MIRA
INFORM REPORT
|
Report Date : |
19.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
PIQUADRO S.P.A. |
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Registered Office : |
Localita Sassuriano, 246, Silla Gaggio Montano, 40041 |
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Country : |
Italy |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
1987 |
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Com. Reg. No.: |
02554531208 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Subject is engaged in the production and distribution of
leather accessories |
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No. of Employees : |
703 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
ITALY - ECONOMIC OVERVIEW
Italy has a
diversified industrial economy, which is divided into a developed industrial north,
dominated by private companies, and a less-developed, welfare-dependent,
agricultural south, with high unemployment. The Italian economy is driven in
large part by the manufacture of high-quality consumer goods produced by small
and medium-sized enterprises, many of them family owned. Italy also has a
sizable underground economy, which by some estimates accounts for as much as
17% of GDP. These activities are most common within the agriculture,
construction, and service sectors. Italy is the third-largest economy in the
euro-zone, but exceptionally high public debt burdens and structural
impediments to growth have rendered it vulnerable to scrutiny by financial
markets. Public debt has increased steadily since 2007, reaching 120% of GDP in
2011, and borrowing costs on sovereign government debt have risen to record
levels. During the second half of 2011 the government passed a series of three
austerity packages to balance its budget by 2013 and decrease its public debt
burden. These measures included a hike in the value-added tax, pension reforms,
and cuts to public administration. The government also faces pressure from
investors and European partners to address Italy's long-standing structural
impediments to growth, such as an inflexible labor market and widespread tax
evasion. The international financial crisis worsened conditions in Italy''s
labor market, with unemployment rising from 6.2% in 2007 to 8.4% in 2011, but
in the longer-term Italy''s low fertility rate and quota-driven immigration
policies will increasingly strain its economy. The euro-zone crisis along with
Italian austerity measures have reduced exports and domestic demand, slowing
Italy''s recovery. Italy''s GDP is still 5% below its 2007 pre-crisis level.
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Source : CIA |
Company name and ddress
PIQUADRO S.P.A.
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Business Description
Piquadro SpA is an Italy-based company engaged in the production
and distribution of leather accessories. The Company’s product portfolio
includes women’s bags, travel bags, briefcases, belts, wallets, key rings,
cigar cases, organizers, umbrellas and backpacks, among others. The Company
sells its products through two distribution channels. As of March 31, 2012, the
Company operated 43 directly operated stores (DOS) and 52 franchised sale
points. The Company’s subsidiaries included Uni Best Leather Goods Co
Limited, Piquadro Espana Slu, Piquadro Deutschland Gmbh, Uni Best Leather Goods
Zhongshan Co Ltd Piquadro BV, Piquadro Hong Kong Limited, Piquadro Macau
Limitada, Piquadro Trading Co Ltd and Piquadro Taiwan Co Ltd, as of March 31,
2012. For the six months ended 30 September 2012, Piquadro S.p.A. revenues
decreased 9% to EUR27.8M. Net income decreased 38% to EUR2.4M. Revenues reflect
Wholesale segment decrease of 15% to EUR11.3M, Italy segment decrease of 14% to
EUR12.3M. Net income also reflects Staff Costs increase of 14% to EUR6M
(expense). Basic Earnings per Share excluding Extraordinary Items decreased
from EUR0.08 to EUR0.05.
Industry
|
Industry |
|
|
ANZSIC 2006: |
1320 -
Leather Tanning, Fur Dressing and Leather Product Manufacturing |
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NACE 2002: |
1920 -
Manufacture of luggage, handbags and the like, saddlery and harness |
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NAICS 2002: |
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UK SIC 2003: |
1920 -
Manufacture of luggage, handbags and the like, saddlery and harness |
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UK SIC 2007: |
1512 -
Manufacture of luggage, handbags and the like, saddlery and harness |
|
US SIC 1987: |
Key Executives
|
Name |
Title |
|
Chairman of the Board, Chief Executive Officer |
|
|
Chief Financial Officer, Financial Reporting Officer, Investor
Relations Manager, Executive Director |
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Vice Chairman of the Board |
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Non-Executive Lead Independent Director |
|
|
Non-Executive Director |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
1 |
24-Jul-2012 |
* number of significant developments within
the last 12 months
News
|
Title |
Date |
|
'Vodafone Italia receives award for
Piquadro app' |
25-Oct-2012 |
Financial Summary
As of 30-Sep-2012
|
Key Ratios |
Company |
Industry |
|
Current Ratio (MRQ) |
1.63 |
2.53 |
|
Quick Ratio (MRQ) |
1.22 |
1.32 |
|
Debt to Equity (MRQ) |
0.77 |
0.33 |
|
Sales 5 Year Growth |
12.23 |
8.49 |
|
Net Profit Margin (TTM) % |
10.07 |
9.11 |
|
Return on Assets (TTM) % |
9.00 |
14.81 |
|
Return on Equity (TTM) % |
23.64 |
28.29 |
Stock Snapshot
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Traded: Italian SE (Mercato Continuo Italia): PQ |
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As of 1-Feb-2013 Financials in: EUR |
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Registered No.(ITA): 02554531208
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7269425
2 - Balance Sheet Item Exchange Rate:
USD 1 = EUR 0.7534632
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ANZSIC 2006 Codes: |
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|
1320 |
- |
Leather Tanning, Fur Dressing and Leather Product
Manufacturing |
|
3712 |
- |
Clothing and Footwear Wholesaling |
|
4259 |
- |
Other Personal Accessory Retailing |
|
3739 |
- |
Other Goods Wholesaling Not Elsewhere Classified |
|
3711 |
- |
Textile Product Wholesaling |
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NACE 2002 Codes: |
||
|
1920 |
- |
Manufacture of luggage, handbags and the like, saddlery
and harness |
|
5142 |
- |
Wholesale of clothing and footwear |
|
5141 |
- |
Wholesale of textiles |
|
5147 |
- |
Wholesale of other household goods |
|
5243 |
- |
Retail sale of footwear and leather goods |
|
NAICS 2002 Codes: |
||
|
316991 |
- |
Luggage Manufacturing |
|
424310 |
- |
Piece Goods, Notions, and Other Dry Goods Merchant
Wholesalers |
|
316992 |
- |
Women's Handbag and Purse Manufacturing |
|
448320 |
- |
Luggage and Leather Goods Stores |
|
424330 |
- |
Women's, Children's, and Infants' Clothing and Accessories
Merchant Wholesalers |
|
423990 |
- |
Other Miscellaneous Durable Goods Merchant Wholesalers |
|
316993 |
- |
Personal Leather Good (except Women's Handbag and Purse)
Manufacturing |
|
316999 |
- |
All Other Leather Good Manufacturing |
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US SIC 1987: |
||
|
3161 |
- |
Luggage |
|
5131 |
- |
Piece Goods, Notions, and Other Dry Good |
|
3171 |
- |
Women's Handbags and Purses |
|
5099 |
- |
Durable Goods, Not Elsewhere Classified |
|
3199 |
- |
Leather Goods, Not Elsewhere Classified |
|
3172 |
- |
Personal Leather Goods, Except Women's Handbags and Purses |
|
5137 |
- |
Women's, Children's, and Infants' Clothing and Accessories |
|
5948 |
- |
Luggage and Leather Goods Stores |
|
UK SIC 2003: |
||
|
1920 |
- |
Manufacture of luggage, handbags and the like, saddlery
and harness |
|
5142 |
- |
Wholesale of clothing and footwear |
|
5141 |
- |
Wholesale of textiles |
|
5147 |
- |
Wholesale of other household goods |
|
5243 |
- |
Retail sale of footwear and leather goods |
|
UK SIC 2007: |
||
|
1512 |
- |
Manufacture of luggage, handbags and the like, saddlery
and harness |
|
4642 |
- |
Wholesale of clothing and footwear |
|
4772 |
- |
Retail sale of footwear and leather goods in specialised
stores |
|
4649 |
- |
Wholesale of other household goods |
|
4641 |
- |
Wholesale of textiles |
Piquadro SpA is an Italy-based company engaged in the production and distribution of leather accessories. The Company’s product portfolio includes women’s bags, travel bags, briefcases, belts, wallets, key rings, cigar cases, organizers, umbrellas and backpacks, among others. The Company sells its products through two distribution channels. As of March 31, 2012, the Company operated 43 directly operated stores (DOS) and 52 franchised sale points. The Company’s subsidiaries included Uni Best Leather Goods Co Limited, Piquadro Espana Slu, Piquadro Deutschland Gmbh, Uni Best Leather Goods Zhongshan Co Ltd Piquadro BV, Piquadro Hong Kong Limited, Piquadro Macau Limitada, Piquadro Trading Co Ltd and Piquadro Taiwan Co Ltd, as of March 31, 2012. For the six months ended 30 September 2012, Piquadro S.p.A. revenues decreased 9% to EUR27.8M. Net income decreased 38% to EUR2.4M. Revenues reflect Wholesale segment decrease of 15% to EUR11.3M, Italy segment decrease of 14% to EUR12.3M. Net income also reflects Staff Costs increase of 14% to EUR6M (expense). Basic Earnings per Share excluding Extraordinary Items decreased from EUR0.08 to EUR0.05.
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More Business Descriptions
Piquadro SpA is primarily engaged in manufacture of luggage, handbags and the like, of leather, composition leather and of any other materials, such as plastic sheeting, textile materials, vulcanised fibre or paperboard, where the same technology is used as for leather; manufacture of non-metallic watch straps; manufacture of diverse articles of leather or composition leather: driving belts, packings, etc.; and manufacture of saddlery and harness.
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Quote Symbol: |
PQ |
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Exchange: |
Italian SE (Mercato Continuo Italia) |
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Currency: |
EUR |
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Stock Price: |
1.7 |
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Stock Price Date: |
02-01-2013 |
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52 Week Price Change %: |
2.6 |
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Market Value (mil): |
84,600.0 |
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SEDOL: |
B28TQG0 |
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ISIN: |
IT0004240443 |
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Auditor: |
PricewaterhouseCoopers SpA |
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Bank: |
Banca di Credito Cooperativo di Vergato Ag, Banca Monte
dei Paschi di Siena Ag, Banca Popolare dell'Emilia Romagna Ag |
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Auditor: |
PricewaterhouseCoopers SpA |
Corporate
Structure News
Piquadro S.p.A.
Total Corporate Family Members: 2
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
Source |
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PIQUADRO HOLDING SPA |
Parent |
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Subsidiary |
Gaggio Montano |
Italy |
Apparel and Accessories |
89.6 |
703 |
RT |
Directors
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Chairman of the Board, Chief Executive Officer |
Chairman |
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Vice Chairman of the Board |
Vice-Chairman |
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Non-Executive Lead Independent Director |
Director/Board Member |
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Non-Executive Director |
Director/Board Member |
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Executive Director |
Director/Board Member |
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Chief Financial Officer, Financial Reporting Officer, Investor
Relations Manager, Executive Director |
Director/Board Member |
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Non-Executive Independent Director |
Director/Board Member |
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Executives
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Chairman of the Board, Chief Executive Officer |
Chief Executive Officer |
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Chief Financial Officer, Financial Reporting Officer,
Investor Relations Manager, Executive Director |
Finance Executive |
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Piquadro SpA Approves Dividend Payment for FY 2011
Jul 24, 2012
The Shareholders' Meeting of Piquadro S.p.A has approved the Company's financial
statements as of March 31, 2012, and in accordance to the resolution approved,
starting from August 2, 2012 the dividend - relating to the financial year
ending on March 31, 2012 - in the amount of 0,06 euro per share, will be
payable with an ex dividend date of July 30, 2012.
News
|
'Vodafone
Italia receives award for Piquadro app' |
25-Oct-2012 |
Annual Profit & Loss
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate (Period
Average) |
0.726943 |
0.757168 |
0.70861 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Total income |
86.9 |
79.5 |
71.4 |
|
Net sales |
83.7 |
78.1 |
71.5 |
|
Other operating income |
1.0 |
1.4 |
1.2 |
|
Raw materials and consumables employed |
20.6 |
15.3 |
13.4 |
|
Other expenses |
36.5 |
33.8 |
28.3 |
|
Total payroll costs |
10.6 |
8.0 |
8.5 |
|
Fixed asset depreciation and amortisation |
4.7 |
2.5 |
2.4 |
|
Other operating costs |
0.4 |
0.3 |
0.9 |
|
Net operating income |
14.3 |
19.7 |
18.0 |
|
Total financial income |
0.4 |
0.2 |
0.7 |
|
Total expenses |
0.8 |
0.6 |
1.4 |
|
Profit before tax |
14.0 |
19.3 |
17.3 |
|
Extraordinary result |
1.1 |
-0.7 |
-0.7 |
|
Profit after extraordinary items and before tax |
15.1 |
18.6 |
16.7 |
|
Total taxation |
5.1 |
6.7 |
6.1 |
|
Net profit |
10.0 |
11.9 |
10.6 |
Annual
Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.753463 |
0.704672 |
0.739044 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Total stockholders equity |
38.9 |
38.3 |
29.7 |
|
Provision for risks |
2.4 |
3.5 |
2.6 |
|
Provision for pensions |
0.3 |
0.4 |
0.4 |
|
Mortgages and loans |
3.5 |
7.5 |
8.2 |
|
Other long-term liabilities |
4.9 |
6.3 |
7.1 |
|
Trade creditors |
17.3 |
18.0 |
16.0 |
|
Bank loans and overdrafts |
15.4 |
4.7 |
3.1 |
|
Other current liabilities |
5.5 |
7.0 |
5.6 |
|
Accruals and deferred income |
0.2 |
0.5 |
0.3 |
|
Total current liabilities |
38.4 |
30.2 |
25.0 |
|
Total liabilities (including net worth) |
88.4 |
86.2 |
72.9 |
|
Intangibles |
2.0 |
1.1 |
0.9 |
|
Buildings |
8.0 |
8.8 |
8.6 |
|
Total tangible fixed assets |
14.7 |
15.5 |
14.9 |
|
Long-term investments |
2.4 |
0.4 |
0.6 |
|
Total financial assets |
2.6 |
0.6 |
0.7 |
|
Receivables due after 1 year |
1.1 |
1.2 |
1.1 |
|
Total non-current assets |
20.4 |
18.4 |
17.6 |
|
Finished goods |
11.0 |
9.4 |
6.7 |
|
Net stocks and work in progress |
12.4 |
11.0 |
7.7 |
|
Trade debtors |
30.4 |
30.1 |
27.3 |
|
Other receivables |
10.0 |
12.8 |
8.0 |
|
Cash and liquid assets |
14.2 |
12.9 |
11.6 |
|
Marketable securities |
- |
- |
0.1 |
|
Accruals |
0.9 |
1.0 |
0.6 |
|
Total current assets |
68.0 |
67.8 |
55.3 |
|
Total assets |
88.4 |
86.2 |
72.9 |
Annual
Ratios
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.753463 |
0.704672 |
0.739044 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
1.80 |
2.20 |
2.20 |
|
Quick ratio |
1.40 |
1.90 |
1.90 |
|
Current liabilities to net worth |
0.01% |
0.01% |
0.01% |
|
Sales per employee |
0.34 |
0.35 |
0.34 |
|
Profit per employee |
0.06 |
0.08 |
0.08 |
|
Average wage per employee |
0.04 |
0.04 |
0.04 |
|
Net worth |
38.9 |
38.3 |
29.7 |
|
Number of employees |
179 |
168 |
150 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items
(actual units)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate (Period
Average) |
0.726943 |
0.757168 |
0.70861 |
0.707647 |
0.707132 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
88.7 |
81.6 |
73.7 |
73.1 |
65.0 |
|
Revenue |
88.7 |
81.6 |
73.7 |
73.1 |
65.0 |
|
Other Revenue |
1.0 |
1.4 |
1.1 |
1.4 |
1.0 |
|
Other Revenue, Total |
1.0 |
1.4 |
1.1 |
1.4 |
1.0 |
|
Total Revenue |
89.6 |
83.0 |
74.8 |
74.4 |
66.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
14.3 |
12.3 |
11.8 |
13.9 |
11.2 |
|
Cost of Revenue, Total |
14.3 |
12.3 |
11.8 |
13.9 |
11.2 |
|
Gross Profit |
74.3 |
69.3 |
61.9 |
59.2 |
53.8 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
34.6 |
32.4 |
31.7 |
29.1 |
27.2 |
|
Labor & Related Expense |
15.9 |
12.3 |
11.3 |
9.8 |
7.8 |
|
Advertising Expense |
4.3 |
4.3 |
- |
- |
- |
|
Total Selling/General/Administrative Expenses |
54.8 |
49.0 |
43.1 |
38.9 |
35.0 |
|
Depreciation |
2.8 |
2.4 |
1.9 |
1.6 |
1.4 |
|
Amortization of Intangibles |
- |
- |
0.8 |
0.8 |
0.5 |
|
Depreciation/Amortization |
2.8 |
2.4 |
2.7 |
2.4 |
1.9 |
|
Impairment-Assets Held for Use |
1.2 |
0.2 |
0.1 |
0.9 |
0.3 |
|
Loss (Gain) on Sale of Assets -
Operating |
- |
- |
0.0 |
- |
- |
|
Other Unusual Expense (Income) |
0.0 |
-0.5 |
0.0 |
- |
- |
|
Unusual Expense (Income) |
1.2 |
-0.3 |
0.1 |
0.9 |
0.3 |
|
Other, Net |
0.4 |
0.3 |
0.5 |
0.6 |
0.3 |
|
Other Operating Expenses, Total |
0.4 |
0.3 |
0.5 |
0.6 |
0.3 |
|
Total Operating Expense |
73.5 |
63.7 |
58.2 |
56.7 |
48.7 |
|
|
|
|
|
|
|
|
Operating Income |
16.2 |
19.3 |
16.6 |
17.7 |
17.3 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
-0.1 |
-0.1 |
0.0 |
-0.1 |
-0.1 |
|
Interest Expense, Net Non-Operating |
-0.1 |
-0.1 |
0.0 |
-0.1 |
-0.1 |
|
Interest
Income - Non-Operating |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Investment
Income - Non-Operating |
0.5 |
-0.3 |
- |
- |
- |
|
Interest/Investment Income -
Non-Operating |
0.7 |
-0.2 |
0.1 |
0.1 |
0.1 |
|
Interest Income (Expense) - Net Non-Operating Total |
0.6 |
-0.2 |
0.0 |
-0.1 |
0.0 |
|
Other Non-Operating Income
(Expense) |
-0.7 |
-0.5 |
-0.6 |
-1.0 |
-1.8 |
|
Other, Net |
-0.7 |
-0.5 |
-0.6 |
-1.0 |
-1.8 |
|
Income Before Tax |
16.0 |
18.5 |
16.0 |
16.6 |
15.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
5.3 |
6.5 |
6.0 |
6.0 |
6.2 |
|
Income After Tax |
10.7 |
12.0 |
10.1 |
10.6 |
9.2 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
0.2 |
0.0 |
-0.1 |
|
Net Income Before Extraord Items |
10.7 |
12.0 |
10.2 |
10.6 |
9.1 |
|
Net Income |
10.7 |
12.0 |
10.2 |
10.6 |
9.1 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
10.7 |
12.0 |
10.2 |
10.6 |
9.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
10.7 |
12.0 |
10.2 |
10.6 |
9.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
50.0 |
50.0 |
50.0 |
50.0 |
50.0 |
|
Basic EPS Excl Extraord Items |
0.21 |
0.24 |
0.20 |
0.21 |
0.18 |
|
Basic/Primary EPS Incl Extraord Items |
0.21 |
0.24 |
0.20 |
0.21 |
0.18 |
|
Diluted Net Income |
10.7 |
12.0 |
10.2 |
10.6 |
9.1 |
|
Diluted Weighted Average Shares |
51.4 |
51.6 |
51.6 |
51.6 |
50.3 |
|
Diluted EPS Excl Extraord Items |
0.21 |
0.23 |
0.20 |
0.21 |
0.18 |
|
Diluted EPS Incl Extraord Items |
0.21 |
0.23 |
0.20 |
0.21 |
0.18 |
|
Dividends per Share - Common Stock Primary Issue |
0.08 |
0.13 |
0.11 |
0.09 |
0.09 |
|
Gross Dividends - Common Stock |
4.1 |
6.6 |
5.6 |
4.4 |
4.4 |
|
Interest Expense, Supplemental |
0.1 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Depreciation, Supplemental |
2.2 |
2.0 |
1.9 |
1.6 |
1.4 |
|
Total Special Items |
1.2 |
-0.3 |
0.1 |
0.9 |
0.3 |
|
Normalized Income Before Tax |
17.2 |
18.2 |
16.2 |
17.6 |
15.7 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.4 |
-0.1 |
0.0 |
0.3 |
0.1 |
|
Inc Tax Ex Impact of Sp Items |
5.7 |
6.4 |
6.0 |
6.4 |
6.3 |
|
Normalized Income After Tax |
11.5 |
11.8 |
10.1 |
11.2 |
9.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
11.5 |
11.8 |
10.3 |
11.2 |
9.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.23 |
0.24 |
0.21 |
0.22 |
0.19 |
|
Diluted Normalized EPS |
0.22 |
0.23 |
0.20 |
0.22 |
0.18 |
|
Amort of Intangibles, Supplemental |
0.6 |
0.4 |
0.8 |
0.8 |
0.5 |
|
Rental Expenses |
7.2 |
5.5 |
4.5 |
3.4 |
2.4 |
|
Advertising Expense, Supplemental |
4.3 |
4.3 |
3.6 |
4.5 |
4.3 |
|
Research & Development Exp, Supplemental |
- |
- |
- |
- |
0.0 |
|
Normalized EBIT |
17.4 |
19.0 |
16.8 |
18.6 |
17.5 |
|
Normalized EBITDA |
20.1 |
21.4 |
19.5 |
21.1 |
19.4 |
|
Current Tax - Total |
5.6 |
6.7 |
6.3 |
6.3 |
6.5 |
|
Current Tax - Total |
5.6 |
6.7 |
6.3 |
6.3 |
6.5 |
|
Deferred Tax - Total |
0.1 |
0.1 |
0.4 |
0.2 |
0.2 |
|
Deferred Tax - Total |
0.1 |
0.1 |
0.4 |
0.2 |
0.2 |
|
Other Tax |
-0.4 |
-0.3 |
-0.6 |
-0.5 |
-0.5 |
|
Income Tax - Total |
5.3 |
6.5 |
6.0 |
6.0 |
6.2 |
|
Interest Cost - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Actuarial Gains and Losses - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Curtailments & Settlements - Domestic |
-0.1 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Domestic Pension Plan Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Defined Contribution Expense - Domestic |
0.5 |
0.4 |
0.3 |
- |
- |
|
Total Pension Expense |
0.5 |
0.4 |
0.3 |
0.0 |
0.0 |
|
Compensation Rate - Domestic |
- |
- |
- |
4.00% |
4.00% |
|
Total Plan Interest Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Annual
Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.753463 |
0.704672 |
0.739044 |
0.753182 |
0.631094 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
0.1 |
0.2 |
12.5 |
- |
- |
|
Cash & Equivalents |
16.9 |
15.1 |
0.1 |
9.2 |
3.6 |
|
Cash and Short Term Investments |
17.0 |
15.2 |
12.6 |
9.2 |
3.6 |
|
Accounts
Receivable - Trade, Gross |
32.3 |
31.8 |
28.7 |
27.1 |
28.5 |
|
Provision
for Doubtful Accounts |
-1.6 |
-1.4 |
-1.3 |
-1.2 |
-0.6 |
|
Trade Accounts Receivable - Net |
30.7 |
30.4 |
27.4 |
25.9 |
27.9 |
|
Other Receivables |
0.9 |
- |
- |
- |
- |
|
Total Receivables, Net |
31.6 |
30.4 |
27.4 |
25.9 |
27.9 |
|
Inventories - Finished Goods |
13.2 |
11.3 |
8.0 |
8.6 |
10.0 |
|
Inventories - Work In Progress |
0.6 |
0.7 |
0.5 |
0.3 |
0.6 |
|
Inventories - Raw Materials |
2.1 |
2.4 |
1.8 |
2.1 |
3.3 |
|
Inventories - Other |
- |
- |
- |
-0.6 |
-0.7 |
|
Total Inventory |
15.8 |
14.3 |
10.3 |
10.4 |
13.1 |
|
Prepaid Expenses |
1.1 |
1.6 |
0.7 |
- |
- |
|
Other Current Assets |
0.9 |
2.0 |
1.4 |
1.5 |
1.5 |
|
Other Current Assets, Total |
0.9 |
2.0 |
1.4 |
1.5 |
1.5 |
|
Total Current Assets |
66.3 |
63.5 |
52.5 |
46.9 |
46.0 |
|
|
|
|
|
|
|
|
Buildings |
8.3 |
8.9 |
8.4 |
8.2 |
9.8 |
|
Land/Improvements |
1.2 |
1.2 |
1.2 |
1.2 |
1.4 |
|
Machinery/Equipment |
18.3 |
17.0 |
13.6 |
11.5 |
10.3 |
|
Construction
in Progress |
0.0 |
0.1 |
0.2 |
0.2 |
0.1 |
|
Other
Property/Plant/Equipment |
0.4 |
0.5 |
0.5 |
0.5 |
0.3 |
|
Property/Plant/Equipment - Gross |
28.2 |
27.8 |
23.9 |
21.6 |
21.9 |
|
Accumulated Depreciation |
-12.1 |
-10.6 |
-8.3 |
-6.4 |
-5.7 |
|
Property/Plant/Equipment - Net |
16.1 |
17.1 |
15.6 |
15.3 |
16.2 |
|
Intangibles - Gross |
2.0 |
1.1 |
0.9 |
1.6 |
- |
|
Intangibles, Net |
2.0 |
1.1 |
0.9 |
1.6 |
1.9 |
|
Note Receivable - Long Term |
1.3 |
1.2 |
0.7 |
0.6 |
0.4 |
|
Other Long Term Assets |
1.9 |
1.9 |
1.5 |
1.1 |
1.0 |
|
Other Long Term Assets, Total |
1.9 |
1.9 |
1.5 |
1.1 |
1.0 |
|
Total Assets |
87.7 |
84.9 |
71.2 |
65.5 |
65.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
18.4 |
18.9 |
17.4 |
15.0 |
17.4 |
|
Accrued Expenses |
3.3 |
3.6 |
2.8 |
- |
- |
|
Notes Payable/Short Term Debt |
11.9 |
0.0 |
0.0 |
0.0 |
0.7 |
|
Current Portion - Long Term Debt/Capital Leases |
4.9 |
6.6 |
4.5 |
3.7 |
1.6 |
|
Customer Advances |
0.1 |
0.1 |
0.1 |
- |
- |
|
Income Taxes Payable |
0.0 |
1.0 |
0.0 |
0.2 |
1.4 |
|
Other Current Liabilities |
0.7 |
1.9 |
0.8 |
3.4 |
3.7 |
|
Other Current liabilities, Total |
0.8 |
3.0 |
0.8 |
3.5 |
5.1 |
|
Total Current Liabilities |
39.3 |
32.1 |
25.6 |
22.2 |
24.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
3.5 |
7.5 |
8.2 |
11.1 |
8.4 |
|
Capital Lease Obligations |
4.9 |
6.3 |
7.1 |
8.2 |
11.3 |
|
Total Long Term Debt |
8.4 |
13.8 |
15.3 |
19.3 |
19.6 |
|
Total Debt |
25.3 |
20.4 |
19.8 |
23.0 |
22.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.4 |
0.7 |
0.6 |
0.5 |
0.5 |
|
Deferred Income Tax |
0.4 |
0.7 |
0.6 |
0.5 |
0.5 |
|
Minority Interest |
0.0 |
0.0 |
0.1 |
0.3 |
0.4 |
|
Reserves |
1.0 |
1.2 |
1.0 |
0.7 |
0.5 |
|
Pension Benefits - Underfunded |
0.3 |
0.4 |
0.4 |
0.4 |
0.5 |
|
Other Liabilities, Total |
1.4 |
1.6 |
1.4 |
1.1 |
1.0 |
|
Total Liabilities |
49.5 |
48.2 |
42.9 |
43.3 |
46.3 |
|
|
|
|
|
|
|
|
Common Stock |
1.3 |
1.4 |
1.4 |
1.3 |
1.6 |
|
Common Stock |
1.3 |
1.4 |
1.4 |
1.3 |
1.6 |
|
Additional Paid-In Capital |
1.3 |
1.4 |
1.4 |
1.3 |
1.6 |
|
Retained Earnings (Accumulated Deficit) |
35.6 |
33.9 |
25.6 |
19.5 |
16.1 |
|
Total Equity |
38.2 |
36.8 |
28.3 |
22.2 |
19.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
87.7 |
84.9 |
71.2 |
65.5 |
65.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock
Primary Issue |
50.0 |
50.0 |
50.0 |
50.0 |
50.0 |
|
Total Common Shares Outstanding |
50.0 |
50.0 |
50.0 |
50.0 |
50.0 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
- |
- |
- |
- |
|
Employees |
765 |
685 |
542 |
570 |
689 |
|
Accumulated Intangible Amort, Suppl. |
3.9 |
3.7 |
3.6 |
2.8 |
2.3 |
|
Deferred Revenue - Current |
0.1 |
0.1 |
0.1 |
0.2 |
0.2 |
|
Total Long Term Debt, Supplemental |
19.4 |
12.9 |
11.4 |
13.5 |
8.5 |
|
Long Term Debt Maturing within 1 Year |
15.9 |
5.4 |
3.3 |
2.4 |
0.1 |
|
Long Term Debt Maturing in Year 2 |
0.9 |
1.9 |
2.0 |
2.8 |
1.8 |
|
Long Term Debt Maturing in Year 3 |
0.9 |
1.9 |
2.0 |
2.8 |
1.8 |
|
Long Term Debt Maturing in Year 4 |
0.9 |
1.9 |
2.0 |
2.8 |
1.8 |
|
Long Term Debt Maturing in Year 5 |
0.9 |
1.9 |
2.0 |
2.8 |
1.8 |
|
Long Term Debt Maturing in 2-3 Years |
1.7 |
3.7 |
4.1 |
5.5 |
3.5 |
|
Long Term Debt Maturing in 4-5 Years |
1.7 |
3.7 |
4.1 |
5.5 |
3.5 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
1.3 |
|
Interest Costs |
-0.7 |
-1.0 |
-1.2 |
-1.5 |
-2.2 |
|
Total Capital Leases, Supplemental |
5.9 |
7.6 |
8.4 |
9.4 |
12.8 |
|
Capital Lease Payments Due in Year 1 |
1.1 |
1.5 |
1.5 |
1.6 |
1.9 |
|
Capital Lease Payments Due in Year 2 |
0.8 |
1.2 |
1.5 |
1.2 |
1.9 |
|
Capital Lease Payments Due in Year 3 |
0.8 |
1.2 |
1.5 |
1.2 |
1.9 |
|
Capital Lease Payments Due in Year 4 |
0.8 |
1.2 |
1.5 |
1.2 |
1.9 |
|
Capital Lease Payments Due in Year 5 |
0.8 |
1.2 |
1.5 |
1.2 |
1.9 |
|
Capital Lease Payments Due in 2-3 Years |
1.7 |
2.4 |
3.0 |
2.4 |
3.8 |
|
Capital Lease Payments Due in 4-5 Years |
1.7 |
2.4 |
3.0 |
2.4 |
3.8 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
2.0 |
2.3 |
2.1 |
4.6 |
5.5 |
|
Total Operating Leases, Supplemental |
17.4 |
10.7 |
9.6 |
10.9 |
- |
|
Operating Lease Payments Due in Year 1 |
5.6 |
1.9 |
1.5 |
1.6 |
- |
|
Operating Lease Payments Due in Year 2 |
2.6 |
1.4 |
1.3 |
1.2 |
- |
|
Operating Lease Payments Due in Year 3 |
2.6 |
1.4 |
1.3 |
1.2 |
- |
|
Operating Lease Payments Due in Year 4 |
2.6 |
1.4 |
1.3 |
1.2 |
- |
|
Operating Lease Payments Due in Year 5 |
2.6 |
1.4 |
1.3 |
1.2 |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
5.3 |
2.9 |
2.6 |
2.4 |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
5.3 |
2.9 |
2.6 |
2.4 |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
1.2 |
3.1 |
2.9 |
4.6 |
- |
|
Pension Obligation - Domestic |
0.3 |
0.4 |
0.4 |
0.4 |
0.5 |
|
Funded Status - Domestic |
-0.3 |
-0.4 |
-0.4 |
-0.4 |
-0.5 |
|
Total Funded Status |
-0.3 |
-0.4 |
-0.4 |
-0.4 |
-0.5 |
|
Compensation Rate - Domestic |
- |
- |
- |
4.00% |
4.00% |
|
Accrued Liabilities - Domestic |
-0.3 |
-0.4 |
-0.4 |
-0.4 |
-0.5 |
|
Net Assets Recognized on Balance Sheet |
-0.3 |
-0.4 |
-0.4 |
-0.4 |
-0.5 |
|
Total Plan Obligations |
0.3 |
0.4 |
0.4 |
0.4 |
0.5 |
Annual
Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-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) |
0.726943 |
0.757168 |
0.70861 |
0.707647 |
0.707132 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
16.0 |
18.5 |
16.0 |
16.6 |
15.4 |
|
Depreciation |
2.8 |
2.4 |
2.9 |
2.6 |
1.9 |
|
Depreciation/Depletion |
2.8 |
2.4 |
2.9 |
2.6 |
1.9 |
|
Unusual Items |
1.2 |
0.2 |
0.0 |
0.8 |
0.3 |
|
Other Non-Cash Items |
0.1 |
0.9 |
0.9 |
1.4 |
2.1 |
|
Non-Cash Items |
1.3 |
1.1 |
0.9 |
2.1 |
2.3 |
|
Accounts Receivable |
-2.3 |
-1.5 |
-1.1 |
-2.7 |
-7.2 |
|
Inventories |
-2.5 |
-3.3 |
0.3 |
0.7 |
-2.6 |
|
Other Assets |
0.5 |
-1.3 |
-0.5 |
-0.3 |
-0.1 |
|
Accounts Payable |
0.8 |
0.6 |
2.2 |
0.5 |
3.4 |
|
Other Liabilities |
-1.2 |
1.6 |
0.3 |
0.4 |
0.9 |
|
Other Operating Cash Flow |
-7.6 |
-6.2 |
-7.0 |
-8.4 |
-9.1 |
|
Changes in Working Capital |
-12.4 |
-10.1 |
-5.9 |
-9.9 |
-14.8 |
|
Cash from Operating Activities |
7.7 |
11.9 |
13.9 |
11.5 |
4.8 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-2.7 |
-3.4 |
-1.4 |
-3.3 |
-0.9 |
|
Purchase/Acquisition of
Intangibles |
-1.6 |
-0.6 |
-0.1 |
-0.9 |
-0.7 |
|
Capital Expenditures |
-4.4 |
-4.1 |
-1.5 |
-4.3 |
-1.6 |
|
Investment, Net |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Other Investing Cash Flow Items, Total |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Cash from Investing Activities |
-4.4 |
-4.1 |
-1.5 |
-4.3 |
-1.7 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.0 |
0.1 |
-0.2 |
-0.1 |
0.2 |
|
Financing Cash Flow Items |
0.0 |
0.1 |
-0.2 |
-0.1 |
0.2 |
|
Cash Dividends Paid - Common |
-6.9 |
-5.3 |
-4.4 |
-4.4 |
-2.8 |
|
Total Cash Dividends Paid |
-6.9 |
-5.3 |
-4.4 |
-4.4 |
-2.8 |
|
Short Term Debt, Net |
12.4 |
3.6 |
- |
- |
- |
|
Long Term
Debt Reduction |
-1.2 |
-1.1 |
-2.0 |
-2.3 |
-2.2 |
|
Long Term Debt, Net |
-5.9 |
-4.4 |
-4.4 |
3.9 |
-3.1 |
|
Issuance (Retirement) of Debt, Net |
6.4 |
-0.8 |
-4.4 |
3.9 |
-3.1 |
|
Cash from Financing Activities |
-0.5 |
-6.0 |
-9.0 |
-0.6 |
-5.7 |
|
|
|
|
|
|
|
|
Net Change in Cash |
2.9 |
1.9 |
3.4 |
6.6 |
-2.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
14.8 |
12.3 |
9.7 |
3.2 |
5.7 |
|
Net Cash - Ending Balance |
17.6 |
14.2 |
13.1 |
9.7 |
3.2 |
|
Cash Interest Paid |
0.2 |
0.6 |
0.8 |
1.1 |
1.4 |
|
Cash Taxes Paid |
7.4 |
5.6 |
6.3 |
7.3 |
7.6 |
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items
(actual units)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate (Period
Average) |
0.726943 |
0.757168 |
0.70861 |
0.707647 |
0.707132 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales |
88.7 |
81.6 |
73.7 |
73.1 |
65.0 |
|
Other Revenue |
1.0 |
1.4 |
1.1 |
1.4 |
1.0 |
|
Total Revenue |
89.6 |
83.0 |
74.8 |
74.4 |
66.0 |
|
|
|
|
|
|
|
|
Unusual Income |
0.0 |
-0.5 |
0.0 |
- |
- |
|
Gain on Sale of Fixed Assets |
- |
- |
0.0 |
- |
- |
|
Change in Inventory |
-2.1 |
-3.4 |
0.4 |
1.0 |
-2.7 |
|
Purchase Costs |
16.4 |
15.8 |
11.4 |
12.9 |
14.0 |
|
Services & Rental Costs |
34.6 |
32.4 |
31.7 |
29.1 |
27.2 |
|
Advertising Expense |
4.3 |
4.3 |
- |
- |
- |
|
Staff Costs |
15.9 |
12.3 |
11.3 |
9.8 |
7.8 |
|
Depreciation |
2.8 |
2.4 |
1.9 |
1.6 |
1.4 |
|
Amortization |
- |
- |
0.8 |
0.8 |
0.5 |
|
Receivables Write-Down |
1.2 |
0.2 |
0.1 |
0.9 |
0.3 |
|
Other Operating Expense |
0.4 |
0.3 |
0.5 |
0.6 |
0.3 |
|
Total Operating Expense |
73.5 |
63.7 |
58.2 |
56.7 |
48.7 |
|
|
|
|
|
|
|
|
Interest Income |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Financial Income |
- |
- |
0.8 |
1.1 |
0.4 |
|
Gain on Exchange |
1.2 |
0.6 |
- |
- |
- |
|
Exchange Difference |
-0.7 |
-0.9 |
- |
- |
- |
|
Interest Expense |
-0.1 |
-0.1 |
0.0 |
-0.1 |
-0.1 |
|
Other Financial Expense |
-0.7 |
-0.5 |
-1.4 |
-2.1 |
-2.2 |
|
Net Income Before Taxes |
16.0 |
18.5 |
16.0 |
16.6 |
15.4 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
5.3 |
6.5 |
6.0 |
6.0 |
6.2 |
|
Net Income After Taxes |
10.7 |
12.0 |
10.1 |
10.6 |
9.2 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
0.2 |
0.0 |
-0.1 |
|
Net Income Before Extra. Items |
10.7 |
12.0 |
10.2 |
10.6 |
9.1 |
|
Net Income |
10.7 |
12.0 |
10.2 |
10.6 |
9.1 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
10.7 |
12.0 |
10.2 |
10.6 |
9.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
10.7 |
12.0 |
10.2 |
10.6 |
9.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
50.0 |
50.0 |
50.0 |
50.0 |
50.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.21 |
0.24 |
0.20 |
0.21 |
0.18 |
|
Basic EPS Including ExtraOrdinary Items |
0.21 |
0.24 |
0.20 |
0.21 |
0.18 |
|
Diluted Net Income |
10.7 |
12.0 |
10.2 |
10.6 |
9.1 |
|
Diluted Weighted Average Shares |
51.4 |
51.6 |
51.6 |
51.6 |
50.3 |
|
Diluted EPS Excluding ExtraOrd Items |
0.21 |
0.23 |
0.20 |
0.21 |
0.18 |
|
Diluted EPS Including ExtraOrd Items |
0.21 |
0.23 |
0.20 |
0.21 |
0.18 |
|
DPS-Common Stock |
0.08 |
0.13 |
0.11 |
0.09 |
0.09 |
|
Gross Dividends - Common Stock |
4.1 |
6.6 |
5.6 |
4.4 |
4.4 |
|
Normalized Income Before Taxes |
17.2 |
18.2 |
16.2 |
17.6 |
15.7 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
5.7 |
6.4 |
6.0 |
6.4 |
6.3 |
|
Normalized Income After Taxes |
11.5 |
11.8 |
10.1 |
11.2 |
9.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
11.5 |
11.8 |
10.3 |
11.2 |
9.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.23 |
0.24 |
0.21 |
0.22 |
0.19 |
|
Diluted Normalized EPS |
0.22 |
0.23 |
0.20 |
0.22 |
0.18 |
|
Interest Expense |
0.1 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Rental Expense |
7.2 |
5.5 |
4.5 |
3.4 |
2.4 |
|
Advertising Expense |
4.3 |
4.3 |
3.6 |
4.5 |
4.3 |
|
Research & Development |
- |
- |
- |
- |
0.0 |
|
Depreciation |
2.2 |
2.0 |
1.9 |
1.6 |
1.4 |
|
Amortization |
0.6 |
0.4 |
0.8 |
0.8 |
0.5 |
|
Current Tax |
5.6 |
6.7 |
6.3 |
6.3 |
6.5 |
|
Current Tax - Total |
5.6 |
6.7 |
6.3 |
6.3 |
6.5 |
|
Deferred Tax |
0.1 |
0.1 |
0.4 |
0.2 |
0.2 |
|
Deferred Tax - Total |
0.1 |
0.1 |
0.4 |
0.2 |
0.2 |
|
Prepaid Tax |
-0.4 |
-0.3 |
-0.6 |
-0.5 |
-0.5 |
|
Income Tax - Total |
5.3 |
6.5 |
6.0 |
6.0 |
6.2 |
|
Interest Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Actuarial Gain/Loss |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Curtailment |
-0.1 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Domestic Pension Plan Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Defined Contribution Expense - Domestic |
0.5 |
0.4 |
0.3 |
- |
- |
|
Total Pension Expense |
0.5 |
0.4 |
0.3 |
0.0 |
0.0 |
|
Compensation Rate |
- |
- |
- |
4.00% |
4.00% |
Annual Balance
Sheet
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.753463 |
0.704672 |
0.739044 |
0.753182 |
0.631094 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Raw Materials |
2.1 |
2.4 |
1.8 |
2.1 |
3.3 |
|
Work In Progress |
0.6 |
0.7 |
0.5 |
0.3 |
0.6 |
|
Finished Goods |
13.2 |
11.3 |
8.0 |
8.6 |
10.0 |
|
Provision |
- |
- |
- |
-0.6 |
-0.7 |
|
Trade Receivables, Gross |
32.3 |
31.8 |
28.7 |
27.1 |
28.5 |
|
Provision For Doubtful Accounts |
-1.6 |
-1.4 |
-1.3 |
-1.2 |
-0.6 |
|
Other Current Assets |
0.9 |
2.0 |
1.3 |
1.5 |
1.5 |
|
Prepayments and Accrued Income |
1.1 |
1.6 |
0.7 |
- |
- |
|
Tax Receivables |
0.9 |
- |
- |
- |
- |
|
Cash |
0.1 |
0.2 |
12.5 |
- |
- |
|
Cash & Equivalents |
16.9 |
15.1 |
0.1 |
9.2 |
3.6 |
|
Financial Derivatives |
0.0 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Total Current Assets |
66.3 |
63.5 |
52.5 |
46.9 |
46.0 |
|
|
|
|
|
|
|
|
Intangibles, Net |
- |
- |
- |
- |
1.9 |
|
Intangible Assets, Gross |
6.0 |
4.8 |
4.5 |
4.4 |
- |
|
Amortization |
-3.9 |
-3.7 |
-3.6 |
-2.8 |
- |
|
Land |
1.2 |
1.2 |
1.2 |
1.2 |
1.4 |
|
Buildings |
8.3 |
8.9 |
8.4 |
8.2 |
9.8 |
|
Plant & Machinery |
3.4 |
3.8 |
3.4 |
3.3 |
3.8 |
|
Industrial Equipment |
14.8 |
13.2 |
10.2 |
8.3 |
6.5 |
|
Other Tangibles |
0.4 |
0.5 |
0.5 |
0.5 |
0.3 |
|
Tangibles In Progress &
Advances |
0.0 |
0.1 |
0.2 |
0.2 |
0.1 |
|
Depreciation |
-12.1 |
-10.6 |
-8.3 |
-6.4 |
-5.7 |
|
Receivables |
1.3 |
1.2 |
0.7 |
0.6 |
0.4 |
|
Prepaid Tax |
1.9 |
1.9 |
1.5 |
1.1 |
1.0 |
|
Adjustment |
0.0 |
0.0 |
- |
- |
- |
|
Total Assets |
87.7 |
84.9 |
71.2 |
65.5 |
65.5 |
|
|
|
|
|
|
|
|
Current Portion of LT Debt |
4.0 |
5.4 |
3.3 |
2.4 |
0.1 |
|
ST Debt |
11.9 |
- |
- |
- |
0.7 |
|
Current Portion of LT Leases |
0.9 |
1.2 |
1.3 |
1.3 |
1.5 |
|
Derivatives |
0.0 |
0.1 |
0.0 |
0.1 |
0.2 |
|
Trade Payables |
18.4 |
18.9 |
17.4 |
15.0 |
17.4 |
|
Accrued Expenses |
3.3 |
3.6 |
2.8 |
- |
- |
|
Deferred Income |
0.1 |
0.1 |
0.1 |
- |
- |
|
Other Current Liabilities |
0.7 |
1.8 |
0.7 |
3.3 |
3.4 |
|
Tax Payables |
0.0 |
1.0 |
0.0 |
0.2 |
1.4 |
|
Total Current Liabilities |
39.3 |
32.1 |
25.6 |
22.2 |
24.8 |
|
|
|
|
|
|
|
|
LT Debt |
3.5 |
7.5 |
8.2 |
11.1 |
8.4 |
|
LT Leasing |
4.9 |
6.3 |
7.1 |
8.2 |
11.3 |
|
Total Long Term Debt |
8.4 |
13.8 |
15.3 |
19.3 |
19.6 |
|
|
|
|
|
|
|
|
Severance Payments Reserve |
0.3 |
0.4 |
0.4 |
0.4 |
0.5 |
|
Risk & Charges Reserve |
1.0 |
1.2 |
1.0 |
0.7 |
0.5 |
|
Deferred Tax |
0.4 |
0.7 |
0.6 |
0.5 |
0.5 |
|
Minority Capital & Reserves |
0.0 |
0.0 |
0.3 |
0.3 |
0.3 |
|
Minority Interest |
0.0 |
0.0 |
-0.2 |
0.0 |
0.1 |
|
Total Liabilities |
49.5 |
48.2 |
42.9 |
43.3 |
46.3 |
|
|
|
|
|
|
|
|
Share Capital |
1.3 |
1.4 |
1.4 |
1.3 |
1.6 |
|
Share Premium |
1.3 |
1.4 |
1.4 |
1.3 |
1.6 |
|
Other Reserves |
0.7 |
0.6 |
0.7 |
0.6 |
0.5 |
|
Retained Earnings |
24.6 |
20.4 |
15.1 |
8.9 |
5.4 |
|
Net Income |
10.3 |
12.9 |
9.8 |
10.0 |
10.2 |
|
Total Equity |
38.2 |
36.8 |
28.3 |
22.2 |
19.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
87.7 |
84.9 |
71.2 |
65.5 |
65.5 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
50.0 |
50.0 |
50.0 |
50.0 |
50.0 |
|
Total Common Shares Outstanding |
50.0 |
50.0 |
50.0 |
50.0 |
50.0 |
|
T/S-Common Stock |
0.0 |
- |
- |
- |
- |
|
Accumulated Intangible Amortization |
3.9 |
3.7 |
3.6 |
2.8 |
2.3 |
|
Current Deferred Revenue |
0.1 |
0.1 |
0.1 |
0.2 |
0.2 |
|
Full-Time Employees |
765 |
685 |
542 |
570 |
689 |
|
LT Debt Within 1 Year |
15.9 |
5.4 |
3.3 |
2.4 |
0.1 |
|
LT Debt Between 1-5 Years |
3.5 |
7.5 |
8.2 |
11.1 |
7.1 |
|
LT Debt Over 5 Years |
0.0 |
0.0 |
0.0 |
0.0 |
1.3 |
|
Total Long Term Debt, Supplemental |
19.4 |
12.9 |
11.4 |
13.5 |
8.5 |
|
Leasing Maturing Within 1 Year |
1.1 |
1.5 |
1.5 |
1.6 |
1.9 |
|
Leasing Maturing Between 1-5 Years |
3.4 |
4.9 |
6.0 |
4.8 |
7.6 |
|
Leasing Maturing Over 5 Years |
2.0 |
2.3 |
2.1 |
4.6 |
5.5 |
|
Interests Payable |
-0.7 |
-1.0 |
-1.2 |
-1.5 |
-2.2 |
|
Total Capital Leases, Supplemental |
5.9 |
7.6 |
8.4 |
9.4 |
12.8 |
|
Leasing Maturing Within 1 Year |
5.6 |
1.9 |
1.5 |
1.6 |
- |
|
Leasing Maturing Between 1-5 Years |
10.5 |
5.7 |
5.1 |
4.8 |
- |
|
Leasing Maturing Over 5 Years |
1.2 |
3.1 |
2.9 |
4.6 |
- |
|
Total Operating Leases, Supplemental |
17.4 |
10.7 |
9.6 |
10.9 |
- |
|
Pension Obligation |
0.3 |
0.4 |
0.4 |
0.4 |
0.5 |
|
Funded Status |
-0.3 |
-0.4 |
-0.4 |
-0.4 |
-0.5 |
|
Total Funded Status |
-0.3 |
-0.4 |
-0.4 |
-0.4 |
-0.5 |
|
Compensation Rate |
- |
- |
- |
4.00% |
4.00% |
|
Accrued Liabilities |
-0.3 |
-0.4 |
-0.4 |
-0.4 |
-0.5 |
|
Net Assets Recognized on Balance Sheet |
-0.3 |
-0.4 |
-0.4 |
-0.4 |
-0.5 |
Annual
Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-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) |
0.726943 |
0.757168 |
0.70861 |
0.707647 |
0.707132 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
16.0 |
18.5 |
16.0 |
16.6 |
15.4 |
|
Depreciation |
2.8 |
2.4 |
2.9 |
2.6 |
1.9 |
|
FA Assets Impairment |
0.6 |
- |
- |
- |
- |
|
Severance Provision |
- |
- |
- |
0.0 |
0.0 |
|
Receivables Write-Down Provision |
0.6 |
0.2 |
0.0 |
0.8 |
0.3 |
|
Change in Severance Provision |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Financial Income/Expense &
Transl. Diff. |
0.1 |
0.7 |
0.6 |
1.1 |
1.8 |
|
Change in Trade Receivables |
-2.3 |
-1.5 |
-1.1 |
-2.7 |
-7.2 |
|
Change in Inventories |
-2.5 |
-3.3 |
0.3 |
0.7 |
-2.6 |
|
Change in Other Current Assets |
0.5 |
-1.3 |
-0.5 |
-0.3 |
-0.1 |
|
Change in Trade Payables |
0.8 |
0.6 |
2.2 |
0.5 |
3.4 |
|
Change in Risk & Charges
Provision |
-0.1 |
0.2 |
0.3 |
0.3 |
0.2 |
|
Change in Other Current
Liabilities |
-1.2 |
1.6 |
0.3 |
0.4 |
0.9 |
|
Taxes Paid |
-7.4 |
-5.6 |
-6.3 |
-7.3 |
-7.6 |
|
Interest Paid |
-0.2 |
-0.6 |
-0.8 |
-1.1 |
-1.4 |
|
Payments to Employees |
- |
- |
- |
0.0 |
-0.1 |
|
Cash from Operating Activities |
7.7 |
11.9 |
13.9 |
11.5 |
4.8 |
|
|
|
|
|
|
|
|
Purchase of Intangibles |
-1.6 |
-0.6 |
-0.1 |
-0.9 |
-0.7 |
|
Purchase of Tangibles |
-2.7 |
-3.4 |
-1.4 |
-3.3 |
-0.9 |
|
Investment, Net |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Cash from Investing Activities |
-4.4 |
-4.1 |
-1.5 |
-4.3 |
-1.7 |
|
|
|
|
|
|
|
|
Change in LT Debt |
- |
- |
- |
0.0 |
0.0 |
|
ST & LT Debt Issued/Repaid |
-4.7 |
-3.2 |
-2.4 |
6.2 |
-0.9 |
|
ST & Medium Term Debt
Issued/Repaid |
12.4 |
3.6 |
- |
- |
- |
|
Change in Financial Instruments |
0.0 |
0.1 |
-0.2 |
-0.1 |
0.2 |
|
Leasing Repayment |
-1.2 |
-1.1 |
-2.0 |
-2.3 |
-2.2 |
|
Dividends Paid |
-6.9 |
-5.3 |
-4.4 |
-4.4 |
-2.8 |
|
Cash from Financing Activities |
-0.5 |
-6.0 |
-9.0 |
-0.6 |
-5.7 |
|
|
|
|
|
|
|
|
Net Change in Cash |
2.9 |
1.9 |
3.4 |
6.6 |
-2.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
14.8 |
12.3 |
9.7 |
3.2 |
5.7 |
|
Net Cash - Ending Balance |
17.6 |
14.2 |
13.1 |
9.7 |
3.2 |
|
Cash Interest Paid |
0.2 |
0.6 |
0.8 |
1.1 |
1.4 |
|
Cash Taxes Paid |
7.4 |
5.6 |
6.3 |
7.3 |
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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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.28 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.