MIRA
INFORM REPORT
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Report Date : |
18.07.2013 |
IDENTIFICATION DETAILS
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Name : |
ENAEX S.A. |
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Registered Office : |
Piso 5, El Trovador 4253, Metropolitana, Las Condes |
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Country : |
Chile |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
30.10.1920 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Subject is engaged in production of ammonium nitrate, explosives
for the mining industry and comprehensive rock fragmentation services |
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No. of Employees : |
1392 |
RATING & COMMENTS
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MIRAs 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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Chile |
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 |
Chile ECONOMIC OVERVIEW
Chile has a
market-oriented economy characterized by a high level of foreign trade and a
reputation for strong financial institutions and sound policy that have given it
the strongest sovereign bond rating in South America. Exports account for
approximately one-third of GDP, with commodities making up some three-quarters
of total exports. Copper alone provides 19% of government revenue. From 2003
through 2012, real growth averaged almost 5% per year, despite the slight
contraction in 2009 that resulted from the global financial crisis. Chile
deepened its longstanding commitment to trade liberalization with the signing
of a free trade agreement with the US, which took effect on 1 January 2004.
Chile has 22 trade agreements covering 60 countries including agreements with
the European Union, Mercosur, China, India, South Korea, and Mexico. Chile has
joined the United States and nine other countries in negotiating the Trans-Pacific-Partnership
trade agreement. In 2012, foreign direct investment inflows reached $28.2
billion, an increase of 63% over the previous record set in 2011. The Chilean
Government has generally followed a countercyclical fiscal policy, accumulating
surpluses in sovereign wealth funds during periods of high copper prices and
economic growth, and generally allowing deficit spending only during periods of
low copper prices and growth. As of 31 December 2012, those sovereign wealth
funds - kept mostly outside the country and separate from Central Bank reserves
- amounted to more than $20.9 billion. Chile used these funds to finance fiscal
stimulus packages during the 2009 economic downturn. In May 2010 Chile signed
the OECD Convention, becoming the first South American country to join the
OECD.
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Source : CIA |
Company name & address
Enaex S.A.
PISO 5
EL TROVADOR 4253, Metropolitana
Las Condes,
Chile
Tel: 56-2-28377600
Fax: 56-2-2282362
Web: www.enaex.cl
Synthesis
Employees: 1,392
Company Type: Public
Parent
Corporate Family: 3
Companies
Traded: Santiago
Stock Exchange: ENAEX
Incorporation Date: 30-Oct-1920
Auditor: Deloitte & Touche LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2012
Reporting Currency: US
Dollar
Annual Sales: 641.4
1
Net Income: 90.0
Total Assets: 816.4
2
Market Value: 778,590.0 (05-Jul-2013)
Business Description
Enaex SA is a Chile-based company engaged, together with its subsidiaries, in the production of ammonium nitrate, explosives for the mining industry and comprehensive rock fragmentation services. The Company’s products include raw materials for explosives such as low density ammonium nitrate, coated ammonium nitrate, ammonium nitrate without additives and ammonium nitrate solution; blasting agents, such as ammonium nitrate and fuel oil (ANFO) and pumpable emulsions; high explosives, such as cast boosters and gelatine dynamytes; as well as initiation systems, such as electronic detonators, blasting caps and safety fuses. Enaex SA has presence in over 20 countries worldwide and operates in Chile such production plants as Mejillones and Calama, among others. For the fiscal year ended 31 December 2012, Enaex S.A. revenues increased 12% to $641.4M. Net income increased 14% to $90M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income benefited from Other Gains/Losses increase from $7.1M (expense) to $1.2M (income), Exchange Difference decrease of 45% to $1.4M (expense).
Industry
Industry Chemical Manufacturing
ANZSIC 2006: 1892 - Explosive
Manufacturing
NACE 2002: 2461 - Manufacture
of explosives
NAICS 2002: 32592 - Explosives
Manufacturing
UK SIC 2003: 2461 - Manufacture
of explosives
UK SIC 2007: 2051 - Manufacture
of explosives
US SIC 1987: 2892 - Explosives
Key Executives
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Name |
Title |
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Juan Andres Errazuriz Dominguez |
Chief Executive Officer |
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Andres Brinck Labbe |
Chief Financial Officer |
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Francisco Javier Baudrand Biggs |
Director of Planning and Development |
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Claudio Yevenes Constanzo |
Director of Prillex America Plant |
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Patricia Veronica Valenzuela Urra |
Director of Human Resources |
Significant Developments
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* 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 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
Location
PISO 5
EL TROVADOR 4253, Metropolitana
Las Condes, Chile
Tel: 56-2-28377600
Fax: 56-2-2282362
Web: www.enaex.cl
Quote Symbol - Exchange
ENAEX - Santiago
Stock Exchange
Sales USD(mil): 641.4
Assets USD(mil): 816.4
Employees: 1,392
Fiscal Year End : 31-Dec-2012
Industry: Chemical
Manufacturing
Incorporation Date: 30-Oct-1920
Company Type: Public
Parent
Quoted Status: Quoted
Chief Executive Officer: Juan
Andres Errazuriz Dominguez
Industry Codes
ANZSIC 2006 Codes:
1892 - Explosive Manufacturing
3323 - Industrial and Agricultural Chemical Product Wholesaling
6240 - Financial Asset Investing
NACE 2002 Codes:
2461 - Manufacture of explosives
7415 - Management activities of holding companies
5155 - Wholesale of chemical products
NAICS 2002 Codes:
32592 - Explosives Manufacturing
424690 - Other Chemical and Allied Products Merchant Wholesalers
551112 - Offices of Other Holding Companies
US SIC 1987:
2892 - Explosives
6719 - Offices of Holding Companies, Not Elsewhere Classified
5169 - Chemicals and Allied Products, Not Elsewhere Classified
UK SIC 2003:
2461 - Manufacture of explosives
7415 - Management activities of holding companies
5155 - Wholesale of chemical products
UK SIC 2007:
2051 - Manufacture of explosives
4675 - Wholesale of chemical products
642 - Activities of holding companies
Business
Description
Enaex SA is a
Chile-based company engaged, together with its subsidiaries, in the production
of ammonium nitrate, explosives for the mining industry and comprehensive rock
fragmentation services. The Company’s products include raw materials for
explosives such as low density ammonium nitrate, coated ammonium nitrate,
ammonium nitrate without additives and ammonium nitrate solution; blasting
agents, such as ammonium nitrate and fuel oil (ANFO) and pumpable emulsions;
high explosives, such as cast boosters and gelatine dynamytes; as well as
initiation systems, such as electronic detonators, blasting caps and safety
fuses. Enaex SA has presence in over 20 countries worldwide and operates in
Chile such production plants as Mejillones and Calama, among others. For the
fiscal year ended 31 December 2012, Enaex S.A. revenues increased 12% to
$641.4M. Net income increased 14% to $90M. Revenues reflect an increase in
demand for the Company's products and services due to favorable market
conditions. Net income benefited from Other Gains/Losses increase from $7.1M
(expense) to $1.2M (income), Exchange Difference decrease of 45% to $1.4M
(expense).
More Business
Descriptions
Integrated blasting services, plus manufacture and distribution of
explosives and chemicals
Chemistry
Enaex S.A. (Enaex)
is a producer of ammonium nitrate. The company undertakes the production,
marketing, and distribution of various explosives and blasting agents for
mining, civil engineering, seismic, and specific applications. It offers
ammonium nitrate products for use in the manufacture of ANFO, mining and civil
works, and production of bulk emulsions and explosive emulsions. The operates
as a subsidiary of Koppers Sigdo group. The company’s sales segmentation are
based on the products sold, which includes ammonium nitrate and bulk
explosives, blasting service, explosives packed, blasting accessories,
chemicals, and other products and services. For the fiscal year ended December
2012, the Ammonium nitrate and bulk explosives sales accounted for 78% of the
total sales, followed by blasting service with 8.4%, explosives packed with
6.1%, blasting Accessories with 3.7%, chemicals with 1.1% and other products
and services with 2.7%. Enaex operates through two business segments namely,
Ammonium Nitrate Chemical, and Explosive and Services. The Ammonium Nitrate
Chemical business segment of the company offers products under various brands
such as Prillex LR, Prillex FR, Prillex H-Pure, Prillex LD, Prillex ULD and
Other products. Enaex SA also manufactures and markets chemicals including
Dilute Nitric Acid 60%, Anhydrous Ammonia and Nasol 84. Enaex through its
Explosives and Services segment offers Rock Fragmentation Service, which
include supply of explosives and MM.PP, transportation of explosives, loading
of explosives, capping, mooring and shot blasting, and magazines
administration. The company also provides engineering services, which comprises
of planning of blasting and design of drilling. In addition, its activities
comprise export of raw materials; manufacture and/or haulage machining;
administration and legal management magazines; provision of facilities services
and magazines; and technical and blast analysis. The company’s production
plants include Planta Rio Lao-Calama, Planta La Chimba-Antofagasta, Planta de
Punta Teatinos-La Serena and Planta Olavarria in Argentina. Enaex conducts its
operations through its subsidiaries such as Investment and Integrated Energy
Services Ltd., Inverell Participations Inc., Frioquimica SA, Nittra Investments
SA, Enaex Argentina SRL, Petrochemical and Fertilizer Soc Andina SA and Enaex
Colombia SA. Geographically, the company operates across the four regions,
namely, Chile, Argentina, Peru and Others. For the fiscal year ended December
2012, Chile region accounted for 74.5% of the company's total revenue, followed
by Argentina with 3.7%, Peru with 11.5% and Other with 10.3%.
Enaex S.A. (Enaex)
is an ammonium nitrate producer. The company undertakes the production,
marketing, and distribution of various explosives and blasting agents for mining,
civil engineering, seismic, and specific applications. Its engineers and
technical representatives permit the company to train, counsel and suggest
products and methods correct to each case. Enaex offers complete engineering
service for optimizing blasting fragmentation process. The company’s lines of
business consist of ammonium nitrate, and explosives and services. Its products
consist of Prillex series, and having a Prillex Plant Complex having complex
ANNA or nitric acid-ammonium nitrate. Enaex’s product offerings consist of
density ammonium nitrate, layered ammonium nitrate, ammonium nitrate without
additives and ammonium nitrate solution. The company uses agents, such as
ammonium nitrate and fuel oil. Enaex is headquartered in Santiago, Chile.The
company reported revenues of (U.S. Dollars) USD 641.43 million during the
fiscal year ended December 2012, an increase of 11.52% over 2011. The operating
profit of the company was USD 123.42 million during the fiscal year 2012, an
increase of 7.00% over 2011. The net profit of the company was USD 90.03
million during the fiscal year 2012, an increase of 13.90% over 2011.
Explosives Manufacturing
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Corporate Family |
Corporate
Structure News: |
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Enaex
S.A. |
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Enaex S.A. |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Las Condes |
Chile |
Chemical Manufacturing |
641.4 |
1,392 |
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Subsidiary |
Santiago |
Chile |
Chemical Manufacturing |
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Subsidiary |
Santiago |
Chile |
Chemical Manufacturing |
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Competitors Report
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Company Name |
Location |
Employees |
Ownership |
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AECI Limited |
Sandton, South Africa |
6,895 |
Public |
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Ashland Inc. |
Covington, Kentucky, United States |
15,000 |
Public |
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Chembond Chemicals Ltd |
Mumbai, India |
299 |
Public |
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Hanwha Corp |
Seoul, Korea, Republic of |
3,707 |
Public |
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Orica Ltd |
Melbourne, Victoria, Australia |
15,000 |
Public |
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SQM North America Corp |
Atlanta, Georgia, United States |
25 |
Private |
Executive report
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Board
of Directors |
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Vice Chairman |
Chairman |
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Chairman of the Board |
Chairman |
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Vice Chairman of the Board |
Vice-Chairman |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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Chief Executive Officer |
Chief Executive Officer |
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Commercial Director of Chemicals Division |
Division Head Executive |
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Chief Executive Officer of Enaex Servicios
SA |
Division Head Executive |
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Health Manager - Safety, Environment and
Community |
Environment/Safety Executive |
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Finance and Administration Director |
Administration Executive |
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Chief Financial Officer |
Finance Executive |
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Director of Planning and Finance |
Finance Executive |
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Human Resources Director |
Human Resources Executive |
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Director of Human Resources |
Human Resources Executive |
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International Business Corporate Manager |
Sales Executive |
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Sales Director |
Sales Executive |
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Export Manager |
Sales Executive |
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Investor Relations Contact Officer |
Investor Relations Executive |
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Engineering Director |
Engineering/Technical Executive |
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Director of Planning and Development |
Research & Development Executive |
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Production Director |
Manufacturing Executive |
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Prillex Plant Director |
Manufacturing Executive |
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Mining Services Director |
Manufacturing Executive |
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Director of Prillex America Plant |
Manufacturing Executive |
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Subgerente de Abastecimiento |
Purchasing Executive |
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Director |
Other |
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Corporate Director of Social
Responsibility |
Other |
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Significant Developments
Enaex SA Announces FY 2013 Interim Dividend Payment No. 84 Apr 26, 2013
Enaex SA announced an interim dividend payment No. 84 for fiscal year 2013 in the amount of USD 6,960,000, at a value of USD 0.056585366 per share for 123,000,000 shares, effective on May 24, 2013 for the shareholders of record on May 17, 2013.
Enaex SA Announces FY 2012 Dividend Payment No. 83 Apr 26, 2013
Enaex SA announced a dividend payment No. 83 for fiscal year 2012 in the amount of USD 18,302,535, at a value of USD 0.148801098 per share for 123,000,000 shares, effective on May 10, 2013 for the shareholders of record on May 4, 2013.
Enaex SA Announces FY 2012 Interim Dividend Payment No. 82 Oct 26, 2012
Enaex SA announced that it has decided to distribute an interim dividend payment No. 82 for fiscal year 2012 at a total value of USD 0.129226016 per share, effective on November 14, 2012.
Enaex SA Announces FY 2012 Interim Dividend Payment No. 81 Jul 31, 2012
Enaex SA announced an interim dividend payment No. 81 for fiscal year 2012 in the amount of USD 12,952,100 for 123,000,000 shares, at a value of USD 0.105301626 per share, effective on August 20, 2012 for the shareholders of record on August 13, 2012.
Annual income statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
CLP |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
523.711407 |
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Auditor |
Deloitte &
Touche LLP |
Deloitte
Auditores y Consultores Ltda |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
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Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
641.4 |
575.1 |
409.5 |
311.7 |
482.5 |
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Revenue |
641.4 |
575.1 |
409.5 |
311.7 |
482.5 |
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Total Revenue |
641.4 |
575.1 |
409.5 |
311.7 |
482.5 |
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Cost of Revenue |
471.4 |
416.8 |
285.8 |
204.5 |
381.6 |
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Cost of Revenue, Total |
471.4 |
416.8 |
285.8 |
204.5 |
381.6 |
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Gross Profit |
170.0 |
158.3 |
123.7 |
107.2 |
100.9 |
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Selling/General/Administrative Expense |
44.2 |
39.9 |
31.3 |
27.9 |
24.7 |
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Total Selling/General/Administrative Expenses |
44.2 |
39.9 |
31.3 |
27.9 |
24.7 |
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Amortization of Acquisition Costs |
- |
- |
- |
- |
0.5 |
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Depreciation/Amortization |
- |
- |
- |
- |
0.5 |
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Other Unusual Expense (Income) |
- |
- |
- |
- |
0.0 |
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Unusual Expense (Income) |
- |
- |
- |
- |
0.0 |
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Other Operating Expense |
3.6 |
3.1 |
1.2 |
0.6 |
- |
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Other, Net |
-1.1 |
- |
-0.8 |
-2.0 |
- |
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Other Operating Expenses, Total |
2.5 |
3.1 |
0.4 |
-1.3 |
- |
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Total Operating Expense |
518.0 |
459.8 |
317.5 |
231.0 |
406.7 |
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Operating Income |
123.4 |
115.3 |
92.0 |
80.7 |
75.7 |
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Interest Expense -
Non-Operating |
-4.7 |
-4.5 |
-3.5 |
-2.0 |
- |
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Interest Expense, Net Non-Operating |
-4.7 |
-4.5 |
-3.5 |
-2.0 |
- |
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Interest Income -
Non-Operating |
0.5 |
1.1 |
0.8 |
1.3 |
- |
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Investment Income -
Non-Operating |
-3.7 |
-4.8 |
4.2 |
4.2 |
-30.5 |
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Interest/Investment Income - Non-Operating |
-3.2 |
-3.7 |
4.9 |
5.5 |
-30.5 |
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Interest Income (Expense) - Net Non-Operating Total |
-7.9 |
-8.2 |
1.4 |
3.4 |
-30.5 |
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Other Non-Operating Income (Expense) |
1.2 |
-7.2 |
- |
- |
71.6 |
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Other, Net |
1.2 |
-7.2 |
- |
- |
71.6 |
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Income Before Tax |
116.7 |
99.9 |
93.4 |
84.1 |
116.8 |
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Total Income Tax |
26.6 |
20.8 |
16.2 |
14.4 |
31.2 |
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Income After Tax |
90.0 |
79.0 |
77.2 |
69.8 |
85.6 |
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Minority Interest |
- |
0.0 |
0.0 |
0.0 |
0.0 |
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Net Income Before Extraord Items |
90.0 |
79.0 |
77.2 |
69.8 |
85.6 |
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Net Income |
90.0 |
79.0 |
77.2 |
69.8 |
85.6 |
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Income Available to Common Excl Extraord Items |
90.0 |
79.0 |
77.2 |
69.8 |
85.6 |
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|
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Income Available to Common Incl Extraord Items |
90.0 |
79.0 |
77.2 |
69.8 |
85.6 |
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Basic/Primary Weighted Average Shares |
123.0 |
123.0 |
123.0 |
123.0 |
78,144.9 |
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Basic EPS Excl Extraord Items |
0.73 |
0.64 |
0.63 |
0.57 |
0.70 |
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Basic/Primary EPS Incl Extraord Items |
0.73 |
0.64 |
0.63 |
0.57 |
0.70 |
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Diluted Net Income |
90.0 |
79.0 |
77.2 |
69.8 |
85.6 |
|
Diluted Weighted Average Shares |
123.0 |
123.0 |
123.0 |
123.0 |
78,144.9 |
|
Diluted EPS Excl Extraord Items |
0.73 |
0.64 |
0.63 |
0.57 |
0.70 |
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Diluted EPS Incl Extraord Items |
0.73 |
0.64 |
0.63 |
0.57 |
0.70 |
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Dividends per Share - Common Stock Primary Issue |
0.45 |
0.37 |
0.35 |
0.30 |
0.13 |
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Gross Dividends - Common Stock |
55.2 |
45.6 |
42.9 |
37.2 |
15.4 |
|
Interest Expense, Supplemental |
4.7 |
4.5 |
3.5 |
-2.0 |
- |
|
Depreciation, Supplemental |
25.6 |
25.5 |
18.9 |
13.7 |
21.8 |
|
Total Special Items |
- |
- |
- |
- |
0.5 |
|
Normalized Income Before Tax |
116.7 |
99.9 |
93.4 |
84.1 |
117.4 |
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|
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|
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|
Effect of Special Items on Income Taxes |
- |
- |
- |
- |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
26.6 |
20.8 |
16.2 |
14.4 |
31.2 |
|
Normalized Income After Tax |
90.0 |
79.0 |
77.2 |
69.8 |
86.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
90.0 |
79.0 |
77.2 |
69.8 |
86.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.73 |
0.64 |
0.63 |
0.57 |
0.70 |
|
Diluted Normalized EPS |
0.73 |
0.64 |
0.63 |
0.57 |
0.70 |
|
Amort of Acquisition Costs, Supplemental |
- |
- |
- |
- |
0.5 |
|
Amort of Intangibles, Supplemental |
0.5 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Normalized EBIT |
123.4 |
115.3 |
92.0 |
80.7 |
75.7 |
|
Normalized EBITDA |
149.6 |
141.0 |
111.0 |
94.5 |
98.1 |
|
Current Tax - Domestic |
- |
24.4 |
16.4 |
14.3 |
41.2 |
|
Current Tax - Other |
- |
- |
- |
- |
0.6 |
|
Current Tax - Total |
- |
24.4 |
16.4 |
14.3 |
41.8 |
|
Deferred Tax - Domestic |
- |
-3.6 |
-0.2 |
1.1 |
3.2 |
|
Deferred Tax - Other |
- |
- |
- |
-1.1 |
-13.7 |
|
Deferred Tax - Total |
- |
-3.6 |
-0.2 |
0.1 |
-10.5 |
|
Income Tax - Total |
- |
20.8 |
16.2 |
14.4 |
31.2 |
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 |
Restated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
CLP |
|
Exchange Rate |
1 |
1 |
1 |
1 |
637.25 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte Auditores
y Consultores Ltda |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
- |
17.2 |
45.8 |
55.6 |
6.3 |
|
Cash & Equivalents |
45.2 |
17.2 |
- |
- |
57.0 |
|
Short Term Investments |
0.0 |
36.1 |
2.0 |
0.0 |
0.0 |
|
Cash and Short Term Investments |
45.2 |
70.6 |
47.8 |
55.6 |
63.4 |
|
Accounts Receivable -
Trade, Gross |
- |
119.4 |
- |
- |
- |
|
Provision for Doubtful
Accounts |
- |
-0.1 |
- |
- |
- |
|
Trade Accounts Receivable - Net |
137.8 |
120.2 |
115.3 |
73.7 |
68.5 |
|
Notes Receivable - Short Term |
- |
0.1 |
- |
- |
0.3 |
|
Other Receivables |
2.3 |
25.2 |
2.5 |
0.0 |
15.8 |
|
Total Receivables, Net |
140.1 |
145.5 |
117.9 |
73.7 |
84.7 |
|
Inventories - Finished Goods |
- |
11.1 |
8.5 |
5.4 |
3.7 |
|
Inventories - Work In Progress |
- |
12.2 |
21.5 |
9.2 |
13.2 |
|
Inventories - Raw Materials |
- |
52.2 |
25.1 |
17.0 |
19.7 |
|
Inventories - Other |
102.3 |
0.0 |
0.6 |
4.8 |
3.9 |
|
Total Inventory |
102.3 |
75.5 |
55.7 |
36.5 |
40.5 |
|
Prepaid Expenses |
- |
0.6 |
- |
- |
2.8 |
|
Deferred Income Tax - Current Asset |
- |
- |
- |
- |
0.8 |
|
Other Current Assets |
1.6 |
22.8 |
0.4 |
2.1 |
32.6 |
|
Other Current Assets, Total |
1.6 |
22.8 |
0.4 |
2.1 |
33.4 |
|
Total Current Assets |
289.2 |
315.0 |
221.8 |
168.0 |
224.8 |
|
|
|
|
|
|
|
|
Buildings |
- |
317.2 |
358.0 |
402.2 |
352.8 |
|
Land/Improvements |
- |
11.6 |
11.5 |
11.5 |
1.7 |
|
Machinery/Equipment |
- |
239.2 |
236.2 |
168.0 |
191.7 |
|
Construction in
Progress |
- |
23.4 |
- |
- |
- |
|
Other
Property/Plant/Equipment |
- |
14.5 |
15.8 |
15.6 |
18.0 |
|
Property/Plant/Equipment - Gross |
- |
606.0 |
621.5 |
597.3 |
564.2 |
|
Accumulated Depreciation |
- |
-196.5 |
-171.2 |
-153.2 |
-183.2 |
|
Property/Plant/Equipment - Net |
418.5 |
409.4 |
450.3 |
444.0 |
381.0 |
|
Goodwill, Net |
1.1 |
1.1 |
1.1 |
1.1 |
1.1 |
|
Intangibles - Gross |
- |
4.0 |
- |
- |
0.0 |
|
Accumulated Intangible Amortization |
- |
-0.6 |
- |
- |
0.0 |
|
Intangibles, Net |
6.2 |
3.4 |
2.4 |
1.7 |
0.0 |
|
LT Investment - Affiliate Companies |
69.6 |
6.8 |
2.6 |
1.9 |
0.0 |
|
LT Investments - Other |
- |
- |
0.0 |
0.0 |
0.1 |
|
Long Term Investments |
69.6 |
6.8 |
2.7 |
1.9 |
0.1 |
|
Note Receivable - Long Term |
19.6 |
0.9 |
0.5 |
0.5 |
0.7 |
|
Deferred Income Tax - Long Term Asset |
9.8 |
7.7 |
4.0 |
4.0 |
0.0 |
|
Other Long Term Assets |
2.3 |
1.7 |
0.4 |
0.4 |
0.2 |
|
Other Long Term Assets, Total |
12.1 |
9.4 |
4.4 |
4.4 |
0.2 |
|
Total Assets |
816.4 |
746.2 |
683.2 |
621.5 |
607.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
61.6 |
32.5 |
26.4 |
22.8 |
72.2 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.1 |
24.8 |
|
Current Portion - Long Term Debt/Capital Leases |
145.8 |
126.4 |
101.1 |
53.5 |
14.7 |
|
Dividends Payable |
- |
- |
- |
- |
0.0 |
|
Customer Advances |
- |
- |
- |
- |
0.0 |
|
Income Taxes Payable |
1.5 |
15.6 |
0.0 |
5.8 |
5.3 |
|
Other Payables |
- |
- |
2.3 |
2.4 |
9.8 |
|
Deferred Income Tax - Current Liability |
- |
- |
- |
- |
0.0 |
|
Other Current Liabilities |
24.1 |
20.2 |
19.4 |
20.5 |
17.9 |
|
Other Current liabilities, Total |
25.6 |
35.7 |
21.7 |
28.8 |
33.0 |
|
Total Current Liabilities |
233.0 |
194.6 |
149.2 |
105.1 |
144.6 |
|
|
|
|
|
|
|
|
Long Term Debt |
51.4 |
82.1 |
99.2 |
116.2 |
111.1 |
|
Total Long Term Debt |
51.4 |
82.1 |
99.2 |
116.2 |
111.1 |
|
Total Debt |
197.2 |
208.5 |
200.3 |
169.8 |
150.6 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
24.3 |
21.7 |
21.6 |
21.8 |
18.0 |
|
Deferred Income Tax |
24.3 |
21.7 |
21.6 |
21.8 |
18.0 |
|
Minority Interest |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Reserves |
- |
- |
- |
- |
9.1 |
|
Pension Benefits - Underfunded |
12.9 |
11.4 |
11.2 |
11.3 |
- |
|
Other Long Term Liabilities |
15.3 |
0.1 |
- |
- |
0.0 |
|
Other Liabilities, Total |
28.2 |
11.5 |
11.2 |
11.3 |
9.1 |
|
Total Liabilities |
336.9 |
310.0 |
281.3 |
254.4 |
282.8 |
|
|
|
|
|
|
|
|
Common Stock |
162.1 |
162.1 |
162.1 |
162.1 |
162.0 |
|
Common Stock |
162.1 |
162.1 |
162.1 |
162.1 |
162.0 |
|
Additional Paid-In Capital |
- |
- |
- |
- |
0.0 |
|
Retained Earnings (Accumulated Deficit) |
317.3 |
276.8 |
239.8 |
204.9 |
163.1 |
|
Other Comprehensive Income |
- |
-2.7 |
- |
- |
- |
|
Other Equity, Total |
- |
-2.7 |
- |
- |
- |
|
Total Equity |
479.4 |
436.2 |
401.9 |
367.1 |
325.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
816.4 |
746.2 |
683.2 |
621.5 |
607.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
123.0 |
123.0 |
123.0 |
123.0 |
78,144.9 |
|
Total Common Shares Outstanding |
123.0 |
123.0 |
123.0 |
123.0 |
78,144.9 |
|
Employees |
- |
1,392 |
- |
- |
- |
|
Accumulated Intangible Amort, Suppl. |
0.5 |
0.6 |
0.4 |
0.3 |
0.0 |
|
Deferred Revenue - Current |
- |
- |
- |
- |
0.0 |
|
Total Long Term Debt, Supplemental |
- |
208.3 |
200.3 |
169.7 |
14.7 |
|
Long Term Debt Maturing within 1 Year |
- |
126.2 |
101.1 |
53.5 |
14.7 |
|
Long Term Debt Maturing in Year 2 |
- |
20.2 |
29.1 |
16.2 |
0.0 |
|
Long Term Debt Maturing in Year 3 |
- |
20.2 |
29.1 |
16.2 |
0.0 |
|
Long Term Debt Maturing in Year 4 |
- |
8.2 |
8.2 |
25.5 |
0.0 |
|
Long Term Debt Maturing in Year 5 |
- |
8.2 |
8.2 |
25.5 |
0.0 |
|
Long Term Debt Maturing in 2-3 Years |
- |
40.3 |
58.2 |
32.4 |
0.0 |
|
Long Term Debt Maturing in 4-5 Years |
- |
16.4 |
16.4 |
51.0 |
0.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
25.4 |
24.6 |
32.8 |
0.0 |
|
Discount Rate - Post-Retirement |
- |
5.50% |
5.50% |
5.50% |
- |
|
Compensation Rate - Post-Retirement |
- |
2.00% |
2.00% |
2.00% |
- |
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 |
Restated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
CLP |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
523.711407 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte
Auditores y Consultores Ltda |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
90.0 |
79.0 |
77.2 |
69.8 |
85.6 |
|
Depreciation |
26.1 |
25.7 |
19.0 |
13.8 |
21.8 |
|
Depreciation/Depletion |
26.1 |
25.7 |
19.0 |
13.8 |
21.8 |
|
Amortization of Intangibles |
- |
- |
- |
- |
0.0 |
|
Amortization of Acquisition Costs |
- |
- |
- |
- |
0.5 |
|
Amortization |
- |
- |
- |
- |
0.5 |
|
Unusual Items |
-1.1 |
9.6 |
-0.3 |
-0.4 |
-72.4 |
|
Equity in Net Earnings (Loss) |
- |
- |
- |
- |
-3.6 |
|
Other Non-Cash Items |
30.3 |
24.0 |
17.5 |
12.8 |
38.3 |
|
Non-Cash Items |
29.1 |
33.7 |
17.3 |
12.4 |
-37.6 |
|
Accounts Receivable |
6.2 |
-29.5 |
-39.2 |
5.9 |
-64.0 |
|
Inventories |
-27.0 |
-19.8 |
-19.2 |
4.0 |
-20.2 |
|
Other Assets |
-0.6 |
-0.6 |
-0.1 |
-2.2 |
-5.6 |
|
Accounts Payable |
17.8 |
23.4 |
6.9 |
-34.2 |
12.6 |
|
Taxes Payable |
- |
- |
- |
- |
5.7 |
|
Other Liabilities |
- |
- |
- |
- |
10.8 |
|
Other Operating Cash Flow |
-21.5 |
-23.4 |
-24.6 |
1.1 |
0.4 |
|
Changes in Working Capital |
-25.2 |
-49.9 |
-76.2 |
-25.3 |
-60.3 |
|
Cash from Operating Activities |
120.1 |
88.5 |
37.3 |
70.6 |
10.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-27.4 |
-19.0 |
-27.2 |
-73.6 |
-171.2 |
|
Capital Expenditures |
-27.4 |
-19.0 |
-27.2 |
-73.6 |
-171.2 |
|
Sale of Fixed Assets |
1.8 |
0.8 |
0.4 |
0.9 |
1.6 |
|
Sale/Maturity of Investment |
- |
- |
- |
- |
91.2 |
|
Purchase of Investments |
-57.5 |
-6.5 |
-2.6 |
-2.6 |
0.0 |
|
Other Investing Cash Flow |
55.6 |
-35.2 |
-2.8 |
-1.1 |
-3.7 |
|
Other Investing Cash Flow Items, Total |
-0.1 |
-41.0 |
-5.1 |
-2.8 |
89.2 |
|
Cash from Investing Activities |
-27.5 |
-59.9 |
-32.2 |
-76.4 |
-82.0 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-4.8 |
-3.3 |
-3.0 |
-1.5 |
0.0 |
|
Financing Cash Flow Items |
-4.8 |
-3.3 |
-3.0 |
-1.5 |
0.0 |
|
Cash Dividends Paid - Common |
-55.2 |
-45.6 |
-42.9 |
-37.2 |
-15.4 |
|
Total Cash Dividends Paid |
-55.2 |
-45.6 |
-42.9 |
-37.2 |
-15.4 |
|
Common Stock, Net |
- |
- |
- |
- |
0.0 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
- |
- |
0.0 |
|
Short Term Debt Issued |
188.0 |
212.2 |
153.3 |
143.4 |
- |
|
Short Term Debt, Net |
188.0 |
212.2 |
153.3 |
143.4 |
- |
|
Long Term Debt Issued |
- |
- |
- |
- |
156.4 |
|
Long Term Debt
Reduction |
-209.9 |
-203.0 |
-122.5 |
-142.2 |
-32.2 |
|
Long Term Debt, Net |
-209.9 |
-203.0 |
-122.5 |
-142.2 |
124.2 |
|
Issuance (Retirement) of Debt, Net |
-21.9 |
9.2 |
30.8 |
1.2 |
124.2 |
|
Cash from Financing Activities |
-81.9 |
-39.8 |
-15.1 |
-37.5 |
108.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
-0.2 |
0.3 |
2.7 |
-0.1 |
|
Net Change in Cash |
10.8 |
-11.4 |
-9.7 |
-40.6 |
36.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
34.4 |
45.8 |
55.6 |
96.2 |
10.8 |
|
Net Cash - Ending Balance |
45.2 |
34.4 |
45.8 |
55.6 |
144.5 |
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 |
Restated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
CLP |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
523.711407 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte
Auditores y Consultores Ltda |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Revenues |
641.4 |
575.1 |
409.5 |
311.7 |
390.2 |
|
Total Revenue |
641.4 |
575.1 |
409.5 |
311.7 |
390.2 |
|
|
|
|
|
|
|
|
Cost Of Sales |
471.4 |
416.8 |
285.8 |
204.5 |
308.6 |
|
Distribution Costs |
13.1 |
13.8 |
7.8 |
8.1 |
- |
|
Unusual Items |
- |
- |
- |
- |
0.0 |
|
Selling/Administrative Expenses |
31.1 |
26.0 |
23.4 |
19.8 |
19.9 |
|
Other Expense |
3.6 |
3.1 |
1.2 |
0.6 |
- |
|
Other Income |
-1.1 |
- |
-0.8 |
-2.0 |
- |
|
Goodwill Amortization |
- |
- |
- |
- |
0.4 |
|
Negative Goodwill Amortization |
- |
- |
- |
- |
0.0 |
|
Total Operating Expense |
518.0 |
459.8 |
317.5 |
231.0 |
329.0 |
|
|
|
|
|
|
|
|
Financial Income |
- |
- |
- |
- |
3.5 |
|
Interest Income |
0.5 |
1.1 |
0.8 |
1.3 |
- |
|
Investment Income |
- |
- |
- |
- |
2.9 |
|
Other Income |
- |
- |
- |
- |
59.7 |
|
Investment Losses |
-2.3 |
-2.2 |
-1.9 |
-0.7 |
0.0 |
|
Interest Expense |
-4.7 |
-4.5 |
-3.5 |
-2.0 |
- |
|
Financial Expense |
0.0 |
-0.1 |
- |
- |
-4.2 |
|
Other Gains/Losses |
1.2 |
-7.1 |
- |
- |
-1.2 |
|
Monetary Correction |
- |
- |
- |
- |
-0.4 |
|
Exchange Difference |
-1.4 |
-2.6 |
6.0 |
4.9 |
-27.2 |
|
Net Income Before Taxes |
116.7 |
99.9 |
93.4 |
84.1 |
94.5 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
26.6 |
20.8 |
16.2 |
14.4 |
25.3 |
|
Net Income After Taxes |
90.0 |
79.0 |
77.2 |
69.8 |
69.2 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income Before Extra. Items |
90.0 |
79.0 |
77.2 |
69.8 |
69.2 |
|
Net Income |
90.0 |
79.0 |
77.2 |
69.8 |
69.2 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
90.0 |
79.0 |
77.2 |
69.8 |
69.2 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
90.0 |
79.0 |
77.2 |
69.8 |
69.2 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
123.0 |
123.0 |
123.0 |
123.0 |
123.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.73 |
0.64 |
0.63 |
0.57 |
0.56 |
|
Basic EPS Including ExtraOrdinary Items |
0.73 |
0.64 |
0.63 |
0.57 |
0.56 |
|
Diluted Net Income |
90.0 |
79.0 |
77.2 |
69.8 |
69.2 |
|
Diluted Weighted Average Shares |
123.0 |
123.0 |
123.0 |
123.0 |
123.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.73 |
0.64 |
0.63 |
0.57 |
0.56 |
|
Diluted EPS Including ExtraOrd Items |
0.73 |
0.64 |
0.63 |
0.57 |
0.56 |
|
DPS-Common Stock |
0.45 |
0.37 |
0.35 |
0.30 |
0.10 |
|
Gross Dividends - Common Stock |
55.2 |
45.6 |
42.9 |
37.2 |
12.5 |
|
Normalized Income Before Taxes |
116.7 |
99.9 |
93.4 |
84.1 |
94.9 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
26.6 |
20.8 |
16.2 |
14.4 |
25.3 |
|
Normalized Income After Taxes |
90.0 |
79.0 |
77.2 |
69.8 |
69.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
90.0 |
79.0 |
77.2 |
69.8 |
69.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.73 |
0.64 |
0.63 |
0.57 |
0.57 |
|
Diluted Normalized EPS |
0.73 |
0.64 |
0.63 |
0.57 |
0.57 |
|
Amortization of goodwill |
- |
- |
- |
- |
0.4 |
|
Amortization of Intangibles |
0.5 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Depreciation expense |
25.6 |
25.5 |
18.9 |
13.7 |
17.6 |
|
Interest Expense, Supplemental |
4.7 |
4.5 |
3.5 |
-2.0 |
- |
|
Current Tax |
- |
24.4 |
16.4 |
14.3 |
33.3 |
|
Adjustment |
- |
- |
- |
- |
0.5 |
|
Current Tax - Total |
- |
24.4 |
16.4 |
14.3 |
33.8 |
|
Deferred Tax |
- |
-3.6 |
-0.2 |
1.1 |
2.6 |
|
Other |
- |
- |
- |
-1.1 |
-11.1 |
|
Deferred Tax - Total |
- |
-3.6 |
-0.2 |
0.1 |
-8.5 |
|
Income Tax - Total |
- |
20.8 |
16.2 |
14.4 |
25.3 |
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 |
Restated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
CLP |
|
Exchange Rate |
1 |
1 |
1 |
1 |
637.25 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte
Auditores y Consultores Ltda |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
- |
17.2 |
45.8 |
55.6 |
6.3 |
|
Cash Equivalents |
45.2 |
17.2 |
- |
- |
- |
|
Other Financial Assets |
0.0 |
36.1 |
- |
- |
- |
|
Other Non-Financial Assets |
1.1 |
- |
0.4 |
2.1 |
- |
|
Deposits |
- |
- |
- |
- |
57.0 |
|
Short Term Investments |
- |
- |
2.0 |
0.0 |
0.0 |
|
Accounts Receivable |
137.4 |
- |
114.0 |
73.1 |
68.1 |
|
Accounts Receivable, Gross |
- |
119.4 |
- |
- |
- |
|
Notes Receivable |
- |
0.1 |
- |
- |
0.3 |
|
Other Receivable |
- |
20.9 |
- |
- |
3.7 |
|
Provision for Doubtful Accounts |
- |
-0.1 |
- |
- |
- |
|
Receivables from Affiliates |
0.4 |
0.8 |
1.3 |
0.6 |
0.4 |
|
Raw Materials |
- |
52.2 |
25.1 |
17.0 |
19.7 |
|
Finished Goods |
- |
5.1 |
3.1 |
3.4 |
1.9 |
|
Intermed. Goods |
- |
12.2 |
21.5 |
8.6 |
12.4 |
|
Work-In-Progress |
- |
- |
0.0 |
0.6 |
0.8 |
|
Stock In Transit |
- |
0.0 |
0.6 |
4.8 |
3.9 |
|
Goods for Sale |
- |
6.0 |
5.4 |
2.1 |
1.8 |
|
Provisons |
102.3 |
- |
- |
- |
- |
|
Taxes Refundable |
2.3 |
4.3 |
2.5 |
0.0 |
12.1 |
|
Prepayments |
- |
0.6 |
- |
- |
2.8 |
|
Deferred Tax |
- |
- |
- |
- |
0.8 |
|
Others Assets for Lease |
- |
- |
- |
- |
0.0 |
|
Leasing Contracts |
- |
- |
- |
- |
0.0 |
|
Other Current Assets |
- |
- |
- |
- |
32.6 |
|
Assets held for Sale |
0.4 |
22.8 |
- |
- |
- |
|
Total Current Assets |
289.2 |
315.0 |
221.8 |
168.0 |
224.8 |
|
|
|
|
|
|
|
|
Property, Plant & Equipment |
418.5 |
- |
- |
- |
- |
|
Construction in Progress |
- |
23.4 |
- |
- |
- |
|
Land |
- |
11.6 |
11.5 |
11.5 |
1.7 |
|
Buildings |
- |
317.2 |
358.0 |
402.2 |
352.8 |
|
Machinery/Equipment |
- |
236.9 |
236.2 |
168.0 |
191.7 |
|
Fixed Installations |
- |
2.2 |
- |
- |
- |
|
Other Tangibles |
- |
14.4 |
15.8 |
15.6 |
17.8 |
|
Lease Improvements |
- |
0.2 |
- |
- |
- |
|
Technical Revaluation |
- |
- |
- |
- |
0.3 |
|
Depreciation |
- |
-196.5 |
-171.2 |
-153.2 |
-183.2 |
|
Investments in Affiliates |
69.6 |
6.8 |
2.6 |
1.9 |
0.0 |
|
Other Financial Assets |
- |
- |
0.0 |
0.0 |
- |
|
Other Investments |
- |
- |
- |
- |
0.1 |
|
Tax Assets |
0.1 |
- |
- |
- |
- |
|
Deferred Taxes LT |
9.8 |
7.7 |
4.0 |
4.0 |
0.0 |
|
Long Term Receivables |
19.6 |
0.9 |
0.5 |
0.5 |
0.7 |
|
Goodwill |
1.1 |
1.1 |
1.1 |
1.1 |
1.1 |
|
Negative Goodwill |
- |
- |
- |
- |
0.0 |
|
Long Term Receivables/Affiliates |
- |
- |
- |
- |
0.0 |
|
SAP Project |
- |
- |
2.4 |
1.7 |
- |
|
IT Program |
- |
- |
0.0 |
0.0 |
- |
|
Intangibles, Net |
6.2 |
- |
- |
- |
- |
|
Intangibles |
- |
4.0 |
- |
- |
0.0 |
|
Amortization of Intangibles |
- |
-0.6 |
- |
- |
0.0 |
|
Long Term Leasing Contracts |
- |
- |
- |
- |
0.0 |
|
Other Long Term Assets |
- |
- |
- |
- |
0.2 |
|
Other Long Term Non Financial Assets |
2.1 |
1.7 |
0.4 |
0.4 |
- |
|
Total Assets |
816.4 |
746.2 |
683.2 |
621.5 |
607.9 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
- |
- |
- |
- |
24.8 |
|
Current Long Term Bonds |
- |
- |
- |
- |
0.0 |
|
Debt with Public |
- |
- |
- |
- |
0.0 |
|
Current LT Debt |
145.8 |
126.4 |
101.1 |
53.5 |
14.7 |
|
Hedge Liabilities |
- |
0.2 |
- |
- |
- |
|
Long Term Debt Due<1YR |
- |
- |
- |
- |
0.0 |
|
Dividends Payable |
- |
- |
- |
- |
0.0 |
|
Accounts Payable |
60.1 |
31.3 |
26.3 |
22.4 |
69.2 |
|
Notes Payable |
- |
- |
0.0 |
0.1 |
0.0 |
|
Other Payable |
- |
- |
2.3 |
2.4 |
9.8 |
|
Payables to Affiliates |
1.5 |
1.2 |
0.2 |
0.3 |
3.0 |
|
Income Tax |
- |
13.1 |
0.0 |
5.8 |
- |
|
Provision for Employee Benefits |
16.4 |
14.5 |
14.4 |
14.1 |
- |
|
Other Non-Financial Liabilty |
- |
- |
0.0 |
0.1 |
- |
|
Provisions |
7.6 |
5.3 |
5.0 |
6.4 |
10.4 |
|
Retentions |
- |
- |
- |
- |
4.2 |
|
Deferred Taxes L ST |
- |
- |
- |
- |
0.0 |
|
Customer Advances |
- |
- |
- |
- |
0.0 |
|
Taxation |
1.5 |
2.5 |
- |
- |
5.3 |
|
Other Current Liabilities |
0.0 |
0.1 |
- |
- |
3.3 |
|
Total Current Liabilities |
233.0 |
194.6 |
149.2 |
105.1 |
144.6 |
|
|
|
|
|
|
|
|
Long Term Bonds |
- |
- |
- |
- |
0.0 |
|
Sundry Creditors |
- |
- |
- |
- |
0.0 |
|
Long Term Debt |
51.4 |
78.9 |
99.2 |
116.2 |
111.1 |
|
Notes Payable |
- |
- |
- |
- |
0.0 |
|
Hedge Liabilities |
- |
3.2 |
- |
- |
- |
|
Total Long Term Debt |
51.4 |
82.1 |
99.2 |
116.2 |
111.1 |
|
|
|
|
|
|
|
|
Long Term Payable to Related |
15.3 |
0.1 |
- |
- |
0.0 |
|
Provisions |
- |
- |
- |
- |
9.1 |
|
Other Long Term Liabilities |
- |
- |
- |
- |
0.0 |
|
Deferred Tax |
24.3 |
21.7 |
21.6 |
21.8 |
18.0 |
|
Provisions for Employee Benefits |
12.9 |
11.4 |
11.2 |
11.3 |
- |
|
Minority Interest |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Liabilities |
336.9 |
310.0 |
281.3 |
254.4 |
282.8 |
|
|
|
|
|
|
|
|
Share Premium |
- |
- |
- |
- |
0.0 |
|
Revaluation Reserves |
- |
- |
- |
- |
0.0 |
|
Share Capital |
162.1 |
162.1 |
162.1 |
162.1 |
162.0 |
|
Hedge Reserves |
- |
-2.7 |
- |
- |
- |
|
Other Reserves |
5.7 |
- |
-3.6 |
-4.0 |
14.2 |
|
Accumulated Losses |
- |
- |
- |
- |
0.0 |
|
Accumulated Earnings/Losses |
311.6 |
276.8 |
243.4 |
208.9 |
0.0 |
|
Dividend Reserves |
- |
- |
- |
- |
98.1 |
|
Profit/Loss Account |
- |
- |
- |
- |
56.9 |
|
Deficit |
- |
- |
- |
- |
0.0 |
|
Provisional Dividends |
- |
- |
- |
- |
-6.2 |
|
Total Equity |
479.4 |
436.2 |
401.9 |
367.1 |
325.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
816.4 |
746.2 |
683.2 |
621.5 |
607.9 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
123.0 |
123.0 |
123.0 |
123.0 |
123.0 |
|
Total Common Shares Outstanding |
123.0 |
123.0 |
123.0 |
123.0 |
123.0 |
|
Deferred Revenue - Current |
- |
- |
- |
- |
0.0 |
|
Accumulated Intangible Amortization |
0.5 |
0.6 |
0.4 |
0.3 |
0.0 |
|
Full-Time Employees |
- |
1,392 |
- |
- |
- |
|
Long Term Debt Maturing Within 1 Year |
- |
126.2 |
101.1 |
53.5 |
14.7 |
|
Long Term Debt Maturing Within 2 Years |
- |
- |
- |
- |
0.0 |
|
Long Term Debt Maturing Within 3 Years |
- |
40.3 |
58.2 |
32.4 |
0.0 |
|
Long Term Debt Maturing Within 5 Years |
- |
16.4 |
16.4 |
51.0 |
0.0 |
|
Long Term Debt Maturing Within 10 Years |
- |
25.4 |
24.6 |
32.8 |
0.0 |
|
Total Long Term Debt, Supplemental |
- |
208.3 |
200.3 |
169.7 |
14.7 |
|
Discount Rate - Post-Retirement |
- |
5.50% |
5.50% |
5.50% |
- |
|
Compensation Rate - Post-Retirement |
- |
2.00% |
2.00% |
2.00% |
- |
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 |
Restated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
CLP |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
523.711407 |
|
Auditor |
Deloitte & Touche
LLP |
Deloitte
Auditores y Consultores Ltda |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
90.0 |
79.0 |
77.2 |
69.8 |
69.2 |
|
Depreciation |
26.1 |
25.7 |
19.0 |
13.8 |
17.6 |
|
Interest Tax Expense/Income |
26.6 |
20.8 |
16.2 |
14.4 |
- |
|
Inventory |
-27.0 |
-19.8 |
-19.2 |
4.0 |
-16.4 |
|
Receivables |
6.2 |
-29.5 |
-39.2 |
5.9 |
- |
|
Other Receivables |
-0.6 |
-0.6 |
-0.1 |
-2.2 |
- |
|
Payables |
14.8 |
21.8 |
5.1 |
-34.6 |
- |
|
Other Pyabales |
3.0 |
1.7 |
1.7 |
0.4 |
- |
|
Provisions |
0.0 |
1.1 |
- |
- |
0.1 |
|
Exchange Difference |
1.4 |
-0.1 |
-0.5 |
-1.8 |
27.2 |
|
Minority Interest Liability |
2.3 |
2.2 |
1.9 |
0.7 |
0.0 |
|
Other Non-Cash Items |
- |
- |
0.0 |
-0.4 |
- |
|
Financial Costs |
4.6 |
- |
- |
- |
- |
|
Sale Assets |
-1.1 |
9.6 |
-0.3 |
-0.4 |
-58.5 |
|
Income Tax Paid |
-26.1 |
-23.4 |
-24.6 |
1.1 |
- |
|
Amortization of Intangibles |
- |
- |
- |
- |
0.0 |
|
Associated Inv. Gain |
- |
- |
- |
- |
-2.9 |
|
Equity Loses |
- |
- |
- |
- |
0.0 |
|
Goodwill |
- |
- |
- |
- |
0.4 |
|
Negative Goodwill Amortization |
- |
- |
- |
- |
0.0 |
|
Monetary Correction |
- |
- |
- |
- |
0.4 |
|
Other Income |
- |
- |
- |
- |
-1.1 |
|
Other Expenses |
- |
- |
- |
- |
4.5 |
|
Rcvbls |
- |
- |
- |
- |
-51.8 |
|
Other Assets |
- |
- |
- |
- |
-4.5 |
|
Assoc. Payables |
- |
- |
- |
- |
7.4 |
|
Interest Payable |
- |
- |
- |
- |
0.3 |
|
Taxes Payable |
- |
- |
- |
- |
4.6 |
|
Other Assoc Payable |
- |
- |
- |
- |
10.2 |
|
VAT/Similar Levies |
- |
- |
- |
- |
1.3 |
|
Cash from Operating Activities |
120.1 |
88.5 |
37.3 |
70.6 |
8.1 |
|
|
|
|
|
|
|
|
Sale Fixed Assets |
1.8 |
0.8 |
0.4 |
0.9 |
1.3 |
|
Sale of Permanent Investments |
- |
- |
- |
- |
73.8 |
|
Sale of Other Investments |
- |
- |
- |
- |
0.0 |
|
Other Loans Collected |
- |
- |
- |
- |
0.0 |
|
Loan Gorup Co. |
- |
- |
- |
- |
0.0 |
|
Other Investing CF |
- |
- |
- |
- |
0.6 |
|
Other Loans Granted |
- |
- |
- |
- |
0.0 |
|
Purch. Tangibles |
-27.4 |
-19.0 |
-27.2 |
-73.6 |
-138.5 |
|
Purch. Intangibles |
-3.3 |
-1.1 |
-0.8 |
-1.1 |
- |
|
Interest Capitalized |
- |
- |
- |
- |
-3.3 |
|
Permanent Investments |
-57.5 |
-6.5 |
-2.6 |
-2.6 |
0.0 |
|
Financial Instruments |
- |
- |
- |
- |
0.0 |
|
Loans to Related |
- |
- |
- |
- |
0.0 |
|
Other Invest Outflow |
58.9 |
-34.1 |
-2.0 |
0.0 |
-0.3 |
|
Cash from Investing Activities |
-27.5 |
-59.9 |
-32.2 |
-76.4 |
-66.4 |
|
|
|
|
|
|
|
|
Common Stock, Net |
- |
- |
- |
- |
0.0 |
|
Other Financing Inflows |
- |
- |
- |
- |
0.0 |
|
Other Loans |
- |
- |
- |
- |
0.0 |
|
ST Loans |
188.0 |
212.2 |
153.3 |
143.4 |
- |
|
Interest Paid |
-4.8 |
-3.3 |
-3.0 |
-1.5 |
- |
|
Loans from Related |
- |
- |
- |
- |
0.0 |
|
Bonds |
- |
- |
- |
- |
0.0 |
|
LT Borrowing Issued |
- |
- |
- |
- |
126.5 |
|
Capital Distribution |
- |
- |
- |
- |
0.0 |
|
Payment Dividends |
-55.2 |
-45.6 |
-42.9 |
-37.2 |
-12.5 |
|
Finannce Lease Paid |
-1.5 |
- |
- |
- |
0.0 |
|
Loans from Related Paid |
- |
- |
- |
- |
0.0 |
|
Bonds Redeemed |
- |
- |
- |
- |
0.0 |
|
Red. LT Borrowing |
-208.4 |
-203.0 |
-122.5 |
-142.2 |
-26.0 |
|
Bonds Issuance Cost |
- |
- |
- |
- |
0.0 |
|
Red. Assoc. Debt |
- |
- |
- |
- |
0.0 |
|
Other Financing Outflows |
- |
- |
- |
- |
0.0 |
|
Cash from Financing Activities |
-81.9 |
-39.8 |
-15.1 |
-37.5 |
88.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
-0.2 |
0.3 |
2.7 |
-0.1 |
|
Net Change in Cash |
10.8 |
-11.4 |
-9.7 |
-40.6 |
29.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
34.4 |
45.8 |
55.6 |
96.2 |
8.8 |
|
Net Cash - Ending Balance |
45.2 |
34.4 |
45.8 |
55.6 |
116.9 |
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.59.36 |
|
UK Pound |
1 |
Rs.89.69 |
|
Euro |
1 |
Rs.77.99 |
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 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.