MIRA
INFORM REPORT
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Report Date : |
06.12.2013 |
IDENTIFICATION DETAILS
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Name : |
PICANOL NV
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Registered Office : |
Steverlyncklaan
15, Ieper, 8900 |
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Country : |
Belgium |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1928 |
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Com. Reg. No.: |
405502362 |
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Legal Form : |
Public
Subsidiary Company |
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Line of Business : |
·
Manufacturer
of machinery for textile, apparel, and leather production Development, production and sales of weaving machines
and supply of total technology solutions for the textile industry and other industries Manufacturer
& Distributor of Textile Weaving Machinery |
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No. of Employees : |
1,958 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Belgium |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
belgium - ECONOMIC OVERVIEW
This modern,
open, and private-enterprise-based economy has capitalized on its central
geographic location, highly developed transport network, and diversified
industrial and commercial base. Industry is concentrated mainly in the more
heavily-populated region of Flanders in the north. With few natural resources,
Belgium imports substantial quantities of raw materials and exports a large
volume of manufactures, making its economy vulnerable to volatility in world
markets. Roughly three-quarters of Belgium's trade is with other EU countries,
and Belgium has benefited most from its proximity to Germany. In 2011 Belgian
GDP grew by 1.8%, the unemployment rate decreased slightly to 7.2% from 8.3%
the previous year, and the government reduced the budget deficit from a peak of
6% of GDP in 2009 to 4.2% in 2011 and 3.3% in 2012. Fourth quarter GDP growth
in 2012 was at -0.1%, the third consecutive quarter of negative growth. This
brought economic growth for the whole of 2012 to negative 0.2%. It also left
Belgium on the brink of a possible recession at the end of 2012. However, at
year's end, the government appeared close to meeting its 2012 budget deficit
goal of 3% of GDP. Despite the relative improvement in Belgium's budget deficit,
public debt hovers around 100% of GDP, a factor that has contributed to
investor perceptions that the country is increasingly vulnerable to spillover
from the euro-zone crisis. Belgian banks were severely affected by the
international financial crisis in 2008 with three major banks receiving capital
injections from the government, and the nationalization of the Belgian retail
arm of a Franco-Belgian bank.
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Source : CIA |
Company
name & address
Picanol NV
Steverlyncklaan
15
Ieper, 8900
Belgium
Tel: 32-57-222111
Fax: 32-57-222001
Web: www.picanolgroup.com
company
summary
Employees: 1,958
Company Type: Public
Subsidiary
Corporate Family: 10 Companies
Ultimate Parent: Artela
Traded:
Euronext
Brussels: PIC
Incorporation Date: 1928
Auditor: Deloitte
Bedrijfsrevisoren
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2012
Reporting Currency:
Euro
Annual Sales:
593.3 1
Net Income:
71.1
Total Assets:
462.3 2
Market Value:
628.1 (08-Nov-2013)
Business
Description
Picanol NV is a Belgium-based company engaged in
the development, production and sale of weaving machines and other high-tech,
industrial products, systems and services. The Company operates through two
divisions: Division Weaving Machines and Division Industries. Weaving Solutions
(Picanol) develops, manufactures and sells high-tech weaving machines. It
supplies weaving machines to weaving mills worldwide, and also offers products
and services as weaving accessories, training, upgrade kits and spare parts.
The Division Industries through Proferro comprises all foundry activities and
the group’s machining activities. It produces cast iron parts for e.g.
compressors, pumps and agricultural machinery, and parts for Picanol weaving
machines. Through PsiControl Mechatronics, the Group specializes in the design,
development, manufacturing and support of technological components, services
and mechatronical system solutions for original equipment manufacturers in
various industries. For the fiscal year ended 31 December 2012, Picanol NV
revenues decreased 1% to EUR461.8M. Net income applicable to common
stockholders decreased 9% to EUR55.3M. Revenues reflect Weaving Machines &
Services segment decrease of 1% to EUR400.4M, Manufacturing segment decrease of
3% to EUR61.3M, Europe/Africa/ America segment decrease of 13% to EUR149M. Net
income also reflects Manufacturing segment income decrease of 31% to EUR5.2M.
Industry
Industry
Machinery and Equipment Manufacturing
ANZSIC 2006: 2469 - Other Specialised Machinery and
Equipment Manufacturing
ISIC Rev 4: 2826 - Manufacture of machinery for
textile, apparel and leather production
NACE Rev 2: 2894 - Manufacture of machinery for
textile, apparel and leather production
NAICS 2012: 333249 - Other Industrial Machinery
Manufacturing
UK SIC 2007: 2894 - Manufacture of machinery for
textile, apparel and leather production
US SIC 1987: 3552 - Textile Machinery
Key
Executives
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Name |
Title |
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Karen D'Hondt |
Compliance Officer, Group Controller, Company Secretary |
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Stefaan Haspeslagh |
Executive Chairman of the Board, Member of the Management Committee, Representative
of Findar BVBA, Chief Financial Officer |
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Johan Verstraete |
Vice President Marketing, Sales and Service, Member of the Management
Committee |
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Philip De Bie |
Vice-President Accessories & IT, Member of the Management Committee,
Representative of VOF Pretium Plus |
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Cathy Defoor |
Vice-President Industries, Member of the Management Committee |
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
Steverlyncklaan
15
Ieper, 8900
Belgium
Tel: 32-57-222111
Fax: 32-57-222001
Web: www.picanolgroup.com
Quote Symbol - Exchange
PIC - Euronext Brussels
Sales EUR(mil): 461.8
Assets EUR(mil): 349.8
Employees: 1,958
Fiscal Year End: 31-Dec-2012
Industry: Miscellaneous Capital
Goods
Incorporation
Date: 1928
Company Type: Public Subsidiary
Quoted Status: Quoted
Registered No.(VAT): 405502362
Compliance Officer, Group Controller, Company Secretary:
Karen D'Hondt
Industry
Codes
ANZSIC 2006
Codes:
2469 - Other
Specialised Machinery and Equipment Manufacturing
ISIC Rev 4 Codes:
2826 - Manufacture
of machinery for textile, apparel and leather production
2819 - Manufacture
of other general-purpose machinery
NACE Rev 2 Codes:
2894 - Manufacture
of machinery for textile, apparel and leather production
2829 - Manufacture
of other general-purpose machinery n.e.c.
NAICS 2012 Codes:
333249 - Other
Industrial Machinery Manufacturing
US SIC 1987:
3552 - Textile
Machinery
3559 - Special
Industry Machinery, Not Elsewhere Classified
UK SIC 2007:
2894 - Manufacture
of machinery for textile, apparel and leather production
2829 - Manufacture
of other general-purpose machinery n.e.c.
Business
Description
Picanol NV is a
Belgium-based company engaged in the development, production and sale of
weaving machines and other high-tech, industrial products, systems and
services. The Company operates through two divisions: Division Weaving Machines
and Division Industries. Weaving Solutions (Picanol) develops, manufactures and
sells high-tech weaving machines. It supplies weaving machines to weaving mills
worldwide, and also offers products and services as weaving accessories,
training, upgrade kits and spare parts. The Division Industries through
Proferro comprises all foundry activities and the group’s machining
activities. It produces cast iron parts for e.g. compressors, pumps and
agricultural machinery, and parts for Picanol weaving machines. Through
PsiControl Mechatronics, the Group specializes in the design, development,
manufacturing and support of technological components, services and
mechatronical system solutions for original equipment manufacturers in various
industries. For the fiscal year ended 31 December 2012, Picanol NV revenues
decreased 1% to EUR461.8M. Net income applicable to common stockholders
decreased 9% to EUR55.3M. Revenues reflect Weaving Machines & Services
segment decrease of 1% to EUR400.4M, Manufacturing segment decrease of 3% to
EUR61.3M, Europe/Africa/ America segment decrease of 13% to EUR149M. Net income
also reflects Manufacturing segment income decrease of 31% to EUR5.2M.
More
Business Descriptions
Manufacture of machinery for textile, apparel, and
leather production
Development, production
and sales of weaving machines and supply of total technology solutions for the
textile industry and other industries
Textile Weaving
Machinery Mfr & Distr
Other Industrial Machinery Manufacturing
Brand/Trade Names
PICANOL
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Corporate Structure News
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Oostrozebeke |
Belgium |
Clothing and Apparel Wholesale |
8.9 |
23 |
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Subsidiary |
Ieper |
Belgium |
Machinery and Equipment Manufacturing |
593.3 |
1,958 |
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Subsidiary |
Ieper |
Belgium |
Metal Products Manufacturing |
102.3 |
551 |
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Subsidiary |
Ieper |
Belgium |
Electrical Equipment and Appliances Manufacturing |
45.1 |
115 |
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Subsidiary |
Rasnov |
Romania |
Electromedical and Control Instruments Manufacturing |
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96 |
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Subsidiary |
Suzhou, Jiangsu |
China |
Machinery and Equipment Manufacturing |
8.2 |
69 |
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Subsidiary |
Zonhoven |
Belgium |
Metal Products Manufacturing |
7.0 |
48 |
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Subsidiary |
Bourbach Le Bas |
France |
Machinery and Equipment Manufacturing |
6.0 |
45 |
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Subsidiary |
Ieper |
Belgium |
Machinery and Equipment Manufacturing |
13.9 |
36 |
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Subsidiary |
Istanbul (Europe) |
Turkey |
Machinery Wholesale |
2.7 |
16 |
Executive report
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Board of
Directors |
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Chairman |
Chairman |
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Director |
Director/Board Member |
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Executive Chairman of the Board, Member of the Management Committee,
Representative of Findar BVBA, Chief Financial Officer |
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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Executives |
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Compliance Officer, Group Controller, Company Secretary |
Division Head Executive |
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Executive Director, Permanent Representative of Pasma NV |
Division Head Executive |
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Appointed Executive Director, Member of the Management Committee |
Division Head Executive |
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Decision-maker |
Senior Management (General) |
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Decision-maker |
Senior Management (General) |
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Decision-maker |
Senior Management (General) |
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Decision-maker |
Senior Management (General) |
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Decision-maker |
Senior Management (General) |
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Administrator |
Administration Executive |
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Administrator |
Administration Executive |
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Administrator, Shareholders' Representative |
Administration Executive |
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Administrator |
Administration Executive |
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Administrator |
Administration Executive |
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Vice President Human Resources/Administration and Company Secretary |
Administration Executive |
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Executive Chairman of the Board, Member of the Management Committee,
Representative of Findar BVBA, Chief Financial Officer |
Finance Executive |
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Representative/Auditor |
Accounting Executive |
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Representative/Auditor |
Accounting Executive |
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Representative/Auditor |
Accounting Executive |
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Vice President Marketing, Sales and Service, Member of the Management
Committee |
Sales Executive |
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Manager-Corporate Communications |
Corporate Communications Executive |
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Shareholders' Representative |
Shareholder Relations Executive |
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Vice-President Accessories & IT, Member of the Management
Committee, Representative of VOF Pretium Plus |
Information Executive |
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Vice-President Industries, Member of the Management Committee |
Other |
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Non-Executive Independent Director, Permanent Representative of NV
Kantoor Torrimmo |
Other |
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Non-Executive Independent Director, Permanent Representative of
M.O.S.T. BVBA |
Other |
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Vice-President Weaving Machines, Member of the Management Committee |
Other |
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Non-Executive Independent Director, Representative of HRV NV |
Other |
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Significant
Developments
Picanol NV
Acquires Stake In Tessenderlo Chemie NV From French Government-TIJD Jul 26,
2013
De Tijd reported
that Picanol NV has acquired a 27.6% stake in Tessenderlo Chemie NV from the
French government. Financial terms of the transaction were not disclosed.
Picanol NV
Announces Proposal Not to Pay FY 2012 Dividend Feb 27, 2013
Picanol NV
announced that the Board of Directors of the Company is to propose to the
General Meeting on April 17, 2013 not to pay out a dividend for the 2012
financial year.