy, € 428m
(2.9%); Japan €427m (2.9%); and other countries, €4,923m (33.8%). The
company’s global presence provides huge market potential for its products and
services. It enables the company to expand its offerings and secure new
contracts, acquisitions and joint ventures, which will generate additional
revenues and thus will contribute to its growth. Further, global presence also
reduces the impact of market volatility and provides economic stability to the
company.
Extensive Focus on Research and Development
The company is principally involved in research and development
activities to attain new heights in business operations. Evonik’s research
and development work in the chemical business area involves approximately 2,400
people at 35 sites around the world. During the fiscal year 2011, the company
invested around €365m in R&D activities, as compared to €338m in 2010.
Evonik’s chemicals research focuses on the development of successful and
established products and also at building new high-tech activities outside the
company’s established business portfolio. In 2011, the company generated
sales of €1.9 billion through new products and applications. The company
spent approximately 40% of R&D expenses on new product development,
followed by new technology platforms (20%); improved applications for
established products (10%); improved production processes for established
products (25%); and others (5%). Its current portfolio of patents and pending
patents include more than 24,000, and it has more than 75,000 registered and
pending trademarks. Evonik works in association with universities through more
300 partnerships. Such, strong research and development focus and broad patent
portfolio enables the company to offer innovative products and solutions and
maintain a competitive edge over its competitors.
Operational risk may occur due to capital investments, damage of
property, raw material procurement and loss of reputation. The company’s
operational facilities are decentralized and are managed through a network of
geographically dispersed management personnel. Any disruption, unanticipated
expense or operational failure related to this process could negatively impact
the company’s facilities operations. In April 2012, a fire accident occurred
at the CDT plant located in Marl Chemicals Park. The CDT plant offers
cyclododecatriene, which serves as a material in plastics manufacturing. As a
result of fire accident, the company incurred property damages as well as lost
two employees. It also adversely affected the business of VESTAMID, VESTAMELT,
VESTOSINT, and VESTENAMER product ranges. Such fire accidents and operational
failure could affect the operational and financial performance e of the
company.
As part of its business strategy, the company establishes and nourishes
collaboration and agreements with other companies to enhance the scope of its
business operations and bring non-dilutive capital into the company. In
February 2013, the company’s subsidiary CyPlus GmbH signed joint venture
agreement with Grupo Idesa S.A de C.V., a Mexico based company for the
construction of a sodium cyanide plant in Coatzacoalcos, Mexico. In January
2013, the company signed letter of intent with Petronas to jointly develop
production facilities related to hydrogen peroxide, C4 co-monomer and
oxo-products within PETRONAS’ Refinery & Petrochemical Integrated
Development (RAPID) project in Pengerang, Johor. In December 2011, the company
entered into an agreement with SurModics, Inc. for the acquisition of its
Pharmaceuticals business. During the same month, the company acquired the
Kemira’s hydrogen peroxide facility in Maitland, Ontario, Canada. Through
this acquisition, the company plans to increase its hydrogen peroxide
production capacity in North America by 44,000 metric tons per annum. In May
2011, the company also signed an agreement for the acquisition of Hanse chemie
Group. In March 2011, the company acquired RESOMER business from Boehringer
Ingelheim. Evonik has more than 300 partnerships with universities around the
world. Apart from acquisitions in its core business, the company also divested
its loss making businesses. In April 2012, the sold its global colorants
business to Arsenal Capital Partners. In August 2011, the company sold its
subsidiary, namely, Evonik Lynchem Co., Ltd to Dalian Kionge Group Co., Ltd. It
also divested its carbon black business and sold to Kinove German Bidco GmbH.
Such initiatives will strengthen the company’s competitive market position as
well as enhance its global presence.
Growth Opportunities in Emerging Markets
The company could benefit through its presence in the emerging markets,
which have created ample opportunities for the chemical industry over the past
decade. Strong growth is expected in the emerging countries of Asia-Pacific,
Africa, the Middle East, Eastern Europe and Latin America. Although the
economic crisis has dampened the growth of the chemicals industry in the recent
past, it continues to grow at a positive rate compared to the developed
countries of Europe and North America. According to the American Chemistry
Council (ACC) estimates, the demand for chemicals in emerging markets is
expected to increase as compared to 2011. China is expected to grow strongly,
India, Africa, Latin America and other emerging markets will continue to expand
in 2012. The demand is expected to increase in specialty chemicals, consumer
products, and agricultural chemicals. The overall output is expected to grow by
2.3% in 2012, 4.3% in 2013, and 4.7% in 2014. These countries are set to grow
even further and lead the world as major producers of chemicals. Thus, the
company could benefit by expanding its presence in the emerging markets.
The company focuses on product and capacity expansion activity for
tapping new markets and customers. In January 2013, the company expanding its
market position in C4-based products and investing in the expansion of its production
facilities. The company’s 1-butene capacity in Marl Chemical Park will be
expanded by 75,000 tons; production of butadiene will be expanded by 100,000
tons in Antwerp, Belgium; and MTBE capacity in Marl and Antwerp will be
expanded 150,000 tons. During the same month, STOKO Professional Skin Care, the
Europe’s leading manufacturers of skin protection launched new red series
skin care line products into the market. In October 2012, the Evonik announced
to establish a new manufacturing unit for cosmetics and consumer goods in
Brazil. This expansion initiative enables the company to expand global Consumer
Specialties production network. In August 2012, the company started
construction of methionine complex in Singapore to expand its capacity by 580,000
metric tons. It also announced to construct production facilities for feed
amino acid L-lysine in Brazil and Russia. This allows the company to
significantly expand its market position and competitive standing for the feed
amino acid L-lysine. In April 2012, the company launched SPHINGOKINE, unique
short-chain ceramide which stimulates the cross-talk between cells throughout
the skin. It also introduced a new matting agent coil, sheet as well as
decorative and industrial coatings. The company launched a comprehensive
acrylic lens package known as PLEXIGLAS Solar Pre-fab lens panels that
incorporate specialty PMMA molding compounds and sheet products for solar
applications. Evonik also introduced a wetting and dispersing additive for
curable coatings and printing inks. Furthermore, the company also launched
world's strongest silicone and solvent-free deaerator for EP Floor coatings. In
March 2012, the company offered a skin vitalizer of pentacyclic triterpenes
under the brand TEGO Arjuna. In January 2011, the company introduced a barrier
film for the protection of flexible photovoltaics. Such expansion initiatives
give an opportunity for the company to increase its revenues and market reach.
Growing Paint and Coatings Industry
Through Coatings & Additives business, the company serves coatings,
printing inks, and the adhesive and sealing compounds industries across the
world. It offers product such as colorants, crosslinkers coating and adhesive
resins, coating additives and oil additives. Paints and coating industry is
witnessing substantial growth as a result of growing infrastructure industry.
According to industry estimates, the worldwide demand for paint and coatings is
expected to increase 5.4 % annually through 2015 to 45.5 million metric tons,
with a total value of approximately $140 billion. The Asia Pacific is estimated
to be the key market for consumer of paints and coatings. Within the industry,
industrial paints are expected to be the major segment as a result of rising
infrastructure and industrial construction spending across the world. The
industrial coatings market value is projected to be around 55 billion by 2020.
Therefore, Evonik could gain from its coating and additive product line, which
used in construction n and industrial sectors.
Changes in Regulatory Environment
Evonik could be affected by the environmental regulations governing the
global chemical industry. REACH (Registration Evaluation and Authorization of
Chemicals) is an example of the stringent environmental regulations that are
set to affect chemical producers. REACH regulates products manufactured and
marketed in Europe. Phased over a period of 11 years, the regulation mandates
all companies to develop and submit dossiers containing datasets about their
chemical products and detail their potential impact and risk on environment.
This will prove to be a challenge while launching new products as it is a
time-consuming and expensive process. It may also result in phasing out many
existing chemicals from the market, which may be regarded as toxic and
hazardous. REACH directly applies to over 30,000 different chemical substances
that are produced or sold in Europe and its implementation is expected to cost
European chemical industry about USD 3 billion. Other countries too are
expected to model their regulations after REACH. The US has already started
implementing similar regulations with the reform of Toxic Substances Control
Act. China has its own version of RoHS (Restriction of Hazardous Substances),
which restricts the use of certain chemicals in the market. Also, environmental
initiatives such as global responsible care and UN Global Compact could also
impact the company’s business operations. Such regulations are set to get
tightened in the coming years, affecting both the existing and new products.
As a global specialty chemical company, the company operates in more
than 26 countries across the world. The robust international operations of the
company increased its exposure to foreign currency fluctuations. Evonik has
market presence throughout the world holding assets and liabilities sin foreign
currencies. It transacts business in Chinese Renminbi, British Pound Sterling,
Japanese Yen, US dollar, Swiss franc and Brazilian Real. However, the
functional currency of the company’s operations is the EURO. The company
makes efforts to mitigate risks through foreign currency hedging. However,
hedging activities may not offset more than a portion of the adverse financial
impact resulting from unfavorable movement in foreign currency exchange rates.
Such fluctuations in currency would negatively impact the overall financial
health of the company.
Increased competition may force the company to reduce its prices, which
could negatively affect its margins. Evonik operates in a highly competitive
chemical industry. The key competitive factors include product price, quality,
distribution, innovation, skilled staff, application and others. Its key
competitors include BASF SE, The Dow Chemical Company, Exxon Mobil Corporation,
BASF, Clariant Chemicals and others. The company operates in a progressively
more complex and challenging chemical marketplace whose dynamics is
ever-changing. Technological advances by any player in the market could render
its present or future products obsolete or uneconomical. The existing market
includes companies of varying sizes; some more specialized than the company
with respect to particular chemicals, and some with greater financial resources
than the company.
Total Corporate Family Members: 161
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Essen, Nordrhein-Westfalen |
Germany |
Public Sector and Government |
4,317.2 |
30 |
|
|
Subsidiary |
Essen |
Germany |
Chemicals - Plastics and Rubber |
17,512.7 |
33,931 |
|
|
Subsidiary |
Essen, Nordrhein-Westfalen |
Germany |
Chemical Manufacturing |
6,601.9 |
38,000 |
|
|
Subsidiary |
Parsippany, NJ |
United States |
Chemical Manufacturing |
|
33,000 |
|
|
Facility |
Theodore, AL |
United States |
Chemical Manufacturing |
254.7 |
800 |
|
|
Branch |
Theodore, AL |
United States |
Chemical Manufacturing |
56.9 |
700 |
|
|
Division |
Birmingham, AL |
United States |
Business Services |
|
90 |
|
|
Branch |
Blair, NE |
United States |
Chemical Manufacturing |
79.3 |
86 |
|
|
Subsidiary |
Borger, TX |
United States |
Chemical Manufacturing |
262.9 |
80 |
|
|
Branch |
Janesville, WI |
United States |
Chemical Manufacturing |
58.3 |
76 |
|
|
Branch |
Humble, TX |
United States |
Chemical Manufacturing |
91.1 |
60 |
|
|
Branch |
Birmingham, AL |
United States |
Chemical Manufacturing |
56.9 |
60 |
|
|
Branch |
Burr Ridge, IL |
United States |
Chemical Manufacturing |
53.3 |
60 |
|
|
Branch |
Lake Forest, CA |
United States |
Chemical Manufacturing |
46.5 |
60 |
|
|
Subsidiary |
Horsham, PA |
United States |
Chemical Manufacturing |
|
60 |
|
|
Branch |
Deer Park, TX |
United States |
Chemical Manufacturing |
83.5 |
55 |
|
|
Facility |
Cincinnati, OH |
United States |
Chemical Manufacturing |
143.3 |
50 |
|
|
Branch |
Orange, TX |
United States |
Chemical Manufacturing |
89.1 |
50 |
|
|
Branch |
Calvert City, KY |
United States |
Chemical Manufacturing |
66.1 |
50 |
|
|
Branch |
Chester, PA |
United States |
Chemical Manufacturing |
41.3 |
50 |
|
|
Subsidiary |
Winnemucca, NV |
United States |
Chemical Manufacturing |
9.9 |
50 |
|
|
Branch |
Waterford, NY |
United States |
Chemical Manufacturing |
24.4 |
35 |
|
|
Branch |
Kennesaw, GA |
United States |
Chemical Manufacturing |
16.0 |
20 |
|
|
Branch |
Franklin, LA |
United States |
Chemical Manufacturing |
22.3 |
6 |
|
|
Subsidiary |
Canton, OH |
United States |
Chemical Manufacturing |
14.6 |
6 |
|
|
Subsidiary |
Baytown, TX |
United States |
Chemical Manufacturing |
10.7 |
6 |
|
|
Branch |
Piscataway, NJ |
United States |
Chemical Manufacturing |
2.6 |
3 |
|
|
Branch |
Vernon Hills, IL |
United States |
Chemical Manufacturing |
1.8 |
2 |
|
|
Branch |
Newark, DE |
United States |
Chemical Manufacturing |
1.7 |
1 |
|
|
Subsidiary |
Allen, TX |
United States |
Chemical Manufacturing |
12.9 |
|
|
|
Branch |
Magnolia, AR |
United States |
Chemical Manufacturing |
28.6 |
38 |
|
|
Subsidiary |
Marl, Nordrhein-Westfalen |
Germany |
Business Services |
1,367.7 |
3,280 |
|
|
Subsidiary |
Marl, Nordrhein-Westfalen |
Germany |
Restaurants |
|
143 |
|
|
Subsidiary |
Darmstadt, Hessen |
Germany |
Chemicals - Plastics and Rubber |
1,687.4 |
3,000 |
|
|
Subsidiary |
Darmstadt, Hessen |
Germany |
Chemical Manufacturing |
276.8 |
170 |
|
|
Subsidiary |
Singapore |
Singapore |
Chemical Manufacturing |
141.5 |
90 |
|
|
Subsidiary |
Lauterbourg |
France |
Chemical Manufacturing |
72.0 |
34 |
|
|
Subsidiary |
Taichung City |
Taiwan |
Chemicals - Plastics and Rubber |
|
50 |
|
|
Subsidiary |
Bad König, Hessen |
Germany |
Fabricated Plastic and Rubber |
|
22 |
|
|
Subsidiary |
Podolsk G. |
Russian Federation |
Fabricated Plastic and Rubber |
25.8 |
|
|
|
Subsidiary |
Piscataway, NJ |
United States |
Chemical Manufacturing |
|
|
|
|
Unit |
Hanau |
Germany |
Chemicals - Plastics and Rubber |
|
1,700 |
|
|
Subsidiary |
Essen, Nordrhein-Westfalen |
Germany |
Chemical Manufacturing |
746.8 |
1,450 |
|
|
Subsidiary |
Essen, Nordrhein-Westfalen |
Germany |
Chemical Manufacturing |
208.6 |
240 |
|
|
Subsidiary |
Hopewell, VA |
United States |
Chemical Manufacturing |
|
200 |
|
|
Branch |
Mapleton, IL |
United States |
Chemical Manufacturing |
12.4 |
14 |
|
|
Subsidiary |
Geesthacht, Schleswig-Holstein |
Germany |
Fabricated Plastic and Rubber |
36.2 |
62 |
|
|
Subsidiary |
Wittenburg, Mecklenburg-Vorpommern |
Germany |
Chemical Manufacturing |
|
32 |
|
|
Subsidiary |
Bruxelles |
Belgium |
Chemical Manufacturing |
0.0 |
7 |
|
|
Subsidiary |
Delft |
Netherlands |
Personal and Household Products |
|
5 |
|
|
Subsidiary |
Lillo |
Belgium |
Chemical Manufacturing |
678.4 |
1,046 |
|
|
Subsidiary |
Hanau, Hessen |
Germany |
Business Services |
201.9 |
955 |
|
|
Subsidiary |
Parsippany, NJ |
United States |
Chemicals - Plastics and Rubber |
|
700 |
|
|
Branch |
Sanford, ME |
United States |
Chemical Manufacturing |
38.1 |
340 |
|
|
Branch |
Osceola, AR |
United States |
Chemical Manufacturing |
45.1 |
80 |
|
|
Branch |
San Ramon, CA |
United States |
Chemical Manufacturing |
2.3 |
3 |
|
|
Branch |
Olathe, KS |
United States |
Chemical Manufacturing |
2.0 |
2 |
|
|
Subsidiary |
Marl, Nordrhein-Westfalen |
Germany |
Chemical Manufacturing |
|
418 |
|
|
Subsidiary |
Moscow |
Russian Federation |
Engineering Consultants |
35.0 |
369 |
|
|
Subsidiary |
São Paulo, SP |
Brazil |
Chemicals - Plastics and Rubber |
436.3 |
320 |
|
|
Subsidiary |
Ham |
France |
Biotechnology and Drugs |
60.3 |
261 |
|
|
Subsidiary |
Incheon |
Korea, Republic of |
Chemical Manufacturing |
|
250 |
|
|
Subsidiary |
Hanau, Hessen |
Germany |
Personal Services |
|
220 |
|
|
Subsidiary |
Taipei |
Taiwan |
Chemical Manufacturing |
|
200 |
|
|
Branch |
Münchsmünster, Bayern |
Germany |
Chemical Manufacturing |
|
183 |
|
|
Subsidiary |
Zürich |
Switzerland |
Chemical Manufacturing |
12,413.7 |
180 |
|
|
Subsidiary |
Kaba |
Hungary |
Chemical Manufacturing |
58.0 |
152 |
|
|
Subsidiary |
Dossenheim, Baden-Württemberg |
Germany |
Chemical Manufacturing |
59.9 |
145 |
|
|
Subsidiary |
Gurgaon, Haryana |
India |
Chemical Manufacturing |
15.2 |
145 |
|
|
Subsidiary |
Istanbul (Europe) |
Turkey |
Chemical Manufacturing |
52.4 |
136 |
|
|
Subsidiary |
Kamenz, Sachsen |
Germany |
Miscellaneous Capital Goods |
10.5 |
126 |
|
|
Subsidiary |
Weissenstein |
Austria |
Chemical Manufacturing |
42.2 |
101 |
|
|
Subsidiary |
Singapore |
Singapore |
Chemical Manufacturing |
|
100 |
|
|
Subsidiary |
Tayuan Hsiang, Taoyuan |
Taiwan |
Chemical Manufacturing |
|
100 |
|
|
Subsidiary |
Ravenna |
Italy |
Chemical Manufacturing |
|
99 |
|
|
Subsidiary |
Bekasi, West Java |
Indonesia |
Chemical Manufacturing |
9.7 |
74 |
|
|
Subsidiary |
Granollers, Barcelona |
Spain |
Chemical Manufacturing |
65.2 |
67 |
|
|
Subsidiary |
Buenos Aires |
Argentina |
Electronic Instruments and Controls |
21.8 |
40 |
|
|
Subsidiary |
Hanau, Hessen |
Germany |
Chemical Manufacturing |
98.4 |
57 |
|
|
Subsidiary |
Lantaron, Alava |
Spain |
Chemical Manufacturing |
23.9 |
57 |
|
|
Subsidiary |
Sao Paulo, Sao Paulo |
Brazil |
Chemical Manufacturing |
289.0 |
50 |
|
|
Subsidiary |
Inchon, Inchon |
Korea, Republic of |
Chemical Manufacturing |
34.8 |
49 |
|
|
Subsidiary |
Brampton, ON |
Canada |
Chemical Manufacturing |
|
35 |
|
|
Subsidiary |
Istanbul (Anatolia) |
Turkey |
Chemical Manufacturing |
|
29 |
|
|
Subsidiary |
Milton Keynes |
United Kingdom |
Chemical Manufacturing |
|
20 |
|
|
Subsidiary |
Prague |
Czech Republic |
Chemical Manufacturing |
|
16 |
|
|
Subsidiary |
Hong Kong |
Hong Kong |
Chemical Manufacturing |
|
15 |
|
|
Subsidiary |
Freiberg, Sachsen |
Germany |
Metal Mining |
26.3 |
5 |
|
|
Subsidiary |
Zagreb |
Croatia |
Chemical Manufacturing |
|
5 |
|
|
Subsidiary |
Mülheim An Der Ruhr, Nordrhein-Westfalen |
Germany |
Biotechnology and Drugs |
|
2 |
|
|
Subsidiary |
Essen, Nordrhein-Westfalen |
Germany |
Commercial Banks |
|
2 |
|
|
Subsidiary |
Essen, Nordrhein-Westfalen |
Germany |
Personal and Household Products |
|
2 |
|
|
Subsidiary |
Osaka |
Japan |
Chemical Manufacturing |
163.0 |
|
|
|
Subsidiary |
New Delhi, Delhi |
India |
Chemical Manufacturing |
13.8 |
|
|
|
Branch |
Gurgaon |
India |
Chemical Manufacturing |
15.2 |
145 |
|
|
Subsidiary |
Marl, Nordrhein-Westfalen |
Germany |
Real Estate Operations |
4.8 |
|
|
|
Subsidiary |
Marl, Nordrhein-Westfalen |
Germany |
Commercial Banks |
|
4 |
|
|
Subsidiary |
Milton Keynes |
United Kingdom |
Business Services |
|
|
|
|
Subsidiary |
Milton Keynes |
United Kingdom |
Business Services |
|
13 |
|
|
Subsidiary |
Milton Keynes |
United Kingdom |
Business Services |
|
|
|
|
Subsidiary |
Milton Keynes |
United Kingdom |
Business Services |
|
|
|
|
Subsidiary |
Wembley |
United Kingdom |
Personal Services |
1.7 |
16 |
|
|
Subsidiary |
Bristol |
United Kingdom |
Commercial Banks |
|
1 |
|
|
Subsidiary |
Milton Keynes |
United Kingdom |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Milton Keynes |
United Kingdom |
Commercial Banks |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Amsterdam Zuidoost, Noord-Holland |
Netherlands |
Miscellaneous Financial Services |
|
|
|
|
Subsidiary |
Luton |
United Kingdom |
Commercial Banks |
|
|
|
|
Subsidiary |
Milton Keynes |
United Kingdom |
Investment Services |
|
|
|
|
Subsidiary |
Beijing |
China |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Hanau |
Germany |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Midrand, Gauteng |
South Africa |
Chemical Manufacturing |
|
|
|
|
Branch |
Herne, Nordrhein-Westfalen |
Germany |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Essen, Nordrhein-Westfalen |
Germany |
Commercial Banks |
|
10,928 |
|
|
Subsidiary |
Essen, Nordrhein-Westfalen |
Germany |
Business Services |
2.5 |
125 |
|
|
Subsidiary |
Essen, Nordrhein-Westfalen |
Germany |
Auto and Truck Parts |
|
3 |
|
|
Subsidiary |
Greensboro, NC |
United States |
Chemical Manufacturing |
55.8 |
3,600 |
|
|
Subsidiary |
Garyville, LA |
United States |
Chemical Manufacturing |
190.0 |
62 |
|
|
Subsidiary |
Essen, Nordrhein-Westfalen |
Germany |
Commercial Banks |
|
2,000 |
|
|
Unit |
Hanau |
Germany |
Food Processing |
654.9 |
1,700 |
|
|
Facility |
Krefeld |
Germany |
Chemical Manufacturing |
|
1,000 |
|
|
Subsidiary |
Gelsenkirchen, Nordrhein-Westfalen |
Germany |
Personal Services |
42.1 |
350 |
|
|
Subsidiary |
Gelsenkirchen, Nordrhein-Westfalen |
Germany |
Construction Services |
31.1 |
280 |
|
|
Subsidiary |
Slovenská L'upca |
Slovakia |
Chemical Manufacturing |
58.6 |
250 |
|
|
Subsidiary |
Herne, Nordrhein-Westfalen |
Germany |
Chemical Manufacturing |
265.0 |
90 |
|
|
Subsidiary |
Bekasi, West Java |
Indonesia |
Chemical Manufacturing |
|
60 |
|
|
Subsidiary |
Essen, Nordrhein-Westfalen |
Germany |
Miscellaneous Financial Services |
15.6 |
40 |
|
|
Subsidiary |
Sonsbeck, Nordrhein-Westfalen |
Germany |
Miscellaneous Capital Goods |
|
40 |
|
|
Subsidiary |
Marl, Nordrhein-Westfalen |
Germany |
Commercial Banks |
|
3 |
|
|
Subsidiary |
Essen, Nordrhein-Westfalen |
Germany |
Construction Services |
|
2 |
|
|
Subsidiary |
Essen, Nordrhein-Westfalen |
Germany |
Consumer Financial Services |
|
1 |
|
|
Subsidiary |
Halle, Saale |
Germany |
Construction - Supplies and Fixtures |
|
2 |
|
|
Subsidiary |
Essen, Nordrhein-Westfalen |
Germany |
Commercial Banks |
|
|
|
|
Branch |
Darmstadt, Hessen |
Germany |
Chemicals - Plastics and Rubber |
|
|
|
|
Subsidiary |
Herne, Nordrhein-Westfalen |
Germany |
Coal |
3,610.9 |
21,458 |
|
|
Subsidiary |
Herne, Nordrhein-Westfalen |
Germany |
Miscellaneous Financial Services |
|
24,000 |
|
|
Subsidiary |
Ibbenbüren, Nordrhein-Westfalen |
Germany |
Coal |
502.7 |
2,450 |
|
|
Subsidiary |
Steinau, Hessen |
Germany |
Personal and Household Products |
142.8 |
216 |
|
|
Subsidiary |
Gelsenkirchen, Nordrhein-Westfalen |
Germany |
Investment Services |
574.8 |
70 |
|
|
Subsidiary |
Marl, Nordrhein-Westfalen |
Germany |
Construction Services |
37.9 |
3,000 |
|
|
Subsidiary |
Duisburg, Nordrhein-Westfalen |
Germany |
Real Estate Operations |
60.0 |
145 |
|
|
Subsidiary |
Dinslaken, Nordrhein-Westfalen |
Germany |
Construction Services |
|
3 |
|
|
Subsidiary |
Moers, Nordrhein-Westfalen |
Germany |
Construction Services |
20.0 |
111 |
|
|
Subsidiary |
Hückelhoven, Nordrhein-Westfalen |
Germany |
Construction Services |
23.1 |
41 |
|
|
Subsidiary |
Hückelhoven, Nordrhein-Westfalen |
Germany |
Real Estate Operations |
5.9 |
19 |
|
|
Subsidiary |
Hückelhoven, Nordrhein-Westfalen |
Germany |
Real Estate Operations |
|
5 |
|
|
Subsidiary |
Hückelhoven, Nordrhein-Westfalen |
Germany |
Oil and Gas Operations |
|
2 |
|
|
Subsidiary |
Essen |
Germany |
Real Estate Operations |
|
20 |
|
|
Subsidiary |
Dortmund, Nordrhein-Westfalen |
Germany |
Real Estate Operations |
41.4 |
3 |
|
|
Lünener
Wohnungs- und Siedlungsgesellschaft mit beschränkter Haftung |
Subsidiary |
Lünen, Nordrhein-Westfalen |
Germany |
Business Services |
|
5 |
|
Subsidiary |
Ahlen, Nordrhein-Westfalen |
Germany |
Construction Services |
|
|
|
|
Subsidiary |
Rastatt, Baden-Württemberg |
Germany |
Trucking |
|
49 |
|
|
Joint Venture |
Istanbul |
Turkey |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Istanbul (Europe) |
Turkey |
Chemicals - Plastics and Rubber |
|
140 |
|
|
Subsidiary |
Makati |
Philippines |
Electric Utilities |
|
|
|
|
Subsidiary |
Essen, Nordrhein-Westfalen |
Germany |
Real Estate Operations |
71.6 |
356 |
|
|
Subsidiary |
Amsterdam Zuidoost, Noord-Holland |
Netherlands |
Chemical Manufacturing |
7.9 |
99 |
|
|
Subsidiary |
Pandino, Cremona |
Italy |
Chemicals - Plastics and Rubber |
43.5 |
83 |
|
|
Subsidiary |
Salaise Sur Sanne |
France |
Chemical Manufacturing |
|
34 |
|
|
Subsidiary |
Halfway House, Gauteng |
South Africa |
Chemical Manufacturing |
41.0 |
|
|
|
Subsidiary |
Estadeal, Eastern Cape |
South Africa |
Chemical Manufacturing |
|
80 |
|
Executives Report
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
||||
|
|
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 |
Yes |
Yes |
Yes |
|
|
|
|
|
|
|
|
Total income |
20,217.2 |
17,614.1 |
18,185.2 |
|
|
Net sales |
20,217.2 |
17,614.1 |
18,185.2 |
|
|
Other operating income |
1,409.9 |
1,278.0 |
1,208.5 |
|
|
Cost of sales |
14,248.0 |
12,502.0 |
13,715.4 |
|
|
Gross profit |
5,969.2 |
5,112.1 |
4,469.8 |
|
|
Advertising, distribution, and commercial expenses |
1,726.9 |
1,554.8 |
1,451.9 |
|
|
General expenses |
921.9 |
834.4 |
887.3 |
|
|
Other operating costs |
2,253.9 |
2,239.5 |
2,214.0 |
|
|
Net operating income |
2,476.4 |
1,761.4 |
1,125.1 |
|
|
Other income |
36.2 |
18.5 |
41.7 |
|
|
Interest payable on loans |
599.3 |
597.3 |
726.0 |
|
|
Total expenses |
439.4 |
479.4 |
560.5 |
|
|
Profit before tax |
2,037.0 |
1,282.0 |
564.6 |
|
|
Provisions |
6,942.5 |
8,216.4 |
9,397.2 |
|
|
Total taxation |
627.1 |
231.8 |
130.7 |
|
|
Net profit |
1,409.9 |
1,050.2 |
433.9 |
|
|
|
|
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 |
Yes |
Yes |
Yes |
|
|
|
|
|
|
Issued capital |
604.9 |
625.2 |
668.6 |
|
Capital reserves |
1,512.3 |
1,562.9 |
1,671.5 |
|
Profits for the year |
5,929.9 |
5,296.4 |
5,057.5 |
|
Total stockholders equity |
7,885.0 |
8,007.7 |
7,480.8 |
|
Minority interests |
120.7 |
795.5 |
697.3 |
|
Deferred taxation |
68.8 |
60.4 |
109.0 |
|
Other provisions |
2,771.6 |
3,190.2 |
2,978.5 |
|
Provision for pensions |
3,641.3 |
4,398.9 |
5,708.9 |
|
Provisions and allowances |
6,481.7 |
8,323.0 |
9,694.6 |
|
Other debentures |
1,119.0 |
1,179.2 |
2,736.1 |
|
Mortgages and loans |
2,414.6 |
2,723.3 |
2,926.9 |
|
Advance payments |
- |
- |
4.3 |
|
Taxes and social security |
176.5 |
189.2 |
268.3 |
|
Total long-term liabilities |
3,710.1 |
4,091.7 |
5,935.6 |
|
Trade creditors |
1,409.8 |
1,459.6 |
1,958.4 |
|
Advances received |
14.3 |
47.0 |
152.1 |
|
Other loans |
515.4 |
407.8 |
622.7 |
|
Taxation and social security |
858.1 |
4,707.5 |
693.0 |
|
Total current liabilities |
2,797.5 |
6,621.9 |
3,426.2 |
|
Regularisation account |
497.2 |
515.2 |
589.7 |
|
Total liabilities (including net worth) |
21,995.9 |
27,559.5 |
27,126.8 |
|
Patents |
562.1 |
684.2 |
873.8 |
|
Goodwill |
3,562.1 |
3,842.2 |
4,568.2 |
|
Other intangibles |
84.4 |
150.3 |
225.3 |
|
Intangibles |
4,247.5 |
4,676.6 |
5,667.3 |
|
Land and buildings |
3,675.1 |
3,852.9 |
4,407.6 |
|
Machinery and tools |
2,965.0 |
3,186.2 |
4,185.2 |
|
Fixtures and equipment |
3,675.1 |
3,852.9 |
4,407.6 |
|
Fixed assets under construction |
791.9 |
770.0 |
1,542.4 |
|
Total tangible fixed assets |
7,660.4 |
8,026.5 |
10,423.5 |
|
Participating interest |
75.3 |
25.5 |
47.3 |
|
Deposits |
122.0 |
116.7 |
229.6 |
|
Total financial assets |
1,569.5 |
896.2 |
1,175.1 |
|
Total non-current assets |
13,477.4 |
13,599.3 |
17,265.8 |
|
Raw materials |
573.8 |
649.3 |
819.2 |
|
Work in progress |
159.7 |
140.9 |
210.9 |
|
Finished goods |
1,402.0 |
1,336.2 |
1,251.1 |
|
Net stocks and work in progress |
2,135.5 |
2,126.4 |
2,281.3 |
|
Trade debtors |
2,221.1 |
2,449.7 |
3,081.8 |
|
Other receivables |
777.6 |
6,639.3 |
2,523.7 |
|
Total receivables |
2,998.7 |
9,089.0 |
5,605.6 |
|
Cash and liquid assets |
2,088.7 |
1,479.7 |
1,269.8 |
|
Short-term investments |
582.9 |
520.5 |
33.0 |
|
Shares in associated companies |
1,372.1 |
754.0 |
898.2 |
|
Recoverable taxation |
619.2 |
694.9 |
562.4 |
|
Total current assets |
7,805.8 |
13,215.6 |
9,189.6 |
|
Prepaid expenses and deferred costs |
93.5 |
49.6 |
109.0 |
|
Total assets |
21,995.9 |
27,559.5 |
27,126.8 |
|
|
|
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 |
Yes |
Yes |
Yes |
|
|
|
|
|
|
Current ratio |
27.90 |
19.96 |
26.82 |
|
Acid test ratio |
20.27 |
16.75 |
20.16 |
|
Total liabilities to net worth |
0.08% |
0.13% |
0.13% |
|
Net worth to total assets |
0.04% |
0.03% |
0.03% |
|
Current liabilities to net worth |
0.04% |
0.08% |
0.05% |
|
Current liabilities to stock |
0.13% |
0.31% |
0.15% |
|
Fixed assets to net worth |
0.17% |
0.17% |
0.23% |
|
Collection period |
431.00 |
500.00 |
599.00 |
|
Stock turnover rate |
1.13 |
1.19 |
1.22 |
|
Profit margin |
0.01% |
0.01% |
0.00% |
|
Return on assets |
0.01% |
0.01% |
0.00% |
|
Shareholders' return |
0.02% |
0.01% |
0.01% |
|
Sales per employee |
43.17 |
38.86 |
32.88 |
|
Profit per employee |
3.01 |
2.32 |
0.78 |
|
Net worth |
7,885.0 |
8,007.7 |
7,480.8 |
|
Number of employees |
33,931 |
34,223 |
39,768 |
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 |
Reclassified
Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
17,512.7 |
21,617.4 |
18,881.5 |
15,809.8 |
24,725.0 |
|
Revenue |
17,512.7 |
21,617.4 |
18,881.5 |
15,809.8 |
24,725.0 |
|
Interest Income, Non-Bank |
- |
19.5 |
14.6 |
- |
- |
|
Other Revenue, Total |
- |
19.5 |
14.6 |
- |
- |
|
Total Revenue |
17,512.7 |
21,636.9 |
18,896.1 |
15,809.8 |
24,725.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
12,464.1 |
14,248.0 |
12,502.0 |
10,750.3 |
18,113.8 |
|
Cost of Revenue, Total |
12,464.1 |
14,248.0 |
12,502.0 |
10,750.3 |
18,113.8 |
|
Gross Profit |
5,048.6 |
7,369.4 |
6,379.5 |
5,059.5 |
6,611.3 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
2,427.3 |
3,186.9 |
2,998.4 |
3,645.1 |
4,613.3 |
|
Total Selling/General/Administrative Expenses |
2,427.3 |
3,186.9 |
2,998.4 |
3,645.1 |
4,613.3 |
|
Research & Development |
505.0 |
507.5 |
447.6 |
414.4 |
454.9 |
|
Investment Income -
Operating |
- |
837.1 |
921.8 |
- |
- |
|
Interest/Investment Income - Operating |
- |
837.1 |
921.8 |
- |
- |
|
Interest Expense (Income) - Net Operating Total |
- |
837.1 |
921.8 |
- |
- |
|
Restructuring Charge |
- |
11.1 |
41.1 |
82.1 |
92.1 |
|
Impairment-Assets Held for Use |
- |
239.2 |
190.7 |
175.2 |
465.1 |
|
Loss (Gain) on Sale of Assets - Operating |
- |
52.8 |
21.2 |
12.5 |
-172.6 |
|
Other Unusual Expense (Income) |
- |
- |
- |
- |
-29.3 |
|
Unusual Expense (Income) |
- |
303.1 |
253.0 |
269.8 |
355.4 |
|
Other Operating Expense |
1,657.6 |
- |
- |
- |
- |
|
Other, Net |
-1,953.1 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
-295.5 |
- |
- |
- |
- |
|
Total Operating Expense |
15,100.8 |
19,082.6 |
17,122.7 |
15,079.7 |
23,537.4 |
|
|
|
|
|
|
|
|
Operating Income |
2,411.9 |
2,554.3 |
1,773.3 |
730.1 |
1,187.7 |
|
|
|
|
|
|
|
|
Interest Expense - Non-Operating |
-503.7 |
-344.8 |
-323.1 |
-596.6 |
-886.4 |
|
Interest Expense, Net Non-Operating |
-503.7 |
-344.8 |
-323.1 |
-596.6 |
-886.4 |
|
Interest Income -
Non-Operating |
45.0 |
69.5 |
30.5 |
44.5 |
111.2 |
|
Investment Income -
Non-Operating |
111.8 |
111.2 |
71.5 |
79.3 |
93.6 |
|
Interest/Investment Income - Non-Operating |
156.8 |
180.8 |
102.0 |
123.8 |
204.8 |
|
Interest Income (Expense) - Net Non-Operating Total |
-346.9 |
-164.1 |
-221.2 |
-472.8 |
-681.6 |
|
Other Non-Operating Income (Expense) |
6.4 |
-244.7 |
-260.9 |
5.6 |
23.4 |
|
Other, Net |
6.4 |
-244.7 |
-260.9 |
5.6 |
23.4 |
|
Income Before Tax |
2,071.3 |
2,145.5 |
1,291.3 |
262.8 |
529.5 |
|
|
|
|
|
|
|
|
Total Income Tax |
591.1 |
627.1 |
231.8 |
75.1 |
187.2 |
|
Income After Tax |
1,480.3 |
1,518.4 |
1,059.5 |
187.7 |
342.3 |
|
|
|
|
|
|
|
|
Minority Interest |
-3.9 |
-4.2 |
-78.1 |
-100.1 |
-102.4 |
|
Net Income Before Extraord Items |
1,476.4 |
1,514.2 |
981.4 |
87.6 |
239.9 |
|
Discontinued Operations |
19.3 |
-108.5 |
-9.3 |
246.2 |
171.1 |
|
Total Extraord Items |
19.3 |
-108.5 |
-9.3 |
246.2 |
171.1 |
|
Net Income |
1,495.7 |
1,405.7 |
972.1 |
333.8 |
411.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
1,476.4 |
1,514.2 |
981.4 |
87.6 |
239.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
1,495.7 |
1,405.7 |
972.1 |
333.8 |
411.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
466.0 |
466.0 |
464.6 |
466.0 |
466.0 |
|
Basic EPS Excl Extraord Items |
3.17 |
3.25 |
2.11 |
0.19 |
0.51 |
|
Basic/Primary EPS Incl Extraord Items |
3.21 |
3.02 |
2.09 |
0.72 |
0.88 |
|
Dilution Adjustment |
- |
- |
- |
0.0 |
- |
|
Diluted Net Income |
1,495.7 |
1,405.7 |
972.1 |
333.8 |
411.0 |
|
Diluted Weighted Average Shares |
466.0 |
466.0 |
464.6 |
466.0 |
466.0 |
|
Diluted EPS Excl Extraord Items |
3.17 |
3.25 |
2.11 |
0.19 |
0.51 |
|
Diluted EPS Incl Extraord Items |
3.21 |
3.02 |
2.09 |
0.72 |
0.88 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
1.27 |
1.14 |
0.96 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
590.9 |
529.7 |
- |
0.0 |
|
Interest Expense, Supplemental |
503.7 |
344.8 |
323.1 |
596.6 |
886.4 |
|
Depreciation, Supplemental |
1,028.0 |
707.7 |
819.8 |
860.9 |
947.8 |
|
Total Special Items |
- |
329.5 |
238.4 |
269.8 |
355.4 |
|
Normalized Income Before Tax |
2,071.3 |
2,475.0 |
1,529.6 |
532.6 |
884.9 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
- |
96.3 |
42.8 |
77.1 |
125.7 |
|
Inc Tax Ex Impact of Sp Items |
591.1 |
723.4 |
274.6 |
152.2 |
312.9 |
|
Normalized Income After Tax |
1,480.3 |
1,751.6 |
1,255.1 |
380.5 |
572.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1,476.4 |
1,747.4 |
1,177.0 |
280.3 |
469.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
3.17 |
3.75 |
2.53 |
0.60 |
1.01 |
|
Diluted Normalized EPS |
3.17 |
3.75 |
2.53 |
0.60 |
1.01 |
|
Amort of Intangibles, Supplemental |
- |
130.7 |
151.0 |
187.7 |
220.9 |
|
Rental Expenses |
- |
129.3 |
123.2 |
- |
- |
|
Research & Development Exp, Supplemental |
505.0 |
507.5 |
447.6 |
414.4 |
454.9 |
|
Normalized EBIT |
2,411.9 |
3,720.9 |
2,933.5 |
999.9 |
1,543.1 |
|
Normalized EBITDA |
3,439.8 |
4,559.3 |
3,904.2 |
2,048.5 |
2,711.8 |
|
Current Tax - Domestic |
- |
545.1 |
529.7 |
- |
188.7 |
|
Current Tax - Total |
- |
545.1 |
529.7 |
- |
188.7 |
|
Deferred Tax - Domestic |
- |
82.0 |
-298.0 |
- |
-1.5 |
|
Deferred Tax - Total |
- |
82.0 |
-298.0 |
- |
-1.5 |
|
Income Tax - Total |
- |
627.1 |
231.8 |
- |
187.2 |
|
Interest Cost - Domestic |
- |
504.7 |
495.3 |
521.5 |
555.8 |
|
Service Cost - Domestic |
- |
148.8 |
123.2 |
118.2 |
146.3 |
|
Expected Return on Assets - Domestic |
- |
-250.3 |
-221.2 |
-218.3 |
-241.3 |
|
Curtailments & Settlements - Domestic |
- |
8.3 |
11.9 |
0.0 |
-1.5 |
|
Other Pension, Net - Domestic |
- |
29.2 |
111.2 |
30.6 |
49.7 |
|
Domestic Pension Plan Expense |
- |
440.8 |
520.5 |
452.0 |
509.0 |
|
Defined Contribution Expense - Domestic |
- |
- |
- |
- |
231.1 |
|
Defined Contribution Expense - Foreign |
- |
- |
- |
- |
13.2 |
|
Total Pension Expense |
- |
440.8 |
520.5 |
452.0 |
753.3 |
|
Discount Rate - Domestic |
- |
4.75% |
5.00% |
5.50% |
6.00% |
|
Discount Rate - Foreign |
- |
4.76% |
5.03% |
5.54% |
6.02% |
|
Expected Rate of Return - Domestic |
- |
4.80% |
4.93% |
5.00% |
5.00% |
|
Expected Rate of Return - Foreign |
- |
5.05% |
5.35% |
5.35% |
5.41% |
|
Compensation Rate - Domestic |
- |
2.50% |
2.54% |
2.53% |
2.53% |
|
Compensation Rate - Foreign |
- |
2.60% |
2.62% |
2.63% |
2.68% |
|
Pension Payment Rate - Domestic |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Pension Payment Rate - Foreign |
- |
2.02% |
2.06% |
2.07% |
2.02% |
|
Total Plan Interest Cost |
- |
504.7 |
495.3 |
521.5 |
555.8 |
|
Total Plan Service Cost |
- |
148.8 |
123.2 |
118.2 |
146.3 |
|
Total Plan Expected Return |
- |
-250.3 |
-221.2 |
-218.3 |
-241.3 |
|
Total Plan Other Expense |
- |
29.2 |
111.2 |
30.6 |
49.7 |
|
|
|
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 |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
|
Auditor |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
979.4 |
1,829.1 |
1,479.7 |
1,269.8 |
745.1 |
|
Short Term Investments |
1,435.4 |
893.1 |
649.3 |
430.4 |
458.7 |
|
Cash and Short Term Investments |
2,414.8 |
2,722.2 |
2,129.0 |
1,700.2 |
1,203.8 |
|
Accounts Receivable -
Trade, Gross |
- |
- |
2,459.1 |
- |
- |
|
Provision for Doubtful
Accounts |
- |
- |
-9.4 |
- |
- |
|
Trade Accounts Receivable - Net |
2,229.7 |
2,221.1 |
2,449.7 |
3,081.8 |
3,575.2 |
|
Other Receivables |
589.5 |
542.6 |
320.6 |
604.0 |
735.3 |
|
Total Receivables, Net |
2,819.2 |
2,763.8 |
2,770.3 |
3,685.9 |
4,310.5 |
|
Inventories - Finished Goods |
- |
- |
1,336.2 |
1,251.1 |
1,915.5 |
|
Inventories - Work In Progress |
- |
- |
140.9 |
210.9 |
208.5 |
|
Inventories - Raw Materials |
- |
- |
649.3 |
819.2 |
928.6 |
|
Total Inventory |
2,270.7 |
2,135.5 |
2,126.4 |
2,281.3 |
3,052.5 |
|
Prepaid Expenses |
- |
- |
87.2 |
134.9 |
- |
|
Discontinued Operations - Current Asset |
44.9 |
61.0 |
6,039.7 |
0.0 |
286.4 |
|
Other Current Assets, Total |
44.9 |
61.0 |
6,039.7 |
0.0 |
286.4 |
|
Total Current Assets |
7,549.6 |
7,682.5 |
13,152.6 |
7,802.2 |
8,853.2 |
|
|
|
|
|
|
|
|
Buildings |
- |
- |
3,910.6 |
4,817.9 |
4,585.8 |
|
Machinery/Equipment |
- |
- |
15,630.4 |
20,428.0 |
18,814.3 |
|
Construction in
Progress |
- |
- |
787.5 |
1,572.5 |
1,695.9 |
|
Property/Plant/Equipment - Gross |
- |
- |
20,328.5 |
26,818.3 |
25,096.0 |
|
Accumulated Depreciation |
- |
- |
-14,351.9 |
-18,624.5 |
-17,178.2 |
|
Property/Plant/Equipment - Net |
5,943.7 |
5,654.7 |
5,976.6 |
8,193.9 |
7,917.7 |
|
Goodwill, Net |
- |
- |
3,842.2 |
4,568.2 |
4,448.2 |
|
Intangibles - Gross |
- |
- |
3,195.6 |
3,513.7 |
- |
|
Accumulated Intangible Amortization |
- |
- |
-2,361.1 |
-2,414.7 |
- |
|
Intangibles, Net |
4,216.2 |
4,247.5 |
834.4 |
1,099.0 |
1,231.6 |
|
LT Investment - Affiliate Companies |
1,496.2 |
1,372.1 |
754.0 |
898.2 |
839.6 |
|
LT Investments - Other |
2,309.0 |
2,336.7 |
2,194.8 |
3,865.2 |
4,013.1 |
|
Long Term Investments |
3,805.2 |
3,708.8 |
2,948.7 |
4,763.4 |
4,852.7 |
|
Note Receivable - Long Term |
74.0 |
83.1 |
110.0 |
137.7 |
151.5 |
|
Deferred Income Tax - Long Term Asset |
434.8 |
619.2 |
694.9 |
562.4 |
506.0 |
|
Other Long Term Assets, Total |
434.8 |
619.2 |
694.9 |
562.4 |
506.0 |
|
Total Assets |
22,023.5 |
21,995.9 |
27,559.5 |
27,126.8 |
27,960.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,448.6 |
1,409.8 |
1,459.6 |
1,958.4 |
2,033.6 |
|
Accrued Expenses |
- |
- |
59.0 |
74.6 |
- |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
104.6 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
1,960.1 |
521.9 |
307.2 |
652.8 |
1,401.2 |
|
Customer Advances |
- |
- |
47.0 |
152.1 |
- |
|
Income Taxes Payable |
294.7 |
456.9 |
462.8 |
360.1 |
273.8 |
|
Other Payables |
359.5 |
368.7 |
- |
- |
- |
|
Discontinued Operations - Current Liability |
17.2 |
114.2 |
3,980.4 |
0.0 |
119.5 |
|
Other Current Liabilities |
1,493.5 |
1,524.0 |
2,228.3 |
1,825.0 |
2,229.6 |
|
Other Current liabilities, Total |
2,164.9 |
2,463.9 |
6,718.5 |
2,337.2 |
2,623.0 |
|
Total Current Liabilities |
5,573.6 |
4,395.5 |
8,649.0 |
5,023.1 |
6,057.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
1,935.0 |
3,563.4 |
3,838.2 |
5,663.0 |
5,952.2 |
|
Capital Lease Obligations |
- |
- |
8.0 |
133.4 |
155.7 |
|
Total Long Term Debt |
1,935.0 |
3,563.4 |
3,846.2 |
5,796.4 |
6,107.9 |
|
Total Debt |
3,895.1 |
4,085.3 |
4,258.1 |
6,449.2 |
7,509.1 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
611.9 |
624.4 |
673.5 |
898.2 |
955.0 |
|
Deferred Income Tax |
611.9 |
624.4 |
673.5 |
898.2 |
955.0 |
|
Minority Interest |
146.7 |
120.7 |
795.5 |
697.3 |
668.6 |
|
Reserves |
1,175.0 |
1,316.3 |
1,282.5 |
1,565.3 |
1,479.0 |
|
Pension Benefits - Underfunded |
3,141.7 |
3,641.3 |
4,398.9 |
5,708.9 |
5,494.9 |
|
Other Long Term Liabilities |
560.4 |
569.9 |
701.6 |
654.2 |
700.6 |
|
Other Liabilities, Total |
4,877.1 |
5,527.5 |
6,383.1 |
7,928.4 |
7,674.5 |
|
Total Liabilities |
13,144.3 |
14,231.6 |
20,347.3 |
20,343.3 |
21,463.8 |
|
|
|
|
|
|
|
|
Common Stock |
615.9 |
604.9 |
625.2 |
668.6 |
647.8 |
|
Common Stock |
615.9 |
604.9 |
625.2 |
668.6 |
647.8 |
|
Retained Earnings (Accumulated Deficit) |
8,263.3 |
7,159.3 |
6,587.0 |
6,114.9 |
5,849.3 |
|
Total Equity |
8,879.2 |
7,764.2 |
7,212.2 |
6,783.5 |
6,497.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
22,023.5 |
21,995.9 |
27,559.5 |
27,126.8 |
27,960.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
466.0 |
466.0 |
466.0 |
466.0 |
466.0 |
|
Total Common Shares Outstanding |
466.0 |
466.0 |
466.0 |
466.0 |
466.0 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
- |
- |
- |
|
Employees |
- |
- |
34,407 |
38,681 |
40,767 |
|
Accumulated Intangible Amort, Suppl. |
- |
- |
2,361.1 |
2,414.7 |
2,143.5 |
|
Deferred Revenue - Current |
- |
- |
47.0 |
152.1 |
- |
|
Deferred Revenue - Long Term |
- |
- |
0.0 |
4.3 |
- |
|
Total Capital Leases, Supplemental |
- |
- |
12.1 |
163.6 |
183.5 |
|
Capital Lease Payments Due in Year 1 |
- |
- |
2.7 |
30.1 |
27.8 |
|
Capital Lease Payments Due in Year 2 |
- |
- |
2.0 |
18.7 |
22.2 |
|
Capital Lease Payments Due in Year 3 |
- |
- |
2.0 |
18.7 |
22.2 |
|
Capital Lease Payments Due in Year 4 |
- |
- |
2.0 |
18.7 |
22.2 |
|
Capital Lease Payments Due in Year 5 |
- |
- |
2.0 |
18.7 |
22.2 |
|
Capital Lease Payments Due in 2-3 Years |
- |
- |
4.0 |
37.3 |
44.5 |
|
Capital Lease Payments Due in 4-5 Years |
- |
- |
4.0 |
37.3 |
44.5 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
- |
1.3 |
58.8 |
66.7 |
|
Total Operating Leases, Supplemental |
- |
- |
478.9 |
520.8 |
417.0 |
|
Operating Lease Payments Due in Year 1 |
- |
- |
83.2 |
91.8 |
61.2 |
|
Operating Lease Payments Due in Year 2 |
- |
- |
53.7 |
58.1 |
47.6 |
|
Operating Lease Payments Due in Year 3 |
- |
- |
53.7 |
58.1 |
47.6 |
|
Operating Lease Payments Due in Year 4 |
- |
- |
53.7 |
58.1 |
47.6 |
|
Operating Lease Payments Due in Year 5 |
- |
- |
53.7 |
58.1 |
47.6 |
|
Operating Lease Pymts. Due in 2-3 Years |
- |
- |
107.3 |
116.2 |
95.2 |
|
Operating Lease Pymts. Due in 4-5 Years |
- |
- |
107.3 |
116.2 |
95.2 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
- |
181.1 |
196.6 |
165.4 |
|
Pension Obligation - Domestic |
- |
- |
9,361.3 |
4,678.7 |
4,102.0 |
|
Plan Assets - Domestic |
- |
- |
4,763.8 |
4,535.2 |
4,045.0 |
|
Funded Status - Domestic |
- |
- |
-4,597.5 |
-143.5 |
-57.0 |
|
Unfunded Plan Obligations |
- |
- |
662.7 |
5,981.5 |
5,371.2 |
|
Total Funded Status |
- |
- |
-5,260.2 |
-6,124.9 |
-5,428.1 |
|
Discount Rate - Domestic |
- |
- |
5.00% |
5.50% |
6.00% |
|
Discount Rate - Foreign |
- |
- |
5.03% |
5.54% |
6.02% |
|
Expected Rate of Return - Domestic |
- |
- |
4.93% |
5.00% |
5.00% |
|
Expected Rate of Return - Foreign |
- |
- |
5.35% |
5.35% |
5.41% |
|
Compensation Rate - Domestic |
- |
- |
2.54% |
2.53% |
2.50% |
|
Compensation Rate - Foreign |
- |
- |
2.62% |
2.63% |
2.68% |
|
Pension Payment Rate - Domestic |
- |
- |
2.00% |
2.00% |
2.00% |
|
Pension Payment Rate - Foreign |
- |
- |
2.06% |
2.07% |
2.02% |
|
Equity % - Domestic |
- |
- |
9.90% |
- |
- |
|
Debt Securities % - Domestic |
- |
- |
79.70% |
- |
- |
|
Real Estate % - Domestic |
- |
- |
0.50% |
- |
- |
|
Other Investments % - Domestic |
- |
- |
9.90% |
- |
- |
|
Total Plan Obligations |
- |
- |
10,024.1 |
10,660.2 |
9,473.2 |
|
Total Plan Assets |
- |
- |
4,763.8 |
4,535.2 |
4,045.0 |
|
|
|
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 |
Restated Normal |
Updated Normal |
Reclassified
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 |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
2,411.9 |
2,554.3 |
1,773.3 |
730.1 |
1,187.7 |
|
Depreciation |
1,028.0 |
1,091.5 |
1,058.2 |
1,140.4 |
1,636.7 |
|
Depreciation/Depletion |
1,028.0 |
1,091.5 |
1,058.2 |
1,140.4 |
1,636.7 |
|
Discontinued Operations |
0.0 |
-175.2 |
667.5 |
977.7 |
10.2 |
|
Unusual Items |
-5.1 |
7.0 |
-27.8 |
-20.9 |
-266.2 |
|
Other Non-Cash Items |
-452.3 |
-383.8 |
86.1 |
-331.0 |
-226.7 |
|
Non-Cash Items |
-457.4 |
-552.0 |
725.8 |
625.8 |
-482.7 |
|
Accounts Receivable |
-41.1 |
-168.2 |
-327.1 |
93.2 |
-318.9 |
|
Inventories |
-163.2 |
-354.6 |
-237.1 |
616.1 |
-634.8 |
|
Accounts Payable |
-38.5 |
105.7 |
317.8 |
19.5 |
275.0 |
|
Other Assets & Liabilities, Net |
-231.3 |
-150.2 |
-99.3 |
91.8 |
-416.9 |
|
Other Operating Cash Flow |
-683.6 |
-706.4 |
-463.5 |
-407.5 |
-678.7 |
|
Changes in Working Capital |
-1,157.7 |
-1,273.7 |
-809.2 |
413.0 |
-1,774.2 |
|
Cash from Operating Activities |
1,824.6 |
1,820.1 |
2,748.1 |
2,909.4 |
567.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-1,311.9 |
-1,230.6 |
-1,018.4 |
-1,125.1 |
-1,704.0 |
|
Capital Expenditures |
-1,311.9 |
-1,230.6 |
-1,018.4 |
-1,125.1 |
-1,704.0 |
|
Acquisition of Business |
-56.5 |
-186.3 |
-72.8 |
-34.8 |
-122.9 |
|
Sale of Business |
- |
1,419.7 |
83.4 |
175.2 |
482.7 |
|
Sale of Fixed Assets |
105.4 |
86.2 |
70.2 |
97.4 |
191.6 |
|
Other Investing Cash Flow |
-819.8 |
-920.5 |
-746.9 |
8.3 |
340.8 |
|
Other Investing Cash Flow Items, Total |
-771.0 |
399.1 |
-666.2 |
246.2 |
892.2 |
|
Cash from Investing Activities |
-2,082.9 |
-831.5 |
-1,684.6 |
-878.9 |
-811.8 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-14.1 |
-23.6 |
-31.8 |
-84.8 |
-51.2 |
|
Financing Cash Flow Items |
-14.1 |
-23.6 |
-31.8 |
-84.8 |
-51.2 |
|
Cash Dividends Paid - Common |
-546.1 |
-556.2 |
-423.8 |
-389.4 |
-504.6 |
|
Total Cash Dividends Paid |
-546.1 |
-556.2 |
-423.8 |
-389.4 |
-504.6 |
|
Common Stock, Net |
39.8 |
25.0 |
34.4 |
11.1 |
27.8 |
|
Issuance (Retirement) of Stock, Net |
39.8 |
25.0 |
34.4 |
11.1 |
27.8 |
|
Total Debt Issued |
268.6 |
367.1 |
470.1 |
1,705.0 |
1,437.8 |
|
Total Debt Reduction |
-349.5 |
-696.6 |
-548.3 |
-2,789.8 |
-389.1 |
|
Issuance (Retirement) of Debt, Net |
-81.0 |
-329.5 |
-78.1 |
-1,084.8 |
1,048.7 |
|
Cash from Financing Activities |
-601.4 |
-884.3 |
-499.3 |
-1,547.9 |
520.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-1.3 |
-20.9 |
53.0 |
-5.6 |
5.9 |
|
Net Change in Cash |
-860.9 |
83.4 |
617.2 |
477.0 |
282.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,813.1 |
1,878.5 |
1,172.1 |
753.8 |
510.5 |
|
Net Cash - Ending Balance |
952.2 |
1,961.9 |
1,789.2 |
1,230.8 |
792.8 |
|
Cash Interest Paid |
208.2 |
269.7 |
263.5 |
- |
326.2 |
|
Cash Taxes Paid |
597.5 |
561.7 |
317.8 |
- |
447.6 |
|
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 |
Reclassified
Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate (Period
Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Revenues |
17,512.7 |
20,217.2 |
17,614.1 |
14,627.7 |
23,217.0 |
|
Other Operating Income |
- |
1,400.2 |
1,267.4 |
1,182.1 |
1,508.0 |
|
Income from the Disposals of Assets |
- |
19.5 |
14.6 |
- |
- |
|
Total Revenue |
17,512.7 |
21,636.9 |
18,896.1 |
15,809.8 |
24,725.0 |
|
|
|
|
|
|
|
|
As Reported Other Operating Expense |
1,657.6 |
- |
- |
- |
- |
|
Income from the Disposals of Assets |
- |
- |
- |
-11.1 |
-285.2 |
|
Research & Development |
505.0 |
507.5 |
447.6 |
414.4 |
454.9 |
|
Selling Expenses |
1,595.9 |
1,726.9 |
1,586.6 |
1,408.8 |
1,774.2 |
|
General Administrative Expenses |
831.4 |
921.9 |
802.6 |
721.8 |
1,082.4 |
|
Cost of Materials |
12,464.1 |
14,248.0 |
12,502.0 |
10,750.3 |
18,113.8 |
|
Other Operating Income |
-1,953.1 |
- |
- |
- |
- |
|
Reversal of Impairment |
- |
- |
- |
- |
-29.3 |
|
Translation Result |
- |
324.0 |
324.5 |
- |
- |
|
Investment Result |
- |
513.1 |
597.3 |
- |
- |
|
Impairment Losses Pursuant to IAS 36 |
- |
203.0 |
169.5 |
94.6 |
406.6 |
|
Impairment Losses Pursuant to IAS 39 |
- |
23.6 |
21.2 |
27.8 |
46.8 |
|
Impairment losses Pursuant to IFRS 5 |
- |
12.5 |
0.0 |
52.8 |
11.7 |
|
Expenses for Restructuring |
- |
11.1 |
41.1 |
82.1 |
92.1 |
|
Loss on Disposal of Assets |
- |
52.8 |
21.2 |
23.6 |
112.6 |
|
Other Operating Expenses |
- |
538.1 |
609.2 |
1,514.5 |
1,756.7 |
|
Total Operating Expense |
15,100.8 |
19,082.6 |
17,122.7 |
15,079.7 |
23,537.4 |
|
|
|
|
|
|
|
|
Interest Income |
45.0 |
69.5 |
30.5 |
44.5 |
111.2 |
|
Interest Expense |
-503.7 |
-344.8 |
-323.1 |
-596.6 |
-886.4 |
|
Investments Recognized at Equity |
111.8 |
111.2 |
71.5 |
79.3 |
93.6 |
|
Interest Expense/Pensions |
- |
-254.5 |
-274.1 |
- |
- |
|
Other Financial Result |
6.4 |
9.7 |
13.2 |
5.6 |
23.4 |
|
Net Income Before Taxes |
2,071.3 |
2,145.5 |
1,291.3 |
262.8 |
529.5 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
591.1 |
627.1 |
231.8 |
75.1 |
187.2 |
|
Net Income After Taxes |
1,480.3 |
1,518.4 |
1,059.5 |
187.7 |
342.3 |
|
|
|
|
|
|
|
|
Minority Interest |
-3.9 |
-4.2 |
-78.1 |
-100.1 |
-102.4 |
|
Net Income Before Extra. Items |
1,476.4 |
1,514.2 |
981.4 |
87.6 |
239.9 |
|
Discontinued Operations |
19.3 |
-108.5 |
-9.3 |
246.2 |
171.1 |
|
Net Income |
1,495.7 |
1,405.7 |
972.1 |
333.8 |
411.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
1,476.4 |
1,514.2 |
981.4 |
87.6 |
239.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
1,495.7 |
1,405.7 |
972.1 |
333.8 |
411.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
466.0 |
466.0 |
464.6 |
466.0 |
466.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
3.17 |
3.25 |
2.11 |
0.19 |
0.51 |
|
Basic EPS Including ExtraOrdinary Items |
3.21 |
3.02 |
2.09 |
0.72 |
0.88 |
|
Dilution Adjustment |
- |
- |
- |
0.0 |
- |
|
Diluted Net Income |
1,495.7 |
1,405.7 |
972.1 |
333.8 |
411.0 |
|
Diluted Weighted Average Shares |
466.0 |
466.0 |
464.6 |
466.0 |
466.0 |
|
Diluted EPS Excluding ExtraOrd Items |
3.17 |
3.25 |
2.11 |
0.19 |
0.51 |
|
Diluted EPS Including ExtraOrd Items |
3.21 |
3.02 |
2.09 |
0.72 |
0.88 |
|
DPS-Common Stock |
0.00 |
1.27 |
1.14 |
0.96 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
590.9 |
529.7 |
- |
0.0 |
|
Normalized Income Before Taxes |
2,071.3 |
2,475.0 |
1,529.6 |
532.6 |
884.9 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
591.1 |
723.4 |
274.6 |
152.2 |
312.9 |
|
Normalized Income After Taxes |
1,480.3 |
1,751.6 |
1,255.1 |
380.5 |
572.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1,476.4 |
1,747.4 |
1,177.0 |
280.3 |
469.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
3.17 |
3.75 |
2.53 |
0.60 |
1.01 |
|
Diluted Normalized EPS |
3.17 |
3.75 |
2.53 |
0.60 |
1.01 |
|
Depreciation of Tangibles |
1,028.0 |
707.7 |
819.8 |
860.9 |
947.8 |
|
Amortization of Intangibles |
- |
130.7 |
151.0 |
187.7 |
220.9 |
|
Interest Expense |
503.7 |
- |
- |
- |
- |
|
Interest Expense |
- |
344.8 |
323.1 |
596.6 |
886.4 |
|
Rental Expenses |
- |
129.3 |
123.2 |
- |
- |
|
Research & Development |
505.0 |
507.5 |
447.6 |
414.4 |
454.9 |
|
Current Tax |
- |
545.1 |
529.7 |
- |
188.7 |
|
Current Tax - Total |
- |
545.1 |
529.7 |
- |
188.7 |
|
Deferred Tax |
- |
82.0 |
-298.0 |
- |
-1.5 |
|
Deferred Tax - Total |
- |
82.0 |
-298.0 |
- |
-1.5 |
|
Income Tax - Total |
- |
627.1 |
231.8 |
- |
187.2 |
|
Current Service Cost |
- |
148.8 |
123.2 |
118.2 |
146.3 |
|
Interest Cost |
- |
504.7 |
495.3 |
521.5 |
555.8 |
|
Expected Return on Plan Assets |
- |
-250.3 |
-221.2 |
-218.3 |
-241.3 |
|
Amortization |
- |
9.7 |
263.5 |
132.1 |
-121.4 |
|
Effect of Curtailments & Settlements |
- |
8.3 |
11.9 |
0.0 |
-1.5 |
|
Effect of Assets Ceiling |
- |
16.7 |
-152.3 |
-101.5 |
171.1 |
|
Reclassification Pursuant to IFRS 5 |
- |
2.8 |
0.0 |
- |
- |
|
Domestic Pension Plan Expense |
- |
440.8 |
520.5 |
452.0 |
509.0 |
|
Defined Contribution Expenses - Germany |
- |
- |
- |
- |
231.1 |
|
Defined Contribution Expenses - Foreign |
- |
- |
- |
- |
13.2 |
|
Total Pension Expense |
- |
440.8 |
520.5 |
452.0 |
753.3 |
|
Discount Rate - Domestic |
- |
4.75% |
5.00% |
5.50% |
6.00% |
|
Discount Rate - Foreign |
- |
4.76% |
5.03% |
5.54% |
6.02% |
|
Compensation Rate - Domestic |
- |
2.50% |
2.54% |
2.53% |
2.53% |
|
Compensation Rate - Foreign |
- |
2.60% |
2.62% |
2.63% |
2.68% |
|
Pension Increase - Domestic |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Pension Increase - Foreign |
- |
2.02% |
2.06% |
2.07% |
2.02% |
|
Expected Return on Plan Assets-Domestic |
- |
4.80% |
4.93% |
5.00% |
5.00% |
|
Expected Return on Plan Assets - Foreign |
- |
5.05% |
5.35% |
5.35% |
5.41% |
|
|
|
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 |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
|
Auditor |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Raw Materials |
- |
- |
649.3 |
819.2 |
928.6 |
|
Work in Progress |
- |
- |
140.9 |
210.9 |
208.5 |
|
Finished Goods |
- |
- |
1,336.2 |
1,251.1 |
1,915.5 |
|
Total Inventory |
2,270.7 |
2,135.5 |
- |
- |
- |
|
Current Income Tax |
104.4 |
77.9 |
63.1 |
228.1 |
180.7 |
|
Reported Net Trade/Accounts Receivable |
2,229.7 |
2,221.1 |
- |
- |
- |
|
Trade Receivables |
- |
- |
- |
3,081.8 |
3,575.2 |
|
Trade Receivables Net |
- |
- |
2,459.1 |
- |
- |
|
Provisions for Doubtfull Accounts |
- |
- |
-9.4 |
- |
- |
|
Other Receivables |
485.1 |
464.7 |
257.6 |
375.9 |
554.6 |
|
Prepayments |
- |
- |
56.3 |
61.7 |
- |
|
Defferals/Accruals |
- |
- |
30.9 |
73.2 |
- |
|
Financial Current Assets |
1,435.4 |
893.1 |
649.3 |
430.4 |
458.7 |
|
Liquid Capital |
979.4 |
1,829.1 |
1,479.7 |
1,269.8 |
745.1 |
|
Assets Held for Sale |
44.9 |
61.0 |
6,039.7 |
0.0 |
286.4 |
|
Total Current Assets |
7,549.6 |
7,682.5 |
13,152.6 |
7,802.2 |
8,853.2 |
|
|
|
|
|
|
|
|
Intangibles Gross |
- |
- |
3,195.6 |
3,513.7 |
- |
|
Accumulated Amortization |
- |
- |
-2,361.1 |
-2,414.7 |
- |
|
Intangible Assets |
4,216.2 |
4,247.5 |
- |
- |
1,231.6 |
|
Goodwill, Net |
- |
- |
3,842.2 |
4,568.2 |
4,448.2 |
|
Land, Landrights & Buildings |
- |
- |
3,910.6 |
4,817.9 |
4,585.8 |
|
Plant & Machinery |
- |
- |
14,288.8 |
18,859.8 |
17,332.5 |
|
Other Plant, Office Furniture& Equipment |
- |
- |
1,341.6 |
1,568.2 |
1,481.8 |
|
Advance Payments & Constr. in Progress |
- |
- |
787.5 |
1,572.5 |
1,695.9 |
|
Depreciation |
- |
- |
-14,351.9 |
-18,624.5 |
-17,178.2 |
|
Investment Property |
2,048.6 |
2,005.6 |
2,049.9 |
2,229.6 |
2,087.9 |
|
Investments Recognized at Equity |
1,496.2 |
1,372.1 |
754.0 |
898.2 |
839.6 |
|
Financial Assets |
260.4 |
331.0 |
144.9 |
1,635.6 |
1,925.2 |
|
Deferred Tax |
434.8 |
619.2 |
694.9 |
562.4 |
506.0 |
|
Other Income Tax Assets |
27.8 |
29.9 |
30.9 |
57.4 |
50.0 |
|
Other Receivables |
46.3 |
53.2 |
79.2 |
80.3 |
101.5 |
|
Property/Plant/Equipment |
5,943.7 |
5,654.7 |
- |
- |
- |
|
Total Assets |
22,023.5 |
21,995.9 |
27,559.5 |
27,126.8 |
27,960.9 |
|
|
|
|
|
|
|
|
Other Provisions |
1,493.5 |
1,524.0 |
1,968.1 |
1,522.3 |
1,768.1 |
|
Income Tax Liabilities |
294.7 |
456.9 |
462.8 |
360.1 |
273.8 |
|
Current Portion of LT Debt |
- |
- |
303.2 |
622.7 |
1,373.4 |
|
Current Portion of LT Leasing |
- |
- |
4.0 |
30.1 |
27.8 |
|
Financial Liabilities |
1,960.1 |
521.9 |
- |
- |
- |
|
ST Debt |
- |
- |
104.6 |
- |
- |
|
Trade Payables |
1,448.6 |
1,409.8 |
1,459.6 |
1,958.4 |
2,033.6 |
|
Prepayments |
- |
- |
47.0 |
152.1 |
- |
|
Deffrerals/Accruals |
- |
- |
59.0 |
74.6 |
- |
|
Other Liabilities |
- |
- |
260.3 |
302.7 |
461.5 |
|
Liab. Assoc. with Assets Held for Sale |
17.2 |
114.2 |
3,980.4 |
0.0 |
119.5 |
|
Other Payables |
359.5 |
368.7 |
- |
- |
- |
|
Total Current Liabilities |
5,573.6 |
4,395.5 |
8,649.0 |
5,023.1 |
6,057.8 |
|
|
|
|
|
|
|
|
Long-Term Debt |
1,935.0 |
3,563.4 |
3,838.2 |
5,663.0 |
5,952.2 |
|
Long-Term Financial Leasing |
- |
- |
8.0 |
133.4 |
155.7 |
|
Total Long Term Debt |
1,935.0 |
3,563.4 |
3,846.2 |
5,796.4 |
6,107.9 |
|
|
|
|
|
|
|
|
Provisions for Pensions & Other Benefits |
3,141.7 |
3,641.3 |
4,398.9 |
5,708.9 |
5,494.9 |
|
Other Provisions |
1,175.0 |
1,316.3 |
1,282.5 |
1,565.3 |
1,479.0 |
|
Deferred Tax Liabilities |
611.9 |
624.4 |
673.5 |
898.2 |
955.0 |
|
Other Income Tax Liabilies |
152.0 |
90.9 |
93.9 |
87.5 |
166.8 |
|
Financial Liabilities |
- |
- |
64.4 |
- |
- |
|
Other Liabilitiess |
408.4 |
479.0 |
543.3 |
566.7 |
533.8 |
|
Minority Interest |
146.7 |
120.7 |
795.5 |
697.3 |
668.6 |
|
Total Liabilities |
13,144.3 |
14,231.6 |
20,347.3 |
20,343.3 |
21,463.8 |
|
|
|
|
|
|
|
|
Capital Issued |
615.9 |
604.9 |
625.2 |
668.6 |
647.8 |
|
Reserves |
8,263.3 |
7,159.3 |
- |
- |
- |
|
Capital Reserve |
- |
- |
1,562.9 |
1,671.5 |
1,619.4 |
|
Accumulated Income/Loss |
- |
- |
5,296.4 |
5,057.5 |
4,951.4 |
|
Accumulated Other Comprehensive Income |
- |
- |
-272.3 |
-614.1 |
-721.4 |
|
Total Equity |
8,879.2 |
7,764.2 |
7,212.2 |
6,783.5 |
6,497.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
22,023.5 |
21,995.9 |
27,559.5 |
27,126.8 |
27,960.9 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
466.0 |
466.0 |
466.0 |
466.0 |
466.0 |
|
Total Common Shares Outstanding |
466.0 |
466.0 |
466.0 |
466.0 |
466.0 |
|
T/S-Common Stock |
0.0 |
0.0 |
- |
- |
- |
|
Deferred Income - Current |
- |
- |
47.0 |
152.1 |
- |
|
Deferred Income - Long-Term |
- |
- |
0.0 |
4.3 |
- |
|
Accumulated Amortization of Intangibles |
- |
- |
2,361.1 |
2,414.7 |
2,143.5 |
|
Employees |
- |
- |
34,407 |
38,681 |
40,767 |
|
Capital Lease Maturing Within 1 Year |
- |
- |
2.7 |
30.1 |
27.8 |
|
Capital Lease Maturing in 1 - 5 Years |
- |
- |
8.0 |
74.6 |
89.0 |
|
Capital Lease Payment - Remaining Part |
- |
- |
1.3 |
58.8 |
66.7 |
|
Total Capital Leases, Supplemental |
- |
- |
12.1 |
163.6 |
183.5 |
|
Operating Lease Maturing Within 1 Year |
- |
- |
83.2 |
91.8 |
61.2 |
|
Operating Lease Maturing in 1 - 5 Years |
- |
- |
214.6 |
232.4 |
190.4 |
|
Operating Lease Payment - Remaining Part |
- |
- |
181.1 |
196.6 |
165.4 |
|
Total Operating Leases, Supplemental |
- |
- |
478.9 |
520.8 |
417.0 |
|
Unfunded Plan Obligations |
- |
- |
662.7 |
5,981.5 |
5,371.2 |
|
Present Value of Defined Benefit Oblig. |
- |
- |
9,361.3 |
4,678.7 |
4,102.0 |
|
Fair Value of Plan Assets |
- |
- |
4,763.8 |
4,535.2 |
4,045.0 |
|
Funded Status |
- |
- |
-4,597.5 |
-143.5 |
-57.0 |
|
Total Funded Status |
- |
- |
-5,260.2 |
-6,124.9 |
-5,428.1 |
|
Discount Rate - Domestic |
- |
- |
5.00% |
5.50% |
6.00% |
|
Discount Rate - Foreign |
- |
- |
5.03% |
5.54% |
6.02% |
|
Compensation Rate - Domestic |
- |
- |
2.54% |
2.53% |
2.50% |
|
Compensation Rate - Foreign |
- |
- |
2.62% |
2.63% |
2.68% |
|
Pension Increase - Domestic |
- |
- |
2.00% |
2.00% |
2.00% |
|
Pension Increase - Foreign |
- |
- |
2.06% |
2.07% |
2.02% |
|
Expected Return on Plan Assets-Domestic |
- |
- |
4.93% |
5.00% |
5.00% |
|
Expected Return on Plan Assets - Foreign |
- |
- |
5.35% |
5.35% |
5.41% |
|
Shares |
- |
- |
9.90% |
- |
- |
|
Debt Securities % - Domestic |
- |
- |
79.70% |
- |
- |
|
Real Estate % - Domestic |
- |
- |
0.50% |
- |
- |
|
Other Investments % - Domestic |
- |
- |
9.90% |
- |
- |
|
|
|
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 |
Restated Normal |
Updated Normal |
Reclassified
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 |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
AG |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
EBIT - Coninuing Operations |
2,411.9 |
2,554.3 |
1,773.3 |
730.1 |
1,187.7 |
|
Depreciation |
1,028.0 |
1,091.5 |
1,058.2 |
1,140.4 |
1,636.7 |
|
Disposal of Non-Current Assets |
-5.1 |
7.0 |
-27.8 |
-20.9 |
-266.2 |
|
Other Non-Cash Income/Expense |
- |
- |
- |
- |
49.7 |
|
Change in Inventories |
-163.2 |
-354.6 |
-237.1 |
616.1 |
-634.8 |
|
Change in Receivables/Other Assets |
-41.1 |
-168.2 |
-327.1 |
93.2 |
-318.9 |
|
Change in Payables/Advance Payments |
-38.5 |
105.7 |
317.8 |
19.5 |
275.0 |
|
Change in Provisions |
-245.4 |
-278.1 |
-233.1 |
-274.0 |
-270.6 |
|
Change in Other Provisions |
-206.9 |
-105.7 |
319.2 |
-57.0 |
-5.9 |
|
Change in Assets/Liabilities |
-231.3 |
-150.2 |
-99.3 |
91.8 |
-416.9 |
|
Interest Paid |
-208.2 |
-269.7 |
-263.5 |
-308.7 |
-326.2 |
|
Interest Received |
37.3 |
44.5 |
45.0 |
118.2 |
33.6 |
|
Dividends Paid |
84.8 |
80.6 |
72.8 |
69.5 |
61.4 |
|
Income Taxes Paid |
-597.5 |
-561.7 |
-317.8 |
-286.5 |
-447.6 |
|
Cashflow from Discontinued Operations |
0.0 |
-175.2 |
667.5 |
977.7 |
10.2 |
|
Cash from Operating Activities |
1,824.6 |
1,820.1 |
2,748.1 |
2,909.4 |
567.5 |
|
|
|
|
|
|
|
|
Purchase of Tangib./Intangib./Inv.Prop. |
-1,311.9 |
-1,230.6 |
-1,018.4 |
-1,125.1 |
-1,704.0 |
|
Sale of Tangib./Intangib./Inv. Property |
105.4 |
86.2 |
70.2 |
97.4 |
191.6 |
|
Sale of Business/Equity Investments |
-15.4 |
- |
- |
- |
- |
|
Acqisition of Business/Equity Investment |
-41.1 |
-186.3 |
-72.8 |
-34.8 |
-122.9 |
|
Sale of Business/Equity Investments |
- |
1,419.7 |
83.4 |
175.2 |
482.7 |
|
Change in Current Securities & Deposits |
- |
- |
-482.1 |
8.3 |
340.8 |
|
Cash inflows/outflows relating to securi |
-305.8 |
-364.3 |
- |
- |
- |
|
Contribution to Pension Taxes |
-514.0 |
-556.2 |
-264.9 |
0.0 |
- |
|
Cash from Investing Activities |
-2,082.9 |
-831.5 |
-1,684.6 |
-878.9 |
-811.8 |
|
|
|
|
|
|
|
|
Change in Minority Interests |
0.0 |
-4.2 |
0.0 |
- |
- |
|
Capital Contributions |
39.8 |
25.0 |
34.4 |
11.1 |
27.8 |
|
Payments to Minority Interest |
-14.1 |
-19.5 |
-31.8 |
-84.8 |
-51.2 |
|
Results from Prev. Year & Dividends Paid |
-546.1 |
-556.2 |
-423.8 |
-389.4 |
-504.6 |
|
Addition of Financial Liabilities |
268.6 |
367.1 |
470.1 |
1,705.0 |
1,437.8 |
|
Repayment of Financial Liabilities |
-349.5 |
-696.6 |
-548.3 |
-2,789.8 |
-389.1 |
|
Cash from Financing Activities |
-601.4 |
-884.3 |
-499.3 |
-1,547.9 |
520.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-1.3 |
-20.9 |
53.0 |
-5.6 |
5.9 |
|
Net Change in Cash |
-860.9 |
83.4 |
617.2 |
477.0 |
282.3 |
|
|
|
|
|
|
|
|
Cash Balance at Beginning of the Year |
1,813.1 |
1,878.5 |
1,172.1 |
753.8 |
510.5 |
|
Cash Balance at the End of the Year |
952.2 |
1,961.9 |
1,789.2 |
1,230.8 |
792.8 |
|
Cash Interest Paid |
208.2 |
269.7 |
263.5 |
- |
326.2 |
|
Cash Taxes Paid |
597.5 |
561.7 |
317.8 |
- |
447.6 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.73 |
|
UK Pound |
1 |
Rs.99.79 |
|
Euro |
1 |
Rs.85.07 |
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.