MIRA
INFORM REPORT
|
Report Date : |
07.03.2013 |
IDENTIFICATION DETAILS
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Name : |
VAISALA OYJ
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Registered Office : |
Vanha Nurmijarventie 21, Vantaa, 01670 |
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Country : |
Finland |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1936 |
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Com. Reg. No.: |
01244162 |
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Legal Form : |
Public Parent |
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Line of Business : |
development,
manufacture and marketing of observation and measurement products and
services for meteorology, weather critical operations and controlled environments. |
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No. of Employees : |
1,417 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Finland |
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 |
Finland - ECONOMIC OVERVIEW
Finland has a highly industrialized, largely free-market economy with per capita output roughly that of Austria, Belgium, the Netherlands, and Sweden. Trade is important with exports accounting for over one third of GDP in recent years. Finland is strongly competitive in manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in high-tech exports such as mobile phones. Except for timber and several minerals, Finland depends on imports of raw materials, energy, and some components for manufactured goods. Because of the climate, agricultural development is limited to maintaining self-sufficiency in basic products. Forestry, an important export earner, provides a secondary occupation for the rural population. Finland had been one of the best performing economies within the EU in recent years and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in 2009, with Finland experiencing one of the deepest contractions in the euro zone. A recovery of exports, domestic trade, and household consumption stimulated economic growth in 2010. The recession left a deep mark on general government finances and the debt ratio, turning previously strong budget surpluses into deficits. In addition to marginal growth prospects, general government finances will remain in deficit during the next few years. The great challenge of economic policy will be to mitigate a possible recession in 2012 in which measures supporting growth will be combined with general government adjustment measures. Longer-term, Finland must address a rapidly aging population and decreasing productivity that threaten competitiveness, fiscal sustainability, and economic growth.
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Source : CIA |
Company name & address
Vaisala Oyj
Vanha Nurmijarventie 21
Vantaa, 01670
Finland
Tel: 358-9-89491
Fax: 358-9-89492227
Web: www.vaisala.com
Synthesis
Employees: 1,417
Company Type: Public Parent
Corporate Family: 10
Companies
Traded: Helsinki Stock Exchange: VAIAS
Incorporation Date: 1936
Auditor: PricewaterhouseCoopers Oy
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2012
Reporting Currency: Euro
Annual Sales: 376.9
1
Net Income: 29.0
Total Assets: 339.7
2
Market Value: 408.3
(15-Feb-2013)
Business Description
Vaisala Oyj is a Finland-based company engaged in the development, manufacture and marketing of observation and measurement products and services for meteorology, weather critical operations and controlled environments. The Company’s operations are divided into three business areas. The Weather operating segment is a provider of weather technology for meteorological institutions, roads and rail authorities, airport organizations, defense forces, energy and maritime. Controlled Environment segment offers products and services to life science customers and multiple applications in various industries. As of December 31, 2011, the Company had subsidiaries in such countries as Australia, Canada, China, Germany, France, Japan, Malaysia, the United Kingdom and the United States. For the fiscal year ended 31 December 2012, Vaisala Oyj revenues increased 7% to EUR293.3M. Net income increased from EUR10.4M to EUR22.6M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income benefited from Sales/Marketing decrease of 6% to EUR54.4M (expense). Dividend per share increased from EUR0.65 to EUR0.90.
Industry
Industry Scientific and Technical
Instruments
ANZSIC 2006: 2419 - Other
Professional and Scientific Equipment Manufacturing
NACE 2002: 3320 - Manufacture
of instruments and appliances for measuring, checking, testing, navigating and
other purposes, except industrial process control equipment
NAICS 2002: 334515 -
Instrument Manufacturing for Measuring and Testing Electricity and Electrical
Signals
UK SIC 2003: 3320 - Manufacture
of instruments and appliances for measuring, checking, testing, navigating and
other purposes, except industrial process control equipment
UK SIC 2007: 2651 - Manufacture
of instruments and appliances for measuring, testing and navigation
US SIC 1987: 3825 - Instruments
for Measuring and Testing of Electricity and Electrical Signals
Key Executives
|
Name |
Title |
|
Kjell Forsen |
President, Chief Executive Officer, Chairman of the Management Group |
|
Kaarina Muurinen |
Chief Financial Officer, Member of the Management Group |
|
Riina Kirmanen |
Director of Marketing, Member of the Management Group |
|
Walter Dabberdt |
Chief Science Officer, Member of the Management Group |
|
Kai Konola |
Executive Vice President - Weather Critical Operations Business |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
General Reorganization |
1 |
Vaisala Oyj
Reorganizes Operations in Vancouver and Lays off Employees |
3-Oct-2012 |
|
2 |
Vaisala Oyj
Equips Mars Rover Curiosity with Pressure and Humidity Sensors |
24-Aug-2012 |
|
|
3 |
Vaisala Oyj
Issues FY 2013 Net Sales and EBIT Guidance in Line with Analysts' Estimates |
6-Feb-2013 |
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2 |
11-Jan-2013 |
||
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1 |
6-Feb-2013 |
* number of significant developments within the last 12 months
News
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Financial Summary
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Stock Snapshot
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Registered No.(FIN): 01244162
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
Vanha Nurmijarventie 21
Vantaa, 01670
Finland
Tel: 358-9-89491
Fax: 358-9-89492227
Web: www.vaisala.com
Quote Symbol - Exchange
VAIAS - Helsinki
Stock Exchange
Sales EUR(mil): 293.3
Assets EUR(mil): 257.0
Employees: 1,417
Fiscal Year End: 31-Dec-2012
Industry: Scientific and Technical Instruments
Incorporation Date: 1936
Company Type: Public Parent
Quoted Status: Quoted
Registered No.(FIN): 01244162
President, Chief
Executive Officer, Chairman of the Management Group:
Kjell Forsen
Industry Codes
ANZSIC 2006 Codes:
2419 - Other Professional and Scientific Equipment Manufacturing
3494 - Other Electrical and Electronic Goods Wholesaling
NACE 2002 Codes:
3320 - Manufacture of instruments and appliances for measuring,
checking, testing, navigating and other purposes, except industrial process
control equipment
5187 - Wholesale of other machinery for use in industry, trade and
navigation
NAICS 2002 Codes:
334515 - Instrument Manufacturing for Measuring and Testing
Electricity and Electrical Signals
334512 - Automatic Environmental Control Manufacturing for
Residential, Commercial, and Appliance Use
334516 - Analytical Laboratory Instrument Manufacturing
334519 - Other Measuring and Controlling Device Manufacturing
423610 - Electrical Apparatus and Equipment, Wiring Supplies, and
Related Equipment Merchant Wholesalers
US SIC 1987:
3825 - Instruments for Measuring and Testing of Electricity and
Electrical Signals
3826 - Laboratory Analytical Instruments
3829 - Measuring and Controlling Devices, Not Elsewhere Classified
3822 - Automatic Controls for Regulating Residential and
Commercial Environments and Appliances
5063 - Electrical Apparatus and Equipment Wiring Supplies, and
Construction Materials
UK SIC 2003:
3320 - Manufacture of instruments and appliances for measuring,
checking, testing, navigating and other purposes, except industrial process
control equipment
5187 - Wholesale of other machinery for use in industry, trade and
navigation
UK SIC 2007:
2651 - Manufacture of instruments and appliances for measuring,
testing and navigation
4669 - Wholesale of other machinery and equipment
Business Description
Vaisala Oyj is a
Finland-based company engaged in the development, manufacture and marketing of
observation and measurement products and services for meteorology, weather
critical operations and controlled environments. The Company’s operations are
divided into three business areas. The Weather operating segment is a provider
of weather technology for meteorological institutions, roads and rail
authorities, airport organizations, defense forces, energy and maritime.
Controlled Environment segment offers products and services to life science
customers and multiple applications in various industries. As of December 31,
2011, the Company had subsidiaries in such countries as Australia, Canada,
China, Germany, France, Japan, Malaysia, the United Kingdom and the United
States. For the fiscal year ended 31 December 2012, Vaisala Oyj revenues
increased 7% to EUR293.3M. Net income increased from EUR10.4M to EUR22.6M.
Revenues reflect an increase in demand for the Company's products and services
due to favorable market conditions. Net income benefited from Sales/Marketing
decrease of 6% to EUR54.4M (expense). Dividend per share increased from EUR0.65
to EUR0.90.
More Business
Descriptions
Vaisala is
specialises in environmental and industrial measurement. Business is conducted
by three business areas: Meteorology, Weather Critical Operations and
Controlled Environment. Meteorology serves professional meteorological
customers by providing a comprehensive offering for their measurement, data
management and early warning needs. Weather Critical Operations focuses on
customers in roads, airports, defense and weather critical energy segments. It
provides products and solutions to support the customers' operational decision
making under any weather conditions. Controlled Environment serves industrial
customers in building automation, life science and high tecnology, and targeted
industrial applications segments. It offers a broad range of measurement
solutions and instruments to ensure operational quality, energy savings and
productivity.
Electronic
Measurement Systems & Equipment For Meteorology
Vaisala Oyj is
primarily engaged in manufacture of clinkers and hydraulic cements including
Portland, aluminous cement, slag cement and superphosphate cements.
Measuring and
controlling devices
All Other Electrical Equipment and Component Manufacturing
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Corporate Family |
Corporate Structure News: |
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Vaisala Oyj |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
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Parent |
Vantaa |
Finland |
Scientific and Technical Instruments |
376.9 |
1,417 |
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Subsidiary |
Woburn, MA |
United States |
Scientific and Technical Instruments |
25.0 |
1,400 |
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Division |
Lewisville, CO |
United States |
Scientific and Technical Instruments |
3.9 |
77 |
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Division |
Tucson, AZ |
United States |
Aerospace and Defense |
2.5 |
75 |
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Subsidiary |
Birmingham |
United Kingdom |
Business Services |
13.5 |
68 |
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Subsidiary |
Hamburg, Hamburg |
Germany |
Scientific and Technical Instruments |
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36 |
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Subsidiary |
Montigny Le Bretonneux |
France |
Construction and Agriculture Machinery |
1.8 |
14 |
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Subsidiary |
Hawthorn, VIC |
Australia |
Miscellaneous Capital Goods |
6.6 |
11 |
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Subsidiary |
Manalapan, NJ |
United States |
Miscellaneous Capital Goods |
27.0 |
10 |
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Division |
Sunnyvale, CA |
United States |
Business Services |
0.1 |
1 |
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Executive report
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Significant Developments
Vaisala Oyj Announces Details on FY 2012 Dividend Mar 05, 2013
Vaisala Oyj announced that its Board of Directors proposes to the Annual General Meeting a dividend of EUR 0.90 per share for the fiscal year 2012. The dividend would be paid to shareholders registered in the Register of Shareholders held by Euroclear Finland Ltd on the record date of the dividend distribution, April 2, 2013. The Board of Directors proposes that the dividend will be paid on April 9, 2013.
Vaisala Oyj Proposes FY 2012 Dividend of EUR 0.90 per Share Feb 06, 2013
Vaisala Oyj announced that a dividend of EUR 0.90 per share proposed for the fiscal year 2012. In the fiscal year 2011, a dividend of EUR 0.65 per share was reported.
Vaisala Oyj Issues FY 2013 Net Sales and EBIT Guidance in Line with Analysts' Estimates Feb 06, 2013
Vaisala Oyj announced that fiscal year (FY) 2013 net sales are estimated to be in the range of between EUR 280 million and EUR 310 million at comparable exchange rates as compared with FY 2012. The FY 2013 operating result (EBIT) is expected to be in the range of between EUR 25 million and EUR 35 million at comparable exchange rates as compared with FY 2012. Net sales in FY 2012 were EUR 293.3 million and FY 2012 operating result was EUR 30.1 million. According to I/B/E/S Estimates, analysts on average are expecting the Company to report FY 2013 net sales of EUR 296.25 million and FY 2013 EBIT of EUR 29.10 million.
Vaisala Oyj Raises FY 2012 Financial Guidance Jan 11, 2013
Vaisala Oyj announced that based on the preliminary financial information regarding the Company's financial statements for fiscal year 2012, the Company exceeds its previously published guidance and estimates that for the full year 2012 its net sales is in a range of between EUR 290 million and EUR 293 million and the operating result is in a range of between EUR 29 million and EUR 30 million. During the last quarter of 2012, in particular the Weather business area increased its net sales more than previously expected due to increased product sales and the operating result improved due to increased sales and higher margins in delivery projects. Previously, the Company expected its net sales in fiscal year 2012 to stay at the same level as in fiscal year 2011. The operating result was expected to improve compared to fiscal year 2011. The Company reported fiscal year 2011 net sales of EUR 273.6 million and operating result of EUR 16.1 million. According to I/B/E/S estimates, analysts on average are expecting the Company to report fiscal year 2012 net sales of EUR 286.83 million and fiscal year 2012 EBIT of EUR 27.15 million.
Vaisala Oyj Maintains FY 2012 Financial Guidance Nov 01, 2012
Vaisala Oyj (Vaisala) announced that the uncertainty in the global economy and financial crises are expected to affect Vaisala's business. Based on the structure of Vaisala's customer base and the orders rece¡ived, the Company's market situation is expected to remain materially unchanged in the fiscal year 2012. Vaisala expects its net sales in the fiscal year 2012 to stay at the same level as in the preceding fiscal year. The fiscal year 2012 operating result (EBIT) is expected to improve. The net sales in the fiscal year 2011 were EUR 273.6 million and EBIT in the fiscal year 2011 was EUR 16.1 million. Achieving the guidance is subject to sales mix, project progress and completions, fluctuation in foreign exchange rates, as well as the development of the world economy and financial markets. Vaisala's long-term business outlook remains unchanged. According to I/B/E/S Estimates, analysts on average are expecting the Company to report fiscal year 2012 net sales of EUR 284.75 million and fiscal year 2012 EBIT of EUR 27.13 million.
Vaisala Oyj Reorganizes Operations in Vancouver and Lays off Employees Oct 03, 2012
Vaisala Oyj (Vaisala) announced that in order to finalize the integration of the acquired Life Science business to Vaisala and to increase scalability, efficiency and flexibility of global operations, the Company is moving the board assembly, final assembly, testing, new product calibration and the related activities from Canada to Malaysia and Finland. As a result of the change, the work of 10 persons in Vancouver will end by June 30, 2013. One-off charges of approximately EUR 400,000 relating to the restructuring activities are expected to be booked by the end of 2012. The estimated annual cost reduction is EUR 500,000 (half a million Euros) which will be fully realized from 2014 onwards and about half during 2013.
Vaisala Oyj Equips Mars Rover Curiosity with Pressure and Humidity Sensors Aug 24, 2012
Vaisala Oyj (Vaisala) announced that it has a presence in examining the Martian atmosphere as the Mars Rover Curiosity is equipped with Vaisala BAROCAP and HUMICAP pressure and humidity sensors. The sensors are a part of instrumentation designed by the Finnish Meteorological Institute (FMI), and they will be used to gather accurate readings of pressure and humidity in the extreme environmental conditions of the Martian atmosphere. Vaisala has provided the project with standard Vaisala HUMICAP humidity sensors and specially customized Vaisala BAROCAP pressure sensors. Both were put through space qualification testing by FMI, to ensure they are suited to the Martian atmosphere, in addition to which FMI made specific alterations and modifications to the Vaisala BAROCAP pressure sensors to meet the needs of the mission. Vaisala's technology will be used to compile time series on pressure and humidity for the duration of the entire Mars Science Laboratory program, which is one Mars year, 686 Earth days. FMI's instruments will also be used to look for possible residues and evidence of water that may have filled the Gale crater in the past. Furthermore, the rover will be making observations about the structure, geology and environmental conditions of the area. Vaisala has provided sensors to FMI's space exploration projects since 1988. This is the fifth venture to space where FMI is applying Vaisala's technology.
Vaisala Oyj Signs Contract for Weather Radars and Airport Weather Observation Systems Aug 15, 2012
Vaisala Oyj announced that together with a local system integrator it has signed a contract to deliver weather radars and airport weather observation systems to Saudi Arabia. The value of the deal is EUR 6.9 million. The award renews Vaisala's role as a provider of weather observation systems to the Saudi Arabian meteorological service. According to the contract, Vaisala will deliver dual-polarized C-band weather radars, low level wind shear alarm systems and airport weather observation systems.
Vaisala Oyj Confirms FY Net Sales 2012 Guidance and Raises FY 2012
Operating Result Guidance
Aug 02, 2012
Vaisala Oyj announced that it expects its net sales (revenue) in the fiscal year 2012 to stay at the same level as in the fiscal year 2011, and the operating result is expected to improve in the fiscal year 2012 compared to the fiscal year 2011. Previously, the Company expected fiscal year 2012 net sales to stay at the same level as in the fiscal year 2011, and the operating result was expected to improve moderately in the fiscal year 2012. Net sales in 2011 were reported at EUR 273.6 million and operating result was EUR 16.1 million. According to I/B/E/S Estimates, analysts on average are expecting the Company to report revenue of EUR 273.78 million for the fiscal year 2012.
Vaisala Oyj Maintains FY 2012 Financial Guidance May 04, 2012
Vaisala Oyj announced that the Company's fiscal year 2012 financial guidance remains unchanged. The Company continues to expect fiscal year 2012 net sales to stay at the same level as in the preceding year. The operating result is expected to improve moderately in the fiscal year 2012. Net sales in 2011 were EUR 273.6 million and operating result was EUR 16.1 million. According to I/B/E/S Estimates analysts on average are expecting the Company to report revenue of EUR 271.88 million and operating profit of EUR 17.20 million for the fiscal year 2012.
Annual
Profit & Loss
|
|
01-Dec-2011 |
01-Dec-2010 |
|
Period Length |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
|
Exchange Rate (Period Average) |
0.718922 |
0.749339 |
|
Consolidated |
No |
No |
|
|
|
|
|
Total income |
264.5 |
234.3 |
|
Cost of goods sold |
176.2 |
146.8 |
|
Other operating costs |
0.0 |
- |
|
Total operating costs |
246.9 |
214.9 |
|
Interest received from loans |
2.9 |
5.7 |
|
Profit before tax |
20.6 |
25.0 |
|
Total taxation |
4.7 |
5.9 |
|
Income before depreciation |
17.6 |
19.3 |
|
Profit before financial items |
17.6 |
19.3 |
|
Income/profit after financial items |
20.6 |
25.0 |
|
Income before allocations |
19.4 |
19.6 |
|
Net income |
15.3 |
16.4 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
01-Dec-2011 |
01-Dec-2010 |
|
Filed Currency |
EUR |
EUR |
|
Exchange Rate |
0.74239 |
0.765521 |
|
Consolidated |
No |
No |
|
|
|
|
|
Issued capital |
10.3 |
10.0 |
|
Untaxed/reserves allocations |
4.8 |
4.1 |
|
Non restricted equity |
175.0 |
171.1 |
|
Total stockholders equity |
215.4 |
210.3 |
|
Total long-term liabilities |
1.7 |
2.3 |
|
Trade creditors |
17.9 |
19.1 |
|
Other current liabilities |
45.8 |
39.4 |
|
Total current liabilities |
66.7 |
60.8 |
|
Land and buildings |
41.8 |
24.0 |
|
Machinery and tools |
14.8 |
13.0 |
|
Depreciable assets |
82.7 |
74.5 |
|
Total non-current assets |
157.7 |
142.1 |
|
Stocks |
31.1 |
34.7 |
|
Trade debtors |
58.1 |
58.3 |
|
Cash and liquid assets |
39.9 |
40.1 |
|
Short-term investments |
61.3 |
62.5 |
|
Shares in associated companies |
61.3 |
62.5 |
|
Total current assets |
129.1 |
133.0 |
|
Total assets |
286.8 |
275.1 |
Annual Ratios
Financials in: USD (mil)
|
|
01-Dec-2011 |
01-Dec-2010 |
|
Period Length |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
|
Exchange Rate |
0.74239 |
0.765521 |
|
Consolidated |
No |
No |
|
|
|
|
|
Current ratio |
2.20 |
2.40 |
|
Quick ratio |
1.90 |
2.10 |
|
Asset turnover |
0.01% |
0.01% |
|
Profit margin |
0.08% |
0.11% |
|
Equity ratio |
0.77% |
0.80% |
|
Interest on liabilities |
0.02% |
- |
|
Risk margin |
1,634.45% |
1,641.00% |
|
Net worth |
215.4 |
210.3 |
|
Number of employees |
1,417 |
610 |
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 |
|
PricewaterhouseCoopers
Oy |
PricewaterhouseCoopers
Oy |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
376.9 |
380.4 |
335.3 |
322.4 |
354.7 |
|
Revenue |
376.9 |
380.4 |
335.3 |
322.4 |
354.7 |
|
Total Revenue |
376.9 |
380.4 |
335.3 |
322.4 |
354.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
190.2 |
198.4 |
164.5 |
168.4 |
153.7 |
|
Cost of Revenue, Total |
190.2 |
198.4 |
164.5 |
168.4 |
153.7 |
|
Gross Profit |
186.7 |
182.0 |
170.8 |
154.0 |
201.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
112.4 |
112.9 |
108.2 |
97.9 |
109.6 |
|
Total Selling/General/Administrative Expenses |
112.4 |
112.9 |
108.2 |
97.9 |
109.6 |
|
Research & Development |
36.0 |
38.0 |
40.7 |
39.5 |
36.0 |
|
Depreciation |
- |
11.5 |
8.2 |
- |
- |
|
Depreciation/Amortization |
- |
11.5 |
8.2 |
- |
- |
|
Impairment-Assets Held for Use |
- |
0.0 |
0.5 |
- |
- |
|
Unusual Expense (Income) |
- |
0.0 |
0.5 |
- |
- |
|
Other Operating Expense |
0.3 |
0.1 |
0.0 |
- |
- |
|
Other, Net |
-0.6 |
-2.9 |
-2.4 |
-0.1 |
-0.1 |
|
Other Operating Expenses, Total |
-0.4 |
-2.8 |
-2.4 |
-0.1 |
-0.1 |
|
Total Operating Expense |
338.2 |
358.0 |
319.7 |
305.7 |
299.1 |
|
|
|
|
|
|
|
|
Operating Income |
38.7 |
22.4 |
15.6 |
16.7 |
55.6 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
- |
0.0 |
-0.1 |
-0.1 |
0.0 |
|
Interest Expense, Net Non-Operating |
- |
0.0 |
-0.1 |
-0.1 |
0.0 |
|
Interest Income -
Non-Operating |
- |
0.4 |
0.3 |
1.1 |
3.5 |
|
Investment Income -
Non-Operating |
- |
1.3 |
4.9 |
-3.8 |
-1.6 |
|
Interest/Investment Income - Non-Operating |
- |
1.7 |
5.2 |
-2.6 |
1.9 |
|
Interest Income (Expense) - Net Non-Operating Total |
- |
1.7 |
5.0 |
-2.8 |
1.9 |
|
Other Non-Operating Income (Expense) |
-0.1 |
-1.5 |
-2.1 |
0.1 |
-0.6 |
|
Other, Net |
-0.1 |
-1.5 |
-2.1 |
0.1 |
-0.6 |
|
Income Before Tax |
38.5 |
22.5 |
18.5 |
14.0 |
56.9 |
|
|
|
|
|
|
|
|
Total Income Tax |
9.5 |
8.1 |
5.0 |
4.5 |
15.4 |
|
Income After Tax |
29.0 |
14.5 |
13.5 |
9.6 |
41.5 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
29.0 |
14.5 |
13.5 |
9.6 |
41.5 |
|
Net Income |
29.0 |
14.5 |
13.5 |
9.6 |
41.5 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
29.0 |
14.5 |
13.5 |
9.6 |
41.5 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
29.0 |
14.5 |
13.5 |
9.6 |
41.5 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
18.1 |
18.2 |
18.2 |
18.2 |
18.2 |
|
Basic EPS Excl Extraord Items |
1.60 |
0.79 |
0.74 |
0.53 |
2.28 |
|
Basic/Primary EPS Incl Extraord Items |
1.60 |
0.79 |
0.74 |
0.53 |
2.28 |
|
Diluted Net Income |
29.0 |
14.5 |
13.5 |
9.6 |
41.5 |
|
Diluted Weighted Average Shares |
18.2 |
18.2 |
18.2 |
18.2 |
18.2 |
|
Diluted EPS Excl Extraord Items |
1.59 |
0.79 |
0.74 |
0.53 |
2.28 |
|
Diluted EPS Incl Extraord Items |
1.59 |
0.79 |
0.74 |
0.53 |
2.28 |
|
Dividends per Share - Common Stock Primary Issue |
1.16 |
0.90 |
0.86 |
0.90 |
1.32 |
|
Dividends per Share - Common Stock Issue 2 |
- |
0.90 |
0.86 |
0.90 |
1.32 |
|
Gross Dividends - Common Stock |
- |
16.5 |
15.7 |
16.5 |
24.0 |
|
Interest Expense, Supplemental |
- |
0.0 |
0.1 |
0.1 |
0.0 |
|
Depreciation, Supplemental |
20.3 |
12.8 |
10.7 |
8.6 |
8.2 |
|
Total Special Items |
- |
2.1 |
0.5 |
- |
- |
|
Normalized Income Before Tax |
38.5 |
24.6 |
19.1 |
14.0 |
56.9 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
- |
0.7 |
0.1 |
- |
- |
|
Inc Tax Ex Impact of Sp Items |
9.5 |
8.8 |
5.2 |
4.5 |
15.4 |
|
Normalized Income After Tax |
29.0 |
15.8 |
13.9 |
9.6 |
41.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
29.0 |
15.8 |
13.9 |
9.6 |
41.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.60 |
0.87 |
0.76 |
0.53 |
2.28 |
|
Diluted Normalized EPS |
1.59 |
0.87 |
0.76 |
0.53 |
2.28 |
|
Amort of Intangibles, Supplemental |
- |
7.5 |
7.4 |
4.7 |
3.8 |
|
Rental Expenses |
- |
- |
- |
0.6 |
0.3 |
|
Research & Development Exp, Supplemental |
36.0 |
38.0 |
40.7 |
39.5 |
36.0 |
|
Normalized EBIT |
38.7 |
24.5 |
16.2 |
16.7 |
55.6 |
|
Normalized EBITDA |
59.0 |
44.8 |
34.3 |
30.0 |
67.6 |
|
Current Tax - Total |
- |
5.6 |
5.4 |
4.6 |
16.7 |
|
Current Tax - Total |
- |
5.6 |
5.4 |
4.6 |
16.7 |
|
Deferred Tax - Total |
- |
2.2 |
-0.5 |
-0.3 |
0.0 |
|
Deferred Tax - Total |
- |
2.2 |
-0.5 |
-0.3 |
0.0 |
|
Other Tax |
- |
0.3 |
0.1 |
0.1 |
-1.3 |
|
Income Tax - Total |
- |
8.1 |
5.0 |
4.5 |
15.4 |
|
Interest Cost - Domestic |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Service Cost - Domestic |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Expected Return on Assets - Domestic |
- |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Actuarial Gains and Losses - Domestic |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Defined Contribution Expense - Domestic |
- |
2.1 |
1.6 |
- |
- |
|
Total Pension Expense |
- |
2.2 |
1.7 |
0.1 |
0.1 |
|
Total Plan Interest Cost |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Plan Service Cost |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Plan Expected Return |
- |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
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 |
|
PricewaterhouseCoopers
Oy |
PricewaterhouseCoopers
Oy |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
98.9 |
59.1 |
47.4 |
71.9 |
108.6 |
|
Short Term Investments |
- |
- |
- |
0.0 |
35.2 |
|
Cash and Short Term Investments |
98.9 |
59.1 |
47.4 |
71.9 |
143.7 |
|
Trade Accounts Receivable - Net |
80.5 |
73.2 |
75.7 |
75.2 |
59.4 |
|
Notes Receivable - Short Term |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Receivables |
2.4 |
17.8 |
22.5 |
19.5 |
9.3 |
|
Total Receivables, Net |
82.9 |
91.0 |
98.2 |
94.7 |
68.7 |
|
Inventories - Finished Goods |
- |
5.7 |
6.2 |
12.1 |
7.5 |
|
Inventories - Work In Progress |
- |
6.6 |
7.1 |
6.9 |
7.6 |
|
Inventories - Raw Materials |
- |
31.0 |
36.2 |
20.1 |
16.5 |
|
Inventories - Other |
- |
- |
- |
0.0 |
- |
|
Total Inventory |
39.4 |
43.4 |
49.5 |
39.0 |
31.7 |
|
Prepaid Expenses |
- |
0.9 |
4.2 |
11.5 |
4.2 |
|
Discontinued Operations - Current Asset |
1.9 |
0.1 |
0.8 |
- |
- |
|
Other Current Assets |
- |
0.0 |
0.1 |
0.1 |
0.3 |
|
Other Current Assets, Total |
1.9 |
0.1 |
0.9 |
0.1 |
0.3 |
|
Total Current Assets |
223.0 |
194.5 |
200.2 |
217.2 |
248.5 |
|
|
|
|
|
|
|
|
Buildings |
- |
62.1 |
45.2 |
43.6 |
43.4 |
|
Land/Improvements |
- |
3.6 |
3.8 |
3.9 |
3.8 |
|
Machinery/Equipment |
- |
94.6 |
95.7 |
87.4 |
76.3 |
|
Construction in
Progress |
- |
9.3 |
22.3 |
27.5 |
14.3 |
|
Other
Property/Plant/Equipment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Property/Plant/Equipment - Gross |
- |
169.7 |
166.9 |
162.4 |
137.8 |
|
Accumulated Depreciation |
- |
-97.1 |
-96.7 |
-91.0 |
-83.4 |
|
Property/Plant/Equipment - Net |
64.9 |
72.6 |
70.2 |
71.5 |
54.4 |
|
Goodwill, Net |
- |
23.5 |
23.9 |
18.9 |
13.1 |
|
Accumulated Intangible Amortization |
- |
-40.9 |
-35.4 |
- |
- |
|
Intangibles, Net |
43.7 |
26.4 |
29.8 |
15.1 |
11.1 |
|
LT Investment - Affiliate Companies |
1.1 |
0.8 |
0.7 |
0.7 |
0.6 |
|
LT Investments - Other |
0.1 |
0.4 |
0.4 |
- |
- |
|
Long Term Investments |
1.2 |
1.2 |
1.1 |
0.7 |
0.6 |
|
Note Receivable - Long Term |
0.1 |
0.1 |
0.1 |
0.6 |
0.6 |
|
Deferred Income Tax - Long Term Asset |
6.7 |
7.4 |
9.4 |
8.2 |
8.1 |
|
Other Long Term Assets |
- |
- |
-0.9 |
- |
-0.3 |
|
Other Long Term Assets, Total |
6.7 |
7.4 |
8.5 |
8.2 |
7.8 |
|
Total Assets |
339.7 |
325.6 |
333.6 |
332.1 |
336.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
74.5 |
16.1 |
21.5 |
22.1 |
18.1 |
|
Accrued Expenses |
1.2 |
17.3 |
8.7 |
10.6 |
8.2 |
|
Notes Payable/Short Term Debt |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
0.4 |
0.4 |
0.4 |
0.4 |
0.3 |
|
Customer Advances |
5.9 |
4.0 |
11.9 |
14.6 |
14.3 |
|
Income Taxes Payable |
2.0 |
1.2 |
5.0 |
0.4 |
2.5 |
|
Other Payables |
- |
18.8 |
18.2 |
15.6 |
21.7 |
|
Other Current Liabilities |
- |
24.5 |
16.4 |
6.3 |
2.5 |
|
Other Current liabilities, Total |
7.9 |
48.6 |
51.5 |
37.0 |
41.0 |
|
Total Current Liabilities |
84.1 |
82.3 |
82.1 |
70.2 |
67.6 |
|
|
|
|
|
|
|
|
Capital Lease Obligations |
0.4 |
0.4 |
0.3 |
0.3 |
0.3 |
|
Total Long Term Debt |
0.4 |
0.4 |
0.3 |
0.3 |
0.3 |
|
Total Debt |
0.8 |
0.8 |
0.7 |
0.7 |
0.6 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
1.3 |
1.2 |
1.1 |
0.4 |
0.6 |
|
Deferred Income Tax |
1.3 |
1.2 |
1.1 |
0.4 |
0.6 |
|
Reserves |
0.1 |
0.1 |
0.1 |
0.1 |
0.7 |
|
Pension Benefits - Underfunded |
2.1 |
2.6 |
2.1 |
1.7 |
1.9 |
|
Other Long Term Liabilities |
1.6 |
2.1 |
3.2 |
0.7 |
- |
|
Other Liabilities, Total |
3.8 |
4.8 |
5.5 |
2.6 |
2.6 |
|
Total Liabilities |
89.6 |
88.7 |
88.9 |
73.5 |
71.0 |
|
|
|
|
|
|
|
|
Common Stock |
10.2 |
10.0 |
10.3 |
11.0 |
10.7 |
|
Common Stock |
10.2 |
10.0 |
10.3 |
11.0 |
10.7 |
|
Additional Paid-In Capital |
29.5 |
21.5 |
22.3 |
23.8 |
23.1 |
|
Retained Earnings (Accumulated Deficit) |
214.4 |
205.0 |
214.1 |
231.1 |
237.3 |
|
Treasury Stock - Common |
-3.3 |
-0.4 |
-0.4 |
-0.4 |
-0.4 |
|
Translation Adjustment |
-0.5 |
0.8 |
-1.6 |
-6.9 |
-5.7 |
|
Other Equity |
-0.1 |
- |
- |
- |
- |
|
Other Equity, Total |
-0.7 |
0.8 |
-1.6 |
-6.9 |
-5.7 |
|
Total Equity |
250.1 |
236.9 |
244.7 |
258.7 |
264.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
339.7 |
325.6 |
333.6 |
332.1 |
336.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
14.7 |
14.8 |
14.8 |
14.8 |
14.8 |
|
Shares Outstanding - Common Stock Issue 2 |
3.4 |
3.4 |
3.4 |
3.4 |
3.4 |
|
Total Common Shares Outstanding |
18.1 |
18.2 |
18.2 |
18.2 |
18.2 |
|
Treasury Shares - Common Stock Primary Issue |
0.2 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
- |
1,394 |
1,367 |
1,302 |
1,177 |
|
Number of Common Shareholders |
- |
6,474 |
- |
5,658 |
4,564 |
|
Accumulated Goodwill Amortization Suppl. |
- |
- |
- |
- |
0.0 |
|
Accumulated Intangible Amort, Suppl. |
- |
40.9 |
35.4 |
33.4 |
26.8 |
|
Deferred Revenue - Current |
5.9 |
4.0 |
11.9 |
14.6 |
14.3 |
|
Total Long Term Debt, Supplemental |
- |
0.4 |
0.4 |
0.4 |
0.4 |
|
Long Term Debt Maturing within 1 Year |
- |
0.4 |
0.4 |
0.4 |
0.1 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
0.0 |
0.0 |
0.0 |
0.3 |
|
Total Capital Leases, Supplemental |
- |
0.8 |
0.7 |
0.7 |
0.7 |
|
Capital Lease Payments Due in Year 1 |
- |
0.4 |
0.4 |
0.4 |
0.4 |
|
Capital Lease Payments Due in Year 2 |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Capital Lease Payments Due in Year 3 |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Capital Lease Payments Due in Year 4 |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Capital Lease Payments Due in Year 5 |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Capital Lease Payments Due in 2-3 Years |
- |
0.2 |
0.1 |
0.1 |
0.1 |
|
Capital Lease Payments Due in 4-5 Years |
- |
0.2 |
0.1 |
0.1 |
0.1 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
0.0 |
0.0 |
- |
0.0 |
|
Pension Obligation - Domestic |
- |
2.1 |
2.5 |
3.0 |
2.6 |
|
Plan Assets - Domestic |
- |
1.3 |
1.5 |
2.3 |
2.1 |
|
Funded Status - Domestic |
- |
-0.8 |
-1.1 |
-0.7 |
-0.6 |
|
Total Funded Status |
- |
-0.8 |
-1.1 |
-0.7 |
-0.6 |
|
Discount Rate - Domestic |
- |
4.25% |
4.00% |
- |
- |
|
Expected Rate of Return - Domestic |
- |
4.50% |
4.50% |
- |
- |
|
Pension Payment Rate - Domestic |
- |
3.25% |
3.25% |
- |
- |
|
Total Plan Obligations |
- |
2.1 |
2.5 |
3.0 |
2.6 |
|
Total Plan Assets |
- |
1.3 |
1.5 |
2.3 |
2.1 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
|
PricewaterhouseCoopers
Oy |
PricewaterhouseCoopers
Oy |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash Receipts |
387.0 |
384.6 |
335.1 |
313.9 |
353.1 |
|
Cash Payments |
-315.3 |
-325.2 |
-306.6 |
-303.2 |
-289.0 |
|
Cash Taxes Paid |
-6.4 |
-9.3 |
3.3 |
-14.3 |
-18.3 |
|
Cash Interest Paid |
-0.5 |
0.0 |
-0.1 |
-0.1 |
-0.3 |
|
Other Operating Cash Flow |
-2.8 |
2.2 |
1.9 |
-0.7 |
1.8 |
|
Changes in Working Capital |
-2.8 |
2.2 |
1.9 |
-0.7 |
1.8 |
|
Cash from Operating Activities |
61.9 |
52.3 |
33.5 |
-4.5 |
47.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-4.1 |
-18.5 |
-11.7 |
-19.1 |
-18.3 |
|
Purchase/Acquisition of Intangibles |
-2.8 |
-4.6 |
-16.7 |
-1.8 |
- |
|
Capital Expenditures |
-6.9 |
-23.1 |
-28.3 |
-20.9 |
-18.3 |
|
Acquisition of Business |
- |
0.0 |
-9.8 |
-23.2 |
- |
|
Sale of Fixed Assets |
0.5 |
0.0 |
1.3 |
0.1 |
0.3 |
|
Sale/Maturity of Investment |
- |
- |
0.0 |
32.3 |
25.3 |
|
Purchase of Investments |
- |
- |
-0.8 |
-0.1 |
-0.3 |
|
Other Investing Cash Flow |
0.0 |
0.1 |
- |
- |
0.1 |
|
Other Investing Cash Flow Items, Total |
0.5 |
0.1 |
-9.3 |
9.0 |
25.5 |
|
Cash from Investing Activities |
-6.4 |
-22.9 |
-37.6 |
-11.8 |
7.2 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.3 |
-0.4 |
-0.1 |
- |
- |
|
Financing Cash Flow Items |
-0.3 |
-0.4 |
-0.1 |
- |
- |
|
Cash Dividends Paid - Common |
-15.2 |
-16.4 |
-15.6 |
-22.8 |
-22.7 |
|
Total Cash Dividends Paid |
-15.2 |
-16.4 |
-15.6 |
-22.8 |
-22.7 |
|
Repurchase/Retirement
of Common |
-3.0 |
- |
- |
- |
- |
|
Common Stock, Net |
-3.0 |
- |
- |
- |
- |
|
Issuance (Retirement) of Stock, Net |
-3.0 |
- |
- |
- |
- |
|
Short Term Debt
Reduction |
- |
- |
0.0 |
-0.1 |
- |
|
Short Term Debt, Net |
- |
- |
0.0 |
-0.1 |
- |
|
Long Term Debt Issued |
- |
0.0 |
6.8 |
- |
- |
|
Long Term Debt
Reduction |
- |
0.0 |
-6.6 |
0.0 |
0.1 |
|
Long Term Debt, Net |
- |
0.0 |
0.1 |
0.0 |
0.1 |
|
Issuance (Retirement) of Debt, Net |
- |
0.0 |
0.1 |
-0.1 |
0.1 |
|
Cash from Financing Activities |
-18.4 |
-16.8 |
-15.6 |
-22.9 |
-22.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.5 |
1.7 |
0.1 |
0.3 |
-0.4 |
|
Net Change in Cash |
37.6 |
14.2 |
-19.6 |
-38.9 |
31.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
58.5 |
49.1 |
66.4 |
108.6 |
82.8 |
|
Net Cash - Ending Balance |
96.1 |
63.3 |
46.8 |
69.7 |
114.2 |
|
Depreciation |
- |
20.4 |
18.7 |
13.4 |
12.0 |
Annual Income Statement
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
|
PricewaterhouseCoopers
Oy |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
376.9 |
380.4 |
335.3 |
322.4 |
354.7 |
|
Total Revenue |
376.9 |
380.4 |
335.3 |
322.4 |
354.7 |
|
|
|
|
|
|
|
|
Materials/Services |
190.2 |
198.4 |
164.5 |
168.4 |
153.7 |
|
Sales/Marketing |
69.9 |
80.1 |
78.3 |
67.6 |
75.3 |
|
Development Costs |
36.0 |
38.0 |
40.7 |
39.5 |
36.0 |
|
Other Administrative |
42.5 |
32.8 |
29.9 |
30.3 |
34.2 |
|
Other operating income |
-0.6 |
-2.9 |
-2.4 |
-0.1 |
-0.1 |
|
Other operating costs |
0.3 |
0.1 |
0.0 |
- |
- |
|
Impairment of Other Administrative |
- |
0.0 |
0.5 |
- |
- |
|
Dep./Write-Downs |
- |
11.5 |
8.2 |
- |
- |
|
Total Operating Expense |
338.2 |
358.0 |
319.7 |
305.7 |
299.1 |
|
|
|
|
|
|
|
|
Balancing Item - Pretax Income |
-0.1 |
- |
- |
- |
- |
|
Share of Result of Associated Companies |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest/Fin. Income |
- |
0.4 |
0.3 |
1.1 |
3.5 |
|
Change Fair Value of Assets |
- |
- |
0.0 |
-2.9 |
-3.2 |
|
Interest Expense |
- |
0.0 |
-0.1 |
-0.1 |
0.0 |
|
Other Financial Expense |
- |
-0.6 |
-0.3 |
-0.1 |
-0.1 |
|
Urealized/Realized Gains/Losses |
- |
-1.0 |
-1.9 |
0.3 |
-0.4 |
|
Foreign Exchange Gains |
- |
9.6 |
11.8 |
7.1 |
10.1 |
|
Foreign Exchange Losses |
- |
-8.3 |
-6.9 |
-7.9 |
-8.5 |
|
Net Income Before Taxes |
38.5 |
22.5 |
18.5 |
14.0 |
56.9 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
9.5 |
8.1 |
5.0 |
4.5 |
15.4 |
|
Net Income After Taxes |
29.0 |
14.5 |
13.5 |
9.6 |
41.5 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
29.0 |
14.5 |
13.5 |
9.6 |
41.5 |
|
Net Income |
29.0 |
14.5 |
13.5 |
9.6 |
41.5 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
29.0 |
14.5 |
13.5 |
9.6 |
41.5 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
29.0 |
14.5 |
13.5 |
9.6 |
41.5 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
18.1 |
18.2 |
18.2 |
18.2 |
18.2 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.60 |
0.79 |
0.74 |
0.53 |
2.28 |
|
Basic EPS Including ExtraOrdinary Item |
1.60 |
0.79 |
0.74 |
0.53 |
2.28 |
|
Diluted Net Income |
29.0 |
14.5 |
13.5 |
9.6 |
41.5 |
|
Diluted Weighted Average Shares |
18.2 |
18.2 |
18.2 |
18.2 |
18.2 |
|
Diluted EPS Excluding ExtraOrd Items |
1.59 |
0.79 |
0.74 |
0.53 |
2.28 |
|
Diluted EPS Including ExtraOrd Items |
1.59 |
0.79 |
0.74 |
0.53 |
2.28 |
|
DPS-Series A Shares |
1.16 |
0.90 |
0.86 |
0.90 |
1.32 |
|
DPS-Series K Shares |
- |
0.90 |
0.86 |
0.90 |
1.32 |
|
Gross Dividends - Common Stock |
- |
16.5 |
15.7 |
16.5 |
24.0 |
|
Normalized Income Before Taxes |
38.5 |
24.6 |
19.1 |
14.0 |
56.9 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
9.5 |
8.8 |
5.2 |
4.5 |
15.4 |
|
Normalized Income After Taxes |
29.0 |
15.8 |
13.9 |
9.6 |
41.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
29.0 |
15.8 |
13.9 |
9.6 |
41.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.60 |
0.87 |
0.76 |
0.53 |
2.28 |
|
Diluted Normalized EPS |
1.59 |
0.87 |
0.76 |
0.53 |
2.28 |
|
Research & Development Exp |
36.0 |
38.0 |
40.7 |
39.5 |
36.0 |
|
Interest Expense |
- |
0.0 |
0.1 |
0.1 |
0.0 |
|
Amort of Intangibles |
- |
7.5 |
7.4 |
4.7 |
3.8 |
|
Depreciation |
20.3 |
12.8 |
10.7 |
8.6 |
8.2 |
|
Rental Expense |
- |
- |
- |
0.6 |
0.3 |
|
Current Tax |
- |
5.6 |
5.4 |
4.6 |
16.7 |
|
Current Tax - Total |
- |
5.6 |
5.4 |
4.6 |
16.7 |
|
Deferred Tax |
- |
2.2 |
-0.5 |
-0.3 |
0.0 |
|
Deferred Tax - Total |
- |
2.2 |
-0.5 |
-0.3 |
0.0 |
|
Other Tax |
- |
0.3 |
0.1 |
0.1 |
-1.3 |
|
Income Tax - Total |
- |
8.1 |
5.0 |
4.5 |
15.4 |
|
Service Costs |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Interest Costs |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Expected Return of Assets |
- |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Gains / Losses |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Defined Contribution Expense - Domestic |
- |
2.1 |
1.6 |
- |
- |
|
Total Pension Expense |
- |
2.2 |
1.7 |
0.1 |
0.1 |
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 |
|
PricewaterhouseCoopers
Oy |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Material/Consum. |
- |
31.0 |
36.2 |
20.1 |
16.5 |
|
Work in Progress |
- |
6.6 |
7.1 |
6.9 |
7.6 |
|
Finished Goods |
- |
5.7 |
6.2 |
12.1 |
7.5 |
|
Advances Paid |
- |
- |
- |
0.0 |
- |
|
Total Inventory |
39.4 |
- |
- |
- |
- |
|
Trade and other receivables |
80.5 |
73.2 |
75.7 |
75.2 |
59.4 |
|
Loan Receivables |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Receivable |
- |
8.2 |
5.1 |
2.9 |
0.6 |
|
Prepaid/Accrued |
- |
0.9 |
1.7 |
1.3 |
1.1 |
|
Long-Term Projects Receiv. |
- |
5.3 |
8.3 |
2.3 |
6.3 |
|
VAT Receivables |
- |
1.2 |
5.2 |
5.5 |
1.4 |
|
Derivatives |
- |
0.0 |
0.1 |
0.1 |
0.3 |
|
Other Prepaid/Accrued |
- |
0.0 |
2.4 |
10.2 |
3.1 |
|
Accrued Income Tax Receiv. |
2.4 |
3.1 |
3.9 |
8.9 |
1.1 |
|
Securities |
- |
- |
- |
0.0 |
35.2 |
|
Cash and Bank |
98.9 |
59.1 |
47.4 |
71.9 |
108.6 |
|
Assets Hold for Sale |
1.9 |
0.1 |
0.8 |
- |
- |
|
Total Current Assets |
223.0 |
194.5 |
200.2 |
217.2 |
248.5 |
|
|
|
|
|
|
|
|
Amort. Intang. |
- |
-40.9 |
-35.4 |
- |
- |
|
Total Intangible Assets, Net |
43.7 |
- |
- |
- |
- |
|
Rights |
- |
57.8 |
55.5 |
9.8 |
5.7 |
|
Intangible assets |
- |
9.5 |
9.7 |
5.3 |
5.4 |
|
Goodwill, Net |
- |
23.5 |
23.9 |
18.9 |
13.1 |
|
Land/Waters |
- |
3.6 |
3.8 |
3.9 |
3.8 |
|
Buildings |
- |
62.1 |
45.2 |
43.6 |
43.4 |
|
Machine/Equip. |
- |
94.6 |
95.7 |
87.4 |
76.3 |
|
Other Tangibles |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Advance Payments |
- |
9.3 |
22.3 |
27.5 |
14.3 |
|
Depreciation |
- |
-97.1 |
-96.7 |
-91.0 |
-83.4 |
|
Total Tangible Assets, Net |
64.9 |
- |
- |
- |
- |
|
Shares/Holdings |
1.1 |
0.8 |
0.7 |
0.7 |
0.6 |
|
Other Investment |
0.1 |
0.4 |
0.4 |
- |
- |
|
Receivables |
0.1 |
0.1 |
0.1 |
0.6 |
0.6 |
|
Deferred Tax |
6.7 |
7.4 |
9.4 |
8.2 |
8.1 |
|
Adjustment |
- |
- |
-0.9 |
- |
-0.3 |
|
Total Assets |
339.7 |
325.6 |
333.6 |
332.1 |
336.0 |
|
|
|
|
|
|
|
|
Current Part of LT Debt |
- |
- |
- |
- |
0.0 |
|
Leases |
0.4 |
0.4 |
0.4 |
0.4 |
0.3 |
|
Advance Received |
5.9 |
4.0 |
11.9 |
14.6 |
14.3 |
|
Provisions |
1.2 |
1.9 |
0.0 |
- |
- |
|
Income Tax Payable |
2.0 |
1.2 |
5.0 |
0.4 |
2.5 |
|
Trade and other payables |
74.5 |
16.1 |
21.5 |
22.1 |
18.1 |
|
Salary and Social Cost Allocations |
- |
18.8 |
18.2 |
15.6 |
21.7 |
|
Accrued/Deferred |
- |
15.3 |
8.7 |
10.6 |
8.2 |
|
Other ST Liab. |
- |
24.7 |
16.5 |
6.0 |
2.5 |
|
Adjustment |
- |
-0.1 |
-0.1 |
0.3 |
- |
|
Total Current Liabilities |
84.1 |
82.3 |
82.1 |
70.2 |
67.6 |
|
|
|
|
|
|
|
|
Lease Liability |
0.4 |
0.4 |
0.3 |
0.3 |
0.3 |
|
Total Long Term Debt |
0.4 |
0.4 |
0.3 |
0.3 |
0.3 |
|
|
|
|
|
|
|
|
Pension Reserve |
2.1 |
2.6 |
2.1 |
1.7 |
1.9 |
|
Other Ob. Prov. |
0.1 |
0.1 |
0.1 |
0.1 |
0.7 |
|
Balancing Item |
-0.1 |
- |
- |
- |
- |
|
Other long-term liabilities |
1.7 |
2.1 |
3.2 |
0.7 |
- |
|
Deferred Tax |
1.3 |
1.2 |
1.1 |
0.4 |
0.6 |
|
Total Liabilities |
89.6 |
88.7 |
88.9 |
73.5 |
71.0 |
|
|
|
|
|
|
|
|
Share Capital |
10.2 |
10.0 |
10.3 |
11.0 |
10.7 |
|
Balancing Item - Shareholders Equity |
-0.1 |
- |
- |
- |
- |
|
Share Premium |
29.5 |
21.5 |
22.3 |
23.8 |
23.1 |
|
Reserve Fund |
0.9 |
0.4 |
0.4 |
0.3 |
0.3 |
|
Translation Differences |
-0.5 |
0.8 |
-1.6 |
-6.9 |
-5.7 |
|
Previous Profit |
184.8 |
191.1 |
200.0 |
221.0 |
197.5 |
|
Profit for Year |
28.7 |
13.5 |
13.7 |
9.9 |
39.5 |
|
Own Shares |
-3.3 |
-0.4 |
-0.4 |
-0.4 |
-0.4 |
|
Total Equity |
250.1 |
236.9 |
244.7 |
258.7 |
264.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
339.7 |
325.6 |
333.6 |
332.1 |
336.0 |
|
|
|
|
|
|
|
|
S/O-Series A Shares |
14.7 |
14.8 |
14.8 |
14.8 |
14.8 |
|
S/O-Series K Shares |
3.4 |
3.4 |
3.4 |
3.4 |
3.4 |
|
Total Common Shares Outstanding |
18.1 |
18.2 |
18.2 |
18.2 |
18.2 |
|
T/S-Series A Shares |
0.2 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Revenue - Current |
5.9 |
4.0 |
11.9 |
14.6 |
14.3 |
|
Accumulated Intangible Amortization |
- |
40.9 |
35.4 |
33.4 |
26.8 |
|
Accumulated Goodwill Amortization |
- |
- |
- |
- |
0.0 |
|
Full-Time Employees |
- |
1,394 |
1,367 |
1,302 |
1,177 |
|
Number of Common Shareholders |
- |
6,474 |
- |
5,658 |
4,564 |
|
Loans within 1 Year |
- |
0.4 |
0.4 |
0.4 |
0.1 |
|
Loans after 1 Year |
- |
- |
- |
- |
0.3 |
|
Total Long Term Debt, Supplemental |
- |
0.4 |
0.4 |
0.4 |
0.4 |
|
Capital Leases Maturing Within 1 Year |
- |
0.4 |
0.4 |
0.4 |
0.4 |
|
Capital Leases Maturing Within 1-5 Years |
- |
0.4 |
0.3 |
0.3 |
0.3 |
|
Capital Leases Maturing After 5 Years |
- |
0.0 |
0.0 |
- |
0.0 |
|
Total Capital Leases |
- |
0.8 |
0.7 |
0.7 |
0.7 |
|
Pension Obligations |
- |
2.1 |
2.5 |
3.0 |
2.6 |
|
Plan Assets |
- |
1.3 |
1.5 |
2.3 |
2.1 |
|
Funded Status |
- |
-0.8 |
-1.1 |
-0.7 |
-0.6 |
|
Total Funded Status |
- |
-0.8 |
-1.1 |
-0.7 |
-0.6 |
|
Discount Rate - Domestic |
- |
4.25% |
4.00% |
- |
- |
|
Expected Rate of Return - Domestic |
- |
4.50% |
4.50% |
- |
- |
|
Pension Payment Rate - Domestic |
- |
3.25% |
3.25% |
- |
- |
Annual Cash Flows
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
|
PricewaterhouseCoopers
Oy |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Operations Flow |
387.0 |
384.6 |
335.1 |
313.9 |
353.1 |
|
Business Op. Expense |
-315.3 |
-325.2 |
-306.6 |
-303.2 |
-289.0 |
|
Balancing Item - Operating (Direct) |
0.1 |
- |
- |
- |
- |
|
Other Inc. from Ops. |
0.0 |
2.8 |
0.9 |
0.0 |
0.1 |
|
Interest Received |
0.1 |
0.3 |
0.3 |
1.4 |
0.0 |
|
Interest Paid |
-0.5 |
0.0 |
-0.1 |
-0.1 |
-0.3 |
|
Fin. Inc./Exp. Ops. |
-3.1 |
-1.0 |
0.5 |
-1.9 |
1.3 |
|
Dividend Received |
- |
0.0 |
0.0 |
- |
0.0 |
|
Taxes Paid |
-6.4 |
-9.3 |
3.3 |
-14.3 |
-18.3 |
|
Adjustment |
- |
0.1 |
0.1 |
-0.1 |
0.3 |
|
Cash from Operating Activities |
61.9 |
52.3 |
33.5 |
-4.5 |
47.2 |
|
|
|
|
|
|
|
|
Inv. Tang./Intang. |
- |
- |
- |
- |
-18.3 |
|
Investment in Tangibles |
-4.1 |
-18.5 |
-11.7 |
-19.1 |
- |
|
Investment in Intangibles |
-2.8 |
-4.6 |
-16.7 |
-1.8 |
- |
|
Acquisition of Subsidiary |
- |
0.0 |
-9.8 |
-23.2 |
- |
|
Sale Fixed Assets |
0.5 |
0.0 |
1.3 |
0.1 |
0.3 |
|
Other Investments |
- |
- |
-0.8 |
-0.1 |
-0.3 |
|
Other Investments |
0.0 |
0.1 |
- |
- |
- |
|
Sale Other Inv. |
- |
- |
0.0 |
32.3 |
25.3 |
|
Adjustment |
- |
- |
- |
- |
0.1 |
|
Cash from Investing Activities |
-6.4 |
-22.9 |
-37.6 |
-11.8 |
7.2 |
|
|
|
|
|
|
|
|
Purchase of Treasury Shares |
-3.0 |
- |
- |
- |
- |
|
Repayment of ST Loans |
- |
- |
0.0 |
-0.1 |
- |
|
Withdraw LT Loans |
- |
0.0 |
6.8 |
- |
- |
|
Repay LT Loans |
- |
0.0 |
-6.6 |
0.0 |
0.1 |
|
Other transactions from Equity |
-0.3 |
-0.4 |
0.0 |
- |
- |
|
Dividend Paid |
-15.2 |
-16.4 |
-15.6 |
-22.8 |
-22.7 |
|
Adjustment |
- |
- |
-0.1 |
- |
- |
|
Cash from Financing Activities |
-18.4 |
-16.8 |
-15.6 |
-22.9 |
-22.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.5 |
1.7 |
0.1 |
0.3 |
-0.4 |
|
Net Change in Cash |
37.6 |
14.2 |
-19.6 |
-38.9 |
31.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
58.5 |
49.1 |
66.4 |
108.6 |
82.8 |
|
Net Cash - Ending Balance |
96.1 |
63.3 |
46.8 |
69.7 |
114.2 |
|
Depreciation |
- |
20.4 |
18.7 |
13.4 |
12.0 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.71 |
|
UK Pound |
1 |
Rs.82.79 |
|
Euro |
1 |
Rs.71.43 |
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.