MIRA INFORM REPORT
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Report Date : |
30.08.2013 |
IDENTIFICATION DETAILS
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Name : |
FAES FARMA SA |
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Registered Office : |
C/ Maximo
Aguirre, 14, Leioa, 48940 |
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Country : |
Spain |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1933 |
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Com. Reg. No.: |
A48004360 |
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Legal Form : |
Public Parent
Company |
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Line of Business : |
Subject is
engaged in research, production, distribution and sale of prescription and generic
drugs, over-the-counter medicines and personal care treatments, as well as
raw materials for the pharmaceutical use |
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No. of Employees : |
792 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 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
FAES Farma SA
C/ Maximo
Aguirre, 14
Leioa, 48940
Spain
Tel: 34-944-818300
Fax: 34-944-818301
Web: www.faes.es
synthesis
Employees: 792
Company Type: Public
Parent
Corporate Family: 9 Companies
Traded: Mercado Continuo
Espana: FAE
Incorporation
Date: 1933
Auditor: KPMG
Auditores, SL
Financials in: USD (Millions)
Fiscal Year End: 31-Dec-2012
Reporting
Currency: Euro
Annual Sales: 243.2 1
Net Income: 25.1
Total Assets: 379.1 2
Market Value: 682.0
(16-Aug-2013)
Business Description
Faes Farma SA is
a Spain-based company engaged in the pharmaceutical industry. The Company
specializes in the research, production, distribution and sale of prescription
and generic drugs, over-the-counter medicines and personal care treatments, as
well as raw materials for the pharmaceutical use. The Company’s research
lines are mainly focused on the development of new drugs for the treatment of
osteoporosis and cancer. It has a research and development center in Bilbao,
Spain. The Company is a parent of Grupo Faes, a group which comprises such
controlled entities, as Laboratorios Vitoria SA, Laboratorios Veris SA, Lazlo
International SA, Ingaso Farm SLU, Esfion SA and Biotecnet I MAS D SA, among
others. For the three months ended 31 March 2013, FAES Farma SA revenues
increased 3% to EUR50.8M. Net income increased 26% to EUR7.8M. Revenues reflect
an increase in demand for the Company's products and services due to favorable
market conditions. Net income benefited from Net Financial Result decrease of
94% to EUR24K (expense), Health Ministry Discount decrease of 12% to EUR1.9M
(expense).
Industry
Industry
Pharmaceutical Manufacturing
ANZSIC 2006: 1841 - Human Pharmaceutical and Medicinal
Product Manufacturing
ISIC Rev 4: 2100 - Manufacture of pharmaceuticals,
medicinal chemical and botanical products
NACE Rev 2: 2120 - Manufacture of pharmaceutical
preparations
NAICS 2012: 325412 - Pharmaceutical Preparation
Manufacturing
UK SIC 2007: 2120 - Manufacture of pharmaceutical
preparations
US SIC 1987: 2834 - Pharmaceutical Preparations
Key Executives
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Name |
Title |
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Juan Basterra Cossio |
Deputy General Director |
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Valentin Ruiz Unamunzaga |
Corporate Chief Financial Officer |
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German Fernandez-Cano Diaz |
Director of Sales |
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Gonzalo Fernandez de Valderrama Iribarnegaray |
Secretary, Director |
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Isidro Hermo Blanco |
Chief Technology Officer |
Significant
Developments
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Topic |
#* |
Most Recent Headline |
Date |
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1 |
Faes Farma
SA Announces Resignation Of Eduardo Fernandez de Valderrama y Murillo As
Chairman |
25-Jun-2013 |
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2 |
Ipsen SA's
Ipsen Pharma SA Transfers Commercialization Of Tanakene in Spain To Faes
Farma SA |
3-Apr-2013 |
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1 |
Faes Farma
SA Announces Positive Results Of Bilastina Development In Japan In Cooperation
With Taiho |
8-Apr-2013 |
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2 |
10-Apr-2013 |
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2 |
Faes Farma
SA Announces Further Details On FY 2012 Scrip Dividend Payment |
6-Jun-2013 |
* number of significant developments within the last 12 months
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
C/ Maximo
Aguirre, 14
Leioa, 48940
Spain
Tel: 34-944-818300
Fax: 34-944-818301
Web: www.faes.es
Quote Symbol -
Exchange
FAE - Mercado Continuo Espana
Sales EUR(mil): 189.3
Assets EUR(mil): 286.8
Employees: 792
Fiscal Year End: 31-Dec-2012
Industry: Biotechnology and Drugs
Incorporation
Date: 1933
Company Type: Public Parent
Quoted Status: Quoted
Registered
No.(ESP): A48004360
General Director: Gonzalo Lopez Casanueva
Industry Codes
ANZSIC 2006
Codes:
1841 - Human
Pharmaceutical and Medicinal Product Manufacturing
1813 - Basic
Inorganic Chemical Manufacturing
6910 - Scientific
Research Services
1899 - Other
Basic Chemical Product Manufacturing Not Elsewhere Classified
6240 - Financial
Asset Investing
3720 - Pharmaceutical
and Toiletry Goods Wholesaling
3323 - Industrial
and Agricultural Chemical Product Wholesaling
ISIC Rev 4 Codes:
2100 - Manufacture
of pharmaceuticals, medicinal chemical and botanical products
4649 - Wholesale
of other household goods
4669 - Wholesale
of waste and scrap and other products n.e.c.
642 - Activities
of holding companies
7210 - Research
and experimental development on natural sciences and engineering
2011 - Manufacture
of basic chemicals
2029 - Manufacture
of other chemical products n.e.c.
NACE Rev 2 Codes:
2120 - Manufacture
of pharmaceutical preparations
4646 - Wholesale
of pharmaceutical goods
4675 - Wholesale
of chemical products
642 - Activities
of holding companies
7219 - Other
research and experimental development on natural sciences and engineering
2013 - Manufacture
of other inorganic basic chemicals
2059 - Manufacture
of other chemical products n.e.c.
NAICS 2012 Codes:
325412 - Pharmaceutical
Preparation Manufacturing
551112 - Offices
of Other Holding Companies
325180 - Other
Basic Inorganic Chemical Manufacturing
541712 - Research and Development in the
Physical, Engineering, and Life Sciences (except Biotechnology)
325414 - Biological Product (except Diagnostic)
Manufacturing
424210 - Drugs and Druggists' Sundries Merchant
Wholesalers
424690 - Other Chemical and Allied Products
Merchant Wholesalers
325998 - All Other Miscellaneous Chemical
Product and Preparation Manufacturing
US SIC 1987:
2834 - Pharmaceutical Preparations
2819 - Industrial Inorganic Chemicals, Not
Elsewhere Classified
8731 - Commercial Physical and Biological
Research
5169 - Chemicals and Allied Products, Not
Elsewhere Classified
2899 - Chemicals and Chemical Preparations,
Not Elsewhere Classified
5122 - Drugs, Drug Proprietaries, and
Druggists' Sundries
6719 - Offices of Holding Companies, Not
Elsewhere Classified
2836 - Biological
Products, Except Diagnostic Substances
UK SIC 2007:
2120 - Manufacture
of pharmaceutical preparations
642 - Activities
of holding companies
4646 - Wholesale
of pharmaceutical goods
4675 - Wholesale
of chemical products
2059 - Manufacture
of other chemical products n.e.c.
7219 - Other research and experimental
development on natural sciences and engineering
2013 - Manufacture of other inorganic basic
chemicals
Business Description
Faes Farma SA is
a Spain-based company engaged in the pharmaceutical industry. The Company
specializes in the research, production, distribution and sale of prescription
and generic drugs, over-the-counter medicines and personal care treatments, as
well as raw materials for the pharmaceutical use. The Company’s research
lines are mainly focused on the development of new drugs for the treatment of
osteoporosis and cancer. It has a research and development center in Bilbao,
Spain. The Company is a parent of Grupo Faes, a group which comprises such
controlled entities, as Laboratorios Vitoria SA, Laboratorios Veris SA, Lazlo
International SA, Ingaso Farm SLU, Esfion SA and Biotecnet I MAS D SA, among
others. For the three months ended 31 March 2013, FAES Farma SA revenues
increased 3% to EUR50.8M. Net income increased 26% to EUR7.8M. Revenues reflect
an increase in demand for the Company's products and services due to favorable
market conditions. Net income benefited from Net Financial Result decrease of
94% to EUR24K (expense), Health Ministry Discount decrease of 12% to EUR1.9M
(expense).
More Business Descriptions
Manufacture of pharmaceutical preparations
Head of a Group
of Companies with interests in the manufacture and sale of pharmaceuticals
including antibiotics, alimentary tract and metabolic agents, cardiovascular,
central nervous system, dermatology, gastroenterology, musculoskeletal, bone
metabolism and respiratory drugs; manufacture and sale of over-the-counter
products including cosmetics, nutritional supplements and sanitary products;
research and development.
Pharmaceutical
Drug Developer, Mfr & Sales
Faes Farms SA (
Faes Farma) is a pharmaceutical company which discovers and develops
pharmaceutical products. The company is internationally present in over 60
countries worldwide. It operates across Africa, America, Asia and Europe. Its
product portfolio comprises prescription drugs, over-the-counter medications,
skin-care treatments and raw-materials for pharmaceutical use. The company’s
product portfolio includes active pharmaceutical ingredients such as Diosmine
E.P., L-Arginine l-Aspartate E.P., Salbutiamine, including others veno
protectant, antiasthenic and neuroleptic agents. Few of its finished drugs
include Actimag, Alergical Cream, Analgilasa, Analgiplus, Bromalex,
Bronquidiazina CR, Cafneo, Claversal, Colme, Lanzas Contraceptive, Dagutan,
Dentopin, Desarrol, Dezacor, Dolotren, Drenoxol, Dynamogen, Efensol,
Ferroprotina and Flindix. Its finished drugs are indicated for the treatment of
dermatitis, ulcerative colitis, Crohn’s disease, chronic alcoholism, moderate
pain, osteoporosis, cold symptoms, and conjunctivitis relief. They are also
used as an anti-infective, artificial sweetener, toothpaste, vasodilator,
antitussive, lubricant, energizer, antiepilectic, antiallergic drug, scarring
agent, analgesic and venous vasoprotectant.Faes Farma’s most advanced project
is Bilastine, is a novel oral antihistamine for the treatment of allergic
rhinoconjunctivitis and urticaria. It is a novel H1 antagonist and does not
have any side effects such as sedative side effects, genotoxicity, carcinogenic
and cardiotoxic effects. It is developed as an oral tablet formulation with a
target dose of 20 mg daily. Bilastine is authorized in over 28 countries.The
company’s research and development (R&D) activities focus on obtaining
new molecules with therapeutic activity. Its research activities develop new
drugs acting on the central nervous system (CNS) and for treating osteoporosis
and cancer. Faes Farms entered into various collaborations with various
sections of the CSIC at the Universities of Alcala de Henares, Madrid and
Salamanca. The company's also established a long term contract with
pharmacology and analytical chemistry departments, University of the Basque
Country for research and development program.Its R&D facilities include a
chemical synthesis unit, pharmacology unit, biopharmacy and pharmaceutical
technology unit, clinical research unit and quality assurance unit. The section
of chemical synthesis comprises of laboratories with analytical instruments
such as NMR and IR spectrometers and HPLC for the analysis and structural
characterization of the new molecules and for the design and synthesis of new
drugs. The section of pharmacology is equipped with modern instrumentation to
carry out three main activities such as pharmacological screening, studies of
general pharmacology and studies of activity at CNS. The section of biopharmacy
and pharmaceutical technology consists of the analytical chemistry, galenics,
pharmacokinetics and metabolism laboratories for the analysis of impurities and
studies on formulation and stability of pharmaceuticals and for developing
pharmacokinetic and metabolic profiles of new molecules. The clinical research
section consists of advanced modern computer systems available for monitoring
clinical tests.The company also entered into various partnerships with global
pharmaceutical companies, namely, Astra Zeneca, Gedeon Ritcher, GSK, Ipsen,
Italfarmaco, Lilly, MSD, Novartis, Prostrakan, Roche, Sanofi Aventis and
Tillotts for the promotion, co-promotion, co-marketing and distribution of
pharmaceutical products.In December 2012, Faes Farma signed an agreement with
Menarini to commercialize Bilastina in South Africa and Argentina. Under the
agreement, Menarini’s subsidiary, Adcock Ingram, will commercialize the
medicine in South Africa. Menarini Argentina y Faes Farma will commercialize
the medicine under two different brands in Argentina.
Faes Farms SA ( Faes Farma) develops, manufactures
and commercializes pharmaceutical products and raw materials. It focuses on the
research and development, manufacturing, and marketing of prescription drugs,
over-the-counter medications and skin-care treatment products. The company also
provides raw-materials for pharmaceutical companies. Faes Farma operates its
business through four divisions, namely, Specialty Pharmaceutical; Animal
Nutrition and Health; Pharmaceutical Raw Materials; and Investment Activities.
Its product portfolio consists of active pharmaceutical ingredients and
finished drugs. The company operates in Spain and Portugal. It also exports its
products to the Russian Federation, Asia, Latin America, Africa and Middle East
countries. Faes Farms is headquartered in Madrid, Spain.As part of its
strategic intent to expand its global presence, the company signed an agreement
with Menarini to commercialize Bilastina in South Africa and Argentina. Also,
Faes Farma signed an agreement with Taiho Pharmaceutical Co. LTD for the
development and commercialization of Bilastina in the Japanese market.The
company reported revenues of (Euro) EUR 189.26 million during the fiscal year
ended December 2012, a decrease of 3.30% from 2011. The operating profit of the
company was EUR 21.36 million during the fiscal year 2012, an increase of
43.86% over 2011. The net profit of the company was EUR 19.52 million during
the fiscal year 2012, an increase of 37.63% over 2011.
Pharmaceutical and Medicine Manufacturing
Brand/Trade Names
FAES
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© Copyright 2013,
Infogroup. All Rights Reserved. |
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Helpful |
Harmful |
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Internal Origin |
Strengths ·
Improved
Profitability Ratios |
Weaknesses |
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External Origin |
Opportunities |
Threats |
Overview
Faes Farma SA
(Faes Farma) carries out manufacturing and marketing of prescription drugs,
over-the-counter medications and skin-care treatment products. It also provides
raw materials for pharmaceutical companies. The company is internationally
present in around 60 countries. It leverages its focused research and
development activities for developing a portfolio of pharmaceutical products.
The approval of Bilastine would provide the company the unique opportunity.
However, uncertain R&D outcomes and intense competition could adversely
affect its business and financial performance.
Strengths
Wide Geographical Reach
Global presence
of a company helps in increasing its growth opportunities. In addition, the
company's global reach enables it to tap high value multinational clients and
helps it to compete against regional players. Internationally, the company is
present across Africa, America, Asia and Europe, comprising of over 60
countries worldwide. The presence of the company in emerging markets will
enhance its financial position. The company can leverage its strong market
presence and wide network of health service providers to capitalize on this
growing demand of potentially rich markets. Diversified presence protects the
company from risks associated to single economy.
Improved Profitability Ratios
The operating profit
of the company was €21.36m during the fiscal year 2012, an increase of 43.86%
over 2011. The improved operating profit led to increased net profit. The net
profit of the company was €19.52m during the fiscal year 2012, an increase of
37.63% over 2011. The improved operating and net profits resulted in increased
profitability ratios. The company also reported increased return on equity
(ROE) in 2012. Its ROE was 10.56% for fiscal year ended 2012, as compared to
8.46% in 2011. Increase in ROE indicates that the company is efficiently using
the shareholders' money and that it is generating high returns for its
shareholders compared to other companies in the sector. Its return on capital
employed was 9.12% in fiscal year ended 2012, as compared to 6.86% in 2011.
Also, the company’s return on assets and return on fixed assets improved in
2012, over that in 2011. Improved profitability ratios indicate the company’s
sturdy performance and its ability to deliver returns expected by its
shareholders.
Lead Product – Bilaxten (Bilastine)
Faes Farma's
Bilaxten (Bilastine), a new generation antihistamine with long lasting action
with a safety profile and very favorable pharmacokinetic characteristics used
for the treatment of rhinoconjuntivitis and urticary has got the technical
approval in 28 European countries. This has enabled the company to market its
product in Spain and other European countries along with its partners including
Menarini, GlaxoSmithKline and Pierre Fabre. Pfizer will be launching Bilastine
in Mexico, whereas Nycomed, Merck Serono, Hikma and Yuhan will be launching in
Brazil, India, MENA territory and South Korea respectively. The company is also
looking at the possibilities to entering other potential markets such as Japan,
China, Southeast Asia, Central and South America. For the treatment of allergy
with antihistamines, the Bilastine is set to provide a unique opportunity for
the company to gain substantial market share.
Sturdy Research and Development Activities
The company has strong
focus on research and development activities for new product development and
for enhancing its product line, by which it gains significant market
opportunity to increase its revenues and profitability. Faes Farma partners
with various pharmaceutical companies to develop new molecules. Currently, the
company concentrates on new drugs acting on the central nervous system (CNS),
and drugs for the treatment of osteoporosis and cancer. Its research project on
CNS acting drugs is focused on CRF1 antagonists for obtaining new compounds to
treat diseases such as depression and anxiety. The search of new compounds to
treat osteoporosis, inflammation and cancer constitutes an important part of
the research and development activities. Some of the projects are in
preclinical stage of synthesis of the new entities and their pharmacological
screening. It has a high level research team of 92 people with specialization
in chemistry, pharmacology, toxicology, pharmaceutical technology and clinical
studies. It has external R&D collaborations with scientific institutions
such as Universities of Alcala de Henares, Madrid and Salamanca. Complementing
these resources several agreements are maintained with scientists and
researchers at different universities.
Weaknesses
Substantial Presence of Debt
The company’s
outstanding debt may impair its financial and operating flexibility. As at the
end of fiscal year 2012, the company had around €57.74m total outstanding
debt. The company does not have any off-balance sheet financing arrangements in
place other than the previous outstanding ones. The company’s debt agreements
are subject to restrictions, which may limit its ability to use operating cash
flow from business segments. Working capital is very vital for the company to
carry on its day-to-day business and operational activities. The company also
reported a decrease in its cash and cash equivalents in fiscal year 2012. The
company had €4.93m in cash and cash equivalents as of 2012, as compared to
cash and cash equivalents of €6.06m in 2011. The company recorded negative
net change in cash of €1.13m during 2012, as compared to a net change in cash
of €3.9m in 2011. The decreasing cash reserves indicate the company’s
inability to obtain additional debt to finance acquisitions, capture business
opportunities and meet capital expenditure or other capital requirements in the
future.
Opportunities
Market Potential – CNS Therapy
The company could
benefit from the rapidly growing global central nervous system (CNS) therapeutics
market. It is one of the fastest growing markets in the pharmaceutical sector.
Representing nearly 30% of the total pharmaceutical market, this sector is
growing at an exponential rate. CNS drugs include a vast range of therapeutic
agents including anti-depressants, anti-epileptics, anxiolytics,
anti-histamines and anti-psychotics. Disorders in the CNS are primarily
associated with the brain, spinal cord, cranial nerves, peripheral nerves,
nerve roots, autonomic nervous system and the neuromuscular network including
muscles. A substantial portion of CNS disorders can be grouped under
neurodegenerative disorders such as Alzheimer’s, which are primarily
associated with the deterioration or break down of cerebral and spinal cells.
Other diseases associated with the CNS include psychiatric or mental disorders,
such as attention deficit hyperactivity disorder (ADHD). Other major
neurological disorders include epilepsy, pain and sleep related complications
such as migraine and insomnia. The analysis of market share of major
indications of CNS therapeutics indicates that schizophrenia and bi-polar
disorders accounted for 28% of the total CNS therapeutics market, which would
remain the same in 2016. It is estimated that there would be no change in the market
share of insomnia, Parkinson’s disease and Alzheimer’s disease; they would
account for 6%, 10% and 10% market share respectively in 2016 also. There would
be an increase in the market share of ADHD by 1% as its market share is
estimated to be 7% in 2016. The market share of epilepsy is also estimated to
increase by around 20% till 2016. The market share of MDD, anxiety and panic
disorder will decrease 1% to 19% in 2016. Therapeutics market continues to have
areas of high unmet needs that could be captured by a product that has
above-par efficacy, safety profile and cost-effectiveness index. The market
provides enormous opportunities for Faes Farma to expand and enhance its
business operation and scope.
Emerging Markets
Emerging markets
offer a strong growth opportunity to the company, by enabling it to leverage
its strong brand and product portfolio. Global pharmaceutical market is
expected to become a $1 trillion industry in the next five years, growing at a
rate of 8%, mainly due to the growth in emerging markets such as China and
India. Emerging markets bring new opportunities to pharmaceutical companies,
which are registering lower growth in major markets such as the US and Japan.
Driven by rising income and increased demand for quality health care, emerging
markets registered the highest revenue growth. According to industry estimates,
global market for pharmaceuticals, estimated at $750 billion, is expected to
grow at a CAGR of 3-6% through 2013. With growth in the US slowing, increase in
opportunities across emerging markets is expected to be the growth driver. The
emerging markets are expected to grow at a CAGR of 13-17% through 2014. Major
therapeutic areas set to register growth include oncology, respiratory agents,
anti-diabetes, angiotensin II antagonists, HIV antivirals, platelet aggregation
inhibitors, and topical nasal preparations. By 2025, 50% of the new patients in
high growth areas including diabetes and oncology are expected to come from
BRIC countries. In light of these developments, the company has established a
keen presence in the emerging markets of Asia Pacific and North America.
Strategic Agreements
Partnerships and
collaborations undertaken by the company strengthens its foothold in the market
and helps to capture the needs and simultaneously cater to the requirements of
the industry. In December 2012, Faes Farma signed an agreement with Menarini to
commercialize Bilastina in South Africa and Argentina. Under the agreement,
Menarini’s subsidiary, Adcock Ingram, will commercialize the medicine in
South Africa. Menarini Argentina y Faes Farma will commercialize the medicine
under two different brands in Argentina. In July 2012, the company signed an
agreement with Taiho Pharmaceutical Co. Ltd for the development and commercialization
of Bilastine in the Japanese market. In April 2012, Faes Farma entered into an
agreement with Menarini Group’s Invida to commercialize Bilastine, in 17
countries within the Asia Pacific region, including China, Australia, the
Philippines, Vietnam, Thailand, Singapore, Taiwan and Malaysia. In February
2012, the company signed an agreement with Ahn-Gook, to commercialize its
pediatric form of Dexibuprofen in eight countries in Latin America including
Venezuela, Argentina, Colombia, Chile and Peru. It also signed a license
agreement with Pfizer, Inc. for the commercialization of Bilastine in 21
additional markets in Latin America. In January 2012, the company through
Takeda Nycomed launched and initiated the commercialization of Bilastine, an
antihistamine drug, in Brazil. These contracts will help Faes Farma to increase
its market share and improve its financial condition.
Threats
Stringent Government Regulations
Increased
regulation of the drug market could impact the costs of Faes Farma by increasing
the time and cost of bringing drugs to market. This is significant because on
an average, pharmaceutical companies have to spend $1 billion and about 8 years
to develop a new drug. The company’s products, research and development
activities and manufacturing processes are subject to various local, state,
federal, foreign and transnational laws and regulations. The sector of
operation of Faes Farma is subject to many specific regulations in each of the
various activities carried out under research, production and marketing
divisions. The products of the company are distributed outside Spain are also
subject to government regulations, which vary from country to country. The
company has to comply with different regulations governing product standards,
packaging and labeling requirements, import restrictions, tariff regulations
and tax requirements. Non-compliance by the company with applicable laws and
regulations or failure to maintain, renew or obtain necessary permits and
licenses could have an adverse effect on the company's results of operations
and financial performance.
Uncertain R&D Outcomes
Adverse or inconclusive results from preclinical
testing or clinical trials may substantially delay or halt the development of
the company's various product candidates, consequently affecting its timeliness
for profitability. The outcome of clinical trials is always a subject of
uncertainty. After the discovery of a new compound, substantial amount of money
and a great deal of time are required to successfully launch a new product.
Moreover, it may become necessary to discontinue clinical development if the
effectiveness of a drug is not proven as initially expected, or if serious
adverse effects arise. In addition, pharmaceuticals are subject to legal restrictions
in each country and authorization from local regulatory authorities is a
prerequisite for a product launch in every country. It is difficult to
accurately foresee when approvals for a new product can be obtained.
Intense Competition
The company operates in a highly competitive
environment of biotechnology and pharmaceutical companies which are subject to
rapid and substantial technological change. Developments by third parties could
render the company’s products and/or technologies non-competitive, and the
company may not be able to keep pace with technological developments. Its
competitors could develop products which offer an entirely different approach
or means of accomplishing the desired therapeutic effect in comparison to its
products, which could also be more effective and less costly than its product
candidates. The company should therefore anticipate industry trends and develop
advanced products ahead of its competitors. In addition, the ongoing
consolidation in the pharmaceutical industry is further intensifying
competition by establishing larger and stronger competitors. Major competitors
of the company include Grifols, SA; Almirall, S.A; Laboratorios Farmaceuticos
ROVI and Noscira, S.A. Faes Farma expects to continue to encounter competition
in the future which could limit its ability to grow revenue and maintain
acceptable pricing levels.
|
Corporate Family |
Corporate
Structure News: |
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FAES
Farma SA |
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FAES Farma SA |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Leioa |
Spain |
Pharmaceutical Manufacturing |
243.2 |
792 |
|
|
Subsidiary |
Amadora |
Portugal |
Pharmaceutical Manufacturing |
52.8 |
147 |
|
|
Subsidiary |
Amadora |
Portugal |
Pharmaceutical Manufacturing |
1.6 |
100 |
|
|
Subsidiary |
Madrid |
Spain |
Pharmaceutical Manufacturing |
|
80 |
|
|
Subsidiary |
Madrid |
Spain |
Pharmaceutical Manufacturing |
|
50 |
|
|
Subsidiary |
Amadora |
Portugal |
Pharmaceutical Manufacturing |
1.3 |
23 |
|
|
Subsidiary |
Madrid |
Spain |
Diagnostic Laboratories |
|
|
|
|
Subsidiary |
Madrid |
Spain |
Diagnostic Laboratories |
|
|
|
|
Subsidiary |
Madrid |
Spain |
Investment Services |
|
|
|
|
|
Competitors Report
|
Company Name |
Location |
Employees |
Ownership |
|
Almirall SA |
Barcelona, Spain |
2,907 |
Public |
|
GlaxoSmithKline plc |
Brentford, United Kingdom |
98,681 |
Public |
|
Grifols SA |
Barcelona, Spain |
11,418 |
Public |
|
Laboratorios Farmaceuticos ROVI SA |
Madrid, Spain |
899 |
Public |
|
Noscira S.A. |
Madrid, Spain |
30 |
Private |
|
Novartis AG |
Basel, Switzerland |
131,000 |
Public |
|
|
executive report
|
Board of
Directors |
|
|
|
|
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|
Chairman & CEO |
Chairman |
|
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|
Chairman of the Board |
Chairman |
|
|
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|
Vice Chairman |
Vice-Chairman |
|
|
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|
Joint Chief Executive Officer, Member Of
The Board |
Director/Board Member |
|
|
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|
Director |
Director/Board Member |
|
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|
Director |
Director/Board Member |
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Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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|
Director |
Director/Board Member |
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Secretary, Director |
Director/Board Member |
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Director |
Director/Board Member |
|
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|
Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
|
|
|||||
|
Director |
Director/Board Member |
|
|
|||||
|
Director |
Director/Board Member |
|
|
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|
Executives |
|
|
|
|
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|
Joint Chief Executive Officer, Member Of
The Board |
Chief Executive Officer |
|
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|
Deputy General Director |
Chief Executive Officer |
|
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|
Chairman & CEO |
Chief Executive Officer |
|
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|
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|
General Director |
Chief Executive Officer |
|
|
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|
General Director |
Chief Executive Officer |
|
|
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|
General Manager |
Division Head Executive |
|
|
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|
General Director of Portugal Unit |
Division Head Executive |
|
|
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|
Director of Ingaso Unit |
Division Head Executive |
|
|
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|
General Director of Portugal Unit |
Division Head Executive |
|
|
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|
Assistant Director General |
Managing Director |
|
|
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|
Managing Director |
Managing Director |
|
|
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|
Director General |
Managing Director |
|
|
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|
Secretary, Director |
Company Secretary |
|
|
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|
|||||||
|
Corporate Chief Financial Officer |
Finance Executive |
|
|
|||
|
Director of Human Resources |
Human Resources Executive |
|
|
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|
Director of Human Resources |
Human Resources Executive |
|
|
|||
|
Director of Sales |
Sales Executive |
|
|
|||
|
Director of Sales |
Sales Executive |
|
|
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|
Director of Pharmaceutical Export |
International Executive |
|
|
|||
|
|||||||
|
Chief Technology Officer |
Engineering/Technical Executive |
|
|
|||
|
Director of Research, Development and
Innovation |
Research & Development Executive |
|
|
|||
|
Research and Development Director |
Research & Development Executive |
|
|
|||
|
|||||||
|
Director of Clinical Research |
Research & Development Executive |
|
|
|||
|
Director of Regulatory Affairs |
Legal Executive |
|
|
|||
|
|||||||
|
Director of Total Quality |
Quality Executive |
|
|
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|
Medical Director |
Medical Specialist |
|
|
|||
|
Corporate Director |
Other |
|
|
|||
|
Corporate Director |
Other |
|
|
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Significant Developments
Faes Farma SA
Announces Resignation Of Eduardo Fernandez de Valderrama y Murillo As Chairman
Jun 25, 2013
Faes Farma SA
announced the resignation of Eduardo Fernandez de Valderrama y Murillo from the
position of Chairman of the Board of Directors. He was reappointed as the
Company's Board Member.
Faes Farma SA
Announces Further Details On FY 2012 Scrip Dividend Payment Jun 06, 2013
Faes Farma SA
announced that all Board Members have committed to receive new shares. The shareholders
who opt for the sale to the Company the rights of free allocation corresponding
to them, will receive the sum of EUR 0,025 per share, representing an increase
of 150% on the amount paid as complementary dividend last year. The withholding
tax of 21% will be applied to the sale of the rights. The shareholders who want
to maintain their position, have the possibility to receive new shares of Faes
Farma SA to be allocated free at the ratio of 1 new share for every 83 held.
This allocation of shares is not subject to withholding.
Faes Farma SA
Announces Share Capital Increase Apr 10, 2013
Faes Farma SA announced a share capital increase in
the amount of 835.907,90, through the issuance of 8.359.079 shares, at the
value of EUR 0.10 per share. Further details were not disclosed.
Faes Farma SA Announces Positive Results Of
Bilastina Development In Japan In Cooperation With Taiho
Apr 08, 2013
Faes Farma SA
announced that following the signing of the license for Bilastina in Japan in
2012, the Company is undertaking the necessary local clinical development in
collaboration with its Japanese partner Taiho (Otsuka group). The first
results, recently received, are fully positive.
Ipsen SA's Ipsen
Pharma SA Transfers Commercialization Of Tanakene in Spain To Faes Farma SA Apr
03, 2013
Faes Farma SA
announced that the subsidiary of Ipsen SA, Ipsen Pharma SA, has signed an
agreement to transfer to Faes Farma SA the authorization of commercialization
of Tanakene, a medicine containing Ginkgo biloba.
Faes Farma SA
Announces FY 2012 Scrip Dividend Payment Dec 17, 2012
Faes Farma SA
announced that it will distribute a scrip dividend for the fiscal year 2012 at
a value of EUR 0,03 per share. The dividend represents an increase of 50% on
the amount paid on the same basis for the previous year.
Faes Farma SA
Signs License Agreement With Menarini To Commercialize Bilastina In South
Africa and Argentina Dec 14, 2012
Faes Farma SA
announced that it has reached an agreement with Menarini to commercialize
Bilastina, an antihistamine medicine in South Africa and Argentina. Under the
agreement, in South Africa Menarini's subsidiary, Adcock Ingram, will
commercialize the medicine. In Argentina, Menarini Argentina y Faes Farma will
commercialize the medicine under two different brands.
Faes Farma SA
Announces Share Capital Increase Dec 11, 2012
Faes Farma SA
announced, as provided in the resolution of the Annual General Shareholders'
Meeting, the amount of share capital increase of the Company is set at EUR
435,784 under the resolution of the Board of Directors of the Company dated
December 11, 2012, being the market value of the increase EUR 6,144,554.67.
Each shareholder will receive a free allotment right for each Company's share
he or she held. These rights are negotiable and may be transmitted on the Stock
Exchanges of Bilbao, Madrid, Barcelona and Valencia for a period of 15 calendar
days, after which the rights are automatically converted into shares of the new
issue.
|
Corporate Family |
Corporate
Structure News: |
|
|
FAES
Farma SA |
|
FAES Farma SA |
|
|
|
|
|
Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Leioa |
Spain |
Pharmaceutical Manufacturing |
243.2 |
792 |
|
|
Subsidiary |
Amadora |
Portugal |
Pharmaceutical Manufacturing |
52.8 |
147 |
|
|
Subsidiary |
Amadora |
Portugal |
Pharmaceutical Manufacturing |
1.6 |
100 |
|
|
Subsidiary |
Madrid |
Spain |
Pharmaceutical Manufacturing |
|
80 |
|
|
Subsidiary |
Madrid |
Spain |
Pharmaceutical Manufacturing |
|
50 |
|
|
Subsidiary |
Amadora |
Portugal |
Pharmaceutical Manufacturing |
1.3 |
23 |
|
|
Subsidiary |
Madrid |
Spain |
Diagnostic Laboratories |
|
|
|
|
Subsidiary |
Madrid |
Spain |
Diagnostic Laboratories |
|
|
|
|
Subsidiary |
Madrid |
Spain |
Investment Services |
|
|
|
|
Competitors Report
|
Company Name |
Location |
Employees |
Ownership |
|
Almirall SA |
Barcelona, Spain |
2,907 |
Public |
|
GlaxoSmithKline plc |
Brentford, United Kingdom |
98,681 |
Public |
|
Grifols SA |
Barcelona, Spain |
11,418 |
Public |
|
Laboratorios Farmaceuticos ROVI SA |
Madrid, Spain |
899 |
Public |
|
Noscira S.A. |
Madrid, Spain |
30 |
Private |
|
Novartis AG |
Basel, Switzerland |
131,000 |
Public |
Executive report
|
Board
of Directors |
|
|
|
|
||||||
|
Chairman & CEO |
Chairman |
|
||||||
|
|||||||||
|
Chairman of the Board |
Chairman |
|
|
|||||
|
|||||||||
|
Vice Chairman |
Vice-Chairman |
|
|
|||||
|
Joint Chief Executive Officer, Member Of
The Board |
Director/Board Member |
|
|
|||||
|
Director |
Director/Board Member |
|
|
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|
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|
Director |
Director/Board Member |
|
|
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|
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|
Director |
Director/Board Member |
|
|
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|
Independent Director |
Director/Board Member |
|
|
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|
|||||||||
|
Director |
Director/Board Member |
|
|
|||||
|
Secretary, Director |
Director/Board Member |
|
|
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|
|||||||||
|
Director |
Director/Board Member |
|
|
|||||
|
|||||||||
|
Director |
Director/Board Member |
|
|
|||||
|
Independent Director |
Director/Board Member |
|
|
|||||
|
Director |
Director/Board Member |
|
|
|||||
|
Director |
Director/Board Member |
|
|
|||||
|
Executives |
|
|
|
|
||||
|
Joint Chief Executive Officer, Member Of
The Board |
Chief Executive Officer |
|
||||
|
Deputy General Director |
Chief Executive Officer |
|
||||
|
Chairman & CEO |
Chief Executive Officer |
|
||||
|
|||||||
|
General Director |
Chief Executive Officer |
|
|
|||
|
General Director |
Chief Executive Officer |
|
|
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|
General Manager |
Division Head Executive |
|
|
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|
General Director of Portugal Unit |
Division Head Executive |
|
|
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|
Director of Ingaso Unit |
Division Head Executive |
|
|
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|
General Director of Portugal Unit |
Division Head Executive |
|
|
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|
Assistant Director General |
Managing Director |
|
|
|||
|
Managing Director |
Managing Director |
|
|
|||
|
Director General |
Managing Director |
|
|
|||
|
Secretary, Director |
Company Secretary |
|
|
|||
|
|||||||
|
Corporate Chief Financial Officer |
Finance Executive |
|
|
|||
|
Director of Human Resources |
Human Resources Executive |
|
|
|||
|
Director of Human Resources |
Human Resources Executive |
|
|
|||
|
Director of Sales |
Sales Executive |
|
|
|||
|
Director of Sales |
Sales Executive |
|
|
|||
|
Director of Pharmaceutical Export |
International Executive |
|
|
|||
|
|||||||
|
Chief Technology Officer |
Engineering/Technical Executive |
|
|
|||
|
Director of Research, Development and
Innovation |
Research & Development Executive |
|
|
|||
|
Research and Development Director |
Research & Development Executive |
|
|
|||
|
|||||||
|
Director of Clinical Research |
Research & Development Executive |
|
|
|||
|
Director of Regulatory Affairs |
Legal Executive |
|
|
|||
|
|||||||
|
Director of Total Quality |
Quality Executive |
|
|
|||
|
Medical Director |
Medical Specialist |
|
|
|||
|
Corporate Director |
Other |
|
|
|||
|
Corporate Director |
Other |
|
|
|||
Annual Profit & Loss
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Charges |
159.5 |
190.9 |
197.2 |
|
Stock Reduction |
1.8 |
3.8 |
- |
|
Supplies |
52.9 |
73.8 |
91.9 |
|
Goods Consumption |
0.2 |
1.1 |
1.5 |
|
Consumption of Raw
Materials |
52.7 |
72.7 |
90.4 |
|
Staff Costs |
48.6 |
49.7 |
45.3 |
|
Wages and Salaries |
39.5 |
39.5 |
36.5 |
|
Social Security Costs |
9.1 |
10.2 |
8.9 |
|
Depreciation |
9.0 |
8.8 |
8.4 |
|
Allowance for Trade Operations |
1.1 |
1.5 |
2.4 |
|
Losses from
Unrecovered Receivables |
0.0 |
0.0 |
0.0 |
|
Variation of Other
Trade Provisions |
1.1 |
1.5 |
2.4 |
|
Other Operating Charges |
44.6 |
52.2 |
46.2 |
|
External Services |
44.4 |
52.0 |
46.0 |
|
Taxes |
0.1 |
0.2 |
0.2 |
|
Operating Benefits |
19.9 |
17.4 |
25.7 |
|
Financials and Similar Charges |
3.0 |
3.0 |
2.5 |
|
Due to Liabilities
With Group Companies |
0.1 |
0.2 |
- |
|
Due to Other
Liabilities |
2.8 |
2.8 |
2.5 |
|
Changes in Financial Investment Provisions |
0.1 |
0.6 |
0.9 |
|
Exchange Losses |
0.3 |
- |
- |
|
Net Financial Income |
2.3 |
3.8 |
5.3 |
|
Profit From Ordinary Activities |
22.3 |
21.2 |
31.0 |
|
Changes in Provisions for Assets |
1.7 |
2.1 |
- |
|
Losses From Assets and Securities Portfolio |
0.0 |
- |
2.6 |
|
Extraordinary Expenses |
0.0 |
- |
- |
|
Profit Before Taxes |
20.5 |
19.1 |
28.3 |
|
Corporation Tax |
-3.6 |
-4.5 |
-3.0 |
|
Financial Year Result (Profit) |
24.1 |
23.6 |
31.3 |
|
Income |
183.6 |
214.4 |
228.5 |
|
Net Total Sales |
160.1 |
195.8 |
197.9 |
|
Sales |
167.6 |
204.1 |
209.0 |
|
Rendering of Services |
1.5 |
2.6 |
- |
|
Sales Refunds |
-8.9 |
-10.9 |
-11.1 |
|
Increase in Stocks |
- |
- |
5.3 |
|
Works Performed for Fixed Assets |
0.9 |
1.1 |
2.6 |
|
Miscellaneous Operating Income |
16.8 |
10.1 |
14.2 |
|
Auxiliary Income From
Current Management |
16.0 |
8.1 |
13.2 |
|
Grants |
0.8 |
1.9 |
1.0 |
|
Income From Equity Investment |
5.7 |
7.3 |
8.4 |
|
In Group Companies |
5.7 |
7.3 |
8.4 |
|
Third Parties |
0.0 |
- |
- |
|
Income From Miscellaneous Interests |
0.0 |
0.1 |
0.2 |
|
From Group Companies |
0.0 |
- |
- |
|
Miscellaneous
Interests |
0.0 |
0.1 |
0.2 |
|
Gains from Exchange Rate |
- |
0.0 |
0.0 |
|
Capital Grants Transferred to Profit and Loss |
0.0 |
0.0 |
- |
|
Negative Extraordinary Results |
1.8 |
2.1 |
2.6 |
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 |
5.6 |
2.9 |
43.4 |
|
Concessions, Patents,
Trademarks |
100.1 |
105.2 |
66.7 |
|
Goodwill |
7.1 |
6.9 |
7.2 |
|
Software |
1.6 |
1.9 |
2.2 |
|
Payments on Account |
- |
0.2 |
2.9 |
|
Total Intangible Fixed Assets |
114.4 |
117.2 |
122.3 |
|
Land and Construction |
15.8 |
16.0 |
17.1 |
|
Technical Installations
and Machinery |
8.5 |
10.3 |
11.8 |
|
Other Installations,
Tools, and Furniture |
3.4 |
4.1 |
4.6 |
|
Other Tangible Assets |
0.8 |
1.0 |
1.2 |
|
Total Tangible Fixed Assets |
28.5 |
31.4 |
34.7 |
|
Investments in Group
Companies |
47.8 |
46.6 |
47.7 |
|
Long-Term Guarantees
and Deposits |
0.2 |
0.2 |
0.2 |
|
Financial Investments |
48.0 |
46.8 |
47.9 |
|
Own Shares |
2.1 |
2.0 |
2.1 |
|
Total Fixed Assets |
192.9 |
197.4 |
207.0 |
|
Goods for Resale |
0.0 |
0.1 |
0.5 |
|
Raw Materials and
Other Consumables |
8.4 |
8.4 |
8.4 |
|
Goods in Process |
1.2 |
1.1 |
1.4 |
|
Finished Products |
18.6 |
20.1 |
24.2 |
|
Total Stocks |
28.3 |
29.7 |
34.4 |
|
Trade Debtors |
38.8 |
30.1 |
34.3 |
|
Receivables, Group
Companies |
3.5 |
4.7 |
3.7 |
|
Other Debtors |
0.6 |
1.3 |
1.5 |
|
Staff |
0.4 |
0.5 |
0.4 |
|
Public Bodies |
90.8 |
85.2 |
82.5 |
|
Total Debtors |
134.0 |
121.7 |
122.5 |
|
Receivables from Group
Companies |
0.5 |
0.4 |
- |
|
Other Receivables |
- |
0.6 |
3.6 |
|
Short-Term Guarantees
and Deposits |
0.0 |
0.0 |
- |
|
Total Short-Term Investments |
0.5 |
1.1 |
3.6 |
|
Cash |
2.2 |
5.5 |
0.6 |
|
Prepayments and Accrued Income |
0.2 |
0.6 |
0.6 |
|
Total Current Assets |
165.1 |
158.5 |
161.7 |
|
Total Assets |
358.1 |
355.9 |
368.7 |
|
Legal Reserve |
5.4 |
5.1 |
4.7 |
|
Miscellaneous Reserves |
165.6 |
150.8 |
147.6 |
|
Total Reserves |
171.1 |
155.9 |
152.3 |
|
Profit or Loss for the Financial Year |
24.8 |
22.0 |
31.7 |
|
Interim Dividend Paid |
- |
-5.3 |
-10.5 |
|
Total Equity |
224.8 |
201.1 |
201.7 |
|
Capital Grants |
0.2 |
0.1 |
0.1 |
|
Total Deferred Income |
0.2 |
0.1 |
0.1 |
|
Other Provisions |
3.7 |
3.7 |
3.8 |
|
Total Provisions for Liabilities and Charges |
3.7 |
3.7 |
3.8 |
|
Loans and Other
Liabilities |
44.8 |
40.8 |
43.1 |
|
Total Amounts Owed to Credit Institutions |
44.8 |
40.8 |
43.1 |
|
Other Creditors |
1.1 |
1.0 |
1.8 |
|
Long-Term Payables to
Public Bodies |
17.0 |
16.8 |
17.5 |
|
Total Other Creditors |
18.0 |
17.7 |
19.3 |
|
Total Long Term Liabilities |
62.8 |
58.6 |
62.3 |
|
Loans and Other
Liabilities |
31.5 |
52.1 |
61.1 |
|
Total Amounts Owed to Credit Institutions |
31.5 |
52.1 |
61.1 |
|
Amounts Owed to Group
Companies |
9.9 |
10.5 |
8.4 |
|
Total Short-Term Amounts Owed to Group and
Associa |
9.9 |
10.5 |
8.4 |
|
Advanced Payments from
Customers |
0.1 |
- |
- |
|
Amounts Owed for
Purchases of Goods or Services |
13.6 |
14.1 |
18.1 |
|
Total Trade Creditors |
13.7 |
14.1 |
18.1 |
|
Public Bodies |
2.4 |
2.1 |
1.8 |
|
Miscellaneous Debts |
2.3 |
6.4 |
2.5 |
|
Wages and Salaries
Payable |
4.7 |
4.8 |
4.9 |
|
Total Other Creditors |
9.4 |
13.2 |
9.2 |
|
Provisions |
2.1 |
2.6 |
3.9 |
|
Total Short Term Creditors |
66.5 |
92.5 |
100.7 |
|
Total Liabilities and Equity |
358.1 |
355.9 |
368.7 |
Annual Income Statement
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
KPMG Auditores,
SL |
KPMG Auditores,
SL |
KPMG Peat
Marwick LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
243.2 |
272.1 |
279.9 |
277.3 |
287.9 |
|
Revenue |
243.2 |
272.1 |
279.9 |
277.3 |
287.9 |
|
Total Revenue |
243.2 |
272.1 |
279.9 |
277.3 |
287.9 |
|
|
|
|
|
|
|
|
Cost of Revenue |
81.0 |
103.3 |
111.2 |
108.5 |
112.7 |
|
Cost of Revenue, Total |
81.0 |
103.3 |
111.2 |
108.5 |
112.7 |
|
Gross Profit |
162.2 |
168.8 |
168.8 |
168.9 |
175.3 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
1.1 |
1.1 |
0.5 |
0.6 |
0.7 |
|
Labor & Related Expense |
62.0 |
65.7 |
62.4 |
61.7 |
64.3 |
|
Advertising Expense |
18.4 |
23.8 |
19.1 |
20.0 |
19.8 |
|
Total Selling/General/Administrative Expenses |
81.5 |
90.6 |
82.0 |
82.3 |
84.8 |
|
Research & Development |
1.8 |
1.9 |
1.7 |
1.8 |
2.7 |
|
Depreciation |
10.7 |
12.7 |
12.0 |
12.0 |
12.5 |
|
Depreciation/Amortization |
10.7 |
12.7 |
12.0 |
12.0 |
12.5 |
|
Impairment-Assets Held for Use |
1.8 |
- |
- |
- |
- |
|
Other Unusual Expense (Income) |
- |
2.1 |
3.0 |
0.0 |
0.4 |
|
Unusual Expense (Income) |
1.8 |
2.1 |
3.0 |
0.0 |
0.4 |
|
Other Operating Expense |
39.0 |
40.9 |
37.9 |
35.5 |
36.6 |
|
Other, Net |
- |
- |
2.4 |
2.1 |
0.6 |
|
Other Operating Expenses, Total |
39.0 |
40.9 |
40.3 |
37.6 |
37.2 |
|
Total Operating Expense |
215.7 |
251.5 |
250.1 |
242.1 |
250.4 |
|
|
|
|
|
|
|
|
Operating Income |
27.4 |
20.6 |
29.9 |
35.3 |
37.6 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-2.9 |
-0.1 |
-0.1 |
-0.2 |
-0.2 |
|
Interest Expense, Net Non-Operating |
-2.9 |
-0.1 |
-0.1 |
-0.2 |
-0.2 |
|
Investment Income -
Non-Operating |
0.0 |
- |
- |
- |
- |
|
Interest/Investment Income - Non-Operating |
0.0 |
- |
- |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
-2.9 |
-0.1 |
-0.1 |
-0.2 |
-0.2 |
|
Gain (Loss) on Sale of Assets |
0.0 |
0.0 |
0.0 |
0.1 |
-2.0 |
|
Other Non-Operating Income (Expense) |
0.2 |
-3.4 |
-4.0 |
-7.4 |
-9.1 |
|
Other, Net |
0.2 |
-3.4 |
-4.0 |
-7.4 |
-9.1 |
|
Income Before Tax |
24.7 |
17.2 |
25.8 |
27.8 |
26.3 |
|
|
|
|
|
|
|
|
Total Income Tax |
-0.3 |
-2.5 |
-0.7 |
-1.8 |
-2.4 |
|
Income After Tax |
25.1 |
19.7 |
26.5 |
29.6 |
28.7 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
- |
- |
- |
0.0 |
|
Net Income Before Extraord Items |
25.1 |
19.7 |
26.5 |
29.6 |
28.7 |
|
Net Income |
25.1 |
19.7 |
26.5 |
29.6 |
28.7 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
25.1 |
19.7 |
26.5 |
29.6 |
28.7 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
25.1 |
19.7 |
26.5 |
29.6 |
28.7 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
213.2 |
217.8 |
220.0 |
220.1 |
203.2 |
|
Basic EPS Excl Extraord Items |
0.12 |
0.09 |
0.12 |
0.13 |
0.14 |
|
Basic/Primary EPS Incl Extraord Items |
0.12 |
0.09 |
0.12 |
0.13 |
0.14 |
|
Diluted Net Income |
25.1 |
19.7 |
26.5 |
29.6 |
28.7 |
|
Diluted Weighted Average Shares |
213.2 |
217.8 |
220.0 |
220.1 |
203.2 |
|
Diluted EPS Excl Extraord Items |
0.12 |
0.09 |
0.12 |
0.13 |
0.14 |
|
Diluted EPS Incl Extraord Items |
0.12 |
0.09 |
0.12 |
0.13 |
0.14 |
|
Dividends per Share - Common Stock Primary Issue |
- |
0.04 |
0.09 |
0.08 |
0.08 |
|
Gross Dividends - Common Stock |
- |
8.5 |
20.7 |
22.5 |
21.1 |
|
Interest Expense, Supplemental |
2.9 |
0.1 |
0.1 |
0.2 |
0.2 |
|
Depreciation, Supplemental |
10.7 |
6.3 |
5.8 |
5.6 |
5.5 |
|
Total Special Items |
1.7 |
2.1 |
3.0 |
-0.1 |
2.4 |
|
Normalized Income Before Tax |
26.5 |
19.3 |
28.7 |
27.7 |
28.7 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.6 |
0.7 |
1.0 |
0.0 |
0.8 |
|
Inc Tax Ex Impact of Sp Items |
0.3 |
-1.8 |
0.3 |
-1.9 |
-1.6 |
|
Normalized Income After Tax |
26.2 |
21.1 |
28.4 |
29.6 |
30.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
26.2 |
21.1 |
28.4 |
29.6 |
30.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.12 |
0.10 |
0.13 |
0.13 |
0.15 |
|
Diluted Normalized EPS |
0.12 |
0.10 |
0.13 |
0.13 |
0.15 |
|
Amort of Intangibles, Supplemental |
- |
6.4 |
6.2 |
6.3 |
7.1 |
|
Rental Expenses |
3.0 |
3.8 |
2.8 |
2.6 |
2.8 |
|
Advertising Expense, Supplemental |
18.4 |
23.8 |
19.1 |
20.0 |
19.8 |
|
Research & Development Exp, Supplemental |
1.8 |
1.9 |
1.7 |
1.8 |
2.7 |
|
Normalized EBIT |
29.2 |
22.7 |
32.8 |
35.3 |
38.0 |
|
Normalized EBITDA |
39.9 |
35.4 |
44.8 |
47.3 |
50.5 |
|
Current Tax - Total |
4.8 |
2.3 |
2.9 |
6.6 |
6.2 |
|
Current Tax - Total |
4.8 |
2.3 |
2.9 |
6.6 |
6.2 |
|
Deferred Tax - Total |
-5.1 |
-4.8 |
-3.6 |
-8.4 |
-8.6 |
|
Deferred Tax - Total |
-5.1 |
-4.8 |
-3.6 |
-8.4 |
-8.6 |
|
Other Tax |
- |
- |
0.0 |
- |
- |
|
Income Tax - Total |
-0.3 |
-2.5 |
-0.7 |
-1.8 |
-2.4 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
|
Auditor |
KPMG Auditores,
SL |
KPMG Auditores,
SL |
KPMG Peat
Marwick LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
6.5 |
7.9 |
2.9 |
13.5 |
10.4 |
|
Short Term Investments |
7.5 |
8.2 |
13.8 |
16.6 |
13.1 |
|
Cash and Short Term Investments |
14.0 |
16.1 |
16.7 |
30.0 |
23.6 |
|
Accounts Receivable -
Trade, Gross |
55.7 |
- |
51.9 |
53.0 |
50.2 |
|
Provision for Doubtful
Accounts |
-0.9 |
-1.1 |
-1.1 |
-1.1 |
-0.6 |
|
Trade Accounts Receivable - Net |
54.9 |
43.2 |
50.8 |
51.9 |
49.6 |
|
Other Receivables |
- |
5.6 |
- |
- |
- |
|
Total Receivables, Net |
54.9 |
48.8 |
50.8 |
51.9 |
49.6 |
|
Inventories - Finished Goods |
25.8 |
28.0 |
10.2 |
5.1 |
2.4 |
|
Inventories - Work In Progress |
1.8 |
1.4 |
1.4 |
2.6 |
1.8 |
|
Inventories - Raw Materials |
12.6 |
12.8 |
12.0 |
13.7 |
12.1 |
|
Inventories - Other |
- |
- |
25.0 |
20.9 |
21.9 |
|
Total Inventory |
40.3 |
42.2 |
48.6 |
42.4 |
38.2 |
|
Prepaid Expenses |
0.4 |
0.5 |
0.4 |
0.5 |
- |
|
Other Current Assets |
0.1 |
0.9 |
1.2 |
0.0 |
0.0 |
|
Other Current Assets, Total |
0.1 |
0.9 |
1.2 |
0.0 |
0.0 |
|
Total Current Assets |
109.6 |
108.5 |
117.7 |
124.8 |
111.4 |
|
|
|
|
|
|
|
|
Land/Improvements |
34.0 |
33.3 |
34.3 |
36.0 |
31.8 |
|
Machinery/Equipment |
71.5 |
71.1 |
73.6 |
76.8 |
66.2 |
|
Construction in
Progress |
0.0 |
0.0 |
0.2 |
0.5 |
7.2 |
|
Other
Property/Plant/Equipment |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Property/Plant/Equipment - Gross |
105.8 |
104.7 |
108.4 |
113.5 |
105.6 |
|
Accumulated Depreciation |
-71.8 |
-66.8 |
-65.4 |
-65.7 |
-59.3 |
|
Property/Plant/Equipment - Net |
34.0 |
37.9 |
43.0 |
47.8 |
46.3 |
|
Goodwill - Gross |
22.9 |
- |
- |
- |
- |
|
Accumulated Goodwill Amortization |
0.0 |
- |
- |
- |
- |
|
Goodwill, Net |
22.9 |
- |
23.3 |
24.9 |
24.1 |
|
Intangibles - Gross |
251.3 |
268.5 |
251.7 |
259.8 |
- |
|
Accumulated Intangible Amortization |
-130.5 |
-122.2 |
-120.8 |
-119.6 |
- |
|
Intangibles, Net |
120.8 |
146.3 |
130.8 |
140.2 |
132.9 |
|
LT Investments - Other |
2.2 |
2.2 |
2.3 |
2.6 |
2.5 |
|
Long Term Investments |
2.2 |
2.2 |
2.3 |
2.6 |
2.5 |
|
Deferred Income Tax - Long Term Asset |
89.6 |
83.1 |
81.5 |
80.1 |
65.1 |
|
Other Long Term Assets, Total |
89.6 |
83.1 |
81.5 |
80.1 |
65.1 |
|
Total Assets |
379.1 |
377.9 |
398.6 |
420.4 |
382.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
30.6 |
20.7 |
26.3 |
27.1 |
35.8 |
|
Notes Payable/Short Term Debt |
0.0 |
0.4 |
0.4 |
0.2 |
0.4 |
|
Current Portion - Long Term Debt/Capital Leases |
31.5 |
56.2 |
61.5 |
44.5 |
49.0 |
|
Customer Advances |
- |
0.0 |
0.0 |
7.2 |
- |
|
Income Taxes Payable |
3.2 |
1.8 |
1.8 |
3.3 |
3.0 |
|
Other Current Liabilities |
4.6 |
18.1 |
19.2 |
14.7 |
3.4 |
|
Other Current liabilities, Total |
7.8 |
19.9 |
21.1 |
25.1 |
6.4 |
|
Total Current Liabilities |
69.9 |
97.2 |
109.3 |
96.9 |
91.6 |
|
|
|
|
|
|
|
|
Long Term Debt |
44.8 |
40.8 |
43.1 |
61.5 |
34.5 |
|
Total Long Term Debt |
44.8 |
40.8 |
43.1 |
61.5 |
34.5 |
|
Total Debt |
76.3 |
97.4 |
105.0 |
106.2 |
84.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
15.0 |
15.0 |
15.7 |
13.7 |
9.2 |
|
Deferred Income Tax |
15.0 |
15.0 |
15.7 |
13.7 |
9.2 |
|
Minority Interest |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Reserves |
3.8 |
4.5 |
4.6 |
4.9 |
7.5 |
|
Other Long Term Liabilities |
1.4 |
2.8 |
3.7 |
9.9 |
21.7 |
|
Other Liabilities, Total |
5.2 |
7.3 |
8.3 |
14.7 |
29.2 |
|
Total Liabilities |
134.9 |
160.3 |
176.5 |
186.8 |
164.5 |
|
|
|
|
|
|
|
|
Common Stock |
27.1 |
26.6 |
26.2 |
25.8 |
22.2 |
|
Common Stock |
27.1 |
26.6 |
26.2 |
25.8 |
22.2 |
|
Additional Paid-In Capital |
1.9 |
1.9 |
2.0 |
2.1 |
2.0 |
|
Retained Earnings (Accumulated Deficit) |
47.3 |
37.9 |
46.8 |
73.4 |
67.9 |
|
Treasury Stock - Common |
-3.0 |
-3.0 |
-2.8 |
-2.7 |
-2.2 |
|
Translation Adjustment |
0.0 |
0.0 |
- |
- |
- |
|
Other Equity |
171.0 |
154.2 |
149.9 |
135.0 |
127.8 |
|
Other Equity, Total |
171.0 |
154.2 |
149.9 |
135.0 |
127.8 |
|
Total Equity |
244.3 |
217.6 |
222.0 |
233.6 |
217.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
379.1 |
377.9 |
398.6 |
420.4 |
382.3 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
213.2 |
219.9 |
219.9 |
201.2 |
180.6 |
|
Total Common Shares Outstanding |
213.2 |
219.9 |
219.9 |
201.2 |
180.6 |
|
Treasury Shares - Common Stock Primary Issue |
2.4 |
0.2 |
0.2 |
2.0 |
- |
|
Employees |
792 |
840 |
822 |
749 |
742 |
|
Accumulated Goodwill Amortization Suppl. |
0.0 |
- |
- |
- |
- |
|
Accumulated Intangible Amort, Suppl. |
130.5 |
122.2 |
120.8 |
119.6 |
109.6 |
|
Deferred Revenue - Current |
- |
0.0 |
0.0 |
7.2 |
- |
|
Deferred Revenue - Long Term |
- |
0.1 |
0.3 |
- |
- |
|
Total Long Term Debt, Supplemental |
44.8 |
97.0 |
104.6 |
106.0 |
83.5 |
|
Long Term Debt Maturing within 1 Year |
8.6 |
56.2 |
61.5 |
44.5 |
49.0 |
|
Long Term Debt Maturing in Year 2 |
8.6 |
29.8 |
24.1 |
36.3 |
20.7 |
|
Long Term Debt Maturing in Year 3 |
19.3 |
6.6 |
16.7 |
18.5 |
13.8 |
|
Long Term Debt Maturing in Year 4 |
5.2 |
1.1 |
2.3 |
4.3 |
0.0 |
|
Long Term Debt Maturing in Year 5 |
3.1 |
3.3 |
0.0 |
2.5 |
0.0 |
|
Long Term Debt Maturing in 2-3 Years |
27.9 |
36.4 |
40.8 |
54.7 |
34.5 |
|
Long Term Debt Maturing in 4-5 Years |
8.3 |
4.5 |
2.3 |
6.7 |
0.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Operating Leases, Supplemental |
11.1 |
12.4 |
21.6 |
15.6 |
15.0 |
|
Operating Lease Payments Due in Year 1 |
2.7 |
2.2 |
3.1 |
3.0 |
2.6 |
|
Operating Lease Payments Due in Year 2 |
2.1 |
2.6 |
2.3 |
1.6 |
1.6 |
|
Operating Lease Payments Due in Year 3 |
2.1 |
2.6 |
2.3 |
1.6 |
1.6 |
|
Operating Lease Payments Due in Year 4 |
2.1 |
2.6 |
2.3 |
1.6 |
1.6 |
|
Operating Lease Payments Due in Year 5 |
2.1 |
2.6 |
2.3 |
1.6 |
1.6 |
|
Operating Lease Pymts. Due in 2-3 Years |
4.2 |
5.1 |
4.6 |
3.2 |
3.1 |
|
Operating Lease Pymts. Due in 4-5 Years |
4.2 |
5.1 |
4.6 |
3.2 |
3.1 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
9.3 |
6.3 |
6.2 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
KPMG Auditores,
SL |
KPMG Auditores,
SL |
KPMG Peat
Marwick LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
25.1 |
19.7 |
26.5 |
29.6 |
28.7 |
|
Depreciation |
10.7 |
12.7 |
12.0 |
12.0 |
12.5 |
|
Depreciation/Depletion |
10.7 |
12.7 |
12.0 |
12.0 |
12.5 |
|
Unusual Items |
1.0 |
2.2 |
2.7 |
1.0 |
-2.2 |
|
Other Non-Cash Items |
1.9 |
2.3 |
5.3 |
4.5 |
8.2 |
|
Non-Cash Items |
2.9 |
4.5 |
8.1 |
5.5 |
6.0 |
|
Accounts Receivable |
-4.7 |
0.2 |
-2.2 |
-1.9 |
23.4 |
|
Inventories |
2.9 |
5.0 |
-8.8 |
-3.5 |
1.4 |
|
Other Assets |
- |
- |
- |
0.0 |
0.4 |
|
Accounts Payable |
-0.1 |
-6.7 |
0.2 |
1.5 |
-6.9 |
|
Payable/Accrued |
- |
- |
- |
0.0 |
2.5 |
|
Taxes Payable |
-0.3 |
-2.5 |
-0.7 |
-1.8 |
-2.4 |
|
Other Liabilities |
- |
0.0 |
-6.6 |
- |
- |
|
Other Operating Cash Flow |
-5.6 |
-5.1 |
-8.2 |
-10.2 |
-15.5 |
|
Changes in Working Capital |
-8.0 |
-9.1 |
-26.4 |
-15.9 |
2.9 |
|
Cash from Operating Activities |
30.7 |
27.8 |
20.2 |
31.2 |
50.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-0.7 |
-2.7 |
-4.8 |
-5.7 |
-9.6 |
|
Purchase/Acquisition of Intangibles |
-2.8 |
-8.5 |
-8.6 |
-9.7 |
-14.1 |
|
Capital Expenditures |
-3.5 |
-11.2 |
-13.3 |
-15.4 |
-23.7 |
|
Acquisition of Business |
- |
0.0 |
-0.7 |
-2.1 |
0.0 |
|
Sale of Fixed Assets |
0.0 |
0.2 |
0.0 |
0.0 |
1.3 |
|
Sale/Maturity of Investment |
1.2 |
5.4 |
1.5 |
0.0 |
5.3 |
|
Purchase of Investments |
- |
- |
0.0 |
-2.5 |
-0.1 |
|
Sale of Intangible Assets |
0.4 |
2.8 |
- |
- |
- |
|
Other Investing Cash Flow |
0.3 |
0.6 |
0.5 |
0.6 |
1.0 |
|
Other Investing Cash Flow Items, Total |
1.9 |
8.9 |
1.3 |
-4.0 |
7.5 |
|
Cash from Investing Activities |
-1.6 |
-2.3 |
-12.0 |
-19.3 |
-16.2 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-61.7 |
-51.1 |
-19.7 |
-23.3 |
-43.6 |
|
Financing Cash Flow Items |
-61.7 |
-51.1 |
-19.7 |
-23.3 |
-43.6 |
|
Cash Dividends Paid - Common |
-7.8 |
-10.8 |
-22.3 |
-21.1 |
-19.8 |
|
Total Cash Dividends Paid |
-7.8 |
-10.8 |
-22.3 |
-21.1 |
-19.8 |
|
Sale/Issuance of
Common |
0.0 |
-0.3 |
-0.1 |
-0.4 |
0.0 |
|
Common Stock, Net |
0.0 |
-0.3 |
-0.1 |
-0.4 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
-0.3 |
-0.1 |
-0.4 |
0.0 |
|
Long Term Debt Issued |
39.8 |
46.6 |
25.4 |
42.5 |
36.3 |
|
Long Term Debt
Reduction |
-0.8 |
-4.5 |
-1.1 |
-6.9 |
-3.7 |
|
Long Term Debt, Net |
39.0 |
42.1 |
24.3 |
35.6 |
32.6 |
|
Issuance (Retirement) of Debt, Net |
39.0 |
42.1 |
24.3 |
35.6 |
32.6 |
|
Cash from Financing Activities |
-30.5 |
-20.1 |
-17.7 |
-9.3 |
-30.7 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-1.5 |
5.4 |
-9.6 |
2.6 |
3.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
7.8 |
3.0 |
12.4 |
10.4 |
7.8 |
|
Net Cash - Ending Balance |
6.3 |
8.4 |
2.9 |
13.0 |
11.0 |
|
Cash Interest Paid |
66.7 |
3.1 |
2.9 |
3.9 |
7.9 |
|
Cash Taxes Paid |
2.6 |
2.0 |
5.3 |
6.4 |
7.6 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
KPMG Auditores,
SL |
KPMG Auditores,
SL |
KPMG Peat
Marwick LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Turnover |
226.3 |
264.5 |
268.2 |
271.6 |
284.0 |
|
Other Operating Inc. |
16.9 |
7.6 |
11.7 |
5.7 |
3.9 |
|
Total Revenue |
243.2 |
272.1 |
279.9 |
277.3 |
287.9 |
|
|
|
|
|
|
|
|
Impairment of Intangibles excl. Goodwill |
1.8 |
- |
- |
- |
- |
|
Inventories Variation |
1.2 |
3.1 |
-4.3 |
0.9 |
-0.1 |
|
Own Work |
-0.9 |
-1.1 |
-2.6 |
-2.9 |
-3.3 |
|
Material |
80.7 |
101.4 |
118.0 |
110.5 |
116.1 |
|
Wages/Salaries |
62.0 |
65.7 |
62.4 |
49.1 |
51.3 |
|
Welfare Expenses |
- |
- |
- |
12.6 |
13.0 |
|
Depreciation/Amortization |
10.7 |
12.7 |
12.0 |
12.0 |
12.5 |
|
Provisions |
- |
- |
2.4 |
2.1 |
0.6 |
|
Research and Development |
1.8 |
1.9 |
1.7 |
1.8 |
2.7 |
|
Other Other Expenses |
39.0 |
- |
- |
- |
- |
|
Other Expenses |
- |
40.9 |
37.9 |
35.5 |
36.6 |
|
Advertising Expenses |
18.4 |
23.8 |
19.1 |
20.0 |
19.8 |
|
Taxes |
1.1 |
1.1 |
0.5 |
0.6 |
0.7 |
|
Assets Writedowns |
- |
2.1 |
3.0 |
0.0 |
0.4 |
|
Total Operating Expense |
215.7 |
251.5 |
250.1 |
242.1 |
250.4 |
|
|
|
|
|
|
|
|
Other Total Financial Income |
0.3 |
- |
- |
- |
- |
|
Other Total Financial Expense |
-0.1 |
- |
- |
- |
- |
|
Financial Income |
- |
1.1 |
1.0 |
1.4 |
1.9 |
|
Foreign Exchange |
-0.4 |
- |
- |
- |
- |
|
Dividend Income |
0.0 |
- |
- |
- |
- |
|
FV Adjustments on Investment Property |
0.4 |
- |
- |
- |
- |
|
FV Adjustments on Inv.Property/loss |
-0.1 |
- |
- |
- |
- |
|
Exchange Gains |
0.1 |
- |
- |
- |
- |
|
Interest Expense |
-2.9 |
-0.1 |
-0.1 |
-0.2 |
-0.2 |
|
Other Financial Expense |
- |
-4.4 |
-4.9 |
-8.7 |
-11.0 |
|
Sale of Assets/Gains |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Sale of Assets/Loss |
- |
- |
0.0 |
0.0 |
-2.0 |
|
Net Income Before Taxes |
24.7 |
17.2 |
25.8 |
27.8 |
26.3 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
-0.3 |
-2.5 |
-0.7 |
-1.8 |
-2.4 |
|
Net Income After Taxes |
25.1 |
19.7 |
26.5 |
29.6 |
28.7 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
- |
- |
- |
0.0 |
|
Net Income Before Extra. Items |
25.1 |
19.7 |
26.5 |
29.6 |
28.7 |
|
Net Income |
25.1 |
19.7 |
26.5 |
29.6 |
28.7 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
25.1 |
19.7 |
26.5 |
29.6 |
28.7 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
25.1 |
19.7 |
26.5 |
29.6 |
28.7 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
213.2 |
217.8 |
220.0 |
220.1 |
203.2 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.12 |
0.09 |
0.12 |
0.13 |
0.14 |
|
Basic EPS Including ExtraOrdinary Items |
0.12 |
0.09 |
0.12 |
0.13 |
0.14 |
|
Diluted Net Income |
25.1 |
19.7 |
26.5 |
29.6 |
28.7 |
|
Diluted Weighted Average Shares |
213.2 |
217.8 |
220.0 |
220.1 |
203.2 |
|
Diluted EPS Excluding ExtraOrd Items |
0.12 |
0.09 |
0.12 |
0.13 |
0.14 |
|
Diluted EPS Including ExtraOrd Items |
0.12 |
0.09 |
0.12 |
0.13 |
0.14 |
|
DPS-Ordinary Shares |
- |
0.04 |
0.09 |
0.08 |
0.08 |
|
Gross Dividends - Common Stock |
- |
8.5 |
20.7 |
22.5 |
21.1 |
|
Normalized Income Before Taxes |
26.5 |
19.3 |
28.7 |
27.7 |
28.7 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.3 |
-1.8 |
0.3 |
-1.9 |
-1.6 |
|
Normalized Income After Taxes |
26.2 |
21.1 |
28.4 |
29.6 |
30.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
26.2 |
21.1 |
28.4 |
29.6 |
30.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.12 |
0.10 |
0.13 |
0.13 |
0.15 |
|
Diluted Normalized EPS |
0.12 |
0.10 |
0.13 |
0.13 |
0.15 |
|
Interest Expense |
2.9 |
- |
- |
- |
- |
|
Interest Expense |
- |
0.1 |
0.1 |
0.2 |
0.2 |
|
Amort of Intangibles |
- |
6.4 |
6.2 |
6.3 |
7.1 |
|
Depreciation |
10.7 |
6.3 |
5.8 |
5.6 |
5.5 |
|
Research and Development |
1.8 |
1.9 |
1.7 |
1.8 |
2.7 |
|
Rental Expense |
3.0 |
3.8 |
2.8 |
2.6 |
2.8 |
|
Advertising Expenses |
18.4 |
23.8 |
19.1 |
20.0 |
19.8 |
|
Current Tax |
4.8 |
2.3 |
2.9 |
6.6 |
6.2 |
|
Current Tax - Total |
4.8 |
2.3 |
2.9 |
6.6 |
6.2 |
|
Deferred Tax |
-5.1 |
-4.8 |
-3.6 |
-8.4 |
-8.6 |
|
Deferred Tax - Total |
-5.1 |
-4.8 |
-3.6 |
-8.4 |
-8.6 |
|
Tax Adjustment |
- |
- |
0.0 |
- |
- |
|
Income Tax - Total |
-0.3 |
-2.5 |
-0.7 |
-1.8 |
-2.4 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
|
Auditor |
KPMG Auditores,
SL |
KPMG Auditores,
SL |
KPMG Peat
Marwick LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Merchandise |
5.8 |
6.8 |
- |
- |
- |
|
Merchandise |
- |
- |
10.2 |
5.1 |
2.4 |
|
Raw Materials |
12.6 |
12.8 |
12.0 |
13.7 |
12.1 |
|
Work in Progress |
1.8 |
1.4 |
1.4 |
2.6 |
1.8 |
|
Finished Goods |
20.0 |
21.2 |
- |
- |
- |
|
Fin. Goods |
- |
- |
25.0 |
20.9 |
21.9 |
|
Other Receivables, Net |
55.7 |
- |
- |
- |
- |
|
Receivables, Net |
- |
44.3 |
- |
- |
- |
|
Trade Receivable |
- |
- |
46.6 |
46.7 |
41.3 |
|
Other Receivables |
- |
5.6 |
- |
- |
- |
|
Other Receivable |
- |
- |
5.3 |
6.3 |
8.9 |
|
Prepaid Expenses |
0.4 |
0.5 |
0.4 |
0.5 |
- |
|
Provisions |
-0.9 |
-1.1 |
-1.1 |
-1.1 |
-0.6 |
|
Other Investments |
7.5 |
- |
- |
- |
- |
|
Investments |
- |
8.2 |
13.8 |
16.6 |
13.1 |
|
Cur.Derivative Fin. Instrument-Hedging |
0.1 |
- |
- |
- |
- |
|
Taxes |
0.0 |
0.9 |
1.2 |
0.0 |
0.0 |
|
Cash Bank/Hand |
6.5 |
7.9 |
2.9 |
13.5 |
10.4 |
|
Total Current Assets |
109.6 |
108.5 |
117.7 |
124.8 |
111.4 |
|
|
|
|
|
|
|
|
Intangibles, Gross |
- |
268.5 |
251.7 |
259.8 |
- |
|
Research |
5.6 |
- |
- |
- |
- |
|
Rights |
234.7 |
- |
- |
- |
- |
|
Software |
4.2 |
- |
- |
- |
- |
|
Other |
6.8 |
- |
- |
- |
- |
|
Acc Amort Research & Development Costs |
0.0 |
- |
- |
- |
- |
|
AccAmortLicen.Franc.RightContr.Mod.Desig |
-121.3 |
- |
- |
- |
- |
|
Acc Amort Computer Software |
-2.5 |
- |
- |
- |
- |
|
Acc Amort Other Intangibles |
-6.7 |
- |
- |
- |
- |
|
Amortisation |
- |
-122.2 |
-120.8 |
-119.6 |
- |
|
Other Intangibles, Net |
- |
- |
- |
- |
132.9 |
|
Goodwill |
- |
- |
23.3 |
24.9 |
24.1 |
|
Land/Buildings |
34.0 |
33.3 |
34.3 |
36.0 |
31.8 |
|
Plant/Machinery |
56.6 |
55.9 |
58.5 |
62.7 |
54.7 |
|
Furniture |
11.3 |
11.4 |
10.6 |
9.5 |
7.4 |
|
Data Equipment |
3.6 |
3.8 |
4.5 |
4.6 |
4.2 |
|
Other Tangible |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
In Progress |
0.0 |
0.0 |
0.2 |
0.5 |
7.2 |
|
Acc Depr Land/Land Improvements |
-15.2 |
- |
- |
- |
- |
|
Acc Depr Plant & Machinery |
-45.4 |
- |
- |
- |
- |
|
Acc Depr Furniture |
-7.8 |
- |
- |
- |
- |
|
Acc Depr Computer Software & Equipment |
-3.1 |
- |
- |
- |
- |
|
Acc Depr Other Tangible Fixed Assets |
-0.3 |
- |
- |
- |
- |
|
Depreciation |
- |
-66.8 |
-65.4 |
-65.7 |
-59.3 |
|
Real Estate Investment |
2.0 |
2.0 |
2.1 |
2.4 |
2.3 |
|
Investments |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Deferred Tax |
89.6 |
83.1 |
81.5 |
80.1 |
65.1 |
|
Acc Amort Goodwill |
0.0 |
- |
- |
- |
- |
|
Goodwill, Gross |
22.9 |
- |
- |
- |
- |
|
Total Assets |
379.1 |
377.9 |
398.6 |
420.4 |
382.3 |
|
|
|
|
|
|
|
|
Borrowings |
- |
0.4 |
0.4 |
0.2 |
0.4 |
|
Current Portion of LT Debt |
31.5 |
56.2 |
61.5 |
44.5 |
49.0 |
|
Financial Liabilities |
2.2 |
6.1 |
3.8 |
- |
- |
|
Trade Creditors |
30.6 |
20.7 |
26.3 |
27.1 |
35.8 |
|
Consumers Advances |
- |
0.0 |
0.0 |
7.2 |
- |
|
Other Creditors |
- |
9.2 |
11.3 |
11.4 |
- |
|
Provisions |
2.3 |
2.9 |
4.2 |
3.3 |
3.4 |
|
Taxes Payable |
3.2 |
1.8 |
1.8 |
3.3 |
3.0 |
|
Total Current Liabilities |
69.9 |
97.2 |
109.3 |
96.9 |
91.6 |
|
|
|
|
|
|
|
|
LT Debt |
44.8 |
40.8 |
43.1 |
61.5 |
34.5 |
|
Total Long Term Debt |
44.8 |
40.8 |
43.1 |
61.5 |
34.5 |
|
|
|
|
|
|
|
|
Subventions |
0.3 |
0.1 |
0.3 |
- |
- |
|
Minority Int. |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Provisions |
3.8 |
4.5 |
4.6 |
4.9 |
7.5 |
|
Deferred Tax |
15.0 |
15.0 |
15.7 |
13.7 |
9.2 |
|
Creditors |
- |
- |
0.0 |
2.5 |
10.4 |
|
Other Financial Liabilities |
1.1 |
2.7 |
3.5 |
7.4 |
11.2 |
|
Total Liabilities |
134.9 |
160.3 |
176.5 |
186.8 |
164.5 |
|
|
|
|
|
|
|
|
Share Capital |
27.1 |
26.6 |
26.2 |
25.8 |
22.2 |
|
Share Premium |
1.9 |
1.9 |
2.0 |
2.1 |
2.0 |
|
Coversion Diff. |
0.0 |
0.0 |
- |
- |
- |
|
Other Reserves |
171.0 |
154.2 |
149.9 |
135.0 |
128.2 |
|
Retained Earnings |
47.3 |
43.2 |
57.3 |
83.7 |
76.8 |
|
Other Equity |
- |
- |
0.0 |
0.0 |
-0.4 |
|
Treasury Shares |
-3.0 |
-3.0 |
-2.8 |
-2.7 |
-2.2 |
|
Dividend Paid |
0.0 |
-5.3 |
-10.5 |
-10.3 |
-8.9 |
|
Total Equity |
244.3 |
217.6 |
222.0 |
233.6 |
217.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
379.1 |
377.9 |
398.6 |
420.4 |
382.3 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
213.2 |
219.9 |
219.9 |
201.2 |
180.6 |
|
Total Common Shares Outstanding |
213.2 |
219.9 |
219.9 |
201.2 |
180.6 |
|
T/S-Ordinary Shares |
2.4 |
0.2 |
0.2 |
2.0 |
- |
|
Acc Amort Goodwill |
0.0 |
- |
- |
- |
- |
|
Deferred Revenue - Current |
- |
0.0 |
0.0 |
7.2 |
- |
|
Deferred Revenue - Long Term |
- |
0.1 |
0.3 |
- |
- |
|
Acc Amort Research & Development Costs |
0.0 |
- |
- |
- |
- |
|
AccAmortLicen.Franc.RightContr.Mod.Desig |
121.3 |
- |
- |
- |
- |
|
Acc Amort Computer Software |
2.5 |
- |
- |
- |
- |
|
Acc Amort Other Intangibles |
6.7 |
- |
- |
- |
- |
|
Accumulated Intangible Amortization |
- |
122.2 |
120.8 |
119.6 |
109.6 |
|
Full-Time Employees |
792 |
840 |
822 |
749 |
742 |
|
LT Debt Maturing Within 1 Year |
- |
56.2 |
61.5 |
44.5 |
49.0 |
|
LT Debt Maturing Within 2 Years |
17.1 |
29.8 |
24.1 |
36.3 |
20.7 |
|
LT Debt Maturing Within 3 Years |
19.3 |
6.6 |
16.7 |
18.5 |
13.8 |
|
LT Debt Maturing Within 4 Years |
5.2 |
1.1 |
2.3 |
4.3 |
0.0 |
|
LT Debt Maturing Within 5 Years |
3.1 |
3.3 |
0.0 |
2.5 |
0.0 |
|
Total Long Term Debt, Supplemental |
44.8 |
97.0 |
104.6 |
106.0 |
83.5 |
|
Operating Leases Maturing within 1 Year |
2.7 |
2.2 |
3.1 |
3.0 |
2.6 |
|
Operating Leases Maturing 1<year<5<
td=""></year<5<> |
8.4 |
10.2 |
9.3 |
6.3 |
6.2 |
|
Optg leases-year 6+ |
- |
- |
9.3 |
6.3 |
6.2 |
|
Total Operating Leases, Supplemental |
11.1 |
12.4 |
21.6 |
15.6 |
15.0 |
Annual Cash Flows
Financials in: USD (mil)
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
KPMG Auditores,
SL |
KPMG Auditores,
SL |
KPMG Peat
Marwick LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
25.1 |
19.7 |
26.5 |
29.6 |
28.7 |
|
Depreciation |
10.7 |
12.7 |
12.0 |
12.0 |
12.5 |
|
Unreal. G/L from FV Adj. of Fin. Assets |
-0.4 |
- |
- |
- |
- |
|
Writedowns of Receivables |
-0.2 |
0.0 |
0.1 |
- |
- |
|
Writedowns of Financial Assets |
1.8 |
2.1 |
0.0 |
0.4 |
0.0 |
|
Writedowns of Inventories |
-0.2 |
0.1 |
0.0 |
0.6 |
0.0 |
|
Exchange Differences |
0.2 |
0.1 |
0.0 |
- |
- |
|
Provisions |
0.2 |
1.2 |
2.4 |
0.4 |
0.8 |
|
Financial Income |
-0.3 |
-0.7 |
-0.6 |
-1.4 |
-1.9 |
|
Financial Expense |
3.2 |
4.0 |
4.7 |
8.5 |
13.2 |
|
Sale of Tangibles |
- |
0.0 |
2.6 |
- |
0.0 |
|
Adj. Fair Value Real Estate Inv. |
- |
0.0 |
0.1 |
0.0 |
0.1 |
|
Loss on Intangibles |
- |
- |
- |
0.0 |
0.4 |
|
Income Tax |
-0.3 |
-2.5 |
-0.7 |
-1.8 |
-2.4 |
|
Grants |
0.0 |
- |
- |
0.0 |
-2.2 |
|
Trade Receivables |
-4.7 |
0.2 |
-2.2 |
-1.9 |
23.4 |
|
Inventories |
2.9 |
5.0 |
-8.8 |
-3.5 |
1.4 |
|
Trade Payables |
-0.1 |
-6.7 |
0.2 |
1.5 |
-6.9 |
|
Increase-Decrease Provisions |
-1.5 |
-2.5 |
-1.3 |
-2.9 |
-4.0 |
|
Other Current Liabilities |
- |
0.0 |
-6.6 |
- |
- |
|
Other Payables |
- |
- |
- |
0.0 |
2.5 |
|
Interest Paid |
-3.1 |
-3.1 |
-2.9 |
-3.9 |
-7.9 |
|
Taxes Paid |
-2.6 |
-2.0 |
-5.3 |
-6.4 |
-7.6 |
|
Other Costs/ Income |
0.2 |
0.1 |
- |
- |
- |
|
Cash from Operating Activities |
30.7 |
27.8 |
20.2 |
31.2 |
50.2 |
|
|
|
|
|
|
|
|
Sale of Tangibles |
0.0 |
0.2 |
0.0 |
0.0 |
1.3 |
|
Sale of Intangibles |
0.4 |
2.8 |
- |
- |
- |
|
Sale of Financial Assets |
1.2 |
5.4 |
1.5 |
0.0 |
5.3 |
|
Interest Receipts |
0.3 |
0.5 |
0.5 |
0.5 |
0.9 |
|
Dividends Receipts |
0.0 |
0.0 |
0.0 |
0.1 |
0.2 |
|
Purchase of Business |
- |
0.0 |
-0.7 |
-2.1 |
0.0 |
|
Purchase of Tangibles |
-0.7 |
-2.7 |
-4.8 |
-5.7 |
-9.6 |
|
Purchase of Intangibles |
-2.8 |
-8.5 |
-8.6 |
-9.7 |
-14.1 |
|
Purchase of Financial Assets |
- |
- |
0.0 |
-2.5 |
-0.1 |
|
Cash from Investing Activities |
-1.6 |
-2.3 |
-12.0 |
-19.3 |
-16.2 |
|
|
|
|
|
|
|
|
Loans |
39.8 |
46.6 |
25.4 |
42.5 |
36.3 |
|
Other Financial Liabilities |
1.8 |
0.0 |
0.3 |
0.0 |
0.0 |
|
Capital Issuance |
- |
0.0 |
0.2 |
- |
- |
|
Sale of Own Shares |
0.0 |
-0.3 |
-0.3 |
-0.4 |
0.0 |
|
Interest Repaid |
-63.7 |
-51.1 |
-20.0 |
-23.3 |
-43.6 |
|
Financial Liabilities Repaid |
-0.8 |
-4.5 |
-1.1 |
-6.9 |
-3.7 |
|
Dividends Paid |
-7.8 |
-10.8 |
-22.3 |
-21.1 |
-19.8 |
|
Other Financing Activities |
0.1 |
- |
- |
0.0 |
0.0 |
|
Cash from Financing Activities |
-30.5 |
-20.1 |
-17.7 |
-9.3 |
-30.7 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-1.5 |
5.4 |
-9.6 |
2.6 |
3.2 |
|
|
|
|
|
|
|
|
Net Cash-Beginning Balance |
7.8 |
3.0 |
12.4 |
10.4 |
7.8 |
|
Net Cash-Ending Balance |
6.3 |
8.4 |
2.9 |
13.0 |
11.0 |
|
Cash Interest Paid |
66.7 |
3.1 |
2.9 |
3.9 |
7.9 |
|
Cash Taxes Paid |
2.6 |
2.0 |
5.3 |
6.4 |
7.6 |
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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|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.71 |
|
UK Pound |
1 |
Rs.105.14 |
|
Euro |
1 |
Rs.90.03 |
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.