MIRA INFORM REPORT
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Report Date : |
23.01.2013 |
IDENTIFICATION DETAILS
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Name : |
DALHOFF LARSEN & HORNEMAN AS |
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Registered Office : |
Skagensgade 66, Taastrup, 2630 |
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Country : |
Denmark |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1908 |
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Com. Reg. No.: |
34411913 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
wholesale
supplier of timber and timber products in the building and construction
industry |
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No. of Employees : |
630 employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Denmark |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
DENMARK - ECONOMIC OVERVIEW
This thoroughly modern market economy features a high-tech agricultural
sector, state-of-the-art industry with world-leading firms in pharmaceuticals, maritime
shipping and renewable energy, and a high dependence on foreign trade. Denmark
is a member of the European Union (EU); Danish legislation and regulations
conform to EU standards on almost all issues. Danes enjoy among the highest
standards of living in the world and the Danish economy is characterized by
extensive government welfare measures and an equitable distribution of income.
Denmark is a net exporter of food and energy and enjoys a comfortable balance
of payments surplus but depends on imports of raw materials for the
manufacturing sector. Within the EU, Denmark is among the strongest supporters
of trade liberalization. After a long consumption-driven upswing, Denmark's
economy began slowing in 2007 with the end of a housing boom. Housing prices
dropped markedly in 2008-09 and, following a short respite in 2010, continued
to decline in 2011 though at a slower pace. The global financial crisis has
exacerbated this cyclical slowdown through increased borrowing costs and lower
export demand, consumer confidence, and investment. The global financial crises
cut Danish real GDP by 0.8% in 2008 and 5.8% in 2009. Denmark made a modest
recovery in 2010 with real GDP growth of 1.3%, in part because of increased
government spending; however, the country experienced a technical recession in
late 2010-early 2011. Historically low levels of unemployment rose sharply with
the recession and have remained at about 6% in 2010-11, based on the national
measure, about two-thirds average EU unemployment. An impending decline in the
ratio of workers to retirees will be a major long-term issue. Denmark
maintained a healthy budget surplus for many years up to 2008, but the budget
balance swung into deficit in 2009. In spite of the deficits, the new coalition
government plans to deliver a modest stimulus to the economy in 2012.
Nonetheless, Denmark's fiscal position remains among the strongest in the EU at
46.5% of GDP in 2011. Despite previously meeting the criteria to join the
European Economic and Monetary Union (EMU), so far Denmark has decided not to
join, although the Danish krone remains pegged to the euro. Denmark held the EU
presidency during the first half of 2012; priorities included promoting a
responsible, dynamic, green, and safe Europe, while working to steer Europe out
of its euro zone economic crisis
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Source : CIA |
Company name & address
Dalhoff Larsen & Horneman A/S
Skagensgade 66
Taastrup, 2630
Denmark
Tel: 45-43500100
Fax: 45 43 50 01 99
Web: www.dlh.com
Synthesis
Employees: 630
Company Type: Public
Parent
Corporate Family: 17
Companies
Traded: Copenhagen
Stock Exchange: DLH
Incorporation Date: 1908
Auditor: KPMG
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: Danish
Krone
Annual Sales: 519.0
1
Net Income: 0.3
Total Assets: 295.0
2
Market Value: 37.3 (17-Aug-2012)
Business Description
Dalhoff Larsen & Horneman A/S (DLH) is a Denmark-based wholesale supplier of timber and timber products in the building and construction industry. It operates within six independent business areas, namely the geographical sales regions: Western Europe, Nordic, Central & Eastern Europe, USA, Russia and the business area, Global Sales. In the five geographical sales regions, the Company serves industry, as well as do it yourself (DIY) and retail customers markets from own warehouses. It is primarily active in Europe. The Global Sales area operates on five continents and sells hardwood and sheet material. As of December 31, 2011, the Company had 24 wholly owned subsidiaries, such as DLH Sverige AB, DLH Poland Sp. z o.o., DLH France SAS, Toft LLC, OOO Bohmans and DLH Hong Kong Limited, among others. As of March 1, 2012, the Company’s largest shareholder was DLH-Fonden (21.9%). On August 1, 2012, the Company sold its United States-based subsidiary, Inter-Continental Hardwoods Inc. (ICH). Dalhoff Larsen & Horneman A/S (DLH) is a Denmark-based wholesale supplier of timber and timber products in the building and construction industry. It operates within two business segments: the Hardwood Division and Timber & Board Division. The products are sold primarily through 15 stockholding sales subsidiaries in markets in Europe, the United States and Russia. The Company is listed on the Copenhagen Stock Exchange.
Industry
Industry Forestry and Wood Products
ANZSIC 2006: 1411 - Log
Sawmilling
NACE 2002: 2010 - Saw milling
and planing of wood, impregnation of wood
NAICS 2002: 321113 - Sawmills
UK SIC 2003: 2010 - Saw milling
and planing of wood, impregnation of wood
UK SIC 2007: 1610 - Sawmilling
and planing of wood
US SIC 1987: 2421 - Sawmills
and Planing Mills, General
Key Executives
|
Name |
Title |
|
Kent Arentoft |
Chief Executive Officer, President |
|
Peter Thostrup |
Executive Vice President, Finance & IT |
|
Martin Grome |
Executive Vice President for Sales Region USA and Russia, Forestry |
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Jesper Birkefeldt |
Member of the Supervisory Board, Employee Representative |
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Poul Leineweber |
Executive Vice President for Global Trading and Global Sourcing |
Significant
Developments
|
* number of significant developments within the last 12 months
News
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Financial
Summary
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Stock
Snapshot
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Registered
No.(DNK): 34411913
1 - Profit & Loss Item Exchange Rate: USD 1 = DKK 5.358236
2 - Balance Sheet Item Exchange Rate: USD 1 = DKK 5.72535
Corporate Overview
Location
Skagensgade 66
Taastrup, 2630
Denmark
Tel: 45-43500100
Fax: 45 43 50 01 99
Web www.dlh.com
Quote Symbol - Exchange
DLH - Copenhagen
Stock Exchange
Sales DKK(mil): 2,781.1
Assets DKK(mil): 1,688.7
Employees: 630
Fiscal Year End: 31-Dec-2011
Industry: Forestry
and Wood Products
Incorporation Date: 1908
Company Type: Public
Parent
Quoted Status: Quoted
Registered No.(DNK): 34411913
Chief Executive Officer,
President: Kent
Arentoft
Company Web Links
Company Contact/E-mail
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:
1411 - Log Sawmilling
3739 - Other Goods Wholesaling Not Elsewhere Classified
1493 - Veneer and Plywood Manufacturing
NACE 2002 Codes:
2010 - Saw milling and planing of wood, impregnation of wood
5147 - Wholesale of other household goods
2020 - Manufacture of veneer sheets; manufacture of plywood,
laminboard, particle board, fibre board and other panels and boards
NAICS 2002 Codes:
321113 - Sawmills
423990 - Other Miscellaneous Durable Goods Merchant Wholesalers
321211 - Hardwood Veneer and Plywood Manufacturing
US SIC 1987:
2421 - Sawmills and Planing Mills, General
5099 - Durable Goods, Not Elsewhere Classified
2435 - Hardwood Veneer and Plywood
UK SIC 2003:
2010 - Saw milling and planing of wood, impregnation of wood
5147 - Wholesale of other household goods
2020 - Manufacture of veneer sheets; manufacture of plywood,
laminboard, particle board, fibre board and other panels and boards
UK SIC 2007:
1610 - Sawmilling and planing of wood
4649 - Wholesale of other household goods
1621 - Manufacture of veneer sheets and wood-based panels
Business
Description
Dalhoff Larsen
& Horneman A/S (DLH) is a Denmark-based wholesale supplier of timber and
timber products in the building and construction industry. It operates within
six independent business areas, namely the geographical sales regions: Western
Europe, Nordic, Central & Eastern Europe, USA, Russia and the business
area, Global Sales. In the five geographical sales regions, the Company serves
industry, as well as do it yourself (DIY) and retail customers markets from own
warehouses. It is primarily active in Europe. The Global Sales area operates on
five continents and sells hardwood and sheet material. As of December 31, 2011,
the Company had 24 wholly owned subsidiaries, such as DLH Sverige AB, DLH
Poland Sp. z o.o., DLH France SAS, Toft LLC, OOO Bohmans and DLH Hong Kong
Limited, among others. As of March 1, 2012, the Company’s largest shareholder
was DLH-Fonden (21.9%). On August 1, 2012, the Company sold its United
States-based subsidiary, Inter-Continental Hardwoods Inc. (ICH). Dalhoff Larsen
& Horneman A/S (DLH) is a Denmark-based wholesale supplier of timber and
timber products in the building and construction industry. It operates within
two business segments: the Hardwood Division and Timber & Board Division.
The products are sold primarily through 15 stockholding sales subsidiaries in
markets in Europe, the United States and Russia. The Company is listed on the
Copenhagen Stock Exchange.
More Business
Descriptions
International trade, import, processing and distribution of wood and
wood-based products
Timber & Forest Products Producer
Dalhoff Larsen & Horneman A/S is primarily engaged in legal entities known as holding companies (except bank holding) primarily engaged in holding the securities of (or other equity interests in) companies and enterprises for the purpose of owning a controlling interest or influencing the management decisions of these firms. The holding companies in this industry do not administer, oversee, and manage other establishments of the company or enterprise whose securities they hold.
Timber Tract Operations
Brand/Trade Names
DLH Nordisk
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Corporate
Family |
Corporate
Structure News: |
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Dalhoff Larsen
& Horneman A/S |
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Dalhoff Larsen & Horneman A/S |
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Company
Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Dalhoff Larsen & Horneman A/S |
Parent |
Taastrup |
Denmark |
Forestry and Wood Products |
519.0 |
630 |
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DLH Træ & Byg A/S |
Subsidiary |
Taastrup |
Denmark |
Construction - Supplies and Fixtures |
342.2 |
550 |
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DLH Denmark A/S |
Subsidiary |
Kolding |
Denmark |
Construction - Supplies and Fixtures |
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350 |
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Dlh A/S |
Subsidiary |
Taastrup |
Denmark |
Construction - Supplies and Fixtures |
256.2 |
202 |
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DLH France S.A.S. |
Subsidiary |
Nantes, Bougenais Cedex |
France |
Forestry and Wood Products |
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100 |
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DLH Nordisk Sp zoo |
Subsidiary |
Karlino |
Poland |
Business Services |
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72 |
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DLH Sverige AB |
Subsidiary |
Hassleholm |
Sweden |
Construction - Supplies and Fixtures |
77.6 |
70 |
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DLH Nordisk Inc |
Subsidiary |
Greensboro, NC |
United States |
Miscellaneous Capital Goods |
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50 |
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DLH Norge AS |
Subsidiary |
Oslo |
Norway |
Construction - Supplies and Fixtures |
23.3 |
17 |
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DLH Cote d’Ivoire SA |
Subsidiary |
Abidjan |
Cote d'Ivoire |
Forestry and Wood Products |
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17 |
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Indufor N.V. |
Subsidiary |
Antwerp |
Belgium |
Business Services |
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15 |
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DLH Finland OY |
Subsidiary |
Vantaa |
Finland |
Construction - Supplies and Fixtures |
9.9 |
13 |
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Subsidiary |
Warsaw |
Poland |
Construction - Supplies and Fixtures |
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Subsidiary |
Svaty Jur |
Slovakia |
Construction - Supplies and Fixtures |
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Subsidiary |
Douala |
Cameroon |
Construction - Supplies and Fixtures |
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Subsidiary |
Belem |
Brazil |
Business Services |
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Subsidiary |
Amsterdam |
Netherlands |
Business Services |
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Executive report
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Board of
Directors |
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Chairman of the Supervisory Board |
Chairman |
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Chairman |
Chairman |
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Vice Chairman of the Supervisory Board |
Vice-Chairman |
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Vice Chairman |
Vice-Chairman |
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Director |
Director/Board Member |
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Board Member |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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Chief Executive Officer, President |
Chief Executive Officer |
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President & Chief Executive Officer |
Chief Executive Officer |
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Head of Environment |
Environment/Safety Executive |
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Member of the Supervisory Board, Employee Representative |
Administration Executive |
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Member of the Supervisory Board, Employee Representative |
Administration Executive |
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Member of the Supervisory Board |
Administration Executive |
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Member of the Supervisory Board, Employee Representative |
Administration Executive |
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Member of the Supervisory Board |
Administration Executive |
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Member of the Supervisory Board |
Administration Executive |
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Member of the Supervisory Board |
Administration Executive |
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Finance Executive |
Finance Executive |
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Executive Vice President, Finance & IT |
Finance Executive |
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Executive Vice President-Information Technology & Finance |
Finance Executive |
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Vice President-Accounting |
Accounting Executive |
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Executive Vice President for Global Trading and Global Sourcing |
Investment Executive |
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Vice President-Controlling |
Controller |
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Vice President-Human Resources |
Human Resources Executive |
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Executive Vice President for Sales Region USA and Russia, Forestry |
Sales Executive |
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Executive VP-Sales-Western Europe |
Sales Executive |
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Executive Vice President, Sales Region Nordic |
Sales Executive |
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Vice President-Marketing |
Marketing Executive |
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IT Manager |
Information Executive |
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Vice President-Supply Chain |
Purchasing Executive |
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Executive VP |
Other |
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Executive Vice PresidentSales Region Central Eastern Europe |
Other |
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Significant Developments
Dalhoff Larsen & Horneman A/S Maintains FY 2012 EBIT Margin Guidance and Lowers FY 2012 Turnover Guidance Aug 23, 2012
Dalhoff Larsen & Horneman A/S announced that it has maintained its fiscal year 2012 EBIT margin guidance. The Company still expects to report fiscal year 2012 EBIT margin of approximately 0%. The Company has also lowered its fiscal year 2012 turnover guidance. The Company now expects to report fiscal year 2012 turnover of approximately DKK 2.5 billion. Previously, the Company expects to report fiscal year 2012 turnover in a range of between DKK 2.6 billion and DKK 2.7 billion. According to I/B/E/S estimates, analysts on average are expecting the Company to report fiscal year 2012 turnover of DKK 2.615 billion.
Dalhoff Larsen & Horneman A/S Signs Agreement with American Industrial Partners to Divest Inter-Continental Hardwoods Inc. Aug 01, 2012
Dalhoff Larsen & Horneman A/S announced that it has on March 8, 2012 announced that it would seek to dispose of its American subsidiary, Inter-Continental Hardwoods Inc. (ICH). An agreement has been signed with the American private equity firm, American Industrial Partners, for the acquisition of the assets in ICH with immediate effect. In future, DLH will service the American market via back-to-back sales through its Global Sales business. The sale price has been agreed at DKK 60 million. This, combined with the reduction in working capital since March 31, 2012, means that DLH has released approximately DKK 78 million in cash from its American hardwood business since the last quarterly accounts. In tandem with the disposal of the group's property in Stockholm in May 2012 for approximately DKK 20 million, the sale will generate approximately DKK 100 million in improved liquidity and will also result in nearly a halving of assets held for sale, which amounted to DKK 211 million at March 31, 2012. The transactions will not affect the outlook at May 15, 2012 for the full year for an EBIT margin in the level of zero DLH is disposing of the booked values with these transactions, which means that they will result in a loss on the Swedish property of DKK 6 million and a loss of DKK 22 million on the American assets which were booked under discontinued operations.
Dalhoff Larsen & Horneman A/S Lowers FY 2012 Revenue and EBIT Margin
Guidance-Reuters May 15, 2012
reported that Dalhoff Larsen & Horneman A/S has decided to lower its
guidance for the fiscal year 2012. The Company expects to report revenue of
between DKK 2.6 billion and DKK 2.7 billion, and an EBIT margin at the level of
0% for the fiscal year 2012. Previously, the Company expected revenue and EBIT
margin for the fiscal year 2012 at the same level as in the fiscal year 2011,
when the Company reported revenue of DKK 2.8 billion and EBIT of DKK 54
million. According to I/B/E/S Estimates, analysts on average are expecting the
Company to report revenue of DKK 2.955 billion for the fiscal year 2012.
Dalhoff Larsen & Horneman A/S Issues FY 2012 Revenue Guidance In
Line With Analysts' Estimates; Issues FY 2012 EBIT Margin Guidance; Proposes No
Dividend Payment for FY 2011 Mar 08, 2012
Dalhoff Larsen & Horneman A/S announced that it expects to report
fiscal year 2012 turnover and EBIT margin to be on a par with the turnover and
EBIT margin reported in the fiscal year 2011. In the fiscal year 2011 the
Company reported turnover of DKK 2,937 million and EBIT margin of 2.1%. According
to I/B/E/S Estimates, analysts on average are expecting the Company to report
fiscal year 2012 revenue of DKK 3,066 million. In addition, the Company
announced that its Supervisory Board has decided not to propose a dividend
payment for the fiscal year 2011.
Dalhoff Larsen & Horneman A/S Confirms FY 2011 EBIT Guidance Nov 16,
2011
Dalhoff Larsen & Horneman A/S announced that it has decided to
confirm its guidance for the fiscal year 2011. The Company still expects to
report EBIT of approximately DKK 60 million for the fiscal year 2011. According
to I/B/E/S Estimates, analysts on average are expecting the Company to report
EBIT of DKK 60 million for the fiscal year 2011.
News
|
Danish DLH sells US hardwood operations
for USD 10m |
01-Aug-2012 |
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Disclosure of transactions in shares and
related securities in Dalhoff Larsen & Horneman A/S conducted by
executives |
24-May-2012 |
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Articles of Association of Dalhoff Larsen
& Horneman A/S (translation) |
17-Apr-2012 |
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Information from the Chairman of the
Annual General Meeting in DLH |
12-Apr-2012 |
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NOTICE OF ANNUAL GENERAL MEETING TO BE HELD
ON 12 APRIL 2012 AT 3 PM |
21-Mar-2012 |
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Disclosure of transactions in shares and
related securities in Dalhoff Larsen & Horneman A/S conducted by
executives and their related parties |
14-Mar-2012 |
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Announcement regarding ordinary general
meeting in Dalhoff Larsen & Horneman A/S |
15-Feb-2012 |
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Disclosure of transactions in shares and
related securities in Dalhoff Larsen & Horneman A/S conducted by
executives and their related parties |
21-Nov-2011 |
Annual Profit & Loss
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|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
DKK |
DKK |
DKK |
|
Exchange Rate
(Period Average) |
5.358236 |
5.623146 |
5.354263 |
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Consolidated |
Yes |
Yes |
Yes |
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Total Revenue |
548.1 |
569.4 |
681.4 |
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Gross Profit |
84.1 |
96.7 |
66.7 |
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Operating Income |
11.5 |
8.7 |
-113.7 |
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Net Income |
0.3 |
0.6 |
-140.4 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Filed Currency |
DKK |
DKK |
DKK |
|
Exchange Rate |
5.72535 |
5.55485 |
5.18625 |
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Consolidated |
Yes |
Yes |
Yes |
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Total Assets |
295.0 |
358.8 |
406.5 |
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Provisions |
5.3 |
2.1 |
- |
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Total Equity |
135.5 |
95.0 |
102.7 |
Annual Ratios
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
- |
- |
- |
|
Exchange Rate |
- |
- |
- |
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Consolidated |
Yes |
Yes |
Yes |
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Operating Margin |
2.09 |
1.52 |
-16.68 |
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Current Ratio |
452.70 |
116.84 |
116.73 |
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Total debt/total equity |
45.95 |
26.46 |
25.27 |
|
Return on average equity |
0.22 |
0.68 |
- |
Annual Growth Rates
|
|
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
|
Filed Currency |
- |
- |
|
Exchange Rate |
- |
- |
|
Consolidated |
Yes |
Yes |
|
|
|
|
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Turnover Percent Change |
-8.28% |
-12.24% |
|
Marginal Contribution Percent Change |
-17.11% |
52.16% |
|
Operating Results Percent Change |
26.28% |
108.00% |
|
Profit/Loss for the Year Percent Change |
-52.78% |
100.48% |
|
Assets Percent Change |
-15.28% |
-5.46% |
|
Provisions Percent Change |
162.93% |
- |
|
Equity Capital Percent Change |
47.09% |
-0.99% |
|
Operating Margin Percent Change |
37.50% |
109.11% |
|
Current Ratio Percent Change |
287.45% |
0.09% |
|
Debt/Equity Ratio Percent Change |
73.66% |
4.71% |
|
Retun On Equity Percent Change |
-67.65% |
- |
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 |
Restated Normal |
Restated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
DKK |
DKK |
DKK |
DKK |
DKK |
|
Exchange Rate
(Period Average) |
5.358236 |
5.623146 |
5.354263 |
5.097335 |
5.44373 |
|
Auditor |
KPMG |
KPMG Peat
Marwick LLP |
KPMG Peat
Marwick LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
519.0 |
555.7 |
548.3 |
983.5 |
1,050.7 |
|
Revenue |
519.0 |
555.7 |
548.3 |
983.5 |
1,050.7 |
|
Total Revenue |
519.0 |
555.7 |
548.3 |
983.5 |
1,050.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
442.1 |
468.0 |
464.2 |
852.6 |
848.2 |
|
Cost of Revenue, Total |
442.1 |
468.0 |
464.2 |
852.6 |
848.2 |
|
Gross Profit |
76.9 |
87.7 |
84.1 |
130.9 |
202.6 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
30.0 |
37.3 |
52.4 |
- |
- |
|
Labor & Related Expense |
33.4 |
37.9 |
49.1 |
98.3 |
88.5 |
|
Total Selling/General/Administrative Expenses |
63.4 |
75.2 |
101.6 |
98.3 |
88.5 |
|
Depreciation |
4.3 |
4.7 |
5.9 |
17.9 |
17.7 |
|
Amortization of Intangibles |
- |
- |
- |
2.7 |
1.8 |
|
Depreciation/Amortization |
4.3 |
4.7 |
5.9 |
20.6 |
19.5 |
|
Impairment-Assets Held for Sale |
- |
0.0 |
4.6 |
13.0 |
0.0 |
|
Loss (Gain) on Sale of Assets - Operating |
- |
-0.1 |
-0.2 |
- |
- |
|
Other Unusual Expense (Income) |
- |
- |
- |
0.0 |
-2.7 |
|
Unusual Expense (Income) |
- |
-0.1 |
4.4 |
13.0 |
-2.7 |
|
Other Operating Expense |
1.1 |
0.6 |
1.4 |
0.3 |
1.0 |
|
Other, Net |
-1.9 |
-1.5 |
-3.1 |
60.5 |
51.3 |
|
Other Operating Expenses, Total |
-0.9 |
-0.9 |
-1.7 |
60.7 |
52.3 |
|
Total Operating Expense |
509.0 |
546.9 |
574.4 |
1,045.2 |
1,005.8 |
|
|
|
|
|
|
|
|
Operating Income |
10.1 |
8.8 |
-26.1 |
-61.8 |
44.9 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
- |
-12.2 |
-12.4 |
-21.5 |
-18.5 |
|
Interest Expense, Net Non-Operating |
- |
-12.2 |
-12.4 |
-21.5 |
-18.5 |
|
Interest Income -
Non-Operating |
- |
0.9 |
0.7 |
5.3 |
1.6 |
|
Investment Income - Non-Operating |
- |
-0.2 |
0.0 |
-0.2 |
0.0 |
|
Interest/Investment Income - Non-Operating |
- |
0.7 |
0.8 |
5.1 |
1.6 |
|
Interest Income (Expense) - Net Non-Operating |
-9.6 |
- |
-3.4 |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
-9.6 |
-11.5 |
-15.0 |
-16.4 |
-16.9 |
|
Other Non-Operating Income (Expense) |
0.8 |
- |
- |
-4.6 |
1.1 |
|
Other, Net |
0.8 |
- |
- |
-4.6 |
1.1 |
|
Income Before Tax |
1.3 |
-2.7 |
-41.1 |
-82.8 |
29.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
-0.4 |
1.0 |
7.4 |
-13.5 |
10.7 |
|
Income After Tax |
1.7 |
-3.7 |
-48.5 |
-69.3 |
18.4 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
1.7 |
-3.7 |
-48.5 |
-69.3 |
18.4 |
|
Discontinued Operations |
-1.4 |
4.3 |
-91.9 |
113.8 |
8.5 |
|
Total Extraord Items |
-1.4 |
4.3 |
-91.9 |
113.8 |
8.5 |
|
Net Income |
0.3 |
0.6 |
-140.4 |
44.5 |
26.9 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
1.7 |
-3.7 |
-48.5 |
-69.3 |
18.4 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
0.3 |
0.6 |
-140.4 |
44.5 |
26.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
47.3 |
35.3 |
32.1 |
33.1 |
33.5 |
|
Basic EPS Excl Extraord Items |
0.04 |
-0.10 |
-1.51 |
-2.10 |
0.55 |
|
Basic/Primary EPS Incl Extraord Items |
0.01 |
0.02 |
-4.37 |
1.34 |
0.81 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
0.3 |
0.6 |
-140.4 |
44.5 |
26.9 |
|
Diluted Weighted Average Shares |
47.3 |
35.3 |
32.1 |
33.1 |
33.6 |
|
Diluted EPS Excl Extraord Items |
0.04 |
-0.10 |
-1.51 |
-2.10 |
0.55 |
|
Diluted EPS Incl Extraord Items |
0.01 |
0.02 |
-4.37 |
1.34 |
0.80 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.20 |
|
Dividends per Share - Common Stock Issue 2 |
0.00 |
0.00 |
0.00 |
0.00 |
0.37 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
6.8 |
|
Interest Expense, Supplemental |
- |
12.2 |
12.4 |
21.5 |
18.5 |
|
Depreciation, Supplemental |
4.3 |
11.9 |
16.9 |
17.9 |
17.7 |
|
Total Special Items |
- |
-0.1 |
4.4 |
13.0 |
-2.7 |
|
Normalized Income Before Tax |
1.3 |
-2.8 |
-36.7 |
-69.8 |
26.4 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
- |
0.0 |
1.6 |
4.5 |
-1.0 |
|
Inc Tax Ex Impact of Sp Items |
-0.4 |
1.0 |
8.9 |
-8.9 |
9.7 |
|
Normalized Income After Tax |
1.7 |
-3.7 |
-45.6 |
-60.9 |
16.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1.7 |
-3.7 |
-45.6 |
-60.9 |
16.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.04 |
-0.11 |
-1.42 |
-1.84 |
0.50 |
|
Diluted Normalized EPS |
0.04 |
-0.11 |
-1.42 |
-1.84 |
0.50 |
|
Amort of Intangibles, Supplemental |
- |
2.5 |
3.2 |
2.7 |
1.8 |
|
Rental Expenses |
- |
- |
- |
25.1 |
17.5 |
|
Normalized EBIT |
10.1 |
8.7 |
-21.7 |
-48.8 |
42.2 |
|
Normalized EBITDA |
14.4 |
23.0 |
-1.6 |
-28.2 |
61.8 |
|
Current Tax - Total |
- |
- |
-0.4 |
5.2 |
10.7 |
|
Current Tax - Total |
- |
- |
-0.4 |
5.2 |
10.7 |
|
Deferred Tax - Other |
- |
- |
8.3 |
-18.6 |
-0.5 |
|
Deferred Tax - Total |
- |
- |
8.3 |
-18.6 |
-0.5 |
|
Other Tax |
- |
- |
-0.5 |
0.0 |
0.6 |
|
Income Tax - Total |
- |
- |
7.4 |
-13.5 |
10.7 |
|
Interest Cost - Domestic |
- |
0.2 |
0.5 |
0.5 |
0.5 |
|
Service Cost - Domestic |
- |
0.1 |
1.4 |
0.5 |
1.0 |
|
Prior Service Cost - Domestic |
- |
- |
- |
0.0 |
-0.1 |
|
Expected Return on Assets - Domestic |
- |
0.0 |
-0.5 |
-0.5 |
-0.5 |
|
Other Pension, Net - Domestic |
- |
0.4 |
-0.2 |
-0.2 |
0.6 |
|
Domestic Pension Plan Expense |
- |
0.6 |
1.3 |
0.4 |
1.5 |
|
Defined Contribution Expense - Domestic |
- |
2.2 |
2.5 |
4.6 |
5.8 |
|
Total Pension Expense |
- |
2.8 |
3.8 |
5.0 |
7.3 |
|
Total Plan Interest Cost |
- |
0.2 |
0.5 |
0.5 |
0.5 |
|
Total Plan Service Cost |
- |
0.1 |
1.4 |
0.5 |
1.0 |
|
Total Plan Expected Return |
- |
0.0 |
-0.5 |
-0.5 |
-0.5 |
|
Total Plan Other Expense |
- |
0.4 |
-0.2 |
-0.2 |
0.6 |
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 |
Restated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
DKK |
DKK |
DKK |
DKK |
DKK |
|
Exchange Rate |
5.72535 |
5.55485 |
5.18625 |
5.35465 |
5.10005 |
|
Auditor |
KPMG |
KPMG Peat
Marwick LLP |
KPMG Peat
Marwick LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
7.9 |
6.9 |
8.5 |
10.6 |
11.0 |
|
Cash and Short Term Investments |
7.9 |
6.9 |
8.5 |
10.6 |
11.0 |
|
Accounts Receivable -
Trade, Gross |
63.4 |
67.0 |
83.2 |
104.3 |
173.3 |
|
Provision for Doubtful
Accounts |
-1.8 |
-2.8 |
-7.5 |
-2.9 |
-3.6 |
|
Trade Accounts Receivable - Net |
61.6 |
64.3 |
75.7 |
101.4 |
169.7 |
|
Other Receivables |
7.3 |
10.5 |
18.2 |
34.1 |
21.2 |
|
Total Receivables, Net |
68.9 |
74.7 |
93.9 |
135.5 |
190.9 |
|
Inventories - Finished Goods |
124.4 |
126.3 |
189.8 |
264.1 |
334.1 |
|
Inventories - Other |
4.8 |
6.7 |
8.4 |
9.8 |
17.5 |
|
Total Inventory |
129.2 |
133.0 |
198.2 |
273.9 |
351.6 |
|
Prepaid Expenses |
2.5 |
3.8 |
3.8 |
3.9 |
3.7 |
|
Discontinued Operations - Current Asset |
20.3 |
69.6 |
11.9 |
0.0 |
85.9 |
|
Other Current Assets, Total |
20.3 |
69.6 |
11.9 |
0.0 |
85.9 |
|
Total Current Assets |
228.8 |
288.0 |
316.3 |
423.9 |
643.1 |
|
|
|
|
|
|
|
|
Buildings |
20.6 |
26.9 |
58.5 |
63.8 |
66.6 |
|
Machinery/Equipment |
9.9 |
11.6 |
59.7 |
78.1 |
74.0 |
|
Construction in
Progress |
0.7 |
0.1 |
4.7 |
4.4 |
2.2 |
|
Property/Plant/Equipment - Gross |
31.2 |
38.6 |
122.9 |
146.3 |
142.9 |
|
Accumulated Depreciation |
-12.6 |
-13.1 |
-79.0 |
-63.9 |
-57.5 |
|
Property/Plant/Equipment - Net |
18.5 |
25.5 |
43.9 |
82.4 |
85.4 |
|
Goodwill, Net |
25.2 |
25.7 |
25.5 |
28.4 |
32.8 |
|
Intangibles, Net |
13.1 |
14.9 |
16.7 |
17.6 |
18.9 |
|
LT Investment - Affiliate Companies |
0.0 |
0.0 |
- |
- |
0.0 |
|
LT Investments - Other |
0.6 |
0.7 |
0.8 |
0.7 |
0.7 |
|
Long Term Investments |
0.6 |
0.7 |
0.8 |
0.7 |
0.7 |
|
Note Receivable - Long Term |
- |
- |
0.1 |
0.1 |
0.3 |
|
Deferred Charges |
8.7 |
7.6 |
3.2 |
15.1 |
4.0 |
|
Other Long Term Assets |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Other Long Term Assets, Total |
8.7 |
7.6 |
3.3 |
15.1 |
4.0 |
|
Total Assets |
295.0 |
362.4 |
406.5 |
568.2 |
785.2 |
|
|
|
|
|
|
|
|
Accounts Payable |
38.8 |
39.7 |
62.5 |
64.5 |
88.9 |
|
Accrued Expenses |
0.1 |
0.4 |
1.0 |
0.2 |
0.8 |
|
Notes Payable/Short Term Debt |
0.0 |
148.1 |
195.4 |
227.2 |
222.4 |
|
Current Portion - Long Term Debt/Capital Leases |
3.3 |
19.2 |
0.6 |
6.3 |
1.1 |
|
Income Taxes Payable |
2.2 |
1.9 |
0.8 |
2.5 |
6.9 |
|
Other Current Liabilities |
1.7 |
5.9 |
10.6 |
1.0 |
1.8 |
|
Other Current liabilities, Total |
3.9 |
7.8 |
11.5 |
3.5 |
8.7 |
|
Total Current Liabilities |
46.1 |
215.2 |
271.0 |
301.7 |
321.9 |
|
|
|
|
|
|
|
|
Long Term Debt |
99.9 |
10.1 |
22.3 |
22.9 |
156.2 |
|
Capital Lease Obligations |
0.1 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Total Long Term Debt |
100.0 |
10.2 |
22.4 |
23.0 |
156.4 |
|
Total Debt |
103.3 |
177.5 |
218.5 |
256.5 |
379.9 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
3.6 |
5.6 |
2.9 |
6.8 |
8.1 |
|
Deferred Income Tax |
3.6 |
5.6 |
2.9 |
6.8 |
8.1 |
|
Reserves |
3.0 |
2.5 |
3.5 |
0.1 |
7.1 |
|
Pension Benefits - Underfunded |
2.3 |
2.1 |
4.0 |
5.0 |
5.1 |
|
Other Long Term Liabilities |
4.4 |
31.9 |
0.0 |
- |
56.8 |
|
Other Liabilities, Total |
9.8 |
36.4 |
7.5 |
5.2 |
69.0 |
|
Total Liabilities |
159.4 |
267.5 |
303.8 |
336.7 |
555.4 |
|
|
|
|
|
|
|
|
Common Stock |
46.8 |
32.2 |
34.4 |
34.7 |
36.4 |
|
Common Stock |
46.8 |
32.2 |
34.4 |
34.7 |
36.4 |
|
Retained Earnings (Accumulated Deficit) |
95.9 |
70.3 |
77.7 |
213.1 |
196.0 |
|
Translation Adjustment |
-7.2 |
-7.5 |
-9.4 |
-16.2 |
-2.6 |
|
Other Equity, Total |
-7.2 |
-7.5 |
-9.4 |
-16.2 |
-2.6 |
|
Total Equity |
135.5 |
95.0 |
102.7 |
231.6 |
229.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
295.0 |
362.4 |
406.5 |
568.2 |
785.2 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
53.4 |
28.7 |
28.7 |
29.0 |
30.1 |
|
Shares Outstanding - Common Stock Issue 2 |
- |
1.9 |
1.9 |
1.9 |
1.9 |
|
Total Common Shares Outstanding |
53.4 |
30.6 |
30.6 |
30.8 |
31.9 |
|
Treasury Shares - Common Stock Primary Issue |
0.2 |
0.3 |
0.3 |
1.4 |
0.3 |
|
Employees |
691 |
2,123 |
3,064 |
3,688 |
3,661 |
|
Number of Common Shareholders |
3,500 |
3,250 |
3,600 |
3,000 |
3,000 |
|
Accumulated Intangible Amort, Suppl. |
13.9 |
13.0 |
24.0 |
17.6 |
5.3 |
|
Total Long Term Debt, Supplemental |
93.4 |
148.1 |
218.0 |
256.4 |
157.5 |
|
Long Term Debt Maturing within 1 Year |
0.0 |
148.1 |
195.7 |
233.5 |
1.1 |
|
Long Term Debt Maturing in Year 2 |
23.3 |
0.0 |
- |
- |
- |
|
Long Term Debt Maturing in Year 3 |
23.3 |
0.0 |
- |
- |
- |
|
Long Term Debt Maturing in Year 4 |
23.3 |
0.0 |
- |
- |
- |
|
Long Term Debt Maturing in Year 5 |
23.3 |
0.0 |
- |
- |
- |
|
Long Term Debt Maturing in 2-3 Years |
46.7 |
0.0 |
- |
- |
- |
|
Long Term Debt Maturing in 4-5 Years |
46.7 |
0.0 |
- |
- |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
22.3 |
22.9 |
156.4 |
|
Interest Costs |
- |
- |
- |
- |
0.0 |
|
Total Capital Leases, Supplemental |
0.2 |
0.3 |
0.5 |
0.1 |
0.2 |
|
Capital Lease Payments Due in Year 1 |
0.0 |
0.1 |
0.3 |
0.0 |
0.0 |
|
Capital Lease Payments Due in Year 2 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Lease Payments Due in Year 3 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Lease Payments Due in Year 4 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Lease Payments Due in Year 5 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Lease Payments Due in 2-3 Years |
0.1 |
0.1 |
0.1 |
0.0 |
0.1 |
|
Capital Lease Payments Due in 4-5 Years |
0.1 |
0.1 |
0.1 |
0.0 |
0.1 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
- |
- |
0.0 |
|
Total Operating Leases, Supplemental |
30.7 |
41.7 |
39.1 |
32.5 |
27.2 |
|
Operating Lease Payments Due in Year 1 |
7.5 |
9.0 |
7.2 |
7.0 |
2.9 |
|
Operating Lease Payments Due in Year 2 |
3.3 |
4.5 |
2.7 |
3.4 |
2.1 |
|
Operating Lease Payments Due in Year 3 |
3.3 |
4.5 |
2.7 |
3.4 |
2.1 |
|
Operating Lease Payments Due in Year 4 |
3.3 |
4.5 |
2.7 |
3.4 |
2.1 |
|
Operating Lease Payments Due in Year 5 |
3.3 |
4.5 |
2.7 |
3.4 |
2.1 |
|
Operating Lease Pymts. Due in 2-3 Years |
6.6 |
9.0 |
5.4 |
6.8 |
4.2 |
|
Operating Lease Pymts. Due in 4-5 Years |
6.6 |
9.0 |
5.4 |
6.8 |
4.2 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
10.1 |
14.6 |
21.1 |
11.9 |
15.8 |
|
Pension Obligation - Domestic |
3.2 |
3.0 |
13.9 |
15.0 |
16.1 |
|
Plan Assets - Domestic |
0.9 |
1.0 |
9.9 |
9.9 |
10.9 |
|
Funded Status - Domestic |
-2.3 |
-2.1 |
-4.0 |
-5.0 |
-5.1 |
|
Total Funded Status |
-2.3 |
-2.1 |
-4.0 |
-5.0 |
-5.1 |
|
Discount Rate - Post-Retirement |
4.50% |
4.50% |
5.00% |
4.50% |
4.50% |
|
Compensation Rate - Domestic |
4.00% |
4.00% |
4.30% |
4.50% |
4.50% |
|
Total Plan Obligations |
3.2 |
3.0 |
13.9 |
15.0 |
16.1 |
|
Total Plan Assets |
0.9 |
1.0 |
9.9 |
9.9 |
10.9 |
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 |
Restated Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified Normal |
Updated Normal |
|
Filed Currency |
DKK |
DKK |
DKK |
DKK |
DKK |
|
Exchange Rate
(Period Average) |
5.358236 |
5.623146 |
5.354263 |
5.097335 |
5.44373 |
|
Auditor |
KPMG |
KPMG Peat
Marwick LLP |
KPMG Peat
Marwick LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
1.3 |
-2.7 |
-41.1 |
-82.8 |
29.1 |
|
Depreciation |
4.3 |
4.7 |
10.6 |
33.6 |
16.9 |
|
Depreciation/Depletion |
4.3 |
4.7 |
10.6 |
33.6 |
16.9 |
|
Discontinued Operations |
36.6 |
14.1 |
-3.3 |
181.1 |
7.1 |
|
Unusual Items |
-11.9 |
-7.1 |
-9.6 |
29.2 |
- |
|
Other Non-Cash Items |
5.9 |
1.9 |
19.4 |
20.6 |
15.9 |
|
Non-Cash Items |
30.5 |
8.9 |
6.4 |
230.9 |
22.9 |
|
Accounts Receivable |
-5.2 |
-1.3 |
13.5 |
25.8 |
8.6 |
|
Inventories |
5.8 |
7.1 |
40.7 |
23.3 |
-32.6 |
|
Accounts Payable |
2.4 |
3.7 |
-5.6 |
- |
- |
|
Other Liabilities |
-3.9 |
-1.2 |
7.7 |
-7.9 |
-8.7 |
|
Other Assets & Liabilities, Net |
2.9 |
-0.2 |
1.6 |
-13.1 |
-0.2 |
|
Other Operating Cash Flow |
-17.1 |
-9.1 |
-14.8 |
-38.5 |
-22.7 |
|
Changes in Working Capital |
-15.1 |
-0.9 |
43.0 |
-10.4 |
-55.5 |
|
Cash from Operating Activities |
20.9 |
10.0 |
18.9 |
171.3 |
13.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-2.8 |
-1.6 |
-5.4 |
-21.8 |
-14.7 |
|
Purchase/Acquisition of Intangibles |
-0.9 |
-0.9 |
-0.7 |
-4.5 |
-2.8 |
|
Capital Expenditures |
-3.7 |
-2.5 |
-6.1 |
-26.3 |
-17.5 |
|
Acquisition of Business |
- |
0.0 |
0.0 |
-17.7 |
-26.6 |
|
Sale of Fixed Assets |
0.3 |
0.7 |
1.1 |
2.1 |
1.0 |
|
Purchase of Investments |
- |
- |
-0.1 |
0.1 |
0.4 |
|
Other Investing Cash Flow |
-0.4 |
-8.7 |
7.5 |
-6.8 |
0.0 |
|
Other Investing Cash Flow Items, Total |
-0.1 |
-8.1 |
8.4 |
-22.3 |
-25.2 |
|
Cash from Investing Activities |
-3.8 |
-10.5 |
2.3 |
-48.6 |
-42.7 |
|
|
|
|
|
|
|
|
Cash Dividends Paid - Common |
- |
- |
- |
-7.3 |
-6.8 |
|
Total Cash Dividends Paid |
- |
- |
- |
-7.3 |
-6.8 |
|
Sale/Issuance of
Common |
46.8 |
0.0 |
- |
- |
0.0 |
|
Common Stock, Net |
46.8 |
0.0 |
- |
- |
0.0 |
|
Repurchase/Retirement of Common/Preferred |
- |
- |
-0.6 |
-6.6 |
0.0 |
|
Treasury Stock |
- |
- |
- |
-0.3 |
-0.3 |
|
Issuance (Retirement) of Stock, Net |
46.8 |
0.0 |
-0.6 |
-7.0 |
-0.3 |
|
Long Term Debt Issued |
- |
8.9 |
111.0 |
0.0 |
- |
|
Long Term Debt
Reduction |
-19.9 |
-0.1 |
- |
- |
0.1 |
|
Long Term Debt, Net |
-19.9 |
8.8 |
-23.2 |
-108.5 |
24.2 |
|
Total Debt Reduction |
-47.1 |
-7.9 |
- |
- |
- |
|
Issuance (Retirement) of Debt, Net |
-67.0 |
0.9 |
-23.2 |
-108.5 |
24.2 |
|
Cash from Financing Activities |
-20.2 |
0.9 |
-23.8 |
-122.8 |
17.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.1 |
0.4 |
0.2 |
0.2 |
0.0 |
|
Net Change in Cash |
-3.2 |
0.7 |
-2.4 |
0.1 |
-12.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
12.7 |
11.4 |
10.6 |
11.0 |
22.8 |
|
Net Cash - Ending Balance |
9.6 |
12.1 |
8.2 |
11.1 |
10.6 |
|
Cash Taxes Paid |
4.8 |
0.2 |
2.7 |
12.7 |
6.7 |
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 |
Restated Normal |
Restated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
DKK |
DKK |
DKK |
DKK |
DKK |
|
Exchange Rate
(Period Average) |
5.358236 |
5.623146 |
5.354263 |
5.097335 |
5.44373 |
|
Auditor |
KPMG |
KPMG Peat
Marwick LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Turnover |
519.0 |
555.7 |
548.3 |
983.5 |
1,050.7 |
|
Total Revenue |
519.0 |
555.7 |
548.3 |
983.5 |
1,050.7 |
|
|
|
|
|
|
|
|
Cost of Sales |
442.1 |
468.0 |
464.2 |
852.6 |
848.2 |
|
Staff Costs Rel. to Production |
- |
- |
- |
24.1 |
21.5 |
|
Personnel Expenses |
33.4 |
37.9 |
49.1 |
74.2 |
67.0 |
|
Amortisation of Intangibles |
- |
- |
- |
2.7 |
1.8 |
|
Depreciation and Amortisation |
4.3 |
4.7 |
5.9 |
17.9 |
17.7 |
|
Impairment |
- |
0.0 |
4.6 |
13.0 |
0.0 |
|
Gain on Sale of PPE |
- |
-0.1 |
-0.4 |
- |
- |
|
Other Income |
-1.9 |
-1.5 |
-3.1 |
-7.4 |
-4.8 |
|
Loss on Sale of PPE |
- |
0.1 |
0.2 |
- |
- |
|
Other Operating Expenses |
1.1 |
0.6 |
1.4 |
0.3 |
1.0 |
|
Other External Expenses |
30.0 |
37.3 |
52.4 |
- |
- |
|
Other Expenses |
- |
- |
- |
67.8 |
56.1 |
|
Disc. Ops. Effect on Depreciation |
- |
- |
- |
0.0 |
-2.7 |
|
Total Operating Expense |
509.0 |
546.9 |
574.4 |
1,045.2 |
1,005.8 |
|
|
|
|
|
|
|
|
Share Associates |
- |
0.0 |
0.0 |
-0.2 |
0.0 |
|
Interest Income |
- |
0.9 |
0.7 |
5.3 |
1.6 |
|
Interest Expenses |
- |
-12.2 |
-12.4 |
-21.5 |
-18.5 |
|
Other Financials |
- |
- |
- |
-4.6 |
1.1 |
|
Financial Income |
0.8 |
- |
- |
- |
- |
|
Financial Expense |
-9.6 |
- |
-3.4 |
- |
- |
|
Foreign Currency Gains |
- |
0.0 |
- |
- |
- |
|
Foreign Currency Losses |
- |
-0.2 |
- |
- |
- |
|
Net Income Before Taxes |
1.3 |
-2.7 |
-41.1 |
-82.8 |
29.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
-0.4 |
1.0 |
7.4 |
-13.5 |
10.7 |
|
Net Income After Taxes |
1.7 |
-3.7 |
-48.5 |
-69.3 |
18.4 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
1.7 |
-3.7 |
-48.5 |
-69.3 |
18.4 |
|
Discontinued Operations |
-1.4 |
4.3 |
-91.9 |
113.8 |
8.5 |
|
Net Income |
0.3 |
0.6 |
-140.4 |
44.5 |
26.9 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
1.7 |
-3.7 |
-48.5 |
-69.3 |
18.4 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
0.3 |
0.6 |
-140.4 |
44.5 |
26.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
47.3 |
35.3 |
32.1 |
33.1 |
33.5 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.04 |
-0.10 |
-1.51 |
-2.10 |
0.55 |
|
Basic EPS Including ExtraOrdinary Item |
0.01 |
0.02 |
-4.37 |
1.34 |
0.81 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
0.3 |
0.6 |
-140.4 |
44.5 |
26.9 |
|
Diluted Weighted Average Shares |
47.3 |
35.3 |
32.1 |
33.1 |
33.6 |
|
Diluted EPS Excluding ExtraOrd Items |
0.04 |
-0.10 |
-1.51 |
-2.10 |
0.55 |
|
Diluted EPS Including ExtraOrd Items |
0.01 |
0.02 |
-4.37 |
1.34 |
0.80 |
|
DPS-B-Shares |
0.00 |
0.00 |
0.00 |
0.00 |
0.20 |
|
DPS-A-Shares |
0.00 |
0.00 |
0.00 |
0.00 |
0.37 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
6.8 |
|
Normalized Income Before Taxes |
1.3 |
-2.8 |
-36.7 |
-69.8 |
26.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
-0.4 |
1.0 |
8.9 |
-8.9 |
9.7 |
|
Normalized Income After Taxes |
1.7 |
-3.7 |
-45.6 |
-60.9 |
16.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1.7 |
-3.7 |
-45.6 |
-60.9 |
16.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.04 |
-0.11 |
-1.42 |
-1.84 |
0.50 |
|
Diluted Normalized EPS |
0.04 |
-0.11 |
-1.42 |
-1.84 |
0.50 |
|
Rental Expense |
- |
- |
- |
25.1 |
17.5 |
|
Interest Expense |
- |
12.2 |
12.4 |
21.5 |
18.5 |
|
Amort of Intangibles |
- |
2.5 |
3.2 |
2.7 |
1.8 |
|
Depreciation |
4.3 |
11.9 |
16.9 |
17.9 |
17.7 |
|
Current Tax - Total |
- |
- |
-0.4 |
5.2 |
10.7 |
|
Current Tax - Total |
- |
- |
-0.4 |
5.2 |
10.7 |
|
Deferred Tax Adjustment |
- |
- |
8.3 |
-18.6 |
-0.5 |
|
Deferred Tax - Total |
- |
- |
8.3 |
-18.6 |
-0.5 |
|
Adjustment of Tax Rate |
- |
- |
- |
0.0 |
0.2 |
|
Adjustment for Previous Years |
- |
- |
-0.5 |
0.0 |
0.3 |
|
Income Tax - Total |
- |
- |
7.4 |
-13.5 |
10.7 |
|
Pension Cost - Current Year |
- |
0.1 |
1.4 |
0.5 |
1.0 |
|
Interest Cost |
- |
0.2 |
0.5 |
0.5 |
0.5 |
|
Expected Return on Assets |
- |
0.0 |
-0.5 |
-0.5 |
-0.5 |
|
Pension Cost-Previous Years |
- |
- |
- |
0.0 |
-0.1 |
|
Other Cost |
- |
0.4 |
-0.2 |
-0.2 |
0.6 |
|
Domestic Pension Plan Expense |
- |
0.6 |
1.3 |
0.4 |
1.5 |
|
Defined Contribution Plan |
- |
2.2 |
2.5 |
4.6 |
5.8 |
|
Total Pension Expense |
- |
2.8 |
3.8 |
5.0 |
7.3 |
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 |
Restated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
DKK |
DKK |
DKK |
DKK |
DKK |
|
Exchange Rate |
5.72535 |
5.55485 |
5.18625 |
5.35465 |
5.10005 |
|
Auditor |
KPMG |
KPMG Peat
Marwick LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Goods |
124.4 |
126.3 |
189.8 |
264.1 |
334.1 |
|
Prepayments of Inventories |
4.8 |
6.7 |
8.4 |
9.8 |
17.5 |
|
Trade Debtors, Gross |
63.4 |
67.0 |
83.2 |
104.3 |
173.3 |
|
Provisions for Accounts |
-1.8 |
-2.8 |
-7.5 |
-2.9 |
-3.6 |
|
Transferred to Assets held for Sale |
-0.6 |
-5.0 |
11.9 |
0.0 |
-38.5 |
|
Income Taxes Receivable |
2.3 |
2.4 |
5.0 |
4.6 |
0.9 |
|
Other Receivable |
4.9 |
8.0 |
13.2 |
29.5 |
20.4 |
|
Prepayments |
2.5 |
3.8 |
3.8 |
3.9 |
3.7 |
|
Cash Equivalent |
7.9 |
6.9 |
8.5 |
10.6 |
11.0 |
|
Assets Held for Sale |
20.8 |
74.5 |
- |
- |
124.3 |
|
Total Current Assets |
228.8 |
288.0 |
316.3 |
423.9 |
643.1 |
|
|
|
|
|
|
|
|
Goodwill |
25.2 |
25.7 |
25.5 |
28.4 |
32.8 |
|
IT Projects, Net |
0.1 |
0.1 |
0.2 |
3.2 |
4.0 |
|
Other Intangibles, Net |
12.9 |
14.8 |
16.5 |
14.4 |
14.9 |
|
Land & Buildings |
20.6 |
26.9 |
58.5 |
63.8 |
66.6 |
|
Plant & Machin. |
2.0 |
2.3 |
28.7 |
36.0 |
37.6 |
|
Vehicles/Equip. |
7.9 |
9.3 |
31.0 |
42.0 |
36.4 |
|
Construction In Progress |
0.7 |
0.1 |
4.7 |
4.4 |
2.2 |
|
Depreciation |
-12.6 |
-13.1 |
-79.0 |
-63.9 |
-57.5 |
|
Share Associates |
0.0 |
0.0 |
- |
- |
0.0 |
|
Rcvbl. Assoc. |
- |
- |
0.1 |
0.1 |
0.3 |
|
Deferred Tax |
8.7 |
7.6 |
3.2 |
15.1 |
4.0 |
|
Other Fin. Assets |
0.6 |
0.7 |
0.8 |
0.7 |
0.7 |
|
Other LT Assets |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Total Assets |
295.0 |
362.4 |
406.5 |
568.2 |
785.2 |
|
|
|
|
|
|
|
|
Overdraft |
0.0 |
148.1 |
195.4 |
227.2 |
222.4 |
|
Payables |
38.8 |
39.7 |
62.5 |
64.5 |
88.9 |
|
Capital Leasing |
3.3 |
19.2 |
0.3 |
0.0 |
0.0 |
|
ST of LT Debt |
- |
- |
0.3 |
6.3 |
1.1 |
|
Taxes |
2.2 |
1.9 |
0.8 |
2.5 |
6.9 |
|
Other Liabs. |
1.7 |
5.9 |
10.6 |
1.0 |
1.8 |
|
Accrued/Deferred |
0.1 |
0.4 |
1.0 |
0.2 |
0.8 |
|
Total Current Liabilities |
46.1 |
215.2 |
271.0 |
301.7 |
321.9 |
|
|
|
|
|
|
|
|
Subordinated Loan |
6.5 |
10.1 |
21.5 |
14.6 |
21.9 |
|
Mortgage |
- |
- |
- |
- |
0.0 |
|
Bank Loan |
93.4 |
0.0 |
0.8 |
8.3 |
134.3 |
|
Lease Oblg. |
0.1 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Total Long Term Debt |
100.0 |
10.2 |
22.4 |
23.0 |
156.4 |
|
|
|
|
|
|
|
|
Pensions |
2.3 |
2.1 |
4.0 |
5.0 |
5.1 |
|
Deferred Tax |
3.6 |
5.6 |
2.9 |
6.8 |
8.1 |
|
Provisions |
3.0 |
2.5 |
3.5 |
0.1 |
7.1 |
|
Liabilities Held for Sale |
4.4 |
31.9 |
0.0 |
- |
57.0 |
|
Error Adjustment |
- |
- |
- |
- |
-0.2 |
|
Total Liabilities |
159.4 |
267.5 |
303.8 |
336.7 |
555.4 |
|
|
|
|
|
|
|
|
Share Capital |
46.8 |
32.2 |
34.4 |
34.7 |
36.4 |
|
Hedging Reserves |
-0.8 |
-0.6 |
-0.8 |
-2.0 |
-0.1 |
|
Translation Adjustment |
-7.2 |
-7.5 |
-9.4 |
-16.2 |
-2.6 |
|
Retained Profit |
96.7 |
70.9 |
78.5 |
215.1 |
188.8 |
|
Proposed Div |
0.0 |
0.0 |
- |
- |
7.3 |
|
Total Equity |
135.5 |
95.0 |
102.7 |
231.6 |
229.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
295.0 |
362.4 |
406.5 |
568.2 |
785.2 |
|
|
|
|
|
|
|
|
S/O-B-Shares |
53.4 |
28.7 |
28.7 |
29.0 |
30.1 |
|
S/O-A-Shares |
- |
1.9 |
1.9 |
1.9 |
1.9 |
|
Total Common Shares Outstanding |
53.4 |
30.6 |
30.6 |
30.8 |
31.9 |
|
T/S-B-Shares |
0.2 |
0.3 |
0.3 |
1.4 |
0.3 |
|
Accumulated Intangible Amortization |
13.9 |
13.0 |
24.0 |
17.6 |
5.3 |
|
Full-Time Employees |
691 |
2,123 |
3,064 |
3,688 |
3,661 |
|
Nr Of Shareholders |
3,500 |
3,250 |
3,600 |
3,000 |
3,000 |
|
LT Debt Maturing Within One Year |
0.0 |
148.1 |
195.7 |
233.5 |
1.1 |
|
Long Term Debt Maturing in Year 5 |
93.4 |
0.0 |
- |
- |
- |
|
LT Debt Maturing After One Year |
0.0 |
0.0 |
22.3 |
22.9 |
156.4 |
|
Total Long Term Debt, Supplemental |
93.4 |
148.1 |
218.0 |
256.4 |
157.5 |
|
Capital Leases Within 1 Year |
0.0 |
0.1 |
0.3 |
0.0 |
0.0 |
|
Capital Leases Within 1-5 Years |
0.1 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Capital Leases After 5 Years |
0.0 |
0.0 |
- |
- |
0.0 |
|
Interest |
- |
- |
- |
- |
0.0 |
|
Total Capital Leases |
0.2 |
0.3 |
0.5 |
0.1 |
0.2 |
|
Operating Leases due within 1 Year |
7.5 |
9.0 |
7.2 |
7.0 |
2.9 |
|
Operating Leases due within 1-5 Years |
13.2 |
18.1 |
10.7 |
13.6 |
8.5 |
|
Operating Leases due after 5 Years |
10.1 |
14.6 |
21.1 |
11.9 |
15.8 |
|
Total Operating Leases |
30.7 |
41.7 |
39.1 |
32.5 |
27.2 |
|
Pension Liablilities |
3.2 |
3.0 |
13.9 |
15.0 |
16.1 |
|
Pension Assets |
0.9 |
1.0 |
9.9 |
9.9 |
10.9 |
|
Funded Status |
-2.3 |
-2.1 |
-4.0 |
-5.0 |
-5.1 |
|
Total Funded Status |
-2.3 |
-2.1 |
-4.0 |
-5.0 |
-5.1 |
|
Discount Rate - Sweden |
4.00% |
4.00% |
4.00% |
4.50% |
4.50% |
|
Expected Rate of Return - Sweden |
0.00% |
0.00% |
- |
- |
- |
|
Salaries Increase - Sweden |
2.00% |
2.00% |
3.10% |
3.30% |
3.30% |
|
Discount Rate - Belgium |
4.50% |
4.50% |
5.00% |
4.50% |
4.50% |
|
Expected Rate of Return - Belgium |
4.00% |
4.00% |
4.30% |
4.50% |
4.50% |
|
Salaries Increase - Belgium |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Discount Rate - Switzerland |
- |
- |
3.30% |
3.30% |
3.25% |
|
Expected Rate of Return - Switzerland |
- |
- |
4.50% |
4.50% |
4.50% |
|
Salaries Increase - Switzerland |
- |
- |
1.00% |
1.00% |
1.00% |
|
Discount Rate - Norway |
4.00% |
4.00% |
4.40% |
4.50% |
4.50% |
|
Expected Rate of Return - Norway |
5.40% |
5.40% |
5.60% |
6.50% |
5.50% |
|
Salaries Increase - Norway |
4.00% |
4.00% |
4.30% |
4.50% |
4.50% |
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 |
Restated Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
DKK |
DKK |
DKK |
DKK |
DKK |
|
Exchange Rate
(Period Average) |
5.358236 |
5.623146 |
5.354263 |
5.097335 |
5.44373 |
|
Auditor |
KPMG |
KPMG Peat
Marwick LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Profit Before Tax |
1.3 |
-2.7 |
-41.1 |
-82.8 |
29.1 |
|
Depreciation |
4.3 |
4.7 |
10.6 |
33.6 |
16.9 |
|
Inventory write-downs, (incl. prepayment |
-11.9 |
-7.1 |
-9.6 |
- |
- |
|
Provisions on Trade Rcvbls |
-0.9 |
-3.2 |
3.8 |
-0.6 |
- |
|
Non Cash Items |
-2.0 |
-6.4 |
0.6 |
0.2 |
0.1 |
|
Provisions |
-3.9 |
-1.2 |
7.7 |
-0.4 |
1.3 |
|
Share of Profit in Joint Ventures |
- |
- |
0.0 |
0.2 |
0.0 |
|
Financial Income |
-0.8 |
-0.9 |
-0.6 |
-5.3 |
-2.8 |
|
Financial Expenses |
9.6 |
12.4 |
15.6 |
26.2 |
18.5 |
|
Impairment |
- |
- |
- |
29.2 |
- |
|
Inventory |
5.8 |
7.1 |
40.7 |
23.3 |
-32.6 |
|
Trade Debtors |
-5.2 |
-1.3 |
13.5 |
25.8 |
8.6 |
|
Trade Payables |
2.4 |
3.7 |
-5.6 |
- |
- |
|
Other Assets & Liabilities |
2.9 |
-0.2 |
1.6 |
-13.1 |
-0.2 |
|
Other Liabs. |
- |
- |
- |
-7.6 |
-10.0 |
|
Financial Income, Paid |
0.8 |
0.9 |
0.6 |
5.3 |
2.7 |
|
Financial Expense, Paid |
-13.2 |
-9.8 |
-12.7 |
-31.1 |
-18.7 |
|
Income Taxes Paid |
- |
-0.2 |
-2.7 |
-12.7 |
-6.7 |
|
Income Taxes Paid/Received |
-4.8 |
- |
- |
- |
- |
|
Disc. Operations |
36.6 |
14.1 |
-3.3 |
181.1 |
7.1 |
|
Cash from Operating Activities |
20.9 |
10.0 |
18.9 |
171.3 |
13.4 |
|
|
|
|
|
|
|
|
Purch. Business |
- |
0.0 |
0.0 |
-17.7 |
-26.6 |
|
Acquisition of Intangible |
-0.9 |
-0.9 |
-0.7 |
-4.5 |
-2.8 |
|
Purch. Fixed Assets |
-2.8 |
-1.6 |
-5.4 |
-21.8 |
-14.7 |
|
Divestment of Fixed Assets |
0.3 |
0.7 |
1.1 |
2.1 |
1.0 |
|
Paid Earn-Out Liability |
- |
- |
- |
-7.1 |
0.0 |
|
Other Investments |
-0.4 |
-8.7 |
7.5 |
0.3 |
0.0 |
|
Purch. Fin. Assets |
- |
- |
-0.1 |
0.1 |
0.4 |
|
Cash from Investing Activities |
-3.8 |
-10.5 |
2.3 |
-48.6 |
-42.7 |
|
|
|
|
|
|
|
|
Share Issue |
- |
- |
- |
- |
0.0 |
|
Repay. Mortgage |
-0.1 |
-0.1 |
- |
- |
0.1 |
|
New Mortgage |
- |
- |
0.4 |
0.0 |
- |
|
Capital Increase |
46.5 |
0.0 |
- |
- |
- |
|
Raising of Subordinated Loan |
- |
8.9 |
0.0 |
- |
- |
|
Share Buy-Back |
- |
- |
-0.6 |
-6.6 |
0.0 |
|
Sale of Treasury Shares |
0.4 |
0.0 |
- |
- |
- |
|
Acquisition of Own Shares |
- |
- |
- |
-0.3 |
-0.3 |
|
Raising of Bank Debt |
- |
0.0 |
110.6 |
0.0 |
- |
|
Repayment of Subordinated Loan |
-19.8 |
- |
- |
- |
- |
|
Repayment of Bank Debt |
-47.1 |
-7.9 |
- |
- |
- |
|
Bank Loan |
- |
- |
-134.2 |
-108.5 |
24.1 |
|
Dividend |
- |
- |
- |
-7.3 |
-6.8 |
|
Cash from Financing Activities |
-20.2 |
0.9 |
-23.8 |
-122.8 |
17.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.1 |
0.4 |
0.2 |
0.2 |
0.0 |
|
Net Change in Cash |
-3.2 |
0.7 |
-2.4 |
0.1 |
-12.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
12.7 |
11.4 |
10.6 |
11.0 |
22.8 |
|
Net Cash - Ending Balance |
9.6 |
12.1 |
8.2 |
11.1 |
10.6 |
|
Cash Taxes Paid |
4.8 |
0.2 |
2.7 |
12.7 |
6.7 |
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.53.51 |
|
UK Pound |
1 |
Rs.84.85 |
|
Euro |
1 |
Rs.71.43 |
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.