MIRA INFORM REPORT
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Report Date : |
06.07.2013 |
IDENTIFICATION DETAILS
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Name : |
UMICORE SA
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Registered Office : |
rue du Marais 31, Bruxelles, BE-1000 |
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Country : |
Belgium |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
07.07.1994 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
manufacturer and supply
of high-performance energy materials and catalysts. It has rich expertise in the
areas of metallurgy, material science and chemistry. |
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No. of Employees : |
14438 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Belgium |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
BELGIUM - ECONOMIC OVERVIEW
This modern, open, and private-enterprise-based economy has capitalized
on its central geographic location, highly developed transport network, and
diversified industrial and commercial base. Industry is concentrated mainly in
the more heavily-populated region of Flanders in the north. With few natural
resources, Belgium imports substantial quantities of raw materials and exports
a large volume of manufactures, making its economy vulnerable to volatility in
world markets. Roughly three-quarters of Belgium's trade is with other EU
countries, and Belgium has benefited most from its proximity to Germany. In
2011 Belgian GDP grew by 1.8%, the unemployment rate decreased slightly to 7.2%
from 8.3% the previous year, and the government reduced the budget deficit from
a peak of 6% of GDP in 2009 to 4.2% in 2011 and 3.3% in 2012. Fourth quarter
GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative
growth. This brought economic growth for the whole of 2012 to negative 0.2%. It
also left Belgium on the brink of a possible recession at the end of 2012.
However, at year's end, the government appeared close to meeting its 2012
budget deficit goal of 3% of GDP. Despite the relative improvement in Belgium's
budget deficit, public debt hovers around 100% of GDP, a factor that has
contributed to investor perceptions that the country is increasingly vulnerable
to spillover from the euro-zone crisis. Belgian banks were severely affected by
the international financial crisis in 2008 with three major banks receiving
capital injections from the government, and the nationalization of the Belgian
retail arm of a Franco-Belgian bank.
Source : CIA
Company name & address
Umicore SA
rue du Marais 31
Bruxelles, BE-1000
Belgium
Tel: 32-2-2277111
Fax: 32-2-2277900
synthesis
Employees: 14,438
Company Type: Public Parent
Corporate Family: 86
Companies
Traded: Euronext
Brussels: UMI
Incorporation Date:
07-Jul-1904
Auditor: PricewaterhouseCoopers LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2012
Reporting Currency: Euro
Annual Sales: 16,204.2 1
Net Income: 300.0
Total Assets: 4,847.9 2
Market Value: 5,478.2 (21-Jun-2013)
Business Description
Umicore SA is a
Belgium-based global materials technology group. It focuses on application
areas, such as materials science, chemistry and metallurgy. Its activities are
oriented around four business areas: Catalysis, Energy Materials, Performance
Materials and Recycling. Umicore generates the majority of its revenues from
clean technologies, such as emission control catalysts, materials for
rechargeable batteries and photovoltaics, fuel cells and recycling. Catalysis
business group also produces precious metals-based compounds for use in the
fine chemicals, life science and pharmaceutical industries. The materials
produced by Energy Materials can be found in a number of applications used in
the production and storage of clean energy, including rechargeable batteries
and photovoltaics. On June 4, 2013, it announced commissioning of new
production line for heavy duty diesel (HDD) catalysts in Florange, France. For
the fiscal year ended 31 December 2012, Umicore SA revenues decreased 13% to
EUR12.61B. Net income decreased 28% to EUR233.4M. Revenues reflect Recycling
segment decrease of 17% to EUR8.57B, Performance Materials segment decrease of
10% to EUR1.35B, Catalysis segment decrease of 3% to EUR1.85B, Europe segment
decrease of 13% to EUR9.13B, North America segment decrease of 24% to EUR1.28B,
Belgium segment decrease of 30% to EUR332.5M.
Industry
Industry Metal Mining
ANZSIC 2006: 2133 - Copper,
Silver, Lead and Zinc Smelting and Refining
NACE 2002: 2744 - Copper
production
NAICS 2002: 331411 - Primary
Smelting and Refining of Copper
UK SIC 2003: 2744 - Copper
production
UK SIC 2007: 2444 - Copper
production
US SIC 1987: 3331 - Primary
Smelting and Refining of Copper
Key Executives
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Member of the Executive Committee, Chief Executive Officer, Executive
Director |
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Member of the Executive Committee, Chief Financial Officer |
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Chief Information Officer |
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Member of the Executive Committee, Executive Vice President of Performance
Materials |
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Chief Technology Officer, Member of the Executive Committee |
Significant Developments
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Topic |
#* |
Most Recent Headline |
Date |
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1 |
Umicore
NV/SA Issues FY 2013 Recurring EBIT Guidance Below Analysts |
7-Feb-2013 |
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1 |
Umicore
NV/SA Appoints Mr. Filip Platteeuw as Chief Financial Officer |
2-Oct-2012 |
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3 |
Umicore SA
Announces Commissioning of New Dedicated Production Line for Heavy Duty
Diesel Catalysts |
4-Jun-2013 |
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3 |
30-Apr-2013 |
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1 |
7-Feb-2013 |
* number of significant developments within the last 12 months
Financial
Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7782366
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7566
Corporate Overview
Location
rue du Marais 31
Bruxelles, BE-1000
Belgium
Tel: 32-2-2277111
Fax: 32-2-2277900
Web: www.umicore.com
Quote Symbol - Exchange
UMI - Euronext
Brussels
Sales EUR(mil): 12,610.7
Assets EUR(mil): 3,667.9
Employees: 14,438
Fiscal Year End: 31-Dec-2012
Industry: Metal
Mining
Incorporation Date: 07-Jul-1904
Company Type: Public
Parent
Quoted Status: Quoted
Registered No.(VAT): 401574852
Member of the
Executive Committee, Chief Executive Officer, Executive Director:
Marc Grynberg
Industry Codes
ANZSIC 2006 Codes:
2133 - Copper, Silver, Lead and Zinc Smelting and Refining
2139 - Other Basic Non-Ferrous Metal Manufacturing
6923 - Engineering Design and Engineering Consulting Services
2149 - Other Basic Non-Ferrous Metal Product Manufacturing
1812 - Basic Organic Chemical Manufacturing
6925 - Scientific Testing and Analysis Services
NACE 2002 Codes:
2744 - Copper production
7420 - Architectural and engineering activities and related
technical consultancy
2745 - Other non-ferrous metal production
7430 - Technical testing and analysis
2414 - Manufacture of other organic basic chemicals
NAICS 2002 Codes:
331411 - Primary Smelting and Refining of Copper
541330 - Engineering Services
331419 - Primary Smelting and Refining of Nonferrous Metal (except
Copper and Aluminum)
541380 - Testing Laboratories
331491 - Nonferrous Metal (except Copper and Aluminum) Rolling,
Drawing, and Extruding
325199 - All Other Basic Organic Chemical Manufacturing
US SIC 1987:
3331 - Primary Smelting and Refining of Copper
8711 - Engineering Services
3356 - Rolling, Drawing, and Extruding of Nonferrous Metals,
Except Copper and Aluminum
3339 - Primary Smelting and Refining of Nonferrous Metals, Except
Copper and Aluminum
2869 - Industrial Organic Chemicals, Not Elsewhere Classified
8734 - Testing Laboratories
UK SIC 2003:
2744 - Copper production
74204 - Engineering consultative and design activities
2745 - Other non-ferrous metal production
7430 - Technical testing and analysis
2414 - Manufacture of other organic basic chemicals
UK SIC 2007:
2444 - Copper production
2445 - Other non-ferrous metal production
71129 - Other engineering activities (not including engineering
design for industrial process and production or engineering related scientific
and technical consulting activities)
2014 - Manufacture of other organic basic chemicals
7120 - Technical testing and analysis
Business Description
Umicore SA is a
Belgium-based global materials technology group. It focuses on application
areas, such as materials science, chemistry and metallurgy. Its activities are
oriented around four business areas: Catalysis, Energy Materials, Performance
Materials and Recycling. Umicore generates the majority of its revenues from
clean technologies, such as emission control catalysts, materials for
rechargeable batteries and photovoltaics, fuel cells and recycling. Catalysis
business group also produces precious metals-based compounds for use in the
fine chemicals, life science and pharmaceutical industries. The materials
produced by Energy Materials can be found in a number of applications used in
the production and storage of clean energy, including rechargeable batteries
and photovoltaics. On June 4, 2013, it announced commissioning of new
production line for heavy duty diesel (HDD) catalysts in Florange, France. For
the fiscal year ended 31 December 2012, Umicore SA revenues decreased 13% to
EUR12.61B. Net income decreased 28% to EUR233.4M. Revenues reflect Recycling
segment decrease of 17% to EUR8.57B, Performance Materials segment decrease of
10% to EUR1.35B, Catalysis segment decrease of 3% to EUR1.85B, Europe segment
decrease of 13% to EUR9.13B, North America segment decrease of 24% to EUR1.28B,
Belgium segment decrease of 30% to EUR332.5M.
More Business
Descriptions
Lead, zinc and tin production
Umicore is a
global materials technology group focusing on application areas where its
expertise in materials science, chemistry and metallurgy makes a real
difference. Its activities are centred on four business areas: Catalysis,
Energy Materials, Performance Materials, and Recycling. Each business area is
divided into market-focused business units offering materials and solutions
that are at the cutting edge of new technological developments and essential to
everyday life. Umicore generates the majority of its revenues and dedicates
most of its R&D efforts to clean technologies, such as emission control catalysts,
materials for rechargeable batteries and photovoltaics, fuel cells, and
recycling
Holding Company;
Zinc, Cobalt & Specialty Metals Products & Services; Catalysts
Development & Mfr
Umicore Group (Umicore)
is a materials technology group. It principally focuses on application areas
such as chemistry, materials science and metallurgy. The group’s product
portfolio comprises building materials, thin film products, cobalt, zinc,
rechargeable batteries, fuel cells, solar cells and solar photovoltaics. It has
industrial operations on all continents and serves a global customer
base.Umicore operates its business through four segments namely Catalysis,
Energy Materials, Performance Materials and Recycling.The Catalysis segment
carries out the production of precious metals based compounds for usage in life
science, fine chemicals and pharmaceutical industries. The Catalysis segment is
organized in two business units namely, Automotive Catalysts and Catalyst
Technologies. Automotive Catalysts takes pride in being one of the world's
leading producers of catalysts mainly used in the automotive emission abatement
systems for both heavy and light duty vehicles. Catalyst Technologies focuses
on the production of organic and inorganic precious-metals-based catalysts for
life science, fine chemicals and pharmaceutical industries. For the fiscal year
ended December 31, 2011, the segment generated revenue of €1,931.9m as
compared to €1,581.63m generated in the previous fiscal. The segment
accounted for 35% of the total revenue.The Energy Materials business segment
focuses on the production of high-purity metals, alloys, compounds and
engineered products based primarily on nickel, cobalt and germanium. The
materials produced by this segment find its application in the production and
storage of clean energy including rechargeable batteries and photovoltaics. The
Energy Materials business segment is composed of three business units namely
Cobalt Specialty Materials (CSM), Electro-Optic Materials (EOM) and Thin Film
Products (TFP). CSM is a leader in the production of cobalt and nickel
chemicals whereas EOM is the world’s foremost producer of germanium
materials. TFP engages in the production of metallic targets for producing
ultra-thin coatings on wide range of applications including photovoltaics and
displays. For the fiscal year ended December 31, 2011, the segment generated
revenue of €729.25m as compared to €707.3m generated in the previous
fiscal. The segment accounted for 17% of the total revenue.Umicore’s
Performance Materials segment applies its technology to the unique properties
of precious and other metals. Its zinc products are notable for their
protective properties, while its precious metals-based materials and compounds
are essential for applications such as high-tech glass production, electrics
and electronics. Performance Materials is organized in to five business units
namely, Building Products, Electroplating, Platinum Engineered Materials, Technical
Materials and Zinc Chemicals. Additionally, it comprises 40% shareholding in
Element Six Abrasives, a joint venture with De Beers. For the fiscal year ended
December 31, 2011, the segment generated revenue of €1,618.23m as compared to
€1,401.5m generated in the previous fiscal. The segment accounted for 21% of
the total revenue.The Recycling business segment focuses on treating complex
waste streams containing precious and other non-ferrous metals. Its core
business is to provide refining and recycling services to an international
customer base. It is divided into four business units namely, Precious Metals
Refining, Jewellery and Industrial Metals, Battery Recycling and Precious
Metals Management. For the fiscal year ended December 31, 2011, the segment
generated revenue of €11,649.3m as compared to €7269.1m generated in the
previous fiscal. The segment accounted for 27% of the total revenue.Umicore
offers platform of solutions to generate and store energy in an efficient
sustainable and environmentally friendly way, such as building blocks that are
used in rechargeable batteries for laptops and mobile phones, fuel cells used
in the future generation of environmentally friendly cars and solar cells to
power satellites. The group dedicates most of its research and development
efforts to clean technologies. It takes pride in being a market leader in
recycling technology for precious and other metals. For the fiscal year ended
2011, the company invested €156.8m for its research and development activities
indicating an increase by 13% in the investment as compared to the previous
fiscal.The principal subsidiaries through which the group operates includes
Umicore Argentina S.A., Umicore Australia Ltd., Umicore Marketing Services
Australia Pty Ltd., Oegussa GmbH, Umicore Financial Services, Umicore Oxyde
Belgium, Umicore Autocatalyst Recycling Belgium N.V., Umicore Abrasives, Coimpa
Industrial Ltda, Umicore Canada Inc., Umicore Autocat Canada Corp., Umicore
Shanghai Co., Ltd. and Umicore Technical Materials (Suzhou) Co., Ltd. amongst
others. Geographically, the company categorizes its operations into five
regions, namely, Europe, Asia Pacific, North America, South America and Africa.
For the fiscal year ended December 31, 2011, the Europe segment accounted for
56% of the total revenue, followed by Asia Pacific with 22%, North America with
16%, South America with 4% and Africa accounted for the rest.In April 2012, the
company announced its partnership with International Life Cycle Chair, a
research unit to develop a full understanding of the impact that our products
have on the world from an ecological, social and economic standpoint. This
partnership is expected to improve its research activities and follow a
sustainability approach for manufacture of its products and services.In
December 2011, based on the market news of phasing out of the germanium
sources, the company announced its plans to consolidate the production of its
germanium-based optics products at its facility in Quapaw, Oklahoma. In October
2011, the company was awarded two prizes at the Belgian Business Awards for the
Environment.
Umicore NV/SA
(Umicore) is a global materials technology group. It focuses on application
areas such as chemistry, materials science and metallurgy. Its activities are
centered on four business areas, namely, Catalysis, Energy Materials,
Performance Materials and Recycling. The company also derives revenue from
areas including clean technology and dedicates most of its research and
development efforts in this regards. The group’s product portfolio comprises
of building materials, thin film products, cobalt, zinc, rechargeable
batteries, fuel cells, solar cells and solar pv. The company maintains a strong
customer base with its operations spanning across all continents. The company
is headquartered in Brussels, Belgium.The company focuses on executing growth
projects in the pipeline in 2012. Umicore seeks to generate economic value
through its existing businesses and any acquisitions or organic growth
initiatives. The company adheres to its strategic vision for the period
2011-2015, which links its growth focus to areas of most significant difference
in addressing the global megatrends of materials scarcity, more stringent
emission control, electrification of the automobile and the need for clean
energy. In the future, the company plans to invest and carry out research to
provide products and services related to new recycling technologies, materials
for rechargeable batteries, materials for photovoltaic applications, new
generations of automotive catalysts and fuel cell research.The company reported
revenues of (Euro) EUR 12,610.68 million during the fiscal year ended December
2012, a decrease of 13.26% from 2011. The operating profit of the company was
EUR 306.38 million during the fiscal year 2012, a decrease of 24.39% from 2011.
The net profit of the company was EUR 233.44 million during the fiscal year
2012, a decrease of 28.16% from 2011.
Other Metal Ore Mining
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Strategic Initiatives
Partnerships
The Executive Committee
conducted five dedicated technology reviews in the course of 2011 in addition
to the regular technology reviews that are included in the budget and strategic
review process for each business unit. These five reviews focused on testing
technology for e-vehicles (battery and emission control), heavy duty diesel
catalysis, lithium-ion battery materials, technology innovation and
technologyrelated project portfolio and performance management. In 2011 we also
further strengthened our collaboration with universities and research
institutes around the world. We announced an intensification of our partnership
with the University of Gent (Belgium) on nanocoatings, sustainable materials
processes and recycling. In the area of nanocoatingsUmicore will offer structural
support to the research group Coating and Contacting of Nanostructures, while
in the field of sustainable materials processes and recycling Umicore has
sponsored a visiting professorship in the Metal Science and Technology research
unit of the Department of Materials Science and Engineering.
Product
Return on capital
employed remained strong, despite the continued high level of investment. •
Revenues of €1.2 billion (up 8%); • Recurring EBITDA of €266 million
(down 5%); • Recurring EBIT of €192 million (down 11%); • ROCE of 17.4%
vs 19.2% in the first half of 2011; • Recurring net profit (Group share) of
€146 million (down 8%); • Recurring EPS of €1.31 (down 6%). Umicore
continued to invest in growth projects as part of its Vision 2015 strategy with
a number of significant initiatives announced during the period. Capital
expenditures reached €94.6 million. Research & Development expenditure
reached €87 million, increasing by 19%, with the main increase recorded in Catalysis
and Recycling.
Umicore’s
revenues increased by close to 15% with all businesses groups contributing to
the growth. Growth in the second half closely matched that of the first half.
• Revenues of €2.3 billion (up 15%) • Recurring EBIT of €416 million
(up 21%) • ROCE of 18.6% vs 17.5% in 2010 • Recurring net profit (Group
share) of €305 million (up 16%) • Recurring EPS of €2.69 (up 16%) Umicore
continued to invest in future growth projects as part of its Vision 2015
strategy. Capital expenditures reached €213 million (up 24%) with investments
increasing in all business groups. Research & Development expenditures
increased by 13% to €157 million.
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities ·
Potential
Photovoltaic Market: Europe |
Threats |
Overview
Umicore NV/SA
(Umicore) is specialized in the manufacture and supply of high-performance
energy materials and catalysts. It has rich expertise in the areas of metallurgy,
material science and chemistry. Leading position in some of its business
segments and widespread geographic operations are the key strengths of the
company. However, its operational inefficiencies remain a concern for the
company. Nevertheless, the company has growth opportunities through its R&D
activities, and emerging markets. However, fluctuation in foreign exchange
rates and intense competition could hamper the financial performance of the
company.
Strengths
Strong Growth in Revenues
Umicore has
recorded strong growth in the overall revenues in 2011. It has shown a fair
revenue growth in all its business categories. Even though, the improvements in
the business environment, coupled with metal price increases, have led to
increased working capital requirements; overall revenues went up by 49.5% over
that in 2010. The company reported revenues of €14,480.9m in 2011, as
compared to €9,746.2m in 2010. Within the segments, Catalysis revenues
increased by 22.15% and Energy Materials revenues went up by up 3.1%. Its
Performance Materials segment revenues increased by 15.47% and revenues from
Recycling operations also increased by 60.26%. Such strong growth across the
business segments contributed to the significant rise in overall revenues for the
fiscal year.
Widespread Operations
Umicore has a
strong worldwide network of offices, subsidiaries, and associates through which
it carries out its business operations. The company operates across the world
with presence in Europe, Asia-Pacific, North America, South America and Africa.
As of December 2011, each of these regions contributed 56%, 22%, 16%, 4% and
2%, respectively. Its operating subsidiaries are located in Brazil, Argentina
in the South American region, China, Japan, Korea, Malaysia, Philippines,
Taiwan, Thailand and Singapore in Asia; South Africa in Africa and most
countries in Europe and North American region. Its workforce is split up
covering 52.4% in Europe, 22.3% in Asia Pacific, 11.2% in Africa, 8.2% in South
America, and 5.9% in North America. Its widespread operations bestow cost and
competitive advantages and reduce risks associated with operating in any
particular region. For instance in case of an economic downturn related to any
geographic segment Umicore’s diversified operations limits the effects of
fluctuations in the business climate. Further, it allows the company to tap a
larger customer base and various opportunities arising in the region.
Leading Market
Position
The company
currently enjoys a leading position in different business areas. In the
Recycling area, the company is the world leader in recycling complex waste
streams containing precious and other non-ferrous metals. It delivers an
eco-friendly and efficient recycling process for end-of-life rechargeable batteries.
Through its Cobalt and Specialty Materials (CSM) division, Umicore enjoys a
number one position in cobalt and nickel chemicals. Its key products comprise
cobalt compounds used in rechargeable batteries, fine powders used in
hard-metal and diamond tools and metallic compounds for ceramics and catalyst
applications. Umicore’s Electro-Optic Materials is one of the world’s
principal producers of germanium materials. Its key products include substrates
and materials for photovoltaic, photonics, lenses and optical assemblies for
night vision applications. The company’s leading market position allows it to
be comfortably placed in terms of market share and customer base.
Weaknesses
Operational Inefficiency
Umicore has
reported a decrease in operating margins and increasing cost structure in 2011,
despite the increase in company’s revenues by 49.5% from €14,480.9m in 2011
to €9,746.2m in 2010. For the fiscal year ended December 2011, the company
reported operating expenses of €14,132.6m, an increase of 49.6% over
€9,443.2m in 2010. This could be attributable to increase in raw materials
cost to €12,902.6m in 2011 from €8,338.3m in 2010, reflecting an increase
of 54.75%. As a result, the company's operating margins drop down to 2.7% in
2011 as compared to 3.1% in 2010. Its operating costs as a percentage of sale
increased to 97.2% in 2011 from 96.8% in 2010. Reducing costs to such an extent
containing activities including capital and development expenses remains an
area of concern.
Opportunities
Potential Photovoltaic Market: Europe
There is a
tremendous growth in the photovoltaic (PV) market globally and particularly in
Europe. Europe contributes for the majority of the solar energy generated in the
world. According to the European Photovoltaic Industry Association (EPIA), in
2010, the worldwide PV market reached to a cumulative installed capacity of
approximately 40 gigawatts (GW), with an annual added capacity of around 16.6
GW in 2010. The PV power sector is well on the way to becoming a fully
competitive part of the electricity system in the European Union (EU) and an
increasingly important part of the energy mix worldwide. According to the EPIA
report, in 2010, the major increase in solar power generation was due to the
sharp growth in the German and Italian solar markets. In 2010, around 7.4 GW of
solar power was installed in Germany, which is also the leading country in the
PV market worldwide. In 2010, Italy‘s solar installed capacity grew by around
2.3 GW. Besides, other countries saw significant growth in solar capacity
addition. Czech Republic‘s installed solar capacity increased by 1.5 GW in
2010. Japan and the US saw an addition of 990 megawatt (MW) and 900 MW
respectively. For France, the capacity increased by around 700 MW, Spain
installed 370 MW and Belgium connected over 420 MW of PV capacity to the grid.
In 2010, the entire European Union installed over 13 GW of PV capacity and the
rest of the world added a little over 3 GW. In Europe, as of 2010, Germany
contributed for more than 50% of the solar energy generation. Such high rate of
solar power in Europe is supported by its unique market segmentation, ranging
from small residential systems to large ground-mounted installations. Besides,
according to the EPIA, around 15 to 20 terawatt hour (TWh) is expected to be
generated additionally on an annual basis until 2015, which will add around
0.6% of PV to the generation mix in the EU every year. Besides, by 2020, at the
rate of over 6% of total power demand could be provided by PV. Such favorable
situation provides potential opportunities for the company. As the company
products are widely used in PV market, the company could pursue growth
opportunities with growing PV market.
Growing Potential
in the Emerging Markets
The fast paced
growth in the emerging economies offers a huge growth potential for the company
by enabling it to leverage its strong portfolio of products and solutions.
Growth in the Pacific region (especially China) as well as in South Asia
(especially India) has been impressive. The recovery in the automobile industry
indicates a positive sign for the company to focus on expansion. The global
automotive market is forecast to increase by double-digit in emerging nations as
well as improved volumes in the developed markets. According to a recent
survey, automobile purchases in the US witnessed 17% growth in 2010 over that
in the previous year. Total car sales is in 2011 is forecast to increase to
61.03 million units in North America from 57.29 in 2010, followed by 13.28
million units in Western Europe from 12.96 million units in 2010; 3.88 million
units in Eastern Europe from 3.66 million units in 2010. China is expected to
lead the increase in vehicle output in 2010, with full-year assemblies expected
to jump 17% to more than 21 million units. The country’s vehicle output is
anticipated to surpass European assemblies in 2011, representing 28% of overall
global vehicle output. China aims to increase its total annual production
capacity of pure electric, plug-in, hybrid and other new energy vehicles to
500, 000 units by 2011. The passenger vehicle sale in India is expected to grow
at a CAGR of 12% to reach 3.75 million units by 2014, up from 1.89 million
units at the end of 2008-09. As the company offers various automotive
catalysts, rechargeable batteries and other related products and solutions
across emerging markets, it can expect a rise in demand for its products.
Market Oriented
R&D
The company
carries out a number of market oriented research and development (R&D)
activities to accelerate its growth. The company’s R&D arm focuses on
activities that could help in cost reduction and process improvement, quality
assurance, process control, and system development. It also focuses on
developing new manufacturing methods and improving the existing manufacturing
processes, besides new product development and improvement of the existing
products. The company has 15 R&D centers across the globe including new
facility in Asia. Umicore 's conducts R&D activities in Catalysis, energy
materials and recycling areas. In Catalysis area, the company's R&D
activities include in development and testing of HDD systems. In Energy
Materials, it is focusing particularly on materials used in Li-ion batteries to
support the penetration of electrified vehicles. Besides, the company is also
conducting research projects in rotary targets for sputtering of transparent
conductive oxide layers on displays and solar panels. In Recycling, the company
is in the process of testing new UHT technology. A strong focus on R&D
activities will provide Umicore an edge over its competitors in improving its
operational performances. New product and technology adoption strengthen the
company’s innovative capabilities and provide a source of future revenues for
the company.
Threats
Foreign Currency Fluctuations
The robust
international operations of the company increased its exposure to foreign
currency fluctuations. The company operates throughout the world and has
dealings in various currencies. It has operational presence in Africa,
Asia-Pacific, North America and other regions. It transacts business in Chinese
Renminbi, British Pound Sterling, Japanese Yen, US dollar, Swiss franc,
Brazilian Real and other currencies. However, the functional currency of the
company’s operations is the EURO. The company makes efforts to mitigate risks
through foreign currency hedging. However, hedging activities may not offset
more than a portion of the adverse financial impact resulting from unfavorable
movement in foreign currency exchange rates. Such fluctuations in currency
would negatively impact the overall financial health of the company.
Rise in Competition
The company could
be impacted due to the growing competition in the market. The energy materials
and recycling industries have been witnessing consolidation wherein the smaller
entities are being acquired or merged by the major players. To survive and
succeed in a stiff competitive environment, it becomes very important for the
company to distinguish its product and service offerings through a clear and
unique value proposition. The company faces competition from Engelhard
Corporation, Recylex SA, Sparton Resources Inc., Metalico, Inc. and other
international players in various markets. Rising competition may force the
company to reduce its prices which in turn may adversely affect its margins.
Stringent
Regulations
In total, over
59,000 environmental measurements are carried out at all of Umicore’s
industrial sites. These measurements are conducted to verify environmental
compliance with the applicable regulatory requirements, permits and/or local
standards. It typically includes waste water sampling and ambient air
monitoring and environmental noise measurements. Further, the company’s
operations generate significant amount of hazardous wastes and emissions to air
and water. Additionally, the company also needs to comply with various
standards related to business operations and quality of products and services.
Any changes in exiting regulations or introduction of new rules could increase
the operational expenses of the company. Non-compliance with these regulations
could lead to penalties and legal actions.a
|
Corporate Family |
Corporate
Structure News: |
|
|
Umicore
SA |
|
Umicore SA |
|
|
|
|
|
Company Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Bruxelles |
Belgium |
Metal Mining |
16,204.2 |
14,438 |
|
|
Subsidiary |
Brussels |
Belgium |
Construction - Supplies and Fixtures |
|
3,000 |
|
|
Subsidiary |
Brussels |
Belgium |
Construction - Supplies and Fixtures |
|
2,000 |
|
|
Subsidiary |
Hoboken |
Belgium |
Construction - Supplies and Fixtures |
0.2 |
1,500 |
|
|
Subsidiary |
Hanau, Hessen |
Germany |
Metal Mining |
9,009.9 |
1,000 |
|
|
Subsidiary |
Essen, Nordrhein-Westfalen |
Germany |
Miscellaneous Fabricated Products |
86.5 |
96 |
|
|
Subsidiary |
Bagnolet |
France |
Miscellaneous Fabricated Products |
|
752 |
|
|
Subsidiary |
Bagnolet |
France |
Commercial Banks |
393.8 |
749 |
|
|
Subsidiary |
Acigne |
France |
Medical Equipment and Supplies |
3.2 |
14 |
|
|
Subsidiary |
Catoosa, OK |
United States |
Auto and Truck Parts |
224.9 |
500 |
|
|
Subsidiary |
Sao Paulo, Guarulhos |
Brazil |
Business Services |
|
400 |
|
|
Subsidiary |
Cheonan, Chungchongnam-Do |
Korea, Republic of |
Construction - Supplies and Fixtures |
|
200 |
|
|
Subsidiary |
Florange |
France |
Miscellaneous Capital Goods |
18.9 |
149 |
|
|
Subsidiary |
Changsha, Hunan |
China |
Chemical Manufacturing |
|
135 |
|
|
Subsidiary |
Vienna |
Austria |
Jewelry and Silverware |
240.7 |
130 |
|
|
Subsidiary |
Brugge |
Belgium |
Chemical Manufacturing |
50.3 |
82 |
|
|
Subsidiary |
Markham, ON |
Canada |
Metal Mining |
133.0 |
60 |
|
|
Subsidiary |
Eijsden, Limburg |
Netherlands |
Chemical Manufacturing |
47.9 |
60 |
|
|
Branch |
Pasir Gudang, Johor |
Malaysia |
Construction - Supplies and Fixtures |
41.6 |
60 |
|
|
Branch |
Quapaw, OK |
United States |
Miscellaneous Fabricated Products |
19.6 |
60 |
|
|
Subsidiary |
Larvik |
Norway |
Metal Mining |
28.3 |
55 |
|
|
Subsidiary |
Hanau, Hessen |
Germany |
Miscellaneous Fabricated Products |
|
55 |
|
|
Subsidiary |
Prawet, Bangkok |
Thailand |
Jewelry and Silverware |
12.0 |
42 |
|
|
Division |
Providence, RI |
United States |
Miscellaneous Fabricated Products |
14.1 |
40 |
|
|
Subsidiary |
North Point |
Hong Kong |
Jewelry and Silverware |
|
40 |
|
|
Subsidiary |
Matosinhos |
Portugal |
Metal Mining |
6.8 |
39 |
|
|
Subsidiary |
Zolder |
Belgium |
Construction - Supplies and Fixtures |
9.9 |
34 |
|
|
Subsidiary |
Bagnolet, Seine Saint Denis |
France |
Construction - Supplies and Fixtures |
6.5 |
34 |
|
|
Subsidiary |
South Plainfield, NJ |
United States |
Metal Mining |
3.8 |
30 |
|
|
Subsidiary |
Dundee |
United Kingdom |
Miscellaneous Fabricated Products |
3.3 |
23 |
|
|
Subsidiary |
Brentwood |
United Kingdom |
Personal and Household Products |
74.6 |
22 |
|
|
Subsidiary |
Lyss, Bern |
Switzerland |
Retail (Home Improvement) |
|
20 |
|
|
Facility |
Ibaraki, Osaka |
Japan |
Construction - Supplies and Fixtures |
|
17 |
|
|
Subsidiary |
Raleigh, NC |
United States |
Chemical Manufacturing |
4.6 |
15 |
|
|
Subsidiary |
Barcelona |
Spain |
Retail (Home Improvement) |
|
14 |
|
|
Subsidiary |
Colmar |
France |
Miscellaneous Capital Goods |
84.6 |
13 |
|
|
Subsidiary |
Essen, Nordrhein-Westfalen |
Germany |
Miscellaneous Capital Goods |
76.8 |
10 |
|
|
Subsidiary |
Bruxelles |
Belgium |
Construction - Supplies and Fixtures |
2.2 |
8 |
|
|
Subsidiary |
Bascharage, Capellen |
Luxembourg |
Construction - Supplies and Fixtures |
|
8 |
|
|
Subsidiary |
Raleigh, NC |
United States |
Miscellaneous Capital Goods |
1.0 |
5 |
|
|
Subsidiary |
Bruxelles |
Belgium |
Miscellaneous Capital Goods |
0.0 |
5 |
|
|
Subsidiary |
Raleigh, NC |
United States |
Miscellaneous Capital Goods |
|
5 |
|
|
Branch |
Glens Falls, NY |
United States |
Electronic Instruments and Controls |
1.3 |
50 |
|
|
Branch |
Auburn Hills, MI |
United States |
Auto and Truck Parts |
5.5 |
13 |
|
|
Branch |
Maxton, NC |
United States |
Iron and Steel |
9.2 |
10 |
|
|
Branch |
Arab, AL |
United States |
Retail (Specialty) |
0.6 |
3 |
|
|
Branch |
Aston, PA |
United States |
Miscellaneous Fabricated Products |
0.2 |
1 |
|
|
Subsidiary |
Melbourne, VIC |
Australia |
Miscellaneous Fabricated Products |
|
5 |
|
|
Subsidiary |
Matosinhos |
Portugal |
Metal Mining |
|
4 |
|
|
Subsidiary |
Hanau, Hessen |
Germany |
Commercial Banks |
|
2 |
|
|
Subsidiary |
Hanau, Hessen |
Germany |
Commercial Banks |
|
2 |
|
|
Subsidiary |
Guarulhos, Sao Paulo |
Brazil |
Chemical Manufacturing |
625.6 |
|
|
|
Branch |
Americana, Sao Paulo |
Brazil |
Chemical Manufacturing |
|
80 |
|
|
Subsidiary |
Guarulhos, SP |
Brazil |
Miscellaneous Transportation |
263.0 |
|
|
|
Subsidiary |
Subic, Zambales |
Philippines |
Chemical Manufacturing |
0.0 |
|
|
|
Subsidiary |
Bruxelles |
Belgium |
Engineering Consultants |
0.0 |
|
|
|
Subsidiary |
Eijsden, Limburg |
Netherlands |
Miscellaneous Financial Services |
|
|
|
|
Subsidiary |
Eijsden, Limburg |
Netherlands |
Business Services |
0.8 |
3 |
|
|
Subsidiary |
Burlington, ON |
Canada |
Auto and Truck Manufacturers |
|
|
|
|
Branch |
Guarulhos, Sao Paulo |
Brazil |
Construction - Supplies and Fixtures |
|
|
|
|
Branch |
Olen, Antwerpen |
Belgium |
Metal Mining |
|
|
|
|
Branch |
Antwerpen, Antwerpen |
Belgium |
Iron and Steel |
|
|
|
|
Subsidiary |
Budakeszi, Pest |
Hungary |
Retail (Home Improvement) |
|
|
|
|
Subsidiary |
Port Elizabeth, Eastern Cape |
South Africa |
Metal Mining |
|
|
|
|
Subsidiary |
Port Elizabeth, Eastern Cape |
South Africa |
Miscellaneous Fabricated Products |
|
|
|
|
Subsidiary |
Suzhou, Jiangsu |
China |
Construction - Supplies and Fixtures |
|
|
|
|
Subsidiary |
Roodepoort, Gauteng |
South Africa |
Construction - Supplies and Fixtures |
|
|
|
|
Subsidiary |
Shanghai |
China |
Construction - Supplies and Fixtures |
|
|
|
|
Subsidiary |
Balzers |
Liechtenstein |
Construction - Supplies and Fixtures |
|
|
|
|
Subsidiary |
Buenos Aires |
Argentina |
Construction - Supplies and Fixtures |
|
|
|
|
Subsidiary |
Subic, Zambales |
Philippines |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Shanghai |
China |
Jewelry and Silverware |
|
|
|
|
Subsidiary |
Johannesburg, Gauteng |
South Africa |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Manaus, Amazonas |
Brazil |
Metal Mining |
|
|
|
|
Subsidiary |
Melbourne, VIC |
Australia |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Construction - Supplies and Fixtures |
|
|
|
|
Subsidiary |
Bascharage |
Luxembourg |
Miscellaneous Financial Services |
|
|
|
|
Subsidiary |
Pforzheim |
Germany |
Gold and Silver |
2,468.7 |
374 |
|
|
Subsidiary |
Schwäbisch Gmünd, Baden-Württemberg |
Germany |
Chemical Manufacturing |
386.0 |
189 |
|
|
Ögussa
Österreichische Gold- und Silber-Scheideanstalt Gesellschaft mbH |
Subsidiary |
Wien |
Austria |
Metal Mining |
567.4 |
138 |
|
Subsidiary |
Amsterdam |
Netherlands |
Jewelry and Silverware |
50.6 |
60 |
|
|
Subsidiary |
Vicenza |
Italy |
Miscellaneous Fabricated Products |
60.7 |
58 |
|
|
Subsidiary |
Milan |
Italy |
Retail (Home Improvement) |
1.9 |
12 |
|
|
Subsidiary |
Singapore |
Singapore |
Business Services |
0.6 |
6 |
|
|
Subsidiary |
Minato-Ku, Tokyo |
Japan |
Miscellaneous Capital Goods |
124.8 |
|
|
|
Subsidiary |
Zuarinagar, Goa |
India |
Chemical Manufacturing |
6.0 |
|
Competitors Report
|
Company
Name |
Location |
Employees |
Ownership |
|
Johnson Matthey PLC |
London, United Kingdom |
10,605 |
Public |
|
Metalico, Inc. |
Cranford, New Jersey, United
States |
766 |
Public |
|
OM Group, Inc. |
Cleveland, Ohio, United States |
3,800 |
Public |
|
Recylex SA |
Paris, France |
651 |
Public |
|
Sparton Resources Inc. |
Toronto, Ontario, Canada |
4 |
Public |
Executive report
|
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Significant Developments
Umicore SA Announces
Commissioning of New Dedicated Production Line for Heavy Duty Diesel Catalysts
Jun 04, 2013
Umicore SA
announced the commissioning of its new dedicated production line for heavy duty
diesel (HDD) catalysts in Florange, France. The catalysts made at this line and
the Company's new automotive catalyst plant in Bad Sackingen, Germany will
enable car producers and engine manufacturers to meet new European emission
standards. The Company's catalysts enable improvements to air quality by
transforming harmful vehicle emissions through catalytic processes.
Umicore SA
Comments on FY 2013 Recurring EBIT Guidance Apr 30, 2013
Umicore SA
announced that it expects its fiscal year 2013 recurring EBIT to be between EUR
300 million and EUR 330 million. According to I/B/E/S Estimates, analysts on
average are expecting the Company to report fiscal year 2013 EBIT of EUR 327.73
million.
Umicore NV/SA
Announces FY 2012 Dividend Proposal Feb 07, 2013
Umicore NV/SA
announced that the Board of Directors will propose a gross annual dividend for
FY 2012 of EUR 1.00 per share at the Annual General Meeting on April 30, of
which EUR 0.50 was already paid out as an interim dividend in September 2012.
Umicore NV/SA
Issues FY 2013 Recurring EBIT Guidance Below Analysts Feb 07, 2013
Umicore NV/SA
announced that the Company expects to report FY 2013 recurring EBIT lower than
in FY 2012. The Company reported FY 2012 EBIT of EUR 372.1 million. According
to I/B/E/S estimates the analysts on average are expecting the Company to
report FY 2013 EBIT of EUR 393.06 million.
Umicore NV/SA to
Establish New Production Facility for Heavy Duty Diesel Vehicles in China Nov
12, 2012
Umicore NV/SA
announced that it is to construct production facility in China for automotive
catalysts used in heavy duty diesel (HDD) vehicles. The new facility will be
built close to the Company's existing automotive catalysts plant and technology
development centre in the Suzhou Industrial Park and is planned to be
operational in early 2014. The facility will produce Selective Catalytic
Reduction systems (SCR) for NOx aftertreatment for the new China IV emission
standards, which will come into force in July 2013.
Umicore NV/SA
Reaffirms FY 2012 Recurring EBIT and EBITDA Guidance Oct 23, 2012
Umicore NV/SA
announced that the Company expects to report FY 2012 recurring EBIT to be
within the range provided in July 2012 of between EUR 370 to EUR 390 million,
corresponding to an EBITDA in excess of EUR 500 million. According to I/B/E/S
estimates the analysts on average are expecting the Company to report FY 2012
EBIT of EUR 375.70 million and FY 2012 EBITDA of EUR 522.75 million.
Umicore NV/SA
Appoints Mr. Filip Platteeuw as Chief Financial Officer Oct 02, 2012
Umicore NV/SA
announced that Mr. Filip Platteeuw has been appointed as Chief Financial
Officer of the Company effective from November 1, 2012.
Umicore NV/SA
Confirms FY 2012 Recurring EBIT Guidance Jul 30, 2012
Umicore NV/SA
announced that it expects full year 2012 earnings to remain within previously
given guidance. The Company anticipates profitability in the second half of the
year to be essentially in line with that of the first half. Full year recurring
EBIT is therefore expected to be in the lower half of the previously provided
range of EUR 370 to EUR 410 million. According to I/B/E/S estimates analysts on
average are expecting the Company to report fiscal year 2012 EBIT of EUR 393.48
million.
Umicore NV/SA to Build
Plant for Lithium-ion Batteries in South Korea Jul 09, 2012
Umicore NV/SA
(Umicore) announced the construction of a plant for NMC precursors, which are
used for the production of Li-ion cathode materials. The new plant will be
located on a newly developed industrial site in Cheonan, South Korea, in the
vicinity of Umicore's main cathode materials plant, and is expected to be
commissioned at the end of 2013, ramping up production in 2014. The investment
is supported by the Korean Ministry of Knowledge and Economy and the local
authorities of the Choongchungnam province and Chunahan city, which provided a
cash grant.
Annual Profit & Loss
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Turnover |
5,696.5 |
6,060.7 |
3,307.6 |
|
Increase or Decrease in Stocks of Finished Goods,
and Orders in Progress |
-96.4 |
145.9 |
43.1 |
|
Immobilized Production |
34.1 |
53.0 |
26.9 |
|
Other Operating Income |
113.9 |
108.6 |
103.8 |
|
Operating Income |
5,748.0 |
6,368.2 |
3,481.3 |
|
Purchases |
4,890.7 |
5,569.7 |
2,795.1 |
|
Increase or Decrease
in Stocks |
-12.6 |
-88.0 |
-55.0 |
|
Raw Materials, Consumables, and Goods for
Release |
4,878.1 |
5,481.7 |
2,740.1 |
|
Services and Sundry Goods |
227.6 |
229.9 |
198.5 |
|
Remuneration, Social Security Charges, and
Pensions |
324.3 |
333.2 |
300.4 |
|
Depreciation of and Other Amounts Written Off
of Formation Expense, Intangible and Tangible Fixed Assets |
82.1 |
90.0 |
66.0 |
|
Increase or Decrease in Amounts Written Off
Stocks, Orders, and Trade Debtors |
6.9 |
4.4 |
-1.5 |
|
Provisions for Liabilities and Charges |
11.9 |
-6.0 |
-6.2 |
|
Other Operating Charges |
12.1 |
13.9 |
17.5 |
|
Operating Charges |
5,543.0 |
6,147.2 |
3,315.0 |
|
Income From Financial Fixed Assets |
95.9 |
154.7 |
33.2 |
|
Income From Current Assets |
2.1 |
3.5 |
1.6 |
|
Other Financial Income |
3.1 |
2.2 |
2.4 |
|
Financial Income |
101.0 |
160.5 |
37.2 |
|
Interest and Other Debt Charges |
117.4 |
135.5 |
84.1 |
|
Amounts Written Off on Current Assets |
-2.9 |
1.5 |
0.5 |
|
Other Financial Charges |
6.3 |
5.4 |
5.1 |
|
Financial Charges |
120.8 |
142.4 |
89.6 |
|
Adjustments to Depreciation of and to Other Amounts
Written Off Intangible and Tangible Fixed Assets |
0.5 |
- |
- |
|
Adjustments to Amounts Written Off on
Financial Fixed Assets |
0.5 |
3.4 |
21.6 |
|
Gain on Disposal of Fixed Assets |
66.7 |
1.0 |
267.2 |
|
Other Extraordinary Income |
0.0 |
0.0 |
1.7 |
|
Extraordinary Income |
67.7 |
4.5 |
290.5 |
|
Amounts Written Off on Financial Fixed Assets |
62.5 |
28.0 |
2.0 |
|
Provisions for Extraordinary Liabilities and
Charges |
1.9 |
- |
- |
|
Other Extraordinary Charges |
- |
- |
0.3 |
|
Extraordinary Charges |
64.4 |
28.0 |
2.3 |
|
Income Taxes |
0.6 |
0.2 |
- |
|
Adjustment of Income Taxes and Write-Back of
Tax Provisions |
0.6 |
1.9 |
0.1 |
|
Income Taxes |
0.0 |
-1.7 |
-0.1 |
|
From Reserves |
34.5 |
- |
18.8 |
|
Transfers From Capital and Reserves |
34.5 |
- |
18.8 |
|
To Other Reserves |
- |
121.4 |
- |
|
Transfers to Capital and Reserves |
- |
121.4 |
- |
|
Return on Capital |
143.6 |
156.3 |
120.3 |
|
Profit to be Distributed |
143.6 |
156.3 |
120.3 |
|
Employees |
3,054 |
3,058 |
2,913 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Intangible Assets |
105.1 |
94.0 |
77.6 |
|
Land & Buildings |
166.1 |
161.0 |
160.6 |
|
Plant, Machinery, and
Equipment |
190.8 |
187.3 |
191.0 |
|
Furniture and Vehicles |
16.6 |
15.9 |
12.9 |
|
Other Tangible Assets |
0.7 |
0.6 |
1.3 |
|
Assets Under
Construction and Advance Payments |
44.9 |
27.4 |
34.1 |
|
Tangible Assets |
419.1 |
392.3 |
400.0 |
|
Participating
Interests |
4,434.6 |
4,304.7 |
4,437.6 |
|
Affiliated Enterprises |
4,434.6 |
4,304.7 |
4,437.6 |
|
Participating
Interests |
0.7 |
0.5 |
0.2 |
|
Amounts Receivable |
5.0 |
- |
- |
|
Other Enterprises
Linked by Participating Interests |
5.7 |
0.5 |
0.2 |
|
Shares |
33.8 |
44.1 |
81.6 |
|
Amounts Receivable and
Cash Guarantees |
7.6 |
7.1 |
7.3 |
|
Other Capital Assets |
41.3 |
51.2 |
88.9 |
|
Capital Assets |
4,481.6 |
4,356.4 |
4,526.6 |
|
Fixed Assets |
5,005.8 |
4,842.6 |
5,004.2 |
|
Other Amounts
Receivable |
1.0 |
1.0 |
1.1 |
|
Amounts Receivable After More Than One Year |
1.0 |
1.0 |
1.1 |
|
Raw Materials and
Consumables |
288.7 |
271.9 |
197.3 |
|
Work in Progress |
72.8 |
145.1 |
77.6 |
|
Finished Goods |
249.1 |
274.3 |
218.2 |
|
Advance Payments |
4.5 |
44.0 |
53.0 |
|
Stocks |
615.1 |
735.4 |
546.1 |
|
Inventory and Orders in Progress |
615.1 |
735.4 |
546.1 |
|
Trade Debtors |
271.2 |
275.2 |
278.5 |
|
Other Amounts Receivable |
71.5 |
385.5 |
401.0 |
|
Amounts Receivable Within One Year |
342.7 |
660.7 |
679.4 |
|
Own Shares |
289.8 |
319.5 |
213.1 |
|
Other Investments and
Deposits |
0.0 |
17.1 |
0.0 |
|
Investments |
289.8 |
336.7 |
213.1 |
|
Liquid Assets |
1.8 |
0.7 |
5.4 |
|
Adjustment Accounts |
14.6 |
8.5 |
20.6 |
|
Current Assets |
1,265.0 |
1,743.1 |
1,465.8 |
|
Total Assets |
6,270.7 |
6,585.7 |
6,470.0 |
|
Issued Capital |
660.9 |
649.1 |
670.8 |
|
Capital |
660.9 |
649.1 |
670.8 |
|
Paid-In Capital |
8.7 |
8.6 |
8.9 |
|
Gain From Revaluation of Assets |
0.1 |
0.1 |
0.1 |
|
Legal Reserve |
66.1 |
64.9 |
67.1 |
|
For Own Shares |
289.8 |
319.5 |
213.1 |
|
Reserves Not Available
for Distribution |
289.8 |
319.5 |
213.1 |
|
Untaxed Reserves |
198.5 |
194.9 |
201.4 |
|
Reserves |
554.3 |
579.4 |
481.6 |
|
Pensions and Similar
Obligations |
36.2 |
23.1 |
27.2 |
|
Major Repairs and
Maintenance |
9.7 |
7.0 |
7.6 |
|
Other Liabilities and
Charges |
82.3 |
81.8 |
86.7 |
|
Provisions for
Liabilities and Charges |
128.2 |
111.9 |
121.4 |
|
Provisions and Deferred Taxes |
128.2 |
111.9 |
121.4 |
|
Capital and Reserves |
1,916.2 |
1,836.3 |
1,836.5 |
|
Credit Institutions |
- |
- |
26.8 |
|
Other Loans |
2,199.3 |
1,983.6 |
2,506.0 |
|
Financial Debts |
2,199.3 |
1,983.6 |
2,532.8 |
|
Suppliers |
- |
1.0 |
- |
|
Trade Debts |
- |
1.0 |
- |
|
Amounts Due After More Than One Year |
2,199.3 |
1,984.5 |
2,532.8 |
|
Current Portion of
Amounts Payable After More Than One Year |
552.5 |
519.3 |
67.1 |
|
Credit Institutions |
105.7 |
- |
- |
|
Other Loans |
477.7 |
1,190.2 |
1,117.1 |
|
Financial Debts |
583.4 |
1,190.2 |
1,117.1 |
|
Suppliers |
625.8 |
657.2 |
532.3 |
|
Notes Payable |
1.6 |
1.0 |
1.4 |
|
Trade Debts |
627.4 |
658.2 |
533.7 |
|
Advances Received on
Orders in Progress |
8.5 |
8.4 |
9.7 |
|
Taxes |
8.1 |
8.4 |
16.6 |
|
Remuneration and
Social Security |
71.2 |
67.9 |
66.7 |
|
Taxes, Wages, and
Social Security |
79.3 |
76.3 |
83.3 |
|
Other Amounts Payable |
84.8 |
97.2 |
81.2 |
|
Amounts Payable Within One Year |
1,935.9 |
2,549.6 |
1,892.1 |
|
Adjustment Accounts |
91.2 |
103.4 |
87.2 |
|
Creditors |
4,226.4 |
4,637.5 |
4,512.1 |
|
Total Liabilities + Shareholders' Equity |
6,270.7 |
6,585.7 |
6,470.0 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
Bedijfsrevisoren |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
16,123.7 |
20,135.1 |
12,834.6 |
9,648.1 |
13,345.5 |
|
Revenue |
16,123.7 |
20,135.1 |
12,834.6 |
9,648.1 |
13,345.5 |
|
Other Revenue |
80.5 |
79.1 |
73.0 |
101.8 |
150.2 |
|
Other Revenue, Total |
80.5 |
79.1 |
73.0 |
101.8 |
150.2 |
|
Total Revenue |
16,204.2 |
20,214.2 |
12,907.6 |
9,749.9 |
13,495.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
14,129.6 |
17,940.5 |
11,043.0 |
8,159.8 |
11,272.1 |
|
Cost of Revenue, Total |
14,129.6 |
17,940.5 |
11,043.0 |
8,159.8 |
11,272.1 |
|
Gross Profit |
1,994.0 |
2,194.6 |
1,791.5 |
1,488.2 |
2,073.4 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
31.2 |
33.4 |
20.3 |
31.1 |
72.4 |
|
Labor & Related Expense |
921.3 |
934.5 |
843.4 |
803.1 |
883.3 |
|
Total Selling/General/Administrative Expenses |
952.6 |
967.8 |
863.7 |
834.2 |
955.7 |
|
Depreciation |
195.3 |
190.6 |
167.1 |
161.8 |
164.8 |
|
Depreciation/Amortization |
195.3 |
190.6 |
167.1 |
161.8 |
164.8 |
|
Impairment-Assets Held for Use |
38.4 |
12.1 |
6.3 |
-0.1 |
5.1 |
|
Loss (Gain) on Sale of Assets - Operating |
5.1 |
1.3 |
3.8 |
6.8 |
2.8 |
|
Unusual Expense (Income) |
43.4 |
13.4 |
10.1 |
6.7 |
7.8 |
|
Other Operating Expense |
513.2 |
532.1 |
446.8 |
446.7 |
584.0 |
|
Other, Net |
-23.6 |
6.4 |
-24.5 |
-68.0 |
158.9 |
|
Other Operating Expenses, Total |
489.6 |
538.5 |
422.3 |
378.6 |
742.9 |
|
Total Operating Expense |
15,810.5 |
19,650.8 |
12,506.3 |
9,541.1 |
13,143.3 |
|
|
|
|
|
|
|
|
Operating Income |
393.7 |
563.4 |
401.3 |
208.8 |
352.4 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-11.6 |
-28.7 |
-20.9 |
-25.7 |
-55.1 |
|
Interest Expense, Net Non-Operating |
-11.6 |
-28.7 |
-20.9 |
-25.7 |
-55.1 |
|
Interest Income -
Non-Operating |
3.7 |
6.5 |
4.2 |
7.4 |
8.8 |
|
Investment Income -
Non-Operating |
15.3 |
48.5 |
37.7 |
-21.6 |
1.3 |
|
Interest/Investment Income - Non-Operating |
19.0 |
55.0 |
41.9 |
-14.2 |
10.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
7.4 |
26.2 |
21.0 |
-39.8 |
-45.1 |
|
Other Non-Operating Income (Expense) |
-18.7 |
-19.3 |
-15.2 |
-22.6 |
-18.8 |
|
Other, Net |
-18.7 |
-19.3 |
-15.2 |
-22.6 |
-18.8 |
|
Income Before Tax |
382.4 |
570.4 |
407.0 |
146.4 |
288.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
76.7 |
105.7 |
71.8 |
28.6 |
97.9 |
|
Income After Tax |
305.7 |
464.7 |
335.2 |
117.8 |
190.6 |
|
|
|
|
|
|
|
|
Minority Interest |
-5.7 |
-12.9 |
-5.8 |
-9.3 |
-9.0 |
|
Net Income Before Extraord Items |
300.0 |
451.8 |
329.4 |
108.5 |
181.5 |
|
Discontinued Operations |
- |
- |
0.0 |
-5.8 |
-3.5 |
|
Total Extraord Items |
- |
- |
0.0 |
-5.8 |
-3.5 |
|
Net Income |
300.0 |
451.8 |
329.4 |
102.7 |
178.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
300.0 |
451.8 |
329.4 |
108.5 |
181.5 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
300.0 |
451.8 |
329.4 |
102.7 |
178.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
111.6 |
113.3 |
113.0 |
112.4 |
115.3 |
|
Basic EPS Excl Extraord Items |
2.69 |
3.99 |
2.92 |
0.97 |
1.58 |
|
Basic/Primary EPS Incl Extraord Items |
2.69 |
3.99 |
2.92 |
0.91 |
1.54 |
|
Diluted Net Income |
300.0 |
451.8 |
329.4 |
102.7 |
178.0 |
|
Diluted Weighted Average Shares |
112.3 |
114.2 |
113.7 |
112.9 |
116.3 |
|
Diluted EPS Excl Extraord Items |
2.67 |
3.96 |
2.90 |
0.96 |
1.56 |
|
Diluted EPS Incl Extraord Items |
2.67 |
3.96 |
2.90 |
0.91 |
1.53 |
|
Dividends per Share - Common Stock Primary Issue |
1.28 |
1.39 |
1.06 |
0.90 |
0.95 |
|
Gross Dividends - Common Stock |
143.7 |
155.4 |
120.2 |
101.7 |
106.8 |
|
Interest Expense, Supplemental |
11.6 |
28.7 |
20.9 |
25.7 |
55.1 |
|
Depreciation, Supplemental |
176.5 |
174.6 |
157.8 |
152.9 |
155.2 |
|
Total Special Items |
49.9 |
11.3 |
25.6 |
22.9 |
7.8 |
|
Normalized Income Before Tax |
432.3 |
581.7 |
432.6 |
169.2 |
296.3 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
10.0 |
2.1 |
4.5 |
4.5 |
2.7 |
|
Inc Tax Ex Impact of Sp Items |
86.7 |
107.8 |
76.3 |
33.1 |
100.5 |
|
Normalized Income After Tax |
345.6 |
473.9 |
356.3 |
136.2 |
195.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
339.8 |
461.0 |
350.5 |
126.9 |
186.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
3.05 |
4.07 |
3.10 |
1.13 |
1.62 |
|
Diluted Normalized EPS |
3.02 |
4.04 |
3.08 |
1.12 |
1.61 |
|
Amort of Intangibles, Supplemental |
18.7 |
15.7 |
9.3 |
9.2 |
10.6 |
|
Research & Development Exp, Supplemental |
234.0 |
226.5 |
184.5 |
188.7 |
241.3 |
|
Normalized EBIT |
443.5 |
574.7 |
426.9 |
231.7 |
360.2 |
|
Normalized EBITDA |
638.8 |
765.1 |
594.0 |
393.8 |
526.0 |
|
Current Tax - Total |
75.5 |
101.2 |
37.7 |
28.5 |
59.8 |
|
Current Tax - Total |
75.5 |
101.2 |
37.7 |
28.5 |
59.8 |
|
Deferred Tax - Total |
1.2 |
4.5 |
34.1 |
0.1 |
38.1 |
|
Deferred Tax - Total |
1.2 |
4.5 |
34.1 |
0.1 |
38.1 |
|
Income Tax - Total |
76.7 |
105.7 |
71.8 |
28.6 |
97.9 |
|
Interest Cost - Domestic |
19.0 |
19.7 |
18.7 |
20.7 |
20.6 |
|
Service Cost - Domestic |
27.7 |
22.0 |
19.1 |
23.2 |
18.7 |
|
Prior Service Cost - Domestic |
1.2 |
-0.9 |
2.7 |
0.8 |
-0.5 |
|
Expected Return on Assets - Domestic |
-7.3 |
-7.7 |
-7.4 |
-7.3 |
-7.4 |
|
Actuarial Gains and Losses - Domestic |
4.6 |
2.5 |
-1.6 |
4.2 |
2.0 |
|
Curtailments & Settlements - Domestic |
- |
0.0 |
-0.3 |
-1.2 |
0.0 |
|
Domestic Pension Plan Expense |
45.1 |
35.7 |
31.1 |
40.4 |
33.3 |
|
Defined Contribution Expense - Domestic |
17.6 |
21.0 |
10.2 |
9.1 |
11.5 |
|
Total Pension Expense |
62.7 |
56.7 |
41.4 |
49.6 |
44.8 |
|
Discount Rate - Domestic |
4.72% |
4.60% |
4.91% |
5.68% |
5.16% |
|
Expected Rate of Return - Domestic |
4.60% |
4.60% |
4.99% |
5.00% |
4.92% |
|
Compensation Rate - Domestic |
3.08% |
2.99% |
2.97% |
2.86% |
2.85% |
|
Pension Payment Rate - Domestic |
1.56% |
1.65% |
1.56% |
- |
- |
|
Total Plan Interest Cost |
19.0 |
19.7 |
18.7 |
20.7 |
20.6 |
|
Total Plan Service Cost |
27.7 |
22.0 |
19.1 |
23.2 |
18.7 |
|
Total Plan Expected Return |
-7.3 |
-7.7 |
-7.4 |
-7.3 |
-7.4 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
Bedijfsrevisoren |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash |
157.9 |
107.4 |
105.2 |
195.9 |
165.9 |
|
Cash & Equivalents |
15.8 |
27.6 |
62.1 |
70.0 |
188.5 |
|
Short Term Investments |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Cash and Short Term Investments |
173.7 |
135.0 |
167.4 |
266.0 |
354.5 |
|
Accounts Receivable -
Trade, Gross |
888.1 |
971.3 |
903.9 |
667.3 |
678.8 |
|
Provision for Doubtful
Accounts |
-13.5 |
-16.0 |
-19.6 |
-30.9 |
-22.2 |
|
Trade Accounts Receivable - Net |
874.7 |
955.3 |
884.3 |
636.4 |
656.6 |
|
Notes Receivable - Short Term |
6.6 |
1.4 |
0.1 |
9.8 |
3.0 |
|
Other Receivables |
162.2 |
144.5 |
181.5 |
125.9 |
370.3 |
|
Total Receivables, Net |
1,043.4 |
1,101.2 |
1,065.9 |
772.1 |
1,030.0 |
|
Inventories - Work In Progress |
7.7 |
12.4 |
3.1 |
0.9 |
0.3 |
|
Inventories - Raw Materials |
1,689.3 |
1,715.4 |
1,586.4 |
1,283.8 |
1,353.4 |
|
Inventories - Other |
-64.5 |
-33.7 |
-2.4 |
-51.4 |
-104.7 |
|
Total Inventory |
1,632.4 |
1,694.1 |
1,587.1 |
1,233.3 |
1,249.0 |
|
Prepaid Expenses |
44.6 |
48.5 |
50.1 |
- |
- |
|
Other Current Assets |
0.0 |
- |
- |
- |
- |
|
Other Current Assets, Total |
0.0 |
- |
- |
- |
- |
|
Total Current Assets |
2,894.2 |
2,978.8 |
2,870.5 |
2,271.4 |
2,633.4 |
|
|
|
|
|
|
|
|
Land/Improvements |
911.5 |
829.8 |
797.6 |
814.7 |
706.7 |
|
Machinery/Equipment |
2,193.9 |
2,051.9 |
1,991.9 |
2,028.1 |
1,832.9 |
|
Construction in
Progress |
154.7 |
122.9 |
115.0 |
127.8 |
157.1 |
|
Leases |
2.2 |
2.4 |
4.5 |
7.2 |
4.7 |
|
Other
Property/Plant/Equipment |
40.2 |
36.9 |
23.8 |
24.1 |
21.2 |
|
Property/Plant/Equipment - Gross |
3,302.4 |
3,043.8 |
2,932.8 |
3,001.9 |
2,722.6 |
|
Accumulated Depreciation |
-2,096.7 |
-1,921.8 |
-1,853.5 |
-1,906.0 |
-1,736.8 |
|
Property/Plant/Equipment - Net |
1,205.7 |
1,122.0 |
1,079.3 |
1,095.8 |
985.8 |
|
Goodwill, Net |
131.3 |
127.5 |
130.8 |
133.5 |
128.8 |
|
Intangibles - Gross |
282.9 |
238.8 |
209.6 |
177.5 |
132.1 |
|
Accumulated Intangible Amortization |
-148.6 |
-128.4 |
-113.0 |
-111.6 |
-89.8 |
|
Intangibles, Net |
134.2 |
110.4 |
96.6 |
65.9 |
42.3 |
|
LT Investment - Affiliate Companies |
282.9 |
284.2 |
265.3 |
238.7 |
235.1 |
|
LT Investments - Other |
49.0 |
62.0 |
102.2 |
83.1 |
36.2 |
|
Long Term Investments |
331.9 |
346.2 |
367.5 |
321.8 |
271.3 |
|
Note Receivable - Long Term |
29.2 |
20.4 |
20.4 |
29.3 |
19.3 |
|
Deferred Income Tax - Long Term Asset |
121.3 |
114.9 |
146.0 |
137.9 |
123.9 |
|
Discontinued Operations - Long Term Asset |
- |
- |
- |
- |
0.0 |
|
Other Long Term Assets |
- |
0.0 |
0.0 |
0.0 |
- |
|
Other Long Term Assets, Total |
121.3 |
114.9 |
146.0 |
137.9 |
123.9 |
|
Total Assets |
4,847.9 |
4,820.2 |
4,711.0 |
4,055.6 |
4,204.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
962.6 |
1,013.3 |
879.8 |
633.3 |
559.8 |
|
Accrued Expenses |
308.8 |
335.3 |
320.8 |
242.1 |
278.9 |
|
Notes Payable/Short Term Debt |
330.6 |
254.1 |
387.3 |
264.7 |
228.3 |
|
Current Portion - Long Term Debt/Capital Leases |
133.4 |
196.0 |
2.0 |
2.3 |
2.2 |
|
Dividends Payable |
9.9 |
10.1 |
9.1 |
8.1 |
8.7 |
|
Customer Advances |
28.5 |
39.5 |
23.8 |
17.3 |
10.2 |
|
Income Taxes Payable |
46.9 |
75.0 |
29.1 |
41.8 |
52.0 |
|
Other Payables |
41.4 |
92.7 |
138.2 |
69.8 |
76.2 |
|
Other Current Liabilities |
40.6 |
61.1 |
67.4 |
74.7 |
108.9 |
|
Other Current liabilities, Total |
167.4 |
278.5 |
267.5 |
211.8 |
255.9 |
|
Total Current Liabilities |
1,902.8 |
2,077.0 |
1,857.4 |
1,354.1 |
1,325.1 |
|
|
|
|
|
|
|
|
Long Term Debt |
3.8 |
31.0 |
261.4 |
252.2 |
587.3 |
|
Total Long Term Debt |
3.8 |
31.0 |
261.4 |
252.2 |
587.3 |
|
Total Debt |
467.8 |
481.0 |
650.8 |
519.2 |
817.8 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
48.1 |
59.8 |
58.6 |
45.0 |
69.3 |
|
Deferred Income Tax |
48.1 |
59.8 |
58.6 |
45.0 |
69.3 |
|
Minority Interest |
71.6 |
70.3 |
78.2 |
75.4 |
57.9 |
|
Reserves |
145.7 |
147.3 |
155.8 |
173.0 |
136.8 |
|
Pension Benefits - Underfunded |
342.3 |
250.6 |
256.0 |
262.4 |
226.4 |
|
Other Long Term Liabilities |
18.4 |
19.6 |
8.5 |
7.9 |
7.9 |
|
Discontinued Operations - Liabilities |
- |
- |
- |
- |
0.0 |
|
Other Liabilities, Total |
506.4 |
417.4 |
420.2 |
443.3 |
371.1 |
|
Total Liabilities |
2,532.7 |
2,655.5 |
2,675.9 |
2,170.1 |
2,410.7 |
|
|
|
|
|
|
|
|
Common Stock |
664.6 |
652.8 |
674.6 |
721.5 |
699.0 |
|
Common Stock |
664.6 |
652.8 |
674.6 |
721.5 |
699.0 |
|
Retained Earnings (Accumulated Deficit) |
2,085.2 |
1,896.7 |
1,655.8 |
1,558.2 |
1,507.6 |
|
Treasury Stock - Common |
-299.8 |
-328.1 |
-220.8 |
-255.9 |
-247.1 |
|
Translation Adjustment |
-134.8 |
-56.6 |
-74.5 |
-138.2 |
-165.5 |
|
Other Equity, Total |
-134.8 |
-56.6 |
-74.5 |
-138.2 |
-165.5 |
|
Total Equity |
2,315.2 |
2,164.7 |
2,035.1 |
1,885.5 |
1,794.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
4,847.9 |
4,820.2 |
4,711.0 |
4,055.6 |
4,204.8 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
111.9 |
110.8 |
113.5 |
112.5 |
112.2 |
|
Total Common Shares Outstanding |
111.9 |
110.8 |
113.5 |
112.5 |
112.2 |
|
Treasury Shares - Common Stock Primary Issue |
8.1 |
9.2 |
6.5 |
7.5 |
7.8 |
|
Employees |
14,438 |
14,572 |
14,386 |
13,728 |
15,447 |
|
Accumulated Intangible Amort, Suppl. |
148.6 |
128.4 |
113.0 |
111.6 |
89.8 |
|
Deferred Revenue - Current |
28.5 |
39.5 |
23.8 |
17.3 |
10.2 |
|
Total Long Term Debt, Supplemental |
137.2 |
227.0 |
263.5 |
608.5 |
589.5 |
|
Long Term Debt Maturing within 1 Year |
133.4 |
196.0 |
2.0 |
2.3 |
2.2 |
|
Long Term Debt Maturing in Year 2 |
0.9 |
7.5 |
64.8 |
0.8 |
146.0 |
|
Long Term Debt Maturing in Year 3 |
0.9 |
7.5 |
64.8 |
0.8 |
146.0 |
|
Long Term Debt Maturing in Year 4 |
0.9 |
7.5 |
64.8 |
0.8 |
146.0 |
|
Long Term Debt Maturing in Year 5 |
0.9 |
7.5 |
64.8 |
0.8 |
146.0 |
|
Long Term Debt Maturing in 2-3 Years |
1.9 |
15.0 |
129.7 |
1.7 |
292.0 |
|
Long Term Debt Maturing in 4-5 Years |
1.9 |
15.0 |
129.7 |
1.7 |
292.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
1.1 |
2.1 |
602.8 |
3.2 |
|
Pension Obligation - Domestic |
363.4 |
287.8 |
287.3 |
273.3 |
244.1 |
|
Plan Assets - Domestic |
184.5 |
163.3 |
162.3 |
159.1 |
148.2 |
|
Funded Status - Domestic |
-178.9 |
-124.5 |
-125.1 |
-114.2 |
-95.9 |
|
Unfunded Plan Obligations |
164.2 |
127.0 |
132.0 |
149.1 |
- |
|
Total Funded Status |
-343.1 |
-251.5 |
-257.1 |
-263.2 |
-95.9 |
|
Discount Rate - Domestic |
4.72% |
4.60% |
4.60% |
4.91% |
5.68% |
|
Expected Rate of Return - Domestic |
4.60% |
4.60% |
2.06% |
2.08% |
4.92% |
|
Compensation Rate - Domestic |
3.08% |
2.99% |
2.99% |
2.97% |
2.86% |
|
Pension Payment Rate - Domestic |
1.56% |
1.65% |
- |
- |
- |
|
Net Domestic Pension Assets |
-342.3 |
-250.6 |
-256.0 |
- |
- |
|
Net Assets Recognized on Balance Sheet |
-342.3 |
-250.6 |
-256.0 |
- |
- |
|
Equity % - Domestic |
19.88% |
18.83% |
18.52% |
18.32% |
20.06% |
|
Debt Securities % - Domestic |
57.65% |
56.21% |
59.71% |
52.08% |
56.78% |
|
Real Estate % - Domestic |
5.78% |
5.27% |
5.06% |
5.06% |
1.53% |
|
Other Investments % - Domestic |
16.68% |
19.68% |
16.71% |
16.71% |
21.63% |
|
Total Plan Obligations |
527.6 |
414.8 |
419.3 |
422.4 |
244.1 |
|
Total Plan Assets |
184.5 |
163.3 |
162.3 |
159.1 |
148.2 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
Bedijfsrevisoren |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
305.7 |
464.7 |
335.2 |
117.8 |
187.9 |
|
Discontinued Operations |
- |
- |
0.0 |
-3.7 |
- |
|
Equity in Net Earnings (Loss) |
-28.5 |
-38.1 |
-27.8 |
12.5 |
-12.0 |
|
Other Non-Cash Items |
297.0 |
378.4 |
209.6 |
216.5 |
427.9 |
|
Non-Cash Items |
268.5 |
340.2 |
181.7 |
225.3 |
415.9 |
|
Other Assets & Liabilities, Net |
43.8 |
-67.5 |
-327.2 |
280.7 |
24.8 |
|
Other Operating Cash Flow |
-84.0 |
-20.6 |
-49.7 |
-0.7 |
-87.0 |
|
Changes in Working Capital |
-40.2 |
-88.1 |
-376.9 |
280.0 |
-62.2 |
|
Cash from Operating Activities |
533.9 |
716.8 |
140.1 |
623.0 |
541.6 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-292.7 |
-261.4 |
-187.4 |
-236.0 |
-299.5 |
|
Purchase/Acquisition of Intangibles |
-33.0 |
-34.1 |
-40.5 |
-28.9 |
-16.4 |
|
Capital Expenditures |
-325.7 |
-295.6 |
-227.8 |
-264.9 |
-315.9 |
|
Acquisition of Business |
-14.4 |
0.0 |
- |
0.0 |
-1.6 |
|
Sale of Business |
2.6 |
0.4 |
- |
0.0 |
44.2 |
|
Sale of Fixed Assets |
3.8 |
3.0 |
2.7 |
19.4 |
23.6 |
|
Sale/Maturity of Investment |
3.7 |
14.1 |
0.0 |
9.7 |
6.0 |
|
Purchase of Investments |
-1.8 |
-8.4 |
-11.9 |
-15.4 |
-19.6 |
|
Sale of Intangible Assets |
0.0 |
0.0 |
0.0 |
-0.2 |
0.2 |
|
Other Investing Cash Flow |
-9.2 |
-1.2 |
8.8 |
-16.0 |
7.1 |
|
Other Investing Cash Flow Items, Total |
-15.1 |
7.9 |
-0.4 |
-2.6 |
59.9 |
|
Cash from Investing Activities |
-340.8 |
-287.7 |
-228.2 |
-267.5 |
-256.0 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-18.5 |
-31.4 |
-16.9 |
-22.4 |
-45.3 |
|
Financing Cash Flow Items |
-18.5 |
-31.4 |
-16.9 |
-22.4 |
-45.3 |
|
Cash Dividends Paid - Common |
-157.4 |
-136.7 |
-144.1 |
-102.6 |
-108.7 |
|
Total Cash Dividends Paid |
-157.4 |
-136.7 |
-144.1 |
-102.6 |
-108.7 |
|
Sale/Issuance of
Common |
- |
- |
- |
0.0 |
0.0 |
|
Common Stock, Net |
33.3 |
-122.6 |
18.2 |
0.0 |
-350.6 |
|
Issuance (Retirement) of Stock, Net |
33.3 |
-122.6 |
18.2 |
0.0 |
-350.6 |
|
Long Term Debt, Net |
-21.6 |
-127.2 |
128.8 |
-318.4 |
263.6 |
|
Issuance (Retirement) of Debt, Net |
-21.6 |
-127.2 |
128.8 |
-318.4 |
263.6 |
|
Cash from Financing Activities |
-164.2 |
-417.9 |
-14.0 |
-443.3 |
-241.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
10.6 |
-8.7 |
-6.4 |
-6.9 |
9.4 |
|
Net Change in Cash |
39.6 |
2.5 |
-108.5 |
-94.6 |
54.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
128.8 |
136.8 |
238.8 |
345.4 |
309.3 |
|
Net Cash - Ending Balance |
168.3 |
139.3 |
130.3 |
250.8 |
363.3 |
|
Cash Interest Paid |
20.5 |
28.2 |
19.9 |
28.7 |
53.7 |
|
Cash Taxes Paid |
120.5 |
47.8 |
62.6 |
7.1 |
111.0 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
Bedijfsrevisoren |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Turnover |
16,123.7 |
20,135.1 |
12,834.6 |
9,648.1 |
13,345.5 |
|
Other Income |
80.5 |
79.1 |
73.0 |
101.8 |
150.2 |
|
Total Revenue |
16,204.2 |
20,214.2 |
12,907.6 |
9,749.9 |
13,495.7 |
|
|
|
|
|
|
|
|
Raw Materials |
14,129.6 |
17,940.5 |
11,043.0 |
8,159.8 |
11,272.1 |
|
Payroll |
921.3 |
934.5 |
843.4 |
803.1 |
883.3 |
|
Depreciation |
195.3 |
190.6 |
167.1 |
161.8 |
164.8 |
|
Inventory and Bad Debt Provisions |
-0.2 |
27.1 |
-6.9 |
-46.1 |
72.2 |
|
Impairment Loss on Fixed Assets |
38.4 |
12.1 |
6.3 |
-0.1 |
5.1 |
|
Services/Other Goods |
509.1 |
523.2 |
434.9 |
445.7 |
567.4 |
|
Royalties, Licence Fees and Commission |
31.2 |
33.4 |
20.3 |
31.1 |
72.4 |
|
Other Operating Expenses |
4.2 |
8.9 |
11.9 |
1.0 |
16.6 |
|
Prov. Liab./Chrgs. |
3.8 |
23.3 |
22.1 |
16.0 |
25.9 |
|
Use of Provisions |
-26.0 |
-29.9 |
-38.3 |
-37.3 |
-38.9 |
|
Loss, Fixed Assets |
5.1 |
1.3 |
3.8 |
6.8 |
2.8 |
|
Income from Other Financial Assets |
-1.3 |
-14.2 |
-1.3 |
-0.7 |
99.7 |
|
Total Operating Expense |
15,810.5 |
19,650.8 |
12,506.3 |
9,541.1 |
13,143.3 |
|
|
|
|
|
|
|
|
Foreign Exchange |
-13.3 |
10.3 |
9.9 |
-9.1 |
-10.8 |
|
Interest Income |
3.7 |
6.5 |
4.2 |
7.4 |
8.8 |
|
Non Current Provisions |
-14.1 |
-13.6 |
-10.9 |
-18.5 |
-17.6 |
|
Financial Income |
0.5 |
0.7 |
0.7 |
0.4 |
6.2 |
|
Interest/Debt Exp. |
-11.6 |
-28.7 |
-20.9 |
-25.7 |
-55.1 |
|
Financial Charges |
-5.1 |
-6.3 |
-5.0 |
-4.5 |
-7.4 |
|
Share, Equity Profit |
28.5 |
38.1 |
27.8 |
-12.5 |
12.0 |
|
Adjustment |
- |
- |
- |
- |
0.0 |
|
Net Income Before Taxes |
382.4 |
570.4 |
407.0 |
146.4 |
288.4 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
76.7 |
105.7 |
71.8 |
28.6 |
97.9 |
|
Net Income After Taxes |
305.7 |
464.7 |
335.2 |
117.8 |
190.6 |
|
|
|
|
|
|
|
|
Minority Interest |
-5.7 |
-12.9 |
-5.8 |
-9.3 |
-9.0 |
|
Net Income Before Extra. Items |
300.0 |
451.8 |
329.4 |
108.5 |
181.5 |
|
Discontinued Operations |
- |
- |
0.0 |
-5.8 |
-3.5 |
|
Net Income |
300.0 |
451.8 |
329.4 |
102.7 |
178.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
300.0 |
451.8 |
329.4 |
108.5 |
181.5 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
300.0 |
451.8 |
329.4 |
102.7 |
178.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
111.6 |
113.3 |
113.0 |
112.4 |
115.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
2.69 |
3.99 |
2.92 |
0.97 |
1.57 |
|
Basic EPS Including ExtraOrdinary Items |
2.69 |
3.99 |
2.92 |
0.91 |
1.54 |
|
Diluted Net Income |
300.0 |
451.8 |
329.4 |
102.7 |
178.0 |
|
Diluted Weighted Average Shares |
112.3 |
114.2 |
113.7 |
112.9 |
116.3 |
|
Diluted EPS Excluding ExtraOrd Items |
2.67 |
3.96 |
2.90 |
0.96 |
1.56 |
|
Diluted EPS Including ExtraOrd Items |
2.67 |
3.96 |
2.90 |
0.91 |
1.53 |
|
DPS-Ordinary Shares |
1.28 |
1.39 |
1.06 |
0.90 |
0.95 |
|
Gross Dividends - Common Stock |
143.7 |
155.4 |
120.2 |
101.7 |
106.8 |
|
Normalized Income Before Taxes |
432.3 |
581.7 |
432.6 |
169.2 |
296.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
86.7 |
107.8 |
76.3 |
33.1 |
100.5 |
|
Normalized Income After Taxes |
345.6 |
473.9 |
356.3 |
136.2 |
195.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
339.8 |
461.0 |
350.5 |
126.9 |
186.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
3.05 |
4.07 |
3.10 |
1.13 |
1.62 |
|
Diluted Normalized EPS |
3.02 |
4.04 |
3.08 |
1.12 |
1.61 |
|
Interest Expense |
11.6 |
28.7 |
20.9 |
25.7 |
55.1 |
|
Amort of Intangibles |
18.7 |
15.7 |
9.3 |
9.2 |
10.6 |
|
Depreciation |
176.5 |
174.6 |
157.8 |
152.9 |
155.2 |
|
Research and Development |
234.0 |
226.5 |
184.5 |
188.7 |
241.3 |
|
Current Tax |
75.5 |
101.2 |
37.7 |
28.5 |
59.8 |
|
Current Tax - Total |
75.5 |
101.2 |
37.7 |
28.5 |
59.8 |
|
Deferred Tax |
1.2 |
4.5 |
34.1 |
0.1 |
38.1 |
|
Deferred Tax - Total |
1.2 |
4.5 |
34.1 |
0.1 |
38.1 |
|
Income Tax - Total |
76.7 |
105.7 |
71.8 |
28.6 |
97.9 |
|
Service Costs |
27.7 |
22.0 |
19.1 |
23.2 |
18.7 |
|
Interest Costs |
19.0 |
19.7 |
18.7 |
20.7 |
20.6 |
|
Expected Return on Assets |
-7.0 |
-7.3 |
-7.0 |
-6.9 |
-7.0 |
|
Expected Return on Reimbursement Rights |
-0.3 |
-0.4 |
-0.4 |
-0.4 |
-0.4 |
|
Prior Service Costs |
1.2 |
-0.9 |
2.7 |
0.8 |
-0.5 |
|
Actuarial Gains & Losses |
4.6 |
2.5 |
-1.6 |
4.2 |
2.0 |
|
Curtailments & Settlements |
- |
0.0 |
-0.3 |
- |
- |
|
Curtailment (Gain)/Loss |
- |
- |
- |
-0.6 |
0.0 |
|
Settlement (Gain)/Loss |
- |
- |
- |
-0.7 |
0.0 |
|
Domestic Pension Plan Expense |
45.1 |
35.7 |
31.1 |
40.4 |
33.3 |
|
Defined Contribution Expense |
17.6 |
21.0 |
10.2 |
9.1 |
11.5 |
|
Total Pension Expense |
62.7 |
56.7 |
41.4 |
49.6 |
44.8 |
|
Discount Rate |
4.72% |
4.60% |
4.91% |
5.68% |
5.16% |
|
Compensation Rate |
3.08% |
2.99% |
2.97% |
2.86% |
2.85% |
|
Pension Payment Rate |
1.56% |
1.65% |
1.56% |
- |
- |
|
Expected Rate of Return |
4.60% |
4.60% |
4.99% |
5.00% |
4.92% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
Bedijfsrevisoren |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Loans Granted |
6.6 |
1.4 |
0.1 |
9.8 |
3.0 |
|
Base Products With Metal Hedging |
1,392.8 |
1,417.9 |
1,304.7 |
1,015.5 |
1,041.0 |
|
Base Products Without Metal Hedging |
190.3 |
200.0 |
187.3 |
174.5 |
206.0 |
|
Consumables |
106.2 |
97.5 |
94.4 |
93.8 |
106.4 |
|
Write-downs |
-79.1 |
-79.6 |
-58.2 |
-59.3 |
-113.5 |
|
Advances Paid |
14.6 |
45.9 |
55.8 |
7.9 |
8.8 |
|
Contract in Pro. |
7.7 |
12.4 |
3.1 |
0.9 |
0.3 |
|
Trade Receivables |
888.1 |
971.3 |
903.9 |
667.3 |
678.8 |
|
Provisions for Doubtful Accounts |
-13.5 |
-16.0 |
-19.6 |
-30.9 |
-22.2 |
|
Other Receivable |
131.9 |
132.1 |
163.0 |
127.9 |
340.5 |
|
Other Receivable // Provision |
-9.1 |
-9.7 |
-8.8 |
-13.4 |
-12.8 |
|
Deferred Charges |
44.6 |
48.5 |
50.1 |
- |
- |
|
Income Tax |
39.5 |
22.2 |
27.3 |
11.5 |
42.6 |
|
Financial Assets Available For Sale |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Cash Bank/Hand |
157.9 |
107.4 |
105.2 |
195.9 |
165.9 |
|
ST Investments-Bank Term Deposits |
15.6 |
23.1 |
57.0 |
64.2 |
185.7 |
|
ST Investments-Term Deposits (Other) |
0.2 |
4.5 |
5.2 |
5.7 |
2.8 |
|
Adjustment |
0.0 |
- |
- |
- |
- |
|
Total Current Assets |
2,894.2 |
2,978.8 |
2,870.5 |
2,271.4 |
2,633.4 |
|
|
|
|
|
|
|
|
Intangibles |
282.9 |
238.8 |
209.6 |
177.5 |
132.1 |
|
Intangible Amort |
-148.6 |
-128.4 |
-113.0 |
-111.6 |
-89.8 |
|
Goodwill |
131.3 |
127.5 |
130.8 |
133.5 |
128.8 |
|
Land/Buildings |
911.5 |
829.8 |
797.6 |
814.7 |
706.7 |
|
Land on Lease |
2.1 |
2.2 |
3.2 |
5.9 |
3.3 |
|
Plant/Machinery |
1,947.5 |
1,812.6 |
1,762.0 |
1,781.1 |
1,604.4 |
|
Plant/Machinery on Lease |
0.0 |
0.1 |
0.9 |
0.8 |
0.8 |
|
Furniture/Vehic. |
246.4 |
239.4 |
229.9 |
247.0 |
228.5 |
|
Furniture/Vehicles on Lease |
0.1 |
0.1 |
0.3 |
0.4 |
0.5 |
|
Other Tangibles |
40.2 |
36.9 |
23.8 |
24.1 |
21.2 |
|
Construction |
154.7 |
122.9 |
115.0 |
127.8 |
157.1 |
|
Depreciation |
-2,096.7 |
-1,921.8 |
-1,853.5 |
-1,906.0 |
-1,736.8 |
|
Equity Invest. |
282.9 |
284.2 |
265.3 |
238.7 |
235.1 |
|
Financial Assets Available for Sale |
49.0 |
62.0 |
102.2 |
83.1 |
36.2 |
|
Loans Granted |
6.7 |
1.4 |
1.0 |
12.1 |
3.5 |
|
Amounts Rcvbl. |
22.5 |
19.0 |
19.3 |
17.1 |
15.8 |
|
Deferred Tax |
121.3 |
114.9 |
146.0 |
137.9 |
123.9 |
|
Discontinued Operations |
- |
- |
- |
- |
0.0 |
|
Adjustment |
- |
0.0 |
0.0 |
0.0 |
- |
|
Total Assets |
4,847.9 |
4,820.2 |
4,711.0 |
4,055.6 |
4,204.8 |
|
|
|
|
|
|
|
|
Financial Debt |
330.6 |
254.1 |
352.0 |
257.6 |
219.2 |
|
Financial Debt - Current Portion |
133.4 |
196.0 |
2.0 |
2.3 |
2.2 |
|
Overdrafts |
- |
- |
35.3 |
7.2 |
9.1 |
|
Trade Payables |
962.6 |
1,013.3 |
879.8 |
633.3 |
559.8 |
|
Advances Rcvd. |
28.5 |
39.5 |
23.8 |
17.3 |
10.2 |
|
Taxes/Social |
22.0 |
17.0 |
48.1 |
17.8 |
13.4 |
|
Payroll/Other |
166.3 |
165.4 |
162.9 |
134.1 |
163.3 |
|
Accrued Charges and Deferred income |
119.7 |
143.1 |
100.3 |
81.3 |
90.2 |
|
Dividends Payable |
9.9 |
10.1 |
9.1 |
8.1 |
8.7 |
|
Accrued Interest Payable |
0.8 |
9.8 |
9.5 |
9.0 |
12.0 |
|
Other Payables |
41.4 |
92.7 |
138.2 |
69.8 |
76.2 |
|
Income Tax |
46.9 |
75.0 |
29.1 |
41.8 |
52.0 |
|
Other Provisions |
40.6 |
61.1 |
67.4 |
74.7 |
108.9 |
|
Adjustment |
- |
- |
- |
0.0 |
- |
|
Total Current Liabilities |
1,902.8 |
2,077.0 |
1,857.4 |
1,354.1 |
1,325.1 |
|
|
|
|
|
|
|
|
Loans |
3.8 |
31.0 |
261.4 |
252.2 |
587.3 |
|
Total Long Term Debt |
3.8 |
31.0 |
261.4 |
252.2 |
587.3 |
|
|
|
|
|
|
|
|
Trade Debtors |
18.4 |
19.6 |
8.5 |
7.9 |
7.9 |
|
Employee Benefit |
342.3 |
250.6 |
256.0 |
262.4 |
226.4 |
|
Minority Int. |
71.6 |
70.3 |
78.2 |
75.4 |
57.9 |
|
Other Liab. Prov |
145.7 |
147.3 |
155.8 |
173.0 |
136.8 |
|
Deferred Taxes |
48.1 |
59.8 |
58.6 |
45.0 |
69.3 |
|
Discontinued Operations |
- |
- |
- |
- |
0.0 |
|
Total Liabilities |
2,532.7 |
2,655.5 |
2,675.9 |
2,170.1 |
2,410.7 |
|
|
|
|
|
|
|
|
Share Capital |
664.6 |
652.8 |
674.6 |
721.5 |
699.0 |
|
Reserves / Retained Earnings |
2,085.2 |
1,896.7 |
1,655.8 |
1,558.2 |
1,507.6 |
|
Treasury Shares |
-299.8 |
-328.1 |
-220.8 |
-255.9 |
-247.1 |
|
Translation Adj. |
-134.8 |
-56.6 |
-74.5 |
-138.2 |
-165.5 |
|
Total Equity |
2,315.2 |
2,164.7 |
2,035.1 |
1,885.5 |
1,794.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
4,847.9 |
4,820.2 |
4,711.0 |
4,055.6 |
4,204.8 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
111.9 |
110.8 |
113.5 |
112.5 |
112.2 |
|
Total Common Shares Outstanding |
111.9 |
110.8 |
113.5 |
112.5 |
112.2 |
|
T/S-Ordinary Shares |
8.1 |
9.2 |
6.5 |
7.5 |
7.8 |
|
Deferred Revenue - Current |
28.5 |
39.5 |
23.8 |
17.3 |
10.2 |
|
Accumulated Intangible Amortization |
148.6 |
128.4 |
113.0 |
111.6 |
89.8 |
|
Full-Time Employees |
14,438 |
14,572 |
14,386 |
13,728 |
15,447 |
|
Long Term Debt Maturing Within 1 Year |
133.4 |
196.0 |
2.0 |
2.3 |
2.2 |
|
Long Term Debt Maturing Within 5 Years |
3.8 |
29.9 |
259.4 |
3.3 |
584.1 |
|
Long Term Debt Remaining Maturities |
0.0 |
1.1 |
2.1 |
602.8 |
3.2 |
|
Total Long Term Debt, Supplemental |
137.2 |
227.0 |
263.5 |
608.5 |
589.5 |
|
Unfunded Plan Obligations |
164.2 |
127.0 |
132.0 |
149.1 |
- |
|
Pension Obligation |
363.4 |
287.8 |
287.3 |
273.3 |
244.1 |
|
Fair Value of Plan Assets |
184.5 |
163.3 |
162.3 |
159.1 |
148.2 |
|
Funded Status |
-178.9 |
-124.5 |
-125.1 |
-114.2 |
-95.9 |
|
Total Funded Status |
-343.1 |
-251.5 |
-257.1 |
-263.2 |
-95.9 |
|
Discount Rate |
4.72% |
4.60% |
4.60% |
4.91% |
5.68% |
|
Compensation Rate |
3.08% |
2.99% |
2.99% |
2.97% |
2.86% |
|
Pension Payment Rate |
1.56% |
1.65% |
- |
- |
- |
|
Expected Rate of Return |
4.60% |
4.60% |
2.06% |
2.08% |
4.92% |
|
Net Domestic Pension Assets |
-342.3 |
-250.6 |
-256.0 |
- |
- |
|
Net Assets Recognized on Balance Sheet |
-342.3 |
-250.6 |
-256.0 |
- |
- |
|
Equity % |
19.88% |
18.83% |
18.52% |
18.32% |
20.06% |
|
Debt Securities % |
57.65% |
56.21% |
59.71% |
52.08% |
56.78% |
|
Real Estate % |
5.78% |
5.27% |
5.06% |
5.06% |
1.53% |
|
Other % |
16.68% |
19.68% |
16.71% |
16.71% |
21.63% |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate (Period
Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
Bedijfsrevisoren |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
305.7 |
464.7 |
335.2 |
117.8 |
187.9 |
|
Equity Co. Result |
-28.5 |
-38.1 |
-27.8 |
12.5 |
-12.0 |
|
Adjustment for Non-Cash Transactions |
213.6 |
264.1 |
119.3 |
165.3 |
313.2 |
|
Adjustments/Items |
83.4 |
114.3 |
90.3 |
51.2 |
114.7 |
|
Working Capital |
43.8 |
-67.5 |
-327.2 |
280.7 |
24.8 |
|
Dividend Rcvd. |
34.7 |
22.1 |
10.7 |
6.3 |
24.0 |
|
Tax Paid |
-120.5 |
-47.8 |
-62.6 |
-7.1 |
-111.0 |
|
Grants Received |
1.8 |
5.1 |
- |
- |
- |
|
Discontinued Operations |
- |
- |
0.0 |
-3.7 |
- |
|
Impact of Consolidation Changes |
- |
0.0 |
2.2 |
0.0 |
0.0 |
|
Cash from Operating Activities |
533.9 |
716.8 |
140.1 |
623.0 |
541.6 |
|
|
|
|
|
|
|
|
Tangible Fixed Asset |
-292.7 |
-261.4 |
-187.4 |
-236.0 |
-299.5 |
|
Intangible Assets |
-33.0 |
-34.1 |
-40.5 |
-28.9 |
-16.4 |
|
Acq. Subsidiaries |
-14.4 |
0.0 |
- |
0.0 |
-1.6 |
|
Acquisition/Capital Inc. in Associates |
-0.1 |
-7.6 |
-11.4 |
-7.6 |
-17.1 |
|
Group Shareholdings |
-1.5 |
0.0 |
0.0 |
-0.7 |
-0.4 |
|
Financial Assets |
-0.1 |
-0.7 |
-0.5 |
-7.2 |
-2.1 |
|
New Loans Extended |
-9.7 |
-1.4 |
0.0 |
-16.1 |
-0.3 |
|
Disp. Tangible Asset |
3.8 |
3.0 |
2.7 |
19.4 |
23.6 |
|
Disp. Intang. Assets |
0.0 |
0.0 |
0.0 |
-0.2 |
0.2 |
|
Disposal Subsidiary |
2.6 |
0.4 |
- |
0.0 |
44.2 |
|
Disposal/Capital Decr. in Associates |
3.1 |
0.0 |
- |
- |
0.0 |
|
Disp. Financial Inv. |
0.6 |
14.1 |
0.0 |
9.7 |
6.0 |
|
Loan Repayments |
0.5 |
0.2 |
8.8 |
0.0 |
7.4 |
|
Discontinued Operations |
- |
- |
- |
- |
0.0 |
|
Cash from Investing Activities |
-340.8 |
-287.7 |
-228.2 |
-267.5 |
-256.0 |
|
|
|
|
|
|
|
|
Capital Increase |
- |
- |
- |
0.0 |
0.0 |
|
Capital Increase/Minority |
7.0 |
-8.5 |
- |
0.0 |
0.9 |
|
New Loans and Repayment |
-21.6 |
-127.2 |
128.8 |
-318.4 |
263.6 |
|
Own Shares |
33.3 |
-122.6 |
18.2 |
0.0 |
-350.6 |
|
Interest Received |
3.7 |
6.6 |
4.7 |
7.8 |
8.5 |
|
Interest Paid |
-20.5 |
-28.2 |
-19.9 |
-28.7 |
-53.7 |
|
Dividends, Shareholders |
-157.4 |
-136.7 |
-144.1 |
-102.6 |
-108.7 |
|
Dividends, Minority |
-8.8 |
-1.3 |
-1.8 |
-1.5 |
-1.0 |
|
Cash from Financing Activities |
-164.2 |
-417.9 |
-14.0 |
-443.3 |
-241.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
10.6 |
-8.7 |
-6.4 |
-6.9 |
9.4 |
|
Net Change in Cash |
39.6 |
2.5 |
-108.5 |
-94.6 |
54.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
128.8 |
136.8 |
238.8 |
345.4 |
309.3 |
|
Net Cash - Ending Balance |
168.3 |
139.3 |
130.3 |
250.8 |
363.3 |
|
Cash Interest Paid |
20.5 |
28.2 |
19.9 |
28.7 |
53.7 |
|
Cash Taxes Paid |
120.5 |
47.8 |
62.6 |
7.1 |
111.0 |
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.60.34 |
|
UK Pound |
1 |
Rs.90.79 |
|
Euro |
1 |
Rs.77.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.