MIRA INFORM REPORT
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Report Date : |
11.05.2013 |
IDENTIFICATION DETAILS
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Name : |
Heurtey Petrochem SA |
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Registered Office : |
8 Cours Louis Lumiere, Vincennes, 94306 |
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Country : |
France |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1953 |
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Com. Reg. No.: |
442861191 |
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Legal Form : |
Public Parent |
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Line of Business : |
Design and Manufacture of Tubular Process Fired Heaters, Cracking Furnaces and Reformers Dedicated to the Hydrocarbon Industries. |
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No. of Employees : |
774 |
RATING & COMMENTS
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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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
France |
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 |
FRANCE - ECONOMIC OVERVIEW
The French economy is diversified across all sectors. The
government has partially or fully privatized many large companies, including
Air France, France Telecom, Renault, and Thales. However, the government
maintains a strong presence in some sectors, particularly power, public
transport, and defense industries. With at least 79 million foreign tourists
per year, France is the most visited country in the world and maintains the
third largest income in the world from tourism. France's leaders remain committed
to a capitalism in which they maintain social equity by means of laws, tax
policies, and social spending that reduce income disparity and the impact of
free markets on public health and welfare. France's real GDP contracted 2.6% in
2009, but recovered somewhat in 2010 and 2011, before stagnating in 2012. The
unemployment rate increased from 7.4% in 2008 to 10.3% in 2012. Youth
unemployment shot up to 24.2% during the third quarter of 2012 in metropolitan
France. Lower-than-expected growth and high unemployment costs have strained
France's public finances. The budget deficit rose sharply from 3.4% of GDP in
2008 to 7.5% of GDP in 2009 before improving to 4.5% of GDP in 2012, while
France's public debt rose from 68% of GDP to 89% over the same period. Under
President SARKOZY, Paris implemented some austerity measures to bring the
budget deficit under the 3% euro-zone ceiling by 2013 and to highlight France's
commitment to fiscal discipline at a time of intense financial market scrutiny
of euro-zone debt. Socialist Party candidate Francois HOLLANDE won the May 2012
presidential election, after advocating pro-growth economic policies, the
separation of banks' traditional deposit taking and lending activities from
more speculative businesses, increasing the top corporate and personal tax
rates, and hiring an additional 60,000 teachers during his five-year term. The
government's attempt to introduce a 75% wealth tax on income over one million
euros for two years was struck down by the French Constitutional Council in
December 2012 because it applied to individuals rather than households. France
ratified the EU fiscal stability treaty in October 2012 and HOLLANDE's
government has maintained France's commitment to meeting the budget deficit
target of 3% of GDP during 2013 even amid signs that economic growth will be
lower than the government's forecast of 0.8%. Despite stagnant growth and
fiscal challenges, France's borrowing costs declined during the second half of
2012 to euro-era lows.
Source
: CIA
Company Name and Address
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Heurtey Petrochem SA |
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Business Description
Heurtey Petrochem SA is a France-based company that specializes
in the design and construction of tubular process fired heaters, cracking
furnaces and reformers for the hydrocarbon industry. It is also involved in
natural gas treatment, through its subsidiary Prosernat, which provides
technologies and facilities for field treatment. The Company offers a range of
services, including feasibility studies and estimating, basic design, technical
assistance, revamping projects and spare parts sourcing. It also provides
maintenance and renovation services. Heurtey Petrochem SA has affiliated
companies in Romania, Germany, South Africa, India, South Korea, the United
States and Singapore, and has licensees and local representatives throughout
the globe. As of December 31, 2011, the Company operated through 19 subsidiaries,
including Heurtey Petrochem Romania SRL, Petro-Chem Heurtey Limited, Petro-Chem
Development and Heurtey Petrochem Serbie, among others. For the six months
ended 30 June 2012, Heurtey Petrochem SA revenues increased 1% to EUR163.8M.
Net loss totaled EUR50K vs. income of EUR1.7M. Revenues reflect Refinery
segment increase of 10% to EUR94.1M, Natural Gas segment increase of 33% to
EUR27.8M, Russia segment increase from EUR10.5M to EUR34.4M, America/Other
Foreign segment increase of 72% to EUR33.3M. Net loss reflects Personnel Costs
increase of 21% to EUR21.5M (expense).
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
7420 -
Architectural and engineering activities and related technical consultancy |
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NAICS 2002: |
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UK SIC 2003: |
74206 - Engineering
related scientific and technical consulting activities |
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UK SIC 2007: |
71122 -
Engineering related scientific and technical consulting activities |
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US SIC 1987: |
Key Executives
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Name |
Title |
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Chairman of the Board, Chief Executive Officer, Member of the
Executive Com. |
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Group Financial Director, Member of the Executive Committee |
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Secretary, Member of the Executive Committee |
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Jerome Illouiz |
CEO-Prosernat |
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Charles Dadvisard |
Commercial director, Marketing director |
Significant Developments
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Topic |
#* |
Most Recent Headline |
Date |
|
7 |
Heurtey
Petrochem SA Wins Contract in United States Worth EUR 25 Million through
Subsidiary |
27-Feb-2013 |
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5 |
19-Mar-2013 |
* Number of significant developments within the last 12 months
News
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Title |
Date |
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Valves
selected for upgrade, expansion project |
7-May-2013 |
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Metso
selected by Heurtey Petrochem |
22-Apr-2013 |
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Metso's
Jamesbury® on/off Valves Selected by Heurtey Petrochem for Russian Refinery
... |
19-Apr-2013 |
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Valves and
Pumps/Metso's Jamesbury on/off valves selected by Heurtey Petrochem for
Russian refinery expansion |
17-Apr-2013 |
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Metso's
Jamesbury Valves Selected by Heurtey Petrochem for Russian Refinery Expansion |
16-Apr-2013 |
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Metso's
Jamesbury® on/off valves selected by Heurtey Petrochem for Russian refinery
expansion |
15-Apr-2013 |
Financial summary
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As of 30-Jun-2012 |
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Stock Snapshot
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Traded: Euronext Paris: ALHPC |
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As of 26-Apr-2013 Financials in: EUR |
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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
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ANZSIC 2006 Codes: |
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1011 |
- |
Petroleum Exploration |
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1812 |
- |
Basic Organic Chemical Manufacturing |
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2462 |
- |
Mining and Construction Machinery
Manufacturing |
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1811 |
- |
Industrial Gas Manufacturing |
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1701 |
- |
Petroleum Refining and Petroleum Fuel
Manufacturing |
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NACE 2002 Codes: |
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7420 |
- |
Architectural and engineering activities
and related technical consultancy |
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2320 |
- |
Manufacture of refined petroleum products |
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2414 |
- |
Manufacture of other organic basic
chemicals |
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2411 |
- |
Manufacture of industrial gases |
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2952 |
- |
Manufacture of machinery for mining,
quarrying and construction |
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NAICS 2002 Codes: |
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213112 |
- |
Support Activities for Oil and Gas
Operations |
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325199 |
- |
All Other Basic Organic Chemical
Manufacturing |
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324110 |
- |
Petroleum Refineries |
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333132 |
- |
Oil and Gas Field Machinery and Equipment
Manufacturing |
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325120 |
- |
Industrial Gas Manufacturing |
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US SIC 1987: |
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1382 |
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Oil and Gas Field Exploration Services |
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2813 |
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Industrial Gases |
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3533 |
- |
Oil and Gas Field Machinery and Equipment |
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2911 |
- |
Petroleum Refining |
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2869 |
- |
Industrial Organic Chemicals, Not
Elsewhere Classified |
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UK SIC 2003: |
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74206 |
- |
Engineering related scientific and
technical consulting activities |
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2411 |
- |
Manufacture of industrial gases |
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2320 |
- |
Manufacture of refined petroleum products |
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2952 |
- |
Manufacture of machinery for mining,
quarrying and construction |
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2414 |
- |
Manufacture of other organic basic
chemicals |
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UK SIC 2007: |
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71122 |
- |
Engineering related scientific and
technical consulting activities |
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2892 |
- |
Manufacture of machinery for mining,
quarrying and construction |
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2014 |
- |
Manufacture of other organic basic
chemicals |
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1920 |
- |
Manufacture of refined petroleum products |
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2011 |
- |
Manufacture of industrial gases |
Heurtey Petrochem SA is a France-based company that specializes in the design and construction of tubular process fired heaters, cracking furnaces and reformers for the hydrocarbon industry. It is also involved in natural gas treatment, through its subsidiary Prosernat, which provides technologies and facilities for field treatment. The Company offers a range of services, including feasibility studies and estimating, basic design, technical assistance, revamping projects and spare parts sourcing. It also provides maintenance and renovation services. Heurtey Petrochem SA has affiliated companies in Romania, Germany, South Africa, India, South Korea, the United States and Singapore, and has licensees and local representatives throughout the globe. As of December 31, 2011, the Company operated through 19 subsidiaries, including Heurtey Petrochem Romania SRL, Petro-Chem Heurtey Limited, Petro-Chem Development and Heurtey Petrochem Serbie, among others. For the six months ended 30 June 2012, Heurtey Petrochem SA revenues increased 1% to EUR163.8M. Net loss totaled EUR50K vs. income of EUR1.7M. Revenues reflect Refinery segment increase of 10% to EUR94.1M, Natural Gas segment increase of 33% to EUR27.8M, Russia segment increase from EUR10.5M to EUR34.4M, America/Other Foreign segment increase of 72% to EUR33.3M. Net loss reflects Personnel Costs increase of 21% to EUR21.5M (expense).
More Business
Description
Design and manufacture of tubular process fired heaters, cracking furnaces and reformers dedicated to the hydrocarbon industries
Tubular Process Fired Heaters, Cracking Furnaces & Reformers Mfr
Heurtey Petrochem is primarily engaged in other financial intermediation primarily concerned with distributing funds other than by making loans
Heurtey Petrochem S.A. (Heurtey Petrochem) is an international oil and gas engineering company. It carries out the design and manufacture of tubular process fired heaters. The company is specialized in the engineering, procurement, and construction of process furnaces for refining, petrochemicals and hydrogen production. The company's business operations are classified into two market segments, namely, Downstream Process Furnaces and Upstream Natural Gas Treatment. Heurtey also offers petroleum residue recycling process, an environmentally-friendly solution for the use of lighter residues as ship fuel. The company operates through a network of manufacturing facilities and subsidiaries in the US, Brazil, France, Malayasia, Saudi Arabia, India, China, Russia, South Africa and Korea. Heurtey Petrochem is headquartered in Vincennes Cedex, France.The company’s strategy focuses on expansion of its business in the emerging markets such as India/ Asia zone. The company lays emphasis on inorganic expansion of its business with a major focus on the upstream natural gas market domain, as evident from the acquisition of 60% ownership in Prosernat.The company reported revenues of (Euro) EUR 344.77 million during the fiscal year ended December 2011, an increase of 46.23% over 2010. The operating profit of the company was EUR 9.49 million during the fiscal year 2011, an increase of 28.81% over 2010. The net profit of the company was EUR 3.36 million during the fiscal year 2011, a decrease of 26.18% from 2010.
Architectural Services.
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Key
Organizational Changes |
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The net consolidated result totaled
€5.1m versus €4.9m in 2010, after taking into account allocations to
amortizations for goodwill in the amount of €2.2m. The net result group
share totaled €3.4m and the net diluted result per share was €0.93 per
share. With €37.6m in equity, €31.3m in financial debt including €20.5m
in borrowings essentially related to the acquisition of Prosernat and
€32.4m in net cash flow, Heurtey Petrochem benefits from a solid financial
situation. Proposal to pay a dividend of 0.55 € per share (and increase of
10%) Confident in the outlook for the group, the board of directors of
Heurtey Petrochem will propose, at the general assembly that will decide on
the accounts for the financial year of 2011, the payment of a dividend of
€0.55 per share, representing a rate of distribution of 37% of the net
consolidated result. Outlook for 2012 The outlook of Heurtey Petrochem is
bolstered by firm orders booked in the amount of €322m as of December 31,
2011, representing an increase of 21% over one year. |
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Corporate
Family |
Corporate
Structure News: |
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Total Corporate
Family Members: 11 |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Vincennes |
France |
Oil Well Services and Equipment |
443.0 |
774 |
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Subsidiary |
Mumbai |
India |
Construction - Supplies and Fixtures |
|
100 |
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Subsidiary |
Puteaux |
France |
Miscellaneous Financial Services |
97.5 |
98 |
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Subsidiary |
New York, NY |
United States |
Miscellaneous Capital Goods |
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45 |
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Subsidiary |
Tulsa, OK |
United States |
Miscellaneous Capital Goods |
0.9 |
30 |
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Subsidiary |
Seoul |
Korea, Republic of |
Miscellaneous Capital Goods |
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22 |
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Subsidiary |
Santa Fe Springs, CA |
United States |
Engineering Consultants |
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6 |
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Subsidiary |
Beijing |
China |
Miscellaneous Capital Goods |
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Subsidiary |
Buzau |
Romania |
Miscellaneous Capital Goods |
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15 |
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Subsidiary |
Hemslingen |
Germany |
Construction - Supplies and Fixtures |
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4 |
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Subsidiary |
Johannesburg |
South Africa |
Miscellaneous Capital Goods |
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Competitors Report |
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CompanyName |
Location |
Employees |
Ownership |
|
Chicago Bridge & Iron Company N.V. |
's-Gravenhage, Netherlands |
26,800 |
Public |
|
Foster Wheeler AG |
Baar, Switzerland |
12,893 |
Public |
|
Technip |
Paris, France |
36,508 |
Public |
Executive Report
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Board
of Directors |
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Chairman of the Board, Chief Executive
Officer, Member of the Executive Com. |
Chairman |
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Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Group Financial Director, Member of the
Executive Committee |
Director/Board Member |
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Deputy Chief Executive Officer, Director,
Member of the Executive Committee |
Director/Board Member |
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Secretary, Member of the Executive
Committee |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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Chairman of the Board, Chief Executive
Officer, Member of the Executive Com. |
Chief Executive Officer |
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CEO-Prosernat |
Chief Executive Officer |
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CEO of Petro-Chem Development |
Division Head Executive |
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Managing Director, Heurtey Petrochem India |
Division Head Executive |
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Director |
Administration Executive |
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Director |
Administration Executive |
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Director |
Administration Executive |
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Secretary, Member of the Executive
Committee |
Company Secretary |
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Group Financial Director, Member of the
Executive Committee |
Finance Executive |
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Accounts manager |
Sales Executive |
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Commercial director, Marketing director |
Marketing Executive |
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Heurtey Petrochem SA Issues FY 2013 Revenue
Guidance In Line with Analysts' Estimates; Proposes FY 2012 Dividend Mar 19, 2013
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Heurtey Petrochem SA Wins Contract in
United States Worth EUR 25 Million through Subsidiary Feb 27, 2013
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Heurtey Petrochem SA Wins Three Contracts
in Russia Worth EUR 23 Million Feb 07, 2013
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Heurtey Petrochem SA Confirms FY 2012
Revenue Guidance Nov 15, 2012
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Heurtey Petrochem SA's Prosernat signs EUR
25 Million Contract Nov 07, 2012
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Heurtey Petrochem SA Updates on FY 2012
Revenue Guidance Sep 17, 2012
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Heurtey Petrochem SA Signs EUR 59 Million
Contract; Confirms FY 2012 Revenue Guidance Aug 30, 2012
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Heurtey Petrochem SA Confirms FY 2012
Revenue Guidance Aug 08, 2012
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Heurtey Petrochem SA Announces EUR 13
Million Contract Aug 02, 2012
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Heurtey Petrochem SA Announces EUR 46
Million Contract in Korea Jun 26, 2012
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Heurtey Petrochem SA Announces EUR 6
Million Contract in China Jun 21, 2012
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Heurtey Petrochem SA Confirms FY 2012
Revenue Guidance May 15, 2012
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News
Annual Profit and Loss
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|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Total income |
230.0 |
195.2 |
175.7 |
|
Net sales |
228.0 |
193.0 |
173.0 |
|
Change in stock |
-0.1 |
-0.8 |
-0.2 |
|
Own work capitalised |
1.0 |
1.1 |
1.5 |
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Subsidies for operating costs |
- |
0.0 |
- |
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Supplementary operating income |
0.9 |
1.0 |
1.1 |
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Other operating income |
0.0 |
0.1 |
0.0 |
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Other external charges |
210.2 |
177.0 |
159.2 |
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Taxes and social security costs |
1.3 |
1.2 |
1.1 |
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Social charges |
4.5 |
3.7 |
3.5 |
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Total payroll costs |
9.9 |
8.5 |
7.6 |
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Cost of stock depreciation and
amortisation |
2.5 |
1.5 |
0.1 |
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Fixed asset depreciation and amortisation |
1.0 |
1.1 |
0.7 |
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Other operating costs |
0.2 |
0.1 |
0.3 |
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Total operating
costs |
229.6 |
192.4 |
172.3 |
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Net operating
income |
0.4 |
2.8 |
3.4 |
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Total financial
income |
5.2 |
3.9 |
3.6 |
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Interest payable on loans |
1.3 |
0.9 |
1.4 |
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Other expenses |
1.9 |
2.6 |
1.1 |
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Total expenses |
3.2 |
3.5 |
2.5 |
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Profit before tax |
2.4 |
3.2 |
4.4 |
|
Extraordinary income |
0.5 |
0.5 |
0.1 |
|
Extraordinary expenses |
2.7 |
1.9 |
2.1 |
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Extraordinary result |
-2.2 |
-1.4 |
-2.0 |
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Total taxation |
-0.4 |
0.2 |
-0.3 |
|
Profit distributed to employees |
- |
0.3 |
1.1 |
|
Net profit |
0.5 |
1.3 |
1.6 |
Annual Balance Sheet
Financials in USD
(Mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
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Issued capital |
14.7 |
14.6 |
15.7 |
|
Share premium account |
- |
6.9 |
7.3 |
|
Surplus of revaluation |
6.6 |
- |
- |
|
Legal reserves |
5.8 |
4.2 |
2.9 |
|
Total reserves |
0.7 |
1.2 |
0.6 |
|
Profits for the year |
0.5 |
1.3 |
1.7 |
|
Profit brought forward from previous
year(s) |
1.6 |
3.5 |
5.7 |
|
Capital subsidies and grants |
0.8 |
0.8 |
0.5 |
|
Total
stockholders equity |
30.7 |
32.4 |
34.4 |
|
Provisions and allowances |
4.1 |
2.7 |
1.3 |
|
Trade creditors |
94.9 |
80.1 |
60.6 |
|
Advances received |
12.8 |
3.3 |
1.1 |
|
Bank loans and overdrafts |
13.7 |
7.3 |
12.0 |
|
Current bank debts |
- |
0.0 |
- |
|
Debenture loans |
5.0 |
5.0 |
5.0 |
|
Other loans |
17.5 |
0.1 |
- |
|
Other liabilities |
6.4 |
0.6 |
1.2 |
|
Income stated in advance |
9.6 |
74.6 |
51.5 |
|
Taxation and social security |
- |
7.9 |
5.3 |
|
Total current
liabilities |
- |
163.0 |
129.8 |
|
Total debts |
159.9 |
179.0 |
136.7 |
|
Regularisation account |
0.0 |
0.2 |
0.1 |
|
Total liabilities
(including net worth) |
194.7 |
214.3 |
172.4 |
|
Patents |
0.2 |
0.3 |
0.6 |
|
Goodwill |
0.7 |
0.7 |
0.8 |
|
Other intangibles |
4.3 |
3.8 |
3.3 |
|
Other fixed assets |
1.6 |
1.7 |
1.8 |
|
Long-term investments |
67.4 |
38.2 |
39.4 |
|
Other financial assets |
1.4 |
0.7 |
0.6 |
|
Total
non-current assets |
75.5 |
45.5 |
46.5 |
|
Prepayments |
1.6 |
1.1 |
0.0 |
|
Net stocks and work in progress |
1.0 |
0.8 |
0.2 |
|
Trade debtors |
90.8 |
85.1 |
59.4 |
|
Other receivables |
14.2 |
20.5 |
19.5 |
|
Prepaid expenses |
0.6 |
0.6 |
0.6 |
|
Cash and liquid assets |
8.9 |
16.9 |
8.7 |
|
Marketable securities |
0.4 |
42.3 |
36.5 |
|
Total current
assets |
117.5 |
167.2 |
124.8 |
|
Prepaid expenses and deferred costs |
1.7 |
1.6 |
1.1 |
|
Total assets |
194.7 |
214.3 |
172.4 |
Annual Ratios
Financials
in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
- |
1.00 |
1.00 |
|
Quick ratio |
- |
1.00 |
1.00 |
|
Total liabilities to net worth |
6.69% |
6.89% |
4.78% |
|
Net worth to total assets |
0.12% |
0.12% |
0.17% |
|
Collection period |
129.50 |
132.00 |
100.90 |
|
Stock turnover rate |
206.00 |
241.50 |
755.90 |
|
Asset turnover |
1.09% |
0.91% |
1.04% |
|
Profit margin |
0.01% |
0.02% |
0.03% |
|
Return on assets |
0.01% |
0.02% |
0.03% |
|
Shareholders' return |
0.09% |
0.13% |
0.16% |
|
Sales per employee |
9,117.11 |
10,392.83 |
8,682.26 |
|
Profit per employee |
94.98 |
173.99 |
223.11 |
|
Average wage per employee |
397.35 |
459.71 |
381.89 |
|
Net worth |
30.7 |
32.4 |
34.4 |
|
Number of employees |
118 |
92 |
94 |
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
LLP |
PricewaterhouseCoopers
LLP |
Conseil Audit
& Synthese |
|
Auditor Opinion |
|
|
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
- |
478.7 |
311.8 |
278.3 |
339.7 |
|
Revenue |
- |
478.7 |
311.8 |
278.3 |
339.7 |
|
Other Revenue |
- |
0.7 |
0.4 |
1.6 |
4.4 |
|
Other Revenue, Total |
- |
0.7 |
0.4 |
1.6 |
4.4 |
|
Total Revenue |
- |
479.4 |
312.3 |
279.9 |
344.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
- |
400.1 |
258.1 |
231.2 |
296.7 |
|
Cost of Revenue, Total |
- |
400.1 |
258.1 |
231.2 |
296.7 |
|
Gross Profit |
- |
78.6 |
53.8 |
47.1 |
43.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
- |
2.2 |
1.6 |
1.4 |
1.4 |
|
Labor & Related Expense |
- |
52.7 |
36.0 |
33.4 |
28.3 |
|
Total Selling/General/Administrative Expenses |
- |
54.9 |
37.6 |
34.8 |
29.6 |
|
Depreciation |
- |
1.6 |
1.4 |
1.6 |
1.1 |
|
Amortization of Intangibles |
- |
2.1 |
1.8 |
1.4 |
1.1 |
|
Amortization of Acquisition Costs |
- |
3.1 |
2.2 |
2.1 |
1.5 |
|
Depreciation/Amortization |
- |
6.8 |
5.4 |
5.1 |
3.7 |
|
Litigation |
- |
- |
- |
0.0 |
1.1 |
|
Loss (Gain) on Sale of Assets - Operating |
- |
- |
- |
0.0 |
0.0 |
|
Other Unusual Expense (Income) |
- |
0.7 |
0.5 |
0.3 |
-0.1 |
|
Unusual Expense (Income) |
- |
0.7 |
0.5 |
0.3 |
1.1 |
|
Other, Net |
- |
3.7 |
1.0 |
0.6 |
1.9 |
|
Other Operating Expenses, Total |
- |
3.7 |
1.0 |
0.6 |
1.9 |
|
Total Operating Expense |
- |
466.2 |
302.5 |
272.0 |
333.1 |
|
|
|
|
|
|
|
|
Operating Income |
- |
13.2 |
9.8 |
8.0 |
11.0 |
|
|
|
|
|
|
|
|
Interest Expense - Non-Operating |
- |
-1.4 |
- |
- |
- |
|
Interest Expense, Net Non-Operating |
- |
-1.4 |
- |
- |
- |
|
Investment Income -
Non-Operating |
- |
-0.1 |
0.3 |
- |
- |
|
Interest/Investment Income - Non-Operating |
- |
-0.1 |
0.3 |
- |
- |
|
Interest Income (Expense) - Net Non-Operating |
- |
- |
-1.4 |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
- |
-1.5 |
-1.1 |
- |
- |
|
Other Non-Operating Income (Expense) |
- |
0.2 |
0.0 |
-1.4 |
-2.1 |
|
Other, Net |
- |
0.2 |
0.0 |
-1.4 |
-2.1 |
|
Income Before Tax |
- |
11.9 |
8.6 |
6.6 |
8.9 |
|
|
|
|
|
|
|
|
Total Income Tax |
- |
4.8 |
2.2 |
2.4 |
2.6 |
|
Income After Tax |
- |
7.1 |
6.5 |
4.2 |
6.3 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
-2.4 |
-0.4 |
-0.4 |
-0.3 |
|
Net Income Before Extraord Items |
- |
4.7 |
6.0 |
3.8 |
6.0 |
|
Net Income |
- |
4.7 |
6.0 |
3.8 |
6.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
- |
4.7 |
6.0 |
3.8 |
6.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
- |
4.7 |
6.0 |
3.8 |
6.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
- |
3.4 |
3.3 |
3.2 |
3.2 |
|
Basic EPS Excl Extraord Items |
- |
1.38 |
1.84 |
1.19 |
1.90 |
|
Basic/Primary EPS Incl Extraord Items |
- |
1.38 |
1.84 |
1.19 |
1.90 |
|
Diluted Net Income |
- |
4.7 |
6.0 |
3.8 |
6.0 |
|
Diluted Weighted Average Shares |
- |
3.6 |
3.5 |
3.4 |
3.4 |
|
Diluted EPS Excl Extraord Items |
- |
1.30 |
1.70 |
1.11 |
1.79 |
|
Diluted EPS Incl Extraord Items |
- |
1.30 |
1.70 |
1.11 |
1.79 |
|
Dividends per Share - Common Stock Primary Issue |
- |
0.76 |
0.66 |
0.70 |
0.73 |
|
Gross Dividends - Common Stock |
- |
- |
- |
2.3 |
2.3 |
|
Interest Expense, Supplemental |
- |
1.4 |
- |
- |
- |
|
Depreciation, Supplemental |
- |
1.6 |
1.4 |
1.6 |
1.1 |
|
Total Special Items |
- |
3.8 |
2.6 |
2.3 |
2.6 |
|
Normalized Income Before Tax |
- |
15.7 |
11.3 |
8.9 |
11.5 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
- |
0.3 |
0.1 |
0.1 |
0.3 |
|
Inc Tax Ex Impact of Sp Items |
- |
5.1 |
2.3 |
2.5 |
3.0 |
|
Normalized Income After Tax |
- |
10.6 |
9.0 |
6.4 |
8.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
- |
8.2 |
8.5 |
6.1 |
8.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
- |
2.42 |
2.61 |
1.88 |
2.61 |
|
Diluted Normalized EPS |
- |
2.29 |
2.41 |
1.76 |
2.46 |
|
Amort of Acquisition Costs, Supplemental |
- |
3.1 |
2.1 |
2.1 |
1.5 |
|
Amort of Intangibles, Supplemental |
- |
2.1 |
1.8 |
1.4 |
1.1 |
|
Research & Development Exp, Supplemental |
- |
- |
1.1 |
1.4 |
2.6 |
|
Normalized EBIT |
- |
13.9 |
10.2 |
8.2 |
12.1 |
|
Normalized EBITDA |
- |
20.8 |
15.6 |
13.3 |
15.8 |
|
Current Tax - Total |
- |
4.7 |
2.7 |
2.1 |
1.9 |
|
Current Tax - Total |
- |
4.7 |
2.7 |
2.1 |
1.9 |
|
Deferred Tax - Total |
- |
0.1 |
-0.5 |
0.3 |
0.7 |
|
Deferred Tax - Total |
- |
0.1 |
-0.5 |
0.3 |
0.7 |
|
Income Tax - Total |
- |
4.8 |
2.2 |
2.4 |
2.6 |
|
Discount Rate - Domestic |
- |
4.50% |
- |
- |
4.00% |
|
Compensation Rate - Domestic |
- |
3.00% |
- |
- |
3.00% |
|
Annual Balance
Sheet |
|
Financials in: USD (mil) |
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
|
Auditor |
|
|
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
Conseil Audit &
Synthese |
|
Auditor Opinion |
|
|
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
- |
32.5 |
37.0 |
25.1 |
14.6 |
|
Cash & Equivalents |
- |
17.0 |
50.6 |
39.1 |
20.8 |
|
Cash and Short Term Investments |
- |
49.4 |
87.6 |
64.2 |
35.4 |
|
Accounts
Receivable - Trade, Gross |
- |
172.0 |
59.7 |
86.1 |
104.4 |
|
Provision
for Doubtful Accounts |
- |
-1.0 |
-0.4 |
-0.6 |
-0.1 |
|
Trade Accounts Receivable - Net |
- |
170.9 |
59.2 |
85.4 |
104.3 |
|
Other Receivables |
- |
127.0 |
65.1 |
6.7 |
10.4 |
|
Total Receivables, Net |
- |
297.9 |
124.4 |
92.1 |
114.7 |
|
Inventories - Finished Goods |
- |
0.0 |
-0.2 |
0.0 |
0.6 |
|
Inventories - Work In Progress |
- |
0.8 |
0.6 |
0.0 |
0.8 |
|
Inventories - Raw Materials |
- |
2.4 |
2.3 |
1.7 |
1.9 |
|
Inventories - Other |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Inventory |
- |
3.2 |
2.7 |
1.7 |
3.4 |
|
Prepaid Expenses |
- |
23.3 |
5.1 |
3.1 |
4.7 |
|
Deferred Income Tax - Current
Asset |
- |
3.0 |
2.5 |
2.3 |
2.4 |
|
Other Current Assets |
- |
0.4 |
0.1 |
0.2 |
0.2 |
|
Other Current Assets, Total |
- |
3.4 |
2.7 |
2.5 |
2.7 |
|
Total Current Assets |
- |
377.3 |
222.5 |
163.5 |
160.8 |
|
|
|
|
|
|
|
|
Buildings |
- |
1.1 |
2.2 |
2.2 |
1.8 |
|
Land/Improvements |
- |
- |
- |
- |
0.1 |
|
Machinery/Equipment |
- |
3.2 |
2.7 |
2.3 |
0.9 |
|
Construction
in Progress |
- |
0.1 |
0.2 |
0.1 |
1.1 |
|
Other
Property/Plant/Equipment |
- |
9.6 |
8.7 |
6.8 |
5.9 |
|
Property/Plant/Equipment - Gross |
- |
14.0 |
13.7 |
11.4 |
9.8 |
|
Accumulated Depreciation |
- |
-7.3 |
-6.5 |
-5.6 |
-3.8 |
|
Property/Plant/Equipment - Net |
- |
6.7 |
7.2 |
5.8 |
6.0 |
|
Goodwill - Gross |
- |
68.0 |
43.4 |
- |
- |
|
Accumulated Goodwill Amortization |
- |
-8.8 |
-5.7 |
- |
- |
|
Goodwill, Net |
- |
59.2 |
37.6 |
38.4 |
38.1 |
|
Intangibles - Gross |
- |
17.5 |
13.9 |
13.6 |
9.7 |
|
Accumulated Intangible
Amortization |
- |
-8.2 |
-5.9 |
-4.2 |
-2.7 |
|
Intangibles, Net |
- |
9.3 |
8.0 |
9.4 |
7.1 |
|
LT Investments - Other |
- |
3.5 |
2.7 |
4.4 |
3.6 |
|
Long Term Investments |
- |
3.5 |
2.7 |
4.4 |
3.6 |
|
Total Assets |
- |
456.0 |
278.0 |
221.5 |
215.6 |
|
|
|
|
|
|
|
|
Accounts Payable |
- |
213.4 |
101.3 |
74.4 |
70.8 |
|
Accrued Expenses |
- |
11.4 |
8.7 |
7.2 |
6.0 |
|
Notes Payable/Short Term Debt |
- |
12.1 |
4.6 |
1.8 |
3.6 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
8.3 |
3.3 |
11.3 |
4.6 |
|
Customer Advances |
- |
123.7 |
99.5 |
72.8 |
64.7 |
|
Income Taxes Payable |
- |
1.3 |
1.5 |
0.4 |
0.3 |
|
Other Payables |
- |
4.6 |
2.4 |
3.9 |
5.0 |
|
Deferred Income Tax - Current
Liability |
- |
0.2 |
-0.4 |
- |
- |
|
Other Current liabilities, Total |
- |
129.8 |
103.0 |
77.1 |
70.0 |
|
Total Current Liabilities |
- |
375.0 |
221.0 |
171.8 |
155.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
- |
19.7 |
9.0 |
5.7 |
17.8 |
|
Capital Lease Obligations |
- |
0.1 |
0.1 |
0.1 |
0.2 |
|
Total Long Term Debt |
- |
19.9 |
9.1 |
5.9 |
17.9 |
|
Total Debt |
- |
40.3 |
17.1 |
19.0 |
26.2 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
5.3 |
1.4 |
1.6 |
1.5 |
|
Reserves |
- |
7.9 |
2.6 |
3.4 |
3.6 |
|
Pension Benefits - Underfunded |
- |
1.7 |
1.0 |
- |
- |
|
Other Long Term Liabilities |
- |
2.7 |
0.0 |
- |
- |
|
Other Liabilities, Total |
- |
12.2 |
3.6 |
3.4 |
3.6 |
|
Total Liabilities |
- |
412.5 |
235.1 |
182.6 |
178.1 |
|
|
|
|
|
|
|
|
Common Stock |
- |
14.7 |
14.6 |
15.7 |
14.8 |
|
Common Stock |
- |
14.7 |
14.6 |
15.7 |
14.8 |
|
Additional Paid-In Capital |
- |
6.6 |
6.9 |
7.3 |
7.1 |
|
Retained Earnings (Accumulated Deficit) |
- |
17.3 |
16.1 |
13.4 |
11.7 |
|
Translation Adjustment |
- |
4.8 |
5.3 |
2.5 |
3.8 |
|
Other Equity, Total |
- |
4.8 |
5.3 |
2.5 |
3.8 |
|
Total Equity |
- |
43.5 |
42.9 |
38.9 |
37.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
- |
456.0 |
278.0 |
221.5 |
215.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock
Primary Issue |
- |
3.4 |
3.3 |
3.3 |
3.2 |
|
Total Common Shares Outstanding |
- |
3.4 |
3.3 |
3.3 |
3.2 |
|
Treasury Shares - Common Stock Primary Issue |
- |
0.0 |
0.0 |
0.0 |
- |
|
Employees |
- |
774 |
618 |
601 |
639 |
|
Accumulated Goodwill Amortization Suppl. |
- |
8.8 |
5.7 |
3.5 |
1.5 |
|
Accumulated Intangible Amort, Suppl. |
- |
8.2 |
5.9 |
4.2 |
2.7 |
|
Deferred Revenue - Current |
- |
123.7 |
99.5 |
72.8 |
64.7 |
|
Deferred Revenue - Long Term |
- |
2.7 |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
- |
28.1 |
12.3 |
17.0 |
22.1 |
|
Long Term Debt Maturing within 1 Year |
- |
8.3 |
3.3 |
11.3 |
4.4 |
|
Long Term Debt Maturing in Year 2 |
- |
4.9 |
2.3 |
1.4 |
4.4 |
|
Long Term Debt Maturing in Year 3 |
- |
4.9 |
2.3 |
1.4 |
4.4 |
|
Long Term Debt Maturing in Year 4 |
- |
4.9 |
2.3 |
1.4 |
4.4 |
|
Long Term Debt Maturing in Year 5 |
- |
4.9 |
2.3 |
1.4 |
4.4 |
|
Long Term Debt Maturing in 2-3 Years |
- |
9.9 |
4.5 |
2.9 |
8.9 |
|
Long Term Debt Maturing in 4-5 Years |
- |
9.9 |
4.5 |
2.9 |
8.9 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Operating Leases, Supplemental |
- |
0.1 |
0.1 |
0.2 |
0.4 |
|
Operating Lease Payments Due in Year 1 |
- |
0.0 |
0.0 |
0.0 |
0.2 |
|
Operating Lease Payments Due in Year 2 |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Operating Lease Payments Due in Year 3 |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Operating Lease Payments Due in Year 4 |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Operating Lease Payments Due in Year 5 |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Operating Lease Pymts. Due in 2-3 Years |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Operating Lease Pymts. Due in 4-5 Years |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Pension Obligation - Domestic |
- |
0.7 |
- |
- |
- |
|
Funded Status - Domestic |
- |
-0.7 |
- |
- |
- |
|
Total Funded Status |
- |
-0.7 |
- |
- |
- |
|
Discount Rate - Domestic |
- |
4.50% |
- |
- |
4.00% |
|
Compensation Rate - Domestic |
- |
3.00% |
- |
- |
3.00% |
|
Total Plan Obligations |
- |
0.7 |
- |
- |
- |
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate (Period
Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
|
|
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
Conseil Audit &
Synthese |
|
Auditor Opinion |
|
|
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
- |
7.1 |
6.5 |
4.2 |
6.3 |
|
Depreciation |
- |
8.7 |
5.7 |
4.9 |
4.7 |
|
Depreciation/Depletion |
- |
8.7 |
5.7 |
4.9 |
4.7 |
|
Deferred Taxes |
- |
0.1 |
-0.5 |
0.3 |
0.7 |
|
Unusual Items |
- |
0.6 |
0.1 |
0.0 |
0.0 |
|
Other Non-Cash Items |
- |
-0.4 |
-0.1 |
-0.2 |
0.2 |
|
Non-Cash Items |
- |
0.2 |
0.0 |
-0.2 |
0.2 |
|
Accounts Receivable |
- |
-125.2 |
-37.3 |
27.7 |
9.9 |
|
Inventories |
- |
0.6 |
-1.1 |
0.8 |
-3.8 |
|
Accounts Payable |
- |
48.3 |
60.4 |
5.1 |
-20.6 |
|
Changes in Working Capital |
- |
-76.3 |
22.0 |
33.6 |
-14.5 |
|
Cash from Operating Activities |
- |
-60.2 |
33.6 |
42.7 |
-2.6 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
- |
-4.6 |
-5.6 |
-4.1 |
-7.6 |
|
Capital Expenditures |
- |
-4.6 |
-5.6 |
-4.1 |
-7.6 |
|
Sale of Fixed Assets |
- |
2.2 |
3.0 |
0.3 |
0.0 |
|
Other Investing Cash Flow |
- |
1.7 |
-1.4 |
-2.4 |
-21.0 |
|
Other Investing Cash Flow Items, Total |
- |
3.9 |
1.7 |
-2.1 |
-21.0 |
|
Cash from Investing Activities |
- |
-0.8 |
-4.0 |
-6.2 |
-28.6 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
0.0 |
-0.3 |
-0.5 |
0.0 |
|
Financing Cash Flow Items |
- |
0.0 |
-0.3 |
-0.5 |
0.0 |
|
Cash Dividends Paid - Common |
- |
-2.3 |
-2.2 |
-2.2 |
-1.8 |
|
Total Cash Dividends Paid |
- |
-2.3 |
-2.2 |
-2.2 |
-1.8 |
|
Sale/Issuance
of Common |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common Stock, Net |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term
Debt Reduction |
- |
-3.6 |
-4.2 |
-5.4 |
-4.3 |
|
Long Term Debt, Net |
- |
-3.6 |
-4.2 |
-5.4 |
-4.3 |
|
Total Debt Issued |
- |
26.3 |
0.5 |
0.0 |
17.2 |
|
Issuance (Retirement) of Debt, Net |
- |
22.7 |
-3.7 |
-5.4 |
12.8 |
|
Cash from Financing Activities |
- |
20.5 |
-6.2 |
-8.1 |
11.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
- |
-0.7 |
1.3 |
0.2 |
0.7 |
|
Net Change in Cash |
- |
-41.2 |
24.9 |
28.7 |
-19.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
- |
86.5 |
57.6 |
31.8 |
52.9 |
|
Net Cash - Ending Balance |
- |
45.4 |
82.4 |
60.4 |
33.4 |
Annual Income Statement
|
Financials in: USD (mil) |
|
Except for share items (millions) and per share items (actual units) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate (Period
Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
|
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
Conseil Audit &
Synthese |
Conseil Audit &
Synthese |
|
Auditor Opinion |
|
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified with Explanation |
|
|
|
|
|
|
|
|
Turnover |
478.7 |
311.8 |
278.3 |
339.7 |
167.8 |
|
Other Income |
0.7 |
0.4 |
1.6 |
4.4 |
0.6 |
|
Total Revenue |
479.4 |
312.3 |
279.9 |
344.0 |
168.5 |
|
|
|
|
|
|
|
|
Stocked Production |
1.0 |
-0.5 |
- |
- |
- |
|
Capitalized Production |
-1.1 |
-1.1 |
- |
- |
- |
|
Grants |
-0.7 |
0.0 |
- |
- |
- |
|
Operating Charges Transfer |
0.0 |
-0.4 |
- |
- |
- |
|
Purchases & External Charges |
400.3 |
259.7 |
231.2 |
296.7 |
146.3 |
|
Tax and Duties |
2.2 |
1.6 |
1.4 |
1.4 |
1.1 |
|
Personnel Costs |
52.7 |
36.0 |
33.4 |
28.3 |
12.8 |
|
Amortization of Intangibles |
2.1 |
1.8 |
1.4 |
1.1 |
0.3 |
|
Depreciation |
1.6 |
1.4 |
1.6 |
1.1 |
0.5 |
|
Provision |
1.4 |
0.5 |
-0.1 |
1.2 |
0.9 |
|
Litigations |
- |
- |
0.0 |
1.1 |
- |
|
Other Operating Costs |
3.0 |
0.8 |
0.6 |
0.8 |
0.1 |
|
Other Exceptional Result |
0.7 |
0.5 |
0.3 |
-0.1 |
0.0 |
|
Sale of Assets |
- |
- |
0.0 |
0.0 |
0.1 |
|
Amortization of Goodwill |
3.1 |
2.2 |
2.1 |
1.5 |
0.0 |
|
Total Operating Expense |
466.2 |
302.5 |
272.0 |
333.1 |
162.1 |
|
|
|
|
|
|
|
|
Financial Result |
- |
- |
-1.4 |
-2.1 |
0.1 |
|
Exchange Loss |
-1.7 |
-1.4 |
- |
- |
- |
|
Other Financial Charges, Incl.
Interest |
- |
-1.4 |
- |
- |
- |
|
Other Financial Charges |
0.0 |
- |
- |
- |
- |
|
Interest Charges |
-1.4 |
- |
- |
- |
- |
|
Investments |
0.7 |
0.5 |
- |
- |
- |
|
Exchange Gains |
0.9 |
1.2 |
- |
- |
- |
|
Other Financial Income |
0.3 |
0.2 |
- |
- |
- |
|
Other Income/Charges |
-0.1 |
-0.2 |
- |
- |
- |
|
Net Income Before Taxes |
11.9 |
8.6 |
6.6 |
8.9 |
6.5 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
4.8 |
2.2 |
2.4 |
2.6 |
2.1 |
|
Net Income After Taxes |
7.1 |
6.5 |
4.2 |
6.3 |
4.4 |
|
|
|
|
|
|
|
|
Minority Interest |
-2.4 |
-0.4 |
-0.4 |
-0.3 |
-0.2 |
|
Net Income Before Extra. Items |
4.7 |
6.0 |
3.8 |
6.0 |
4.2 |
|
Net Income |
4.7 |
6.0 |
3.8 |
6.0 |
4.2 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
4.7 |
6.0 |
3.8 |
6.0 |
4.2 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
4.7 |
6.0 |
3.8 |
6.0 |
4.2 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
3.4 |
3.3 |
3.2 |
3.2 |
3.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.38 |
1.84 |
1.19 |
1.90 |
1.39 |
|
Basic EPS Including ExtraOrdinary Items |
1.38 |
1.84 |
1.19 |
1.90 |
1.39 |
|
Diluted Net Income |
4.7 |
6.0 |
3.8 |
6.0 |
4.2 |
|
Diluted Weighted Average Shares |
3.6 |
3.5 |
3.4 |
3.4 |
3.1 |
|
Diluted EPS Excluding ExtraOrd Items |
1.30 |
1.70 |
1.11 |
1.79 |
1.38 |
|
Diluted EPS Including ExtraOrd Items |
1.30 |
1.70 |
1.11 |
1.79 |
1.38 |
|
DPS-Common Stock |
0.76 |
0.66 |
0.70 |
0.73 |
0.55 |
|
Gross Dividends - Common Stock |
- |
- |
2.3 |
2.3 |
1.7 |
|
Normalized Income Before Taxes |
15.7 |
11.3 |
8.9 |
11.5 |
6.5 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
5.1 |
2.3 |
2.5 |
3.0 |
2.1 |
|
Normalized Income After Taxes |
10.6 |
9.0 |
6.4 |
8.5 |
4.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
8.2 |
8.5 |
6.1 |
8.3 |
4.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
2.42 |
2.61 |
1.88 |
2.61 |
1.41 |
|
Diluted Normalized EPS |
2.29 |
2.41 |
1.76 |
2.46 |
1.39 |
|
Interest Expense (Financial Oper), Suppl |
1.4 |
- |
- |
- |
- |
|
Amortisation of Goodwill |
3.1 |
2.1 |
2.1 |
1.5 |
0.0 |
|
Amortization of Intangibles |
2.1 |
1.8 |
1.4 |
1.1 |
0.3 |
|
Depreciation |
1.6 |
1.4 |
1.6 |
1.1 |
0.5 |
|
Research & Development |
- |
1.1 |
1.4 |
2.6 |
0.3 |
|
Total Current Tax |
4.7 |
2.7 |
2.1 |
1.9 |
2.6 |
|
Current Tax - Total |
4.7 |
2.7 |
2.1 |
1.9 |
2.6 |
|
Total Deferred Tax |
0.1 |
-0.5 |
0.3 |
0.7 |
-0.5 |
|
Deferred Tax - Total |
0.1 |
-0.5 |
0.3 |
0.7 |
-0.5 |
|
Income Tax - Total |
4.8 |
2.2 |
2.4 |
2.6 |
2.1 |
|
Discount Rate |
4.50% |
- |
- |
4.00% |
4.00% |
|
Compensation Rate |
3.00% |
- |
- |
3.00% |
3.00% |
Annual Balance Sheet
|
|
|
|
|
Financials in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
0.683971 |
|
Auditor |
|
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
Conseil Audit
& Synthese |
Conseil Audit
& Synthese |
|
Auditor Opinion |
|
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Stock and Work in Progress |
- |
- |
- |
- |
0.0 |
|
Raw Materials |
2.4 |
2.3 |
1.7 |
1.9 |
- |
|
Work in Progress |
0.8 |
0.6 |
0.0 |
0.8 |
- |
|
Finished Goods |
0.1 |
0.2 |
0.1 |
0.3 |
- |
|
Goods |
0.0 |
0.0 |
0.0 |
0.4 |
- |
|
Other Stocks |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Provision/Finished Goods |
-0.1 |
-0.3 |
-0.1 |
-0.1 |
- |
|
Advances |
19.3 |
3.5 |
1.7 |
3.3 |
- |
|
Deferred Income Tax |
3.0 |
2.5 |
2.3 |
2.4 |
- |
|
Other Receivables |
13.9 |
9.4 |
6.7 |
10.4 |
5.4 |
|
Prepaid Expenses |
3.9 |
1.7 |
1.3 |
1.4 |
- |
|
Adjustment Accounts |
0.4 |
0.1 |
0.2 |
0.2 |
1.2 |
|
Cash and Cash Equivalents |
17.0 |
50.6 |
39.1 |
20.8 |
55.3 |
|
Cash |
32.5 |
37.0 |
25.1 |
14.6 |
- |
|
Accounts Receivable, Gross |
172.0 |
59.7 |
86.1 |
104.4 |
62.6 |
|
Allowances for Doubtful Debts |
-1.0 |
-0.4 |
-0.6 |
-0.1 |
-0.1 |
|
Invoices to be Issued |
113.1 |
55.7 |
- |
- |
- |
|
Total Current Assets |
377.3 |
222.5 |
163.5 |
160.8 |
124.3 |
|
|
|
|
|
|
|
|
Total Intangibles |
17.5 |
13.9 |
13.6 |
9.7 |
- |
|
Amortisation of Intangibles |
-8.2 |
-5.9 |
-4.2 |
-2.7 |
- |
|
Business Goodwill |
0.7 |
0.7 |
- |
- |
- |
|
Intangibles, Net |
- |
- |
- |
- |
2.1 |
|
Goodwill, Net |
- |
- |
38.4 |
38.1 |
0.0 |
|
Goodwill - Gross |
67.3 |
42.6 |
- |
- |
- |
|
Accumulated Goodwilll Amortization |
-8.8 |
-5.7 |
- |
- |
- |
|
Land |
- |
- |
- |
0.1 |
0.0 |
|
Buildings |
1.1 |
2.2 |
2.2 |
1.8 |
0.0 |
|
Technical equipment |
2.9 |
2.5 |
2.1 |
0.8 |
0.4 |
|
Transportation Equipment |
0.2 |
0.2 |
0.2 |
0.2 |
0.0 |
|
Office Equipment |
7.5 |
6.2 |
5.1 |
4.3 |
2.4 |
|
Other Property/Plant and Equipment |
2.1 |
2.2 |
1.5 |
1.5 |
1.0 |
|
Tangibles in Progress |
0.1 |
0.2 |
0.1 |
1.1 |
0.0 |
|
Advances |
0.0 |
0.2 |
0.2 |
0.1 |
0.0 |
|
Depreciation |
-7.3 |
-6.5 |
-5.6 |
-3.8 |
-2.1 |
|
Financial Assets |
3.5 |
2.7 |
4.4 |
3.6 |
0.5 |
|
Total Assets |
456.0 |
278.0 |
221.5 |
215.6 |
128.7 |
|
|
|
|
|
|
|
|
Trade Payables |
213.4 |
101.3 |
74.4 |
70.8 |
31.6 |
|
Fixed Assets Payables |
0.1 |
1.6 |
1.8 |
0.7 |
- |
|
Fiscal and Social Debt |
11.1 |
8.7 |
7.2 |
6.0 |
6.4 |
|
Income Tax |
1.3 |
1.5 |
0.4 |
0.3 |
- |
|
Other Debts and Adjustments |
4.5 |
0.9 |
2.0 |
4.3 |
55.0 |
|
Deferred Income |
15.4 |
90.7 |
64.5 |
55.6 |
- |
|
Deferred Tax |
0.2 |
-0.4 |
- |
- |
- |
|
Advances |
108.3 |
8.8 |
8.3 |
9.1 |
- |
|
Current Portion of Long Term Debt |
8.3 |
3.3 |
11.3 |
4.4 |
0.8 |
|
Lease |
0.0 |
0.0 |
0.0 |
0.2 |
0.2 |
|
Overdraft |
7.1 |
4.1 |
1.8 |
3.6 |
2.4 |
|
Other Loans |
5.0 |
0.5 |
- |
- |
- |
|
Interest on Loans |
0.3 |
- |
- |
- |
- |
|
Total Current Liabilities |
375.0 |
221.0 |
171.8 |
155.0 |
96.4 |
|
|
|
|
|
|
|
|
Debt and Bank Borrowings |
19.7 |
9.0 |
5.7 |
17.8 |
3.8 |
|
Lease |
0.1 |
0.1 |
0.1 |
0.2 |
0.2 |
|
Total Long Term Debt |
19.9 |
9.1 |
5.9 |
17.9 |
3.9 |
|
|
|
|
|
|
|
|
Conditional Advances |
2.7 |
0.0 |
- |
- |
- |
|
Retirement Provisions |
1.7 |
1.0 |
- |
- |
- |
|
Provisions |
7.9 |
2.6 |
- |
- |
- |
|
Mintority Interest |
5.3 |
1.4 |
1.6 |
1.5 |
0.7 |
|
Provisions for Risk/Charges |
- |
- |
3.4 |
3.6 |
1.4 |
|
Total Liabilities |
412.5 |
235.1 |
182.6 |
178.1 |
102.4 |
|
|
|
|
|
|
|
|
Share Capital |
14.7 |
14.6 |
15.7 |
14.8 |
14.9 |
|
Share Premium |
6.6 |
6.9 |
7.3 |
7.1 |
3.2 |
|
Reserves |
13.0 |
10.0 |
9.4 |
6.0 |
3.6 |
|
Translation Adjustment |
4.8 |
5.3 |
2.5 |
3.8 |
0.0 |
|
Net Income |
4.4 |
6.1 |
4.0 |
5.7 |
4.5 |
|
Total Equity |
43.5 |
42.9 |
38.9 |
37.5 |
26.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
456.0 |
278.0 |
221.5 |
215.6 |
128.7 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
3.4 |
3.3 |
3.3 |
3.2 |
3.0 |
|
Total Common Shares Outstanding |
3.4 |
3.3 |
3.3 |
3.2 |
3.0 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
- |
0.0 |
|
Accumulated Goodwill Amortization |
8.8 |
5.7 |
3.5 |
1.5 |
- |
|
Amortisation of Intangibles |
8.2 |
5.9 |
4.2 |
2.7 |
1.5 |
|
Deferred Income - Current |
123.7 |
99.5 |
72.8 |
64.7 |
54.2 |
|
Deferred Revenue - Long Term |
2.7 |
- |
- |
- |
- |
|
Full-Time Employees |
774 |
618 |
601 |
639 |
208 |
|
Long Term Debt Maturing Within 1 Year |
8.3 |
3.3 |
11.3 |
4.4 |
0.8 |
|
LT Debt Maturing Within 1-5 Years |
19.7 |
9.0 |
5.7 |
17.8 |
3.8 |
|
Total Long Term Debt, Supplemental |
28.1 |
12.3 |
17.0 |
22.1 |
4.6 |
|
Leases Maturing Within 1 Year |
0.0 |
0.0 |
0.0 |
0.2 |
0.2 |
|
Leases Maturing Within 5 Years |
0.1 |
0.1 |
0.1 |
0.2 |
0.2 |
|
Total Operating Leases |
0.1 |
0.1 |
0.2 |
0.4 |
0.4 |
|
Pension Obligation |
0.7 |
- |
- |
- |
- |
|
Plan Assets |
-0.7 |
- |
- |
- |
- |
|
Total Funded Status |
-0.7 |
- |
- |
- |
- |
|
Discount Rate |
4.50% |
- |
- |
4.00% |
4.00% |
|
Compensation Rate |
3.00% |
- |
- |
3.00% |
3.00% |
Annual Cash Flows
|
|
|
Financials in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate (Period
Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
|
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
Conseil Audit &
Synthese |
Conseil Audit &
Synthese |
|
Auditor Opinion |
|
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
7.1 |
6.5 |
4.2 |
6.3 |
4.4 |
|
Depreciation |
8.7 |
5.7 |
4.9 |
4.7 |
1.4 |
|
Deferred Taxes |
0.1 |
-0.5 |
0.3 |
0.7 |
-0.5 |
|
Sale Of Assets |
0.6 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Other Income/Expenses |
-0.4 |
-0.1 |
-0.2 |
0.2 |
0.0 |
|
Changes in Stocks |
0.6 |
-1.1 |
0.8 |
-3.8 |
0.1 |
|
Changes in Receivables |
-125.2 |
-37.3 |
27.7 |
9.9 |
-14.3 |
|
Changes in Debt |
48.3 |
60.4 |
5.1 |
-20.6 |
50.4 |
|
Cash from Operating Activities |
-60.2 |
33.6 |
42.7 |
-2.6 |
41.4 |
|
|
|
|
|
|
|
|
Purchase of Assets |
-4.6 |
-5.6 |
-4.1 |
-7.6 |
-1.5 |
|
Sale of Assets |
2.2 |
3.0 |
0.3 |
0.0 |
0.7 |
|
Change in Group Structure |
1.7 |
-1.4 |
-2.4 |
-21.0 |
0.0 |
|
Cash from Investing Activities |
-0.8 |
-4.0 |
-6.2 |
-28.6 |
-0.9 |
|
|
|
|
|
|
|
|
Dividend Paid |
-2.3 |
-2.2 |
-2.2 |
-1.8 |
-1.0 |
|
Dividend Paid to Minority Interest |
0.0 |
-0.3 |
-0.5 |
0.0 |
- |
|
Increase in Capital |
0.0 |
0.0 |
0.0 |
0.0 |
0.5 |
|
Debt Issued |
26.3 |
0.5 |
0.0 |
17.2 |
4.3 |
|
Debt Retirement |
-3.6 |
-4.2 |
-5.4 |
-4.3 |
-0.3 |
|
Deposits |
- |
- |
- |
0.0 |
0.0 |
|
Cash from Financing Activities |
20.5 |
-6.2 |
-8.1 |
11.1 |
3.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.7 |
1.3 |
0.2 |
0.7 |
0.0 |
|
Net Change in Cash |
-41.2 |
24.9 |
28.7 |
-19.4 |
44.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
86.5 |
57.6 |
31.8 |
52.9 |
5.4 |
|
Net Cash - Ending Balance |
45.4 |
82.4 |
60.4 |
33.4 |
49.5 |
Financial Health
|
Financials in: USD (mil) |
|
Except for share items (millions) and per share items (actual units) |
|
Key Indicators USD (mil) |
||||||
|
 |
Quarter |
Quarter |
Annual |
1 Year |
3 Year |
5 Year |
|
Capital Expenditures2 (?) |
1.8 |
- |
- |
- |
- |
- |
|
Cash from Operating Activities2 (?) |
7.0 |
- |
- |
- |
- |
- |
|
Free Cash Flow (?) |
5.0 |
- |
- |
- |
- |
- |
|
Total Assets3 (?) |
401.1 |
- |
- |
- |
- |
- |
|
Total Liabilities3 (?) |
362.1 |
- |
- |
- |
- |
- |
|
Total Long Term Debt3 (?) |
5.9 |
- |
- |
- |
- |
- |
|
Total Common Shares Outstanding3 (?) |
3.4 |
- |
- |
- |
- |
- |
|
2-ExchangeRate: EUR to USD Average for Period |
0.770977 |
 |
 |
 |
 |
 |
|
3-ExchangeRate: EUR to USD Period End Date |
0.804664 |
 |
 |
 |
 |
 |
|
Key Ratios |
||||
|
 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Profitability |
||||
|
Gross Margin (?) |
16.42% |
17.24% |
16.93% |
12.65% |
|
Operating Margin (?) |
2.75% |
3.12% |
2.85% |
3.19% |
|
Pretax Margin (?) |
2.48% |
2.77% |
2.35% |
2.58% |
|
Net Profit Margin (?) |
0.97% |
1.93% |
1.37% |
1.74% |
|
Financial Strength |
||||
|
Current Ratio (?) |
1.01 |
1.01 |
0.95 |
1.04 |
|
Long Term Debt/Equity (?) |
0.46 |
0.21 |
0.15 |
0.48 |
|
Total Debt/Equity (?) |
0.93 |
0.40 |
0.49 |
0.70 |
|
Interest Coverage (?) |
- |
7.10 |
- |
- |
|
Management Effectiveness |
||||
|
Return on Assets (?) |
1.82% |
2.69% |
1.95% |
3.52% |
|
Return on Equity (?) |
10.25% |
15.38% |
10.19% |
18.28% |
|
Efficiency |
||||
|
Receivables Turnover (?) |
2.14 |
3.01 |
2.74 |
3.65 |
|
Inventory Turnover (?) |
127.41 |
120.73 |
91.40 |
166.83 |
|
Asset Turnover (?) |
1.23 |
1.30 |
1.30 |
1.94 |
|
Market Valuation USD (mil) |
||||
|
P/E (TTM) (?) |
65.98 |
. |
Enterprise Value2 (?) |
118.4 |
|
Price/Sales (TTM) (?) |
0.29 |
. |
Enterprise Value/Revenue (TTM)
(?) |
0.27 |
|
Price/Book (MRQ) (?) |
3.05 |
. |
Enterprise Value/EBITDA (TTM)
(?) |
6.76 |
|
Market Cap as of 26-Apr-20131 (?) |
130.1 |
. |
|
|
|
1-ExchangeRate: EUR to USD on 26-Apr-2013 |
0.768819 |
|
|
|
|
2-ExchangeRate: EUR to USD on 30-Jun-2012 |
0.804664 |
|
|
|
Annual Ratio
|
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.54.24 |
|
|
1 |
Rs.84.30 |
|
Euro |
1 |
Rs.71.36 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.