MIRA INFORM REPORT
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Report Date : |
23.05.2013 |
IDENTIFICATION DETAILS
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Name : |
Eramet SA |
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Registered Office : |
Tour Maine-Montparnasse, 33, Avenue Du Maine, Paris
Cedex 15, Paris
75755 |
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Country : |
France |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
23.09.1963 |
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Com. Reg. No.: |
632045381 |
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Legal Form : |
Public Parent |
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Line of Business : |
Integrated Mining and Metallurgical Company |
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No. of Employees : |
13,677 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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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Eramet SA |
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Business Description
Eramet SA is a France-based integrated mining and metallurgical company.
The Company’s activities are spread across three business divisions: Nickel,
which specializes in production of nickel ore in New Caledonia (mining),
processing of ore to produce ferronickel, high-purity nickel, production of
chemical derivatives of nickel and the manufacture of tungsten carbide and
cobalt powders; Manganese, which is engaged in the production of manganese ore
and sinter, processing of ore to produce manganese alloys, production of
high-purity chrome and hardeners for aluminum production, collection and
recycling of catalysts used by oil refineries, extraction and upgrading of
metal content; and Alloys, which specializes in the production of closed-die
forged parts in titanium, aluminum, steels and nickel-based alloys on
high-power presses, production of high-speed steels, special high-performance
steels, nickel-based alloys and tool steels, among others. For the fiscal year
ended 31 December 2012, Eramet SA revenues decreased 6% to EUR3.48B. Net income
decreased 96% to EUR8M. Revenues reflect Manganese segment decrease of 9% to
EUR1.56B, Nickel segment decrease of 9% to EUR898M, Europe segment decrease of
28% to EUR1.14B, Asia segment decrease of 17% to EUR992M. Net income also
reflects Administrative and Selling increase of 15% to EUR200M (expense).
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
1320 -
Mining of non-ferrous metal ores, except uranium and thorium ores |
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NAICS 2002: |
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UK SIC 2003: |
1320 -
Mining of non-ferrous metal ores, except uranium and thorium ores |
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UK SIC 2007: |
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US SIC 1987: |
Key Executive
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Name |
Title |
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Chairman of the Board and Chief Executive Officer, Member of the
Executive Committee |
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Chief Financial Officer and Director of Administration, Member of the
Executive Committee |
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Vice President - Business Development |
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Jean-Michel Fourcade |
Vice-President, Research, Innovation, Engineering and Purchasing |
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Jean De L'Hermite |
Head of Legal Department |
Significant Developments
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Topic |
#* |
Most Recent Headline |
Date |
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2 |
Eramet SA
Announces Ruling by Lyon Administrative Appeal Court |
7-May-2013 |
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2 |
6-Nov-2012 |
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1 |
25-Oct-2012 |
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1 |
Eramet SA
Proposes FY 2012 Dividend, And Issues Production Guidance |
22-Feb-2013 |
* number of significant developments within the last 12 months
Financial Summary
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As of 31-Dec-2012 |
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Stock Snapshot
Traded: Euronext Paris: ERA
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As of 10-May-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
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INDUSTRY CODES
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ANZSIC 2006 Codes: |
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0809 |
- |
Other Metal Ore Mining |
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2149 |
- |
Other Basic Non-Ferrous Metal Product
Manufacturing |
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1813 |
- |
Basic Inorganic Chemical Manufacturing |
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2110 |
- |
Iron Smelting and Steel Manufacturing |
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NACE 2002 Codes: |
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1320 |
- |
Mining of non-ferrous metal ores, except
uranium and thorium ores |
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27 |
- |
Manufacture of Basic Metals |
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2710 |
- |
Manufacture of basic iron and steel and of
ferro-alloys |
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2413 |
- |
Manufacture of other inorganic basic
chemicals |
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13 |
- |
Mining of Metal Ores |
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NAICS 2002 Codes: |
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212234 |
- |
Copper Ore and Nickel Ore Mining |
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331112 |
- |
Electrometallurgical Ferroalloy Product
Manufacturing |
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212299 |
- |
All Other Metal Ore Mining |
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325188 |
- |
All Other Basic Inorganic Chemical
Manufacturing |
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331314 |
- |
Secondary Smelting and Alloying of
Aluminum |
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US SIC 1987: |
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1061 |
- |
Ferroalloy Ores, Except Vanadium |
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2819 |
- |
Industrial Inorganic Chemicals, Not
Elsewhere Classified |
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3313 |
- |
Electrometallurgical Products, Except
Steel |
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3399 |
- |
Primary Metal Products, Not Elsewhere
Classified |
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1099 |
- |
Miscellaneous Metal Ores, Not Elsewhere
Classified |
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UK SIC 2003: |
||
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1320 |
- |
Mining of non-ferrous metal ores, except
uranium and thorium ores |
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2413 |
- |
Manufacture of other inorganic basic
chemicals |
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2710 |
- |
Manufacture of basic iron and steel and of
ferro-alloys |
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13 |
- |
Mining of Metal Ores |
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27 |
- |
Manufacture of Basic Metals |
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UK SIC 2007: |
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0729 |
- |
Mining of other non-ferrous metal ores |
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07 |
- |
Mining of metal ores |
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2410 |
- |
Manufacture of basic iron and steel and of
ferro-alloys |
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2013 |
- |
Manufacture of other inorganic basic
chemicals |
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24 |
- |
Manufacture of basic metals |
Eramet SA is a France-based integrated mining and metallurgical company.
The Company activities are spread across three business divisions: Nickel,
which specializes in production of nickel ore in New Caledonia (mining),
processing of ore to produce ferronickel, high-purity nickel, production of
chemical derivatives of nickel and the manufacture of tungsten carbide and
cobalt powders; Manganese, which is engaged in the production of manganese ore
and sinter, processing of ore to produce manganese alloys, production of
high-purity chrome and hardeners for aluminum production, collection and
recycling of catalysts used by oil refineries, extraction and upgrading of
metal content; and Alloys, which specializes in the production of closed-die
forged parts in titanium, aluminum, steels and nickel-based alloys on
high-power presses, production of high-speed steels, special high-performance
steels, nickel-based alloys and tool steels, among others. For the fiscal year
ended 31 December 2012, Eramet SA revenues decreased 6% to EUR3.48B. Net income
decreased 96% to EUR8M. Revenues reflect Manganese segment decrease of 9% to
EUR1.56B, Nickel segment decrease of 9% to EUR898M, Europe segment decrease of
28% to EUR1.14B, Asia segment decrease of 17% to EUR992M. Net income also
reflects Administrative and Selling increase of 15% to EUR200M (expense).
More Business Descriptions
Mining and metallurgical group operating in three divisions: Eramet
Nickel, Eramet Manganese and Eramet Alloys. Eramet Nickel is involved in the
mining of nickel ore, in the processing of ore to produce ferronickel and high-purity
nickel, in the manufacture of chemical derivatives of nickel and in the
production of tungsten carbide, cobalt powders and pre-alloyed powders. Eramet
Manganese specialises in the mining and processing of manganese ore and sinter
and in the production of manganese alloys, high-purity chrome, hardeners for
aluminium production and chemical derivatives of manganese. The division also
collects and recycles catalysts used by oil refineries and extracts and
upgrades metal content (molybdenum, vanadium, nickel and cobalt) using
metallurgical and chemical processes. Eramet Alloys produces of closed-die
forged parts in titanium, aluminium, steels and nickel-based alloys on
high-power presses, as well as high-speed steels, special high-performance
steels, nickel-based alloys and top quality tool steels.
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Nonferrous Metals & Chemical Derivatives Producer
Eramet is primarily engaged in wholesale of ferrous and
non-ferrous metal ores; wholesale of ferrous and non-ferrous metals in primary
forms; wholesale of ferrous and non-ferrous semi-finished metal products not
elsewhere classified; and wholesale of gold and other precious metals.
Eramet is a mining and metallurgical group specialized in
providing mining and metallurgy of nickel, manganese and alloys. The company is
a is part of Euronext Paris A Compartment. It is one the top three largest
producers of high grade manganese ore and manganese alloys worldwide. The
company is involved in the production of non-ferrous metals and their chemical
derivatives, alloys and high-performance parts for industries. Furthermore, it
also produces specialty steels and super alloys that resist corrosion and high
heat. Eramet's steel products include die-forged and machined parts for the
tooling, power generation and aerospace industries. Eramet's business
operations are classified into three business segments, namely, Nickel,
Manganese and Alloys. The Nickel segment of the company operates through its
subsidiaries including Le Nickel-SLN, Sandouville refinery, Eurotungstene and
PT Weda Bay Nickel. The segment involves in the production of Nickel ore in New
Caledonia. The company, through its subsidiary, Le Nickel-SLN (SLN) mines large
deposits of oxidized ore (garnierites) at five mining centers and its metallurgical
plant at Doniambo, near Noumea, processes the ore. The company, through
Sandouville refinery, produces high-purity nickel and cobalt chlorides that are
used in high-tech applications such as aircraft engines, and nickel and cobalt
salts. Eurotungstene manufactures tungsten and cobalt powders. PT Weda Bay
Nickel handles Nickel mine and plant projects. The company develops new,
specialist products for the electronics and catalyst industries. The products
are used in the applications of AOD and similar converters, arc furnaces,
packaging, handling, VOD converters, storage and induction furnaces. The Nickel
segment accounted for 21% of the company's total revenue in the fiscal year
ended 2011. The company’s Manganese segment engages in the production of manganese
ore and sinter, manganese alloys, and manganese-based chemical derivatives. In
addition, it is involved in collecting and recycling catalysts used by oil
refineries, extraction and upgrading of metal content using metallurgical and
chemical processes. The subsidiaries, Erachem-Comilog and Tinfo AS operate in
the manganese segment. Its manganese-based products are supplied for the
chemical industries such as fertilizer, electric batteries, animal feeds and
electronic components, among others. The Manganese segment constituted about
43% of the company's total revenue in the fiscal year 2011. The Alloys segment
produces closed-die forging parts in aluminium, nickel-based alloys, titanium,
and steels, among others. The company also produces special high-performance
steels, top quality tool steels, nickel-based alloys and high-speed steels. It
is also involved in rolling and forging of the steel. The segment comprises the
activities of the Aubert & Duval and Erasteel. It also supplies products to
aeronautics sector and gas turbines. The Alloys segment accounted for 33% of
the company's total revenue in 2011. Geographically, the company operates in
four segments, namely, Europe, Asia, North America and Other (Africa, Oceania
and South America). For the fiscal year ended 2011, Europe accounted for 45% of
total revenue, followed by Asia with 15%, North America with 4%, and Other with
36% of the total revenue. In January 2012, the company renewed its agreement
with Societe Territoriale de Participation Industrielle (STCPI) till December
2012.
Eramet is a mining and metallurgy company. The company is a
is part of Euronext Paris A Compartment. It undertakes the manufacture of
nickel, manganese and alloys. Its operations also involve the production of
non-ferrous metals and their chemical derivatives, alloys and high-performance
parts for industries. The company makes super-alloys and specialty steels that
resist high heat and corrosion. Its steel products include die-forged and
machined parts for the aerospace, power generation, and tooling industries. The
manganese products of the company are used in the production of batteries,
fertilizers, and animal feed, as well as by the steel industry. Geographically,
the company operates in more than 20 countries including include Europe, North
America, South America, Africa, Asia and Oceania. Eramet is headquartered in
Paris, France.The key business strategies of the company include enhanced focus
on developing and strengthening its global leadership positions of all its business
activities, by owing to an investment policy including the extension of very
competitive capacity, external growth and internal development operations. It
also focuses on emerging markets to augment its growth prospects in future, by
expanding its product portfolio and which also helps it to tap the immense
market potential in the mining and metallurgy market domain.The company
reported revenues of (Euro) EUR 3,684.00 million during the fiscal year ended
December 2011, an increase of 2.13% over 2010. The operating profit of the
company was EUR 491.00 million during the fiscal year 2011, a decrease of
31.81% from 2010. The net profit of the company was EUR 195.00 million during
the fiscal year 2011, a decrease of 40.55% from 2010.
Other Metal Ore Mining
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SHAREHOLDERS
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Major Shareholders |
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Sorame and CEIR (36.90%); AREVA SA
(25.69%); Carlo Tassara (12.86%) |
KEY CORPORATE RELATIONSHIPS
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Auditor: |
Deloitte & Associes |
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Bank: |
Credit Agricole Indosuez, Bnp Paribas |
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Auditor: |
Deloitte & Associes, Ernst & Young
et Autres SAS, Deloitte & Associés SA |
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Eramet SA |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
|
Parent |
Paris |
France |
Metal Mining |
4,472.9 |
13,677 |
|
|
|
Division |
Paris |
France |
Chemical Manufacturing |
|
6,719 |
|
|
|
Facility |
Odda |
Norway |
Iron and Steel |
|
|
|
|
|
Subsidiary |
Paris |
France |
Iron and Steel |
974.3 |
3,589 |
|
|
|
Subsidiary |
Clermont Ferrand |
France |
Miscellaneous Fabricated Products |
24.6 |
149 |
|
|
|
Branch |
Clermont Ferrand, Puy De Dome |
France |
Construction - Supplies and Fixtures |
|
50 |
|
|
|
Subsidiary |
Clermont Ferrand |
France |
Iron and Steel |
18.8 |
34 |
|
|
|
Subsidiary |
Varilhes |
France |
Miscellaneous Fabricated Products |
2.4 |
34 |
|
|
|
Subsidiary |
Ferrara, Ferrara |
Italy |
Miscellaneous Capital Goods |
14.1 |
14 |
|
|
|
Facility |
Pamiers, Ariege |
France |
Containers and Packaging |
|
|
|
|
|
Facility |
Firminy, Loire |
France |
Iron and Steel |
|
|
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|
Facility |
Gennevilliers, Hauts-de-Seine |
France |
Iron and Steel |
|
|
|
|
|
Facility |
Issoire, Puy-de-Dome |
France |
Iron and Steel |
|
|
|
|
|
Facility |
Imphy, Nievre |
France |
Iron and Steel |
|
|
|
|
|
Facility |
Les Ancizes-Comps, Puy-de-Dome |
France |
Iron and Steel |
|
|
|
|
|
Subsidiary |
Libreville |
Gabon |
Railroads |
|
1,500 |
|
|
|
Subsidiary |
Moanda |
Gabon |
Metal Mining |
906.5 |
1,400 |
|
|
|
Subsidiary |
Saint Ghislain-Villerot |
Belgium |
Chemical Manufacturing |
76.0 |
145 |
|
|
|
Subsidiary |
Porsgrunn |
Norway |
Metal Mining |
621.9 |
643 |
|
|
|
Subsidiary |
Söderfors |
Sweden |
Iron and Steel |
213.0 |
404 |
|
|
|
Division |
Paris |
France |
Metal Mining |
|
200 |
|
|
|
Subsidiary |
Pánuco, Veracruz |
Mexico |
Chemical Manufacturing |
|
175 |
|
|
|
Subsidiary |
Grenoble |
France |
Chemical Manufacturing |
70.9 |
123 |
|
|
|
Subsidiary |
Freeport, TX |
United States |
Iron and Steel |
24.3 |
120 |
|
|
|
Division |
Paris |
France |
Miscellaneous Fabricated Products |
|
100 |
|
|
|
Division |
Paris |
France |
Computer Services |
970.8 |
77 |
|
|
|
Subsidiary |
Trappes |
France |
Miscellaneous Financial Services |
12.6 |
57 |
|
|
|
Subsidiary |
Notodden |
Norway |
Electric Utilities |
|
25 |
|
|
|
Subsidiary |
Coraopolis, PA |
United States |
Miscellaneous Capital Goods |
38.0 |
16 |
|
|
|
Subsidiary |
Trezzano Sul Naviglio, Milano |
Italy |
Miscellaneous Capital Goods |
2.6 |
14 |
|
|
|
Subsidiary |
Paris |
France |
Computer Services |
13.4 |
7 |
|
|
|
Subsidiary |
Paris |
France |
Miscellaneous Capital Goods |
272.7 |
26 |
|
|
|
Subsidiary |
Soderfors, Tierp |
Sweden |
Iron and Steel |
|
150 |
|
|
|
Subsidiary |
Champagnole |
France |
Iron and Steel |
23.7 |
74 |
|
|
|
Subsidiary |
Warrington |
United Kingdom |
Miscellaneous Fabricated Products |
17.5 |
50 |
|
|
|
Subsidiary |
Mönchengladbach, Nordrhein-Westfalen |
Germany |
Miscellaneous Capital Goods |
|
11 |
|
|
|
Facility |
Commentry, Allier |
France |
Iron and Steel |
|
|
|
|
|
Subsidiary |
Trappes |
France |
Biotechnology and Drugs |
26.7 |
6 |
|
|
|
Subsidiary |
Paris |
France |
Miscellaneous Capital Goods |
11.6 |
1 |
|
|
|
Subsidiary |
Paris |
France |
Iron and Steel |
|
1 |
|
|
|
Subsidiary |
Paris |
France |
Iron and Steel |
85.1 |
74 |
|
|
|
Subsidiary |
Oakville, ON |
Canada |
Miscellaneous Capital Goods |
1.2 |
1 |
|
|
|
Subsidiary |
Milano, Milano |
Italy |
Construction and Agriculture Machinery |
0.4 |
1 |
|
|
|
Subsidiary |
Paris |
France |
Miscellaneous Capital Goods |
15.0 |
|
|
|
|
Subsidiary |
Amsterdam, Noord-Holland |
Netherlands |
Consumer Financial Services |
|
|
|
|
|
Subsidiary |
Paris |
France |
Miscellaneous Financial Services |
|
|
|
|
|
Subsidiary |
Jakarta |
Indonesia |
Metal Mining |
|
|
|
|
|
Tinfos As |
Subsidiary |
|
|
|
|
|
|
|
Subsidiary |
Tyssedal, Hordaland |
Norway |
|
141.2 |
212 |
|
|
|
Subsidiary |
Akron, OH |
United States |
Miscellaneous Capital Goods |
12.7 |
5 |
|
|
|
Eramet Holding Alliages |
Subsidiary |
|
|
|
|
|
|
|
Subsidiary |
Laval De Cere |
France |
Construction - Supplies and Fixtures |
19.6 |
74 |
|
|
|
Subsidiary |
St Priest |
France |
Miscellaneous Fabricated Products |
6.1 |
20 |
|
|
Competitors Report |
|
CompanyName |
Location |
Employees |
Ownership |
|
Allegheny Technologies Incorporated |
Pittsburgh, Pennsylvania, United States |
11,100 |
Public |
|
Anglo American plc |
London, United Kingdom |
106,000 |
Public |
|
Enk PLC |
London, United Kingdom |
228 |
Public |
|
Vale Canada Limited |
Toronto, Ontario, Canada |
12,000 |
Private |
Executive Report
|
Board of Directors |
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Chairman of the Board and Chief Executive
Officer, Member of the Executive Committee |
Chairman |
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Vice Chairman of the Board, Chairman of
Eramet International |
Vice-Chairman |
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|||||||||||||||
|
Vice Chairman of the Board, Delegate Chief
Executive Officer - ERAMET Alloys Division, Member of the Executive Committee |
Vice-Chairman |
|
|
|||||||||||
|
|||||||||||||||
|
Director of Human Resources, Health &
Safety, Member of the Executive Committee |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Director - Representative of the French
Government |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Director - Representative of FSI-Equation |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Chief Financial Officer and Director of Administration,
Member of the Executive Committee |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Director - Representative of CEIR |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Director - Representative of SORAME |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Deputy CEO - Eramet Nickel and Member of
the Executive Committee |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Director of Communication and Sustainable
Development, Member of the Executive Committee |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Deputy CEO - Eramet Manganese and Member of
the Executive Committee |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Executives |
|
|
|
|
||||||||||||
|
Chairman of the Board and Chief Executive
Officer, Member of the Executive Committee |
Chief Executive Officer |
|
||||||||||||
|
|||||||||||||||
|
Director, CEO of Comilog Gabon, Deputy
Delegate CEO of the Manganese Division |
Division Head Executive |
|
|
|||||||||||
|
Delegate CEO of SLN New Caledonia |
Division Head Executive |
|
|
|||||||||||
|
Executive Vice-President Manganese
Chemistry / Recycling / Special products Business Unit |
Division Head Executive |
|
|
|||||||||||
|
Director, Head of Leaders Programs |
Division Head Executive |
|
|
|||||||||||
|
Chairman & CEO Eramet China |
Division Head Executive |
|
|
|||||||||||
|
Head of PT Projet Weda Bay Project |
Division Head Executive |
|
|
|||||||||||
|
Executive Vice President of Aubert &
Duval and Erasteel |
Division Head Executive |
|
|
|||||||||||
|
Chief Financial Officer and Director of
Administration, Member of the Executive Committee |
Administration Executive |
|
|
|||||||||||
|
|||||||||||||||
|
Director |
Administration Executive |
|
|
|||||||||||
|
|||||||||||||||
|
General secretariat |
Administration Executive |
|
|
|||||||||||
|
Executive Vice-President of Erasteel |
Administration Executive |
|
|
|||||||||||
|
Executive Vice-President of Manganese
Chemistry/Recycling/Special products Business Unit |
Administration Executive |
|
|
|||||||||||
|
Director of Strategy and Financial
Communication |
Finance Executive |
|
|
|||||||||||
|
Director of Human Resources, Health &
Safety, Member of the Executive Committee |
Human Resources Executive |
|
|
|||||||||||
|
|||||||||||||||
|
Commercial director, Marketing director |
Marketing Executive |
|
|
|||||||||||
|
EDP manager |
Information Executive |
|
|
|||||||||||
|
|||||||||||||||
|
Vice-President, Research, Innovation, Engineering
and Purchasing |
Engineering/Technical Executive |
|
|
|||||||||||
|
Vice President - Business Development |
Business Development Executive |
|
|
|||||||||||
|
|||||||||||||||
|
Head of Legal Department |
Legal Executive |
|
|
|||||||||||
|
Director |
Other |
|
|
|||||||||||
|
Eramet SA
Announces Ruling by Lyon Administrative Appeal Court May 07, 2013
|
|
Eramet SA
Announces the Ruling of Paris Court of Appeal Mar 19, 2013
|
|
Eramet SA
Proposes FY 2012 Dividend, And Issues Production Guidance Feb 22, 2013
|
|
Eramet SA's
Societe Le Nickel-SLN Signs Declaration of Intent with Southern Province and
Vale New Caledonia on Prony and Creek Pernod Deposits Nov 06, 2012
|
|
Eramet SA
Announces Renewal of Societe Le Nickel Shareholders' Agreement with STCPI Oct 30, 2012
|
|
Eramet SA
Updates on H2 2012 Operating Income Guidance Oct 25, 2012
|
Annual Profit and Loss
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Total income |
1,525.2 |
1,444.7 |
1,053.5 |
|
Net sales |
1,451.1 |
1,413.1 |
1,045.5 |
|
Change in stock |
24.5 |
-42.8 |
2.3 |
|
Unfinished work in progress |
3.1 |
10.6 |
-0.9 |
|
Own work capitalised |
6.2 |
3.8 |
0.1 |
|
Subsidies for operating costs |
0.1 |
0.1 |
0.0 |
|
Supplementary operating income |
64.7 |
17.1 |
8.6 |
|
Other operating income |
0.0 |
- |
0.2 |
|
Other external charges |
114.1 |
101.0 |
93.4 |
|
Cost of goods sold |
1,246.8 |
1,327.3 |
895.3 |
|
Taxes and social security costs |
6.6 |
3.8 |
7.1 |
|
Social charges |
69.8 |
29.4 |
21.5 |
|
Total payroll costs |
40.3 |
35.3 |
37.2 |
|
Cost of stock depreciation and
amortisation |
66.5 |
22.6 |
9.8 |
|
Fixed asset depreciation and amortisation |
7.0 |
6.3 |
7.1 |
|
Other operating costs |
4.0 |
2.6 |
4.8 |
|
Total operating
costs |
1,579.6 |
1,485.3 |
1,078.6 |
|
Net operating
income |
-54.4 |
-40.6 |
-25.1 |
|
Total financial
income |
807.6 |
127.9 |
268.8 |
|
Interest payable on loans |
15.4 |
- |
14.2 |
|
Other expenses |
326.7 |
- |
216.1 |
|
Total expenses |
342.1 |
- |
230.3 |
|
Profit before tax |
411.1 |
87.3 |
13.4 |
|
Extraordinary income |
74.3 |
98.7 |
130.1 |
|
Extraordinary expenses |
19.8 |
- |
193.3 |
|
Extraordinary result |
54.5 |
98.7 |
-63.2 |
|
Total taxation |
-13.4 |
-13.1 |
-8.9 |
|
Profit distributed to employees |
5.0 |
5.6 |
0.8 |
|
Net profit |
474.1 |
193.5 |
- |
|
Net loss |
- |
- |
41.6 |
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 |
|
|
|
|
|
|
Issued capital |
105.0 |
108.5 |
115.4 |
|
Share premium account |
482.7 |
498.4 |
489.6 |
|
Legal reserves |
106.6 |
107.6 |
106.7 |
|
Total reserves |
340.0 |
351.3 |
375.7 |
|
Profits for the year |
442.6 |
196.0 |
-43.0 |
|
Profit brought forward from previous
year(s) |
597.3 |
545.1 |
693.8 |
|
Total
stockholders equity |
2,074.3 |
1,806.8 |
1,738.2 |
|
Provisions and allowances |
29.7 |
21.6 |
23.4 |
|
Trade creditors |
128.6 |
280.7 |
169.8 |
|
Advances received |
1.4 |
10.3 |
1.5 |
|
Bank loans and overdrafts |
20.2 |
0.4 |
0.2 |
|
Other loans |
549.5 |
889.2 |
1,338.4 |
|
Other liabilities |
2.5 |
12.7 |
16.9 |
|
Debts on fixed assets |
2.6 |
2.2 |
1.4 |
|
Income stated in advance |
0.0 |
0.0 |
0.0 |
|
Taxation and social security |
22.7 |
19.6 |
16.1 |
|
Total current
liabilities |
726.2 |
1,204.9 |
1,542.7 |
|
Total debts |
727.6 |
1,215.1 |
1,544.3 |
|
Total
liabilities (including net worth) |
2,831.6 |
3,043.5 |
3,305.9 |
|
Patents |
0.4 |
0.3 |
0.4 |
|
Other intangibles |
15.8 |
6.3 |
0.6 |
|
Land |
1.5 |
1.5 |
1.6 |
|
Buildings |
9.1 |
10.0 |
11.7 |
|
Other fixed assets |
20.5 |
22.3 |
24.0 |
|
Long-term investments |
1,592.8 |
2,065.3 |
2,163.9 |
|
Other financial assets |
855.7 |
598.1 |
830.6 |
|
Total
non-current assets |
2,495.9 |
2,703.9 |
3,032.7 |
|
Prepayments |
4.4 |
3.6 |
2.9 |
|
Net stocks and work in progress |
137.2 |
162.9 |
116.3 |
|
Trade debtors |
122.6 |
138.5 |
126.4 |
|
Other receivables |
56.3 |
18.8 |
22.8 |
|
Prepaid expenses |
4.6 |
8.6 |
2.2 |
|
Cash and liquid assets |
5.3 |
7.1 |
2.4 |
|
Total current
assets |
330.6 |
339.6 |
273.0 |
|
Prepaid expenses and deferred costs |
5.2 |
0.0 |
0.1 |
|
Total assets |
2,831.6 |
3,043.5 |
3,305.9 |
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 |
0.50 |
0.30 |
0.20 |
|
Quick ratio |
0.30 |
0.10 |
0.10 |
|
Total liabilities to net worth |
0.35% |
0.68% |
0.89% |
|
Net worth to total assets |
0.73% |
0.59% |
0.53% |
|
Collection period |
27.50 |
29.40 |
35.60 |
|
Stock turnover rate |
9.90 |
8.80 |
9.30 |
|
Asset turnover |
0.48% |
0.47% |
0.33% |
|
Profit margin |
0.28% |
0.06% |
0.01% |
|
Return on assets |
0.14% |
0.03% |
0.00% |
|
Shareholders' return |
0.19% |
0.05% |
0.01% |
|
Sales per employee |
17.03 |
18.37 |
12.88 |
|
Profit per employee |
4.82 |
1.13 |
0.17 |
|
Average wage per employee |
0.47 |
0.46 |
0.46 |
|
Net worth |
2,074.3 |
1,806.8 |
1,738.2 |
|
Number of employees |
402 |
381 |
383 |
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 |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
Deloitte &
Associes |
Ernst &
Young et Autres |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
4,472.9 |
5,122.4 |
4,777.0 |
3,691.0 |
6,513.3 |
|
Revenue |
4,472.9 |
5,122.4 |
4,777.0 |
3,691.0 |
6,513.3 |
|
Total Revenue |
4,472.9 |
5,122.4 |
4,777.0 |
3,691.0 |
6,513.3 |
|
|
|
|
|
|
|
|
Cost of Revenue |
3,627.4 |
3,718.1 |
3,227.5 |
3,357.2 |
4,020.9 |
|
Cost of Revenue, Total |
3,627.4 |
3,718.1 |
3,227.5 |
3,357.2 |
4,020.9 |
|
Gross Profit |
845.5 |
1,404.4 |
1,549.5 |
333.8 |
2,492.4 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
257.0 |
241.9 |
205.3 |
197.5 |
206.2 |
|
Total Selling/General/Administrative Expenses |
257.0 |
241.9 |
205.3 |
197.5 |
206.2 |
|
Research & Development |
65.5 |
65.4 |
58.3 |
54.2 |
84.8 |
|
Depreciation |
295.5 |
298.9 |
274.1 |
267.0 |
260.4 |
|
Amortization of Intangibles |
19.3 |
7.0 |
10.6 |
11.1 |
11.7 |
|
Depreciation/Amortization |
314.8 |
305.9 |
284.7 |
278.1 |
272.1 |
|
Restructuring Charge |
24.4 |
2.8 |
23.8 |
2.8 |
1.5 |
|
Impairment-Assets Held for Use |
1.3 |
- |
- |
- |
- |
|
Loss (Gain) on Sale of Assets - Operating |
- |
- |
-1.3 |
0.0 |
-1.5 |
|
Other Unusual Expense (Income) |
- |
23.6 |
-14.6 |
70.9 |
70.2 |
|
Unusual Expense (Income) |
25.7 |
26.4 |
7.9 |
73.7 |
70.2 |
|
Other Operating Expense |
1.3 |
13.9 |
13.2 |
13.9 |
- |
|
Other, Net |
91.2 |
68.1 |
26.5 |
87.6 |
41.0 |
|
Other Operating Expenses, Total |
92.5 |
82.0 |
39.7 |
101.5 |
41.0 |
|
Total Operating Expense |
4,383.0 |
4,439.7 |
3,823.4 |
4,062.3 |
4,695.2 |
|
|
|
|
|
|
|
|
Operating Income |
89.9 |
682.7 |
953.5 |
-371.3 |
1,818.1 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-24.4 |
-26.4 |
-21.2 |
-20.9 |
-16.1 |
|
Interest Expense, Net Non-Operating |
-24.4 |
-26.4 |
-21.2 |
-20.9 |
-16.1 |
|
Interest Income -
Non-Operating |
24.4 |
29.2 |
19.9 |
30.6 |
68.7 |
|
Investment Income -
Non-Operating |
19.3 |
62.6 |
4.0 |
9.7 |
0.0 |
|
Interest/Investment Income - Non-Operating |
43.7 |
91.8 |
23.8 |
40.3 |
68.7 |
|
Interest Income (Expense) - Net Non-Operating Total |
19.3 |
65.4 |
2.6 |
19.5 |
52.7 |
|
Other Non-Operating Income (Expense) |
-19.3 |
-22.2 |
-17.2 |
-20.9 |
-112.6 |
|
Other, Net |
-19.3 |
-22.2 |
-17.2 |
-20.9 |
-112.6 |
|
Income Before Tax |
89.9 |
725.8 |
939.0 |
-372.7 |
1,758.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
36.0 |
304.5 |
337.7 |
-9.7 |
507.5 |
|
Income After Tax |
54.0 |
421.3 |
601.3 |
-363.0 |
1,250.6 |
|
|
|
|
|
|
|
|
Minority Interest |
-43.7 |
-150.2 |
-166.9 |
-5.6 |
-235.5 |
|
Net Income Before Extraord Items |
10.3 |
271.1 |
434.4 |
-368.5 |
1,015.1 |
|
Net Income |
10.3 |
271.1 |
434.4 |
-368.5 |
1,015.1 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
10.3 |
271.1 |
434.4 |
-368.5 |
1,015.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
10.3 |
271.1 |
434.4 |
-368.5 |
1,015.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
26.3 |
26.3 |
26.4 |
26.1 |
25.7 |
|
Basic EPS Excl Extraord Items |
0.39 |
10.31 |
16.44 |
-14.13 |
39.52 |
|
Basic/Primary EPS Incl Extraord Items |
0.39 |
10.31 |
16.44 |
-14.13 |
39.52 |
|
Dilution Adjustment |
0.2 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
10.5 |
271.1 |
434.4 |
-368.5 |
1,015.1 |
|
Diluted Weighted Average Shares |
26.4 |
26.4 |
26.5 |
26.1 |
25.8 |
|
Diluted EPS Excl Extraord Items |
0.40 |
10.26 |
16.40 |
-14.13 |
39.41 |
|
Diluted EPS Incl Extraord Items |
0.40 |
10.26 |
16.40 |
-14.13 |
39.41 |
|
Dividends per Share - Common Stock Primary Issue |
1.67 |
3.13 |
4.64 |
2.50 |
7.68 |
|
Gross Dividends - Common Stock |
44.3 |
83.0 |
122.9 |
66.0 |
201.3 |
|
Interest Expense, Supplemental |
24.4 |
26.4 |
21.2 |
20.9 |
16.1 |
|
Depreciation, Supplemental |
341.8 |
317.0 |
271.5 |
336.6 |
323.3 |
|
Total Special Items |
25.7 |
26.4 |
7.9 |
73.7 |
70.2 |
|
Normalized Income Before Tax |
115.6 |
752.2 |
946.9 |
-299.0 |
1,828.3 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
10.3 |
11.1 |
2.9 |
25.8 |
20.3 |
|
Inc Tax Ex Impact of Sp Items |
46.3 |
315.6 |
340.6 |
16.1 |
527.8 |
|
Normalized Income After Tax |
69.4 |
436.6 |
606.4 |
-315.1 |
1,300.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
25.7 |
286.5 |
439.5 |
-320.6 |
1,065.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.98 |
10.89 |
16.63 |
-12.29 |
41.46 |
|
Diluted Normalized EPS |
0.98 |
10.84 |
16.60 |
-12.29 |
41.35 |
|
Amort of Intangibles, Supplemental |
19.3 |
22.2 |
10.6 |
13.9 |
11.7 |
|
Rental Expenses |
75.8 |
70.9 |
60.9 |
- |
- |
|
Research & Development Exp, Supplemental |
65.5 |
65.4 |
58.3 |
54.2 |
84.8 |
|
Normalized EBIT |
115.6 |
709.1 |
961.5 |
-297.6 |
1,888.3 |
|
Normalized EBITDA |
476.7 |
1,048.4 |
1,243.6 |
52.8 |
2,223.3 |
|
Current Tax - Domestic |
88.7 |
- |
- |
- |
- |
|
Current Tax - Total |
- |
184.9 |
227.8 |
73.7 |
485.6 |
|
Current Tax - Total |
88.7 |
184.9 |
227.8 |
73.7 |
485.6 |
|
Deferred Tax - Domestic |
-52.7 |
- |
- |
- |
- |
|
Deferred Tax - Total |
- |
119.6 |
109.9 |
-83.4 |
21.9 |
|
Deferred Tax - Total |
-52.7 |
119.6 |
109.9 |
-83.4 |
21.9 |
|
Income Tax - Total |
36.0 |
304.5 |
337.7 |
-9.7 |
507.5 |
|
Interest Cost - Domestic |
20.6 |
22.2 |
22.5 |
23.6 |
21.9 |
|
Service Cost - Domestic |
14.1 |
13.9 |
11.9 |
12.5 |
16.1 |
|
Prior Service Cost - Domestic |
1.3 |
2.8 |
4.0 |
7.0 |
- |
|
Expected Return on Assets - Domestic |
-15.4 |
-15.3 |
-15.9 |
-13.9 |
-14.6 |
|
Actuarial Gains and Losses - Domestic |
7.7 |
4.2 |
0.0 |
18.1 |
21.9 |
|
Other Pension, Net - Domestic |
-2.6 |
2.8 |
-11.9 |
-1.4 |
-5.9 |
|
Domestic Pension Plan Expense |
25.7 |
30.6 |
10.6 |
45.9 |
39.5 |
|
Total Pension Expense |
25.7 |
30.6 |
10.6 |
45.9 |
39.5 |
|
Discount Rate - Domestic |
- |
0.90% |
2.10% |
3.40% |
2.60% |
|
Expected Rate of Return - Domestic |
- |
3.50% |
3.80% |
4.50% |
3.75% |
|
Compensation Rate - Domestic |
- |
2.10% |
2.30% |
3.00% |
2.50% |
|
Total Plan Interest Cost |
20.6 |
22.2 |
22.5 |
23.6 |
21.9 |
|
Total Plan Service Cost |
14.1 |
13.9 |
11.9 |
12.5 |
16.1 |
|
Total Plan Expected Return |
-15.4 |
-15.3 |
-15.9 |
-13.9 |
-14.6 |
|
Total Plan Other Expense |
-2.6 |
2.8 |
-11.9 |
-1.4 |
-5.9 |
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 |
Deloitte &
Associes |
Ernst &
Young et Autres |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash |
92.5 |
155.8 |
127.4 |
84.7 |
104.3 |
|
Cash & Equivalents |
728.3 |
1,026.8 |
1,518.6 |
1,080.4 |
1,208.0 |
|
Short Term Investments |
486.4 |
614.0 |
481.6 |
581.1 |
539.3 |
|
Cash and Short Term Investments |
1,307.2 |
1,796.6 |
2,127.7 |
1,746.1 |
1,851.5 |
|
Accounts Receivable -
Trade, Gross |
- |
567.3 |
630.5 |
573.9 |
656.1 |
|
Provision for Doubtful
Accounts |
- |
-7.8 |
-6.7 |
-51.7 |
-45.9 |
|
Trade Accounts Receivable - Net |
912.0 |
559.5 |
623.8 |
522.2 |
610.2 |
|
Other Receivables |
50.2 |
299.9 |
222.7 |
249.6 |
389.2 |
|
Total Receivables, Net |
962.2 |
859.4 |
846.5 |
771.9 |
999.4 |
|
Inventories - Finished Goods |
526.0 |
511.5 |
438.7 |
440.5 |
496.2 |
|
Inventories - Work In Progress |
372.7 |
446.6 |
397.1 |
307.0 |
450.4 |
|
Inventories - Raw Materials |
429.6 |
423.2 |
457.5 |
403.2 |
747.8 |
|
Inventories - Other |
43.6 |
37.6 |
42.9 |
31.6 |
32.0 |
|
Total Inventory |
1,371.9 |
1,418.9 |
1,336.2 |
1,182.2 |
1,726.4 |
|
Prepaid Expenses |
- |
45.4 |
30.9 |
27.3 |
26.4 |
|
Other Current Assets |
67.4 |
59.7 |
171.7 |
129.1 |
154.3 |
|
Other Current Assets, Total |
67.4 |
59.7 |
171.7 |
129.1 |
154.3 |
|
Total Current Assets |
3,708.7 |
4,180.0 |
4,513.0 |
3,856.6 |
4,758.1 |
|
|
|
|
|
|
|
|
Land/Improvements |
1,262.2 |
1,152.8 |
1,133.6 |
1,137.8 |
975.8 |
|
Machinery/Equipment |
- |
3,672.5 |
3,624.9 |
3,641.4 |
3,325.0 |
|
Construction in
Progress |
754.7 |
576.4 |
334.0 |
309.9 |
442.0 |
|
Natural Resources |
4,090.7 |
- |
- |
- |
- |
|
Other
Property/Plant/Equipment |
890.8 |
769.8 |
760.7 |
759.0 |
660.3 |
|
Property/Plant/Equipment - Gross |
6,998.4 |
6,171.4 |
5,853.2 |
5,848.0 |
5,403.1 |
|
Accumulated Depreciation |
-3,755.0 |
-3,420.6 |
-3,300.2 |
-3,272.7 |
-2,952.5 |
|
Property/Plant/Equipment - Net |
3,243.5 |
2,750.8 |
2,553.0 |
2,575.4 |
2,450.7 |
|
Goodwill, Net |
228.7 |
272.6 |
230.7 |
231.0 |
365.6 |
|
Intangibles - Gross |
1,185.6 |
1,007.4 |
888.1 |
799.2 |
- |
|
Accumulated Intangible Amortization |
-237.9 |
-212.9 |
-189.2 |
-179.3 |
- |
|
Intangibles, Net |
947.7 |
795.8 |
698.9 |
619.8 |
479.6 |
|
LT Investment - Affiliate Companies |
108.4 |
29.9 |
29.5 |
30.1 |
0.0 |
|
LT Investments - Other |
- |
112.9 |
115.4 |
143.5 |
190.4 |
|
Long Term Investments |
108.4 |
142.8 |
144.9 |
173.6 |
190.4 |
|
Note Receivable - Long Term |
67.4 |
- |
- |
- |
- |
|
Deferred Income Tax - Long Term Asset |
38.3 |
32.5 |
40.2 |
97.6 |
44.5 |
|
Other Long Term Assets |
9.3 |
6.5 |
6.7 |
7.2 |
8.3 |
|
Other Long Term Assets, Total |
47.6 |
38.9 |
47.0 |
104.7 |
52.8 |
|
Total Assets |
8,351.8 |
8,180.9 |
8,187.5 |
7,561.1 |
8,297.2 |
|
|
|
|
|
|
|
|
Accounts Payable |
- |
614.0 |
547.4 |
505.0 |
646.4 |
|
Accrued Expenses |
- |
281.7 |
288.4 |
218.1 |
305.8 |
|
Notes Payable/Short Term Debt |
37.0 |
36.3 |
34.9 |
44.5 |
63.9 |
|
Current Portion - Long Term Debt/Capital Leases |
267.0 |
67.5 |
83.2 |
58.8 |
84.8 |
|
Customer Advances |
- |
11.7 |
12.1 |
14.3 |
19.5 |
|
Income Taxes Payable |
95.2 |
100.0 |
199.9 |
106.2 |
398.9 |
|
Other Payables |
1,064.0 |
174.0 |
132.8 |
109.0 |
289.1 |
|
Other Current Liabilities |
109.7 |
168.8 |
134.2 |
78.9 |
264.1 |
|
Other Current liabilities, Total |
1,268.8 |
454.4 |
478.9 |
308.5 |
971.6 |
|
Total Current Liabilities |
1,572.8 |
1,453.9 |
1,432.8 |
1,134.9 |
2,072.6 |
|
|
|
|
|
|
|
|
Long Term Debt |
376.7 |
154.5 |
224.0 |
221.0 |
58.4 |
|
Capital Lease Obligations |
34.4 |
41.5 |
48.3 |
64.6 |
69.5 |
|
Total Long Term Debt |
411.0 |
196.0 |
272.3 |
285.5 |
127.9 |
|
Total Debt |
715.0 |
299.9 |
390.4 |
388.8 |
276.6 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
502.2 |
527.0 |
458.8 |
426.1 |
333.6 |
|
Deferred Income Tax |
502.2 |
527.0 |
458.8 |
426.1 |
333.6 |
|
Minority Interest |
1,081.2 |
1,354.0 |
1,363.0 |
1,391.7 |
1,488.7 |
|
Reserves |
565.7 |
492.0 |
483.0 |
450.5 |
376.7 |
|
Pension Benefits - Underfunded |
173.1 |
167.5 |
165.0 |
183.6 |
168.2 |
|
Other Long Term Liabilities |
37.0 |
48.0 |
44.3 |
51.7 |
30.6 |
|
Other Liabilities, Total |
775.8 |
707.5 |
692.2 |
685.8 |
575.5 |
|
Total Liabilities |
4,343.1 |
4,238.5 |
4,219.2 |
3,924.0 |
4,598.3 |
|
|
|
|
|
|
|
|
Common Stock |
107.1 |
105.2 |
108.7 |
114.8 |
111.2 |
|
Common Stock |
107.1 |
105.2 |
108.7 |
114.8 |
111.2 |
|
Additional Paid-In Capital |
493.0 |
482.9 |
497.7 |
489.2 |
479.6 |
|
Retained Earnings (Accumulated Deficit) |
3,366.4 |
3,316.8 |
3,329.7 |
3,079.0 |
3,291.6 |
|
Translation Adjustment |
42.3 |
36.3 |
32.2 |
-45.9 |
-183.5 |
|
Other Equity, Total |
42.3 |
36.3 |
32.2 |
-45.9 |
-183.5 |
|
Total Equity |
4,008.7 |
3,941.2 |
3,968.3 |
3,637.1 |
3,698.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
8,351.8 |
8,179.6 |
8,187.5 |
7,561.1 |
8,297.2 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
26.3 |
26.3 |
26.4 |
26.5 |
26.0 |
|
Total Common Shares Outstanding |
26.3 |
26.3 |
26.4 |
26.5 |
26.0 |
|
Treasury Shares - Common Stock Primary Issue |
0.3 |
0.3 |
0.1 |
0.1 |
0.4 |
|
Employees |
13,677 |
14,208 |
14,123 |
14,183 |
15,241 |
|
Accumulated Goodwill Amortization Suppl. |
41.0 |
- |
- |
- |
- |
|
Accumulated Intangible Amort, Suppl. |
237.9 |
212.9 |
189.2 |
179.3 |
148.7 |
|
Deferred Revenue - Current |
- |
11.7 |
12.1 |
14.3 |
19.5 |
|
Total Long Term Debt, Supplemental |
719.0 |
214.2 |
296.5 |
271.2 |
133.4 |
|
Long Term Debt Maturing within 1 Year |
313.2 |
59.7 |
75.1 |
50.2 |
77.8 |
|
Long Term Debt Maturing in Year 2 |
53.9 |
34.1 |
44.6 |
43.8 |
7.6 |
|
Long Term Debt Maturing in Year 3 |
53.9 |
34.1 |
44.6 |
43.8 |
7.6 |
|
Long Term Debt Maturing in Year 4 |
53.9 |
34.1 |
44.6 |
43.8 |
7.6 |
|
Long Term Debt Maturing in Year 5 |
53.9 |
34.1 |
44.6 |
43.8 |
7.6 |
|
Long Term Debt Maturing in 2-3 Years |
107.7 |
68.2 |
89.2 |
87.5 |
15.3 |
|
Long Term Debt Maturing in 4-5 Years |
107.7 |
68.2 |
89.2 |
87.5 |
15.3 |
|
Long Term Debt Matur. in Year 6 & Beyond |
190.3 |
18.2 |
42.9 |
45.9 |
25.0 |
|
Total Capital Leases, Supplemental |
42.3 |
49.3 |
59.0 |
73.2 |
79.2 |
|
Capital Lease Payments Due in Year 1 |
7.9 |
7.8 |
8.0 |
8.6 |
9.7 |
|
Capital Lease Payments Due in Year 2 |
7.3 |
7.8 |
8.0 |
9.0 |
8.7 |
|
Capital Lease Payments Due in Year 3 |
7.3 |
7.8 |
8.0 |
9.0 |
8.7 |
|
Capital Lease Payments Due in Year 4 |
7.3 |
7.8 |
8.0 |
9.0 |
8.7 |
|
Capital Lease Payments Due in Year 5 |
7.3 |
7.8 |
8.0 |
9.0 |
8.7 |
|
Capital Lease Payments Due in 2-3 Years |
14.5 |
15.6 |
16.1 |
17.9 |
17.4 |
|
Capital Lease Payments Due in 4-5 Years |
14.5 |
15.6 |
16.1 |
17.9 |
17.4 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
5.3 |
10.4 |
18.8 |
28.7 |
34.8 |
|
Pension Obligation - Domestic |
474.5 |
454.4 |
417.2 |
414.6 |
404.5 |
|
Post-Retirement Obligation |
72.7 |
67.5 |
67.1 |
- |
- |
|
Plan Assets - Domestic |
306.6 |
272.6 |
268.3 |
269.7 |
239.1 |
|
Plan Assets - Post-Retirement |
0.0 |
0.0 |
0.0 |
- |
- |
|
Funded Status - Domestic |
-167.9 |
-181.7 |
-148.9 |
-144.9 |
-165.4 |
|
Funded Status - Post-Retirement |
-72.7 |
-67.5 |
-67.1 |
- |
- |
|
Unfunded Plan Obligations |
- |
- |
- |
70.3 |
65.3 |
|
Total Funded Status |
-240.5 |
-249.2 |
-216.0 |
-215.2 |
-230.7 |
|
Discount Rate - Domestic |
- |
0.90% |
2.10% |
3.40% |
2.60% |
|
Expected Rate of Return - Domestic |
- |
3.50% |
3.80% |
4.50% |
3.75% |
|
Compensation Rate - Domestic |
- |
2.10% |
2.30% |
3.00% |
2.50% |
|
Accrued Liabilities - Domestic |
-173.1 |
-167.5 |
-165.0 |
- |
- |
|
Other Assets, Net - Domestic |
99.1 |
87.0 |
53.7 |
- |
- |
|
Net Domestic Pension Assets |
- |
- |
- |
-107.6 |
- |
|
Net Post-Retirement Assets |
70.1 |
- |
- |
-70.3 |
- |
|
Net Assets Recognized on Balance Sheet |
-4.0 |
-80.5 |
-111.3 |
-177.9 |
- |
|
Equity % - Domestic |
25.00% |
9.00% |
10.00% |
9.00% |
8.00% |
|
Debt Securities % - Domestic |
66.00% |
36.00% |
36.00% |
37.00% |
31.00% |
|
Other Investments % - Domestic |
9.00% |
9.00% |
9.00% |
11.00% |
20.00% |
|
Other Investments % - Foreign |
- |
- |
1.00% |
- |
- |
|
Total Plan Obligations |
547.2 |
521.9 |
484.3 |
484.9 |
469.8 |
|
Total Plan Assets |
306.6 |
272.6 |
268.3 |
269.7 |
239.1 |
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 |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
Deloitte &
Associes |
Ernst &
Young et Autres |
Ernst & Young
LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
54.0 |
421.3 |
601.3 |
-363.0 |
1,250.6 |
|
Depreciation |
341.8 |
340.7 |
300.6 |
472.8 |
299.8 |
|
Depreciation/Depletion |
341.8 |
340.7 |
300.6 |
472.8 |
299.8 |
|
Deferred Taxes |
-52.7 |
119.6 |
109.9 |
-83.4 |
21.9 |
|
Unusual Items |
-11.6 |
1.4 |
9.3 |
-84.8 |
51.2 |
|
Equity in Net Earnings (Loss) |
0.0 |
-1.4 |
-1.3 |
0.0 |
0.0 |
|
Other Non-Cash Items |
24.4 |
29.2 |
19.9 |
30.6 |
68.7 |
|
Non-Cash Items |
12.8 |
29.2 |
27.8 |
-54.2 |
119.9 |
|
Accounts Receivable |
-2.6 |
45.9 |
-108.6 |
108.5 |
264.7 |
|
Inventories |
82.2 |
-137.7 |
-188.1 |
632.8 |
-399.3 |
|
Accounts Payable |
-101.5 |
77.9 |
50.3 |
-154.4 |
136.0 |
|
Other Assets & Liabilities, Net |
73.2 |
265.6 |
295.3 |
-119.6 |
469.5 |
|
Other Operating Cash Flow |
-128.5 |
-340.7 |
-125.8 |
-283.7 |
-495.8 |
|
Changes in Working Capital |
-77.1 |
-89.0 |
-76.8 |
183.6 |
-24.9 |
|
Cash from Operating Activities |
278.8 |
821.8 |
962.8 |
155.8 |
1,667.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-841.6 |
-668.8 |
-415.9 |
-408.9 |
-991.7 |
|
Capital Expenditures |
-841.6 |
-668.8 |
-415.9 |
-408.9 |
-991.7 |
|
Sale of Fixed Assets |
14.1 |
1.4 |
10.6 |
0.0 |
8.8 |
|
Investment, Net |
134.9 |
-159.9 |
60.9 |
-5.6 |
- |
|
Other Investing Cash Flow |
14.1 |
-73.7 |
-25.2 |
-27.8 |
-275.0 |
|
Other Investing Cash Flow Items, Total |
163.2 |
-232.2 |
46.4 |
-33.4 |
-266.2 |
|
Cash from Investing Activities |
-678.5 |
-901.0 |
-369.5 |
-442.3 |
-1,257.9 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-298.1 |
-118.2 |
-31.8 |
118.2 |
-89.2 |
|
Financing Cash Flow Items |
-298.1 |
-118.2 |
-31.8 |
118.2 |
-89.2 |
|
Cash Dividends Paid - Common |
-75.8 |
-127.9 |
-62.2 |
-189.1 |
-225.3 |
|
Total Cash Dividends Paid |
-75.8 |
-127.9 |
-62.2 |
-189.1 |
-225.3 |
|
Sale/Issuance of
Common |
2.6 |
1.4 |
41.1 |
1.4 |
7.3 |
|
Common Stock, Net |
2.6 |
1.4 |
41.1 |
1.4 |
7.3 |
|
Issuance (Retirement) of Stock, Net |
2.6 |
1.4 |
41.1 |
1.4 |
7.3 |
|
Long Term Debt Issued |
409.9 |
25.0 |
529.7 |
269.8 |
83.4 |
|
Long Term Debt
Reduction |
-6.4 |
-98.7 |
-525.8 |
-130.7 |
-178.4 |
|
Long Term Debt, Net |
403.5 |
-73.7 |
4.0 |
139.1 |
-95.1 |
|
Issuance (Retirement) of Debt, Net |
403.5 |
-73.7 |
4.0 |
139.1 |
-95.1 |
|
Cash from Financing Activities |
32.1 |
-318.4 |
-49.0 |
69.5 |
-402.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-5.1 |
-41.7 |
5.3 |
33.4 |
-33.6 |
|
Net Change in Cash |
-372.6 |
-439.4 |
549.6 |
-183.6 |
-26.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,170.6 |
1,706.1 |
1,075.4 |
1,312.8 |
1,407.1 |
|
Net Cash - Ending Balance |
798.0 |
1,266.7 |
1,625.0 |
1,129.3 |
1,380.8 |
|
Cash Interest Paid |
24.4 |
26.4 |
21.2 |
20.9 |
16.1 |
|
Cash Taxes Paid |
104.1 |
314.2 |
104.6 |
262.8 |
479.8 |
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 |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
Deloitte &
Associes |
Ernst &
Young et Autres |
Ernst &
Young LLP |
Ernst &
Young et Autres |
Ernst & Young
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Turnover |
4,429.2 |
5,009.8 |
4,735.9 |
3,739.7 |
6,356.8 |
|
Other Operating
Inc. |
43.7 |
112.6 |
41.1 |
-48.7 |
156.5 |
|
Total Revenue |
4,472.9 |
5,122.4 |
4,777.0 |
3,691.0 |
6,513.3 |
|
|
|
|
|
|
|
|
Cost of Sales |
3,627.4 |
3,718.1 |
3,227.5 |
3,357.2 |
4,020.9 |
|
Administrative and
Selling |
257.0 |
241.9 |
205.3 |
197.5 |
206.2 |
|
Research and
Development |
65.5 |
65.4 |
58.3 |
54.2 |
84.8 |
|
Amortisation of
Intangibles |
9.0 |
- |
- |
- |
- |
|
Intangibles -
purchase price allocation |
10.3 |
- |
- |
- |
- |
|
Amortization of
Intangibles |
- |
7.0 |
10.6 |
11.1 |
11.7 |
|
Depreciation |
293.0 |
- |
- |
- |
- |
|
Tangibles -
purchase price allocation |
2.6 |
- |
- |
- |
- |
|
Depreciation |
- |
298.9 |
274.1 |
267.0 |
260.4 |
|
Prov. for decommi.
fund & envir oblig. |
1.3 |
- |
- |
- |
- |
|
Otehr Provisions |
- |
13.9 |
13.2 |
13.9 |
- |
|
Other Net
Provisions |
21.8 |
- |
- |
- |
- |
|
Other Other
Operating Income / Charges |
69.4 |
- |
- |
- |
- |
|
Net Provisions |
- |
7.0 |
9.3 |
16.7 |
-2.9 |
|
Other Operating
Income / Charges |
- |
61.2 |
17.2 |
70.9 |
43.9 |
|
Gain (Loss) on
Disposal of Fixed Assets |
- |
- |
-1.3 |
0.0 |
-1.5 |
|
Restructuring and
Redundancy Plans |
24.4 |
2.8 |
23.8 |
2.8 |
1.5 |
|
WB on Depreciation |
- |
23.6 |
-14.6 |
70.9 |
70.2 |
|
WB on Depreciation |
1.3 |
- |
- |
- |
- |
|
Total Operating
Expense |
4,383.0 |
4,439.7 |
3,823.4 |
4,062.3 |
4,695.2 |
|
|
|
|
|
|
|
|
Interest Income |
24.4 |
29.2 |
19.9 |
30.6 |
68.7 |
|
Interest Charges |
-24.4 |
-26.4 |
-21.2 |
-20.9 |
-16.1 |
|
Investment Income |
11.6 |
27.8 |
5.3 |
5.6 |
- |
|
Other Financial
Income/Expense, Net |
-19.3 |
- |
- |
- |
- |
|
Other Financial |
- |
- |
- |
- |
-2.9 |
|
Investment
Income/Other |
- |
33.4 |
-2.6 |
4.2 |
- |
|
Other Financial
Income, Net |
- |
-22.2 |
-17.2 |
-20.9 |
-109.7 |
|
Share in
Associates |
0.0 |
1.4 |
1.3 |
0.0 |
0.0 |
|
Income from
Investments and Dividends |
9.0 |
- |
- |
- |
- |
|
Exchange
Differences |
-1.3 |
- |
- |
- |
- |
|
Net Income
Before Taxes |
89.9 |
725.8 |
939.0 |
-372.7 |
1,758.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
36.0 |
304.5 |
337.7 |
-9.7 |
507.5 |
|
Net Income After
Taxes |
54.0 |
421.3 |
601.3 |
-363.0 |
1,250.6 |
|
|
|
|
|
|
|
|
Minority Interest |
-43.7 |
-150.2 |
-166.9 |
-5.6 |
-235.5 |
|
Net Income
Before Extra. Items |
10.3 |
271.1 |
434.4 |
-368.5 |
1,015.1 |
|
Net Income |
10.3 |
271.1 |
434.4 |
-368.5 |
1,015.1 |
|
|
|
|
|
|
|
|
Income Available
to Com Excl ExtraOrd |
10.3 |
271.1 |
434.4 |
-368.5 |
1,015.1 |
|
|
|
|
|
|
|
|
Income Available
to Com Incl ExtraOrd |
10.3 |
271.1 |
434.4 |
-368.5 |
1,015.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
26.3 |
26.3 |
26.4 |
26.1 |
25.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.39 |
10.31 |
16.44 |
-14.13 |
39.52 |
|
Basic EPS Including ExtraOrdinary Items |
0.39 |
10.31 |
16.44 |
-14.13 |
39.52 |
|
Dilution Adjustment |
0.2 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
10.5 |
271.1 |
434.4 |
-368.5 |
1,015.1 |
|
Diluted Weighted Average Shares |
26.4 |
26.4 |
26.5 |
26.1 |
25.8 |
|
Diluted EPS Excluding ExtraOrd Items |
0.40 |
10.26 |
16.40 |
-14.13 |
39.41 |
|
Diluted EPS Including ExtraOrd Items |
0.40 |
10.26 |
16.40 |
-14.13 |
39.41 |
|
DPS-Ordinary Shares |
1.67 |
3.13 |
4.64 |
2.50 |
7.68 |
|
Gross Dividends - Common Stock |
44.3 |
83.0 |
122.9 |
66.0 |
201.3 |
|
Normalized
Income Before Taxes |
115.6 |
752.2 |
946.9 |
-299.0 |
1,828.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
46.3 |
315.6 |
340.6 |
16.1 |
527.8 |
|
Normalized
Income After Taxes |
69.4 |
436.6 |
606.4 |
-315.1 |
1,300.5 |
|
|
|
|
|
|
|
|
Normalized Inc.
Avail to Com. |
25.7 |
286.5 |
439.5 |
-320.6 |
1,065.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.98 |
10.89 |
16.63 |
-12.29 |
41.46 |
|
Diluted Normalized EPS |
0.98 |
10.84 |
16.59 |
-12.29 |
41.35 |
|
Interest Charges |
24.4 |
- |
- |
- |
- |
|
Interest Expense |
- |
26.4 |
21.2 |
20.9 |
16.1 |
|
Research and Development |
65.5 |
65.4 |
58.3 |
54.2 |
84.8 |
|
Rental Expense |
75.8 |
70.9 |
60.9 |
- |
- |
|
Amortisation of Intangibles |
19.3 |
22.2 |
10.6 |
13.9 |
11.7 |
|
Depreciation |
341.8 |
317.0 |
271.5 |
336.6 |
323.3 |
|
Current Tax -
Domestic |
88.7 |
- |
- |
- |
- |
|
Income Tax -
Current |
- |
184.9 |
227.8 |
73.7 |
485.6 |
|
Current Tax - Total |
88.7 |
184.9 |
227.8 |
73.7 |
485.6 |
|
Deferred Tax -
Domestic |
-52.7 |
- |
- |
- |
- |
|
Income Tax -
Deferred |
- |
119.6 |
109.9 |
-83.4 |
21.9 |
|
Deferred Tax - Total |
-52.7 |
119.6 |
109.9 |
-83.4 |
21.9 |
|
Income Tax - Total |
36.0 |
304.5 |
337.7 |
-9.7 |
507.5 |
|
Service Cost |
14.1 |
13.9 |
11.9 |
12.5 |
16.1 |
|
Interest Cost |
20.6 |
22.2 |
22.5 |
23.6 |
21.9 |
|
Expected Return on Assets |
-15.4 |
-15.3 |
-15.9 |
-13.9 |
-14.6 |
|
Actuarial Gains and Losses |
7.7 |
4.2 |
0.0 |
18.1 |
21.9 |
|
Prior Service Cost |
1.3 |
2.8 |
4.0 |
7.0 |
- |
|
Other |
-2.6 |
2.8 |
-11.9 |
-1.4 |
-5.9 |
|
Domestic Pension Plan Expense |
25.7 |
30.6 |
10.6 |
45.9 |
39.5 |
|
Total Pension Expense |
25.7 |
30.6 |
10.6 |
45.9 |
39.5 |
|
Discount Rate/Europe |
- |
0.90% |
2.10% |
3.40% |
2.60% |
|
Discount Rate/United States |
3.45% |
4.20% |
5.00% |
- |
- |
|
Discount Rate/Norway |
4.00% |
2.40% |
3.75% |
- |
- |
|
Discount Rate/Europe |
3.00% |
4.75% |
4.90% |
- |
- |
|
Discount Rate/North America |
- |
- |
- |
5.75% |
6.00% |
|
Discount Rate/New Caledonia |
4.05% |
4.75% |
4.90% |
5.00% |
5.40% |
|
Discount Rate/Gabon |
- |
- |
- |
5.80% |
6.50% |
|
Compensation Rate/Europe |
- |
2.10% |
2.30% |
3.00% |
2.50% |
|
Compensation Rate/New Caledonia |
3.00% |
4.00% |
4.00% |
- |
- |
|
Compensation Rate/United States |
3.00% |
3.50% |
3.50% |
- |
- |
|
Compensation Rate/Europe |
3.00% |
3.00% |
3.10% |
- |
- |
|
Compensation Rate/North America |
- |
- |
- |
3.00% |
3.00% |
|
Compensation Rate/Norway |
3.60% |
4.50% |
4.25% |
4.00% |
4.00% |
|
Compensation Rate/Gabon |
- |
- |
- |
4.00% |
5.00% |
|
Exp. Rate of Return/Europe |
- |
3.50% |
3.80% |
4.50% |
3.75% |
|
Exp. Rate of Return/United States |
7.00% |
7.00% |
8.00% |
- |
- |
|
Exp. Rate of Return/Norway |
3.60% |
4.80% |
3.80% |
- |
- |
|
Exp. Rate of Return/Europe |
3.00% |
3.50% |
4.00% |
- |
- |
|
Exp. Rate of Return/North America |
- |
- |
- |
7.80% |
7.80% |
|
Exp. Rate of Return/New Caledonia |
3.00% |
3.50% |
4.00% |
4.50% |
5.00% |
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 |
Deloitte &
Associes |
Ernst &
Young et Autres |
Ernst &
Young LLP |
Ernst &
Young et Autres |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Raw Materials |
429.6 |
423.2 |
457.5 |
403.2 |
747.8 |
|
Merchandises &
Finished Goods |
526.0 |
511.5 |
438.7 |
440.5 |
496.2 |
|
Work in Progress |
372.7 |
446.6 |
397.1 |
307.0 |
450.4 |
|
Spare Parts |
43.6 |
37.6 |
42.9 |
31.6 |
32.0 |
|
Trade Rcvbls. |
- |
567.3 |
630.5 |
573.9 |
656.1 |
|
Trade Provision |
- |
-7.8 |
-6.7 |
-51.7 |
-45.9 |
|
Prepayments |
- |
45.4 |
30.9 |
27.3 |
26.4 |
|
Other Receivables |
- |
257.0 |
206.6 |
188.0 |
193.2 |
|
Trade Receivables,
Net |
912.0 |
- |
- |
- |
- |
|
Income Tax
Receivables |
50.2 |
42.8 |
16.1 |
61.7 |
196.0 |
|
Derivative Fin.
Instruments |
67.4 |
59.7 |
171.7 |
129.1 |
154.3 |
|
Short Term
Investment |
486.4 |
614.0 |
481.6 |
581.1 |
539.3 |
|
Cash |
92.5 |
155.8 |
127.4 |
84.7 |
104.3 |
|
Equivalents |
728.3 |
- |
- |
- |
- |
|
Cash and
Equivalent |
- |
1,026.8 |
1,518.6 |
1,080.4 |
1,208.0 |
|
Total Current
Assets |
3,708.7 |
4,180.0 |
4,513.0 |
3,856.6 |
4,758.1 |
|
|
|
|
|
|
|
|
Goodwill |
228.7 |
272.6 |
230.7 |
231.0 |
365.6 |
|
Net
Intangibles |
- |
1.3 |
- |
- |
479.6 |
|
Mining, Gross |
491.7 |
- |
- |
- |
- |
|
Research & Development
Costs, Gross |
454.7 |
- |
- |
- |
- |
|
Computer Software,
Gross |
83.3 |
- |
- |
- |
- |
|
Other Intangibles,
Gross |
96.5 |
- |
- |
- |
- |
|
Work in Progress,
Gross |
59.5 |
- |
- |
- |
- |
|
Intangibles, Gross |
- |
1,007.4 |
888.1 |
799.2 |
- |
|
Acc Amort Mining |
-91.2 |
- |
- |
- |
- |
|
Acc Amort Research
& Development Costs |
-22.5 |
- |
- |
- |
- |
|
Acc Amort Computer
Software |
-68.7 |
- |
- |
- |
- |
|
Acc Amort Other
Intangibles |
-52.9 |
- |
- |
- |
- |
|
Acc Amort Work in
Progress |
-2.6 |
- |
- |
- |
- |
|
Amortisation of
Intangibles |
- |
-212.9 |
-189.2 |
-179.3 |
- |
|
Land |
1,262.2 |
1,152.8 |
1,133.6 |
1,137.8 |
975.8 |
|
Installations |
- |
3,672.5 |
3,624.9 |
3,641.4 |
3,325.0 |
|
Other Tangible
Fixed Assets, Gross |
890.8 |
- |
- |
- |
- |
|
Other Tangibles |
- |
769.8 |
760.7 |
759.0 |
660.3 |
|
Construction in
Progress, Gross |
754.7 |
- |
- |
- |
- |
|
In Construction |
- |
576.4 |
334.0 |
309.9 |
442.0 |
|
Acc Depr Land
& Buildings |
-662.2 |
- |
- |
- |
- |
|
Mining/Explor.Spec.
Asset-Acc Depr/Imp |
-2,377.7 |
- |
- |
- |
- |
|
Impairement Land
& Buildings |
-78.0 |
- |
- |
- |
- |
|
Mining/Explor.Spec.
Asset-AImpairement |
-87.2 |
- |
- |
- |
- |
|
Acc Depr Other
Tangible Fixed Assets |
-548.5 |
- |
- |
- |
- |
|
Acc Depr
Construction in Progress |
-1.3 |
- |
- |
- |
- |
|
Depreciation |
- |
-3,267.4 |
-3,147.3 |
-3,094.8 |
-2,827.4 |
|
Impairment |
- |
-153.2 |
-152.9 |
-177.9 |
-125.1 |
|
Equity Affil. |
43.6 |
29.9 |
29.5 |
30.1 |
0.0 |
|
Other Fi. Assets |
- |
112.9 |
115.4 |
143.5 |
190.4 |
|
Deferred Taxes |
38.3 |
32.5 |
40.2 |
97.6 |
44.5 |
|
Other LT Assets |
9.3 |
6.5 |
6.7 |
7.2 |
8.3 |
|
Non-current Loans/Notes
Receivables, Net |
67.4 |
- |
- |
- |
- |
|
Inv. in Ass.&
JV&Unconsolidated Subs. |
64.8 |
- |
- |
- |
- |
|
Mining
/Exploration Specific Asset,Gross |
4,090.7 |
- |
- |
- |
- |
|
Total Assets |
8,351.8 |
8,180.9 |
8,187.5 |
7,561.1 |
8,297.2 |
|
|
|
|
|
|
|
|
Provisions |
39.7 |
37.6 |
38.9 |
41.6 |
44.5 |
|
S.T. Borrowings /
Overdrafts |
37.0 |
36.3 |
34.9 |
44.5 |
63.9 |
|
Current Portion of
LT Debt |
259.1 |
59.7 |
75.1 |
50.2 |
75.1 |
|
Current Portion of
LT Capital Lease |
7.9 |
7.8 |
8.0 |
8.6 |
9.7 |
|
Income Taxes |
95.2 |
100.0 |
199.9 |
106.2 |
398.9 |
|
Derivative Fin.
Instruments |
70.1 |
131.1 |
95.3 |
37.3 |
219.6 |
|
Trade Payables |
- |
614.0 |
547.4 |
505.0 |
646.4 |
|
Payroll/Fiscal |
- |
281.7 |
288.4 |
218.1 |
305.8 |
|
Customer Advances |
- |
11.7 |
12.1 |
14.3 |
19.5 |
|
Other Trade Pay. |
1,064.0 |
174.0 |
132.8 |
109.0 |
289.1 |
|
Total Current
Liabilities |
1,572.8 |
1,453.9 |
1,432.8 |
1,134.9 |
2,072.6 |
|
|
|
|
|
|
|
|
L.T. Borrowings |
376.7 |
154.5 |
224.0 |
221.0 |
58.4 |
|
Capital Lease
Obligations |
34.4 |
41.5 |
48.3 |
64.6 |
69.5 |
|
Total Long Term
Debt |
411.0 |
196.0 |
272.3 |
285.5 |
127.9 |
|
|
|
|
|
|
|
|
Other Long Term
Liabilities |
37.0 |
48.0 |
44.3 |
51.7 |
30.6 |
|
Pensions
Provisions |
173.1 |
167.5 |
165.0 |
183.6 |
168.2 |
|
Provisions |
565.7 |
492.0 |
483.0 |
450.5 |
376.7 |
|
Deferred Income
Tax |
502.2 |
527.0 |
458.8 |
426.1 |
333.6 |
|
Minority Int. |
1,081.2 |
1,354.0 |
1,363.0 |
1,391.7 |
1,488.7 |
|
Total
Liabilities |
4,343.1 |
4,238.5 |
4,219.2 |
3,924.0 |
4,598.3 |
|
|
|
|
|
|
|
|
Share Capital |
107.1 |
105.2 |
108.7 |
114.8 |
111.2 |
|
Share Premium |
493.0 |
482.9 |
497.7 |
489.2 |
479.6 |
|
Reserves/Assets
Revaluation |
6.6 |
0.0 |
9.4 |
8.6 |
- |
|
Reserves/Instruments
Revaluation |
5.3 |
-31.2 |
13.4 |
34.4 |
- |
|
Translation Adj. |
42.3 |
36.3 |
32.2 |
-45.9 |
-183.5 |
|
Reserves |
3,354.5 |
3,347.9 |
3,306.9 |
3,035.9 |
2,326.9 |
|
Net Income/Year |
- |
- |
- |
- |
964.7 |
|
Total Equity |
4,008.7 |
3,941.2 |
3,968.3 |
3,637.1 |
3,698.9 |
|
|
|
|
|
|
|
|
Total
Liabilities & Shareholders' Equity |
8,351.8 |
8,179.6 |
8,187.5 |
7,561.1 |
8,297.2 |
|
|
|
|
|
|
|
|
S/O-Ordinary
Shares |
26.3 |
26.3 |
26.4 |
26.5 |
26.0 |
|
Total Common
Shares Outstanding |
26.3 |
26.3 |
26.4 |
26.5 |
26.0 |
|
T/S-Ordinary Shares |
0.3 |
0.3 |
0.1 |
0.1 |
0.4 |
|
Accumulated Goodwill Amortization |
41.0 |
- |
- |
- |
- |
|
Acc Amort Mining |
91.2 |
- |
- |
- |
- |
|
Acc Amort Research & Development Costs |
22.5 |
- |
- |
- |
- |
|
Acc Amort Computer Software |
68.7 |
- |
- |
- |
- |
|
Acc Amort Other Intangibles |
52.9 |
- |
- |
- |
- |
|
Acc Amort Work in Progress |
2.6 |
- |
- |
- |
- |
|
Accumulated Intangible Amortization |
- |
212.9 |
189.2 |
179.3 |
148.7 |
|
Deferred Revenue |
- |
11.7 |
12.1 |
14.3 |
19.5 |
|
Full-Time Employees |
13,677 |
14,208 |
14,123 |
14,183 |
15,241 |
|
Long Term Debt Maturing Within 1 Year |
313.2 |
59.7 |
75.1 |
50.2 |
77.8 |
|
Long Term Debt Maturing Within 5 Years |
215.4 |
136.3 |
178.4 |
175.0 |
30.6 |
|
Long Term Debt Remaining Maturities |
190.3 |
18.2 |
42.9 |
45.9 |
25.0 |
|
Total Long Term Debt, Supplemental |
719.0 |
214.2 |
296.5 |
271.2 |
133.4 |
|
Capital Leases Maturing Within 1 Year |
7.9 |
7.8 |
8.0 |
8.6 |
9.7 |
|
Capital Leases Maturing Within 5 Years |
29.1 |
31.2 |
32.2 |
35.9 |
34.8 |
|
Capital Leases Remaining Maturities |
5.3 |
10.4 |
18.8 |
28.7 |
34.8 |
|
Total Capital Leases, Supplemental |
42.3 |
49.3 |
59.0 |
73.2 |
79.2 |
|
Post-Retirement Obligation Plan 2 |
38.3 |
32.5 |
33.5 |
- |
- |
|
Post-Retirement Obligation Plan 3 |
34.4 |
35.1 |
33.5 |
- |
- |
|
Plan Assets - Post-Retirement Plan 2 |
0.0 |
0.0 |
0.0 |
- |
- |
|
Plan Assets - Post-Retirement Plan 3 |
0.0 |
0.0 |
0.0 |
- |
- |
|
Funded Status - Post-Retirement Plan 2 |
-38.3 |
-32.5 |
-33.5 |
- |
- |
|
Funded Status - Post-Retirement Plan 3 |
-34.4 |
-35.1 |
-33.5 |
- |
- |
|
Pension Obligation - Domestic Plan 2 |
338.4 |
323.2 |
289.8 |
- |
- |
|
Pension Obligation - Domestic Plan 3 |
136.1 |
131.1 |
127.4 |
- |
- |
|
Pension Obligation |
- |
- |
- |
414.6 |
404.5 |
|
Fair Value of Plan Assets - Generic Plan |
241.9 |
211.6 |
207.9 |
- |
- |
|
Fair Value of Plan Assets - Generic Plan |
64.8 |
61.0 |
60.4 |
- |
- |
|
Plan Assets |
- |
- |
- |
269.7 |
239.1 |
|
Funded Status - Domestic Plan 2 |
-96.5 |
-111.6 |
-81.8 |
- |
- |
|
Funded Status - Domestic Plan 3 |
-71.4 |
-70.1 |
-67.1 |
- |
- |
|
Funded Status |
- |
- |
- |
-144.9 |
-165.4 |
|
Unfunded Post-Retiremnt Obligation |
- |
- |
- |
70.3 |
65.3 |
|
Total Funded Status |
-240.5 |
-249.2 |
-216.0 |
-215.2 |
-230.7 |
|
Discount Rate/Europe |
- |
0.90% |
2.10% |
3.40% |
2.60% |
|
Discount Rate/United States |
3.45% |
4.20% |
5.00% |
- |
- |
|
Discount Rate/Europe |
3.00% |
4.75% |
4.90% |
- |
- |
|
Discount Rate/Norway |
4.00% |
2.40% |
3.75% |
- |
- |
|
Discount Rate/North America |
- |
- |
- |
5.75% |
6.00% |
|
Discount Rate/New Caledonia |
4.05% |
4.75% |
4.90% |
5.00% |
5.40% |
|
Discount Rate/Gabon |
- |
- |
- |
5.80% |
6.50% |
|
Compensation Rate/Europe |
- |
2.10% |
2.30% |
3.00% |
2.50% |
|
Compensation Rate/United States |
3.00% |
3.50% |
3.50% |
- |
- |
|
Compensation Rate/Norway |
3.60% |
4.50% |
4.25% |
- |
- |
|
Compensation Rate/Europe |
3.00% |
3.00% |
3.10% |
- |
- |
|
Compensation Rate/North America |
- |
- |
- |
3.00% |
3.00% |
|
Compensation Rate/New Caledonia |
3.00% |
4.00% |
4.00% |
4.00% |
4.00% |
|
Compensation Rate/Gabon |
- |
- |
- |
4.00% |
5.00% |
|
Exp. Rate of ReturnEurope |
- |
3.50% |
3.80% |
4.50% |
3.75% |
|
Exp. Rate of Return/United States |
7.00% |
7.00% |
8.00% |
- |
- |
|
Exp. Rate of Return/Norway |
3.60% |
4.80% |
3.90% |
- |
- |
|
Exp. Rate of Return/Europe |
3.00% |
3.50% |
4.00% |
- |
- |
|
Exp. Rate of Return/North America |
- |
- |
- |
7.80% |
7.80% |
|
Exp. Rate of Return/New Caledonia |
3.00% |
3.50% |
4.00% |
4.50% |
5.00% |
|
Accrued Liabilities - Domestic |
-173.1 |
-167.5 |
-165.0 |
- |
- |
|
Other Assets, Net - Domestic |
15.9 |
2.6 |
1.3 |
- |
- |
|
Unrecognized Actuarial G/L - Domestic 2 |
71.4 |
71.4 |
36.2 |
- |
- |
|
Unrec. Actuarial G/L - Post-Retirement |
0.0 |
0.0 |
0.0 |
- |
- |
|
Unrec. Prior Service Cost - Domestic |
0.0 |
0.0 |
2.7 |
- |
- |
|
Unrec. Prior Service Cost - P-Retirement |
0.0 |
0.0 |
0.0 |
- |
- |
|
Unrecognized Actuarial G/L - Domestic 3 |
0.0 |
-1.3 |
0.0 |
- |
- |
|
Unrec. Actuarial G/L - Post-Retirement 3 |
2.6 |
3.9 |
1.3 |
- |
- |
|
Unrec. Prior Service Cost - Domestic 3 |
9.3 |
10.4 |
12.1 |
- |
- |
|
Unrec. Prior Service Cost - P-Retiremen |
0.0 |
0.0 |
0.0 |
- |
- |
|
Net Domestic Pension Assets |
- |
- |
- |
-107.6 |
- |
|
Net Post-Retirement Assets |
31.7 |
- |
- |
- |
- |
|
Net Post-Retirement Assets |
38.3 |
- |
- |
-70.3 |
- |
|
Net Assets Recognized on Balance Sheet |
-4.0 |
-80.5 |
-111.3 |
-177.9 |
- |
|
Net Assets Recognized on Balance Sheet - |
25.00% |
- |
- |
- |
- |
|
Equity/Europe |
- |
9.00% |
10.00% |
9.00% |
8.00% |
|
Equity/North America |
- |
18.00% |
21.00% |
24.00% |
21.00% |
|
Equity/New Caledonia |
- |
0.00% |
2.00% |
1.00% |
1.00% |
|
Net Assets Recognized on Balance Sheet - |
66.00% |
- |
- |
- |
- |
|
Debt Securities/Europe |
- |
36.00% |
36.00% |
37.00% |
31.00% |
|
Debt Securities/North America |
- |
23.00% |
20.00% |
15.00% |
15.00% |
|
Debt Securities/New Caledonia |
- |
4.00% |
3.00% |
4.00% |
4.00% |
|
Net Assets Recognized on Balance Sheet - |
9.00% |
- |
- |
- |
- |
|
Other/Europe |
- |
9.00% |
9.00% |
11.00% |
20.00% |
|
Other/North America |
- |
0.00% |
- |
0.00% |
1.00% |
|
Other/New Caledonia |
- |
0.00% |
1.00% |
1.00% |
0.00% |
ANNUAL CASH FLOWS
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
Deloitte &
Associes |
Ernst &
Young et Autres |
Ernst &
Young LLP |
Ernst &
Young et Autres |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
54.0 |
421.3 |
601.3 |
-363.0 |
1,250.6 |
|
Depreciation |
341.8 |
340.7 |
300.6 |
472.8 |
299.8 |
|
Financial
Instruments |
-14.1 |
4.2 |
4.0 |
-18.1 |
38.0 |
|
Deferred Taxation |
-52.7 |
119.6 |
109.9 |
-83.4 |
21.9 |
|
Sale/Tangible |
2.6 |
-2.8 |
5.3 |
-66.8 |
13.2 |
|
Share in
Affiliates |
0.0 |
-1.4 |
-1.3 |
0.0 |
0.0 |
|
Inventories |
82.2 |
-137.7 |
-188.1 |
632.8 |
-399.3 |
|
Accounts
Receivable |
-2.6 |
45.9 |
-108.6 |
108.5 |
264.7 |
|
Trade Payables |
-101.5 |
77.9 |
50.3 |
-154.4 |
136.0 |
|
Operating Assets
&Liabilities |
73.2 |
265.6 |
295.3 |
-119.6 |
469.5 |
|
Interest Income |
24.4 |
29.2 |
19.9 |
30.6 |
68.7 |
|
Interest Paid |
-24.4 |
-26.4 |
-21.2 |
-20.9 |
-16.1 |
|
Income Tax - Paid |
-104.1 |
-314.2 |
-104.6 |
-262.8 |
-479.8 |
|
Cash from
Operating Activities |
278.8 |
821.8 |
962.8 |
155.8 |
1,667.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed
Assets |
-841.6 |
-668.8 |
-415.9 |
-408.9 |
-991.7 |
|
Sale of Fixed
Assets |
14.1 |
1.4 |
10.6 |
0.0 |
8.8 |
|
Investment Grants
Received |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Changes in
Receivables&Loans |
16.7 |
7.0 |
-5.3 |
-4.2 |
- |
|
Financial
Investments |
134.9 |
-159.9 |
60.9 |
-5.6 |
- |
|
Dividend
Received/Affiliates |
0.0 |
0.0 |
0.0 |
0.0 |
1.5 |
|
Consolidation
Variation/ Begining |
-1.3 |
-80.6 |
-19.9 |
-23.6 |
-241.3 |
|
Consolidation
Variation/ Ending |
-1.3 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Reimbursement of
Borrowings |
- |
- |
- |
- |
-35.1 |
|
Cash from
Investing Activities |
-678.5 |
-901.0 |
-369.5 |
-442.3 |
-1,257.9 |
|
|
|
|
|
|
|
|
Dividends |
-75.8 |
-127.9 |
-62.2 |
-189.1 |
-225.3 |
|
Dividends/Minority |
-334.1 |
-130.7 |
-139.1 |
-37.5 |
-74.6 |
|
Increase/Share
Cap. |
2.6 |
1.4 |
41.1 |
1.4 |
7.3 |
|
Treasury Shares |
-1.3 |
-57.0 |
-6.6 |
1.4 |
-14.6 |
|
Changes in Equity
in Affiliates |
-3.9 |
72.3 |
113.9 |
129.3 |
- |
|
Long Term Debt
Issued |
409.9 |
25.0 |
529.7 |
269.8 |
83.4 |
|
Long Term Debt
Repaid |
-6.4 |
-98.7 |
-525.8 |
-130.7 |
-178.4 |
|
Changes in
Financial Working Cap. |
41.1 |
-2.8 |
0.0 |
25.0 |
0.0 |
|
Cash from
Financing Activities |
32.1 |
-318.4 |
-49.0 |
69.5 |
-402.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-5.1 |
-41.7 |
5.3 |
33.4 |
-33.6 |
|
Net Change in
Cash |
-372.6 |
-439.4 |
549.6 |
-183.6 |
-26.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,170.6 |
1,706.1 |
1,075.4 |
1,312.8 |
1,407.1 |
|
Net Cash - Ending Balance |
798.0 |
1,266.7 |
1,625.0 |
1,129.3 |
1,380.8 |
|
Cash Interest Paid |
24.4 |
26.4 |
21.2 |
20.9 |
16.1 |
|
Cash Taxes Paid |
104.1 |
314.2 |
104.6 |
262.8 |
479.8 |
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.55.52 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.71.67 |
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.