MIRA
INFORM REPORT
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Report Date : |
25.01.2013 |
IDENTIFICATION DETAILS
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Name : |
CARL ZEISS MEDITEC AG |
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Registered Office : |
Goeschwitzer Str. 51-52, Jena, 07745 |
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Country : |
Germany |
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Financials (as on) : |
30.09.2011 |
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Year of Establishment : |
1977 |
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Com. Reg. No.: |
205623 |
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Legal Form : |
Public Subsidiary Company |
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Line of Business : |
Subject is a Germany-based medical technology solutions supplier, specializing
in Ophthalmology and Neuro/Ear Nose Throat surgery |
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No. of Employees : |
2,448 Employees |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Germany |
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 |
germany - ECONOMIC OVERVIEW
The German economy - the fifth largest economy in the world in PPP terms and Europe's largest - is a leading exporter of machinery, vehicles, chemicals, and household equipment and benefits from a highly skilled labor force. Like its Western European neighbors, Germany faces significant demographic challenges to sustained long-term growth. Low fertility rates and declining net immigration are increasing pressure on the country's social welfare system and necessitate structural reforms. Reforms launched by the government of Chancellor Gerhard SCHROEDER (1998-2005), deemed necessary to address chronically high unemployment and low average growth, contributed to strong growth in 2006 and 2007 and falling unemployment. These advances, as well as a government subsidized, reduced working hour scheme, help explain the relatively modest increase in unemployment during the 2008-09 recession - the deepest since World War II - and its decrease to 6.0% in 2011. GDP contracted 5.1% in 2009 but grew by 3.6% in 2010, and 2.7% in 2011. The recovery was attributable primarily to rebounding manufacturing orders and exports - increasingly outside the Euro Zone. Germany's central bank projects that GDP will grow 0.6% in 2012, a reflection of the worsening euro-zone financial crisis and the financial burden it places on Germany as well as falling demand for German exports. Domestic demand is therefore becoming a more significant driver of Germany's economic expansion. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts introduced in Chancellor Angela MERKEL's second term increased Germany's budget deficit to 3.3% in 2010, but slower spending and higher tax revenues reduce the deficit to 1.7% in 2011, below the EU's 3% limit. A constitutional amendment approved in 2009 limits the federal government to structural deficits of no more than 0.35% of GDP per annum as of 2016. Following the March 2011 Fukushima nuclear disaster, Chancellor Angela Merkel announced in May 2011 that eight of the country's 17 nuclear reactors would be shut down immediately and the remaining plants would close by 2022. Germany hopes to replace nuclear power with renewable energy. Before the shutdown of the eight reactors, Germany relied on nuclear power for 23% of its energy and 46% of its base-load electrical production.
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Source : CIA |
Company name & address
Carl Zeiss Meditec AG
Goeschwitzer Str. 51-52
Jena, 07745
Germany
Tel: 49-36-412200
Fax: 49-36-41220112
Synthesis
Employees: 2,448
Company Type: Public Subsidiary
Corporate Family: 144
Companies
Ultimate Parent: Carl-Zeiss-Stiftung
Traded: XETRA: AFX
Incorporation Date: 1977
Auditor: KPMG AG
Financials in: USD (Millions)
Fiscal Year End:
30-Sep-2011
Reporting Currency: Euro
Annual Sales: 1,057.2 1
Net Income: 93.2
Total Assets:
1,163.9 2
Market Value:
2,328.9 (23-Nov-2012)
Business Description
Carl Zeiss Meditec AG is a Germany-based medical technology solutions
supplier, specializing in Ophthalmology and Neuro/Ear Nose Throat surgery. Its
diagnostic and therapeutic solutions are used for treating four main ophthalmic
conditions: vision defects, cataracts, glaucoma and retinal disorders. The Company's
solutions include optical biometry equipment; optical coherence tomography
equipment; lens analyzers; fundus imaging cameras; standard and refractive
ophthalmic lasers and slit lamps. In the field of Neurosurgery, it offers
visualization solutions and surgical microscopes, used in clinical treatment of
accidents, nerve reconstruction and pediatric neurosurgery. It is also involved
in the development of visualization solutions in the area of intraoperative
radiation therapy. The Company has subsidiaries in Germany, France, Spain, the
United States, Japan, Mauritius and the United Kingdom, as well as distribution
companies and agencies globally. For the nine months ended 30 June 2012, Carl
Zeiss Meditec AG revenues increased 14% to EUR630.8M. Net income increased 8%
to EUR52.8M. Revenues reflect Neuro Surgery segment increase of 22% to
EUR284.7M, Ophthalmologic Systems segment increase of 6% to EUR266.3M, Americas
segment increase of 14% to EUR215M, EMEA segment increase of 13% to EUR217.7M.
Net income was partially offset by Sales and Marketing increase of 14% to
EUR153.5M (expense).
Industry
Industry Medical Equipment and Supplies
ANZSIC 2006: 2412 - Medical and
Surgical Equipment Manufacturing
NACE 2002: 3310 - Manufacture
of medical and surgical equipment and orthopaedic appliances
NAICS 2002: 334510 -
Electromedical and Electrotherapeutic Apparatus Manufacturing
UK SIC 2003: 3310 - Manufacture
of medical and surgical equipment and orthopaedic appliances
UK SIC 2007: 3250 - Manufacture
of medical and dental instruments and supplies
US SIC 1987: 3845 -
Electromedical and Electrotherapeutic Apparatus
Key Executives
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Name |
Title |
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Ludwin Monz |
Chairman of the Management Board, Chief Executive Officer |
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Christian Muller |
Director and Chief Financial Officer |
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Thomas Simmerer |
Chief Sales Officer, Member of the Management Board |
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Cornelia Grandy |
Member of the Supervisory Board |
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Tobias Winkler |
Leiter-Marketing |
Significant Developments
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Topic |
#* |
Most Recent Headline |
Date |
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General Products |
1 |
Carl Zeiss Meditec AG Comments on INFRARED 800 and FLOWR 800
Fluorescence Modules Testing Results |
25-May-2012 |
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Other Earnings Pre-Announcement |
4 |
Carl Zeiss Meditec AG Confirms FY 2011/2012 Revenue Guidance; Confirms
EBIT Margin Outlook till Year 2015 |
14-Aug-2012 |
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Dividends |
1 |
Carl Zeiss Meditec AG to Propose FY 2011/2012 Dividend |
29-Nov-2012 |
* number of significant
developments within the last 12 months
news
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Title |
Date |
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WIPO PUBLISHES PATENT OF CARL ZEISS
MEDITEC, TOBIAS BUHREN, MICHAEL TROST FOR "METHOD FOR THE PREOPERATIVE
SELECTION OF AN INTRAOCULAR LENS TO BE... |
14-Dec-2012 |
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Researchers Submit Patent Application,
"Fluorescence Observation System and Set of Filters", for Approval |
13-Dec-2012 |
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Director's Dealings announcement according
to §15a WpHG (the German Securities Trading Act) |
12-Dec-2012 |
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Germany : Carl Zeiss Meditec looks back on
successful financial year |
7-Dec-2012 |
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Carl Zeiss Meditec looks back on
successful financial year |
6-Dec-2012 |
Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.717768
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7453231
Corporate Overview
Location
Goeschwitzer Str. 51-52
Jena, 07745
Germany
Tel: 49-36-412200
Fax: 49-36-41220112
Quote Symbol - Exchange
AFX - XETRA
Sales EUR(mil): 758.8
Assets EUR(mil): 867.5
Employees: 2,448
Fiscal Year End: 30-Sep-2011
Industry: Medical
Equipment and Supplies
Incorporation Date: 1977
Company Type: Public
Subsidiary
Quoted Status: Quoted
Registered No.(DEU): 205623
Chairman of the
Management Board, Chief Executive Officer:
Ludwin Monz
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
Financial Data
Market Data
Shareholders
Subsidiaries
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2412 - Medical and Surgical Equipment Manufacturing
NACE 2002 Codes:
3310 - Manufacture of medical and surgical equipment and
orthopaedic appliances
NAICS 2002 Codes:
334510 - Electromedical and Electrotherapeutic Apparatus
Manufacturing
US SIC 1987:
3845 - Electromedical and Electrotherapeutic Apparatus
UK SIC 2003:
3310 - Manufacture of medical and surgical equipment and
orthopaedic appliances
UK SIC 2007:
3250 - Manufacture of medical and dental instruments and supplies
Business
Description
Carl Zeiss Meditec
AG is a Germany-based medical technology solutions supplier, specializing in
Ophthalmology and Neuro/Ear Nose Throat surgery. Its diagnostic and therapeutic
solutions are used for treating four main ophthalmic conditions: vision
defects, cataracts, glaucoma and retinal disorders. The Company's solutions
include optical biometry equipment; optical coherence tomography equipment;
lens analyzers; fundus imaging cameras; standard and refractive ophthalmic
lasers and slit lamps. In the field of Neurosurgery, it offers visualization
solutions and surgical microscopes, used in clinical treatment of accidents,
nerve reconstruction and pediatric neurosurgery. It is also involved in the
development of visualization solutions in the area of intraoperative radiation
therapy. The Company has subsidiaries in Germany, France, Spain, the United
States, Japan, Mauritius and the United Kingdom, as well as distribution
companies and agencies globally. For the nine months ended 30 June 2012, Carl
Zeiss Meditec AG revenues increased 14% to EUR630.8M. Net income increased 8%
to EUR52.8M. Revenues reflect Neuro Surgery segment increase of 22% to
EUR284.7M, Ophthalmologic Systems segment increase of 6% to EUR266.3M, Americas
segment increase of 14% to EUR215M, EMEA segment increase of 13% to EUR217.7M.
Net income was partially offset by Sales and Marketing increase of 14% to
EUR153.5M (expense).
More Business
Descriptions
Medical technology company: development, manufacture and marketing of
medical laser and diagnostic systems
Carl Zeiss Meditec
AG is primarily engaged in manufacture of instruments and appliances used for
medical, surgical, dental or veterinary purposes (electro-diagnostic apparatus
such as electrocardiographs, ultrasonic diagnostic equipment, scintillation
scanners, nuclear magnetic resonance apparatus, dental drill engines,
sterilizers, ophthalmic instruments); manufacture of syringes, needles used in
medicine, mirrors, reflectors, endoscopes, etc.; manufacture of apparatus based
on the use of X-rays or alpha, beta or gamma radiation whether ornot for use in
human or animal medicine (X-ray tubes, high tension generators, control panels,
desks, screens, etc.); manufacture of medical, surgical, dental or veterinary
furniture (operating tables, hospital beds with mechanical fittings,
dentists’ chairs); and manufacture of mechano-therapy appliances, massage
apparatus, psychological testing apparatus, ozone therapy, oxygen therapy,
artificial respiration apparatus, gas masks, etc. This class also includes:
manufacture of orthopaedic appliances (crutches, surgical belts and trusses,
splints, artificial teeth, artificial limbs and other artificial parts of the
body, hearing aids, pace-makers, orthopaedic shoes, etc.).
Carl Zeiss Meditec
is an integrated medical technology company. The company manufactures ophthalmic
diagnostic and therapeutic products, including examination and surgical
microscopes, diagnostic systems, laser surgery equipment, and intraocular
lenses. It operates several branch offices dealing with the production, sales,
services, and research and development; as well as authorized sales and service
locations across the regions of Americas, Europe and Asia-Pacific. Carl Zeiss
Meditec has subsidiaries located in the US, France, Japan, Spain, the UK and
Germany. The company’s research and development (R&D) activities are
focused on examining new technological concepts in terms of their clinical
relevance and effectiveness; expansion of its product portfolio through the
development of new products and product platforms based on the available basic
technologies. During fiscal year 2011, Carl Zeiss Meditec spent about €84.2m,
which accounted for 11.1% of its total revenue. It employs 14.5% of the total
employees in its R&D activities by the end of 30 September 2011. On January
20, 2012 Carl Zeiss Meditec added new dry age-related macular degeneration
(AMD) and new glaucoma diagnostic tools for Cirrus HD-OCT. The new Cirrus
HD-OCT software version 6.0 received clearance from the FDA. In October 2011,
the company showcased new clinical and productivity tools across the glaucoma,
retina, cataract and refractive workplaces during this week’s American
Academy of Ophthalmology (AAO) Annual Meeting in Orlando, US. In September
2011, Carl Zeiss Meditec planned to acquire the intraocular lens (IOLs) and
ophthalmic viscoelastic devices (OVDs) business from IMEX, a distributor of
intraocular lenses.Carl Zeiss Meditec classifies its geographic operations into
four regions, namely, Germany, the US, Japan and Europe. During fiscal year
2011, the company generated about 42.9% of its total revenues from Germany,
followed by the US (32.3%), Japan (13.8%) and Europe (10.8%). The company
principally operates through three reportable business segments, namely,
Ophthalmic Systems; Surgical Ophthalmology; and Microsurgery.
Carl Zeiss Meditec AG (Carl Zeiss Meditec) is a medical equipment company engaged in developing, manufacturing and marketing of medical laser and diagnostic systems, intraocular lenses and consumables for ophthalmic surgery. It is an integrated medical technology company which operates in the fields of ophthalmology, neuro/ENT surgery and surgical ophthalmology. The company’s research and development activities are principally into the development of extreme ultraviolet lithography (EUV). Priority markets include Germany, France, Spain, North America and Japan. Its products are marketed through 40 distribution companies and over 100 agencies worldwide.Key business strategy includes increased focus on progress in medicine with innovations for ophthalmology and microsurgery to manufacture products and solutions to meet the real needs of clinicians and professionals and thus improve their patients’ quality of life. The company is headquartered in Jena, Germany.The company reported revenues of (Euro) EUR 758.79 million during the fiscal year ended September 2011, an increase of 12.13% over 2010. The operating profit of the company was EUR 103.57 million during the fiscal year 2011, an increase of 19.39% over 2010. The net profit of the company was EUR 66.91 million during the fiscal year 2011, an increase of 21.89% over 2010.
Carl Zeiss Meditec AG, a subsidiary of Carl Zeiss AG, is one of the world's leading suppliers of solutions in the field of medical technology for ophthalmology. Founded as a workshop for precision mechanics and optics in the German city of Jena in 1846, Carl Zeiss is a leader in the optical and opto-electronic industries. The company offers an array of solutions and products for semiconductor and optoelectronic technology, life sciences and health care, eye care and industrial solutions. Two microscopes from Carl Zeiss were among the winners of prizes awarded by the United States' magazine Scientific Computing and Instrumentation. There are more than 14,000 employees in the group. It has offices in more than 30 countries and is represented in more than 100 countries, with production centers in Europe, Central America and Asia. Carl Zeiss Meditec AG, maintains offices in Jena, Germany, has its own subsidiaries in the United States and Japan.
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Strategic Initiatives
Partnerships
On March 28, 2011 it was honored with the German Innovation Award for its INTRABEAM radiotherapy system. In October 2010, the company was awarded with the prestigious Spine Technology Award for its INTRABEAM system, which offers an alternative way of treating spine metastases. This system was developed in collaboration
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Helpful |
Harmful |
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Internal Origin |
Strengths Increasing Operational Efficiency Product Innovation and Development Strong Product Portfolio Diversified Operational Presence |
Weaknesses Higher Inventory Product Callbacks |
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External Origin |
Opportunities Growth in Vision Care Sector New Product Launches Growing Aged Population Industry Recognitions |
Threats Cost Containment Pressures Rapid Technological Change Intense Competition Regulatory Requirements |
Overview
Carl Zeiss Meditec AG (Carl Zeiss Meditec) is an integrated medical technology company focusing on two business areas, namely, ophthalmology and neuro/ENT surgery. The company markets and sells its products across the world. Its diversified manufacturing presence ensures that the company remains shielded from any material business interruption, if any of these sites be affected by a natural disaster or plant shutdown. By spreading the business across the globe, the company has managed to minimize the risks arising out of a specific geographical region. However, non-compliance by the company with applicable laws and regulations or failure to maintain, renew or obtain necessary permits and licenses could have an adverse effect on the company's results of operations and financial performance. This recall was principally due to a defective mirror coating in the device. Such recalls reduce the trust of people in company’s products and would affect sales.
Strengths
Increasing
Operational Efficiency
Carl Zeiss Meditec reported strong operational performance with decreased cost structure and increased operating margins. The revenue increased 12.1% during the period. The company reported operating margin of 13.6% in 2011, as compared to 12.8% in 2010. This was due to 19.4% hike in the company’s operating income in 2011. Although the total cost increased by 11.1% but it was offset by increased revenue collection. In addition, the company reduced its operating cost as percentage of sales to 86.3% in 2011 from 87.1% in 2010. The administration cost as percentage of sales increased minimally from 29.5% to 29.9 % in 2011. Such decrease in the company’s operating costs resulted in 21.9% hike in its net income in 2011. This showcases the company’s operational efficiency.
Product Innovation
and Development
Carl Zeiss Meditec has an array of organic growth opportunities through enhancement of product range. King Systems is investing its solid cash flows in additional innovation, product development and targeting of new markets for future growth. The company plans to increase its expenses on research and development (R&D) in 2012, which will rapidly increase its rate of new product launches. It will increase the product offering through a combination of organic innovation, product licensing or acquisition and acquisitions of company. During fiscal year 2011, Carl Zeiss Meditec spent about €84.2m, which accounted for 11.1% of its total revenue. It employs 14.5% of the total employees in its R&D activities. In February 2011, it has opened its Center for Application and Research (CARIn) in India. These efforts will include products designed for the international markets, range extensions to current products and new innovative offerings in the airway management market.
Strong Product
Portfolio
The company has diversified its product offerings with its presence in a number of industries and markets. Carl Zeiss Meditec offers clinical solutions in Neurosurgery, ENT, Ophthalmology/Optometry, Spine, Plastic &Reconstructive surgery, Dentistry, Radiotherapy and Gynecology. The solutions offered by the company in Ophthalmology/Optometry area include products for OR and Diagnosis. The portfolio in OR consists of Refractive Surgery Systems, IOLs and Related Consumables, Surgical Microscopes and Ophthalmic Lasers. Diagnosis products include Corneal Topography, Slit Lamps, Glaucoma Diagnostics, Retinal Imaging, Optical Biometry, Anterior Segment Imaging, and Wavefront Analysis. In Neurosurgery, ENT, Spine, Dentistry and P&R, the products developed include surgical microscopes, loupes, intraopeartive fluorescence and digital visualizations. In Radiotherapy, the product developed is INTRABEAM System. This is used as general information, for breast cancer therapy, for neurosurgery, for the radiation oncologist, for the medical physicist and system components. In Gynecology, the products developed include Colposcope 150FC, Colposcope, MediLive ImageBox, MediLive MindStream, and FlexioStill & FlexioMotion. Moreover, the company has most recognized and valuable brand name “ZEISS in the industry. Customers all over the world trust Carl Zeiss Meditec to supply high quality products. In 2011, the Ophthalmic Segment contributed 45.6%, followed by Microsurgery (42.4%) and Surgical ophthalmology (12%). Thus, a diversified product portfolio helps the company serve a diversified customer base, which in turn, mitigates the various risks associated with the overdependence on a particular product segment. It also insulates the company from fall in demand for any particular product line, thereby giving it a balanced revenue platform.
Diversified
Operational Presence
The company markets and sells its products across the world. Global presence of the company insulates it from the risk of operating in one country. The company holds six principal production facilities located in Jena, Oberkochen and Hennigsdorf, Germany; Dublin, the US; La Rochelle, France; and Suzhou, China. Also, the company has several smaller plants that belong to subsidiaries of Carl Zeiss Meditec S.A.S. in Besancon, France; Livingston, Scotland; and Mauritius. It produces devices and systems for ophthalmology in Jena and Dublin. In Oberkochen production plant, Carl Zeiss Meditec manufactures visualisation solutions for ophthalmology and neuro/ENT surgery. Further, the company’s intraocular lenses are manufactured at Hennigsdorf and La Rochelle sites. It produces viscoelastics that are used in cataract surgery at Livingston site. The two remaining manufacturing facilities of Carl Zeiss Meditec S.A.S., produces instruments and consumables to treat ophthalmic diseases. The company’s diversified manufacturing presence ensures that it remains shielded from any material business interruption, if any of these sites be affected by a natural disaster or plant shutdown. Carl Zeiss Meditec has direct presence in the world’s key markets with subsidiaries in Germany, France, Spain, North America and Japan. The company principally operates in the geographic regions of Germany, the US, Japan and Europe. During fiscal year 2011, it generated about 42.9% of its total revenues from Germany, followed by 32.3% from the US, 13.8% from Japan, and 10.8% from Europe. By spreading the business across the globe, the company has managed to minimize the risks arising out of a specific geographical region.
Weaknesses
Higher Inventory
The company reported inventory of €133.6m in 2011 as compared to
€2.2m in 2010, reflecting an increase of 12.1%. This may result in pushing up
its inventory costs. Moreover, its inventory turnover ratio declined to 2.5 in
2011 from 2.6 in 2010. The rise in inventory could force the company to reduce
prices of its products. Also, this shows that the company is not effectively
able to turn its inventory into sales. If the company is not able to reduce its
excess inventory in future then, it may negatively affect its operating margins
and net profitability.
Product Callbacks
Product recalls would not only have an impact on Carl Zeiss Meditec’s
projected sales and profits, but also result in negative publicity. In 2011,
the company witnessed a surge in recalls due to several reasons. In October,
the company withdrew OPMI VARIO 700 Surgical Microscope due to an incorrect nut
and bolt set was used in the axis spring assembly. In September, the company
recalled 1,677 consignees of certain surgical drapes and surgical microscope
and accessories as the optically active protective lenses could affect the
surgical microscope position information. In August, it called back 8 boxes of
INTRABEAM Shielding Material Flat. In May, the company recalled Cirrus HD-OCT
Model 4000 instruments due to wrong documentation of a specific workflow in the
name of patient itself. On January 14, the company’s US subsidiary Carl Zeiss
Meditec Inc called back about 2540 units of its VISU 200 surgical microscopes
due to an error in the user manual, which may lead to potential retina damage
due to misapplied filter.
Opportunities
Growth in Vision
Care Sector
The company can be significantly benefited from the growing vision care
market through its current product portfolio and launch of innovative products.
In the recent years, the market for vision care has seen significant growth. It
is estimated that over 57% of the population in the US, required vision correction.
The global ophthalmic devices market was valued at $34,235.26m in 2009, and is
expected to grow more than 4.2% during 2009-2016 to reach $45,780.38m by 2016,
according to in-house forecasts. Vision Care is the largest category in terms
of both revenues and units sold. In 2016, around 952,111,681 units (3% CAGR
from 2009 to 2016) in Asia Pacific; 82,738,165 units (2.6% CAGR) in Europe; and
56,394,136 units (3.8% CAGR) in North America are expected to be sold. The
revenues are expected to be to the tune of $7,376.4m (1.7% CAGR from 2009 to
2016) in Asia Pacific; $6,929.3m (2.3% CAGR) in Europe; and $6,535.6m (3.6%
CAGR) in North America. This forecasted growth will principally be driven by
socioeconomic factors such as ever increasing physical health consciousness, as
well as increased efforts to reduce healthcare costs. Targeted marketing
programs and product launches will ensure that the company continues to augment
its market share in the global vision care devices market.
New Product
Launches
New Launches helps it in catering to a diverse customer base and supporting its future revenue growth. In January 2012, Carl Zeiss Meditec added a new dry age-related macular degeneration (AMD) and new glaucoma diagnostic tools for Cirrus HD-OCT. In May 2011, Carl Zeiss Meditec launched the next-generation, modular phaco and vitrectomy system on the market. In April 2011, it introduced modular phaco and vitrectomy system on the market, therefore expanding its line of solutions for eye surgery. The company has also launched a number of products in 2010. In October, Carl Zeiss Meditec introduced FORUM Glaucoma Workplace, VISULAS 532s VITE Laser System, and new indications cleared for the VisuMax Femtosecond Laser. In September, the company launched EyeMag Smart with sports frame for use in dental practices and microsurgery. It also introduced the multidisciplinary OPMI VARIO 700 surgical microscope, to addresses growth markets in microsurgery. In August, Carl Zeiss Meditec introduced Smart PI software for its scanning electron microscope. In May, the company launched a hard and software package for scanning electronic microscopes, namely, ATLAS. It is used both in neurological research and general histology and pathology. Additionally, in May, the company launched LED technology for stereomicroscopes. In April, it launched VisuMax Femtosecond Laser with ReLEx performs. This newly launched ReLEx application enables the ophthalmic surgeons to perform a variety of complete laser vision correction procedures using only the VisuMax Femtosecond laser. In January, the company extended its CONTURA G2 lines of products with navigator technology. These newly launched products provide enough opportunities for the company to expand its market share.
Growing Aged
Population
The increasing population of people aged above 65, who consume more medical solutions than younger people and are more prone to chronic diseases, holds significant market potential for the company. The United Nations Population Division estimated that the number of people over the age of 60 throughout the world will triple to nearly 2 billion by 2050. Globally, the population of older persons is growing at a rate of 2.6% annually. According to the United Nations Population Division, people aged 60 are projected to account for 22% of the total world population by 2050, up from 11% in 2009. In developed economies such as the US, UK, France, Germany and Japan, the percentage of the 65 and older population is in double digits and is expected to continue to grow for the next seven years. Whilst developed countries have managed to slow down their overall population growth, their citizens’ longevity will cause problems in the future. Such a situation will increase the healthcare costs in those countries. The pace of aging population is faster in developing countries than in developed countries. Due to the large volume of the overall population in countries such as China and India, the number of people getting older is quite high. In 2009, the number of persons aged above 60 had increased three and a half times to 737 million. There were 12 countries with more than 10 million people aged above 60, including China (160 million), India (89 million), the US (56 million), Japan (38 million), the Russian Federation (25 million) and Germany (21 million). By 2050, 32 countries are expected to have over 10 million people aged above 60, including five countries with more than 50 million older people: China (440 million), India (316 million), the US (111 million), Indonesia (72 million) and Brazil (64 million). This elderly population is expected to exert increasing pressure on the healthcare system.
Industry Recognitions
Carl Zeiss Meditec has received a few awards and recognitions in the recent past, which improve the brand identity of the company. In March 2012, the company won NorthFace ScoreBoard award for ninth consecutive year from the Omega Management Group Corp. for delivering exceptional customer care. On March 28, 2011 it was honored with the German Innovation Award for its INTRABEAM radiotherapy system. In October 2010, the company was awarded with the prestigious Spine Technology Award for its INTRABEAM system, which offers an alternative way of treating spine metastases. This system was developed in collaboration with the University of Mannheim and is used in the treatment of breast cancer. In May 2010, Carl Zeiss Meditec was honored with the red dot award for its OPMI LUMERA 700 surgical microscope, which was named the best for its excellent conception and outstanding design. These awards and recognition would enhance company's image and offers a strong customer base.
Threats
Cost Containment
Pressures
The company’s
ability to price its devices is under threat following the increased level of scrutiny
over the cost effectiveness of treatments by government as well as private
players. The initiatives of managed care organizations and governments to
contain healthcare costs in the US led to increased emphasis on the delivery of
more cost-effective medical therapies. This could adversely affect the sales
and prices of the company’s products. Physicians, hospitals and other
healthcare providers may be reluctant to purchase the company's products if
they are not reimbursed the cost of the company's products from third-party
payers such as Medicare, Medicaid and health insurance programs. For instance,
the Centers for Medicare and Medicaid Services (CMS) have imposed restrictions
on the prices at which medical devices and physician-administered drugs used in
ophthalmic surgery are reimbursed to Medicare patients.
Rapid
Technological Change
The medical device industry is subject to various significant ongoing technological advances and product innovation and development. Hence, in order to meet its customer’s demands, Carl Zeiss Meditec must continuously design new, and update existing products and invest and develop new technologies and products. The launch of new products and technologies by the company involves a significant commitment towards its research and development. Upon investing in these new technologies, the company’s profits may suffer if they are not accepted in the marketplace as anticipated. Additionally, its competitors may develop innovative technologies and products, which might render its technology and products under development obsolete or uncompetitive.
Intense Competition
The company’s performance could be affected by the competitive environment prevailing in the medical equipment sector and customer preferences. Some of the major competitors of the company are Bausch & Lomb Incorporated, CooperVision, Inc., Hoya Corporation, CIBA Vision Corporation, Essilor International and Abbott Medical Optics, Inc. among others. The demand for its products depends on the competitive atmosphere, including the timely development and introduction of new and competitive products and the company’s response to downward pricing to sustain competition. Factors including changes in customer order patterns, changing incentive programs or competitors’ new products can impact the company’s competitive ability.
Regulatory Requirements
Carl Zeiss Meditec’s products, research and development activities and
manufacturing processes are subject to various local, state, federal, foreign
and transnational laws and regulations. In the US, the FDA regulates the
introduction of new medical products, manufacturing and labeling and record
keeping procedures for such products. Receiving marketing approval for new
medical devices from the US FDA is time consuming and expensive. Products
distributed outside of the US are also subject to regulations in countries in
which Carl Zeiss Meditec operates. The company has to comply with rules brought
into force by foreign regulatory bodies, which have established different
regulations governing product standards, packaging and labeling requirements,
import restrictions, tariff regulations and tax requirements. Non-compliance by
the company with applicable laws and regulations or failure to maintain, renew
or obtain necessary permits and licenses could have an adverse effect on the
company's results of operations and financial performance.
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Corporate Family |
Corporate
Structure News: |
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Carl-Zeiss-Stiftung |
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Carl Zeiss Meditec AG |
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Company
Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Oberkochen |
Germany |
Scientific and Technical Instruments |
|
13,667 |
|
|
Subsidiary |
Oberkochen |
Germany |
Scientific and Technical Instruments |
4,026.8 |
24,192 |
|
|
Subsidiary |
Jena, Thüringen |
Germany |
Scientific and Technical Instruments |
|
10,000 |
|
|
Subsidiary |
Shinjuku-Ku, Tokyo |
Japan |
Scientific and Technical Instruments |
51.4 |
9 |
|
|
Subsidiary |
Jena |
Germany |
Medical Equipment and Supplies |
1,057.2 |
2,448 |
|
|
Subsidiary |
Le Pecq |
France |
Personal and Household Products |
64.9 |
88 |
|
|
Subsidiary |
Shinjuku-Ku, Tokyo |
Japan |
Medical Equipment and Supplies |
145.7 |
|
|
|
Carl Zeiss
Meditec Asset Management Verwaltungsgesellschaft mbH |
Subsidiary |
Jena, Thüringen |
Germany |
Rental and Leasing |
|
|
|
Subsidiary |
Jena, Thüringen |
Germany |
Scientific and Technical Instruments |
297.9 |
1,800 |
|
|
Subsidiary |
Oberkochen, Baden-Württemberg |
Germany |
Scientific and Technical Instruments |
|
700 |
|
|
Subsidiary |
Tholey, Saarland |
Germany |
Scientific and Technical Instruments |
|
115 |
|
|
Subsidiary |
Essingen, Baden-Württemberg |
Germany |
Engineering Consultants |
|
40 |
|
|
Subsidiary |
Wangen, Baden-Württemberg |
Germany |
Scientific and Technical Instruments |
3.9 |
25 |
|
|
Subsidiary |
Ostfildern, Baden-Württemberg |
Germany |
Scientific and Technical Instruments |
6.3 |
20 |
|
|
Subsidiary |
Dublin, CA |
United States |
Scientific and Technical Instruments |
6.8 |
500 |
|
|
Subsidiary |
San Diego, CA |
United States |
Medical Equipment and Supplies |
16.0 |
120 |
|
|
Subsidiary |
Oberkochen, Baden-Württemberg |
Germany |
Scientific and Technical Instruments |
111.5 |
430 |
|
|
Subsidiary |
Oberkochen, Baden-Württemberg |
Germany |
Electronic Instruments and Controls |
20.8 |
95 |
|
|
Subsidiary |
Jena, Thüringen |
Germany |
Scientific and Technical Instruments |
38.4 |
90 |
|
|
Carl Zeiss Nts Gmbh |
Subsidiary |
|
|
|
|
|
|
Subsidiary |
Cambridge |
United Kingdom |
Scientific and Technical Instruments |
56.2 |
90 |
|
|
Subsidiary |
Wetzlar, Hessen |
Germany |
Scientific and Technical Instruments |
1.0 |
430 |
|
|
Carl Zeiss
Sport Optikai Hungaria Gyarto Es Kereskedelmi Korlatolt Felelossegu Tarsasag |
Subsidiary |
Mateszalka |
Hungary |
Scientific and Technical Instruments |
14.7 |
183 |
|
Subsidiary |
Oberkochen, Baden-Württemberg |
Germany |
Miscellaneous Fabricated Products |
|
400 |
|
|
Subsidiary |
Jena |
Germany |
Medical Equipment and Supplies |
|
400 |
|
|
Subsidiary |
Oberkochen, Baden-Württemberg |
Germany |
Scientific and Technical Instruments |
|
320 |
|
|
Subsidiary |
México, D.F. |
Mexico |
Scientific and Technical Instruments |
35.0 |
150 |
|
|
Subsidiary |
Sao Paulo, Sao Paulo |
Brazil |
Medical Equipment and Supplies |
42.8 |
120 |
|
|
Subsidiary |
North York, ON |
Canada |
Medical Equipment and Supplies |
|
100 |
|
|
Subsidiary |
Chester, VA |
United States |
Medical Equipment and Supplies |
40.4 |
96 |
|
|
Subsidiary |
North Ryde, NSW |
Australia |
Medical Equipment and Supplies |
75.9 |
77 |
|
|
Subsidiary |
Auckland |
New Zealand |
Medical Equipment and Supplies |
|
|
|
|
Subsidiary |
Oberkochen, Baden-Württemberg |
Germany |
Scientific and Technical Instruments |
|
50 |
|
|
Subsidiary |
North Ryde, NSW |
Australia |
Medical Equipment and Supplies |
|
40 |
|
|
Subsidiary |
Singapore |
Singapore |
Scientific and Technical Instruments |
27.1 |
|
|
|
Branch |
Bangalore, Karnataka |
India |
Medical Equipment and Supplies |
9.4 |
|
|
|
Subsidiary |
Petaling Jaya, Selangor |
Malaysia |
Personal and Household Products |
6.1 |
|
|
|
Subsidiary |
Fougères |
France |
Medical Equipment and Supplies |
|
|
|
|
Subsidiary |
Fougères |
France |
Medical Equipment and Supplies |
109.0 |
445 |
|
|
Subsidiary |
Aubergenville |
France |
Medical Equipment and Supplies |
77.6 |
306 |
|
|
Subsidiary |
Esslingen |
Germany |
Scientific and Technical Instruments |
|
|
|
|
Subsidiary |
Mainz, Rheinland-Pfalz |
Germany |
Construction - Supplies and Fixtures |
4,014.3 |
17,356 |
|
|
Subsidiary |
Elmsford, NY |
United States |
Personal and Household Products |
495.0 |
16,700 |
|
|
Subsidiary |
Southbridge, MA |
United States |
Chemicals - Plastics and Rubber |
20.0 |
280 |
|
|
Branch |
Southbridge, MA |
United States |
Retail (Specialty) |
1.7 |
3 |
|
|
Branch |
Elmsford, NY |
United States |
Construction Services |
5.7 |
200 |
|
|
Subsidiary |
Lebanon, PA |
United States |
Personal and Household Products |
15.0 |
135 |
|
|
Subsidiary |
Dalton, GA |
United States |
Appliance and Tool |
|
118 |
|
|
Branch |
Louisville, KY |
United States |
Construction Services |
4.6 |
15 |
|
|
Branch |
Cary, IL |
United States |
Electronic Instruments and Controls |
2.3 |
70 |
|
|
Subsidiary |
Rocklin, CA |
United States |
Personal and Household Products |
|
14 |
|
|
Branch |
Santa Clara, CA |
United States |
Miscellaneous Capital Goods |
6.7 |
5 |
|
|
Branch |
Santa Barbara, CA |
United States |
Miscellaneous Capital Goods |
2.7 |
1 |
|
|
Subsidiary |
Louisville, KY |
United States |
Miscellaneous Fabricated Products |
|
10 |
|
|
Branch |
Vincennes, IN |
United States |
Miscellaneous Fabricated Products |
1.4 |
300 |
|
|
Branch |
Arlington, VA |
United States |
Miscellaneous Capital Goods |
19.6 |
8 |
|
|
Subsidiary |
Elmsford, NY |
United States |
Miscellaneous Fabricated Products |
|
6 |
|
|
Branch |
Elmsford, NY |
United States |
Construction Services |
0.8 |
5 |
|
|
Subsidiary |
Southbridge, MA |
United States |
Miscellaneous Fabricated Products |
|
5 |
|
|
Branch |
Golden, CO |
United States |
Containers and Packaging |
0.7 |
2 |
|
|
Subsidiary |
Louisville, KY |
United States |
Miscellaneous Fabricated Products |
|
4 |
|
|
Branch |
Parkersburg, WV |
United States |
Retail (Home Improvement) |
0.9 |
3 |
|
|
Subsidiary |
Mainz |
Germany |
Scientific and Technical Instruments |
|
4,000 |
|
|
Subsidiary |
Duryea, PA |
United States |
Construction - Supplies and Fixtures |
60.0 |
300 |
|
|
Subsidiary |
Mainz, Rheinland-Pfalz |
Germany |
Semiconductors |
723.3 |
2,200 |
|
|
Subsidiary |
Jena, Thüringen |
Germany |
Engineering Consultants |
160.5 |
460 |
|
|
Subsidiary |
Albuquerque, NM |
United States |
Business Services |
5.0 |
225 |
|
|
Subsidiary |
Jena, Thüringen |
Germany |
Electronic Instruments and Controls |
|
160 |
|
|
Subsidiary |
Mainz, Rheinland-Pfalz |
Germany |
Electronic Instruments and Controls |
|
130 |
|
|
Subsidiary |
Mitterteich |
Germany |
Personal and Household Products |
182.4 |
1,220 |
|
|
Subsidiary |
Valašské Mezirící |
Czech Republic |
Semiconductors |
487.6 |
532 |
|
|
Subsidiary |
Bad Gandersheim |
Germany |
Scientific and Technical Instruments |
|
530 |
|
|
Subsidiary |
Jena, Thüringen |
Germany |
Construction - Supplies and Fixtures |
75.0 |
500 |
|
|
Subsidiary |
Itupeva, Sao Paulo |
Brazil |
Personal and Household Products |
|
470 |
|
|
Subsidiary |
Jena, Thüringen |
Germany |
Construction - Supplies and Fixtures |
|
300 |
|
|
Subsidiary |
Tokyo |
Japan |
Scientific and Technical Instruments |
119.6 |
297 |
|
|
Joint Venture |
Sweetwater, TN |
United States |
Construction - Supplies and Fixtures |
140.0 |
250 |
|
|
Subsidiary |
Vincennes, IN |
United States |
Construction - Supplies and Fixtures |
0.8 |
500 |
|
|
Subsidiary |
San Luis Potosi, San Luis Potosi |
Mexico |
Construction - Supplies and Fixtures |
0.5 |
175 |
|
|
Branch |
Madisonville, KY |
United States |
Furniture and Fixtures |
189.1 |
85 |
|
|
Branch |
Garnet Valley, PA |
United States |
Personal and Household Products |
3.4 |
15 |
|
|
Subsidiary |
Koka, Shiga |
Japan |
Electronic Instruments and Controls |
134.5 |
205 |
|
|
Subsidiary |
Mainz, Rheinland-Pfalz |
Germany |
Construction - Supplies and Fixtures |
123.1 |
200 |
|
|
Subsidiary |
Müllheim, Baden-Württemberg |
Germany |
Personal and Household Products |
|
200 |
|
|
Subsidiary |
Rio de Janeiro |
Brazil |
Construction - Supplies and Fixtures |
|
200 |
|
|
Subsidiary |
Sant Adria De Besos, Barcelona |
Spain |
Miscellaneous Fabricated Products |
27.8 |
123 |
|
|
Subsidiary |
Singapore |
Singapore |
Miscellaneous Capital Goods |
5.1 |
100 |
|
|
Subsidiary |
Barcelona |
Spain |
Construction - Supplies and Fixtures |
|
85 |
|
|
Subsidiary |
Casteljaloux |
France |
Containers and Packaging |
7.8 |
74 |
|
|
Subsidiary |
Casteljaloux |
France |
Scientific and Technical Instruments |
|
70 |
|
|
Subsidiary |
Sao Paulo, Rio de Janiero |
Brazil |
Construction - Supplies and Fixtures |
|
50 |
|
|
Subsidiary |
Clichy |
France |
Scientific and Technical Instruments |
0.0 |
4 |
|
|
Subsidiary |
Pont Sur Yonne |
France |
Containers and Packaging |
28.0 |
224 |
|
|
Karmesin
Grundstücksverwaltungsgesellschaft mbH & Co. Vermietungs KG |
Subsidiary |
Mainz, Rheinland-Pfalz |
Germany |
Business Services |
2.4 |
2 |
|
Subsidiary |
Mainz, Rheinland-Pfalz |
Germany |
Commercial Banks |
|
2 |
|
|
Subsidiary |
Vadodara, Gujarat |
India |
Personal and Household Products |
1,296.2 |
|
|
|
Schott
(Shanghai) Precision Materials & Equipment International Trading Co Ltd |
Subsidiary |
Shanghai |
China |
Construction - Supplies and Fixtures |
|
|
|
Subsidiary |
Itupeva, SP |
Brazil |
Personal and Household Products |
|
|
|
|
Subsidiary |
Ciudad De Mexico, Distrito Federal |
Mexico |
Medical Equipment and Supplies |
|
|
|
|
Subsidiary |
Budapest |
Hungary |
Medical Equipment and Supplies |
|
450 |
|
|
Subsidiary |
Welwyn Garden City |
United Kingdom |
Business Services |
64.9 |
164 |
|
|
Subsidiary |
Le Pecq |
France |
Medical Equipment and Supplies |
44.4 |
149 |
|
|
Subsidiary |
Fougeres |
France |
Medical Equipment and Supplies |
107.6 |
681 |
|
|
Subsidiary |
Aubergenville |
France |
Medical Equipment and Supplies |
63.9 |
374 |
|
|
Subsidiary |
Arese |
Italy |
Construction - Supplies and Fixtures |
56.9 |
122 |
|
|
Subsidiary |
Novara, Novara |
Italy |
Business Services |
6.0 |
23 |
|
|
Subsidiary |
Sliedrecht |
Netherlands |
Scientific and Technical Instruments |
|
100 |
|
|
Subsidiary |
Poznan |
Poland |
Miscellaneous Capital Goods |
3,247.9 |
70 |
|
|
Subsidiary |
Vienna |
Austria |
Scientific and Technical Instruments |
28.7 |
80 |
|
|
Subsidiary |
Moscow |
Russian Federation |
Construction - Supplies and Fixtures |
|
80 |
|
|
Subsidiary |
Feldbach |
Switzerland |
Scientific and Technical Instruments |
|
75 |
|
|
Subsidiary |
Tres Cantos, Madrid |
Spain |
Scientific and Technical Instruments |
23.8 |
56 |
|
|
Subsidiary |
Tokyo |
Japan |
Scientific and Technical Instruments |
|
55 |
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Medical Equipment and Supplies |
23.9 |
84 |
|
|
Subsidiary |
Prague |
Czech Republic |
Construction - Supplies and Fixtures |
|
55 |
|
|
Subsidiary |
Stockholm |
Sweden |
Scientific and Technical Instruments |
24.9 |
50 |
|
|
Subsidiary |
Singapore |
Singapore |
Scientific and Technical Instruments |
11.3 |
50 |
|
|
Subsidiary |
Bangkok |
Thailand |
Scientific and Technical Instruments |
75.0 |
30 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Scientific and Technical Instruments |
|
50 |
|
|
Subsidiary |
Coyoacan, Catarina |
Mexico |
Scientific and Technical Instruments |
|
50 |
|
|
Subsidiary |
Zaventem |
Belgium |
Scientific and Technical Instruments |
19.4 |
38 |
|
|
Subsidiary |
Cheung Sha Wan, Kowloon |
Hong Kong |
Scientific and Technical Instruments |
|
20 |
|
|
Subsidiary |
Shanghai, Shanghai |
China |
Scientific and Technical Instruments |
67.4 |
|
|
|
Subsidiary |
Culemborg, Gelderland |
Netherlands |
Construction - Supplies and Fixtures |
|
18 |
|
|
Subsidiary |
Lanškroun |
Czech Republic |
Electronic Instruments and Controls |
64.5 |
468 |
|
|
Subsidiary |
Valašské Mezirící |
Czech Republic |
Personal and Household Products |
38.3 |
195 |
|
|
Subsidiary |
Valasske Mezirici |
Czech Republic |
Miscellaneous Fabricated Products |
8.0 |
69 |
|
|
Subsidiary |
Shinjuku-Ku, Tokyo |
Japan |
Construction - Supplies and Fixtures |
65.9 |
30 |
|
|
Subsidiary |
Bangkok |
Thailand |
Scientific and Technical Instruments |
|
15 |
|
|
Subsidiary |
Warsaw |
Poland |
Scientific and Technical Instruments |
|
15 |
|
|
Subsidiary |
Bratislava |
Slovakia |
Scientific and Technical Instruments |
|
11 |
|
|
Subsidiary |
Bucharest |
Romania |
Scientific and Technical Instruments |
|
4 |
|
|
Psephit
Grundstücksverwaltungsgesellschaft mbH & Co. Vermietungs KG |
Subsidiary |
Mainz, Rheinland-Pfalz |
Germany |
Commercial Banks |
1.1 |
1 |
|
Subsidiary |
Buenos Aires |
Argentina |
Scientific and Technical Instruments |
75.0 |
|
|
|
Subsidiary |
Culemborg, Gelderland |
Netherlands |
Miscellaneous Financial Services |
|
|
|
|
Subsidiary |
Culemborg, Gelderland |
Netherlands |
Construction - Supplies and Fixtures |
|
|
|
|
Subsidiary |
Troisfontaines |
France |
Construction - Supplies and Fixtures |
51.1 |
430 |
|
|
Subsidiary |
Tekirdag |
Turkey |
Personal and Household Products |
|
381 |
|
|
Subsidiary |
Bor G. |
Russian Federation |
Construction - Supplies and Fixtures |
8.6 |
354 |
|
|
Subsidiary |
Indaiatuba, Sao Paulo |
Brazil |
Construction - Supplies and Fixtures |
31.6 |
350 |
|
|
Subsidiary |
Valasske Mezirici |
Czech Republic |
Construction - Supplies and Fixtures |
31.6 |
200 |
|
|
Subsidiary |
Randburg |
South Africa |
Scientific and Technical Instruments |
|
|
|
|
Subsidiary |
Oslo |
Norway |
Medical Equipment and Supplies |
|
|
|
|
Subsidiary |
Kiev |
Ukraine |
Construction - Supplies and Fixtures |
|
|
Competitors Report
|
Company
Name |
Location |
Employees |
Ownership |
|
Abbott Medical Optics, Inc. |
Santa Ana, California, United
States |
3,711 |
Private |
|
Bausch & Lomb Incorporated |
Rochester, New York, United
States |
10,000 |
Private |
|
CIBA Vision Corporation |
Duluth, Georgia, United States |
2,300 |
Private |
|
CooperVision, Inc. |
Fairport, New York, United
States |
150 |
Private |
|
Essilor International SA |
Charenton-Le-Pont, France |
48,700 |
Public |
|
HOYA CORPORATION |
Tokyo, Japan |
32,363 |
Public |
|
Nidek Co., Ltd. |
Gamagori, Japan |
|
Private |
Executive report
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Board of
Directors |
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Chairman of the Supervisory Board |
Chairman |
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Chairman of the Management Board, Chief Executive Officer |
Chairman |
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Deputy Chairman of the Supervisory Board |
Vice-Chairman |
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Mitglied |
Director/Board Member |
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Director |
Director/Board Member |
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Member of the board of directors |
Director/Board Member |
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Mitglied |
Director/Board Member |
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Executives |
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Chairman of the Management Board, Chief Executive Officer |
Chief Executive Officer |
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Co-Vorstandsmitglied |
Division Head 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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Chief Sales Officer, Member of the Management Board |
Administration Executive |
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Director and Chief Financial Officer |
Finance Executive |
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Leiter-Investor Relations |
Investment Executive |
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Leiterin-Ausbildung |
Training Executive |
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Leiter-Marketing |
Marketing Executive |
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Leiter-Unternehmenskommunikation |
Corporate Communications Executive |
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Leiter-EDV |
Information Executive |
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Significant Developments
Carl Zeiss Meditec AG to Propose FY 2011/2012 Dividend Nov 29, 2012
Carl Zeiss Meditec AG announced that on November 29, 2012 at its meeting to adopt the financial statements, the Supervisory Board of the Company agreed to the Management Board's recommendation to propose to the Annual General Meeting on March 5, 2013 the payment of a regular dividend for the fiscal year 2011/2012 of EUR 0.40 per no-par value share (previous fiscal year: EUR 0.30). This would increase the total dividend by 33.3% compared with the previous fiscal year, to EUR 32.5 million. The dividend ratio as a share of consolidated net income after non-controlling interests would be 45.3%.
Carl Zeiss Meditec AG Confirms FY 2011/2012 Revenue Guidance; Confirms EBIT Margin Outlook till Year 2015 Aug 14, 2012
Carl Zeiss Meditec AG announced that it has confirmed its revenue forecast for the fiscal year 2011/2012. The Company anticipates revenue of between EUR 830 million and EUR 860 million for the fiscal year 2011/2012, which would correspond to a growth corridor of between 9% and 13%. Furthermore, the Company announced that it is adhering to its previously forecast target of an EBIT margin of 15% by the year 2015. According to I/B/E/S Estimates, analysts on average are expecting the Company to report fiscal year 2012 revenue of EUR 860.75 million.
Carl Zeiss Meditec AG Comments on INFRARED 800 and FLOWR 800 Fluorescence Modules Testing Results May 25, 2012
Carl Zeiss Meditec AG announced that the INFRARED 800 and FLOWR 800 fluorescence modules enable neurosurgeons to interpret the speed and direction of the blood flow precisely and quickly during surgery. This technology is also available for plastic & reconstructive surgery in the assessment of viable tissue useful in graft surgery. This technological advancement enables surgeons to evaluate tissue grafts perfusion before transplantation. Vascular occlusions become visible within a few seconds and can be immediately treated intraoperatively. Initial study results confirm the benefits for plastic and reconstructive surgery as well as the benefits of intraoperative fluorescence technology for plastic surgery, in particular for flap graft.
Carl Zeiss Meditec AG Issues FY 2011/2012 Guidance In Line with
Analysts' Estimates; Confirms EBIT Margin Outlook till FY 2015 May 15, 2012
Carl Zeiss Meditec AG announced that for the fiscal year 2011/2012 the
Company targets revenue of between EUR 830 million and EUR 860 million. This
corresponds to an increase of approximately 9.4% to 13.3% over the fiscal year
2010/2011. Furthermore, the Company announced that it still expects to achieve
EBIT margin of 15% till the fiscal year 2015. According to I/B/E/S Estimates,
analysts on average are expecting the Company to report fiscal year 2012
revenue of EUR 846.57 million.
Carl Zeiss Meditec AG Issues H1 FY 2011/2012 Guidance Apr 02, 2012
Carl Zeiss Meditec AG announced that it will report revenue of
approximately EUR 432 million for the first half of the current financial year
2011/2012. This corresponds to an increase of approximately 15% over the
equivalent period last year. Earnings before interest and tax are also expected
to increase compared with the previous year.
Carl Zeiss Meditec AG Comments On FY 2015 Profit Guidance-Conference
Call Feb 14, 2012
Carl Zeiss Meditec AG announced that it expects to increase
profitability level to 15% in year fiscal 2015.
Annual
Profit & Loss
|
|
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.717768 |
0.740255 |
0.73971 |
|
Consolidated |
Yes |
Yes |
Yes |
|
|
|
|
|
|
Total income |
1,057.2 |
914.1 |
865.3 |
|
Net sales |
1,057.2 |
914.1 |
865.3 |
|
Other operating income |
0.5 |
0.7 |
2.0 |
|
Cost of sales |
479.2 |
429.5 |
429.6 |
|
Gross profit |
578.0 |
484.6 |
435.7 |
|
Advertising, distribution, and commercial expenses |
260.7 |
219.9 |
203.7 |
|
General expenses |
56.1 |
50.3 |
43.8 |
|
Other operating costs |
117.3 |
97.8 |
86.6 |
|
Net operating income |
144.3 |
117.2 |
103.7 |
|
Other income |
6.3 |
3.0 |
7.1 |
|
Interest payable on loans |
10.0 |
7.9 |
8.1 |
|
Total expenses |
3.7 |
5.1 |
-2.5 |
|
Profit before tax |
140.5 |
112.1 |
106.3 |
|
Provisions |
91.4 |
97.2 |
84.5 |
|
Total taxation |
39.9 |
31.5 |
31.8 |
|
Net profit |
100.7 |
80.6 |
74.5 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.745323 |
0.732493 |
0.684135 |
|
Consolidated |
Yes |
Yes |
Yes |
|
|
|
|
|
|
Issued capital |
109.1 |
111.0 |
118.9 |
|
Capital reserves |
421.1 |
428.5 |
458.8 |
|
Total reserves |
286.9 |
261.6 |
221.3 |
|
Total stockholders equity |
850.7 |
817.7 |
789.0 |
|
Minority interests |
47.0 |
36.4 |
27.7 |
|
Other provisions |
64.4 |
70.0 |
60.6 |
|
Provision for pensions |
17.8 |
19.2 |
16.6 |
|
Provisions and allowances |
88.1 |
98.2 |
91.4 |
|
Taxes and social security |
29.1 |
29.6 |
33.5 |
|
Total long-term liabilities |
40.8 |
42.0 |
47.1 |
|
Trade creditors |
39.1 |
39.2 |
33.7 |
|
Advances received |
6.3 |
5.6 |
5.3 |
|
Taxation and social security |
95.3 |
112.1 |
36.6 |
|
Due to group companies |
17.7 |
14.9 |
13.2 |
|
Total current liabilities |
166.9 |
174.2 |
105.0 |
|
Regularisation account |
17.5 |
16.3 |
70.1 |
|
Total liabilities (including net worth) |
1,163.9 |
1,148.4 |
1,102.7 |
|
Patents |
18.8 |
26.4 |
32.0 |
|
Goodwill |
151.9 |
154.4 |
166.0 |
|
Other intangibles |
13.6 |
19.9 |
23.6 |
|
Intangibles |
184.3 |
200.7 |
221.6 |
|
Land and buildings |
22.8 |
24.0 |
26.7 |
|
Machinery and tools |
11.1 |
11.9 |
14.5 |
|
Fixtures and equipment |
22.8 |
24.0 |
26.7 |
|
Fixed assets under construction |
2.8 |
1.6 |
1.0 |
|
Total tangible fixed assets |
54.3 |
54.5 |
61.7 |
|
Deposits |
0.5 |
0.5 |
0.5 |
|
Total financial assets |
0.5 |
0.6 |
0.7 |
|
Total non-current assets |
239.2 |
255.8 |
284.0 |
|
Net stocks and work in progress |
179.3 |
162.8 |
144.8 |
|
Trade debtors |
184.5 |
139.0 |
134.7 |
|
Other receivables |
178.0 |
57.1 |
160.0 |
|
Total receivables |
417.0 |
239.9 |
329.6 |
|
Owing from associated companies |
54.5 |
43.8 |
35.0 |
|
Cash and liquid assets |
261.1 |
428.0 |
292.3 |
|
Short-term investments |
- |
0.1 |
0.2 |
|
Shares in associated companies |
- |
0.1 |
0.2 |
|
Recoverable taxation |
61.1 |
56.7 |
47.8 |
|
Total current assets |
857.4 |
830.8 |
766.9 |
|
Prepaid expenses and deferred costs |
6.3 |
5.1 |
3.9 |
|
Total assets |
1,163.9 |
1,148.4 |
1,102.7 |
Annual Ratios
Financials in: USD (mil)
|
|
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.745323 |
0.732493 |
0.684135 |
|
Consolidated |
Yes |
Yes |
Yes |
|
|
|
|
|
|
Current ratio |
51.38 |
47.69 |
73.03 |
|
Acid test ratio |
40.64 |
38.34 |
59.24 |
|
Total liabilities to net worth |
0.02% |
0.03% |
0.02% |
|
Net worth to total assets |
0.07% |
0.07% |
0.07% |
|
Current liabilities to net worth |
0.02% |
0.02% |
0.01% |
|
Current liabilities to stock |
0.09% |
0.11% |
0.07% |
|
Fixed assets to net worth |
0.03% |
0.03% |
0.04% |
|
Collection period |
661.00 |
548.00 |
526.00 |
|
Stock turnover rate |
1.76 |
1.76 |
1.55 |
|
Profit margin |
0.01% |
0.01% |
0.01% |
|
Return on assets |
0.01% |
0.01% |
0.01% |
|
Shareholders' return |
0.01% |
0.01% |
0.01% |
|
Sales per employee |
33.16 |
31.05 |
29.20 |
|
Profit per employee |
3.16 |
2.74 |
2.51 |
|
Net worth |
850.7 |
817.7 |
789.0 |
|
Number of employees |
2,288 |
2,179 |
2,192 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.717768 |
0.740255 |
0.73971 |
0.666382 |
0.752073 |
|
Auditor |
KPMG AG |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
1,057.2 |
914.1 |
865.3 |
900.7 |
757.5 |
|
Revenue |
1,057.2 |
914.1 |
865.3 |
900.7 |
757.5 |
|
Total Revenue |
1,057.2 |
914.1 |
865.3 |
900.7 |
757.5 |
|
|
|
|
|
|
|
|
Cost of Revenue |
479.2 |
429.5 |
429.6 |
445.3 |
364.6 |
|
Cost of Revenue, Total |
479.2 |
429.5 |
429.6 |
445.3 |
364.6 |
|
Gross Profit |
578.0 |
484.6 |
435.7 |
455.3 |
392.9 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
316.8 |
270.2 |
247.4 |
261.2 |
221.4 |
|
Total Selling/General/Administrative Expenses |
316.8 |
270.2 |
247.4 |
261.2 |
221.4 |
|
Research & Development |
117.3 |
97.7 |
85.8 |
93.0 |
78.8 |
|
Investment Income -
Operating |
- |
- |
- |
0.6 |
-0.1 |
|
Interest/Investment Income - Operating |
- |
- |
- |
0.6 |
-0.1 |
|
Interest Expense (Income) - Net Operating Total |
- |
- |
- |
0.6 |
-0.1 |
|
Restructuring Charge |
- |
- |
- |
0.4 |
0.0 |
|
Litigation |
- |
- |
- |
0.0 |
0.1 |
|
Loss (Gain) on Sale of Assets - Operating |
0.0 |
-0.3 |
0.2 |
-0.2 |
0.0 |
|
Other Unusual Expense (Income) |
- |
- |
- |
-0.2 |
0.0 |
|
Unusual Expense (Income) |
0.0 |
-0.3 |
0.2 |
0.0 |
0.1 |
|
Other Operating Expense |
0.0 |
0.1 |
0.6 |
0.8 |
0.1 |
|
Other, Net |
-0.5 |
-0.4 |
-1.1 |
-2.0 |
-0.8 |
|
Other Operating Expenses, Total |
-0.5 |
-0.3 |
-0.6 |
-1.2 |
-0.7 |
|
Total Operating Expense |
912.9 |
796.9 |
762.5 |
798.9 |
663.9 |
|
|
|
|
|
|
|
|
Operating Income |
144.3 |
117.2 |
102.9 |
101.8 |
93.6 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-10.0 |
-7.9 |
-8.1 |
-8.6 |
-8.5 |
|
Interest Expense, Net Non-Operating |
-10.0 |
-7.9 |
-8.1 |
-8.6 |
-8.5 |
|
Interest Income -
Non-Operating |
6.3 |
3.0 |
7.1 |
14.7 |
12.9 |
|
Investment Income -
Non-Operating |
-3.7 |
-5.1 |
0.8 |
0.0 |
0.0 |
|
Interest/Investment Income - Non-Operating |
2.6 |
-2.0 |
8.0 |
14.7 |
12.9 |
|
Interest Income (Expense) - Net Non-Operating Total |
-7.4 |
-10.0 |
-0.1 |
6.1 |
4.4 |
|
Other Non-Operating Income (Expense) |
3.6 |
4.9 |
3.6 |
5.8 |
3.2 |
|
Other, Net |
3.6 |
4.9 |
3.6 |
5.8 |
3.2 |
|
Income Before Tax |
140.5 |
112.1 |
106.3 |
113.6 |
101.2 |
|
|
|
|
|
|
|
|
Total Income Tax |
39.9 |
31.5 |
31.8 |
29.2 |
35.2 |
|
Income After Tax |
100.7 |
80.6 |
74.5 |
84.4 |
66.0 |
|
|
|
|
|
|
|
|
Minority Interest |
-7.5 |
-6.4 |
-6.2 |
-3.3 |
-2.5 |
|
Net Income Before Extraord Items |
93.2 |
74.1 |
68.3 |
81.1 |
63.5 |
|
Net Income |
93.2 |
74.1 |
68.3 |
81.1 |
63.5 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
93.2 |
74.1 |
68.3 |
81.1 |
63.5 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
93.2 |
74.1 |
68.3 |
81.1 |
63.5 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
81.3 |
81.3 |
81.3 |
81.3 |
78.0 |
|
Basic EPS Excl Extraord Items |
1.15 |
0.91 |
0.84 |
1.00 |
0.81 |
|
Basic/Primary EPS Incl Extraord Items |
1.15 |
0.91 |
0.84 |
1.00 |
0.81 |
|
Diluted Net Income |
93.2 |
74.1 |
68.3 |
81.1 |
63.5 |
|
Diluted Weighted Average Shares |
81.3 |
81.3 |
81.3 |
81.3 |
78.0 |
|
Diluted EPS Excl Extraord Items |
1.15 |
0.91 |
0.84 |
1.00 |
0.81 |
|
Diluted EPS Incl Extraord Items |
1.15 |
0.91 |
0.84 |
1.00 |
0.81 |
|
Dividends per Share - Common Stock Primary Issue |
0.42 |
0.74 |
0.24 |
0.27 |
0.57 |
|
Gross Dividends - Common Stock |
34.0 |
60.4 |
19.8 |
0.0 |
46.5 |
|
Interest Expense, Supplemental |
10.0 |
7.9 |
8.1 |
8.6 |
8.5 |
|
Depreciation, Supplemental |
12.0 |
12.1 |
10.4 |
0.0 |
7.7 |
|
Total Special Items |
0.0 |
-0.3 |
0.2 |
0.0 |
0.1 |
|
Normalized Income Before Tax |
140.5 |
111.8 |
106.5 |
113.7 |
101.3 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
-0.1 |
0.1 |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
39.9 |
31.5 |
31.8 |
29.3 |
35.2 |
|
Normalized Income After Tax |
100.7 |
80.4 |
74.6 |
84.4 |
66.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
93.2 |
74.0 |
68.5 |
81.1 |
63.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.15 |
0.91 |
0.84 |
1.00 |
0.81 |
|
Diluted Normalized EPS |
1.15 |
0.91 |
0.84 |
1.00 |
0.81 |
|
Amort of Intangibles, Supplemental |
14.4 |
16.3 |
11.7 |
0.0 |
8.0 |
|
Rental Expenses |
12.5 |
12.2 |
12.3 |
12.4 |
9.8 |
|
Research & Development Exp, Supplemental |
117.3 |
97.7 |
85.8 |
93.0 |
78.8 |
|
Normalized EBIT |
144.3 |
116.9 |
103.0 |
102.4 |
93.5 |
|
Normalized EBITDA |
170.7 |
145.2 |
125.2 |
102.4 |
109.2 |
|
Current Tax - Domestic |
24.2 |
21.7 |
18.3 |
21.8 |
20.7 |
|
Current Tax - Foreign |
23.1 |
23.7 |
18.8 |
14.4 |
16.6 |
|
Current Tax - Total |
47.3 |
45.4 |
37.1 |
36.2 |
37.3 |
|
Deferred Tax - Domestic |
-3.8 |
-8.0 |
-0.7 |
-4.2 |
4.7 |
|
Deferred Tax - Foreign |
-3.6 |
-5.8 |
-4.6 |
-2.7 |
-6.8 |
|
Deferred Tax - Total |
-7.4 |
-13.8 |
-5.3 |
-6.9 |
-2.1 |
|
Income Tax - Total |
39.9 |
31.5 |
31.8 |
29.2 |
35.2 |
|
Interest Cost - Domestic |
4.1 |
3.6 |
3.4 |
3.3 |
2.8 |
|
Service Cost - Domestic |
5.9 |
3.5 |
2.1 |
3.5 |
3.3 |
|
Expected Return on Assets - Domestic |
-3.3 |
-3.1 |
-2.9 |
-3.2 |
-2.6 |
|
Actuarial Gains and Losses - Domestic |
0.9 |
0.9 |
0.5 |
0.2 |
-0.7 |
|
Domestic Pension Plan Expense |
7.6 |
4.8 |
3.1 |
3.8 |
2.8 |
|
Total Pension Expense |
7.6 |
4.8 |
3.1 |
3.8 |
2.8 |
|
Discount Rate - Domestic |
5.20% |
4.70% |
6.00% |
6.40% |
5.25% |
|
Discount Rate - Foreign |
- |
- |
1.50% |
1.50% |
1.70% |
|
Expected Rate of Return - Domestic |
4.50% |
4.50% |
5.00% |
5.00% |
5.00% |
|
Expected Rate of Return - Foreign |
7.50% |
7.50% |
7.50% |
8.00% |
8.00% |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Compensation Rate - Foreign |
- |
- |
2.54% |
3.50% |
3.50% |
|
Pension Payment Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
1.75% |
|
Pension Payment Rate - Foreign |
- |
- |
2.54% |
3.80% |
3.80% |
|
Total Plan Interest Cost |
4.1 |
3.6 |
3.4 |
3.3 |
2.8 |
|
Total Plan Service Cost |
5.9 |
3.5 |
2.1 |
3.5 |
3.3 |
|
Total Plan Expected Return |
-3.3 |
-3.1 |
-2.9 |
-3.2 |
-2.6 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.745323 |
0.732493 |
0.684135 |
0.711921 |
0.703161 |
|
Auditor |
KPMG AG |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
6.6 |
31.2 |
18.8 |
- |
- |
|
Cash & Equivalents |
254.6 |
396.8 |
273.5 |
274.6 |
309.9 |
|
Short Term Investments |
147.7 |
0.3 |
0.2 |
0.0 |
7.2 |
|
Cash and Short Term Investments |
408.9 |
428.3 |
292.5 |
274.6 |
317.1 |
|
Accounts Receivable -
Trade, Gross |
187.4 |
142.0 |
142.8 |
139.1 |
150.6 |
|
Provision for Doubtful
Accounts |
-6.6 |
-8.1 |
-9.4 |
-11.9 |
-13.2 |
|
Trade Accounts Receivable - Net |
235.7 |
178.0 |
168.6 |
155.7 |
159.5 |
|
Other Receivables |
26.4 |
51.3 |
150.9 |
92.0 |
88.6 |
|
Total Receivables, Net |
262.1 |
229.3 |
319.5 |
247.7 |
248.0 |
|
Inventories - Finished Goods |
118.3 |
116.0 |
103.4 |
119.5 |
100.4 |
|
Inventories - Work In Progress |
26.0 |
21.0 |
20.9 |
24.0 |
23.7 |
|
Inventories - Raw Materials |
67.9 |
57.1 |
48.9 |
50.8 |
44.9 |
|
Inventories - Other |
-32.9 |
-31.4 |
-28.5 |
-26.7 |
-25.2 |
|
Total Inventory |
179.3 |
162.8 |
144.8 |
167.6 |
143.9 |
|
Prepaid Expenses |
9.1 |
6.4 |
4.0 |
- |
- |
|
Restricted Cash - Current |
- |
- |
- |
- |
0.0 |
|
Other Current Assets |
0.4 |
2.5 |
7.1 |
10.4 |
13.0 |
|
Other Current Assets, Total |
0.4 |
2.5 |
7.1 |
10.4 |
13.0 |
|
Total Current Assets |
859.8 |
829.2 |
767.9 |
700.3 |
722.0 |
|
|
|
|
|
|
|
|
Land/Improvements |
46.6 |
45.5 |
46.6 |
39.3 |
39.7 |
|
Machinery/Equipment |
90.3 |
84.3 |
85.3 |
73.6 |
55.5 |
|
Construction in Progress |
2.8 |
1.6 |
1.0 |
2.6 |
0.9 |
|
Property/Plant/Equipment - Gross |
139.7 |
131.4 |
132.9 |
115.5 |
96.1 |
|
Accumulated Depreciation |
-85.4 |
-77.0 |
-71.3 |
-61.5 |
-51.2 |
|
Property/Plant/Equipment - Net |
54.3 |
54.5 |
61.7 |
54.0 |
44.8 |
|
Goodwill, Net |
151.9 |
154.4 |
166.0 |
156.9 |
147.5 |
|
Intangibles - Gross |
107.4 |
108.3 |
103.8 |
- |
- |
|
Accumulated Intangible Amortization |
-75.0 |
-62.0 |
-48.2 |
- |
- |
|
Intangibles, Net |
32.4 |
46.3 |
55.6 |
46.2 |
31.2 |
|
LT Investment - Affiliate Companies |
0.0 |
0.1 |
0.2 |
0.2 |
0.0 |
|
LT Investments - Other |
0.5 |
0.5 |
0.5 |
0.5 |
0.5 |
|
Long Term Investments |
0.5 |
0.6 |
0.7 |
0.7 |
0.5 |
|
Note Receivable - Long Term |
3.7 |
5.0 |
1.3 |
3.7 |
2.3 |
|
Deferred Income Tax - Long Term Asset |
61.1 |
56.7 |
47.8 |
42.5 |
40.8 |
|
Other Long Term Assets |
0.2 |
1.7 |
1.7 |
1.2 |
1.1 |
|
Other Long Term Assets, Total |
61.3 |
58.4 |
49.5 |
43.8 |
41.9 |
|
Total Assets |
1,163.9 |
1,148.4 |
1,102.7 |
1,005.5 |
990.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
64.9 |
68.0 |
57.4 |
62.2 |
66.0 |
|
Accrued Expenses |
91.3 |
87.8 |
64.1 |
56.4 |
48.0 |
|
Notes Payable/Short Term Debt |
7.9 |
4.6 |
2.6 |
3.0 |
0.9 |
|
Current Portion - Long Term Debt/Capital Leases |
2.7 |
2.5 |
15.5 |
2.8 |
15.8 |
|
Customer Advances |
6.3 |
5.6 |
19.9 |
- |
- |
|
Income Taxes Payable |
8.2 |
16.9 |
11.9 |
5.2 |
6.6 |
|
Other Current Liabilities |
50.0 |
52.6 |
48.7 |
71.9 |
79.5 |
|
Other Current liabilities, Total |
64.5 |
75.1 |
80.4 |
77.0 |
86.1 |
|
Total Current Liabilities |
231.3 |
238.0 |
219.9 |
201.4 |
216.9 |
|
|
|
|
|
|
|
|
Long Term Debt |
11.7 |
12.4 |
13.6 |
26.4 |
18.7 |
|
Capital Lease Obligations |
20.7 |
22.8 |
24.7 |
26.1 |
27.9 |
|
Total Long Term Debt |
32.3 |
35.2 |
38.3 |
52.4 |
46.6 |
|
Total Debt |
42.9 |
42.2 |
56.4 |
58.2 |
63.3 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
5.8 |
8.9 |
14.2 |
16.0 |
16.0 |
|
Deferred Income Tax |
5.8 |
8.9 |
14.2 |
16.0 |
16.0 |
|
Minority Interest |
47.0 |
36.4 |
27.7 |
17.9 |
13.7 |
|
Reserves |
17.4 |
20.5 |
15.8 |
9.7 |
5.7 |
|
Pension Benefits - Underfunded |
17.8 |
19.2 |
16.6 |
16.8 |
16.0 |
|
Other Long Term Liabilities |
8.5 |
8.9 |
8.8 |
5.7 |
4.6 |
|
Other Liabilities, Total |
43.7 |
48.6 |
41.1 |
32.3 |
26.3 |
|
Total Liabilities |
360.2 |
367.1 |
341.3 |
320.0 |
319.6 |
|
|
|
|
|
|
|
|
Common Stock |
109.1 |
111.0 |
118.9 |
114.2 |
115.6 |
|
Common Stock |
109.1 |
111.0 |
118.9 |
114.2 |
115.6 |
|
Additional Paid-In Capital |
421.1 |
428.5 |
458.8 |
440.9 |
446.4 |
|
Retained Earnings (Accumulated Deficit) |
286.9 |
261.6 |
221.3 |
162.2 |
137.1 |
|
Other Comprehensive Income |
-13.4 |
-19.8 |
-37.6 |
-31.8 |
-28.4 |
|
Other Equity, Total |
-13.4 |
-19.8 |
-37.6 |
-31.8 |
-28.4 |
|
Total Equity |
803.7 |
781.3 |
761.3 |
685.5 |
670.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,163.9 |
1,148.4 |
1,102.7 |
1,005.5 |
990.3 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
81.3 |
81.3 |
81.3 |
81.3 |
81.3 |
|
Total Common Shares Outstanding |
81.3 |
81.3 |
81.3 |
81.3 |
81.3 |
|
Employees |
2,366 |
2,189 |
2,147 |
2,152 |
1,929 |
|
Accumulated Intangible Amort, Suppl. |
75.0 |
62.0 |
48.2 |
35.1 |
27.3 |
|
Deferred Revenue - Current |
6.3 |
5.6 |
5.3 |
4.0 |
- |
|
Total Long Term Debt, Supplemental |
12.2 |
12.8 |
27.2 |
27.6 |
33.1 |
|
Long Term Debt Maturing within 1 Year |
0.5 |
0.4 |
13.6 |
1.3 |
14.4 |
|
Long Term Debt Maturing in Year 2 |
8.5 |
0.4 |
0.4 |
13.3 |
0.4 |
|
Long Term Debt Maturing in Year 3 |
0.5 |
8.5 |
0.4 |
0.4 |
13.4 |
|
Long Term Debt Maturing in Year 4 |
0.6 |
0.5 |
9.1 |
0.4 |
0.4 |
|
Long Term Debt Maturing in Year 5 |
0.6 |
0.5 |
0.5 |
8.7 |
0.4 |
|
Long Term Debt Maturing in Year 6 |
0.6 |
0.5 |
0.5 |
0.5 |
0.5 |
|
Long Term Debt Maturing in 2-3 Years |
9.1 |
8.9 |
0.9 |
13.7 |
13.8 |
|
Long Term Debt Maturing in 4-5 Years |
1.2 |
1.0 |
9.6 |
9.1 |
0.8 |
|
Long Term Debt Matur. in Year 6 & Beyond |
1.5 |
2.5 |
3.2 |
3.5 |
4.1 |
|
Total Capital Leases, Supplemental |
22.8 |
24.8 |
26.6 |
27.5 |
29.4 |
|
Capital Lease Payments Due in Year 1 |
2.2 |
2.1 |
1.9 |
1.5 |
1.4 |
|
Capital Lease Payments Due in Year 2 |
2.7 |
2.4 |
2.2 |
2.0 |
1.8 |
|
Capital Lease Payments Due in Year 3 |
2.7 |
2.4 |
2.2 |
2.0 |
1.8 |
|
Capital Lease Payments Due in Year 4 |
2.7 |
2.4 |
2.2 |
2.0 |
1.8 |
|
Capital Lease Payments Due in Year 5 |
2.7 |
2.4 |
2.2 |
2.0 |
1.8 |
|
Capital Lease Payments Due in 2-3 Years |
5.4 |
4.8 |
4.3 |
4.0 |
3.6 |
|
Capital Lease Payments Due in 4-5 Years |
5.4 |
4.8 |
4.3 |
4.0 |
3.6 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
9.9 |
13.1 |
16.1 |
18.1 |
20.7 |
|
Total Operating Leases, Supplemental |
31.9 |
19.1 |
16.9 |
17.0 |
9.0 |
|
Operating Lease Payments Due in Year 1 |
10.5 |
7.3 |
6.7 |
6.6 |
4.4 |
|
Operating Lease Payments Due in Year 2 |
3.5 |
2.7 |
2.1 |
2.0 |
1.0 |
|
Operating Lease Payments Due in Year 3 |
3.5 |
2.7 |
2.1 |
2.0 |
1.0 |
|
Operating Lease Payments Due in Year 4 |
3.5 |
2.7 |
2.1 |
2.0 |
1.0 |
|
Operating Lease Payments Due in Year 5 |
3.5 |
2.7 |
2.1 |
2.0 |
1.0 |
|
Operating Lease Pymts. Due in 2-3 Years |
6.9 |
5.5 |
4.1 |
3.9 |
2.0 |
|
Operating Lease Pymts. Due in 4-5 Years |
6.9 |
5.5 |
4.1 |
3.9 |
2.0 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
7.5 |
0.9 |
2.0 |
2.6 |
0.6 |
|
Pension Obligation - Domestic |
98.1 |
96.2 |
71.8 |
58.4 |
63.5 |
|
Plan Assets - Domestic |
64.2 |
58.3 |
57.7 |
51.1 |
56.8 |
|
Funded Status - Domestic |
-33.9 |
-37.9 |
-14.0 |
-7.3 |
-6.6 |
|
Total Funded Status |
-33.9 |
-37.9 |
-14.0 |
-7.3 |
-6.6 |
|
Discount Rate - Domestic |
5.20% |
4.70% |
6.00% |
6.40% |
5.25% |
|
Discount Rate - Foreign |
- |
- |
1.50% |
1.50% |
1.70% |
|
Expected Rate of Return - Domestic |
4.50% |
4.50% |
5.00% |
5.00% |
5.00% |
|
Expected Rate of Return - Foreign |
7.50% |
7.50% |
7.50% |
8.00% |
8.00% |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Compensation Rate - Foreign |
- |
- |
2.54% |
3.50% |
3.50% |
|
Pension Payment Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
1.75% |
|
Pension Payment Rate - Foreign |
- |
- |
2.54% |
3.80% |
3.80% |
|
Net Domestic Pension Assets |
-17.8 |
-19.2 |
0.0 |
0.0 |
-16.0 |
|
Net Assets Recognized on Balance Sheet |
-17.8 |
-19.2 |
0.0 |
0.0 |
-16.0 |
|
Equity % - Domestic |
23.54% |
20.69% |
27.39% |
18.38% |
33.82% |
|
Debt Securities % - Domestic |
53.66% |
56.50% |
55.14% |
54.09% |
39.97% |
|
Private Investments % - Domestic |
8.51% |
7.80% |
13.70% |
23.25% |
14.70% |
|
Other Investments % - Domestic |
14.29% |
15.01% |
3.77% |
- |
- |
|
Total Plan Obligations |
98.1 |
96.2 |
71.8 |
58.4 |
63.5 |
|
Total Plan Assets |
64.2 |
58.3 |
57.7 |
51.1 |
56.8 |
Annual Cash Flows
Financials in: USD (mil)
|
|
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.717768 |
0.740255 |
0.73971 |
0.666382 |
0.752073 |
|
Auditor |
KPMG AG |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
100.7 |
80.6 |
74.5 |
84.4 |
66.0 |
|
Depreciation |
26.4 |
28.3 |
22.1 |
19.1 |
15.7 |
|
Depreciation/Depletion |
26.4 |
28.3 |
22.1 |
19.1 |
15.7 |
|
Unusual Items |
1.1 |
-1.9 |
-0.1 |
-0.4 |
0.9 |
|
Other Non-Cash Items |
3.7 |
4.9 |
1.0 |
-6.1 |
2.5 |
|
Non-Cash Items |
4.8 |
3.0 |
0.9 |
-6.5 |
3.4 |
|
Accounts Receivable |
-57.1 |
-17.6 |
-2.7 |
5.4 |
-10.0 |
|
Inventories |
-21.2 |
-22.6 |
27.9 |
-19.9 |
-21.9 |
|
Other Assets |
4.3 |
1.5 |
-6.9 |
4.3 |
-2.7 |
|
Accounts Payable |
1.1 |
7.2 |
-7.6 |
-8.0 |
4.1 |
|
Taxes Payable |
39.9 |
31.5 |
31.8 |
29.2 |
35.2 |
|
Other Liabilities |
7.1 |
19.5 |
5.4 |
10.7 |
10.1 |
|
Other Operating Cash Flow |
-53.6 |
-43.4 |
-27.2 |
-36.5 |
-25.4 |
|
Changes in Working Capital |
-79.5 |
-23.8 |
20.6 |
-14.7 |
-10.6 |
|
Cash from Operating Activities |
52.3 |
88.1 |
118.1 |
82.3 |
74.6 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-8.0 |
-6.2 |
-14.0 |
-11.4 |
-6.8 |
|
Purchase/Acquisition of Intangibles |
-1.0 |
-9.5 |
-8.2 |
-8.2 |
-2.1 |
|
Capital Expenditures |
-9.0 |
-15.8 |
-22.2 |
-19.5 |
-8.8 |
|
Acquisition of Business |
- |
0.0 |
-15.7 |
-32.1 |
-10.9 |
|
Sale of Business |
0.0 |
5.4 |
- |
0.0 |
-0.2 |
|
Sale of Fixed Assets |
0.8 |
1.0 |
0.6 |
1.2 |
0.2 |
|
Purchase of Investments |
-159.3 |
-2.1 |
-4.1 |
4.3 |
-10.8 |
|
Other Investing Cash Flow |
- |
- |
0.0 |
9.0 |
6.2 |
|
Other Investing Cash Flow Items, Total |
-158.5 |
4.3 |
-19.2 |
-17.7 |
-15.4 |
|
Cash from Investing Activities |
-167.5 |
-11.4 |
-41.4 |
-37.2 |
-24.3 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-62.3 |
-19.9 |
-19.8 |
-52.5 |
-24.0 |
|
Financing Cash Flow Items |
-62.3 |
-19.9 |
-19.8 |
-52.5 |
-24.0 |
|
Sale/Issuance of
Common |
- |
- |
- |
0.0 |
232.1 |
|
Repurchase/Retirement
of Common |
- |
- |
- |
0.0 |
0.0 |
|
Common Stock, Net |
- |
- |
- |
0.0 |
232.1 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
- |
0.0 |
232.1 |
|
Short Term Debt
Reduction |
0.1 |
0.0 |
-0.2 |
-2.3 |
0.0 |
|
Short Term Debt, Net |
0.1 |
0.0 |
-0.2 |
-2.3 |
-2.4 |
|
Long Term Debt Issued |
- |
- |
0.0 |
-13.2 |
0.0 |
|
Long Term Debt
Reduction |
-2.3 |
-14.0 |
-2.2 |
-4.1 |
-1.6 |
|
Long Term Debt, Net |
6.7 |
94.1 |
-50.6 |
-19.8 |
-26.9 |
|
Issuance (Retirement) of Debt, Net |
6.8 |
94.1 |
-50.8 |
-22.1 |
-29.3 |
|
Cash from Financing Activities |
-55.5 |
74.3 |
-70.6 |
-74.6 |
178.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
5.1 |
2.4 |
0.0 |
-4.2 |
-1.4 |
|
Net Change in Cash |
-165.6 |
153.4 |
6.1 |
-33.7 |
227.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
436.8 |
270.2 |
264.3 |
327.0 |
62.0 |
|
Net Cash - Ending Balance |
271.2 |
423.5 |
270.4 |
293.3 |
289.8 |
|
Cash Interest Paid |
4.4 |
3.3 |
4.0 |
5.6 |
5.2 |
|
Cash Taxes Paid |
52.6 |
42.8 |
30.1 |
42.1 |
32.7 |
Annual Income Statement
|
Financials in: USD (mil), Except for share items (millions) and per
share items (actual units), |
|
|
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.717768 |
0.740255 |
0.73971 |
0.666382 |
0.752073 |
|
Auditor |
KPMG AG |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
1,057.2 |
914.1 |
865.3 |
900.7 |
757.5 |
|
Total Revenue |
1,057.2 |
914.1 |
865.3 |
900.7 |
757.5 |
|
|
|
|
|
|
|
|
Cost of Goods Sold |
479.2 |
429.5 |
429.6 |
445.3 |
364.6 |
|
Sales and Marketing |
260.7 |
219.9 |
203.7 |
212.8 |
178.7 |
|
General/Admin. |
56.1 |
50.3 |
43.8 |
48.4 |
42.7 |
|
Research/Development |
117.3 |
97.7 |
85.8 |
93.0 |
78.8 |
|
Other Operating Income |
-0.5 |
-0.4 |
-1.1 |
-2.0 |
-0.8 |
|
Sale of Buildings |
0.0 |
-0.3 |
- |
-0.2 |
0.0 |
|
Damages |
- |
- |
- |
-0.2 |
0.0 |
|
Other Operating Expense |
0.0 |
0.1 |
0.6 |
0.8 |
0.1 |
|
Loss on Sale of Tangibles |
- |
- |
0.2 |
- |
- |
|
Integration Costs |
- |
- |
- |
0.4 |
0.0 |
|
Penalties for Non-Fulfilment |
- |
- |
- |
0.0 |
0.1 |
|
Op. For. Curr, Net |
- |
- |
- |
0.6 |
-0.1 |
|
Total Operating Expense |
912.9 |
796.9 |
762.5 |
798.9 |
663.9 |
|
|
|
|
|
|
|
|
Interest Income |
6.3 |
3.0 |
7.1 |
14.7 |
12.9 |
|
Interest Expense |
-10.0 |
-7.9 |
-8.1 |
-8.6 |
-8.5 |
|
WriteUp/Dep./Adj. |
3.6 |
4.9 |
3.6 |
5.8 |
3.2 |
|
Investments/Equity Method |
-0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Currency Gains/Losses, Net |
-3.6 |
-5.0 |
0.9 |
- |
- |
|
Net Income Before Taxes |
140.5 |
112.1 |
106.3 |
113.6 |
101.2 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
39.9 |
31.5 |
31.8 |
29.2 |
35.2 |
|
Net Income After Taxes |
100.7 |
80.6 |
74.5 |
84.4 |
66.0 |
|
|
|
|
|
|
|
|
Minority Interests |
-7.5 |
-6.4 |
-6.2 |
-3.3 |
-2.5 |
|
Net Income Before Extra. Items |
93.2 |
74.1 |
68.3 |
81.1 |
63.5 |
|
Net Income |
93.2 |
74.1 |
68.3 |
81.1 |
63.5 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
93.2 |
74.1 |
68.3 |
81.1 |
63.5 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
93.2 |
74.1 |
68.3 |
81.1 |
63.5 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
81.3 |
81.3 |
81.3 |
81.3 |
78.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.15 |
0.91 |
0.84 |
1.00 |
0.81 |
|
Basic EPS Including ExtraOrdinary Item |
1.15 |
0.91 |
0.84 |
1.00 |
0.81 |
|
Diluted Net Income |
93.2 |
74.1 |
68.3 |
81.1 |
63.5 |
|
Diluted Weighted Average Shares |
81.3 |
81.3 |
81.3 |
81.3 |
78.0 |
|
Diluted EPS Excluding ExtraOrd Items |
1.15 |
0.91 |
0.84 |
1.00 |
0.81 |
|
Diluted EPS Including ExtraOrd Items |
1.15 |
0.91 |
0.84 |
1.00 |
0.81 |
|
DPS-Bearer Shares |
0.42 |
0.74 |
0.24 |
0.27 |
0.57 |
|
Gross Dividends - Common Stock |
34.0 |
60.4 |
19.8 |
0.0 |
46.5 |
|
Normalized Income Before Taxes |
140.5 |
111.8 |
106.5 |
113.7 |
101.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
39.9 |
31.5 |
31.8 |
29.3 |
35.2 |
|
Normalized Income After Taxes |
100.7 |
80.4 |
74.6 |
84.4 |
66.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
93.2 |
74.0 |
68.5 |
81.1 |
63.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.15 |
0.91 |
0.84 |
1.00 |
0.81 |
|
Diluted Normalized EPS |
1.15 |
0.91 |
0.84 |
1.00 |
0.81 |
|
Interest Expense |
10.0 |
7.9 |
8.1 |
8.6 |
8.5 |
|
Research & Development Expense |
117.3 |
97.7 |
85.8 |
93.0 |
78.8 |
|
Amortisation of Intangibles |
14.4 |
16.3 |
11.7 |
0.0 |
8.0 |
|
Depreciation |
12.0 |
12.1 |
10.4 |
0.0 |
7.7 |
|
Rental Expense |
12.5 |
12.2 |
12.3 |
12.4 |
9.8 |
|
Current Tax - Domestic |
24.2 |
21.7 |
18.3 |
21.8 |
20.7 |
|
Current Tax - Foreign |
23.1 |
23.7 |
18.8 |
14.4 |
16.6 |
|
Current Tax - Total |
47.3 |
45.4 |
37.1 |
36.2 |
37.3 |
|
Deferred Tax - Domestic |
-3.8 |
-8.0 |
-0.7 |
-4.2 |
4.7 |
|
Deferred Tax - Foreign |
-3.6 |
-5.8 |
-4.6 |
-2.7 |
-6.8 |
|
Deferred Tax - Total |
-7.4 |
-13.8 |
-5.3 |
-6.9 |
-2.1 |
|
Income Tax - Total |
39.9 |
31.5 |
31.8 |
29.2 |
35.2 |
|
Current Service Cost |
5.9 |
3.5 |
2.1 |
3.5 |
3.3 |
|
Interest Expense |
4.1 |
3.6 |
3.4 |
3.3 |
2.8 |
|
Anticipated Return on Plan Assets |
-3.3 |
-3.1 |
-2.9 |
-3.2 |
-2.6 |
|
Recognised Actuarial Gains/Losses |
0.9 |
0.9 |
0.5 |
0.2 |
-0.7 |
|
Domestic Pension Plan Expense |
7.6 |
4.8 |
3.1 |
3.8 |
2.8 |
|
Total Pension Expense |
7.6 |
4.8 |
3.1 |
3.8 |
2.8 |
|
Discount Factor - Germany |
5.20% |
4.70% |
6.00% |
6.40% |
5.25% |
|
Long-Term Salary Increase - Germany |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Future Pension Increase - Germany |
2.00% |
2.00% |
2.00% |
2.00% |
1.75% |
|
Anticipated Return on Plan Assets - Germ |
4.50% |
4.50% |
5.00% |
5.00% |
5.00% |
|
Discount Rate - USA |
4.55% |
5.50% |
- |
- |
- |
|
Long-Term Salary Increase - USA |
4.00% |
3.50% |
- |
- |
- |
|
Future Pension Increase - USA |
4.00% |
4.00% |
- |
- |
- |
|
Anticipated Return on Plan Assets - USA |
7.50% |
7.50% |
- |
- |
- |
|
Discount Rate - Japan |
1.00% |
1.00% |
- |
- |
- |
|
Long-Term Salary Increase - Japan |
2.54% |
2.54% |
- |
- |
- |
|
Future Pension Increase - Japan |
2.54% |
2.54% |
- |
- |
- |
|
Discount Factor - Other |
- |
- |
1.50% |
1.50% |
1.70% |
|
Long-Term Salary Increase - Other |
- |
- |
2.54% |
3.50% |
3.50% |
|
Future Pension Increase - Other |
- |
- |
2.54% |
3.80% |
3.80% |
|
Anticipated Return on Plan Assets -Other |
- |
- |
7.50% |
8.00% |
8.00% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.745323 |
0.732493 |
0.684135 |
0.711921 |
0.703161 |
|
Auditor |
KPMG AG |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
6.6 |
31.2 |
18.8 |
- |
- |
|
Cash and Equivalents |
254.6 |
396.8 |
273.5 |
274.6 |
309.9 |
|
Restricted Cash |
- |
- |
- |
- |
0.0 |
|
Securities |
0.0 |
0.1 |
0.2 |
0.0 |
7.2 |
|
Treasury Receivables |
19.4 |
33.8 |
140.3 |
86.9 |
84.1 |
|
Trade Rcvbls. |
187.4 |
142.0 |
142.8 |
139.1 |
150.6 |
|
Doubtful Debts |
-6.6 |
-8.1 |
-9.4 |
-11.9 |
-13.2 |
|
Rcvbl./Affiliate |
54.5 |
43.8 |
35.0 |
28.5 |
22.1 |
|
Raw Materials |
67.9 |
57.1 |
48.9 |
50.8 |
44.9 |
|
Work in Progress |
26.0 |
21.0 |
20.9 |
24.0 |
23.7 |
|
Finished Goods |
118.3 |
116.0 |
103.4 |
119.5 |
100.4 |
|
Valuation Adj. |
-32.9 |
-31.4 |
-28.5 |
-26.7 |
-25.2 |
|
Tax Receivables |
2.3 |
11.9 |
4.6 |
5.2 |
4.4 |
|
Accounts Receivables from Subsidies |
0.4 |
0.3 |
0.3 |
- |
- |
|
Prepaid Expenses |
9.1 |
6.4 |
4.0 |
- |
- |
|
Other Receivables |
4.7 |
5.6 |
6.0 |
- |
- |
|
Other Assets |
0.4 |
2.5 |
7.1 |
10.4 |
13.0 |
|
Short Term Investments |
147.7 |
0.1 |
- |
- |
- |
|
Total Current Assets |
859.8 |
829.2 |
767.9 |
700.3 |
722.0 |
|
|
|
|
|
|
|
|
Land/Buildings |
46.6 |
45.5 |
46.6 |
39.3 |
39.7 |
|
Plant/Machinery |
25.4 |
25.6 |
26.4 |
30.0 |
18.8 |
|
Fixt./Fittings |
64.9 |
58.8 |
58.9 |
43.6 |
36.7 |
|
Construction |
2.8 |
1.6 |
1.0 |
2.6 |
0.9 |
|
Depreciation |
-85.4 |
-77.0 |
-71.3 |
-61.5 |
-51.2 |
|
Intangibles |
107.4 |
108.3 |
103.8 |
- |
- |
|
Amort. Intangib. |
-75.0 |
-62.0 |
-48.2 |
- |
- |
|
Intangibles, Net |
- |
- |
- |
46.2 |
31.2 |
|
Goodwill, Net |
151.9 |
154.4 |
166.0 |
156.9 |
147.5 |
|
Other Non-current Assets |
0.2 |
1.7 |
1.7 |
1.2 |
1.1 |
|
Shareholding |
0.5 |
0.5 |
0.5 |
0.5 |
0.5 |
|
Deferred Tax |
61.1 |
56.7 |
47.8 |
42.5 |
40.8 |
|
LT Receivables |
3.7 |
5.0 |
1.3 |
3.7 |
2.3 |
|
Investments/Equity Method |
0.0 |
0.1 |
0.2 |
0.2 |
0.0 |
|
Total Assets |
1,163.9 |
1,148.4 |
1,102.7 |
1,005.5 |
990.3 |
|
|
|
|
|
|
|
|
Short Term Debt |
7.9 |
4.6 |
2.6 |
3.0 |
0.9 |
|
Cur.Port.LT Debt |
0.5 |
0.4 |
13.6 |
1.3 |
14.4 |
|
Trade Payables |
39.1 |
39.2 |
33.7 |
38.5 |
35.7 |
|
Pybl./Affiliates |
17.7 |
14.9 |
13.2 |
13.0 |
16.9 |
|
Treasury Payables |
8.0 |
14.0 |
10.4 |
10.7 |
13.4 |
|
Inc. Tax Payable |
8.2 |
16.9 |
11.9 |
5.2 |
6.6 |
|
Cur.Port. Lease |
2.2 |
2.1 |
1.9 |
1.5 |
1.4 |
|
Accrued Expenses |
63.6 |
64.1 |
55.5 |
56.4 |
48.0 |
|
Reserves |
47.0 |
49.6 |
44.8 |
39.5 |
49.1 |
|
Deferred Income/Advances |
6.3 |
5.6 |
19.9 |
- |
- |
|
Social Security, Other Taxes |
27.7 |
23.7 |
8.5 |
- |
- |
|
Other Liabs. |
3.0 |
3.0 |
3.9 |
32.4 |
30.4 |
|
Total Current Liabilities |
231.3 |
238.0 |
219.9 |
201.4 |
216.9 |
|
|
|
|
|
|
|
|
Long Term Debt |
11.7 |
12.4 |
13.6 |
26.4 |
18.7 |
|
Capital Lease |
20.7 |
22.8 |
24.7 |
26.1 |
27.9 |
|
Total Long Term Debt |
32.3 |
35.2 |
38.3 |
52.4 |
46.6 |
|
|
|
|
|
|
|
|
Deferred Tax |
5.8 |
8.9 |
14.2 |
16.0 |
16.0 |
|
Other Liabs. |
8.5 |
8.9 |
8.8 |
5.7 |
4.6 |
|
Pension |
17.8 |
19.2 |
16.6 |
16.8 |
16.0 |
|
Other Provisions |
17.4 |
20.5 |
15.8 |
9.7 |
5.7 |
|
Minority Int. |
47.0 |
36.4 |
27.7 |
17.9 |
13.7 |
|
Total Liabilities |
360.2 |
367.1 |
341.3 |
320.0 |
319.6 |
|
|
|
|
|
|
|
|
Share Capital |
109.1 |
111.0 |
118.9 |
114.2 |
115.6 |
|
Add. Paid-In Cap |
421.1 |
428.5 |
458.8 |
440.9 |
446.4 |
|
Retained Earning |
286.9 |
261.6 |
221.3 |
162.2 |
137.1 |
|
Other Comp. Inc. |
-13.4 |
-19.8 |
-37.6 |
-31.8 |
-28.4 |
|
Total Equity |
803.7 |
781.3 |
761.3 |
685.5 |
670.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,163.9 |
1,148.4 |
1,102.7 |
1,005.5 |
990.3 |
|
|
|
|
|
|
|
|
S/O-Bearer Shares |
81.3 |
81.3 |
81.3 |
81.3 |
81.3 |
|
Total Common Shares Outstanding |
81.3 |
81.3 |
81.3 |
81.3 |
81.3 |
|
Accumulated Intangible Amortisation |
75.0 |
62.0 |
48.2 |
35.1 |
27.3 |
|
Advance Payments |
6.3 |
5.6 |
5.3 |
4.0 |
- |
|
Full-Time Employees |
2,366 |
2,189 |
2,147 |
2,152 |
1,929 |
|
LTD < 1 Year |
0.5 |
0.4 |
13.6 |
1.3 |
14.4 |
|
LTD < 2 Years |
8.5 |
0.4 |
0.4 |
13.3 |
0.4 |
|
LTD < 3 Years |
0.5 |
8.5 |
0.4 |
0.4 |
13.4 |
|
LTD < 4 Years |
0.6 |
0.5 |
9.1 |
0.4 |
0.4 |
|
LTD < 5 Years |
0.6 |
0.5 |
0.5 |
8.7 |
0.4 |
|
LTD < 6 Years |
0.6 |
0.5 |
0.5 |
0.5 |
0.5 |
|
LTD > 5 Years |
0.9 |
1.9 |
2.6 |
3.1 |
3.6 |
|
Total Long Term Debt, Supplemental |
12.2 |
12.8 |
27.2 |
27.6 |
33.1 |
|
Capital Lease within 1 Year |
2.2 |
2.1 |
1.9 |
1.5 |
1.4 |
|
Capital Lease from 1-5 Years |
10.8 |
9.6 |
8.6 |
7.9 |
7.2 |
|
Capital Lease over 5 Years |
9.9 |
13.1 |
16.1 |
18.1 |
20.7 |
|
Total Capital Leases |
22.8 |
24.8 |
26.6 |
27.5 |
29.4 |
|
Operating Lease within 1 Year |
10.5 |
7.3 |
6.7 |
6.6 |
4.4 |
|
Operating Lease from 1-5 Years |
13.9 |
10.9 |
8.3 |
7.8 |
4.1 |
|
Remaining |
7.5 |
0.9 |
2.0 |
2.6 |
0.6 |
|
Total Operating Leases |
31.9 |
19.1 |
16.9 |
17.0 |
9.0 |
|
Present Value of Defined Benefit Oblig. |
98.1 |
96.2 |
71.8 |
58.4 |
63.5 |
|
Fair Value of Plan Assets |
64.2 |
58.3 |
57.7 |
51.1 |
56.8 |
|
Funded Status |
-33.9 |
-37.9 |
-14.0 |
-7.3 |
-6.6 |
|
Total Funded Status |
-33.9 |
-37.9 |
-14.0 |
-7.3 |
-6.6 |
|
Discount Factor - Germany |
5.20% |
4.70% |
6.00% |
6.40% |
5.25% |
|
Long-Term Salary Increase - Germany |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Future Pension Increase - Germany |
2.00% |
2.00% |
2.00% |
2.00% |
1.75% |
|
Anticipated Return on Plan Assets - Germ |
4.50% |
4.50% |
5.00% |
5.00% |
5.00% |
|
Discount Factor - USA |
4.55% |
5.50% |
- |
- |
- |
|
Long-Term Salary Increase - USA |
4.00% |
3.50% |
- |
- |
- |
|
Future Pension Increase - USA |
4.00% |
4.00% |
- |
- |
- |
|
Anticipated Return on Plan Assets - USA |
7.50% |
7.50% |
- |
- |
- |
|
Discount Factor - Japan |
1.00% |
1.00% |
- |
- |
- |
|
Long-Term Salary Increase - Japan |
2.54% |
2.54% |
- |
- |
- |
|
Future Pension Increase - Japan |
2.54% |
2.54% |
- |
- |
- |
|
Discount Factor - Other |
- |
- |
1.50% |
1.50% |
1.70% |
|
Long-Term Salary Increase - Other |
- |
- |
2.54% |
3.50% |
3.50% |
|
Future Pension Increase - Other |
- |
- |
2.54% |
3.80% |
3.80% |
|
Anticipated Return on Plan Assets -Other |
- |
- |
7.50% |
8.00% |
8.00% |
|
Net Defined Benefit Plan Assets |
-17.8 |
-19.2 |
0.0 |
0.0 |
-16.0 |
|
Net Assets Recognized on Balance Sheet |
-17.8 |
-19.2 |
0.0 |
0.0 |
-16.0 |
|
Assets which Cannot Be Offset |
- |
- |
- |
0.00% |
0.04% |
|
Equity Instruments |
23.54% |
20.69% |
27.39% |
18.38% |
33.82% |
|
Debt Instruments |
53.66% |
56.50% |
55.14% |
54.09% |
39.97% |
|
Cash |
8.51% |
7.80% |
13.70% |
23.25% |
14.70% |
|
Other |
14.29% |
15.01% |
3.77% |
4.27% |
11.46% |
Annual Cash Flows
Financials in: USD (mil)
|
|
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.717768 |
0.740255 |
0.73971 |
0.666382 |
0.752073 |
|
Auditor |
KPMG AG |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income Before Minority Interest |
100.7 |
80.6 |
74.5 |
84.4 |
66.0 |
|
Depreciation |
26.4 |
28.3 |
22.1 |
19.1 |
15.7 |
|
Income Tax Expenses |
39.9 |
31.5 |
31.8 |
29.2 |
35.2 |
|
Interest Income/Expenses |
3.7 |
4.9 |
1.0 |
-6.1 |
-4.4 |
|
Appreciation and Write-ups |
- |
- |
- |
0.0 |
0.0 |
|
Amortisation of Financial Assets |
- |
- |
- |
0.0 |
0.0 |
|
Sale of Fixed Assets |
1.1 |
-0.3 |
-0.1 |
-0.4 |
0.9 |
|
Sale of Pharma Business |
0.0 |
-1.6 |
- |
- |
- |
|
Interest and Dividends Received |
3.3 |
2.7 |
6.9 |
11.1 |
12.5 |
|
Interest Paid |
-4.4 |
-3.3 |
-4.0 |
-5.6 |
-5.2 |
|
Income Tax Refund |
25.1 |
4.4 |
5.1 |
5.2 |
4.1 |
|
Income Tax Paid |
-77.6 |
-47.2 |
-35.3 |
-47.2 |
-36.8 |
|
Accounts Receivable |
-57.1 |
-17.6 |
-2.7 |
5.4 |
-10.0 |
|
Inventories |
-21.2 |
-22.6 |
27.9 |
-19.9 |
-21.9 |
|
Other Assets |
4.3 |
1.5 |
-6.9 |
4.3 |
-2.7 |
|
Accounts Payable |
1.1 |
7.2 |
-7.6 |
-8.0 |
4.1 |
|
Provisions and Financial Liabilities |
2.6 |
18.9 |
3.0 |
7.6 |
2.8 |
|
Other Liabilities |
4.6 |
0.7 |
2.3 |
3.2 |
7.3 |
|
Consolidation |
- |
- |
- |
0.0 |
-0.1 |
|
Pension Receivables |
- |
- |
- |
0.0 |
7.0 |
|
Results from Investments/Equity Method |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash from Operating Activities |
52.3 |
88.1 |
118.1 |
82.3 |
74.6 |
|
|
|
|
|
|
|
|
Restricted Cash |
- |
- |
- |
0.0 |
6.2 |
|
Purchase Fixed Asset |
-8.0 |
-6.2 |
-14.0 |
-11.4 |
-6.8 |
|
Sale of Fixed Assets |
0.8 |
1.0 |
0.6 |
1.2 |
0.2 |
|
Acquisition of Carl Zeiss SA Spain |
- |
- |
- |
0.0 |
-5.0 |
|
Acquisition of Consolidated Companies |
- |
0.0 |
-15.7 |
-32.1 |
-6.8 |
|
Proceeds/Loans |
- |
- |
- |
0.0 |
0.0 |
|
Securities |
-153.3 |
0.0 |
0.0 |
7.4 |
-6.6 |
|
Sale Subsidiary |
0.0 |
5.4 |
- |
0.0 |
-0.2 |
|
Purchase Intangibles |
-1.0 |
-9.5 |
-8.2 |
-8.2 |
-2.1 |
|
Purchase of Investment |
-6.0 |
-2.1 |
-4.1 |
-3.1 |
-4.2 |
|
Acquisition of Surgical Business |
- |
- |
- |
0.0 |
0.9 |
|
Repayment of Loans to A Former Sharehol. |
- |
- |
0.0 |
9.2 |
0.0 |
|
Repayment of Loans |
- |
- |
0.0 |
0.0 |
0.0 |
|
Investment in Interest |
- |
- |
0.0 |
-0.2 |
0.0 |
|
Cash from Investing Activities |
-167.5 |
-11.4 |
-41.4 |
-37.2 |
-24.3 |
|
|
|
|
|
|
|
|
ST Debt Repaid |
0.1 |
0.0 |
-0.2 |
-2.3 |
0.0 |
|
ST Debt, Net |
- |
- |
- |
0.0 |
-2.4 |
|
LT Debt Repaid |
-0.4 |
-0.6 |
-0.8 |
-2.6 |
-0.5 |
|
Repay. Capital Lease |
-1.9 |
-1.7 |
-1.4 |
-1.5 |
-1.2 |
|
Loans from Related Issued |
- |
- |
0.0 |
-13.2 |
0.0 |
|
Loans from Related Repayed |
0.0 |
-11.7 |
- |
- |
- |
|
Treasury Liabs., Net |
-6.0 |
4.2 |
-0.7 |
-2.7 |
-20.5 |
|
Rcvbls/Treasury, Net |
15.0 |
103.9 |
-47.8 |
0.2 |
-4.8 |
|
Capital Increase |
- |
- |
- |
0.0 |
232.1 |
|
Cost of Capital Increase |
- |
- |
- |
0.0 |
-8.8 |
|
Acquisition of Minority Interest |
0.0 |
-0.1 |
- |
- |
- |
|
Dividends Paid to Minority |
- |
- |
- |
0.0 |
0.0 |
|
Payments to CZ Medical AG |
-62.3 |
-19.8 |
-19.8 |
-52.5 |
-15.1 |
|
Treasury Stock |
- |
- |
- |
0.0 |
0.0 |
|
Cash from Financing Activities |
-55.5 |
74.3 |
-70.6 |
-74.6 |
178.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
5.1 |
2.4 |
0.0 |
-4.2 |
-1.4 |
|
Net Change in Cash |
-165.6 |
153.4 |
6.1 |
-33.7 |
227.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
436.8 |
270.2 |
264.3 |
327.0 |
62.0 |
|
Net Cash - Ending Balance |
271.2 |
423.5 |
270.4 |
293.3 |
289.8 |
|
Cash Interest Paid |
4.4 |
3.3 |
4.0 |
5.6 |
5.2 |
|
Cash Taxes Paid |
52.6 |
42.8 |
30.1 |
42.1 |
32.7 |
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.53.85 |
|
UK Pound |
1 |
Rs.85.25 |
|
Euro |
1 |
Rs.71.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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
SCs 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.