MIRA
INFORM REPORT
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Report Date : |
24.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SMA SOLAR TECHNOLOGY AG |
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Registered Office : |
Sonnenallee 1, Niestetal, 34266 |
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Country : |
Germany |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
24.09.2004 |
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Com. Reg. No.: |
HRB3972 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Subject is engaged
in developing, producing and selling of inverters and monitoring systems for
photovoltaic applications |
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No. of Employees : |
5,584 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Germany |
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 |
germany ECONOMIC OVERVIEW
The German economy - the fifth
largest economy in the world in PPP terms and Europe's largest - is a leading
exporter of machinery, vehicles, chemicals, and household equipment and
benefits from a highly skilled labor force. Like its Western European
neighbors, Germany faces significant demographic challenges to sustained
long-term growth. Low fertility rates and declining net immigration are
increasing pressure on the country's social welfare system and necessitate
structural reforms. Reforms launched by the government of Chancellor Gerhard
SCHROEDER (1998-2005), deemed necessary to address chronically high
unemployment and low average growth, contributed to strong growth in 2006 and
2007 and falling unemployment. These advances, as well as a government
subsidized, reduced working hour scheme, help explain the relatively modest
increase in unemployment during the 2008-09 recession - the deepest since World
War II - and its decrease to 6.5% in 2012. GDP contracted 5.1% in 2009 but grew
by 4.2% in 2010, and 3.0% in 2011, before dipping to 0.7% in 2012 - a
reflection of low investment spending due to crisis-induced uncertainty and the
decreased demand for German exports from recession-stricken periphery
countries. Stimulus and stabilization efforts initiated in 2008 and 2009 and
tax cuts introduced in Chancellor Angela MERKEL's second term increased
Germany's total budget deficit - including federal, state, and municipal - to
4.1% in 2010, but slower spending and higher tax revenues reduced the deficit
to 0.8% in 2011. In 2012 Germany reached a budget surplus of 0.1%. A
constitutional amendment approved in 2009 limits the federal government to
structural deficits of no more than 0.35% of GDP per annum as of 2016 though
the target was already reached in 2012. By 2014, the federal government wants
to balance its budget. Following the March 2011 Fukushima nuclear disaster,
Chancellor Angela Merkel announced in May 2011 that eight of the country's 17
nuclear reactors would be shut down immediately and the remaining plants would
close by 2022. Germany hopes to replace nuclear power with renewable energy.
Before the shutdown of the eight reactors, Germany relied on nuclear power for
23% of its electricity generating capacity and 46% of its base-load electricity
production.
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Source : CIA |
Company name & address
SMA Solar Technology AG
Sonnenallee 1
Niestetal, 34266
Germany
Tel: 49-561-95220
Fax: 49-561-9522100
Web: www.sma.de
synthesis
Employees: 5,584
Company Type: Public Parent
Corporate Family: 17
Companies
Traded: XETRA: S92
Incorporation Date: 24-Sep-2004
Auditor: Deloitte & Touche GmbH Wirtschaftspruef.
Financials in: USD
(Millions)
Fiscal Year End: 31-Dec-2012
Reporting Currency: Euro
Annual Sales: 1,880.4 1
Net Income: 96.5
Total Assets: 1,756.1 2
Market Value: 932.7 (05-Jul-2013)
Business Description
SMA Solar Technology AG is a German holding company engaged in the solar technology sector. It develops, produces and sells inverters and monitoring systems for photovoltaic applications. The Company is active in four business segments. Medium Power Solutions develops, manufactures and distributes system technology for photovoltaic applications in the grid-tied and off-grid building and commercial field, including mainly the product groups Sunny Boy, Sunny Mini Central and Sunny Island. High Power Solutions develops, manufactures and distributes system technology for photovoltaic applications in the power plant sector, comprising Sunny Central. Railway Technology is responsible for development, production and distribution of power-electronic components for rail-bound traffic. Electronics Manufacturing produces electronic assemblies for Company’s other three segments and third parties. The Company has wholly owned subsidiaries in Germany, the United States and India, among others. For the three months ended 31 March 2013, SMA Solar Technology AG revenues decreased 48% to EUR212.3M. Net loss totaled EUR5.6M vs. income of EUR29.6M. Revenues reflect Medium Power Solutions segment decrease of 61% to EUR115.1M, Power Plant Solutions segment decrease of 12% to EUR84.5M, Germany segment decrease of 57% to EUR71.3M, European Union segment decrease of 54% to EUR51.9M.
Industry
Industry Machinery and Equipment
Manufacturing
ANZSIC 2006: 2449 - Other
Domestic Appliance Manufacturing
ISIC Rev 4: 2512 -
Manufacture of tanks, reservoirs and containers of metal
NACE Rev 2: 2521 - Manufacture
of central heating radiators and boilers
NAICS 2012: 333414 - Heating
Equipment (except Warm Air Furnaces) Manufacturing
UK SIC 2007: 2521 - Manufacture
of central heating radiators and boilers
US SIC 1987: 3433 - Heating
Equipment, Except Electric and Warm Air Furnaces
Key Executives
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Name |
Title |
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Pierre-Pascal Urbon |
Chief Executive Officer |
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Lydia Sommer |
Member of the Management Board, Chief Financial Officer |
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Marko Werner |
Chief Sales and Marketing Officer, Member of the Management Board |
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Peter Drews |
Member of the Supervisory Board |
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Julia Damm |
Investor Relations Contact Officer |
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 = EUR 0.7782366
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7566
Corporate Overview
Location
Sonnenallee 1
Niestetal, 34266
Germany
Tel: 49-561-95220
Fax: 49-561-9522100
Web: www.sma.de
Quote Symbol - Exchange
S92 - XETRA
Sales EUR(mil): 1,463.4
Assets EUR(mil): 1,328.7
Employees: 5,584
Fiscal Year End: 31-Dec-2012
Industry: Construction
- Supplies and Fixtures
Incorporation Date: 24-Sep-2004
Company Type: Public
Parent
Quoted Status: Quoted
Registered No.(): HRB3972
Parent Registered No.(UK): DEU
Chief Executive Officer: Pierre-Pascal
Urbon
Industry Codes
ANZSIC 2006 Codes:
2449 - Other Domestic Appliance Manufacturing
6240 - Financial Asset Investing
2439 - Other Electrical Equipment Manufacturing
ISIC Rev 4 Codes:
2512 - Manufacture of tanks, reservoirs and containers of metal
642 - Activities of holding companies
2790 - Manufacture of other electrical equipment
NACE Rev 2 Codes:
2521 - Manufacture of central heating radiators and boilers
2790 - Manufacture of other electrical equipment
642 - Activities of holding companies
NAICS 2012 Codes:
333414 - Heating Equipment (except Warm Air Furnaces) Manufacturing
335999 - All Other Miscellaneous Electrical Equipment and Component
Manufacturing
551112 - Offices of Other Holding Companies
US SIC 1987:
3433 - Heating Equipment, Except Electric and Warm Air Furnaces
6719 - Offices of Holding Companies, Not Elsewhere Classified
3629 - Electrical Industrial Apparatus, Not Elsewhere Classified
UK SIC 2007:
2521 - Manufacture of central heating radiators and boilers
642 - Activities of holding companies
2790 - Manufacture of other electrical equipment
Business
Description
SMA Solar
Technology AG is a German holding company engaged in the solar technology
sector. It develops, produces and sells inverters and monitoring systems for
photovoltaic applications. The Company is active in four business segments.
Medium Power Solutions develops, manufactures and distributes system technology
for photovoltaic applications in the grid-tied and off-grid building and
commercial field, including mainly the product groups Sunny Boy, Sunny Mini
Central and Sunny Island. High Power Solutions develops, manufactures and
distributes system technology for photovoltaic applications in the power plant
sector, comprising Sunny Central. Railway Technology is responsible for development,
production and distribution of power-electronic components for rail-bound
traffic. Electronics Manufacturing produces electronic assemblies for
Company’s other three segments and third parties. The Company has wholly
owned subsidiaries in Germany, the United States and India, among others. For
the three months ended 31 March 2013, SMA Solar Technology AG revenues
decreased 48% to EUR212.3M. Net loss totaled EUR5.6M vs. income of EUR29.6M.
Revenues reflect Medium Power Solutions segment decrease of 61% to EUR115.1M,
Power Plant Solutions segment decrease of 12% to EUR84.5M, Germany segment
decrease of 57% to EUR71.3M, European Union segment decrease of 54% to
EUR51.9M.
More Business
Descriptions
SMA Solar
Technology AG develops, produces and sells solar inverters and monitoring
systems for photovoltaic applications
Inverters Mfr
& Sales
SMA Solar
Technology AG is primarily engaged in manufacture of primary cells and primary
batteries; and manufacture of electric accumulators, including parts thereof.
SMA Solar
Technology AG (SMA) develops, produces and sells solar inverters and monitoring
systems for photovoltaic applications. It develops and manufactures highly
efficient PV inverters for installations of all sizes and power classes and for
any grid specifications worldwide. Its product portfolio comprises solar
inverters, backup systems, off-grid inverters, wind energy inverters, energy
systems, monitoring systems, and software products. The company also provides
various accessories for inverters and data communication components. The
company offers its products under various brands such as Sunny Boy, Sunny Mini
Central, Sunny Central, Sunny Backup, Sunny Island, Windy Boy, and Sunny Beam.
SMA operates its business through three business segments, namely,
Photovoltaics Technology, Railway Technology, and Electronics Manufacturing.
Through the Photovoltaic Technology division, the company develops, produces,
and distributes solar inverters and monitoring systems for solar power plants.
This segment has two sub-divisions, namely, Medium Power Solutions, and High
Power Solutions. Its Medium Power Solution sub division develops, produces and
distributes system technology for photovoltaic applications in the grid-tied
and off-grid building and commercial fields. It includes product groups such as
Sunny Boy, Sunny Mini Central, Sunny Tripower, Sunny Backup and Sunny Island.
This division also provides communication products. The High Power Solution
sub-division develops, produces and distributes system technology for
photovoltaic applications in the power plant sector. Its product group includes
Sunny Central, made up of 29 central inverters with numerous variants providing
optimal technical solutions for any large-scale project. For the fiscal year
ended 2011, the company reported revenue of €1,719m through Photovoltaic
Technology division, indicating a decrease of 13.09% over revenue in 2010. The
Railway Technology segment of the company develops, produces and distributes
power-electronic components for all rail-bound short- and long-distance
traffic. Its products range from individual devices such as battery chargers
and air-conditioner converters to complete energy supply systems for railway
coaches and multiple-unit trains. It also supplies cable and mechanical
components to the High Power Solutions segment. For fiscal year ended 2011, the
company reported external revenue of €40.1m through Railway Technology
segment, indicating a decrease of 2.2% over revenue in 2010. Through the
Electronics Manufacturing segment, the company produces electronic assemblies
for other segments (specifically for Medium Power Solutions and third parties).
For the fiscal year ended 2011, the company reported external revenue of
€399m through Electronics Manufacturing segment, indicating a decrease of
4.57% over revenue in 2010. The company’s major services include
installation; commissioning; educational services for communications for
hardware and software; operation and fault analysis; repair of malfunction
replacement; on-site services; and warranty services. As of December 2011, the
company had 24 (2010: 21) subsidiaries including 4 domestic companies and 20
companies abroad. In 2011, SMA founded two new companies and acquired dtw Sp. z
o. o. The company has photovoltaics markets in 21 countries on six continents.
Some of the company’s subsidiaries include SMA Railway Technology GmbH, SMA
Technology Korea Co., Ltd, Korea, SMA Technology Australia Pty. Ltd.,, SMA
Italia S.r.l., SMA Ibérica TecnologÃa Solar, S.L., SMA France S.A.S., SMA
Benelux BVBL, SMA Central and Eastern Europe s.r.o., SMA Solar Technology
Canada Inc., SMA Solar UK Ltd., SMA Solar India PVT. Ltd., among others.
Geographically, the company operates in Germany, European Union, and
Third-party Countries. For the fiscal year ended 2011, the company’s Germany
region contributed €796.8m sales, European Union, €543.7m and Third-party
Countries, €375.9m. In December 2012, SMA Solar expanded its global presence
with new sales and service companies in South Africa and Chile. Initially, the
company is concentrating on installation in the power plant category in these
markets. It is also offering PV inverters and system technology for all other
plant sizes. The new offices also provide professional consulting for
photovoltaic project planning, customer training and an extensive range of
services.In March 2012, the company continued its focus on expanding technology
development and internationalization. It planned to invest €100m in research
and development.
SMA Solar
Technology AG (SMA) is a Germany-based solar equipment manufacturing company.
SMA develops, produces, and sells solar inverters and monitoring systems for
photovoltaic applications. The company’s product line includes solar and wind
inverters, backup systems, energy management software and energy monitoring
systems. SMA offers various services ranging from installation and
commissioning to product support. The company has operations in 21 countries
through its subsidiaries. It has modern production sites in Niestetal and
Kassel (Germany), Denver (the US) and Mississauga near Toronto (Canada) with an
annual capacity of up to 11.5 GW. SMA is headquartered in Neistetal,
Germany.The company focuses on increasing the availability and use of photovoltaics.
To this end, it pursues internationalization strategy and invests in technology
development.The company reported revenues of (Euro) EUR 1,676.34 million during
the fiscal year ended December 2011, a decrease of 12.70% from 2010. The
operating profit of the company was EUR 240.28 million during the fiscal year
2011, a decrease of 53.51% from 2010. The net profit of the company was EUR
166.05 million during the fiscal year 2011, a decrease of 54.51% from 2010.
Solar/Thermal/Wind
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Strategic Initiatives
Partnerships
“With these two
installations, we have proven our expertise in the hybridization of both energy
supply systems.†There is good potential in India for hybrid systems –
currently over 20 gigawatts of diesel gensets produce the energy used in
industries such as raw material processing, agriculture and textiles. And with
a solar irradiation of 1,500 kWh per kWp and up to 300 sunny days per year,
India is a prime location for PV array power. “We are currently planning
further installations in collaboration with the system designer and EPC Company,
Chemtrols Solar, †says Roland Grebe. “In sunny regions, the SMA Fuel Save
Solution is an economical and ecological alternative to increasing diesel
prices and high CO2 emissions.â€Jun 28, 2013SMA Solar Technology Delivers
Inverters for Two Additional PV Power Plants in South AfricaStarting in August
2013, two additional PV power plants with central inverters from SMA Solar
Technology AG (SMA Solar) will be built in South Africa. The plants are developed
and will be built and partially owned by Scatec Solar.
The financing
consortium comprises the Asian Development Bank, Kasikorn Bank and Bangkok
Bank.The construction work for the project has already begun, and Phoenix
Solar’s fulfilment of the conditions precedent to offshore financing now
provides the necessary financial security to complete the project. Solarco is a
joint venture between Yanhee Solar Power Company Limited and Electricity
Generating Public Company Limited (EGCO). EGCO currently owns and operates over
64 MWac of solar projects, and plans to expand its renewable energy portfolio
to 300 MWac by 2015. Phoenix Solar Singapore is again collaborating closely
with Process Engineering Services Co. Ltd.
Planning
We will enter into
negotiations with the Work Council and strive for a socially acceptable
solution in the next few weeks. At the same time we have to keep an eye on the
strategic goals. As part of our innovation strategy, we will develop entirely
new product platforms and use our many years of experience in system technology
in order to design innovative solutions for energy management.†The SMA
Managing Board confirms the sales and earnings guidance for 2013 for the SMA
Group. It predicts sales of € 0.9 billion to € 1.3 billion and a break-even
result in the best scenario. Nevertheless, the Managing Board cannot exclude
the possibility of a loss.May 06, 2013Phoenix Solar Wins Contract To Design 36
MWp Solar PV Plants In ThailandPhoenix Solar Pte Ltd, the Singapore-based subsidiary
of Phoenix Solar AG, won the contract to design 36 MWp of the power plants
including the supply of solar modules, inverters and cables.
Sales and Distribution
Therefore, we are
forced to adjust the personnel structures to the changes in underlying
conditions and the lower level of sales in the upcoming months. We will enter
into negotiations with the Work Council and strive for a socially acceptable
solution in the next few weeks. At the same time we have to keep an eye on the
strategic goals. As part of our innovation strategy, we will develop entirely
new product platforms and use our many years of experience in system technology
in order to design innovative solutions for energy management.†The SMA
Managing Board confirms the sales and earnings guidance for 2013 for the SMA
Group. It predicts sales of € 0.9 billion to € 1.3 billion and a break-even
result in the best scenario.
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Corporate Family |
Corporate
Structure News: |
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SMA
Solar Technology AG |
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SMA Solar Technology AG |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Niestetal |
Germany |
Machinery and Equipment Manufacturing |
1,880.4 |
5,584 |
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Subsidiary |
Zabierzow |
Poland |
Electrical Equipment and Appliances Manufacturing |
102.0 |
300 |
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Subsidiary |
Kassel, Hessen |
Germany |
Communications Equipment Manufacturing |
55.8 |
230 |
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Subsidiary |
Rocklin, CA |
United States |
Electrical Equipment and Appliances Manufacturing |
4.0 |
160 |
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Subsidiary |
Denver, CO |
United States |
Electrical Equipment and Appliances Manufacturing |
4.6 |
100 |
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Subsidiary |
Milano, Milano |
Italy |
Business Support Services |
9.5 |
67 |
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Subsidiary |
Athens |
Greece |
Non-Metallic Mineral Product Manufacturing |
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23 |
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Subsidiary |
Mechelen, Antwerp |
Belgium |
Electrical Equipment and Appliances Manufacturing |
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17 |
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Subsidiary |
Seoul |
Korea, Republic of |
Semiconductor and Other Electronic Component Manufacturing |
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15 |
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Subsidiary |
Saint Priest |
France |
Electrical Equipment and Appliances Manufacturing |
10.5 |
14 |
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Subsidiary |
Prague |
Czech Republic |
Electrical Equipment and Appliances Manufacturing |
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14 |
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Subsidiary |
Beijing |
China |
Construction and Hardware Materials Wholesale |
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10 |
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Subsidiary |
Rosebery, NSW |
Australia |
Electrical Equipment and Appliances Manufacturing |
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9 |
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Subsidiary |
Banbury |
United Kingdom |
Electrical Equipment and Appliances Manufacturing |
2.6 |
8 |
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Subsidiary |
North Ryde, NSW |
Australia |
Electrical Equipment and Appliances Manufacturing |
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8 |
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Subsidiary |
Niestetal, Hessen |
Germany |
Real Estate Agents and Brokers |
3.7 |
5 |
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Subsidiary |
Palmela |
Portugal |
Electrical Equipment and Appliances Manufacturing |
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4 |
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Competitors
Report
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Company Name |
Location |
Employees |
Ownership |
|
Advanced Energy Industries, Inc. |
Fort Collins, Colorado, United States |
1,354 |
Public |
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Conergy AG |
Hamburg, Germany |
1,144 |
Public |
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SatCon Technology Corporation |
Boston, Massachusetts, United States |
246 |
Public |
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Schüco International KG |
Bielefeld, Nordrhein-Westfalen, Germany |
5,000 |
Private |
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Sharp Electronics Corporation |
Mahwah, New Jersey, United States |
1,000 |
Private |
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Sputnik Engineering AG |
Biel/Bienne, Berne, Switzerland |
360 |
Private |
Executive report
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Board
of Directors |
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Vice Chairman of the Supervisory Board |
Vice-Chairman |
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Chief Executive Officer |
Director/Board Member |
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Executives |
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Chief Executive Officer |
Chief Executive Officer |
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Member of the Supervisory Board |
Administration Executive |
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Chief Technology Officer, Member of the
Management Board |
Administration Executive |
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Member of the Supervisory Board, Employee Representative |
Administration Executive |
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Member of the Supervisory Board, Employee
Representative |
Administration Executive |
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Member of the Supervisory Board |
Administration Executive |
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Member of the Supervisory Board |
Administration Executive |
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Member of the Supervisory Board, Trade Union
Representative |
Administration Executive |
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Member of the Supervisory Board, Trade
Union Representative |
Administration Executive |
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Member of the Supervisory Board, Employee
Representative |
Administration Executive |
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Member of the Management Board, Chief
Financial Officer |
Administration Executive |
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Chief Sales and Marketing Officer, Member
of the Management Board |
Administration Executive |
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Member of the Supervisory Board |
Administration Executive |
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Member of the Supervisory Board, Employee
Representative |
Administration Executive |
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Chief HR Officer |
Human Resources Executive |
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Vice President Corporate Communications |
Corporate Communications Executive |
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Head Corporate Communication |
Corporate Communications Executive |
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Investor Relations Contact Officer |
Investor Relations Executive |
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Press Officer |
Government/Public Affairs Executive |
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Senior Vice President |
Other |
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Significant Developments
Sma Solar Technology AG Announces Downsizing Of 700 Positions Jul 03, 2013
Sma Solar Technology AG announced that a gradual downsizing of 700 full-time positions in Germany is planned by December 31, 2014. The Company cited the changing conditions in the global photovoltaic market and the associated decline in sales as reasons for the planned personnel adjustments.
Sungrow Power Supply Co Ltd Announces Lawsuit between Subsidiary and Sma Solar Technology AG Jun 26, 2013
Sungrow Power Supply Co Ltd announced that Sma Solar Technology AG has filed a lawsuit against Sungrow Deutschland GMBH, which is a Germany-based subsidiary of Sungrow Power Supply, with Dusseldorf Regional Court. Sma Solar Technology claimed compensation for patent infringement of its No. EP 1 610 452 B1 patent.
Sma Solar Technology AG Confirms FY 2013 Sales Guidance May 15, 2013
Sma Solar Technology AG announced that it confirms its sales guidance for the fiscal year 2013. The Company predicts sales of between EUR 0.9 billion and EUR 1.3 billion for the fiscal year 2013. According to I/B/E/S Estimates, analysts on average are expecting the Company to report fiscal year 2013 sales of EUR 1,168.39 million.
Sma Solar Technology AG to Issue FY 2012 Dividend; Confirms FY 2013 Sales Guidance Mar 27, 2013
Sma Solar Technology AG announced that it plans to issue fiscal year 2012 dividend of EUR 0.60 per share. For the fiscal year 2011, the Company issued a dividend of EUR 1.30 per share. The Company's Managing Board confirms the sales guidance for the fiscal year 2013, and thus predicts sales of EUR 0.9 billion to EUR 1.3 billion. Nevertheless, the Managing Board cannot exclude the possibility of a loss. According to I/B/E/S Estimates, analysts on average are expecting the Company to report fiscal year 2013 sales of EUR 1,128.24 million.
Sma Solar Technology AG to Acquire Jiangsu Zeversolar New Energy Co.,
Ltd. Dec 20, 2012
Sma Solar Technology AG announced that it has concluded a contract in
Shanghai about the acquisition of a majority stake of 72.5% in Jiangsu
Zeversolar New Energy Co., Ltd., an inverter manufacturer in China. The
economic start of the acquisition is planned for January 1, 2013. The
transaction is still subject to approval by Chinese government authorities and
the responsible anti-trust offices.
Sma Solar Technology AG Establishes Sales and Service Companies in South
Africa and Chile Dec 04, 2012
Sma Solar Technology AG (SMA) announced that it has expanded its global
presence with new sales and service companies in South Africa and Chile. In
these markets the Company is initially concentrating on installations in the
power plant category, while at the same time also offering PV inverters and
system technology for all other plant sizes. In addition, the new offices
provide consulting for photovoltaic project planning, customer training and a
range of services. The opening of the offices in Santiago (Chile) and Centurion
(South Africa) is a further step in SMA's internationalization strategy.
Sma Solar Technology AG Confirms FY 2012 EBIT and Sales Guidance Nov 08,
2012
Sma Solar Technology AG announced that its Management Board confirms the
sales and earnings forecast for the fiscal year 2012. It predicts fiscal year 2012
operating profit (EBIT) of between EUR 100 million and EUR 150 million on sales
of between EUR 1.3 billion and EUR 1.5 billion. This corresponds to an EBIT
margin of between 8% and 10%. According to I/B/E/S Estimates, analysts on
average are expecting the Company to report fiscal year 2012 EBIT of EUR 110.01
million and revenue of EUR 1,433.72 million.
Sma Solar Technology AG Issues FY 2013 Sales Guidance Below Analysts'
Estimates; to Cut Jobs Oct 18, 2012
Sma Solar Technology AG announced that its Managing Board expects severe decline in sales and thus predicts fiscal year 2013 sales of between EUR 0.9 billion and EUR 1.3 billion. The Company also sees itself forced to adjust the personnel structures to the declining sales. It is planned that SMA will gradually cut 450 employees worldwide and end the use of 600 temporary employees. According to I/B/E/S Estimates, analysts on average are expecting the Company to report fiscal year 2013 sales of EUR 1,348.34 million.
Sma Solar Technology AG Appoints New CFO Oct 17, 2012
Sma Solar Technology AG announced that its Supervisory Board has appointed Ms. Lydia Sommer to the Company's Managing Board as Chief Financial Officer (CFO). From November 1, 2012, Ms. Sommer will take over responsibility for Finance and Legal from Pierre-Pascal Urbon, who was previously responsible for these areas as part of his combined role as Speaker of the Managing Board and Chief Financial Officer.
Sma Solar Technology AG Confirms FY 2012 Guidance; Issues Q3 FY 2012 Outlook In Line with Analysts' Estimates Sep 26, 2012
Sma Solar Technology AG announced that it has confirmed its forecast for the fiscal year 2012. The Company expects sales of between EUR 1,300.00 million and EUR 1,500.00 million and an operating profit (EBIT) of between EUR 100 million and EUR 150 million, representing an EBIT margin of between 8% and 10%. Moreover, the Company announced that its Managing Board is forecasting sales of between EUR 330 million and EUR 360 million and EBIT of between EUR 20 million and EUR 35 million, corresponding to an EBIT margin of between 6% and 10% for the third quarter of the fiscal year 2012 (Q3 FY 2012). According to I/B/E/S Estimates, analysts on average are expecting the Company to report fiscal year 2012 revenue of EUR 1,416.07 million, fiscal year 2012 EBIT of EUR 115.76 million, Q3 FY 2012 revenue of EUR 320.94 million and Q3 FY 2012 EBIT of EUR 19.36 million.
Sma Solar Technology AG Raises FY 2012 Revenue and EBIT Guidance Aug 09,
2012
Sma Solar Technology AG announced that on the basis of the positive performance in the first half of the fiscal year 2012, the Managing Board of the Company has raised the lower end of the sales and earnings guidance for the fiscal year 2012. The amended guidance forecasts an operating profit of between EUR 100 million and EUR 150 million and sales of between EUR 1,300.00 million and EUR 1,500.00 million (previously: sales of between EUR 1,200.00 million and EUR 1,500.00 million; EBIT of between EUR 60 million and EUR 150 million). This equates to an EBIT margin of between 8% and 10% (previously of between 5% and 10%). According to I/B/E/S Estimates, analysts on average are expecting the Company to report fiscal year 2012 revenue of EUR 1,379.41 million and fiscal year 2012 EBIT of EUR 107.14 million.
Annual
Profit & Loss
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
|
Consolidated |
Yes |
Yes |
Yes |
|
|
|
|
|
|
Total income |
1,880.4 |
2,330.9 |
2,542.9 |
|
Net sales |
1,880.4 |
2,330.9 |
2,542.9 |
|
Other operating income |
35.5 |
32.4 |
21.8 |
|
Cost of sales |
1,438.9 |
1,680.0 |
1,624.9 |
|
Gross profit |
441.5 |
650.9 |
918.1 |
|
Advertising, distribution, and commercial expenses |
88.5 |
91.5 |
75.6 |
|
General expenses |
95.6 |
95.6 |
65.0 |
|
Other operating costs |
161.8 |
162.2 |
114.8 |
|
Net operating income |
131.1 |
334.1 |
684.4 |
|
Other income |
5.9 |
9.1 |
4.1 |
|
Interest payable on loans |
2.2 |
2.5 |
2.4 |
|
Total expenses |
-3.5 |
-4.5 |
-1.7 |
|
Profit before tax |
134.6 |
338.6 |
686.2 |
|
Provisions |
260.5 |
245.8 |
239.2 |
|
Total taxation |
38.1 |
107.8 |
202.7 |
|
Net profit |
96.5 |
230.9 |
483.4 |
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 |
Yes |
Yes |
Yes |
|
|
|
|
|
|
Issued capital |
45.9 |
45.0 |
46.6 |
|
Capital reserves |
157.5 |
154.7 |
159.9 |
|
Total reserves |
880.9 |
824.9 |
770.7 |
|
Total stockholders equity |
1,084.7 |
1,024.6 |
977.2 |
|
Minority interests |
0.0 |
0.0 |
0.0 |
|
Other provisions |
267.9 |
229.5 |
224.5 |
|
Provisions and allowances |
267.9 |
229.5 |
242.3 |
|
Other debentures |
43.3 |
40.9 |
26.1 |
|
Taxes and social security |
127.5 |
107.4 |
72.2 |
|
Total long-term liabilities |
170.9 |
148.3 |
98.3 |
|
Trade creditors |
96.1 |
150.3 |
94.6 |
|
Other loans |
3.7 |
3.1 |
2.3 |
|
Taxation and social security |
104.4 |
204.3 |
264.0 |
|
Total current liabilities |
204.2 |
357.7 |
361.0 |
|
Total liabilities (including net worth) |
1,756.1 |
1,784.0 |
1,678.9 |
|
Patents |
14.6 |
16.3 |
11.3 |
|
Goodwill |
0.4 |
0.4 |
- |
|
Other intangibles |
0.7 |
0.8 |
28.0 |
|
Intangibles |
88.2 |
73.7 |
39.2 |
|
Land and buildings |
309.2 |
207.0 |
153.2 |
|
Machinery and tools |
57.3 |
46.0 |
46.6 |
|
Fixtures and equipment |
309.2 |
207.0 |
153.2 |
|
Fixed assets under construction |
13.9 |
96.9 |
56.8 |
|
Total tangible fixed assets |
498.4 |
468.5 |
360.2 |
|
Participating interest |
0.1 |
0.1 |
0.1 |
|
Total financial assets |
0.1 |
0.1 |
0.1 |
|
Total non-current assets |
586.7 |
542.4 |
399.5 |
|
Raw materials |
169.7 |
233.4 |
199.3 |
|
Work in progress |
36.0 |
40.9 |
24.0 |
|
Finished goods |
85.9 |
57.5 |
95.4 |
|
Net stocks and work in progress |
291.6 |
331.8 |
318.7 |
|
Trade debtors |
157.7 |
183.2 |
157.3 |
|
Other receivables |
442.0 |
210.7 |
296.6 |
|
Total receivables |
599.6 |
393.9 |
453.9 |
|
Cash and liquid assets |
244.9 |
481.7 |
475.0 |
|
Recoverable taxation |
33.3 |
34.2 |
31.8 |
|
Total current assets |
1,136.1 |
1,207.5 |
1,247.6 |
|
Total assets |
1,756.1 |
1,784.0 |
1,678.9 |
Annual Ratios
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
|
Consolidated |
Yes |
Yes |
Yes |
|
|
|
|
|
|
Current ratio |
55.64 |
33.75 |
34.56 |
|
Acid test ratio |
41.36 |
24.48 |
25.73 |
|
Total liabilities to net worth |
0.03% |
0.05% |
0.05% |
|
Net worth to total assets |
0.06% |
0.06% |
0.06% |
|
Current liabilities to net worth |
0.02% |
0.03% |
0.04% |
|
Current liabilities to stock |
0.07% |
0.11% |
0.11% |
|
Fixed assets to net worth |
0.05% |
0.05% |
0.04% |
|
Collection period |
299.00 |
307.00 |
223.00 |
|
Stock turnover rate |
1.51 |
1.52 |
1.24 |
|
Profit margin |
0.01% |
0.01% |
0.02% |
|
Return on assets |
0.01% |
0.01% |
0.03% |
|
Shareholders' return |
0.01% |
0.02% |
0.05% |
|
Sales per employee |
25.84 |
33.19 |
50.76 |
|
Profit per employee |
1.33 |
3.29 |
9.65 |
|
Net worth |
1,084.7 |
1,024.6 |
977.2 |
|
Number of employees |
5,584 |
5,050 |
3,783 |
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 |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte & Touche
GmbH Wirtschaftspruef. |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
1,880.4 |
2,330.9 |
2,542.9 |
1,299.4 |
996.9 |
|
Revenue |
1,880.4 |
2,330.9 |
2,542.9 |
1,299.4 |
996.9 |
|
Total Revenue |
1,880.4 |
2,330.9 |
2,542.9 |
1,299.4 |
996.9 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,438.9 |
1,680.0 |
1,624.9 |
824.7 |
625.8 |
|
Cost of Revenue, Total |
1,438.9 |
1,680.0 |
1,624.9 |
824.7 |
625.8 |
|
Gross Profit |
441.5 |
650.9 |
918.1 |
474.7 |
371.2 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
73.0 |
79.2 |
39.5 |
87.9 |
83.7 |
|
Labor & Related Expense |
191.5 |
187.8 |
179.0 |
- |
- |
|
Total Selling/General/Administrative Expenses |
264.6 |
267.0 |
218.5 |
87.9 |
83.7 |
|
Research & Development |
24.0 |
27.8 |
4.8 |
64.3 |
48.3 |
|
Depreciation |
8.5 |
8.8 |
12.6 |
6.7 |
- |
|
Depreciation/Amortization |
8.5 |
8.8 |
12.6 |
6.7 |
- |
|
Investment Income -
Operating |
1.8 |
-1.7 |
-1.2 |
- |
- |
|
Interest/Investment Income - Operating |
1.8 |
-1.7 |
-1.2 |
- |
- |
|
Interest Expense (Income) - Net Operating Total |
1.8 |
-1.7 |
-1.2 |
- |
- |
|
Other Unusual Expense (Income) |
0.4 |
- |
- |
- |
- |
|
Unusual Expense (Income) |
0.4 |
- |
- |
- |
- |
|
Other Operating Expense |
23.0 |
15.0 |
-1.1 |
-1.8 |
-5.7 |
|
Other, Net |
-11.4 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
11.6 |
15.0 |
-1.1 |
-1.8 |
-5.7 |
|
Total Operating Expense |
1,749.7 |
1,996.8 |
1,858.5 |
981.8 |
752.1 |
|
|
|
|
|
|
|
|
Operating Income |
130.7 |
334.1 |
684.4 |
317.6 |
244.8 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-1.4 |
-2.0 |
-1.9 |
-2.0 |
-2.0 |
|
Interest Expense, Net Non-Operating |
-1.4 |
-2.0 |
-1.9 |
-2.0 |
-2.0 |
|
Interest Income -
Non-Operating |
5.9 |
9.1 |
4.1 |
7.3 |
7.3 |
|
Investment Income - Non-Operating |
-0.9 |
- |
- |
- |
- |
|
Interest/Investment Income - Non-Operating |
5.0 |
9.1 |
4.1 |
7.3 |
7.3 |
|
Interest Income (Expense) - Net Non-Operating Total |
3.6 |
7.1 |
2.3 |
5.3 |
5.4 |
|
Other Non-Operating Income (Expense) |
0.3 |
-2.6 |
-0.6 |
0.0 |
0.1 |
|
Other, Net |
0.3 |
-2.6 |
-0.6 |
0.0 |
0.1 |
|
Income Before Tax |
134.6 |
338.6 |
686.2 |
322.9 |
250.3 |
|
|
|
|
|
|
|
|
Total Income Tax |
38.1 |
107.8 |
202.7 |
98.8 |
75.5 |
|
Income After Tax |
96.5 |
230.9 |
483.4 |
224.1 |
174.8 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
96.5 |
230.9 |
483.4 |
224.1 |
174.8 |
|
Net Income |
96.5 |
230.9 |
483.4 |
224.1 |
174.8 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
96.5 |
230.9 |
483.4 |
224.1 |
174.8 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
96.5 |
230.9 |
483.4 |
224.1 |
174.8 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
34.7 |
34.7 |
34.7 |
34.7 |
34.7 |
|
Basic EPS Excl Extraord Items |
2.78 |
6.65 |
13.93 |
6.46 |
5.04 |
|
Basic/Primary EPS Incl Extraord Items |
2.78 |
6.65 |
13.93 |
6.46 |
5.04 |
|
Diluted Net Income |
96.5 |
230.9 |
483.4 |
224.1 |
174.8 |
|
Diluted Weighted Average Shares |
34.7 |
34.7 |
34.7 |
34.7 |
34.7 |
|
Diluted EPS Excl Extraord Items |
2.78 |
6.65 |
13.93 |
6.46 |
5.04 |
|
Diluted EPS Incl Extraord Items |
2.78 |
6.65 |
13.93 |
6.46 |
5.04 |
|
Dividends per Share - Common Stock Primary Issue |
0.77 |
1.81 |
3.97 |
1.81 |
1.46 |
|
Gross Dividends - Common Stock |
26.7 |
62.7 |
137.9 |
62.7 |
50.8 |
|
Interest Expense, Supplemental |
1.4 |
2.0 |
1.9 |
2.0 |
2.0 |
|
Depreciation, Supplemental |
89.8 |
54.9 |
38.0 |
19.8 |
11.3 |
|
Total Special Items |
0.4 |
- |
- |
- |
- |
|
Normalized Income Before Tax |
135.0 |
338.6 |
686.2 |
322.9 |
250.3 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.1 |
- |
- |
- |
- |
|
Inc Tax Ex Impact of Sp Items |
38.2 |
107.8 |
202.7 |
98.8 |
75.5 |
|
Normalized Income After Tax |
96.8 |
230.9 |
483.4 |
224.1 |
174.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
96.8 |
230.9 |
483.4 |
224.1 |
174.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
2.79 |
6.65 |
13.93 |
6.46 |
5.04 |
|
Diluted Normalized EPS |
2.79 |
6.65 |
13.93 |
6.46 |
5.04 |
|
Amort of Intangibles, Supplemental |
- |
15.2 |
6.3 |
2.9 |
1.6 |
|
Rental Expenses |
- |
27.8 |
21.7 |
13.1 |
- |
|
Research & Development Exp, Supplemental |
113.0 |
27.8 |
4.8 |
68.2 |
48.3 |
|
Normalized EBIT |
132.8 |
332.4 |
683.3 |
317.6 |
244.8 |
|
Normalized EBITDA |
222.7 |
402.4 |
727.6 |
340.3 |
257.7 |
|
Current Tax - Total |
33.1 |
106.9 |
214.0 |
101.5 |
75.7 |
|
Current Tax - Total |
33.1 |
106.9 |
214.0 |
101.5 |
75.7 |
|
Deferred Tax - Total |
5.0 |
0.8 |
-11.3 |
-2.7 |
-0.2 |
|
Deferred Tax - Total |
5.0 |
0.8 |
-11.3 |
-2.7 |
-0.2 |
|
Income Tax - Total |
38.1 |
107.8 |
202.7 |
98.8 |
75.5 |
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 |
Reclassified
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 |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte & Touche
GmbH Wirtschaftspruef. |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
244.9 |
481.7 |
475.0 |
322.8 |
334.6 |
|
Short Term Investments |
340.2 |
111.8 |
264.0 |
206.3 |
32.7 |
|
Cash and Short Term Investments |
585.1 |
593.6 |
739.0 |
529.1 |
367.3 |
|
Accounts Receivable -
Trade, Gross |
173.0 |
195.9 |
158.9 |
85.2 |
34.7 |
|
Provision for Doubtful
Accounts |
-15.4 |
-12.7 |
-1.6 |
-1.9 |
-1.3 |
|
Trade Accounts Receivable - Net |
157.7 |
183.2 |
157.3 |
83.3 |
33.4 |
|
Other Receivables |
33.2 |
22.8 |
26.9 |
5.7 |
5.2 |
|
Total Receivables, Net |
190.9 |
205.9 |
184.2 |
89.0 |
38.6 |
|
Inventories - Finished Goods |
85.9 |
57.5 |
91.9 |
51.7 |
33.2 |
|
Inventories - Work In Progress |
36.0 |
40.9 |
24.0 |
19.5 |
10.9 |
|
Inventories - Raw Materials |
169.7 |
233.4 |
202.7 |
86.5 |
58.6 |
|
Inventories - Other |
1.0 |
1.0 |
0.4 |
3.9 |
1.9 |
|
Total Inventory |
292.6 |
332.8 |
319.1 |
161.5 |
104.6 |
|
Total Current Assets |
1,068.6 |
1,132.4 |
1,242.3 |
779.7 |
510.6 |
|
|
|
|
|
|
|
|
Land/Improvements |
351.4 |
235.3 |
168.9 |
90.3 |
55.2 |
|
Machinery/Equipment |
85.9 |
67.9 |
62.1 |
58.0 |
13.6 |
|
Other
Property/Plant/Equipment |
232.4 |
195.4 |
156.6 |
89.9 |
51.5 |
|
Property/Plant/Equipment - Gross |
669.8 |
498.5 |
387.6 |
238.1 |
120.3 |
|
Accumulated Depreciation |
-185.2 |
-126.8 |
-84.3 |
-59.2 |
-38.4 |
|
Property/Plant/Equipment - Net |
498.4 |
468.5 |
360.2 |
213.9 |
130.9 |
|
Goodwill, Net |
0.4 |
0.4 |
0.0 |
- |
- |
|
Intangibles - Gross |
139.7 |
101.4 |
53.6 |
30.6 |
- |
|
Accumulated Intangible Amortization |
-51.9 |
-28.0 |
-14.3 |
-8.5 |
- |
|
Intangibles, Net |
87.8 |
73.3 |
39.2 |
22.1 |
7.7 |
|
LT Investments - Other |
67.6 |
75.2 |
5.3 |
5.3 |
0.1 |
|
Long Term Investments |
67.6 |
75.2 |
5.3 |
5.3 |
0.1 |
|
Deferred Charges |
33.3 |
34.2 |
31.8 |
10.1 |
3.5 |
|
Other Long Term Assets, Total |
33.3 |
34.2 |
31.8 |
10.1 |
3.5 |
|
Total Assets |
1,756.1 |
1,784.0 |
1,678.9 |
1,031.1 |
652.7 |
|
|
|
|
|
|
|
|
Accounts Payable |
96.1 |
150.3 |
94.7 |
103.4 |
29.6 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
3.7 |
3.1 |
2.3 |
2.0 |
1.9 |
|
Income Taxes Payable |
0.9 |
48.0 |
52.9 |
35.8 |
34.9 |
|
Other Current Liabilities |
222.3 |
244.9 |
327.4 |
168.6 |
114.7 |
|
Other Current liabilities, Total |
223.2 |
292.9 |
380.3 |
204.4 |
149.6 |
|
Total Current Liabilities |
323.0 |
446.4 |
477.3 |
309.8 |
181.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
43.3 |
40.9 |
26.1 |
26.9 |
28.0 |
|
Total Long Term Debt |
43.3 |
40.9 |
26.1 |
26.9 |
28.0 |
|
Total Debt |
47.0 |
44.0 |
28.4 |
28.9 |
29.9 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
28.5 |
23.8 |
17.8 |
7.4 |
3.5 |
|
Deferred Income Tax |
28.5 |
23.8 |
17.8 |
7.4 |
3.5 |
|
Minority Interest |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Reserves |
149.1 |
140.9 |
108.2 |
59.2 |
29.0 |
|
Other Long Term Liabilities |
127.5 |
107.4 |
72.2 |
43.0 |
20.9 |
|
Other Liabilities, Total |
276.7 |
248.3 |
180.4 |
102.1 |
49.9 |
|
Total Liabilities |
671.4 |
759.4 |
701.7 |
446.3 |
262.4 |
|
|
|
|
|
|
|
|
Common Stock |
45.9 |
45.0 |
46.6 |
49.8 |
48.2 |
|
Common Stock |
45.9 |
45.0 |
46.6 |
49.8 |
48.2 |
|
Additional Paid-In Capital |
157.5 |
154.7 |
159.9 |
171.0 |
165.7 |
|
Retained Earnings (Accumulated Deficit) |
881.3 |
824.9 |
770.7 |
364.0 |
176.3 |
|
Other Equity |
- |
-0.1 |
0.0 |
- |
- |
|
Other Equity, Total |
- |
-0.1 |
0.0 |
- |
- |
|
Total Equity |
1,084.7 |
1,024.6 |
977.2 |
584.8 |
390.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,756.1 |
1,784.0 |
1,678.9 |
1,031.1 |
652.7 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
34.7 |
34.7 |
34.7 |
34.7 |
34.7 |
|
Total Common Shares Outstanding |
34.7 |
34.7 |
34.7 |
34.7 |
34.7 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
- |
- |
- |
|
Employees |
5,584 |
5,532 |
4,466 |
2,954 |
2,220 |
|
Accumulated Intangible Amort, Suppl. |
51.9 |
28.0 |
14.3 |
8.5 |
5.3 |
|
Deferred Revenue - Long Term |
- |
57.5 |
26.4 |
61.3 |
- |
|
Total Long Term Debt, Supplemental |
56.1 |
53.5 |
34.4 |
2.0 |
1.9 |
|
Long Term Debt Maturing within 1 Year |
5.1 |
4.0 |
3.4 |
2.0 |
1.9 |
|
Long Term Debt Maturing in Year 2 |
5.0 |
4.4 |
3.4 |
- |
- |
|
Long Term Debt Maturing in Year 3 |
5.0 |
4.4 |
3.4 |
- |
- |
|
Long Term Debt Maturing in Year 4 |
4.9 |
4.2 |
3.3 |
- |
- |
|
Long Term Debt Maturing in Year 5 |
4.9 |
4.2 |
3.3 |
- |
- |
|
Long Term Debt Maturing in 2-3 Years |
10.0 |
8.7 |
6.8 |
- |
- |
|
Long Term Debt Maturing in 4-5 Years |
9.8 |
8.5 |
6.6 |
- |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
31.2 |
32.3 |
17.7 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
- |
0.0 |
0.0 |
28.9 |
29.9 |
|
Capital Lease Payments Due in Year 1 |
- |
0.0 |
0.0 |
2.0 |
1.9 |
|
Capital Lease Payments Due in Year 2 |
- |
0.0 |
0.0 |
1.6 |
2.1 |
|
Capital Lease Payments Due in Year 3 |
- |
0.0 |
0.0 |
1.6 |
2.1 |
|
Capital Lease Payments Due in Year 4 |
- |
0.0 |
0.0 |
1.6 |
2.1 |
|
Capital Lease Payments Due in Year 5 |
- |
0.0 |
0.0 |
1.6 |
2.1 |
|
Capital Lease Payments Due in 2-3 Years |
- |
0.0 |
0.0 |
3.3 |
4.2 |
|
Capital Lease Payments Due in 4-5 Years |
- |
0.0 |
0.0 |
3.3 |
4.2 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
0.0 |
0.0 |
20.3 |
19.7 |
|
Total Operating Leases, Supplemental |
94.7 |
106.9 |
118.9 |
43.3 |
23.2 |
|
Operating Lease Payments Due in Year 1 |
18.3 |
21.9 |
18.3 |
8.5 |
4.9 |
|
Operating Lease Payments Due in Year 2 |
12.8 |
13.2 |
10.8 |
5.0 |
2.4 |
|
Operating Lease Payments Due in Year 3 |
12.8 |
13.2 |
10.8 |
5.0 |
2.4 |
|
Operating Lease Payments Due in Year 4 |
12.8 |
13.2 |
10.8 |
5.0 |
2.4 |
|
Operating Lease Payments Due in Year 5 |
12.8 |
13.2 |
10.8 |
5.0 |
2.4 |
|
Operating Lease Pymts. Due in 2-3 Years |
25.5 |
26.5 |
21.7 |
10.0 |
4.8 |
|
Operating Lease Pymts. Due in 4-5 Years |
25.5 |
26.5 |
21.7 |
10.0 |
4.8 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
25.3 |
32.1 |
57.3 |
14.8 |
8.6 |
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 |
Reclassified
Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte & Touche
GmbH Wirtschaftspruef. |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
96.5 |
230.9 |
483.4 |
224.1 |
174.8 |
|
Depreciation |
89.8 |
70.1 |
41.5 |
22.7 |
12.9 |
|
Depreciation/Depletion |
89.8 |
70.1 |
41.5 |
22.7 |
12.9 |
|
Unusual Items |
5.3 |
2.0 |
1.5 |
1.4 |
0.0 |
|
Other Non-Cash Items |
102.1 |
135.4 |
328.1 |
141.6 |
107.0 |
|
Non-Cash Items |
107.4 |
137.4 |
329.6 |
143.0 |
107.0 |
|
Accounts Receivable |
26.9 |
-38.0 |
-79.0 |
-48.2 |
2.7 |
|
Inventories |
11.3 |
-20.6 |
-167.5 |
-53.4 |
-42.5 |
|
Other Assets |
-46.6 |
-0.1 |
102.7 |
44.3 |
59.2 |
|
Accounts Payable |
-55.3 |
56.2 |
-2.9 |
70.6 |
9.8 |
|
Other Operating Cash Flow |
-80.7 |
-103.6 |
-196.2 |
-95.0 |
-47.7 |
|
Changes in Working Capital |
-144.5 |
-106.2 |
-342.9 |
-81.7 |
-18.5 |
|
Cash from Operating Activities |
149.2 |
332.1 |
511.6 |
308.1 |
276.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-93.7 |
-186.6 |
-185.0 |
-97.6 |
-97.9 |
|
Purchase/Acquisition of Intangibles |
-35.1 |
-37.7 |
-24.7 |
-16.6 |
-10.2 |
|
Capital Expenditures |
-128.8 |
-224.3 |
-209.7 |
-114.2 |
-108.1 |
|
Acquisition of Business |
0.0 |
-32.0 |
-3.3 |
0.0 |
- |
|
Sale of Fixed Assets |
0.1 |
0.7 |
0.2 |
0.1 |
0.0 |
|
Sale/Maturity of Investment |
293.8 |
264.2 |
0.0 |
- |
- |
|
Purchase of Investments |
-499.3 |
-187.9 |
-66.2 |
-166.1 |
-30.1 |
|
Other Investing Cash Flow Items, Total |
-205.4 |
44.9 |
-69.4 |
-166.0 |
-30.1 |
|
Cash from Investing Activities |
-334.2 |
-179.4 |
-279.1 |
-280.2 |
-138.2 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-2.4 |
-5.3 |
-2.2 |
-1.9 |
-12.3 |
|
Financing Cash Flow Items |
-2.4 |
-5.3 |
-2.2 |
-1.9 |
-12.3 |
|
Cash Dividends Paid - Common |
-58.0 |
-144.7 |
-59.7 |
-48.3 |
-36.9 |
|
Total Cash Dividends Paid |
-58.0 |
-144.7 |
-59.7 |
-48.3 |
-36.9 |
|
Sale/Issuance of
Common |
- |
- |
- |
0.0 |
185.6 |
|
Common Stock, Net |
- |
- |
- |
0.0 |
185.6 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
- |
0.0 |
185.6 |
|
Long Term Debt Issued |
4.8 |
22.9 |
0.0 |
- |
- |
|
Long Term Debt, Net |
4.8 |
22.9 |
0.0 |
- |
- |
|
Issuance (Retirement) of Debt, Net |
4.8 |
22.9 |
0.0 |
- |
- |
|
Cash from Financing Activities |
-55.6 |
-127.1 |
-61.9 |
-50.1 |
136.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.7 |
-2.0 |
0.3 |
0.5 |
0.4 |
|
Net Change in Cash |
-238.7 |
23.7 |
170.9 |
-21.8 |
274.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
476.8 |
492.3 |
298.0 |
334.7 |
77.3 |
|
Net Cash - Ending Balance |
238.1 |
516.0 |
468.9 |
312.9 |
352.0 |
|
Cash Interest Paid |
- |
0.1 |
0.0 |
0.0 |
0.0 |
|
Cash Taxes Paid |
84.9 |
111.5 |
199.8 |
101.7 |
55.1 |
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 |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales |
1,880.4 |
2,330.9 |
2,542.9 |
1,299.4 |
996.9 |
|
Total Revenue |
1,880.4 |
2,330.9 |
2,542.9 |
1,299.4 |
996.9 |
|
|
|
|
|
|
|
|
Personnel Expenses- COGS |
229.0 |
- |
- |
- |
- |
|
Expenses from interest derivatives |
0.4 |
- |
- |
- |
- |
|
Other As Reported Other Operating Income |
-11.4 |
- |
- |
- |
- |
|
other |
31.4 |
- |
- |
- |
- |
|
other SGA |
41.6 |
- |
- |
- |
- |
|
Depreciation/Amortization in COR/COGS |
81.4 |
- |
- |
- |
- |
|
Other Cost of Sales |
1,128.5 |
- |
- |
- |
- |
|
Cost of Sales |
- |
1,680.0 |
1,624.9 |
824.7 |
625.8 |
|
Distribution Costs |
- |
43.1 |
28.7 |
49.2 |
46.1 |
|
Depreciation, Distribution |
0.7 |
0.7 |
2.0 |
1.4 |
- |
|
Personnel Expenses, Distribution |
46.2 |
47.7 |
44.9 |
- |
- |
|
Other As Reported Research & Development |
24.0 |
- |
- |
- |
- |
|
Research and Development Costs |
- |
27.8 |
4.8 |
64.3 |
48.3 |
|
Amortization, R&D |
6.3 |
6.9 |
6.5 |
4.0 |
- |
|
Personnel Expenses, R&D |
82.7 |
81.7 |
84.1 |
- |
- |
|
General Administrative Costs |
- |
36.1 |
10.8 |
38.7 |
37.6 |
|
Depreciation, Administrative |
1.5 |
1.1 |
4.1 |
1.3 |
- |
|
Personnel Expenses, Administrative |
62.7 |
58.4 |
50.0 |
- |
- |
|
Foreign Exchange Gain/Loss |
-24.1 |
-29.2 |
-17.1 |
- |
- |
|
Other Operating Income |
- |
-3.2 |
-4.7 |
-13.1 |
-18.4 |
|
Foreign Exchange Gain/Loss |
25.9 |
27.4 |
15.9 |
- |
- |
|
Other operating expenses |
23.0 |
18.2 |
3.6 |
11.3 |
12.8 |
|
Total Operating Expense |
1,749.7 |
1,996.8 |
1,858.5 |
981.8 |
752.1 |
|
|
|
|
|
|
|
|
Other Total Financial Expense |
-0.9 |
- |
- |
- |
- |
|
Other Financial Income |
0.3 |
0.1 |
0.0 |
0.0 |
0.2 |
|
Interest Income |
5.9 |
9.1 |
4.1 |
7.3 |
7.3 |
|
Other Financial Expense |
- |
-2.7 |
-0.6 |
0.0 |
-0.1 |
|
Interest Expense |
-1.4 |
-2.0 |
-1.9 |
-2.0 |
-2.0 |
|
Net Income Before Taxes |
134.6 |
338.6 |
686.2 |
322.9 |
250.3 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
38.1 |
107.8 |
202.7 |
98.8 |
75.5 |
|
Net Income After Taxes |
96.5 |
230.9 |
483.4 |
224.1 |
174.8 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
96.5 |
230.9 |
483.4 |
224.1 |
174.8 |
|
Net Income |
96.5 |
230.9 |
483.4 |
224.1 |
174.8 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
96.5 |
230.9 |
483.4 |
224.1 |
174.8 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
96.5 |
230.9 |
483.4 |
224.1 |
174.8 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
34.7 |
34.7 |
34.7 |
34.7 |
34.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
2.78 |
6.65 |
13.93 |
6.46 |
5.04 |
|
Basic EPS Including ExtraOrdinary Items |
2.78 |
6.65 |
13.93 |
6.46 |
5.04 |
|
Diluted Net Income |
96.5 |
230.9 |
483.4 |
224.1 |
174.8 |
|
Diluted Weighted Average Shares |
34.7 |
34.7 |
34.7 |
34.7 |
34.7 |
|
Diluted EPS Excluding ExtraOrd Items |
2.78 |
6.65 |
13.93 |
6.46 |
5.04 |
|
Diluted EPS Including ExtraOrd Items |
2.78 |
6.65 |
13.93 |
6.46 |
5.04 |
|
DPS-Ordinary Shares |
0.77 |
1.81 |
3.97 |
1.81 |
1.46 |
|
Gross Dividends - Common Stock |
26.7 |
62.7 |
137.9 |
62.7 |
50.8 |
|
Normalized Income Before Taxes |
135.0 |
338.6 |
686.2 |
322.9 |
250.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
38.2 |
107.8 |
202.7 |
98.8 |
75.5 |
|
Normalized Income After Taxes |
96.8 |
230.9 |
483.4 |
224.1 |
174.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
96.8 |
230.9 |
483.4 |
224.1 |
174.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
2.79 |
6.65 |
13.93 |
6.46 |
5.04 |
|
Diluted Normalized EPS |
2.79 |
6.65 |
13.93 |
6.46 |
5.04 |
|
Depreciation |
89.8 |
54.9 |
38.0 |
19.8 |
11.3 |
|
Amortization/Intangibles |
- |
15.2 |
6.3 |
2.9 |
1.6 |
|
Amortization, R&D |
6.3 |
- |
- |
- |
- |
|
Personnel Expenses, R&D |
82.7 |
- |
- |
- |
- |
|
Other As Reported Research & Development |
24.0 |
- |
- |
- |
- |
|
Research and Development |
- |
27.8 |
4.8 |
68.2 |
48.3 |
|
Interest Expense |
1.4 |
- |
- |
- |
- |
|
Interest Expense |
- |
2.0 |
1.9 |
2.0 |
2.0 |
|
Rental Expense, Supplemental |
- |
27.8 |
21.7 |
13.1 |
- |
|
Current Tax |
33.1 |
106.9 |
214.0 |
101.5 |
75.7 |
|
Current Tax - Total |
33.1 |
106.9 |
214.0 |
101.5 |
75.7 |
|
Deferred Tax |
5.0 |
0.8 |
-11.3 |
-2.7 |
-0.2 |
|
Deferred Tax - Total |
5.0 |
0.8 |
-11.3 |
-2.7 |
-0.2 |
|
Income Tax - Total |
38.1 |
107.8 |
202.7 |
98.8 |
75.5 |
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 |
Reclassified
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 |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Raw Materials |
169.7 |
233.4 |
202.7 |
86.5 |
58.6 |
|
Work in Progress |
36.0 |
40.9 |
24.0 |
19.5 |
10.9 |
|
Finished Goods |
85.9 |
57.5 |
91.9 |
51.7 |
33.2 |
|
Prepayments |
1.0 |
1.0 |
0.4 |
3.9 |
1.9 |
|
Trade Receivables, Gross |
173.0 |
195.9 |
158.9 |
85.2 |
34.7 |
|
Provision for Doubtful Accounts |
-15.4 |
-12.7 |
-1.6 |
-1.9 |
-1.3 |
|
Other Financial Assets |
340.2 |
111.8 |
264.0 |
206.3 |
32.7 |
|
Other Receivables |
18.3 |
13.9 |
21.3 |
5.2 |
4.7 |
|
Income Tax Receivables |
14.9 |
8.9 |
5.6 |
0.5 |
0.5 |
|
Cash and Cash Equivalents |
244.9 |
481.7 |
475.0 |
322.8 |
334.6 |
|
Total Current Assets |
1,068.6 |
1,132.4 |
1,242.3 |
779.7 |
510.6 |
|
|
|
|
|
|
|
|
Goodwill, Net |
0.4 |
0.4 |
0.0 |
- |
- |
|
Intangibles, Net |
- |
- |
- |
- |
7.7 |
|
Licenses |
0.3 |
- |
- |
- |
- |
|
Computer Software, Gross |
42.5 |
- |
- |
- |
- |
|
Intangibles, Gross |
96.9 |
101.4 |
53.6 |
30.6 |
- |
|
Acc Amort Licenses |
0.0 |
- |
- |
- |
- |
|
Acc Amort Computer Software |
-28.1 |
- |
- |
- |
- |
|
Amortization |
-23.8 |
-28.0 |
-14.3 |
-8.5 |
- |
|
Land/Buildings |
351.4 |
235.3 |
168.9 |
90.3 |
55.2 |
|
Machinery/Equipment |
85.9 |
67.9 |
62.1 |
58.0 |
13.6 |
|
Other Equipment |
232.4 |
195.4 |
156.6 |
89.9 |
51.5 |
|
Prepayments |
13.9 |
96.9 |
56.8 |
35.0 |
48.9 |
|
Acc Depr Land & Buildings |
-42.3 |
- |
- |
- |
- |
|
Acc Depr Plant & Machinery |
-28.7 |
- |
- |
- |
- |
|
Acc Depr Other Tangible Fixed Assets |
-114.3 |
- |
- |
- |
- |
|
Depreciation |
- |
-126.8 |
-84.3 |
-59.2 |
-38.4 |
|
Other Financial Assets |
67.5 |
75.1 |
5.2 |
5.2 |
0.1 |
|
Other Investments |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Deferred Taxes |
33.3 |
34.2 |
31.8 |
10.1 |
3.5 |
|
Total Assets |
1,756.1 |
1,784.0 |
1,678.9 |
1,031.1 |
652.7 |
|
|
|
|
|
|
|
|
Other ST Provisions |
118.8 |
88.6 |
116.3 |
43.7 |
23.6 |
|
Finanace Lease Liab./Current Portion |
3.7 |
3.1 |
2.3 |
2.0 |
1.9 |
|
Derivative Financial Liabilities |
- |
- |
- |
0.0 |
0.0 |
|
Trade Payables |
96.1 |
150.3 |
94.7 |
103.4 |
29.6 |
|
Other ST Financial Liabilities |
73.9 |
97.4 |
178.8 |
103.0 |
82.0 |
|
Tax Liabilities |
0.9 |
48.0 |
52.9 |
35.8 |
34.9 |
|
Other ST Liabilities |
29.7 |
58.9 |
32.3 |
21.9 |
9.0 |
|
Total Current Liabilities |
323.0 |
446.4 |
477.3 |
309.8 |
181.0 |
|
|
|
|
|
|
|
|
LT Finance Lease Liabilities |
43.3 |
40.9 |
26.1 |
26.9 |
28.0 |
|
Total Long Term Debt |
43.3 |
40.9 |
26.1 |
26.9 |
28.0 |
|
|
|
|
|
|
|
|
Other LT Provisions |
149.1 |
140.9 |
108.2 |
59.2 |
29.0 |
|
Other LT Financial Liabilities |
2.7 |
2.7 |
0.0 |
- |
0.0 |
|
Other LT Liabilities |
124.8 |
104.8 |
72.2 |
43.0 |
20.9 |
|
Deferred Taxes |
28.5 |
23.8 |
17.8 |
7.4 |
3.5 |
|
Minority Interest |
- |
0.0 |
0.0 |
0.0 |
- |
|
Minority/No controlling Interest |
0.0 |
- |
- |
- |
- |
|
Total Liabilities |
671.4 |
759.4 |
701.7 |
446.3 |
262.4 |
|
|
|
|
|
|
|
|
Share Capital |
45.9 |
45.0 |
46.6 |
49.8 |
48.2 |
|
Capital Reserves |
157.5 |
154.7 |
159.9 |
171.0 |
165.7 |
|
Securities |
- |
-0.1 |
0.0 |
- |
- |
|
Retained Earnings |
881.3 |
824.9 |
770.7 |
364.0 |
176.3 |
|
Total Equity |
1,084.7 |
1,024.6 |
977.2 |
584.8 |
390.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,756.1 |
1,784.0 |
1,678.9 |
1,031.1 |
652.7 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
34.7 |
34.7 |
34.7 |
34.7 |
34.7 |
|
Total Common Shares Outstanding |
34.7 |
34.7 |
34.7 |
34.7 |
34.7 |
|
T/S-Ordinary Shares |
0.0 |
0.0 |
- |
- |
- |
|
Deferred Income |
- |
57.5 |
26.4 |
61.3 |
- |
|
Amortization |
23.8 |
- |
- |
- |
- |
|
Acc Amort Licenses |
0.0 |
- |
- |
- |
- |
|
Acc Amort Computer Software |
28.1 |
- |
- |
- |
- |
|
Accumulated Amortization of Intangibles |
- |
28.0 |
14.3 |
8.5 |
5.3 |
|
Full-Time Employees |
5,584 |
5,532 |
4,466 |
2,954 |
2,220 |
|
Long Term Debt Maturing within 1 Year |
5.1 |
4.0 |
3.4 |
2.0 |
1.9 |
|
Long Term Debt Maturing in Year 3 |
10.0 |
8.7 |
6.8 |
- |
- |
|
Long Term Debt Maturing in Year 5 |
9.8 |
8.5 |
6.6 |
- |
- |
|
Long Term Debt - Remaining Maturities |
31.2 |
32.3 |
17.7 |
- |
- |
|
Total Long Term Debt, Supplemental |
56.1 |
53.5 |
34.4 |
2.0 |
1.9 |
|
Capital Lease < 1 Year |
- |
0.0 |
0.0 |
2.0 |
1.9 |
|
Capital Lease 1-5 Years |
- |
0.0 |
0.0 |
6.6 |
8.3 |
|
Remaining Maturities |
- |
0.0 |
0.0 |
20.3 |
19.7 |
|
Total Capital Leases, Supplemental |
- |
0.0 |
0.0 |
28.9 |
29.9 |
|
Operating Lease < 1 Year |
18.3 |
21.9 |
18.3 |
8.5 |
4.9 |
|
Operating Lease 1-5 Years |
51.1 |
52.9 |
43.3 |
20.0 |
9.6 |
|
Remaining Maturities |
25.3 |
32.1 |
57.3 |
14.8 |
8.6 |
|
Total Operating Leases, Supplemental |
94.7 |
106.9 |
118.9 |
43.3 |
23.2 |
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 |
Reclassified
Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/ EBT |
96.5 |
230.9 |
483.4 |
224.1 |
174.8 |
|
Depreciation |
89.8 |
70.1 |
41.5 |
22.7 |
12.9 |
|
Income Taxes |
38.1 |
107.8 |
202.7 |
98.8 |
75.5 |
|
Financial Result |
-3.5 |
-4.5 |
-1.7 |
-5.3 |
-5.5 |
|
Other Provisions |
33.3 |
13.1 |
126.7 |
47.1 |
33.0 |
|
Gain/Loss on Sale of Assets |
5.3 |
2.0 |
1.5 |
1.4 |
0.0 |
|
Other Non-Cash Items |
34.2 |
19.0 |
0.5 |
0.9 |
4.0 |
|
Interest Received |
5.9 |
8.0 |
3.6 |
6.8 |
7.3 |
|
Interest Paid |
-1.7 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Taxes Paid |
-84.9 |
-111.5 |
-199.8 |
-101.7 |
-55.1 |
|
Inventories |
11.3 |
-20.6 |
-167.5 |
-53.4 |
-42.5 |
|
Trade Receivables |
26.9 |
-38.0 |
-79.0 |
-48.2 |
2.7 |
|
Trade Payables |
-55.3 |
56.2 |
-2.9 |
70.6 |
9.8 |
|
Other Assets, Net |
-46.6 |
-0.1 |
102.7 |
44.3 |
59.2 |
|
Cash from Operating Activities |
149.2 |
332.1 |
511.6 |
308.1 |
276.1 |
|
|
|
|
|
|
|
|
Investment in Tangibles |
-93.7 |
-186.6 |
-185.0 |
-97.6 |
-97.9 |
|
Sale of Fixed Assets |
0.1 |
0.7 |
0.2 |
0.1 |
0.0 |
|
Investments in Financial Assets |
0.0 |
0.0 |
0.0 |
- |
- |
|
Investment, Intangibles |
-35.1 |
-37.7 |
-24.7 |
-16.6 |
-10.2 |
|
Sale of Securities |
293.8 |
264.2 |
0.0 |
- |
- |
|
Acquisition of Business Units |
0.0 |
-32.0 |
-3.3 |
0.0 |
- |
|
Purchase of Securities |
-499.3 |
-187.9 |
-66.2 |
-166.1 |
-30.1 |
|
Cash from Investing Activities |
-334.2 |
-179.4 |
-279.1 |
-280.2 |
-138.2 |
|
|
|
|
|
|
|
|
Issuance of Equity |
- |
- |
- |
0.0 |
185.6 |
|
Debt Issued |
4.8 |
22.9 |
0.0 |
- |
- |
|
Issuance of Equity - Costs |
- |
0.0 |
0.0 |
0.0 |
-10.4 |
|
Change in Liabilities |
-2.4 |
-5.3 |
-2.2 |
-1.9 |
-1.9 |
|
Dividends |
-58.0 |
-144.7 |
-59.7 |
-48.3 |
-36.9 |
|
Cash from Financing Activities |
-55.6 |
-127.1 |
-61.9 |
-50.1 |
136.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.7 |
-2.0 |
0.3 |
0.5 |
0.4 |
|
Net Change in Cash |
-238.7 |
23.7 |
170.9 |
-21.8 |
274.7 |
|
|
|
|
|
|
|
|
Net Cash-Beginning Balance |
476.8 |
492.3 |
298.0 |
334.7 |
77.3 |
|
Net Cash- Ending Balance |
238.1 |
516.0 |
468.9 |
312.9 |
352.0 |
|
Cash Interest Paid |
- |
0.1 |
0.0 |
0.0 |
0.0 |
|
Cash Taxes Paid |
84.9 |
111.5 |
199.8 |
101.7 |
55.1 |
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.59.69 |
|
UK Pound |
1 |
Rs.91.66 |
|
Euro |
1 |
Rs.78.69 |
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.