MIRA INFORM REPORT

Report Date :

12.01.2013

IDENTIFICATION DETAILS

Name :	PICANOL NV
Registered Office :	Steverlyncklaan 15, Ieper, 8900
Country :	Belgium
Financials (as on) :	31.12.2011
Year of Establishment :	1928
Com. Reg. No.:	405502362
Legal Form :	Public Subsidiary Company
Line of Business :	development, production and sale of weaving machines and other high-tech, industrial products, systems and services
No. of Employees :	1900 employees

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
Payment Behaviour :	Regular
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 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Belgium	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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 2.0%, the unemployment rate decreased slightly to 7.7% 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. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 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 arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

Company name & address

Picanol NV

Steverlyncklaan 15

Ieper, 8900

Belgium

Tel: 32-57-222111

Fax: 32-57-222001

Web: www.picanolgroup.com

synthesis

Employees: 1,900

Company Type: Public Subsidiary

Corporate Family: 12 Companies

Ultimate Parent: Oostrotex

Traded: Euronext Brussels: PIC

Incorporation Date: 1928

Auditor: Deloitte LLP

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Euro

Annual Sales: 649.3 1

Net Income: 84.8

Total Assets: 374.2 2

Market Value: 442.9 (12-Oct-2012)

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 six months ended 30 June 2012, Picanol NV revenues decreased 16% to EUR219.1M. Net income decreased 27% to EUR25.4M. Revenues reflect Weaving Machines & Services segment decrease of 18% to EUR185.4M, Industries segment decrease of 4% to EUR33.7M. Net income also reflects Weaving Machines & Services segment income decrease of 25% to EUR30.3M, Industries segment income decrease of 32% to EUR4.2M.

Industry

Industry Miscellaneous Capital Goods

ANZSIC 2006: 2469 - Other Specialised Machinery and Equipment Manufacturing

NACE 2002: 2954 - Manufacture of machinery for textile, apparel and leather production

NAICS 2002: 333292 - Textile Machinery Manufacturing

UK SIC 2003: 2954 - Manufacture of machinery for textile, apparel and leather production

UK SIC 2007: 2894 - Manufacture of machinery for textile, apparel and leather production

US SIC 1987: 3552 - Textile Machinery

Key Executives

Name	Title
Luc Tack	Appointed Executive Director, Member of the Management Committee
Karen D'Hondt	Compliance Officer, Group Controller, Company Secretary
Johan Verstraete	Vice President Marketing, Sales and Service, Member of the Management Committee
Philip De Bie	Vice-President Accessories & IT, Member of the Management Committee, Representative of VOF Pretium Plus
Jurgen Couvreur	Directeur Administratif, Financier & Secretaire

Significant Developments

Topic	#*	Most Recent Headline	Date
Other Earnings Pre-Announcement	1	Picanol NV Issues H2 FY 2012 Turnover and FY 2012 Turnover Guidance	28-Aug-2012

* number of significant developments within the last 12 months

News

Title	Date
The Picanol Group Selects Exinda for Management and Control of Business-critical Applications Over its Global Network PR Web (661 Words)	17-Sep-2012
Picanol projects limited revenue decline in 2012 on expected higher demand ADP Belgium News (113 Words)	28-Aug-2012
The effect of loom settings on weavability limits on air-jet weaving machines Textile Research Journal (UK) (4974 Words)	1-Jan-2012

Financial Summary

As of 30-Jun-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	2.32	1.95
Quick Ratio (MRQ)	1.86	1.03
Debt to Equity (MRQ)	0.04	0.45
Sales 5 Year Growth	2.62	6.22
Net Profit Margin (TTM) %	12.15	7.96
Return on Assets (TTM) %	17.52	8.48
Return on Equity (TTM) %	32.39	17.58

Stock Snapshot

Traded: Euronext Brussels: PIC

As of 12-Oct-2012

   Financials in: EUR

Recent Price	19.34	EPS	3.48
52 Week High	19.90	Price/Sales	0.73
52 Week Low	9.75	Price/Earnings	4.15
Avg. Volume (mil)	0.0064	Price/Book	2.10
Market Value (mil)	342.32	Beta	0.89

	Price % Change	Rel S&P 500%
4 Week	18.29%	23.53%
13 Week	30.24%	22.18%
52 Week	78.91%	64.80%
Year to Date	91.49%	68.57%

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327

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) : 467.0

Assets EUR(mil): 288.3

Employees: 1,900

Fiscal Year End: 31-Dec-2011

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

Company Web Links

Corporate History/Profile

Employment Opportunities

Executives

Financial Information

Home Page

Investor Relations

News Releases

Products/Services

Contents

Industry Codes

Business Description

Brand/Trade Names

Financial Data

Market Data

Shareholders

Subsidiaries

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

2469 - Other Specialised Machinery and Equipment Manufacturing

NACE 2002 Codes:

2954 - Manufacture of machinery for textile, apparel and leather production

2924 - Manufacture of other general purpose machinery not elsewhere classified

NAICS 2002 Codes:

333292 - Textile Machinery Manufacturing

333298 - All Other Industrial Machinery Manufacturing

US SIC 1987:

3552 - Textile Machinery

3559 - Special Industry Machinery, Not Elsewhere Classified

UK SIC 2003:

2954 - Manufacture of machinery for textile, apparel and leather production

2924 - Manufacture of other general purpose 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 six months ended 30 June 2012, Picanol NV revenues decreased 16% to EUR219.1M. Net income decreased 27% to EUR25.4M. Revenues reflect Weaving Machines & Services segment decrease of 18% to EUR185.4M, Industries segment decrease of 4% to EUR33.7M. Net income also reflects Weaving Machines & Services segment income decrease of 25% to EUR30.3M, Industries segment income decrease of 32% to EUR4.2M.

More Business Descriptions

Manufacture of machinery for textile, apparel, and leather production

Development, production and sales of weaving machines and supply od total technology solutions for the textile industry and other industries

This major group includes establishments primarily engaged in the wholesale distribution of durable goods.

Other Industrial Machinery Manufacturing

Brand/Trade Names

PICANOL

Financial Data

Financials in:	EUR(mil)
Revenue:	467.0
Net Income:	61.0
Assets:	288.3
Long Term Debt:	6.2
Total Liabilities:	125.4
Working Capital:	0.0
Date of Financial Data:	31-Dec-2011

1 Year Growth

18.0%

73.1%

30.6%

Market Data

Quote Symbol:	PIC
Exchange:	Euronext Brussels
Currency:	EUR
Stock Price:	19.3
Stock Price Date:	10-12-2012
52 Week Price Change %:	78.9
Market Value (mil):	342,318.0
SEDOL:	7584660
ISIN:	BE0003807246
Equity and Dept Distribution:
06/2009, Rights Issue, 2 new shares for every 1 share held @ EUR 1.27 (Factor: 1.84018).

Subsidiaries

Company	Percentage Owned	Country
PsiControl Mechatronics NV	100%	BELGIUM
Picanol (Suzhou) Trading Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
PsiControl Mechatronics Srl	100%	ROMANIA
Proferro SA/NV	99.99%	BELGIUM
Günne Webmaschinenfabrik GmbH & Co KG	100%	GERMANY
GTP Greenville Inc	100%	USA
GTP Istanbul	100%	TURKEY
Verbrugge NV	100%	BELGIUM
GTP Milano srl	100%	ITALY
Te Strake Textile BV	100%	NETHERLANDS
Melotte NV	100%	BELGIUM
Picanol India Private Limited	100%	INDIA
Burckle et Cie	100%	FRANCE
PT GTP Bandung	100%	INDONESIA
GTP Mexico SA de CV	100%	MEXICO
GTP São Paulo	100%	BRAZIL
Günne Webmaschinenfabrik GmbH	100%	GERMANY
Picanol (Suzhou Ind. Park) Textile Machinery Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA

Shareholders

Major Shareholders

Stiching Administratiekantoor Picanol, Netherlands (59%); Buraco SA/NV (7.75%)

Key Corporate Relationships

Auditor:	Deloitte LLP
Auditor:	Deloitte LLP, Deloitte Bedrijfsrevisoren BV ovve CVBA

Corporate Family	Corporate Structure News:
	Oostrotex Picanol NV
Picanol NV Total Corporate Family Members: 12

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Oostrotex	Parent	Bachte-Maria-Leerne	Belgium	Textiles - Non Apparel	9.3	21
Picanol NV	Subsidiary	Ieper	Belgium	Miscellaneous Capital Goods	649.3	1,900
Proferro	Subsidiary	Ieper	Belgium	Iron and Steel	111.2	547
Psicontrol Mechatronics	Subsidiary	Ieper	Belgium	Electronic Instruments and Controls	49.0	113
PsiControl Mechatronics Srl	Subsidiary	Rasnov	Romania	Scientific and Technical Instruments		79
Melotte	Subsidiary	Zonhoven	Belgium	Miscellaneous Fabricated Products	8.0	47
Gerber Technology	Subsidiary	Zaventem	Belgium	Audio and Video Equipment	54.8	40
Verbrugge	Subsidiary	Ieper	Belgium	Miscellaneous Capital Goods	20.7	40
Garage Felix Mol	Subsidiary	Sint-Lenaarts	Belgium	Retail (Specialty)	12.6	12
Garage Felix - Herentals	Subsidiary	Sint-Lenaarts	Belgium	Retail (Specialty)	10.2	12
De Smet - Van Rossem	Subsidiary	Herdersem	Belgium	Trucking	0.0	6
Garage Albert Marchal	Subsidiary	Malonne	Belgium	Retail (Specialty)	0.0

Executive report

Board of Directors

Name	Title	Function
Stefaan Haspeslagh	Executive Chairman of the Board, Member of the Management Committee, Representative of Findar BVBA	Chairman
Age: 54 Compensation/Salary:60,000 Compensation Currency: EUR
Luc Van Nevel	Chairman	Chairman
Jean Pierre Dejaeghere	Non-Executive Independent Director, Permanent Representative of NV Kantoor Torrimmo	Director/Board Member
Biography: Mr. Jean Pierre Dejaeghere is Non-Executive Independent Director, permanent representative of NV Kantoor Torrimmo, of Picanol NV. He is Member of the Audit Committee and Nomination and Remuneration Committee. Age: 62 Compensation/Salary:5,000 Compensation Currency: EUR
Chris Dewulf	Director	Director/Board Member
Education: Ghent University (Industrial Psychology)
Filiep Libeert	Director	Director/Board Member
Francois Meysman	Non-Executive Independent Director, Permanent Representative of M.O.S.T. BVBA	Director/Board Member
Biography: Mr. Frank Meysman is Non-Executive Independent Director, permanent representative of M.O.S.T. BVBA, of Picanol NV. He is Chairman of the Audit Committee and Member of the Nomination and Remuneration Committee. Compensation/Salary:10,000 Compensation Currency: EUR
Patrick Steverlynck	Executive Director, Permanent Representative of Pasma NV	Director/Board Member
Age: 65
Luc Tack	Appointed Executive Director, Member of the Management Committee	Director/Board Member
Age: 56
Johan Tack	Director	Director/Board Member
Education: University of Ghent, diploma (Economic Sciences) University of Ghent, special diploma (Management)
Joos Vaelkens	Director	Director/Board Member
Hugo Vandamme	Non-Executive Independent Director, Representative of HRV NV	Director/Board Member
Biography: Bn. Hugo Vandamme is Non-Executive Independent Director, representative of HRV NV, of Picanol NV. He is Chairman of the Company's Nomination and Remuneration Committee and Member of the Audit Committee. Age: 67 Compensation/Salary:10,000 Compensation Currency: EUR
Paul Vandekerckhove	Director	Director/Board Member

Executives

Name	Title	Function
Luc Tack	Appointed Executive Director, Member of the Management Committee	Managing Director
Age: 56
Herwig Paul Rijkaard Bamelis	Administrator	Administration Executive
Age: 74
Sune Carlsson	Administrator	Administration Executive
Jurgen Couvreur	Directeur Administratif, Financier & Secretaire	Administration Executive
Philip De Bie	Vice-President Accessories & IT, Member of the Management Committee, Representative of VOF Pretium Plus	Administration Executive
Cathy Defoor	Vice-President Industries, Member of the Management Committee	Administration Executive
Alec Gevaert	Administrator, Shareholders' Representative	Administration Executive
Age: 65
Stefaan Haspeslagh	Executive Chairman of the Board, Member of the Management Committee, Representative of Findar BVBA	Administration Executive
Age: 54 Compensation/Salary:60,000 Compensation Currency: EUR
Alois Michielsen	Administrator	Administration Executive
Age: 52
Geert Ostyn	Vice-President Weaving Machines, Member of the Management Committee	Administration Executive
Age: 49
Yves Jean Bernard Steverlynck	Administrator	Administration Executive
Age: 60
Dirk Verly	Vice President Human Resources/Administration and Company Secretary	Administration Executive
Johan Verstraete	Vice President Marketing, Sales and Service, Member of the Management Committee	Administration Executive
Peter Braeckevelt	Responsable Sécurité	Security
Karen D'Hondt	Compliance Officer, Group Controller, Company Secretary	Company Secretary
William Ferdinand Blomme	Representative/Auditor	Accounting Executive
Kurt Dehoorne	Representative/Auditor	Accounting Executive
Mario Dekeyser	Representative/Auditor	Accounting Executive
Age: 46
Jan Laga	Vice President-Marketing, Ventes & Services	Sales Executive
Education: University of Louvain, master's (Electro-Mechanical Engineering) INSEAD Fontainebleau, MBA
Luc Jules Joseph De Bruyckere	Shareholders' Representative	Shareholder Relations Executive
Age: 67
Bernard Pauwels	Directeur Informatique	Information Executive
Christophe Roelstraete	Responsable-Recherche Développement	Research & Development Executive
Anne Geraert	Responsable Juridique	Legal Executive
Carl Delaere	Directeur-Achats	Purchasing Executive
Dominique De Caesteker	Decision-maker	Other
Jacques Devos	Decision-maker	Other
Age: 63
Antoon Six	Decision-maker	Other
Emmanuel Marie Steverlynck	Decision-maker	Other
Age: 89
Louis Philippe Horimont Marie Helen Van Goethem	Decision-maker	Other
Age: 63

Annual Profit & Loss

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	52 Weeks	52 Weeks	52 Weeks
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047
Consolidated	No	No	No
Turnover	485.1	349.7	236.7
Increase or Decrease in Stocks of Finished Goods, and Orders in Progress	0.3	-2.8	-4.0
Other Operating Income	18.1	14.9	10.9
Operating Income	503.5	361.9	243.6
Purchases	313.0	232.5	132.0
Increase or Decrease in Stocks	0.1	-8.1	14.9
Raw Materials, Consumables, and Goods for Release	313.1	224.4	146.8
Services and Sundry Goods	69.7	55.8	57.9
Remuneration, Social Security Charges, and Pensions	50.0	44.3	58.6
Depreciation of and Other Amounts Written Off of Formation Expense, Intangible and Tangible Fixed Assets	2.9	3.3	4.9
Increase or Decrease in Amounts Written Off Stocks, Orders, and Trade Debtors	1.3	3.6	-9.1
Provisions for Liabilities and Charges	4.3	1.7	6.3
Other Operating Charges	0.9	1.1	1.6
Operating Charges	442.2	334.1	266.9
Income From Financial Fixed Assets	13.5	1.3	7.7
Income From Current Assets	1.4	1.5	1.2
Other Financial Income	1.0	1.7	2.3
Financial Income	15.9	4.5	11.2
Interest and Other Debt Charges	0.1	0.3	1.0
Amounts Written Off on Current Assets	0.2	-	-
Other Financial Charges	1.6	1.5	2.4
Financial Charges	1.9	1.8	3.3
Adjustments to Amounts Written Off on Financial Fixed Assets	4.9	-	-
Gain on Disposal of Fixed Assets	22.5	0.1	0.2
Other Extraordinary Income	0.1	0.0	0.0
Extraordinary Income	27.5	0.1	0.2
Amounts Written Off on Financial Fixed Assets	-	-	3.4
Loss on Disposal of Fixed Assets	5.0	-	0.3
Other Extraordinary Charges	0.0	0.0	0.0
Extraordinary Charges	5.0	0.0	3.8
Income Taxes	9.5	0.0	0.0
Income Taxes	9.5	0.0	0.0
To the Legal Reserve	2.1	-	-
Transfers to Capital and Reserves	2.1	-	-
Employees	595	617	839

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Intangible Assets	0.8	1.1	1.9
Land & Buildings	6.2	6.8	7.9
Plant, Machinery, and Equipment	2.5	3.0	3.7
Furniture and Vehicles	0.8	0.2	0.3
Other Tangible Assets	0.3	0.3	0.4
Assets Under Construction and Advance Payments	-	0.0	0.0
Tangible Assets	9.8	10.4	12.2
Participating Interests	66.4	72.1	61.3
Amounts Receivable	0.8	-	-
Affiliated Enterprises	67.2	72.1	61.3
Participating Interests	0.1	0.1	0.1
Other Enterprises Linked by Participating Interests	0.1	0.1	0.1
Amounts Receivable and Cash Guarantees	0.2	0.1	0.1
Other Capital Assets	0.2	0.1	0.1
Capital Assets	67.4	72.2	61.5
Fixed Assets	78.1	83.8	75.7
Trade Debtors	0.9	4.8	4.5
Amounts Receivable After More Than One Year	0.9	4.8	4.5
Raw Materials and Consumables	16.1	17.5	15.3
Work in Progress	2.3	3.1	6.4
Finished Goods	3.5	2.7	2.5
Stocks	21.9	23.3	24.2
Inventory and Orders in Progress	21.9	23.3	24.2
Trade Debtors	41.0	53.0	33.0
Other Amounts Receivable	10.4	7.7	14.0
Amounts Receivable Within One Year	51.4	60.7	47.0
Other Investments and Deposits	0.1	0.1	0.1
Investments	0.1	0.1	0.1
Liquid Assets	111.0	17.6	10.4
Adjustment Accounts	0.7	0.3	0.2
Current Assets	186.0	106.6	86.3
Total Assets	264.1	190.4	162.0
Issued Capital	28.8	29.8	31.9
Capital	28.8	29.8	31.9
Paid-In Capital	2.0	2.0	2.2
Legal Reserve	2.9	1.0	1.1
Untaxed Reserves	14.4	14.9	15.9
Reserves Available for Distribution	41.3	42.7	45.6
Reserves	58.6	58.6	62.6
Pensions and Similar Obligations	9.8	11.2	12.7
Major Repairs and Maintenance	2.5	-	-
Other Liabilities and Charges	8.3	5.9	3.7
Provisions for Liabilities and Charges	20.5	17.0	16.4
Provisions and Deferred Taxes	20.5	17.0	16.4
Capital and Reserves	159.8	80.0	52.3
Credit Institutions	0.7	1.5	3.0
Financial Debts	0.7	1.5	3.0
Amounts Due After More Than One Year	0.7	1.5	3.0
Current Portion of Amounts Payable After More Than One Year	1.1	2.8	6.7
Credit Institutions	-	-	8.6
Other Loans	0.4	3.9	2.6
Financial Debts	0.4	3.9	11.2
Suppliers	52.5	56.7	50.6
Trade Debts	52.5	56.7	50.6
Advances Received on Orders in Progress	15.3	17.3	5.7
Taxes	0.5	0.6	0.9
Remuneration and Social Security	8.5	7.0	12.7
Taxes, Wages, and Social Security	9.0	7.6	13.6
Other Amounts Payable	0.1	0.1	0.1
Amounts Payable Within One Year	78.4	88.4	87.8
Adjustment Accounts	4.6	3.5	2.5
Creditors	83.8	93.4	93.3
Total Liabilities + Shareholders' Equity	264.1	190.4	162.0

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	Deloitte LLP	Deloitte LLP	Deloitte LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified
Net Sales	649.3	524.1	348.0	413.4	565.3
Revenue	649.3	524.1	348.0	413.4	565.3
Total Revenue	649.3	524.1	348.0	413.4	565.3
Cost of Revenue	508.6	415.6	315.2	379.5	469.2
Cost of Revenue, Total	508.6	415.6	315.2	379.5	469.2
Gross Profit	140.6	108.5	32.9	33.8	96.1
Selling/General/Administrative Expense	47.1	45.5	52.8	67.8	79.4
Total Selling/General/Administrative Expenses	47.1	45.5	52.8	67.8	79.4
Restructuring Charge	0.0	0.1	16.7	-	-
Loss (Gain) on Sale of Assets - Operating	0.4	0.4	-	-	-
Other Unusual Expense (Income)	0.6	-	2.1	-	-
Unusual Expense (Income)	1.0	0.6	18.8	-	-
Other Operating Expense	0.3	1.4	0.5	0.1	0.3
Other, Net	-13.5	-0.8	-0.1	-2.9	-0.2
Other Operating Expenses, Total	-13.2	0.6	0.5	-2.8	0.1
Total Operating Expense	543.5	462.3	387.2	444.5	548.7
Operating Income	105.8	61.9	-39.2	-31.1	16.6
Interest Expense - Non-Operating	-1.0	-1.5	-2.7	-5.3	-5.9
Interest Expense, Net Non-Operating	-1.0	-1.5	-2.7	-5.3	-5.9
Interest Income - Non-Operating	1.6	1.4	1.8	2.9	4.9
Interest/Investment Income - Non-Operating	1.6	1.4	1.8	2.9	4.9
Interest Income (Expense) - Net Non-Operating Total	0.5	-0.1	-1.0	-2.4	-0.9
Other Non-Operating Income (Expense)	0.4	0.3	-0.8	0.0	-1.2
Other, Net	0.4	0.3	-0.8	0.0	-1.2
Income Before Tax	106.7	62.1	-41.0	-33.5	14.5
Total Income Tax	21.9	15.4	-8.3	-10.8	5.5
Income After Tax	84.8	46.7	-32.7	-22.7	8.9
Minority Interest	-	0.0	0.0	0.0	0.0
Net Income Before Extraord Items	84.8	46.7	-32.7	-22.7	8.9
Net Income	84.8	46.7	-32.7	-22.7	8.9
Income Available to Common Excl Extraord Items	84.8	46.7	-32.7	-22.7	8.9
Income Available to Common Incl Extraord Items	84.8	46.7	-32.7	-22.7	8.9
Basic/Primary Weighted Average Shares	17.7	17.7	11.6	10.9	10.9
Basic EPS Excl Extraord Items	4.79	2.64	-2.82	-2.09	0.82
Basic/Primary EPS Incl Extraord Items	4.79	2.64	-2.82	-2.09	0.82
Dilution Adjustment	-	-	0.0	0.0	-
Diluted Net Income	84.8	46.7	-32.7	-22.7	8.9
Diluted Weighted Average Shares	17.7	17.7	11.6	10.9	10.9
Diluted EPS Excl Extraord Items	4.79	2.64	-2.82	-2.09	0.82
Diluted EPS Incl Extraord Items	4.79	2.64	-2.82	-2.09	0.82
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.19
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	2.0
Interest Expense, Supplemental	1.0	1.5	2.7	5.3	5.9
Depreciation, Supplemental	10.8	10.6	13.1	13.1	12.9
Total Special Items	1.0	0.6	18.8	-	-
Normalized Income Before Tax	107.7	62.7	-22.2	-33.5	14.5
Effect of Special Items on Income Taxes	0.2	0.1	6.6	-	-
Inc Tax Ex Impact of Sp Items	22.1	15.6	-1.7	-10.8	5.5
Normalized Income After Tax	85.6	47.1	-20.5	-22.7	8.9
Normalized Inc. Avail to Com.	85.6	47.1	-20.5	-22.7	8.9
Basic Normalized EPS	4.84	2.66	-1.77	-2.09	0.82
Diluted Normalized EPS	4.84	2.66	-1.77	-2.09	0.82
Amort of Intangibles, Supplemental	1.6	1.5	2.6	3.6	4.6
Rental Expenses	2.9	3.2	-	-	-
Normalized EBIT	106.7	62.5	-20.4	-31.1	16.6
Normalized EBITDA	119.2	74.6	-4.7	-14.4	34.1
Current Tax - Total	15.4	4.7	0.0	0.2	6.4
Current Tax - Total	15.4	4.7	0.0	0.2	6.4
Deferred Tax - Total	6.5	10.7	-8.3	-11.0	-0.8
Deferred Tax - Total	6.5	10.7	-8.3	-11.0	-0.8
Income Tax - Total	21.9	15.4	-8.3	-10.8	5.5
Interest Cost - Domestic	0.8	1.0	0.9	0.8	0.7
Service Cost - Domestic	0.2	0.2	0.2	0.2	0.2
Prior Service Cost - Domestic	0.0	0.0	1.2	1.2	1.0
Expected Return on Assets - Domestic	-0.1	-0.2	-0.3	-0.3	-0.3
Actuarial Gains and Losses - Domestic	0.4	0.6	-0.2	0.5	-0.1
Curtailments & Settlements - Domestic	0.0	0.0	0.0	0.0	0.2
Other Pension, Net - Domestic	0.0	0.0	0.0	0.7	0.0
Domestic Pension Plan Expense	1.3	1.6	1.7	3.2	1.7
Defined Contribution Expense - Domestic	1.1	0.9	1.1	1.8	1.4
Total Pension Expense	2.4	2.5	2.8	5.0	3.1
Discount Rate - Domestic	4.00%	4.00%	5.00%	5.00%	5.50%
Expected Rate of Return - Domestic	4.00%	4.00%	4.50%	4.50%	4.50%
Compensation Rate - Domestic	2.00%	2.00%	2.88%	2.88%	2.88%
Total Plan Interest Cost	0.8	1.0	0.9	0.8	0.7
Total Plan Service Cost	0.2	0.2	0.2	0.2	0.2
Total Plan Expected Return	-0.1	-0.2	-0.3	-0.3	-0.3
Total Plan Other Expense	0.0	0.0	0.0	0.7	0.0

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986	0.719399	0.683971
Auditor	Deloitte LLP	Deloitte LLP	Deloitte LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified
Cash & Equivalents	143.6	37.2	27.0	18.2	27.6
Cash and Short Term Investments	143.6	37.2	27.0	18.2	27.6
Accounts Receivable - Trade, Gross	68.6	83.5	-	-	-
Provision for Doubtful Accounts	-8.0	-7.8	-	-	-
Trade Accounts Receivable - Net	60.6	75.8	47.1	47.8	90.8
Other Receivables	26.1	27.9	18.7	3.8	8.4
Total Receivables, Net	86.7	103.7	65.7	51.6	99.2
Inventories - Finished Goods	14.3	13.1	15.3	24.3	18.4
Inventories - Work In Progress	8.8	13.2	14.7	12.1	20.6
Inventories - Raw Materials	33.7	37.7	60.3	70.5	70.6
Inventories - Other	0.3	0.1	-33.8	-25.1	-21.8
Total Inventory	57.1	64.0	56.6	81.8	87.8
Prepaid Expenses	1.0	0.6	1.0	7.1	-
Deferred Income Tax - Current Asset	4.8	0.6	-	-	-
Other Current Assets	-	-	-	0.3	-
Other Current Assets, Total	4.8	0.6	-	0.3	-
Total Current Assets	293.2	206.1	150.3	159.0	214.7
Land/Improvements	44.6	46.4	48.3	45.8	62.5
Machinery/Equipment	237.2	251.7	266.4	278.4	282.0
Construction in Progress	3.6	0.1	0.3	6.8	0.7
Other Property/Plant/Equipment	2.1	2.7	2.5	2.5	2.2
Property/Plant/Equipment - Gross	287.4	301.0	317.5	333.5	347.4
Accumulated Depreciation	-219.3	-226.9	-232.7	-253.4	-259.5
Property/Plant/Equipment - Net	68.1	74.1	84.7	80.1	87.9
Goodwill - Gross	0.0	0.0	0.2	2.2	2.3
Accumulated Goodwill Amortization	-	-	-	0.0	0.0
Goodwill, Net	0.0	0.0	0.2	2.2	2.3
Intangibles - Gross	28.6	36.4	37.4	34.8	32.2
Accumulated Intangible Amortization	-20.9	-27.7	-29.0	-25.7	-23.4
Intangibles, Net	7.7	8.7	8.4	9.1	8.8
LT Investments - Other	0.1	0.1	0.1	0.1	0.1
Long Term Investments	0.1	0.1	0.1	0.1	0.1
Note Receivable - Long Term	1.2	5.0	4.7	10.0	15.3
Deferred Income Tax - Long Term Asset	4.7	2.9	11.7	4.6	3.0
Other Long Term Assets	-0.8	-0.8	-	-	0.0
Other Long Term Assets, Total	3.9	2.1	11.7	4.6	3.0
Total Assets	374.2	296.0	260.1	265.1	332.2
Accounts Payable	64.5	66.3	62.8	44.5	78.0
Accrued Expenses	25.5	25.1	22.7	22.2	1.4
Notes Payable/Short Term Debt	0.0	0.3	10.0	36.9	0.0
Current Portion - Long Term Debt/Capital Leases	3.3	5.2	10.9	14.6	24.4
Customer Advances	23.8	24.5	18.4	11.8	-
Income Taxes Payable	3.0	3.7	1.5	1.4	2.0
Other Current Liabilities	9.4	8.0	12.2	8.0	46.5
Other Current liabilities, Total	36.1	36.2	32.1	21.1	48.5
Total Current Liabilities	129.4	133.0	138.4	139.3	152.2
Long Term Debt	0.7	1.6	3.0	6.7	15.3
Capital Lease Obligations	7.4	9.9	13.1	6.7	15.1
Total Long Term Debt	8.1	11.4	16.2	13.4	30.4
Total Debt	11.3	16.9	37.1	65.0	54.8
Deferred Income Tax - LT Liability	11.2	3.0	0.2	2.1	11.5
Deferred Income Tax	11.2	3.0	0.2	2.1	11.5
Minority Interest	0.0	0.0	0.0	0.0	0.0
Reserves	2.3	2.4	2.6	2.5	2.2
Pension Benefits - Underfunded	11.9	13.5	15.3	9.3	10.0
Other Liabilities, Total	14.2	15.9	17.8	11.7	12.2
Total Liabilities	162.8	163.3	172.7	166.6	206.2
Common Stock	28.2	29.1	31.2	10.3	10.8
Common Stock	28.2	29.1	31.2	10.3	10.8
Additional Paid-In Capital	2.0	2.0	2.2	1.9	1.9
Retained Earnings (Accumulated Deficit)	174.9	98.8	55.2	86.1	115.5
Translation Adjustment	6.4	2.7	-1.1	0.2	-2.3
Other Equity, Total	6.4	2.7	-1.1	0.2	-2.3
Total Equity	211.4	132.7	87.4	98.4	125.9
Total Liabilities & Shareholders’ Equity	374.2	296.0	260.1	265.1	332.2
Shares Outstanding - Common Stock Primary Issue	17.7	17.7	17.7	10.9	10.9
Total Common Shares Outstanding	17.7	17.7	17.7	10.9	10.9
Employees	2,036	2,008	2,112	2,363	2,342
Accumulated Goodwill Amortization Suppl.	-	-	-	0.0	0.0
Accumulated Intangible Amort, Suppl.	20.9	27.7	29.0	25.7	23.4
Deferred Revenue - Current	23.8	24.5	18.4	11.8	-
Total Long Term Debt, Supplemental	1.8	4.3	9.7	28.1	54.8
Long Term Debt Maturing within 1 Year	1.1	2.8	6.7	14.6	24.4
Long Term Debt Maturing in Year 2	0.2	0.4	0.8	2.9	5.4
Long Term Debt Maturing in Year 3	0.2	0.4	0.8	2.9	5.4
Long Term Debt Maturing in Year 4	0.2	0.4	0.8	2.9	5.4
Long Term Debt Maturing in Year 5	0.2	0.4	0.8	2.9	5.4
Long Term Debt Maturing in 2-3 Years	0.3	0.8	1.5	5.8	10.9
Long Term Debt Maturing in 4-5 Years	0.3	0.8	1.5	5.8	10.9
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	0.0	1.8	8.6
Total Capital Leases, Supplemental	9.6	12.3	17.3	9.6	17.8
Capital Lease Payments Due in Year 1	2.2	2.4	4.1	2.9	2.7
Capital Lease Payments Due in Year 2	1.8	2.5	2.3	1.2	1.6
Capital Lease Payments Due in Year 3	1.8	2.5	2.3	1.2	1.6
Capital Lease Payments Due in Year 4	1.8	2.5	2.3	1.2	1.6
Capital Lease Payments Due in Year 5	1.8	2.5	2.3	1.2	1.6
Capital Lease Payments Due in 2-3 Years	3.7	4.9	4.6	2.5	3.2
Capital Lease Payments Due in 4-5 Years	3.7	4.9	4.6	2.5	3.2
Cap. Lease Pymts. Due in Year 6 & Beyond	0.0	0.0	3.9	1.8	8.6
Total Operating Leases, Supplemental	2.9	3.8	9.5	13.1	16.7
Operating Lease Payments Due in Year 1	1.6	2.4	4.3	4.9	4.1
Operating Lease Payments Due in Year 2	0.3	0.4	1.3	2.0	5.6
Operating Lease Payments Due in Year 3	0.3	0.4	1.3	2.0	2.3
Operating Lease Payments Due in Year 4	0.3	0.4	1.3	2.0	2.3
Operating Lease Payments Due in Year 5	0.3	0.4	1.3	2.0	2.3
Operating Lease Pymts. Due in 2-3 Years	0.6	0.7	2.6	4.1	7.9
Operating Lease Pymts. Due in 4-5 Years	0.6	0.7	2.6	4.1	4.7
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.0	0.0	0.0	0.0	0.0
Pension Obligation - Domestic	2.0	2.9	7.3	7.3	7.1
Plan Assets - Domestic	1.9	2.8	6.7	6.7	6.0
Funded Status - Domestic	-0.1	-0.1	-0.6	-0.6	-1.2
Unfunded Plan Obligations	13.1	14.7	10.9	10.7	9.3
Total Funded Status	-13.2	-14.8	-11.5	-11.3	-10.5
Discount Rate - Domestic	4.00%	4.00%	5.00%	5.00%	5.50%
Expected Rate of Return - Domestic	4.00%	4.00%	4.50%	4.50%	4.50%
Compensation Rate - Domestic	2.00%	2.00%	2.88%	2.88%	2.88%
Net Domestic Pension Assets	13.2	14.8	10.6	10.4	10.2
Net Assets Recognized on Balance Sheet	13.2	14.8	10.6	10.4	10.2
Total Plan Obligations	15.1	17.6	18.2	18.0	16.4
Total Plan Assets	1.9	2.8	6.7	6.7	6.0

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	Deloitte LLP	Deloitte LLP	Deloitte LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified
Net Income/Starting Line	105.8	61.9	-39.2	-31.1	16.6
Depreciation	12.4	12.2	15.7	16.8	17.5
Depreciation/Depletion	12.4	12.2	15.7	16.8	17.5
Other Non-Cash Items	0.5	0.0	20.4	1.6	1.0
Non-Cash Items	0.5	0.0	20.4	1.6	1.0
Accounts Receivable	-	-30.1	-3.4	-	-
Inventories	-	-14.9	19.5	-	-
Other Assets	-	-11.1	3.6	-	-
Accounts Payable	-	7.5	16.3	-	-
Taxes Payable	-16.1	-2.4	0.0	-0.2	-6.4
Other Liabilities	-	9.9	4.0	-	-
Other Assets & Liabilities, Net	7.9	-	-	6.8	23.8
Other Operating Cash Flow	2.5	0.4	0.0	-2.7	-
Changes in Working Capital	-5.6	-40.7	40.0	3.9	17.5
Cash from Operating Activities	113.0	33.4	36.9	-8.9	52.6
Purchase of Fixed Assets	-9.6	-4.9	-5.4	-12.4	-13.9
Purchase/Acquisition of Intangibles	-0.8	-1.4	-1.6	-4.3	-1.0
Capital Expenditures	-10.3	-6.3	-7.0	-16.7	-14.9
Sale of Fixed Assets	13.2	0.0	0.1	2.2	0.3
Investment, Net	-	-	-	0.0	-0.9
Sale of Intangible Assets	-	-	0.0	0.0	0.0
Other Investing Cash Flow	1.6	1.4	1.1	2.9	4.9
Other Investing Cash Flow Items, Total	14.7	1.4	1.3	5.2	4.4
Cash from Investing Activities	4.4	-4.9	-5.8	-11.6	-10.5
Other Financing Cash Flow	-1.0	-1.5	-2.1	-5.3	-5.9
Financing Cash Flow Items	-1.0	-1.5	-2.1	-5.3	-5.9
Cash Dividends Paid - Common	-	0.0	0.0	-2.2	-2.6
Total Cash Dividends Paid	-	0.0	0.0	-2.2	-2.6
Common Stock, Net	-	0.0	19.8	-	-
Issuance (Retirement) of Stock, Net	-	0.0	19.8	-	-
Long Term Debt Issued	-	0.3	0.6	38.8	0.0
Long Term Debt Reduction	-5.4	-17.8	-39.9	-20.7	-28.1
Long Term Debt, Net	-5.4	-17.6	-39.3	18.1	-28.1
Issuance (Retirement) of Debt, Net	-5.4	-17.6	-39.3	18.1	-28.1
Cash from Financing Activities	-6.4	-19.0	-21.6	10.6	-36.6
Foreign Exchange Effects	4.2	2.4	-1.5	1.4	-2.1
Net Change in Cash	115.2	11.8	8.0	-8.5	3.3
Net Cash - Beginning Balance	38.6	25.0	18.2	27.6	22.6
Net Cash - Ending Balance	153.8	36.8	26.2	19.2	25.9
Cash Interest Paid	1.0	1.5	2.1	5.3	5.9

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	Deloitte LLP	Deloitte LLP	Deloitte LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified
Turnover	649.3	524.1	348.0	413.4	565.3
Total Revenue	649.3	524.1	348.0	413.4	565.3
Cost of Sales	508.6	415.6	315.2	379.5	469.2
Other Operating Income	-13.5	-0.8	-0.1	-2.9	-0.2
General & Administrative Costs	24.4	23.9	32.5	45.3	52.2
Sales and Marketing Costs	22.7	21.6	20.3	22.6	27.3
Other Operating Expenses	0.3	1.4	0.5	0.1	0.3
Restructuring Costs	0.0	0.1	16.7	-	-
Exceptional Losses	0.6	-	2.1	-	-
Disposal Fixed Asset	0.4	0.4	-	-	-
Total Operating Expense	543.5	462.3	387.2	444.5	548.7
Interest Income	1.6	1.4	1.8	2.9	4.9
Interest Expense	-1.0	-1.5	-2.7	-5.3	-5.9
Other Fin. Income	0.0	0.0	0.4	1.2	0.3
Other Fin. Charges	-0.1	0.0	-1.2	-1.2	-1.5
Consolidation Diff.	0.5	0.3	-	-	-
Net Income Before Taxes	106.7	62.1	-41.0	-33.5	14.5
Provision for Income Taxes	21.9	15.4	-8.3	-10.8	5.5
Net Income After Taxes	84.8	46.7	-32.7	-22.7	8.9
Minority Interest	-	0.0	0.0	0.0	0.0
Net Income Before Extra. Items	84.8	46.7	-32.7	-22.7	8.9
Net Income	84.8	46.7	-32.7	-22.7	8.9
Income Available to Com Excl ExtraOrd	84.8	46.7	-32.7	-22.7	8.9
Income Available to Com Incl ExtraOrd	84.8	46.7	-32.7	-22.7	8.9
Basic Weighted Average Shares	17.7	17.7	11.6	10.9	10.9
Basic EPS Excluding ExtraOrdinary Items	4.79	2.64	-2.82	-2.09	0.82
Basic EPS Including ExtraOrdinary Item	4.79	2.64	-2.82	-2.09	0.82
Dilution Adjustment	-	-	0.0	0.0	-
Diluted Net Income	84.8	46.7	-32.7	-22.7	8.9
Diluted Weighted Average Shares	17.7	17.7	11.6	10.9	10.9
Diluted EPS Excluding ExtraOrd Items	4.79	2.64	-2.82	-2.09	0.82
Diluted EPS Including ExtraOrd Items	4.79	2.64	-2.82	-2.09	0.82
DPS-Common Stock	0.00	0.00	0.00	0.00	0.19
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	2.0
Normalized Income Before Taxes	107.7	62.7	-22.2	-33.5	14.5
Inc Tax Ex Impact of Sp Items	22.1	15.6	-1.7	-10.8	5.5
Normalized Income After Taxes	85.6	47.1	-20.5	-22.7	8.9
Normalized Inc. Avail to Com.	85.6	47.1	-20.5	-22.7	8.9
Basic Normalized EPS	4.84	2.66	-1.77	-2.09	0.82
Diluted Normalized EPS	4.84	2.66	-1.77	-2.09	0.82
Interest Expense	1.0	1.5	2.7	5.3	5.9
Depreciation	10.8	10.6	13.1	13.1	12.9
Amortization of Intangibles	1.6	1.5	2.6	3.6	4.6
Rental Expense	2.9	3.2	-	-	-
Current Tax	15.4	4.7	0.0	0.2	6.4
Current Tax - Total	15.4	4.7	0.0	0.2	6.4
Deferred Tax	6.5	10.7	-8.3	-11.0	-0.8
Deferred Tax - Total	6.5	10.7	-8.3	-11.0	-0.8
Income Tax - Total	21.9	15.4	-8.3	-10.8	5.5
Service Cost	0.2	0.2	0.2	0.2	0.2
Interest Cost	0.8	1.0	0.9	0.8	0.7
Expected Return on Assets	-0.1	-0.2	-0.3	-0.3	-0.3
Actuarial Gains and Losses	0.4	0.6	-0.2	0.5	-0.1
Prior Service Cost	0.0	0.0	1.2	1.2	1.0
Other Pension	0.0	0.0	0.0	0.7	0.0
Curtailments & Settlements	0.0	0.0	0.0	0.0	0.2
Domestic Pension Plan Expense	1.3	1.6	1.7	3.2	1.7
Defined Contribution Expense	1.1	0.9	1.1	1.8	1.4
Total Pension Expense	2.4	2.5	2.8	5.0	3.1
Dicount Rate	4.00%	4.00%	5.00%	5.00%	5.50%
Expected Rate of Return	4.00%	4.00%	4.50%	4.50%	4.50%
Compensation Rate	2.00%	2.00%	2.88%	2.88%	2.88%

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986	0.719399	0.683971
Auditor	Deloitte LLP	Deloitte LLP	Deloitte LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified
Raw Materials	33.7	37.7	60.3	70.5	70.6
Work in Progress	8.8	13.2	14.7	12.1	20.6
Finished Goods	14.3	13.1	15.3	24.3	18.4
Advance Payments	0.3	0.1	0.2	0.4	0.2
Stock Depreciation	-	-	-34.0	-25.4	-22.0
Trade Debtors	-	-	47.1	47.8	90.8
Trade Debtors, Gross	68.6	83.5	-	-	-
Provision for Doubtful Accounts	-8.0	-7.8	-	-	-
VAT Receivables	3.9	4.4	3.2	1.9	-
Deferret Tax	4.8	0.6	-	-	-
Deferred Charges	1.0	0.6	1.0	7.1	-
Derivatives	-	-	-	0.3	-
Other Receivable	22.1	23.5	15.4	1.9	8.4
Cash at Bank	143.6	37.2	27.0	18.2	27.6
Total Current Assets	293.2	206.1	150.3	159.0	214.7
Formation Exp.	12.5	12.4	11.9	10.2	7.9
Concess./Patents	16.1	24.0	25.5	24.6	24.2
Business Goodwill	0.0	0.2	0.2	0.2	0.2
Impairment of Business Goodwill	0.0	-0.2	-	-	-
Amortisation	-20.9	-27.7	-29.0	-25.7	-23.4
Impairment of Intangibles	-0.8	-0.8	-	-	-
Goodwill	0.0	0.0	0.0	2.1	2.2
Goodwill Amortisation	-	-	-	0.0	0.0
Land/Building	44.6	46.4	48.3	45.8	62.5
Plant/Machinery	223.1	237.1	251.0	262.8	266.6
Furn./Vehicles	14.0	14.7	15.4	15.6	15.4
Other Tangible	2.1	2.7	2.5	2.5	2.2
Assets/Const.	3.6	0.1	0.3	6.8	0.7
Depreciation	-219.3	-226.9	-232.7	-253.4	-259.5
Other Financial Investments	0.1	0.1	0.1	0.1	0.1
Amounts Rcvbl.	1.2	5.0	4.7	10.0	15.3
Deferred Tax Receivable	4.7	2.9	11.7	4.6	3.0
Adjustment	-	-	-	-	0.0
Total Assets	374.2	296.0	260.1	265.1	332.2
Curr. Ptn. LT	1.1	2.8	6.8	11.7	21.6
Leases	2.2	2.4	4.1	2.9	2.7
Credit Inst.	0.0	0.3	10.0	36.9	0.0
Provisions	9.0	7.7	10.6	4.2	6.2
Trade Debts/Supp	64.5	66.3	62.8	44.5	78.0
Taxes	3.0	3.7	1.5	1.4	2.0
Pensions	1.7	1.7	1.9	2.1	1.4
Advances Rec.	23.8	24.5	18.4	11.8	-
Remuneration & Social Security	19.1	19.0	17.7	20.1	-
Accruals	4.8	4.4	3.1	-	-
Other Liabilities	0.4	0.3	1.6	3.8	40.3
Total Current Liabilities	129.4	133.0	138.4	139.3	152.2
Leases	7.4	9.9	13.1	6.7	15.1
Credit Inst.	0.7	1.6	3.0	6.7	15.3
Total Long Term Debt	8.1	11.4	16.2	13.4	30.4
Pension Prov.	11.9	13.5	15.3	9.3	10.0
Other Provisions	2.3	2.4	2.6	2.5	2.2
Deferred Tax	11.2	3.0	0.2	2.1	11.5
Minority Ints.	0.0	0.0	0.0	0.0	0.0
Total Liabilities	162.8	163.3	172.7	166.6	206.2
Capital	28.2	29.1	31.2	10.3	10.8
Share Premium	2.0	2.0	2.2	1.9	1.9
Consol. Res.	174.9	98.8	55.2	86.1	115.5
Trans. Diff.	6.4	2.7	-1.1	0.2	-2.3
Total Equity	211.4	132.7	87.4	98.4	125.9
Total Liabilities & Shareholders' Equity	374.2	296.0	260.1	265.1	332.2
S/O-Common Stock	17.7	17.7	17.7	10.9	10.9
Total Common Shares Outstanding	17.7	17.7	17.7	10.9	10.9
Deferred Revenue - Current	23.8	24.5	18.4	11.8	-
Accumulated Goodwill Amortisation	-	-	-	0.0	0.0
Accumulated Intangible Amortisation	20.9	27.7	29.0	25.7	23.4
Full-Time Employees	2,036	2,008	2,112	2,363	2,342
LT Debt Maturing Within 1 Year	1.1	2.8	6.7	14.6	24.4
LT Debt Maturing Within 5 Years	0.7	1.6	3.0	11.7	21.7
LT Debt Maturing After 5 Years	0.0	0.0	0.0	1.8	8.6
Total Long Term Debt, Supplemental	1.8	4.3	9.7	28.1	54.8
Leases Maturing Within 1Year	2.2	2.4	4.1	2.9	2.7
Leases Maturing Within 5 Years	7.4	9.9	9.2	4.9	6.4
Leases Maturing After 5 Years	0.0	0.0	3.9	1.8	8.6
Total Capital Leases	9.6	12.3	17.3	9.6	17.8
Op. Lease Maturing Within 1 Year	1.6	2.4	4.3	4.9	4.1
Op. Lease Maturing Within 5 Years	1.3	1.4	5.2	8.2	7.0
Remaining Maturities	0.0	0.0	0.0	0.0	0.0
Optg leases-year 2	-	-	-	-	5.6
Total Operating Leases	2.9	3.8	9.5	13.1	16.7
Pension Obligation	2.0	2.9	7.3	7.3	7.1
Plan Assets	1.9	2.8	6.7	6.7	6.0
Funded Status	-0.1	-0.1	-0.6	-0.6	-1.2
Unfunded Plan Obligation	13.1	14.7	10.9	10.7	9.3
Total Funded Status	-13.2	-14.8	-11.5	-11.3	-10.5
Discount Rate	4.00%	4.00%	5.00%	5.00%	5.50%
Expected Rate of Return	4.00%	4.00%	4.50%	4.50%	4.50%
Compensation Rate	2.00%	2.00%	2.88%	2.88%	2.88%
Net Domestic Pension Assets	13.2	14.8	10.6	10.4	10.2
Net Assets Recognized on Balance Sheet	13.2	14.8	10.6	10.4	10.2

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	Deloitte LLP	Deloitte LLP	Deloitte LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified
Net Profit	105.8	61.9	-39.2	-31.1	16.6
Depreciation	12.4	12.2	15.7	16.8	17.5
Revaluation Of Assets	-0.5	2.7	7.1	2.4	-0.4
Provisions	0.4	-3.0	11.3	-0.8	1.5
Other Working Cap.	7.9	-	-	6.8	23.8
Other/Exposures	-	-0.5	5.4	-	-
Inventories	-	-14.9	19.5	-	-
ST Receivables	-	-30.1	-3.4	-	-
Other Receivables	-	-10.5	-1.9	-	-
Payables	-	7.5	16.3	-	-
Other Liabilities	-	9.9	4.0	-	-
Taxes Payable	-16.1	-2.4	0.0	-0.2	-6.4
Gain/Loss on Disposal of Assets	2.5	0.4	0.0	-2.7	-
Extraord. Impairments on Assets	0.6	0.3	2.1	0.0	0.0
Cash from Operating Activities	113.0	33.4	36.9	-8.9	52.6
Interest Received	1.6	1.4	1.1	2.9	4.9
Purchase Fixed Assets	-9.6	-4.9	-5.4	-12.4	-13.9
Intangibles	-0.8	-1.4	-1.6	-4.3	-1.0
Investments	-	-	-	0.0	-0.9
Sale of Intangibles	-	-	0.0	0.0	0.0
Sale of Tangibles	13.2	0.0	0.1	2.2	0.3
Cash from Investing Activities	4.4	-4.9	-5.8	-11.6	-10.5
Capital Increase	-	0.0	19.8	-	-
Interest Paid	-1.0	-1.5	-2.1	-5.3	-5.9
Dividend	-	0.0	0.0	-2.2	-2.6
Export Finance	-2.6	-4.6	-7.5	-14.3	-20.4
Loans Issued	-	0.3	0.6	38.8	0.0
Loans Repaid	-2.8	-13.3	-32.4	-6.4	-7.7
Cash from Financing Activities	-6.4	-19.0	-21.6	10.6	-36.6
Foreign Exchange Effects	4.2	2.4	-1.5	1.4	-2.1
Net Change in Cash	115.2	11.8	8.0	-8.5	3.3
Net Cash - Beginning Balance	38.6	25.0	18.2	27.6	22.6
Net Cash - Ending Balance	153.8	36.8	26.2	19.2	25.9
Cash Interest Paid	1.0	1.5	2.1	5.3	5.9

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 30-Jun-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	284.2	-15.75%	649.3	17.98%	18.22%	2.62%
Operating Income1	44.8	-26.00%	105.8	62.79%	-	50.52%
Income Available to Common Excl Extraord Items1	32.9	-26.72%	84.8	73.12%	-	61.41%
Basic EPS Excl Extraord Items1	1.86	-26.72%	4.79	73.12%	-	46.38%
Capital Expenditures2	5.3	-	10.3	55.45%	-13.42%	-7.56%
Cash from Operating Activities2	42.6	-	113.0	222.64%	-	15.96%
Free Cash Flow	35.7	-	95.9	261.76%	-	21.61%
Total Assets3	409.0	-	374.2	30.63%	14.77%	2.41%
Total Liabilities3	174.2	-	162.8	3.05%	1.53%	-6.24%
Total Long Term Debt3	6.7	-	8.1	-26.85%	-13.63%	-28.53%
Employees3	-	-	2036	1.39%	-4.84%	-2.58%
Total Common Shares Outstanding3	17.7	-	17.7	0.00%	17.69%	10.27%
1-ExchangeRate: EUR to USD Average for Period	0.770977	Â	0.719190	Â	Â	Â
2-ExchangeRate: EUR to USD Average for Period	0.770977	Â	0.719190	Â	Â	Â
3-ExchangeRate: EUR to USD Period End Date	0.804664	Â	0.770327	Â	Â	Â

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin	21.66%	20.70%	9.44%	8.19%	17.01%
Operating Margin	16.29%	11.81%	-11.26%	-7.53%	2.93%
Pretax Margin	16.43%	11.85%	-11.78%	-8.12%	2.56%
Net Profit Margin	13.07%	8.90%	-9.40%	-5.50%	1.58%
Financial Strength
Current Ratio	2.27	1.55	1.09	1.14	1.41
Long Term Debt/Equity	0.04	0.09	0.18	0.14	0.24
Total Debt/Equity	0.05	0.13	0.42	0.66	0.43
Management Effectiveness
Return on Assets	23.98%	17.54%	-12.65%	-7.44%	2.70%
Return on Equity	46.61%	44.09%	-35.71%	-19.81%	7.73%
Efficiency
Receivables Turnover	6.48	6.43	6.04	5.38	5.45
Inventory Turnover	7.98	7.20	4.61	4.36	5.65
Asset Turnover	1.84	1.97	1.35	1.35	1.71

Market Valuation USD (mil)
P/E (TTM)	6.61	.	Enterprise Value2	261.3
Price/Sales (TTM)	0.80	.	Enterprise Value/Revenue (TTM)	0.49
Price/Book (MRQ)	1.81	.	Enterprise Value/EBITDA (TTM)	2.89
Market Cap as of 12-Oct-20121	442.9	.
1-ExchangeRate: EUR to USD on 12-Oct-2012	0.772847
2-ExchangeRate: EUR to USD on 30-Jun-2012	0.804664

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Financial Strength
Current Ratio	2.27	1.55	1.09	1.14	1.41
Quick/Acid Test Ratio	1.78	1.06	0.67	0.50	0.83
Working Capital1	163.9	73.1	11.9	19.7	62.5
Long Term Debt/Equity	0.04	0.09	0.18	0.14	0.24
Total Debt/Equity	0.05	0.13	0.42	0.66	0.43
Long Term Debt/Total Capital	0.04	0.08	0.13	0.08	0.17
Total Debt/Total Capital	0.05	0.11	0.30	0.40	0.30
Payout Ratio	0.00%	0.00%	0.00%	0.00%	22.62%
Effective Tax Rate	20.48%	24.84%	-	-	38.25%
Total Capital1	222.7	149.6	124.5	163.5	180.7
Efficiency
Asset Turnover	1.84	1.97	1.35	1.35	1.71
Inventory Turnover	7.98	7.20	4.61	4.36	5.65
Days In Inventory	45.77	50.68	79.13	83.64	64.55
Receivables Turnover	6.48	6.43	6.04	5.38	5.45
Days Receivables Outstanding	56.30	56.75	60.48	67.79	66.98
Revenue/Employee2	297,728	264,418	169,991	166,254	257,853
Operating Income/Employee2	48,501	31,220	-19,142	-12,527	7,561
EBITDA/Employee2	54,209	37,350	-11,485	-5,786	15,538
Profitability
Gross Margin	21.66%	20.70%	9.44%	8.19%	17.01%
Operating Margin	16.29%	11.81%	-11.26%	-7.53%	2.93%
EBITDA Margin	18.21%	14.13%	-6.76%	-3.48%	6.03%
EBIT Margin	16.29%	11.81%	-11.26%	-7.53%	2.93%
Pretax Margin	16.43%	11.85%	-11.78%	-8.12%	2.56%
Net Profit Margin	13.07%	8.90%	-9.40%	-5.50%	1.58%
COGS/Revenue	78.34%	79.30%	90.56%	91.81%	82.99%
SG&A Expense/Revenue	7.25%	8.68%	15.17%	16.40%	14.05%
Management Effectiveness
Return on Assets	23.98%	17.54%	-12.65%	-7.44%	2.70%
Return on Equity	46.61%	44.09%	-35.71%	-19.81%	7.73%
Valuation
Free Cash Flow/Share2	5.42	1.55	1.74	-2.24	3.70
Operating Cash Flow/Share 2	5.96	1.91	2.15	-0.78	5.17
1-ExchangeRate: EUR to USD Period End Date	0.770327	0.745406	0.696986	0.719399	0.683971
2-ExchangeRate: EUR to USD Average for Period	0.770327	0.745406	0.696986	0.719399	0.683971

Current Market Multiples
Market Cap/Earnings (TTM)	6.61
Market Cap/Equity (MRQ)	1.81
Market Cap/Revenue (TTM)	0.80
Market Cap/EBIT (TTM)	5.35
Market Cap/EBITDA (TTM)	4.70
Enterprise Value/Earnings (TTM)	4.06
Enterprise Value/Equity (MRQ)	1.11
Enterprise Value/Revenue (TTM)	0.49
Enterprise Value/EBIT (TTM)	3.29
Enterprise Value/EBITDA (TTM)	2.89

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.54
UK Pound	1	Rs.88.05
Euro	1	Rs.72.29

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%)

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