MIRA INFORM
REPORT
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Report Date : |
24.08.2013 |
IDENTIFICATION DETAILS
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Name : |
ERCROS SA
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Registered Office : |
10A Planta, Avda.
Diagonal 595, Barcelona, 08014 |
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Country : |
Spain |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.07.1904 |
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Com. Reg. No.: |
A08000630 |
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Legal Form : |
Public Parent
Company |
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Line of Business : |
Subject businesses
associated to Chlorine, which comprises the production of chlorine, ethyl
acetate, caustic soda, sodium hypochlorite, dichloroethane, chloromethane,
sodium chlorate and caustic potash, polyvinyl chloride (PCV), as well as
water disinfectants; Intermediate Chemicals, which produces formaldehyde,
glues and resins for the fiberboard and plywood industries, and Pharmaceuticals,
which comprises raw material and intermediate products used in the
pharmaceutical industry |
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No. of Employees : |
1620 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Spain |
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 |
Spain ECONOMIC OVERVIEW
After almost 15
years of above average GDP growth, the Spanish economy began to slow in late
2007 and entered into a recession in the second quarter of 2008. GDP contracted
by 3.7% in 2009, ending a 16-year growth trend, and by another 0.3% in 2010;
GDP expanded 0.4% in 2011, before contracting 1.4% in 2012. The economy has
once again fallen into recession as deleveraging in the private sector, fiscal
consolidation, and continued high unemployment weigh on domestic demand and
investment, even as exports have shown signs of resiliency. The unemployment
rate rose from a low of about 8% in 2007 to 26.0% in 2012. The economic
downturn has also hurt Spain's public finances. The government budget deficit
peaked at 11.2% of GDP in 2010 and the process to reduce this imbalance has
been slow despite the central government's efforts to raise new tax revenue and
cut spending. Spain reduced its budget deficit to 9.4% of GDP in 2011, and
roughly 7.4% of GDP in 2012, above the 6.3% target negotiated between Spain and
the EU. Although Spain''s large budget deficit and poor economic growth
prospects remain a source of concern for foreign investors, the government''s
ongoing efforts to cut spending and introduce flexibility into the labor
markets are intended to assuage these concerns. The government is also taking
steps to shore up the banking system, namely by using up to $130 billion in EU
funds to recapitalize struggling banks exposed to the collapsed domestic
construction and real estate sectors.
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Source : CIA |
Company
name & address
Ercros SA
10A planta, Avda.
Diagonal 595
Barcelona, 08014
Spain
Tel: 34-934-393009
Fax: 34-934-308073
Web: www.ercros.es
Synthesis
Employees: 1,620
Company Type: Public
Parent
Corporate Family: 17 Companies
Traded: Mercado
Continuo Espana: ECR
Incorporation
Date: 01-Jul-1904
Auditor: Ernst
& Young S.L.
Financials in: USD (Millions)
Fiscal Year End: 31-Dec-2012
Reporting
Currency: Euro
Annual Sales: 870.6 1
Net Income: (15.6)
Total Assets: 799.9 2
Market Value: 58.6
(09-Aug-2013)
Business
Description
Ercros SA is a
Spain-based company engaged, together with its subsidiaries, in the chemical
industry. The Company’s products are structured into three business lines:
Businesses Associated to Chlorine, which comprises the production of chlorine,
ethyl acetate, caustic soda, sodium hypochlorite, dichloroethane,
chloromethane, sodium chlorate and caustic potash, polyvinyl chloride (PCV), as
well as water disinfectants; Intermediate Chemicals, which produces
formaldehyde, glues and resins for the fiberboard and plywood industries, and
Pharmaceuticals, which comprises raw material and intermediate products used in
the pharmaceutical industry. As of December 31, 2011, the Company owned such
subsidiaries as Marcoating SLU, Fosfatos de Cartagena SLU, Gades Ltd and
Ercekol AIE, among others. For the fiscal year ended 31 December 2012, Ercros SA
revenues decreased 1% to EUR677.5M. Net loss increased from EUR810K to
EUR12.1M. Revenues reflect Intermediate Chemical segment decrease of 4% to
EUR180.1M, Pharmaceuticals segment decrease of 1% to EUR36.6M, Business Related
to Chlorine segment remaining flat at EUR460.9M, Spain segment decrease of 6%
to EUR347.5M, Other O.E.C.D. segment decrease of 6% to EUR41.4M.
Industry
Industry
Basic Chemical Manufacturing
ANZSIC 2006: 1812 - Basic Organic Chemical Manufacturing
ISIC Rev 4: 2011 - Manufacture of basic chemicals
NACE Rev 2: 2014 - Manufacture of other organic basic
chemicals
NAICS 2012: 325199 - All Other Basic Organic Chemical
Manufacturing
UK SIC 2007: 2014 - Manufacture of other organic basic
chemicals
US SIC 1987: 2869 - Industrial Organic Chemicals, Not
Elsewhere Classified
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
Corporate
Overview
Location
10A planta, Avda.
Diagonal 595
Barcelona, 08014
Spain
Tel: 34-934-393009
Fax: 34-934-308073
Quote Symbol -
Exchange
ECR - Mercado Continuo Espana
Sales EUR(mil): 677.5
Assets EUR(mil): 605.2
Employees: 1,620
Fiscal Year End: 31-Dec-2012
Industry: Chemical
Manufacturing
Incorporation
Date: 01-Jul-1904
Company Type: Public
Parent
Quoted Status: Quoted
Registered
No.(ESP): A08000630
Chief Executive Officer, Chairman of the Board,
Executive Director:
Antonio Zabalza
Marti
Industry Codes
ANZSIC 2006
Codes:
1812 - Basic
Organic Chemical Manufacturing
1919 - Other
Polymer Product Manufacturing
1841 - Human
Pharmaceutical and Medicinal Product Manufacturing
1915 - Adhesive
Manufacturing
1811 - Industrial
Gas Manufacturing
6240 - Financial
Asset Investing
1821 - Synthetic
Resin and Synthetic Rubber Manufacturing
1831 - Fertiliser
Manufacturing
1813 - Basic
Inorganic Chemical Manufacturing
ISIC Rev 4 Codes:
2011 - Manufacture
of basic chemicals
642 - Activities
of holding companies
2100 - Manufacture
of pharmaceuticals, medicinal chemical and botanical products
2029 - Manufacture
of other chemical products n.e.c.
2013 - Manufacture
of plastics and synthetic rubber in primary forms
2012 - Manufacture
of fertilizers and nitrogen compounds
2220 - Manufacture
of plastics products
NACE Rev 2 Codes:
2014 - Manufacture
of other organic basic chemicals
2015 - Manufacture
of fertilisers and nitrogen compounds
2120 - Manufacture
of pharmaceutical preparations
2016 - Manufacture
of plastics in primary forms
2052 - Manufacture
of glues
2013 - Manufacture
of other inorganic basic chemicals
642 - Activities
of holding companies
2229 - Manufacture
of other plastic products
NAICS 2012 Codes:
325199 - All
Other Basic Organic Chemical Manufacturing
325312 - Phosphatic
Fertilizer Manufacturing
325180 - Other
Basic Inorganic Chemical Manufacturing
551112 - Offices
of Other Holding Companies
325211 - Plastics
Material and Resin Manufacturing
325520 - Adhesive
Manufacturing
326199 - All
Other Plastics Product Manufacturing
325412 - Pharmaceutical
Preparation Manufacturing
US SIC 1987:
2869 - Industrial
Organic Chemicals, Not Elsewhere Classified
2821 - Plastics
Materials, Synthetic Resins, and Nonvulcanizable Elastomers
2834 - Pharmaceutical
Preparations
2812 - Alkalies
and Chlorine
6719 - Offices
of Holding Companies, Not Elsewhere Classified
2874 - Phosphatic
Fertilizers
2891 - Adhesives
and Sealants
3089 - Plastics
Products, Not Elsewhere Classified
2819 - Industrial
Inorganic Chemicals, Not Elsewhere Classified
UK SIC 2007:
2014 - Manufacture
of other organic basic chemicals
2013 - Manufacture
of other inorganic basic chemicals
642 - Activities
of holding companies
2229 - Manufacture
of other plastic products
2120 - Manufacture
of pharmaceutical preparations
2052 - Manufacture
of glues
2015 - Manufacture
of fertilisers and nitrogen compounds
2016 - Manufacture
of plastics in primary forms
Business Description
Ercros SA is a
Spain-based company engaged, together with its subsidiaries, in the chemical
industry. The Company’s products are structured into three business lines:
Businesses Associated to Chlorine, which comprises the production of
chlorine, ethyl acetate, caustic soda, sodium hypochlorite, dichloroethane, chloromethane, sodium chlorate and
caustic potash, polyvinyl chloride (PCV), as well as water disinfectants;
Intermediate Chemicals, which produces formaldehyde, glues and resins for the
fiberboard and plywood industries, and Pharmaceuticals, which comprises raw
material and intermediate products used in the pharmaceutical industry. As of
December 31, 2011, the Company owned such subsidiaries as Marcoating SLU,
Fosfatos de Cartagena SLU, Gades Ltd and Ercekol AIE, among others. For the
fiscal year ended 31 December 2012, Ercros SA revenues decreased 1% to
EUR677.5M. Net loss increased from EUR810K to EUR12.1M. Revenues reflect
Intermediate Chemical segment decrease of 4% to EUR180.1M, Pharmaceuticals segment
decrease of 1% to EUR36.6M, Business Related to Chlorine segment remaining flat
at EUR460.9M, Spain segment decrease of 6% to EUR347.5M, Other O.E.C.D. segment
decrease of 6% to EUR41.4M.
More Business Descriptions
Manufacture of
other inorganic basic chemicals
Holding company
which deals with the manufacture and sale of organic and inorganic base
chemical products (including caustic soda and chlorates); plastics (VCM and
PVC); additives for fodder; pharmaceuticals including antibiotics and antacids;
intermediate chemicals (including formaldehyde and resins)
Chemicals,
Plastics & Pharmaceuticals Mfr
Ercros, S.A. (Ercros) develops, manufactures and
distributes chemicals. The company offers polyvinyl chloride, vinyl chloride
monomer, chloroisocyanurates, and phosphates and pharmaceutical chemicals.
Ercros caters its products to papers and pulp, plastics, pharmaceutical, wood,
cosmetics and food industries.The company’s business activities are
classified into six divisions, namely, Basic Chemicals, Intermediate Chemicals,
Plastics, Pharmaceuticals, Animal Feed and Water Treatment. The company's Basic
Chemicals division manufactures chemicals such as chlorinated solvents, ethyl
acetate, hydrochloric acid, acetaldehyde, ammonia, caustic soda, chlorine, and
hydrogen peroxide. It also offers basic chemicals such as potash, sodium
chloride, sodium hypochlorite, and nitric acid. These products find application
in chemicals, manufacturing, paper and pulp and water treatment industries. The
company manufactures basic chemicals in seven production facilities in
Tarragona, Vila-seca, Tarragona; Cardona, Barcelona; Flix, Tarragona; Huelva
Salt flats, Palos de la Frontera; and Sabinanigo, Huesca, Spain. The
Intermediate Chemicals division offers chemicals such as paraformaldehyde,
pentaerythritol and dipentaerythritol, and formaldehyde and derivatives. These
products are used in manufacturing derivatives; wood industry; electrotechnics;
resins; paints and tanning industry. Ercros manufactures these products in three
production facilities in Tortosa, Tarragona; Almussafes, Valencia and
Cerdanyola, Barcelona, Spain. Ercros' through the Plastics division offers
polyvinyl chloride (PVC) and vinylchloride monomer (VCM) to textile,
construction, and automotive sectors. It also offers packaging services to
industries such as cosmetics, food, and pharmaceutical. The company
manufactures plastic products in two production facilities in Vila-seca,
Tarragona and Monzon, Huesca. The Pharmaceuticals division develops and manufactures
pharmaceutical raw materials and intermediate products such as clarithromycin,
erythromycins, famotidine, lovastatin, terbinafine chlorhydrate, and
venlafaxine chlorhydrate. It also offers amlodipine besylate, azithromycin,
fosfomycins, and fusidic acid. These products are used in the production of
antibiotics, antiulcer and antihypercolesterol medicines. The company's Animal
Feed division produces phosphates for animal feed. These products are
manufactured in Cartagena, Murcia and Flix, Tarragona. The division's phosphate
annual capacity is 240,000 tons. The company's Water Treatment division
manufactures chloroisocyanurates including sodium dichloroisocyanurate. These
products have good disinfectant properties and are widely used to treat water
in swimming pools. The company manufactures these products at Sabinanigo
production facility in Huesca, Spain. The division's annual production capacity
is 16,000 tons of trichloroisocyanuric acid and 5,000 tons of sodium
dichloroisocyanurate. The company's business operations are classified into
three segments, namely, Chlroine, Intermediate Chemicals and Pharmaceuticals.
For the fiscal year ended 2011, Chlorine accounted for 67.18% of the company's
total revenue, followed by Intermediate Chemicals with 27.46% and
Pharmaceuticals with 5.36% revenue.Ercros research and development activities
(R&D) activities focus on the development of products with increased added
value and optimization of the processes. It also provides technical assistance
to clients to improve their production processes. Geographically, the company's
operations are classified into four regions, namely, Domestic, European Union,
Other OECD Countries and Rest of the World. For the fiscal year ended 2011,
Domestic accounted for 54.05% of the company's total revenue, followed by
European Union with 29.74%, Rest of the World with 9.82% and Other OECD
Countries with 6.39% revenue.
Ercros, S.A. (Ercros) is a chemical manufacturing
company. Its product line comprises hydrochloric acid, acetaldehyde, chlorine,
paraformaldehyde, pentaerythritol, ammonia, caustic soda, polyvinyl chloride,
clarithromycin and erythromycins. The company caters its products to various
markets such as plastics, papers and pulp, pharmaceutical, food, wood and
cosmetics industries. Its business operations are classified into six
divisions, namely, Basic Chemicals, Intermediate Chemicals, Plastics,
Pharmaceuticals, Animal Feed and Water Treatment. Ercros has manufacturing
facilities in various cities across spain, including Tarragona, Vila-seca,
Cardona, Flix, Palos de la Frontera, Huesca, Tortosa, Almussafes, Valencia and
Cerdanyola. Geographically, the company operates in various countries including
Germany, Italy, France, Portugal, Spain and China. Ercros is headquartered in Barcelona,
Spain.The company reported revenues of (Euro) EUR 690.55 million during the
fiscal year ended December 2012, a decrease of 0.97% from 2011. The operating
loss of the company was EUR 2.88 million during the fiscal year 2012, as
against an operating income of EUR 8.79 million during 2011. The net loss of
the company was EUR 12.13 million during the fiscal year 2012, as compared to a
net loss of EUR 0.81 million during 2011.
Chemicals - Diversified (Major)
Brand/Trade Names
·
Fyse
·
Erkimia
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corporate
Family |
Corporate
Structure News: |
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Ercros
SA |
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Ercros SA |
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Company Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Barcelona |
Spain |
Basic Chemical Manufacturing |
870.6 |
1,620 |
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Division |
Aranjuez, Madrid |
Spain |
Pharmaceutical Manufacturing |
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200 |
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Division |
Barcelona |
Spain |
Pharmaceutical Manufacturing |
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100 |
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Facility |
Sabinanigo, Huesca |
Spain |
Basic Chemical Manufacturing |
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219 |
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Ercros SA -
Basic Chemicals Division - Palos de la Frontera Factory |
Facility |
Huelva |
Spain |
Basic Chemical Manufacturing |
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152 |
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Facility |
Tarragona |
Spain |
Pharmaceutical Manufacturing |
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Facility |
Flix, Tarragona |
Spain |
Basic Chemical Manufacturing |
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Facility |
Vila-seca, Tarragona |
Spain |
Basic Chemical Manufacturing |
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Division |
Barcelona |
Spain |
Miscellaneous Chemical Manufacturing |
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30 |
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Facility |
Sabinanigo, Huesca |
Spain |
Miscellaneous Chemical Manufacturing |
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Division |
Barcelona |
Spain |
Basic Chemical Manufacturing |
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Ercros SA -
Intermediate Chemicals Division - Tortosa Factory |
Facility |
Tortosa, Tarragona |
Spain |
Basic Chemical Manufacturing |
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101 |
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Ercros SA -
Intermediate Chemicals Division - Cerdanyola Factory |
Facility |
Cerdanyola del Valles, Barcelona |
Spain |
Synthetic Chemical Manufacturing |
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50 |
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Division |
Barcelona |
Spain |
Food Manufacturing |
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Facility |
Flix, Tarragona |
Spain |
Basic Chemical Manufacturing |
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245 |
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Facility |
Cartagena, Murcia |
Spain |
Food Manufacturing |
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Division |
Barcelona |
Spain |
Rubber and Plastic Product Manufacturing |
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Competitors
Report
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Company Name |
Location |
Employees |
Ownership |
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Grifols SA |
Barcelona, Spain |
11,418 |
Public |
|
La Seda de Barcelona SA |
El Prat De Llobregat, Spain |
1,696 |
Public |
|
Versalis SpA |
San Donato Milanese, MI, Italy |
4,717 |
Public |
|
Zeltia SA |
Madrid, Spain |
640 |
Public |
EXECUTIVE REPORT
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Board of
Directors |
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Chief Executive Officer, Chairman of the Board, Executive Director |
Chairman |
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Independent Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Member Of The Board |
Director/Board Member |
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Member Of The Board, Member Of The Executive Comm. |
Director/Board Member |
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Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Executives |
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General Director of Business |
Chief Executive Officer |
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Chief Executive Officer |
Chief Executive Officer |
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Chief Executive Officer, Chairman of the Board, Executive Director |
Chief Executive Officer |
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Manager, Water Treatment Division |
Division Head Executive |
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Director of Pharmaceuticals Division |
Division Head Executive |
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Director-Animal Feed Division |
Division Head Executive |
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Director of Plastics Division |
Division Head Executive |
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Director of Basic Chemicals Division |
Division Head Executive |
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Manager, Emulsions Division |
Division Head Executive |
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Director of Intermediate Chemicals Division |
Division Head Executive |
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Sustainable Development Manager |
Environment/Safety Executive |
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Chief Administrative Officer |
Administration Executive |
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General Secretary |
Company Secretary |
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Director of Legal Affairs, Non-Member Secretary of the Board |
Company Secretary |
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Vice Secretary |
Company Secretary |
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Finance Director |
Finance Executive |
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Chief Financial and Economic Officer |
Finance Executive |
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Controller |
Controller |
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Human Resources Manager |
Human Resources Executive |
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Director of Human Resources |
Human Resources Executive |
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Chief Information Systems Officer |
Information Executive |
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Chief Technology and Innovation Officer |
Engineering/Technical Executive |
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Director of Integral Logistics |
Logistics Executive |
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Director for Sustainable Development |
Other |
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Significant
Developments
Ercros SA To Sell
Its Nitric Acid Plant In Tarragona To Maxam Chem SL Jul 31, 2013
Ercros SA
announced that it has formalized sale of its nitric acid plant in Tarragona to
Maxam Chem SL. The nitric acid plant has a capacity of 39,000 tons per year.
Ercros SA Reaches
Agreement With Union Representatives On Restructuring Plan Mar 22, 2013
Ercros SA
announced that it has executed a voluntary dismissal program (ERE) that will
affect 97 people (6% of the current workforce), 101 people less than originally
contemplated as a result of negotiations conducted with the union
representatives on restructuring plan. The restructuring plan will take place
between April 2013 and December 2013, as follows: Flix factory will reduce one
third of chlorine production, which will affect 75 employees of the center's
staff (14 of whom partially retired). Cartagena factory will maintain
monocalcium phosphate production. The redundancy provided by this center will
affect 6 people (one of whom partially retired). Factories Cardona and Vila-seca
II will carried out adjustments resulting from the previous actions that will
affect 16 people (three of whom partially retired).
Ercros SA
Announces Admission To Trading Of Its New Shares Jan 31, 2013
Ercros SA
announced that on January 31, 2013 it completed the record of admission to
trading of its 1,183,790 ordinary shares at a nominal value of EUR 0.30 each,
issued as a result of the capital increase approved by the Board of Directors
on January 11, 2013. It is expected that the new shares will be admitted to
trading on the Stock exchanges of Barcelona, Bilbao, Madrid and Valencia
through the Automated Quotation System on February 1, 2013.
Ercros SA
Announces Further Details On Share Capital Increase Oct 31, 2012
Ercros SA
announced that the new shares, issued as a result of a share capital increase
will be admitted to trading on Madrid, Barcelona, Bilbao and Valencia Stock
Exchanges on November 1, 2012.
Ercros SA
Announces Further Details On Capital Increase Sep 17, 2012
Ercros SA announced
that, in relation to the press release dated March 12, 2012, the Company
proceeds with issuance of 878,255 shares in the total amount of EUR 414,536.36,
at the nominal value of EUR 0.30 per share with the premium of EUR 0.172 per
share, what gives the issuance price of EUR 0.472 per share. New shares
represent 0.873% of total amount of the shares in circulation and as a result,
the Company's capital will amount to EUR 30,450,349.50, represented by
101,501,315 shares.
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AnnuaL profit & loss
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
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Consolidated |
No |
No |
No |
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Charges |
901.4 |
965.5 |
809.1 |
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Stock Reduction |
- |
- |
12.9 |
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Supplies |
458.9 |
505.2 |
380.6 |
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Goods Consumption |
55.4 |
57.0 |
41.8 |
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Consumption of Raw
Materials |
386.8 |
430.6 |
321.1 |
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Miscellaneous External
Expenditures |
16.7 |
17.6 |
17.6 |
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Staff Costs |
106.8 |
115.1 |
113.3 |
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Wages and Salaries |
80.2 |
87.1 |
85.7 |
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Social Security Costs |
26.6 |
27.9 |
27.5 |
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Depreciation |
23.4 |
25.0 |
25.5 |
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Allowance for Trade Operations |
5.1 |
1.9 |
0.4 |
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Stock Provision
Variation |
0.2 |
0.4 |
0.2 |
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Losses from
Unrecovered Receivables |
4.9 |
1.5 |
0.2 |
|
Other Operating Charges |
286.6 |
301.6 |
275.5 |
|
External Services |
277.2 |
289.8 |
263.7 |
|
Taxes |
8.0 |
8.5 |
8.2 |
|
Other Operating
Expenses |
1.3 |
3.2 |
3.7 |
|
Financials and Similar Charges |
14.7 |
15.7 |
7.6 |
|
Due to Liabilities
With Group Companies |
0.2 |
0.0 |
0.1 |
|
Due to Other
Liabilities |
14.5 |
15.7 |
7.5 |
|
Changes in Financial Investment Provisions |
- |
1.3 |
-7.2 |
|
Exchange Losses |
0.6 |
- |
- |
|
Net Financial Income |
- |
- |
0.5 |
|
Changes in Provisions for Assets |
- |
0.2 |
- |
|
Extraordinary Expenses |
6.7 |
- |
0.4 |
|
Extraordinary Profit |
- |
11.6 |
7.4 |
|
Corporation Tax |
-1.3 |
-0.4 |
- |
|
Income |
884.7 |
960.6 |
795.9 |
|
Net Total Sales |
857.8 |
936.1 |
785.2 |
|
Sales |
808.2 |
882.7 |
738.1 |
|
Rendering of Services |
49.6 |
53.4 |
47.0 |
|
Increase in Stocks |
10.2 |
7.0 |
- |
|
Works Performed for Fixed Assets |
0.2 |
0.0 |
0.1 |
|
Miscellaneous Operating Income |
11.5 |
5.3 |
1.9 |
|
Auxiliary Income From
Current Management |
1.8 |
1.2 |
1.8 |
|
Grants |
0.2 |
0.5 |
0.0 |
|
Charges for Provisions |
9.5 |
3.6 |
0.0 |
|
Operating Losses |
1.0 |
0.4 |
21.1 |
|
Income From Miscellaneous Interests |
1.6 |
0.4 |
0.6 |
|
From Group Companies |
- |
0.1 |
0.1 |
|
Miscellaneous
Interests |
0.8 |
0.2 |
0.5 |
|
Profit on Financial
Investment |
0.8 |
- |
- |
|
Gains from Exchange Rate |
- |
- |
0.3 |
|
Negative Financial Results |
13.7 |
16.6 |
- |
|
Ordinary Activities' Losses |
14.8 |
17.0 |
20.7 |
|
Profit on Disposal of Assets |
1.4 |
7.8 |
4.1 |
|
Capital Grants Transferred to Profit and Loss |
2.0 |
1.9 |
3.7 |
|
Extraordinary Income |
- |
2.1 |
- |
|
Negative Extraordinary Results |
3.3 |
- |
- |
|
Losses Before Taxes |
18.0 |
5.4 |
13.2 |
|
Financial Year Result (Losses) |
16.7 |
4.9 |
13.2 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Research and
Development Costs |
0.1 |
0.1 |
0.1 |
|
Concessions, Patents,
Trademarks |
2.0 |
2.0 |
2.1 |
|
Software |
2.4 |
2.5 |
3.2 |
|
Payments on Account |
1.5 |
2.2 |
5.5 |
|
Total Intangible Fixed Assets |
5.9 |
6.8 |
10.9 |
|
Land and Construction |
234.9 |
234.3 |
242.8 |
|
Tangible Fixed Assets
Under Construction |
12.3 |
14.7 |
14.9 |
|
Other Tangible Assets |
151.8 |
143.5 |
167.3 |
|
Total Tangible Fixed Assets |
398.9 |
392.6 |
425.0 |
|
Investments in Group
Companies |
7.8 |
7.8 |
8.0 |
|
Receivables from Group
Companies |
0.4 |
0.4 |
0.4 |
|
Long-Term Securities
Portfolio |
0.7 |
0.6 |
0.4 |
|
Other Receivables |
10.7 |
10.8 |
13.4 |
|
Long-Term Guarantees
and Deposits |
4.7 |
4.5 |
2.8 |
|
Financial Investments |
24.3 |
24.1 |
25.0 |
|
Total Fixed Assets |
429.2 |
423.5 |
460.9 |
|
Raw Materials and
Other Consumables |
38.4 |
43.3 |
36.9 |
|
Goods in Process |
7.5 |
7.3 |
7.8 |
|
Finished Products |
53.7 |
41.3 |
38.9 |
|
Total Stocks |
99.7 |
91.9 |
83.7 |
|
Trade Debtors |
170.3 |
171.6 |
175.9 |
|
Receivables, Group
Companies |
4.1 |
6.0 |
6.3 |
|
Other Debtors |
23.5 |
21.5 |
23.1 |
|
Staff |
- |
- |
0.0 |
|
Public Bodies |
14.4 |
12.4 |
8.1 |
|
Total Debtors |
212.2 |
211.5 |
213.4 |
|
Receivables from Group
Companies |
- |
- |
1.7 |
|
Short-Term Securities
Portfolio |
- |
0.4 |
8.7 |
|
Other Receivables |
3.9 |
1.8 |
26.4 |
|
Short-Term Guarantees
and Deposits |
33.2 |
34.2 |
58.8 |
|
Total Short-Term Investments |
37.2 |
36.4 |
95.4 |
|
Cash |
13.6 |
8.1 |
- |
|
Prepayments and Accrued Income |
0.4 |
0.8 |
0.8 |
|
Total Current Assets |
363.0 |
348.7 |
393.3 |
|
Total Assets |
792.2 |
772.3 |
854.2 |
|
Legal Reserve |
20.4 |
20.1 |
20.7 |
|
Miscellaneous Reserves |
216.7 |
219.1 |
252.7 |
|
Total Reserves |
237.1 |
239.1 |
273.5 |
|
Profit or Loss for the Financial Year |
-17.2 |
-4.6 |
-13.4 |
|
Total Equity |
260.4 |
273.7 |
300.6 |
|
Capital Grants |
3.0 |
2.8 |
1.8 |
|
Total Deferred Income |
3.0 |
2.8 |
1.8 |
|
Provisions for Pension
Fund |
2.0 |
1.7 |
1.9 |
|
Other Provisions |
1.9 |
8.0 |
23.1 |
|
Total Provisions for Liabilities and Charges |
3.8 |
9.6 |
25.0 |
|
Loans and Other
Liabilities |
4.6 |
9.9 |
1.0 |
|
Long-Term Liabilities
from Capital Leases |
0.1 |
0.6 |
1.4 |
|
Total Amounts Owed to Credit Institutions |
4.7 |
10.5 |
2.4 |
|
Amounts Owed to Group
Companies |
3.0 |
2.9 |
1.0 |
|
Total Debts with Group or Affiliated Companies |
3.0 |
2.9 |
1.0 |
|
Other Creditors |
70.1 |
73.6 |
64.1 |
|
Long-Term Payables to
Public Bodies |
46.4 |
47.2 |
47.8 |
|
Total Other Creditors |
116.6 |
120.8 |
111.9 |
|
Total Long Term Liabilities |
124.2 |
134.3 |
115.3 |
|
Loans and Other
Liabilities |
120.1 |
103.0 |
49.3 |
|
Short-Term Liabilities
from Capital Leases |
0.6 |
0.9 |
1.4 |
|
Total Amounts Owed to Credit Institutions |
120.7 |
103.9 |
50.7 |
|
Amounts Owed to Group
Companies |
9.5 |
7.5 |
6.1 |
|
Total Short-Term Amounts Owed to Group and
Associa |
9.5 |
7.5 |
6.1 |
|
Advanced Payments from
Customers |
1.8 |
1.2 |
3.1 |
|
Amounts Owed for
Purchases of Goods or Services |
221.5 |
191.0 |
172.2 |
|
Total Trade Creditors |
223.3 |
192.2 |
175.4 |
|
Public Bodies |
11.5 |
10.5 |
7.3 |
|
Miscellaneous Debts |
29.5 |
28.9 |
156.1 |
|
Wages and Salaries
Payable |
4.9 |
5.8 |
11.6 |
|
Total Other Creditors |
46.0 |
45.2 |
175.0 |
|
Total Short Term Creditors |
399.5 |
348.8 |
407.1 |
|
Short Term Provisions for Liabilities and Charges |
1.4 |
3.1 |
4.4 |
|
Total Liabilities and Equity |
792.2 |
772.3 |
854.2 |
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 |
Restated Normal |
Updated 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 |
Ernst &
Young S.L. |
Ernst &
Young S.L. |
Ernst &
Young S.L. |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
870.6 |
953.9 |
806.9 |
792.5 |
1,220.8 |
|
Revenue |
870.6 |
953.9 |
806.9 |
792.5 |
1,220.8 |
|
Other Revenue |
- |
- |
- |
50.7 |
30.0 |
|
Other Revenue, Total |
- |
- |
- |
50.7 |
30.0 |
|
Total Revenue |
870.6 |
953.9 |
806.9 |
843.2 |
1,250.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
458.1 |
510.5 |
409.9 |
400.5 |
692.7 |
|
Cost of Revenue, Total |
458.1 |
510.5 |
409.9 |
400.5 |
692.7 |
|
Gross Profit |
412.5 |
443.4 |
397.0 |
392.0 |
528.1 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
55.6 |
- |
- |
- |
- |
|
Labor & Related Expense |
110.6 |
117.7 |
117.5 |
147.7 |
155.7 |
|
Advertising Expense |
0.6 |
0.5 |
0.6 |
- |
- |
|
Total Selling/General/Administrative Expenses |
166.8 |
118.2 |
118.1 |
147.7 |
155.7 |
|
Research & Development |
0.4 |
0.4 |
0.4 |
- |
- |
|
Depreciation |
23.4 |
25.0 |
25.6 |
23.4 |
57.3 |
|
Depreciation/Amortization |
23.4 |
25.0 |
25.6 |
23.4 |
57.3 |
|
Litigation |
5.8 |
0.4 |
0.2 |
22.6 |
- |
|
Impairment-Assets Held for Use |
0.0 |
-0.2 |
0.1 |
- |
290.0 |
|
Unusual Expense (Income) |
5.8 |
0.2 |
0.4 |
22.6 |
290.0 |
|
Other Operating Expense |
231.3 |
303.1 |
276.3 |
313.8 |
341.2 |
|
Other, Net |
-11.6 |
-15.7 |
-12.3 |
- |
- |
|
Other Operating Expenses, Total |
219.7 |
287.4 |
264.1 |
313.8 |
341.2 |
|
Total Operating Expense |
874.3 |
941.7 |
818.5 |
908.0 |
1,537.0 |
|
|
|
|
|
|
|
|
Operating Income |
-3.7 |
12.2 |
-11.6 |
-64.8 |
-286.2 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-5.0 |
-3.9 |
-0.4 |
-0.9 |
-1.8 |
|
Interest Expense, Net Non-Operating |
-5.0 |
-3.9 |
-0.4 |
-0.9 |
-1.8 |
|
Interest Income -
Non-Operating |
0.1 |
0.1 |
0.0 |
0.0 |
0.8 |
|
Investment Income -
Non-Operating |
-0.2 |
1.7 |
0.3 |
-1.3 |
-1.1 |
|
Interest/Investment Income - Non-Operating |
-0.1 |
1.8 |
0.3 |
-1.3 |
-0.3 |
|
Interest Income (Expense) - Net Non-Operating Total |
-5.2 |
-2.1 |
-0.1 |
-2.1 |
-2.1 |
|
Other Non-Operating Income (Expense) |
-9.1 |
-11.6 |
-6.8 |
-2.4 |
-9.1 |
|
Other, Net |
-9.1 |
-11.6 |
-6.8 |
-2.4 |
-9.1 |
|
Income Before Tax |
-17.9 |
-1.5 |
-18.4 |
-69.4 |
-297.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
-1.2 |
-0.2 |
0.1 |
1.5 |
0.0 |
|
Income After Tax |
-16.7 |
-1.3 |
-18.5 |
-70.9 |
-297.4 |
|
|
|
|
|
|
|
|
Minority Interest |
1.1 |
0.1 |
-0.3 |
0.5 |
-0.5 |
|
Net Income Before Extraord Items |
-15.6 |
-1.1 |
-18.8 |
-70.4 |
-297.9 |
|
Discontinued Operations |
- |
0.0 |
2.1 |
1.6 |
0.4 |
|
Total Extraord Items |
- |
0.0 |
2.1 |
1.6 |
0.4 |
|
Net Income |
-15.6 |
-1.1 |
-16.7 |
-68.8 |
-297.5 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
-15.6 |
-1.1 |
-18.8 |
-70.4 |
-297.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-15.6 |
-1.1 |
-16.7 |
-68.8 |
-297.5 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
101.5 |
100.6 |
100.6 |
100.6 |
100.6 |
|
Basic EPS Excl Extraord Items |
-0.15 |
-0.01 |
-0.19 |
-0.70 |
-2.96 |
|
Basic/Primary EPS Incl Extraord Items |
-0.15 |
-0.01 |
-0.17 |
-0.68 |
-2.96 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-15.6 |
-1.1 |
-16.7 |
-68.8 |
-297.5 |
|
Diluted Weighted Average Shares |
101.5 |
100.6 |
100.6 |
100.6 |
100.6 |
|
Diluted EPS Excl Extraord Items |
-0.15 |
-0.01 |
-0.19 |
-0.70 |
-2.96 |
|
Diluted EPS Incl Extraord Items |
-0.15 |
-0.01 |
-0.17 |
-0.68 |
-2.96 |
|
Dividends per Share - Common Stock Primary Issue |
- |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
5.0 |
3.9 |
0.4 |
0.9 |
1.8 |
|
Depreciation, Supplemental |
23.4 |
24.3 |
25.0 |
22.6 |
57.6 |
|
Total Special Items |
5.8 |
0.2 |
0.4 |
22.6 |
290.0 |
|
Normalized Income Before Tax |
-12.1 |
-1.3 |
-18.1 |
-46.7 |
-7.4 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
2.0 |
0.1 |
0.1 |
7.9 |
101.5 |
|
Inc Tax Ex Impact of Sp Items |
0.8 |
-0.2 |
0.2 |
9.5 |
101.5 |
|
Normalized Income After Tax |
-13.0 |
-1.2 |
-18.3 |
-56.2 |
-108.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-11.8 |
-1.0 |
-18.5 |
-55.7 |
-109.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.12 |
-0.01 |
-0.18 |
-0.55 |
-1.09 |
|
Diluted Normalized EPS |
-0.12 |
-0.01 |
-0.18 |
-0.55 |
-1.09 |
|
Amort of Intangibles, Supplemental |
0.7 |
0.7 |
0.6 |
0.5 |
0.2 |
|
Rental Expenses |
11.4 |
13.1 |
13.5 |
16.0 |
17.6 |
|
Advertising Expense, Supplemental |
0.6 |
0.5 |
0.6 |
0.9 |
1.1 |
|
Research & Development Exp, Supplemental |
0.4 |
0.4 |
0.4 |
0.4 |
0.6 |
|
Normalized EBIT |
2.1 |
12.4 |
-11.2 |
-42.2 |
3.8 |
|
Normalized EBITDA |
26.2 |
37.4 |
14.4 |
-19.0 |
61.6 |
|
Current Tax - Total |
0.1 |
-0.4 |
0.3 |
0.2 |
-0.8 |
|
Current Tax - Total |
0.1 |
-0.4 |
0.3 |
0.2 |
-0.8 |
|
Deferred Tax - Total |
-1.3 |
0.2 |
-0.2 |
1.3 |
0.8 |
|
Deferred Tax - Total |
-1.3 |
0.2 |
-0.2 |
1.3 |
0.8 |
|
Income Tax - Total |
-1.2 |
-0.2 |
0.1 |
1.5 |
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 |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
|
Auditor |
Ernst &
Young S.L. |
Ernst &
Young S.L. |
Ernst &
Young S.L. |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
15.3 |
9.8 |
23.4 |
21.0 |
3.0 |
|
Cash and Short Term Investments |
15.3 |
9.8 |
23.4 |
21.0 |
3.0 |
|
Accounts Receivable -
Trade, Gross |
195.9 |
195.4 |
224.3 |
217.7 |
309.8 |
|
Provision for Doubtful
Accounts |
-19.7 |
-14.4 |
-14.0 |
-14.6 |
-10.5 |
|
Trade Accounts Receivable - Net |
176.2 |
181.0 |
210.4 |
203.1 |
299.3 |
|
Other Receivables |
23.4 |
21.3 |
- |
- |
- |
|
Total Receivables, Net |
199.6 |
202.3 |
210.4 |
203.1 |
299.3 |
|
Inventories - Finished Goods |
61.3 |
48.5 |
49.0 |
71.5 |
103.9 |
|
Inventories - Other |
39.0 |
46.8 |
41.6 |
34.7 |
53.2 |
|
Total Inventory |
100.3 |
95.4 |
90.7 |
106.1 |
157.1 |
|
Restricted Cash - Current |
- |
- |
22.3 |
30.0 |
35.8 |
|
Discontinued Operations - Current Asset |
2.6 |
0.0 |
0.0 |
14.0 |
0.0 |
|
Other Current Assets |
44.3 |
44.1 |
22.9 |
26.3 |
13.3 |
|
Other Current Assets, Total |
46.9 |
44.1 |
45.2 |
70.2 |
49.1 |
|
Total Current Assets |
362.1 |
351.5 |
369.7 |
400.5 |
508.5 |
|
|
|
|
|
|
|
|
Land/Improvements |
267.9 |
263.7 |
279.6 |
302.6 |
325.8 |
|
Machinery/Equipment |
1,254.8 |
1,219.3 |
1,302.4 |
1,398.9 |
1,282.7 |
|
Construction in
Progress |
18.8 |
21.1 |
21.4 |
31.5 |
50.2 |
|
Other Property/Plant/Equipment |
26.6 |
26.1 |
30.6 |
35.2 |
34.9 |
|
Property/Plant/Equipment - Gross |
1,568.0 |
1,530.1 |
1,633.9 |
1,768.2 |
1,693.6 |
|
Accumulated Depreciation |
-1,201.7 |
-1,167.0 |
-1,235.4 |
-1,322.6 |
-1,267.0 |
|
Property/Plant/Equipment - Net |
366.3 |
363.1 |
398.5 |
445.6 |
426.6 |
|
Goodwill - Gross |
0.1 |
- |
- |
- |
- |
|
Accumulated Goodwill Amortization |
-0.1 |
- |
- |
- |
- |
|
Goodwill, Net |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Intangibles - Gross |
20.0 |
20.3 |
24.5 |
23.9 |
24.3 |
|
Accumulated Intangible Amortization |
-14.0 |
-13.1 |
-13.1 |
-12.2 |
-11.8 |
|
Intangibles, Net |
5.9 |
7.3 |
11.4 |
11.7 |
12.5 |
|
LT Investment - Affiliate Companies |
8.1 |
7.5 |
6.1 |
6.6 |
6.4 |
|
LT Investments - Other |
58.4 |
52.2 |
45.4 |
49.1 |
22.8 |
|
Long Term Investments |
66.4 |
59.8 |
51.6 |
55.7 |
29.1 |
|
Deferred Income Tax - Long Term Asset |
4.4 |
4.4 |
4.6 |
4.8 |
6.0 |
|
Other Long Term Assets |
-5.4 |
- |
- |
- |
- |
|
Other Long Term Assets, Total |
-1.0 |
4.4 |
4.6 |
4.8 |
6.0 |
|
Total Assets |
799.9 |
786.1 |
835.8 |
918.4 |
982.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
227.2 |
201.0 |
190.2 |
195.0 |
187.0 |
|
Accrued Expenses |
5.0 |
5.9 |
11.8 |
6.6 |
6.5 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
133.0 |
105.2 |
147.7 |
60.9 |
115.2 |
|
Other Payables |
12.6 |
11.4 |
11.8 |
12.5 |
2.8 |
|
Discontinued Operations - Current Liability |
- |
0.0 |
0.0 |
3.1 |
0.0 |
|
Other Current Liabilities |
22.0 |
32.6 |
41.5 |
15.9 |
72.0 |
|
Other Current liabilities, Total |
34.6 |
44.0 |
53.3 |
31.6 |
74.9 |
|
Total Current Liabilities |
399.8 |
356.2 |
403.1 |
294.1 |
383.6 |
|
|
|
|
|
|
|
|
Long Term Debt |
74.6 |
9.9 |
1.0 |
103.2 |
101.9 |
|
Capital Lease Obligations |
0.1 |
0.6 |
1.4 |
2.8 |
1.8 |
|
Total Long Term Debt |
74.7 |
10.5 |
2.4 |
106.0 |
103.7 |
|
Total Debt |
207.7 |
115.8 |
150.1 |
166.9 |
219.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
47.9 |
48.8 |
49.4 |
52.5 |
49.3 |
|
Deferred Income Tax |
47.9 |
48.8 |
49.4 |
52.5 |
49.3 |
|
Minority Interest |
- |
0.5 |
0.6 |
0.4 |
1.8 |
|
Reserves |
40.2 |
45.9 |
57.1 |
90.9 |
70.1 |
|
Other Long Term Liabilities |
7.4 |
81.8 |
71.0 |
80.1 |
18.6 |
|
Other Liabilities, Total |
47.7 |
127.7 |
128.0 |
171.1 |
88.7 |
|
Total Liabilities |
570.1 |
543.7 |
583.5 |
624.1 |
627.1 |
|
|
|
|
|
|
|
|
Common Stock |
40.2 |
39.2 |
40.5 |
231.0 |
503.5 |
|
Common Stock |
40.2 |
39.2 |
40.5 |
231.0 |
503.5 |
|
Additional Paid-In Capital |
- |
- |
- |
0.0 |
151.7 |
|
Retained Earnings (Accumulated Deficit) |
210.3 |
222.7 |
231.9 |
84.8 |
-278.7 |
|
Other Equity |
-20.7 |
-19.4 |
-20.1 |
-21.5 |
-20.8 |
|
Other Equity, Total |
-20.7 |
-19.4 |
-20.1 |
-21.5 |
-20.8 |
|
Total Equity |
229.8 |
242.4 |
252.3 |
294.3 |
355.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
799.9 |
786.1 |
835.8 |
918.4 |
982.8 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
101.5 |
100.6 |
100.6 |
100.6 |
100.6 |
|
Total Common Shares Outstanding |
101.5 |
100.6 |
100.6 |
100.6 |
100.6 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Employees |
1,620 |
1,573 |
1,610 |
1,713 |
1,898 |
|
Accumulated Goodwill Amortization Suppl. |
0.1 |
- |
- |
- |
- |
|
Accumulated Intangible Amort, Suppl. |
14.0 |
13.1 |
13.1 |
12.2 |
11.9 |
|
Total Long Term Debt, Supplemental |
236.6 |
114.9 |
53.0 |
61.2 |
117.9 |
|
Long Term Debt Maturing within 1 Year |
161.9 |
104.4 |
50.7 |
59.4 |
113.3 |
|
Long Term Debt Maturing in Year 2 |
14.5 |
0.6 |
0.8 |
0.9 |
2.7 |
|
Long Term Debt Maturing in Year 3 |
12.2 |
10.0 |
1.5 |
0.4 |
1.0 |
|
Long Term Debt Maturing in Year 4 |
12.4 |
- |
0.1 |
0.5 |
0.4 |
|
Long Term Debt Maturing in Year 5 |
10.7 |
- |
0.0 |
0.1 |
0.2 |
|
Long Term Debt Maturing in 2-3 Years |
26.6 |
10.5 |
2.3 |
1.3 |
3.7 |
|
Long Term Debt Maturing in 4-5 Years |
23.1 |
- |
0.1 |
0.5 |
0.6 |
|
Long Term Debt Matur. in Year 6 & Beyond |
24.9 |
0.0 |
0.0 |
0.0 |
0.3 |
|
Total Capital Leases, Supplemental |
- |
1.5 |
2.8 |
4.3 |
3.7 |
|
Capital Lease Payments Due in Year 1 |
- |
0.9 |
1.4 |
1.5 |
1.9 |
|
Capital Lease Payments Due in Year 2 |
- |
0.6 |
0.8 |
1.0 |
0.8 |
|
Capital Lease Payments Due in Year 3 |
- |
0.1 |
0.5 |
0.6 |
0.7 |
|
Capital Lease Payments Due in Year 4 |
- |
- |
0.1 |
0.3 |
0.3 |
|
Capital Lease Payments Due in 2-3 Years |
- |
0.6 |
1.3 |
1.6 |
1.5 |
|
Capital Lease Payments Due in 4-5 Years |
- |
- |
0.1 |
0.3 |
0.3 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
- |
0.0 |
0.9 |
0.0 |
|
Total Operating Leases, Supplemental |
4.8 |
6.4 |
9.2 |
1.1 |
2.3 |
|
Operating Lease Payments Due in Year 1 |
1.3 |
2.3 |
2.1 |
1.1 |
1.2 |
|
Operating Lease Payments Due in Year 2 |
0.9 |
1.0 |
1.8 |
- |
1.2 |
|
Operating Lease Payments Due in Year 3 |
0.9 |
1.0 |
1.8 |
- |
- |
|
Operating Lease Payments Due in Year 4 |
0.9 |
1.0 |
1.8 |
- |
- |
|
Operating Lease Payments Due in Year 5 |
0.9 |
1.0 |
1.8 |
- |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
1.7 |
2.0 |
3.6 |
- |
1.2 |
|
Operating Lease Pymts. Due in 4-5 Years |
1.7 |
2.0 |
3.6 |
- |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-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 |
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 |
Ernst &
Young S.L. |
Ernst &
Young S.L. |
Ernst &
Young S.L. |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-17.9 |
-1.5 |
-18.4 |
-70.9 |
-297.4 |
|
Depreciation |
23.4 |
25.0 |
25.6 |
23.4 |
58.1 |
|
Depreciation/Depletion |
23.4 |
25.0 |
25.6 |
23.4 |
58.1 |
|
Discontinued Operations |
- |
- |
2.1 |
1.6 |
0.4 |
|
Unusual Items |
2.2 |
-3.9 |
-10.5 |
-24.9 |
285.3 |
|
Other Non-Cash Items |
4.1 |
6.7 |
4.1 |
43.9 |
17.0 |
|
Non-Cash Items |
6.4 |
2.7 |
-4.3 |
20.6 |
302.7 |
|
Accounts Receivable |
2.0 |
0.4 |
-21.0 |
81.8 |
-3.0 |
|
Inventories |
-4.1 |
-11.4 |
13.1 |
35.4 |
-26.1 |
|
Other Assets |
0.9 |
3.5 |
1.7 |
-13.4 |
26.2 |
|
Accounts Payable |
24.4 |
19.9 |
-2.0 |
0.8 |
-24.3 |
|
Other Liabilities |
0.0 |
-12.2 |
-3.3 |
6.1 |
-26.4 |
|
Other Operating Cash Flow |
-10.4 |
-10.4 |
-5.4 |
-27.0 |
-9.9 |
|
Changes in Working Capital |
12.8 |
-10.3 |
-16.8 |
83.8 |
-63.5 |
|
Cash from Operating Activities |
24.6 |
16.0 |
-14.0 |
56.9 |
0.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-20.3 |
-11.3 |
-10.7 |
-50.9 |
-56.6 |
|
Purchase/Acquisition of Intangibles |
-0.4 |
0.3 |
0.0 |
-2.3 |
-1.1 |
|
Capital Expenditures |
-20.6 |
-11.0 |
-10.7 |
-53.2 |
-57.7 |
|
Acquisition of Business |
- |
- |
0.0 |
-1.7 |
0.0 |
|
Sale of Fixed Assets |
0.0 |
2.5 |
2.8 |
0.1 |
0.5 |
|
Sale/Maturity of Investment |
- |
- |
0.5 |
2.9 |
0.7 |
|
Purchase of Investments |
-0.1 |
-0.2 |
0.0 |
-0.8 |
-1.0 |
|
Sale of Intangible Assets |
1.4 |
6.8 |
2.1 |
2.9 |
4.8 |
|
Other Investing Cash Flow |
- |
- |
12.2 |
0.0 |
60.9 |
|
Other Investing Cash Flow Items, Total |
1.2 |
9.1 |
17.5 |
3.4 |
65.9 |
|
Cash from Investing Activities |
-19.4 |
-1.8 |
6.8 |
-49.8 |
8.2 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.0 |
4.6 |
- |
- |
- |
|
Financing Cash Flow Items |
0.0 |
4.6 |
- |
- |
- |
|
Cash Dividends Paid - Common |
-0.8 |
-0.8 |
-0.8 |
-1.7 |
-5.0 |
|
Total Cash Dividends Paid |
-0.8 |
-0.8 |
-0.8 |
-1.7 |
-5.0 |
|
Sale/Issuance of
Common |
- |
- |
- |
- |
0.0 |
|
Repurchase/Retirement
of Common |
-0.3 |
- |
- |
- |
- |
|
Common Stock, Net |
-0.3 |
- |
- |
- |
0.0 |
|
Issuance (Retirement) of Stock, Net |
-0.3 |
- |
- |
- |
0.0 |
|
Long Term Debt Issued |
17.2 |
116.0 |
8.5 |
56.0 |
124.3 |
|
Long Term Debt
Reduction |
-16.1 |
-170.8 |
-2.4 |
-50.8 |
-136.0 |
|
Long Term Debt, Net |
1.1 |
-54.9 |
6.1 |
5.2 |
-11.7 |
|
Issuance (Retirement) of Debt, Net |
1.1 |
-54.9 |
6.1 |
5.2 |
-11.7 |
|
Cash from Financing Activities |
-0.1 |
-51.1 |
5.3 |
3.5 |
-16.6 |
|
|
|
|
|
|
|
|
Net Change in Cash |
5.2 |
-36.9 |
-1.9 |
10.6 |
-8.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
9.7 |
47.4 |
47.1 |
38.8 |
49.3 |
|
Net Cash - Ending Balance |
14.9 |
10.5 |
45.2 |
49.5 |
40.9 |
|
Cash Interest Paid |
11.0 |
10.6 |
5.5 |
6.2 |
12.3 |
|
Cash Taxes Paid |
- |
0.2 |
1.0 |
0.0 |
0.2 |
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 |
Restated Normal |
Updated 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 |
Ernst &
Young S.L. |
Ernst &
Young S.L. |
Ernst &
Young S.L. |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales of Products |
870.6 |
953.9 |
806.9 |
792.5 |
1,220.8 |
|
Other Op. Income |
- |
- |
- |
50.7 |
30.0 |
|
Total Revenue |
870.6 |
953.9 |
806.9 |
843.2 |
1,250.7 |
|
|
|
|
|
|
|
|
Rental Expense |
11.4 |
- |
- |
- |
- |
|
Operations and Maintenance |
36.1 |
- |
- |
- |
- |
|
Property and Other Taxes |
8.1 |
- |
- |
- |
- |
|
Own Work Capitalized |
-0.2 |
- |
- |
- |
- |
|
Gains/Stocks |
-11.0 |
-4.4 |
12.9 |
-8.7 |
-4.1 |
|
Purchases |
469.3 |
514.9 |
397.0 |
409.2 |
696.8 |
|
Personnel Expenses |
110.6 |
117.7 |
117.5 |
147.7 |
155.7 |
|
Depreciation/Amortization |
23.4 |
25.0 |
25.6 |
23.4 |
57.3 |
|
Operating Provisions |
5.0 |
- |
- |
- |
- |
|
Other Op. Income |
-16.6 |
-15.7 |
-12.3 |
- |
- |
|
Other External Expenses - Third Parties |
6.8 |
- |
- |
- |
- |
|
Other Op. Expenses |
224.5 |
- |
- |
- |
- |
|
Other Op. Expenses |
- |
303.1 |
276.3 |
313.8 |
341.2 |
|
Research and Development |
0.4 |
0.4 |
0.4 |
- |
- |
|
Advertising |
0.6 |
0.5 |
0.6 |
- |
- |
|
Litigation |
5.8 |
0.4 |
0.2 |
22.6 |
- |
|
Impairment of Assets |
0.0 |
-0.2 |
0.1 |
- |
- |
|
Assets Impairment |
- |
- |
- |
- |
290.0 |
|
Total Operating Expense |
874.3 |
941.7 |
818.5 |
908.0 |
1,537.0 |
|
|
|
|
|
|
|
|
Interest Income |
0.1 |
0.1 |
0.0 |
0.0 |
0.8 |
|
Financial Income - Balancing value |
0.8 |
- |
- |
- |
- |
|
Financial Expenses - Balancing value |
-9.9 |
- |
- |
- |
- |
|
Other Financial Income |
- |
0.4 |
0.6 |
3.9 |
3.9 |
|
Financial Expenses |
- |
-12.0 |
-7.4 |
-6.3 |
-12.9 |
|
Interest Expense |
-5.0 |
-3.9 |
-0.4 |
-0.9 |
-1.8 |
|
FOREX, Net |
-0.7 |
0.0 |
0.3 |
-1.3 |
-1.1 |
|
Equity Method |
0.4 |
1.7 |
- |
- |
- |
|
Net Income Before Taxes |
-17.9 |
-1.5 |
-18.4 |
-69.4 |
-297.4 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
-1.2 |
-0.2 |
0.1 |
1.5 |
0.0 |
|
Net Income After Taxes |
-16.7 |
-1.3 |
-18.5 |
-70.9 |
-297.4 |
|
|
|
|
|
|
|
|
Minority Interest |
1.1 |
0.1 |
-0.3 |
0.5 |
-0.5 |
|
Net Income Before Extra. Items |
-15.6 |
-1.1 |
-18.8 |
-70.4 |
-297.9 |
|
Discontinued Operations |
- |
0.0 |
2.1 |
1.6 |
0.4 |
|
Net Income |
-15.6 |
-1.1 |
-16.7 |
-68.8 |
-297.5 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-15.6 |
-1.1 |
-18.8 |
-70.4 |
-297.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-15.6 |
-1.1 |
-16.7 |
-68.8 |
-297.5 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
101.5 |
100.6 |
100.6 |
100.6 |
100.6 |
|
Basic EPS Excluding ExtraOrdinary Items |
-0.15 |
-0.01 |
-0.19 |
-0.70 |
-2.96 |
|
Basic EPS Including ExtraOrdinary Items |
-0.15 |
-0.01 |
-0.17 |
-0.68 |
-2.96 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-15.6 |
-1.1 |
-16.7 |
-68.8 |
-297.5 |
|
Diluted Weighted Average Shares |
101.5 |
100.6 |
100.6 |
100.6 |
100.6 |
|
Diluted EPS Excluding ExtraOrd Items |
-0.15 |
-0.01 |
-0.19 |
-0.70 |
-2.96 |
|
Diluted EPS Including ExtraOrd Items |
-0.15 |
-0.01 |
-0.17 |
-0.68 |
-2.96 |
|
DPS-Ordinary Shares |
- |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
-12.1 |
-1.3 |
-18.1 |
-46.7 |
-7.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.8 |
-0.2 |
0.2 |
9.5 |
101.5 |
|
Normalized Income After Taxes |
-13.0 |
-1.2 |
-18.3 |
-56.2 |
-108.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-11.8 |
-1.0 |
-18.5 |
-55.7 |
-109.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.12 |
-0.01 |
-0.18 |
-0.55 |
-1.09 |
|
Diluted Normalized EPS |
-0.12 |
-0.01 |
-0.18 |
-0.55 |
-1.09 |
|
Interest Expense |
5.0 |
- |
- |
- |
- |
|
Interest Expense |
- |
3.9 |
0.4 |
0.9 |
1.8 |
|
Depreciation |
23.4 |
24.3 |
25.0 |
22.6 |
57.6 |
|
Amortization of Intangibles |
0.7 |
0.7 |
0.6 |
0.5 |
0.2 |
|
Research & Development Exp, Supplemental |
0.4 |
0.4 |
0.4 |
0.4 |
0.6 |
|
Rental Expense, Supplemental |
11.4 |
13.1 |
13.5 |
16.0 |
17.6 |
|
Advertising Expense, Supplemental |
0.6 |
0.5 |
0.6 |
0.9 |
1.1 |
|
Current Tax, Total |
0.1 |
-0.4 |
0.3 |
0.2 |
-0.8 |
|
Current Tax - Total |
0.1 |
-0.4 |
0.3 |
0.2 |
-0.8 |
|
Deferred Tax, Total |
-1.3 |
0.2 |
-0.2 |
1.3 |
0.8 |
|
Deferred Tax - Total |
-1.3 |
0.2 |
-0.2 |
1.3 |
0.8 |
|
Income Tax - Total |
-1.2 |
-0.2 |
0.1 |
1.5 |
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 |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
|
Auditor |
Ernst &
Young S.L. |
Ernst &
Young S.L. |
Ernst &
Young S.L. |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Other Inventories |
39.0 |
44.6 |
38.0 |
34.7 |
53.2 |
|
Finished Goods |
61.3 |
48.5 |
49.0 |
71.5 |
103.9 |
|
Advances to Suppliers |
0.0 |
2.2 |
3.7 |
- |
- |
|
Accounts Rcvbl. |
195.9 |
195.4 |
224.3 |
217.7 |
309.8 |
|
Provisions |
-19.7 |
-14.4 |
-14.0 |
-14.6 |
-10.5 |
|
Other Receivable |
23.4 |
21.3 |
- |
- |
- |
|
Cash and Equivalents |
15.3 |
9.8 |
23.4 |
21.0 |
3.0 |
|
Asset Securization Fund |
- |
- |
22.3 |
30.0 |
35.8 |
|
Other Current Assets |
44.3 |
44.1 |
22.9 |
26.3 |
13.3 |
|
ST Assets from Discount. Ops. |
2.6 |
0.0 |
0.0 |
14.0 |
0.0 |
|
Total Current Assets |
362.1 |
351.5 |
369.7 |
400.5 |
508.5 |
|
|
|
|
|
|
|
|
R&D Costs, Gross |
0.6 |
- |
- |
- |
- |
|
Concessions, Gross |
7.7 |
- |
- |
- |
- |
|
Software, Gross |
10.2 |
- |
- |
- |
- |
|
Emission Rights, Gross |
1.5 |
- |
- |
- |
- |
|
Intangibles |
- |
20.3 |
24.5 |
23.9 |
24.3 |
|
Acc Amort Research & Development Costs |
-0.6 |
- |
- |
- |
- |
|
Acc Amort Concessions |
-4.3 |
- |
- |
- |
- |
|
Acc Amort Computer Software |
-7.8 |
- |
- |
- |
- |
|
Amort. Intangi. |
- |
-11.8 |
-11.8 |
-12.2 |
-11.8 |
|
Impairment Provisions - Investments |
-5.4 |
- |
- |
- |
- |
|
Impairment Provisions - Intangibles |
-1.3 |
-1.3 |
-1.3 |
0.0 |
- |
|
Land/Buildings, Gross |
267.9 |
263.7 |
279.6 |
302.6 |
325.8 |
|
Plant/Machines, Gross |
1,254.8 |
1,219.3 |
1,302.4 |
1,398.9 |
1,282.7 |
|
Other Tangibles, Gross |
26.6 |
26.1 |
30.6 |
35.2 |
34.9 |
|
Work in Progress, Gross |
18.8 |
21.1 |
21.4 |
31.5 |
50.2 |
|
Acc Depr - Land & Buildings |
-61.9 |
- |
- |
- |
- |
|
Acc Depr Plant/Machinery/Equipment |
-878.2 |
- |
- |
- |
- |
|
Acc Depr Other Tangible Fixed Assets |
-22.9 |
- |
- |
- |
- |
|
Depreciation |
- |
-931.7 |
-978.4 |
-1,048.9 |
-1,001.9 |
|
Impairment Provisions - Tangibles |
-238.7 |
-235.4 |
-257.0 |
-273.6 |
-265.1 |
|
Investment Properties, Gross |
56.7 |
55.7 |
49.0 |
- |
- |
|
Depreciation of Inv. Prop. |
-14.3 |
-19.4 |
-20.4 |
- |
- |
|
Real Estate Investments |
- |
- |
- |
30.5 |
14.8 |
|
LT Financial Assets |
16.0 |
16.0 |
16.9 |
18.6 |
7.9 |
|
Invest./Equity |
8.1 |
7.5 |
6.1 |
6.6 |
6.4 |
|
Goodwill |
- |
0.1 |
0.1 |
0.1 |
0.0 |
|
Deferred Tax |
4.4 |
4.4 |
4.6 |
4.8 |
6.0 |
|
Goodwill Impairment |
-0.1 |
- |
- |
- |
- |
|
Goodwill, Gross |
0.1 |
- |
- |
- |
- |
|
Total Assets |
799.9 |
786.1 |
835.8 |
918.4 |
982.8 |
|
|
|
|
|
|
|
|
Current Portion of LT Debt |
14.9 |
- |
- |
- |
- |
|
Bonds |
- |
0.0 |
95.7 |
0.0 |
- |
|
Bank Loans |
118.1 |
104.4 |
50.7 |
59.4 |
113.3 |
|
Leasing Debts |
- |
0.9 |
1.4 |
1.5 |
1.9 |
|
Accounts Payable |
224.5 |
199.0 |
187.1 |
187.5 |
181.8 |
|
Provisions |
1.4 |
3.3 |
5.0 |
12.7 |
14.3 |
|
Other Current Liabilities |
20.6 |
29.3 |
36.5 |
3.2 |
57.8 |
|
Suppliers of Fixed Assets |
2.7 |
2.1 |
3.1 |
7.5 |
5.1 |
|
Public Adminstration |
12.6 |
11.4 |
11.8 |
12.5 |
2.8 |
|
Unpaid Wages |
5.0 |
5.9 |
11.8 |
6.6 |
6.5 |
|
Liabilities Held for Sale |
- |
0.0 |
0.0 |
3.1 |
0.0 |
|
Total Current Liabilities |
399.8 |
356.2 |
403.1 |
294.1 |
383.6 |
|
|
|
|
|
|
|
|
Other Bank Loans |
74.6 |
- |
- |
- |
- |
|
Bonds |
- |
- |
0.0 |
102.3 |
99.1 |
|
Bank Loans |
- |
9.9 |
1.0 |
0.8 |
2.8 |
|
Leasing Debts |
0.1 |
0.6 |
1.4 |
2.8 |
1.8 |
|
Total Long Term Debt |
74.7 |
10.5 |
2.4 |
106.0 |
103.7 |
|
|
|
|
|
|
|
|
Provisions |
40.2 |
45.9 |
57.1 |
90.9 |
70.1 |
|
Minority Int. |
- |
0.5 |
0.6 |
0.4 |
1.8 |
|
Deferred Tax |
47.9 |
48.8 |
49.4 |
52.5 |
49.3 |
|
Other LT Liabilities |
7.4 |
81.8 |
71.0 |
80.1 |
18.6 |
|
Total Liabilities |
570.1 |
543.7 |
583.5 |
624.1 |
627.1 |
|
|
|
|
|
|
|
|
Share Capital |
40.2 |
39.2 |
40.5 |
231.0 |
503.5 |
|
Share Premium |
- |
- |
- |
0.0 |
151.7 |
|
Legal Reserve |
- |
20.1 |
20.7 |
5.1 |
24.7 |
|
Reserves |
-16.0 |
- |
- |
- |
- |
|
Difference Reserve |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Reserves |
226.3 |
204.8 |
229.0 |
151.4 |
-20.0 |
|
Valuation Reserve |
- |
-1.2 |
-1.1 |
-0.8 |
-0.8 |
|
Capital Increase Exp. |
-20.7 |
-19.4 |
-20.1 |
-21.5 |
-20.8 |
|
Profit & Loss |
- |
-1.2 |
-16.9 |
-71.0 |
-282.7 |
|
Total Equity |
229.8 |
242.4 |
252.3 |
294.3 |
355.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
799.9 |
786.1 |
835.8 |
918.4 |
982.8 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
101.5 |
100.6 |
100.6 |
100.6 |
100.6 |
|
Total Common Shares Outstanding |
101.5 |
100.6 |
100.6 |
100.6 |
100.6 |
|
T/S-Ordinary Shares |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Goodwill Impairment |
0.1 |
- |
- |
- |
- |
|
Impairment Provisions - Intangibles |
1.3 |
- |
- |
- |
- |
|
Acc Amort Research & Development Costs |
0.6 |
- |
- |
- |
- |
|
Acc Amort Concessions |
4.3 |
- |
- |
- |
- |
|
Acc Amort Computer Software |
7.8 |
- |
- |
- |
- |
|
Accumulated Intangible Amortization |
- |
13.1 |
13.1 |
12.2 |
11.9 |
|
Full-Time Employees |
1,620 |
1,573 |
1,610 |
1,713 |
1,898 |
|
LT Debt Maturing in 1 Year |
161.9 |
104.4 |
50.7 |
59.4 |
113.3 |
|
LT Debt Maturing in 2 Years |
14.5 |
0.6 |
0.8 |
0.9 |
2.7 |
|
LT Debt Maturing in 3 Years |
12.2 |
10.0 |
1.5 |
0.4 |
1.0 |
|
LT Debt Maturing in 4 Years |
12.4 |
- |
0.1 |
0.5 |
0.4 |
|
LT Debt Maturing in 5 Years |
10.7 |
- |
0.0 |
0.1 |
0.2 |
|
LT Debt/ Remaining Maturities |
24.9 |
- |
- |
0.0 |
0.3 |
|
Total Long Term Debt, Supplemental |
236.6 |
114.9 |
53.0 |
61.2 |
117.9 |
|
Capital Leases Due Within 1 Y |
- |
0.9 |
1.4 |
1.5 |
1.9 |
|
Capital Leases Due Within 2 Y |
- |
0.6 |
0.8 |
1.0 |
0.8 |
|
Capital Leases Due Within 3 Y |
- |
0.1 |
0.5 |
0.6 |
0.7 |
|
Capital Leases Due Within 4 Y |
- |
- |
0.1 |
0.3 |
0.3 |
|
Capital Leases/ Remaining Maturities |
- |
- |
0.0 |
0.9 |
0.0 |
|
Total Capital Leases, Supplemental |
- |
1.5 |
2.8 |
4.3 |
3.7 |
|
Operating Leases within 1 Y |
1.3 |
2.3 |
2.1 |
1.1 |
1.2 |
|
Operating Leases in 2 Y |
- |
- |
- |
- |
1.2 |
|
Operating Lease Payments Due in Year 5 |
3.4 |
4.1 |
7.1 |
- |
- |
|
Total Operating Leases, Supplemental |
4.8 |
6.4 |
9.2 |
1.1 |
2.3 |
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 |
Reclassified
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 |
Ernst &
Young S.L. |
Ernst &
Young S.L. |
Ernst &
Young S.L. |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Operating Profit / Loss |
-17.9 |
-1.5 |
-18.4 |
-70.9 |
-297.4 |
|
Depreciation |
23.4 |
25.0 |
25.6 |
23.4 |
58.1 |
|
Value Correction on Impairments |
4.4 |
4.4 |
-3.7 |
14.3 |
290.0 |
|
Provisions |
-8.2 |
-2.5 |
-1.2 |
37.4 |
5.4 |
|
Grants |
-2.0 |
-2.0 |
-3.9 |
-4.7 |
-7.6 |
|
Loss on Assets |
-2.1 |
-8.4 |
-4.7 |
-39.3 |
-4.8 |
|
Financial Income |
-1.0 |
-0.5 |
-0.7 |
-3.9 |
-1.7 |
|
Financial Expense |
14.9 |
15.9 |
7.8 |
7.2 |
2.9 |
|
Exchange Difference |
0.7 |
0.0 |
-0.3 |
1.3 |
-1.0 |
|
Other Non-Cash |
-0.3 |
-4.2 |
2.4 |
6.7 |
19.0 |
|
Inventories |
-4.1 |
-11.4 |
13.1 |
35.4 |
-26.1 |
|
Impairments due to Disc. Operations |
- |
0.0 |
-2.1 |
0.0 |
- |
|
Receivables |
2.0 |
0.4 |
-21.0 |
81.8 |
-3.0 |
|
Other ST Assets |
0.9 |
3.5 |
1.7 |
-13.4 |
26.2 |
|
Payables |
24.4 |
19.9 |
-2.0 |
0.8 |
-24.3 |
|
Other ST Liabilities |
0.5 |
-12.1 |
-3.3 |
4.4 |
-7.0 |
|
Other LT Liabilities |
-0.5 |
-0.1 |
0.0 |
1.7 |
-19.4 |
|
Interest Paid |
-11.0 |
-10.6 |
-5.5 |
-6.2 |
-12.3 |
|
Interest Collected |
0.7 |
0.2 |
1.1 |
1.2 |
3.0 |
|
Tax Paid |
0.0 |
-0.2 |
-1.0 |
0.0 |
-0.2 |
|
Other Payments |
- |
0.2 |
0.0 |
-21.9 |
0.0 |
|
Discontinued Operations |
- |
- |
2.1 |
1.6 |
0.4 |
|
Miscalculous Adjustment |
- |
- |
- |
-0.1 |
-0.5 |
|
Cash from Operating Activities |
24.6 |
16.0 |
-14.0 |
56.9 |
0.0 |
|
|
|
|
|
|
|
|
Purchase of Tangibles |
-20.3 |
-11.3 |
-10.7 |
-50.9 |
-56.6 |
|
Purchase of Intangibles |
-0.4 |
0.3 |
0.0 |
-2.3 |
-1.1 |
|
Purchase of Investment |
-0.1 |
-0.2 |
- |
0.0 |
-0.1 |
|
Purchase of Business |
- |
- |
0.0 |
-1.7 |
0.0 |
|
Other Assets |
- |
- |
- |
- |
0.0 |
|
Sale of Fixed Assets |
0.0 |
2.5 |
2.8 |
0.1 |
0.5 |
|
Purchase of Other Investment |
- |
- |
0.0 |
-0.8 |
-0.9 |
|
Sale of Intangibles |
1.4 |
6.8 |
2.1 |
2.9 |
4.8 |
|
Sale of Other Investments |
- |
- |
0.5 |
2.9 |
0.7 |
|
Discontinued Operations |
- |
- |
12.2 |
0.0 |
60.9 |
|
Cash from Investing Activities |
-19.4 |
-1.8 |
6.8 |
-49.8 |
8.2 |
|
|
|
|
|
|
|
|
Bank Loans Obtained |
17.2 |
91.4 |
1.9 |
0.0 |
124.3 |
|
Bank Loans Repaid |
-16.1 |
-51.3 |
0.0 |
-50.8 |
-136.0 |
|
Other Debt Issued |
0.0 |
24.6 |
6.5 |
56.0 |
0.0 |
|
Other Debt Paid |
0.0 |
-20.5 |
-2.4 |
- |
- |
|
Subventions |
0.0 |
4.6 |
- |
- |
- |
|
Bonds Repaid |
0.0 |
-99.1 |
- |
- |
- |
|
Increase of Capital |
- |
- |
- |
- |
0.0 |
|
Capital Repurchased |
-0.3 |
- |
- |
- |
- |
|
Dividends Paid |
-0.8 |
-0.8 |
-0.8 |
-1.7 |
-5.0 |
|
Cash from Financing Activities |
-0.1 |
-51.1 |
5.3 |
3.5 |
-16.6 |
|
|
|
|
|
|
|
|
Net Change in Cash |
5.2 |
-36.9 |
-1.9 |
10.6 |
-8.5 |
|
|
|
|
|
|
|
|
Net Cash-Beginning Balance |
9.7 |
47.4 |
47.1 |
38.8 |
49.3 |
|
Net Cash-Ending Balance |
14.9 |
10.5 |
45.2 |
49.5 |
40.9 |
|
Cash Interest Paid |
11.0 |
10.6 |
5.5 |
6.2 |
12.3 |
|
Cash Taxes Paid |
- |
0.2 |
1.0 |
0.0 |
0.2 |
|
|
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.64.69 |
|
UK Pound |
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.86.30 |
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.