MIRA
INFORM REPORT
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Report Date : |
08.11.2013 |
IDENTIFICATION DETAILS
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Name : |
ANDRITZ AG |
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Registered Office : |
Stattegger Strasse 18 |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1852 |
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Legal Form : |
Public Parent |
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Line of Business : |
Develops production systems and industrial process solutions for
various standard and specialized products. The Company divides its activities
into five business segments. The HYDRO business segment supplies turnkey
electromechanical equipment and services for hydro power plants. PULP &
PAPER segment provides technology and services that enable the industry to
produce practically all grades of pulp for the manufacture of paper, board
and fiberboard, among others. METALS segment develops, manufactures and installs
plants for the production of cold-rolled and hot-rolled, surface-finished
carbon steel, high-grade steel and non-ferrous metal strip. SEPARATION
segment covers technologies, products and services for mechanical and thermal
solid/liquid separation. FEED & BIOFUEL segment supplies systems and
machines for industrial production of conventional mixed animal feed and
special animal feed. |
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No. of Employees : |
23,849 |
RATING & COMMENTS
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MIRAs 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 : |
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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Austria |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
AUSTRIA - ECONOMIC OVERVIEW
Austria, with its well-developed market economy, skilled labor force, and high standard of living, is closely tied to other EU economies, especially Germany's. Its economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector. Following several years of solid foreign demand for Austrian exports and record employment growth, the international financial crisis of 2008 and subsequent global economic downturn led to a sharp but brief recession. Austrian GDP contracted 3.8% in 2009 but saw positive growth of about 2% in 2010 and 2.7% in 2011. Growth fell to 0.6% in 2012. Unemployment did not rise as steeply in Austria as elsewhere in Europe, partly because the government subsidized reduced working hour schemes to allow companies to retain employees. The 2012 unemployment rate of 4.3% was the lowest within the EU. Stabilization measures, stimulus spending, and an income tax reform pushed the budget deficit to 4.5% in 2010 and 2.6% in 2011, from only about 0.9% in 2008. The international financial crisis of 2008 caused difficulties for Austria's largest banks whose extensive operations in central, eastern, and southeastern Europe faced large losses. The government provided bank support - including in some instances, nationalization - to support aggregate demand and stabilize the banking system. Austria's fiscal position compares favorably with other euro-zone countries, but it faces external risks, such as Austrian banks' continued exposure to Central and Eastern Europe as well as political and economic uncertainties caused by the European sovereign debt crisis. In 2011 the government attempted to pass a constitutional amendment limiting public debt to 60% of GDP by 2020, but it was unable to obtain sufficient support in parliament and instead passed the measure as a simple law. In March 2012, the Austrian parliament approved an austerity package consisting of a mix of expenditure cuts and new revenues that will bring public finances into balance by 2016. In 2012, the budget deficit rose to 3.1% of GDP
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Source : CIA |
Company name and address
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Andritz AG |
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Employees: |
23,849 |
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Company Type: |
Public Parent |
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Corporate
Family: |
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Traded: |
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Incorporation
Date: |
1852 |
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Auditor: |
Deloitte & Touche GmbH Wirtschaftspruef. |
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Fiscal Year End: |
31-Dec-2012 |
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Reporting
Currency: |
Euro |
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Annual Sales: |
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Net Income: |
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Total Assets: |
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Market Value: |
5,965.8 |
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(11-Oct-2013) |
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Business Description |
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Andritz AG is an Austrian company that
develops production systems and industrial process solutions for various
standard and specialized products. The Company divides its activities into five
business segments. The HYDRO business segment supplies turnkey
electromechanical equipment and services for hydro power plants. PULP &
PAPER segment provides technology and services that enable the industry to
produce practically all grades of pulp for the manufacture of paper, board
and fiberboard, among others. METALS segment develops, manufactures and
installs plants for the production of cold-rolled and hot-rolled,
surface-finished carbon steel, high-grade steel and non-ferrous metal strip.
SEPARATION segment covers technologies, products and services for mechanical
and thermal solid/liquid separation. FEED & BIOFUEL segment supplies
systems and machines for industrial production of conventional mixed animal
feed and special animal feed. Andritz AG operates globally through its
subsidiaries. For the six months ended 30 June 2013, Andritz AG revenues
increased 7% to EUR2.61B. Net income decreased 57% to EUR46.9M. Revenues
reflect Metals segment increase from EUR87.3M to EUR549.2M, Hydro Power
segment increase from EUR403.6M to EUR850.6M, Europe segment increase from
EUR463.3M to EUR1.12B, North America segment increase from EUR162.8M to
EUR417.6M. Net income was offset by Other Operating Expenses increase of 21%
to EUR371M (expense) |
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Industry |
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Industry |
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ANZSIC 2006: |
2469 - Other Specialised Machinery and Equipment
Manufacturing |
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ISIC Rev 4: |
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NACE Rev 2: |
2895 - Manufacture of machinery for paper and paperboard
production |
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NAICS 2012: |
333243 - Sawmill, Woodworking, and Paper Machinery Manufacturing
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UK SIC 2007: |
2895 - Manufacture of machinery for paper and paperboard
production |
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US SIC 1987: |
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Significant Developments |
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News |
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Financial Summary |
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Stock Snapshot |
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1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7782366
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7566
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Andritz AG The Strategic Initiatives report is created using technology to
extract meaningful insights from analyst reports about a company's strategic
projects and investments. More about Strategic
Initiatives
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This significant decline is mainly due to
decreasing earnings in the PULP & PAPER business area (a provision was
made in the first quarter of 2013 in connection with the supply of production
technologies and equipment for a pulp mill in Uruguay) and in the SEPARATION
business area. The Group’s EBIT in the first half of 2013 amounted to 65.9
MEUR, thus declining stronger than the EBITA (-53.9% versus H1 2012: 143.1
MEUR). This is due to the scheduled amortization of intangible assets
according to IFRS in connection with the acquisition
of Schuler. Net income amounted to 46.9 MEUR and was thus
significantly below the reference figure for the previous year (H1 2012:
108.7 MEUR). The net worth position and capital structure as of June 30, 2013
remained solid. |
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Net income amounted to 46.9 MEUR and was
thus significantly below the reference figure for the previous year (H1 2012:
108.7 MEUR). The net worth position and capital structure as of June 30, 2013
remained solid. Net liquidity amounted to 817.7 MEUR (December 31, 2012:
1,285.7 MEUR) and thus reached a good level despite the acquisition of Schuler (almost 600 MEUR).
ANDRITZ President and CEO Wolfgang Leitner: “In view of the very difficult
overall economic environment, we must be satisfied with the business
development of the ANDRITZ GROUP. For the remaining months of the 2013
business year, we expect investment activity in our key customer industries to
remain subdued worldwide.” On the basis of these expectations, the order
backlog, and consolidation of the Schuler Group as of March 1, 2013, the
ANDRITZ GROUP expects a rise in sales in the 2013 business year compared to
the previous year. |
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Bricmont is headquartered in Pittsburgh,
Pennsylvania, USA, and includes certain assets in China and India. Andritz
Bricmont supplies furnace systems to the aluminum and steel industries and
further complements the existing furnace product portfolio of the Andritz
Metals segment. Thus, this acquisition of
Bricmont enlarges its product offerings in furnaces and also strengthens its
presence in North America, China, and India. Such acquisitions expand the
area of operations of the company and could enable it to gain synergies that
would help it to enhance production capacities, product portfolio, and
distribution network and market share.Intense CompetitionThe company faces
immense competition in all the segments it operates. Competition in these
markets is based on price, product/service quality and the capacity for
innovation. |
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Governments, globally, are expected to
invest $205 billion by 2035, including 63% in renewable-based electricity
generation, as compared to $57 billion in 2009. The industry is expected to
increase its capacity base to 1,378 GW by 2013. This could benefit the Hydro
Power business segment of the company.Strategic AcquisitionsOne of the key
growth strategies of the company has been acquisition
of related companies so as to expand the existing product portfolio
and enter into new markets. In November 2012, the company acquired Royal
GMF-Gouda (Goudsche Machinefabriek) including its operations in Germany,
France, China, Singapore, Indonesia, and the US. Royal GMF-Gouda is one of the
leading manufacturers of drying solutions, mainly drum dryers and paddle
dryers for the food industry, the chemical industry, and the municipal sector
of the environmental industry. |
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In combination with the products and services of ANDRITZ Küsters and ANDRITZ
Perfojet, we can now offer our customers full-line system solutions for the
production of non-wovens. With this acquisition, we have reached a necessary
critical sales volume of more than 100 million Euros in the non-wovens sector
as well. The acquisition of Iggesund Tools
has strengthened our range of technologically sophisticated wear parts for
the pulp industry. And the integration of Austrian Energy & Environment,
acquired at the end of 2010, is proceeding according to plan. ANDRITZ Energy
& Environment, as the company is now named, fits into our Group very
well. |
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ANDRITZ President and CEO Wolfgang
Leitner: “In view of the very difficult overall economic environment, we
must be satisfied with the business development of the ANDRITZ GROUP. For the
remaining months of the 2013 business year, we expect investment activity in our
key customer industries to remain subdued worldwide.” On the basis of these
expectations, the order backlog, and consolidation of the Schuler Group as of
March 1, 2013, the ANDRITZ GROUP expects a rise in sales in the 2013 business
year compared to the previous year. However, due to the sharp earnings
decline in the PULP & PAPER and SEPARATION business areas, as well as
scheduled amortization of intangible assets related to the acquisition of Schuler, the net income will be significantly
lower than the last year’s reference figure.Apr 30, 2013Andritz Reports
Revenue Of €1.2 Billion In Q1 2013Andritz AG reported sales of €1.2
billion for the first quarter of 2013, compared with the sales of €1.2
billion in the year-ago quarter. It also reported a net income of €4.1m for
the first quarter of 2013, compared with the net income of €50.5m in the
year-ago quarter.The EBITA of the Andritz amounted to 14.2 MEUR, which is a
significant decline of 80.4% compared to the first quarter of 2012 (72.5
MEUR). While the HYDRO and METALS business areas (including the first-time
consolidation of Schuler) noted satisfactory earnings, PULP & PAPER shows
a loss in the amount of -23.7 MEUR. |
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The liquid funds amounted to 1,750.4 MEUR (December 31, 2012: 2,047.8
MEUR) and the net liquidity to 884.9 MEUR (December 31, 2012: 1,285.7). On
the basis of the development during the first quarter of 2013, and in
consideration of the current order backlog and the consolidation of the
Schuler Group as of March 1, 2013, the Andritz expects an increase in sales
in the 2013 business year compared to the previous year. However, due to the
earnings decline in PULP & PAPER as well as scheduled amortization of
intangible assets related to the acquisition of
Schuler, the net income will be lower than the previous year’s reference
figure. Wolfgang Leitner, president and CEO of Andritz, said, “The
development of the first quarter is very unsatisfactory. We believe that the
provisions now made will be sufficient, but cannot guarantee that there will
be no need for further financial provisions in the coming quarters. |
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Overview
Andritz AG supplies customized plants, systems, and services for the pulp
and paper industry, the steel industry, and other specialized industries such
as solid and liquid separation, feed, and biofuel. It is one of the leading
global suppliers of turnkey electromechanical equipment and services for
hydropower plants. The company's robust operational performance, diversified
operations and global presence are its key strengths. Increase in trade
receivables and legal proceedings in the US are its major concerns. Andritz
strategic acquisitions, new contracts secured and the growing demand for
renewable electricity provides opportunities for the company. Intense
competition and the sluggish global economy could pose threat to the company's
business.
Strengths
The company’s order intake with low exposure for cancelable contracts
provides strong potential for future growth and competitive position in the
market. During fiscal 2011, the company’s order intake recorded all-time high
of €5,706.9m, an increase of 38.1% compared to the 2010 (€4,131.9m in fiscal
2010). This substantial increase is due to three large orders in the Pulp &
Paper and Hydro segments. The company supplied technologies and equipment for
the two pulp mills Eldorado, Brazil, and Montes del Plata, Uruguay;
electromechanical equipment for the Belo Monte hydropower station, Brazil. Its
Pulp & Paper segment order intake doubled to €2,664.3m, as compared to
€1,388.4m in fiscal 2010, and the Hydro segment reached a record order intake
of €2,096.2m from €1,870.1m in fiscal 2010. Its other three segments also
achieved an increase in order intake compared to fiscal 2010. Such potential
order book position indicates the company’s growth trends.
The company’s global presence mitigates the risk of dependence on any
particular market. Andritz has a worldwide presence with its operations and
sales spread across the globe. It has global presence with over 180 locations
including production facilities, service and sales companies. Its operations
are spread across Europe, North America, South America, Asia and Rest of the
World. For the fiscal year ended 2011, the company recorded around 37.68% of
its revenue from Europe, 13.03% from North America, 20.7% from South America,
25.09% from Asia, and 3.5% from Rest of the World. It aims to further enhance
its strong global reach by improving its service presence and sustaining
ongoing business relations with its key customers internationally. Andritz
seeks to achieve this objective in part through recently established centers in
growth areas such as Chile, Brazil, China, and India. By establishing company
sites in such countries, Andritz is benefiting from highly specialized local
expertise. In 2011, the company substantially strengthened regional presence
mainly by acquisitions. The company operates 60 manufacturing and service sites
in Europe, North America, South America, and Asia. It also contributes to the
further development of technical competence in these countries. Since the
company has production sites in major economic areas of the world, it can
balance potential currency fluctuations, thus avoiding or reducing major
negative impacts on the company’s competitiveness.
Diverse operations mitigate risk and enable the company to avoid
dependence on any one market or end-user segment for revenue. Andritz is a
conglomerate with operations in various market sectors including Hydro Power,
Metals, Pulp and Paper, Separation, and Feed and Biofuel. Hydro power segment
provides turnkey electro-mechanical equipment and services for hydropower
plants. It offers new hydroelectric power stations, as well as services,
rehabilitation, and upgrading of existing plants. It installed more than 30,000
turbines with a 400,000 MW output. Pulp and Paper (P&P) segment supplies systems,
equipment, and services for the production of all types of pulp such as paper,
medium density fiberboard, and non woven fabrics. This segment also offers a
broad range of biomass and recovery boilers for energy generation. Separation
segment one of the leading global suppliers of plants and equipment for
mechanical solid/liquid separation of municipal and industrial sludges, for
suspensions in many different industries (coal, ore, and mineral processing,
chemical, petrochemical, and food industries) and for biomass. Its Metals
segment supplies complete lines for the production and further processing of
coldrolled carbon steel, stainless steel, and non-ferrous metal strip. Its Feed
& Biofuel supplies plants, equipment, and services for the production of
animal feed and biomass pellets. Additionally, the company also provides
technologies for certain other sectors including automation, pumps, systems for
the production of nonwovens and plastic films, steam boiler, biomass boiler and
gasification plants for energy generation, flue gas cleaning plants, systems
for the production of panelboards (MDF), turbogenerators, and biomass
torrefaction equipment. For the fiscal year ended 2011, the company’s Pulp
& Paper segment contributed 40.38% of the sales, followed by Hydro with
38.57% of sales, Separation 9.77%, Metals 8.11% and Feed & Biofuel 3.17% of
sales.
Robust
Operational Performance
The company's sound operational management performance helped in
reporting increased profitability, which enhances its investor’s confidence
For the fiscal year ended 2011, the company reported revenue of €4,680.76m,
an increase of 29.09% over 2010. The company’s operating profit also
increased to €312.70m during the fiscal year 2011, an increase of 27.38% over
2010. Its net profit was €230.66m during the fiscal year 2011, an increase of
28.44% over 2010. The company's return on equity (ROE) was 25.7% for fiscal
year 2011. This was above the S&P 500 companies average* of 4.5%. A higher
than S&P 500 companies average* ROE may indicate that the company is
efficiently using the shareholders' money and that it is generating high
returns for its shareholders compared to other companies in the S&P 500
index. The company's return on equity (ROE) was 25.72% for fiscal year 2011, as
against 23.74% for fiscal 2010. Besides, the company’s return on capital
employed, assets and working capital increased to 18.22% (16.28% in 2010),
5.05% (4.45% in 2010) and 61.41% (40.26% in 2010) respectively.
Weaknesses
Trade receivables carry a risk of turning into bad debts. For the fiscal
year ended 2011, the trade receivables of Andritz increased to €581.37 from
€510.15m in fiscal 2010. Trade receivables represent the money owed to the
company by its customers. Besides, its total invetory also increased to
€411.74m in fiscal 2011, as compared to €334.91m in fiscal 2010. This shows
the company carries its business on credit to a large extent. Credit sales
carry risk with them, as there is every chance of a credit sale turning into a
bad debt. The company could engage in cash sales rather than credit sales to
reduce the risk.
The company is party to numerous legal proceedings in both
administrative and judicial courts, and bodies and arbitration tribunals. In
2011, Ovalstrapping, based in Hoquiam, Washington, filed the suit in U.S.
District Court in Tacoma against Andritz. The U.S. manufacturer, which provides
machinery to bundle bales of pulp, said Andritz “secretly misappropriated
Ovalstrapping designs and technology to create its own line of tying equipment”
and asked for an injunction and at least $25m in damages. As of December 31,
2010, Andritz Inc., a subsidiary of Andritz, is one of many defendants in 39
asbestos cases in the US. In aggregate, the cases involve 424 plaintiffs.
Nearly, all of these cases involve claims by multiple plaintiffs against
multiple defendants. These legal proceeding can hinder shareholders faith in
the company and could result in the decrease in the investment by its
shareholders. Further, the involvement of the company in various litigations
may increase its expenses and adversely affect its profitability. In addition,
repetitive law suits against the company may reduce its reputation in the market.
Opportunities
Growing Demand
for Renewable Electricity
Renewable energy is projected to account for about 55% in the cumulative
electricity generation by 2035 from the current level of 19%. Increasing
stringent emissions regulations and the rising costs of traditional power
generation fuels, such as coal and natural gas, are leading to heightened
interest in clean and renewable power generation. About 30 countries are
promoting renewable energy by means of fixed fees for feeding energy into the
grid. About 31 US states and 27 European countries have established ambitious
targets in expanding the renewable energies. Many other countries are coming up
with subsidies and incentives such as feed-in tariffs and tax credits to
encourage and expand the renewable energy shares. Governments, globally, are
expected to invest $205 billion by 2035, including 63% in renewable-based
electricity generation, as compared to $57 billion in 2009. The industry is
expected to increase its capacity base to 1,378 GW by 2013. This could benefit
the Hydro Power business segment of the company.
Andritz secured new contracts enhancing its customer base and thus its
market position. In November 2012, the company received an order from CH.
Karnchang (Lao) Company Ltd. to supply the electromechanical equipment for the
Xayaburi run-of-river hydropower station, Lao People’s Democratic Republic.
Andritz Hydro delivers seven Kaplan turbines, each with an output of 175 MW, an
additional Kaplan turbine with an output of 68.8 MW, generators and governors,
automation systems, and additional equipment. In October 2012, the company’s
subsidiary Andritz Inc. received an order to supply its advanced continuous
biomass pre-treatment technology for the Poet-DSM Advanced Biofuels
commercial-scale biofuel facility being built in Emmetsburg, Iowa, the US. It
also secured an order for supply of two anode furnaces and four Peirce-Smith
converters for Kansanshi Mining Plc, a subsidiary of First Quantum Minerals
Ltd., Zambia. It also received an order from C&S Paper Yunfu, Luoding,
Guangdong Province, China, to supply two PrimeLineST tissue machines each with
a steel yankee. In September 2012, the company received an order to supply
stock preparation systems for the new board machine to Fujian Liansheng Paper
Co. Ltd., located in Longhai, Zhangzhou City, Fujian Province, China. This is
scheduled for start-up for the end of 2013 producing 600,000 t/a coated board
and white top test liner. In the same period, the company secured an order to
supply another MESIM line Chinese film manufacturer Zhejiang Nanyang Technology
Co., Ltd., Taizhou. It ordered a 5.1 m wide line for the production of various
PET films in a range from 2-75 µ and its start-up is scheduled for the first
quarter of 2014. In August 2012, the company received an order to supply a raw
material preparation system for a new MDF production line being built by LLC
Kastamonu Integrated Wood Industry, Russian Federation, a subsidiary of
Kastamonu Integrated Wood Industry, Turkey. The company also received an order
from Hebei Yihuocheng Commodity Co. Ltd., China, to supply a PrimeLineCOMPACT
II tissue machine with steel yankee. Its start-up is scheduled for the end of
2013 and the tissue machine has a design speed of 1,650 m/min and a width of
2.85 m. Andritz Perfojet secured an order to supply a new Jetlace nonwovens
production line for Precot Meridian Ltd., Coimbatore, India. It produces
spunlace fabrics for the hygiene and medical industries. In July 2012, the
company received an order from Nan Liu Enterprise, Taiwan, a leading company in
the nonwovens industry, to supply the world’s widest spunlace line (working
width: 6.2 m), to be installed at Nan Liu’s Pinghu facility, China. In the
same period, the company was awarded contract from the municipal energy company
Karlstads Energi AB, Sweden, for the supply of a new biomass-fueled boiler for
the Combined Heat and Power (CHP) plant at Hedenverket. It also received an
order from Shengfang Fuxing Printing and Packing Co. Ltd., Bazhou, Hebei
Province, China, for the supply of a new BOPP (Biaxially Oriented
Polypropylene) film production line. In May 2012, the company received an order
from Zellstoff Pöls AG, Austria, for the supply of a PrimeLine plant for
production of special paper. It also received an order from ThyssenKrupp
Nirosta to supply an annealing and pickling line as well as a rolling mill for
its works in Krefeld. In 2012, Andritz Energy & Environment received major
order to supply equipment for two coal-fired power stations in Chile from the
Chilean electricity generation company AES Gener S.A. and its subsidiary
Norgener S.A. It supplies two turnkey flue gas desulphurization plants,
including two fabric filters, for Tocopilla coal-fired power plant (output 2 x
140 MW), as well as a flue gas desulphurization plant and a fabric filter for
Unit 1 (120 MW), and a bag filter plant (218 MW) for the Ventanas coal-fired
power station. In the same period, Andritz Hydro was awarded a contract by the
Institute of Electricity of Costa Rica for the supply and supervision of the
installation of four Francis turbines, generators, and the electrical and
mechanical equipment for the hydroelectric power project Reventazon, the
biggest hydropower plant ever built in the country.
One of the key growth strategies of the company has been acquisition of
related companies so as to expand the existing product portfolio and enter into
new markets. In November 2012, the company acquired Royal GMF-Gouda (Goudsche
Machinefabriek) including its operations in Germany, France, China, Singapore,
Indonesia, and the US. Royal GMF-Gouda is one of the leading manufacturers of
drying solutions, mainly drum dryers and paddle dryers for the food industry,
the chemical industry, and the municipal sector of the environmental industry.
This acquisition complements and extends the range of products and services of
the Andritz Seperation business area in the drying sector. In October 2012, the
company acquired Allied Environmental Solutions, Inc. (AES) and named it as
ANDRITZ Environmental Solutions. AES is a leading supplier of air quality
control systems for utilities and various power generating industries. AES also
offers a comprehensive product and service range of flue gas cleaning technologies,
including circulating fluid bed (CFB) scrubbers, fabric filters, wet and dry
electrostatic precipitators, and selective catalytic reduction (SCR) systems.
This acquisition strengthens the company’s ANDRITZ Energy & Environment
(AE&E) flue gas cleaning portfolio. In July 2012, the company acquired
Soutec AG in Neftenbach, Switzerland, including its subsidiaries in China and
the US, from VTC Industrieholding, Germany. Soutec is a leading global supplier
of laser and rolled seam resistance welding systems for the metalworking
industry. These welding systems are used in particular to manufacture light
components. ANDRITZ announces that it has again acquired just under 10% of the
shares in Schuler AG. Since disclosing its decision to submit a voluntary
public takeover offer, ANDRITZ now holds just under 25% of the shares in
Schuler AG. The company also acquired Bricmont Inc. from Inductotherm Group.
Bricmont is headquartered in Pittsburgh, Pennsylvania, USA, and includes
certain assets in China and India. Andritz Bricmont supplies furnace systems to
the aluminum and steel industries and further complements the existing furnace
product portfolio of the Andritz Metals segment. Thus, this acquisition of
Bricmont enlarges its product offerings in furnaces and also strengthens its
presence in North America, China, and India. Such acquisitions expand the area
of operations of the company and could enable it to gain synergies that would
help it to enhance production capacities, product portfolio, and distribution
network and market share.
Threats
The company faces immense competition in all the segments it operates.
Competition in these markets is based on price, product/service quality and the
capacity for innovation. The key competitors of the company across segments
include WorleyParsons Limited, Daewoo Engineering & Construction Co., Ltd.,
ITT Corporation, Harsco Corporation, Pentair, Inc., Alfa Laval Corporate AB and
Cardo AB. Some of the markets in which the company competes are highly fragmented,
with a few large, international manufacturers competing against each other and
against a high number of smaller, local companies. Intense competition could
reduce the company’s market share and could have a negative impact its
operations or financial position.
The company is subject to various laws and regulations. Failure to
comply with existing regulations would adversely affect the company's profits
as it may lead to the impositions of fines. The operations of the company are
subject to regulatory laws in each jurisdiction in which it conducts business.
The company could be subject to liability if it does not comply with these
regulations. In addition, it is responsible for remedial investigations and
clean-up costs resulting from the discharge of hazardous substances into the
environment, including sites operated by the company and potentially
responsible party under federal and state environmental laws and regulations.
The changes in environmental and other laws and regulations in both domestic
and foreign jurisdictions could adversely affect operations due to increased
costs of compliance and potential liability for non-compliance.
Sluggish growth in the global economy could impact the performance of
businesses across the world. According to the World Bank, the global economy is
set grow just 2.5% in 2012, which is weighed down mainly by ripple effects of
the 2008 financial crisis. Sovereign debt crisis in Europe compounded the
troubles. The World Bank lowered its growth forecast to 1.4% for high-income
countries in 2012 and -0.3% for the high-income Euro Area. The GDP growth in
East Asia and Pacific region is estimated to slowdown to 7.8% in 2012 from 8.2%
in 2011. In response to such turbulent global markets, world trade expanded in
2011 at an estimated 6.6% and is expected to grow only 4.7% in 2012. In spite
of worldwide efforts to reshape regulatory frameworks and financial systems,
many economies continue to be burdened by private and public debt. The
possibility of similar debt situation spreading to other countries looms large.
Such turbulence in the global markets could impact the extension of credit,
which affects new project plans or delays the time lines for existing projects,
hampering revenue generation opportunities for the company.
|
Corporate Family |
Corporate Structure News: |
|
|
|
|
Andritz AG |
|
|
|
|
|
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Graz |
Austria |
Machinery and Equipment Manufacturing |
6,652.1 |
23,849 |
|
|
Subsidiary |
Wien |
Austria |
Machinery and Equipment Manufacturing |
607.6 |
7,469 |
|
|
Subsidiary |
Kriens |
Switzerland |
Machinery Wholesale |
137.6 |
460 |
|
|
Subsidiary |
Schio, Vicenza |
Italy |
Machinery and Equipment Manufacturing |
89.9 |
158 |
|
|
Subsidiary |
Barueri, Sao Paulo |
Brazil |
Architecture and Engineering |
20.3 |
70 |
|
|
Subsidiary |
Fontaine |
France |
Machinery and Equipment Manufacturing |
40.8 |
39 |
|
|
Subsidiary |
Goeppingen |
Germany |
Machinery and Equipment Manufacturing |
1,620.0 |
5,563 |
|
|
Subsidiary |
Goppingen |
Germany |
Metals and Minerals Wholesale |
|
1,200 |
|
|
Subsidiary |
Goppingen |
Germany |
Metals and Minerals Wholesale |
|
1,200 |
|
|
Subsidiary |
Weingarten |
Germany |
Machinery and Equipment Manufacturing |
306.0 |
1,100 |
|
|
Subsidiary |
Shanghai, Shanghai |
China |
Machinery Wholesale |
|
200 |
|
|
Subsidiary |
Coronango, Puebla |
Mexico |
Machinery Wholesale |
15.6 |
172 |
|
|
Subsidiary |
Hastings, MI |
United States |
Machinery and Equipment Manufacturing |
33.0 |
65 |
|
|
Subsidiary |
Weingarten, Baden-Württemberg |
Germany |
Holding Companies |
|
2 |
|
|
SUPERA Grundstücks-Vermietungsgesellschaft mbH & Co.
Objekt Weingarten KG |
Subsidiary |
Schönefeld, Brandenburg |
Germany |
Real Estate Agents and Brokers |
|
2 |
|
Subsidiary |
Goppingen |
Germany |
Metals and Minerals Wholesale |
|
1,000 |
|
|
Subsidiary |
Diadema, SP |
Brazil |
Machinery and Equipment Manufacturing |
130.2 |
615 |
|
|
Subsidiary |
Waghausel |
Germany |
Metals and Minerals Wholesale |
|
500 |
|
|
Subsidiary |
Sao Paulo |
Brazil |
Metals and Minerals Wholesale |
|
500 |
|
|
Subsidiary |
Shanghai |
China |
Machinery and Equipment Manufacturing |
|
200 |
|
|
Subsidiary |
Gemmingen |
Germany |
Metals and Minerals Wholesale |
|
200 |
|
|
Subsidiary |
Netphen, Nordrhein-Westfalen |
Germany |
Metals and Minerals Wholesale |
|
150 |
|
|
Subsidiary |
Canton, MI |
United States |
Metals and Minerals Wholesale |
13.4 |
100 |
|
|
Subsidiary |
Dalian, Liaoning Province |
China |
Machinery and Equipment Manufacturing |
|
60 |
|
|
Subsidiary |
Weingarten |
Germany |
Metals and Minerals Wholesale |
|
60 |
|
|
Subsidiary |
Strasbourg |
France |
Machinery and Equipment Manufacturing |
9.9 |
30 |
|
|
Subsidiary |
Eislingen, Baden-Württemberg |
Germany |
Metals and Minerals Wholesale |
|
30 |
|
|
Subsidiary |
Strasbourg |
France |
Metals and Minerals Wholesale |
|
30 |
|
|
Subsidiary |
Canton, MI |
United States |
Metals and Minerals Wholesale |
|
30 |
|
|
Subsidiary |
Mumbai |
India |
Metals and Minerals Wholesale |
|
29 |
|
|
Subsidiary |
Walsall |
United Kingdom |
Miscellaneous Repair and Maintenance |
5.9 |
25 |
|
|
Subsidiary |
Tianjin |
China |
Machinery and Equipment Manufacturing |
|
12 |
|
|
Subsidiary |
Sant Cugat Del Valles, Barcelona |
Spain |
Metals and Minerals Wholesale |
2.5 |
3 |
|
|
Rena Grundstücksverwaltungsgesellschaft mbH & Co.
Vermietungs KG |
Subsidiary |
Pullach I. Isartal, Bayern |
Germany |
Real Estate Agents and Brokers |
|
1 |
|
Subsidiary |
Dubnica nad Vahom |
Slovakia |
Metals and Minerals Wholesale |
|
|
|
|
Subsidiary |
Esslingen |
Germany |
Metals and Minerals Wholesale |
|
|
|
|
Subsidiary |
Helsinki |
Finland |
Machinery and Equipment Manufacturing |
791.9 |
700 |
|
|
Subsidiary |
Savonlinna |
Finland |
Miscellaneous Chemical Manufacturing |
56.8 |
125 |
|
|
Subsidiary |
Helsinki |
Finland |
Architecture and Engineering |
1.4 |
11 |
|
|
Subsidiary |
Muncy, PA |
United States |
Paper Product Manufacturing |
83.0 |
630 |
|
|
Subsidiary |
Ravensburg, Baden-Württemberg |
Germany |
Machinery and Equipment Manufacturing |
105.7 |
400 |
|
|
Subsidiary |
Tiszakecske |
Hungary |
Machinery and Equipment Manufacturing |
|
400 |
|
|
Subsidiary |
Graz |
Austria |
Machinery and Equipment Manufacturing |
|
320 |
|
|
Subsidiary |
Vierkirchen, Bayern |
Germany |
Machinery and Equipment Manufacturing |
98.1 |
278 |
|
|
Subsidiary |
Regensburg, Bayern |
Germany |
Machinery and Equipment Manufacturing |
63.4 |
250 |
|
|
Subsidiary |
Roswell, GA |
United States |
Architecture and Engineering |
|
250 |
|
|
Subsidiary |
Arlington, TX |
United States |
Machinery and Equipment Manufacturing |
|
100 |
|
|
Branch |
Pittsburg, TX |
United States |
Machinery and Equipment Manufacturing |
17.5 |
40 |
|
|
Branch |
Scott Depot, WV |
United States |
Machinery and Equipment Manufacturing |
8.0 |
29 |
|
|
Branch |
Florence, KY |
United States |
Machinery and Equipment Manufacturing |
8.6 |
27 |
|
|
Branch |
San Leandro, CA |
United States |
Machinery Wholesale |
24.3 |
10 |
|
|
Branch |
Lakeland, FL |
United States |
Machinery and Equipment Manufacturing |
1.4 |
7 |
|
|
Branch |
Canonsburg, PA |
United States |
Metals and Minerals Wholesale |
190.1 |
80 |
|
|
Branch |
Glens Falls, NY |
United States |
Appliance Repair and Maintenance |
31.0 |
75 |
|
|
Subsidiary |
Lewiston, ID |
United States |
Metal Products Manufacturing |
|
30 |
|
|
Branch |
Spokane Valley, WA |
United States |
Metal Products Manufacturing |
4.0 |
19 |
|
|
Division |
Spartanburg, SC |
United States |
Textile Manufacturing |
60.0 |
25 |
|
|
Branch |
Glens Falls, NY |
United States |
Paper Product Manufacturing |
12.4 |
20 |
|
|
Branch |
Janesville, WI |
United States |
Paper Wholesale |
34.7 |
15 |
|
|
Branch |
Springfield, OH |
United States |
Paper Product Manufacturing |
9.5 |
12 |
|
|
Subsidiary |
Decatur, GA |
United States |
Paper Product Manufacturing |
|
12 |
|
|
Branch |
Bellingham, WA |
United States |
Paper Product Manufacturing |
2.5 |
3 |
|
|
Branch |
Tualatin, OR |
United States |
Paper Product Manufacturing |
3.7 |
5 |
|
|
Branch |
Tualatin, OR |
United States |
Paper Product Manufacturing |
3.7 |
5 |
|
|
Branch |
Muncy, PA |
United States |
Paper Product Manufacturing |
3.7 |
5 |
|
|
Branch |
Pell City, AL |
United States |
Paper Product Manufacturing |
2.5 |
3 |
|
|
Branch |
Vancouver, WA |
United States |
Machinery Wholesale |
2.8 |
1 |
|
|
Subsidiary |
Velizy Villacoublay |
France |
Machinery and Equipment Manufacturing |
89.3 |
224 |
|
|
Subsidiary |
Esbjerg Ø |
Denmark |
Machinery and Equipment Manufacturing |
104.0 |
200 |
|
|
Subsidiary |
Foshan, Guangdong |
China |
Machinery and Equipment Manufacturing |
|
200 |
|
|
Subsidiary |
Schwabisch Gmund |
Germany |
Machinery and Equipment Manufacturing |
|
200 |
|
|
Subsidiary |
Nürnberg, Bayern |
Germany |
Machinery and Equipment Manufacturing |
|
46 |
|
|
Subsidiary |
Singapore |
Singapore |
Machinery and Equipment Manufacturing |
|
4 |
|
|
Subsidiary |
Elbeuf |
France |
Machinery and Equipment Manufacturing |
74.3 |
170 |
|
|
Subsidiary |
Düren, Nordrhein-Westfalen |
Germany |
Paper Product Manufacturing |
|
165 |
|
|
Subsidiary |
Jevnaker |
Norway |
Machinery and Equipment Manufacturing |
63.2 |
160 |
|
|
Subsidiary |
Köln, Nordrhein-Westfalen |
Germany |
Machinery and Equipment Manufacturing |
92.4 |
150 |
|
|
Subsidiary |
Curitiba, PR |
Brazil |
Machinery and Equipment Manufacturing |
|
150 |
|
|
Subsidiary |
Araraquara, Sao Paulo |
Brazil |
Electrical Equipment and Appliances Manufacturing |
230.2 |
78 |
|
|
Branch |
Campinas, Sao Paulo |
Brazil |
Electrical Equipment and Appliances Manufacturing |
|
200 |
|
|
Subsidiary |
Curitiba, Parana |
Brazil |
Medical Equipment and Supplies |
|
|
|
|
ANDRITZ SEPARATION Industria e Comercio de Equipamentos
de Filtracao Ltda. |
Subsidiary |
Pomerode, 89107-000 |
Brazil |
Machinery Wholesale |
|
150 |
|
Subsidiary |
Shanghai, Shanghai |
China |
Machinery and Equipment Manufacturing |
|
150 |
|
|
Subsidiary |
Krokom |
Sweden |
Machinery and Equipment Manufacturing |
46.0 |
145 |
|
|
Subsidiary |
Örnsköldsvik |
Sweden |
Machinery Wholesale |
143.6 |
133 |
|
|
Subsidiary |
Humenne |
Slovakia |
Machinery and Equipment Manufacturing |
|
122 |
|
|
Subsidiary |
Geldrop |
Netherlands |
Machinery Wholesale |
45.0 |
120 |
|
|
Subsidiary |
Den Helder, Noord-Holland |
Netherlands |
Metals and Minerals Wholesale |
|
14 |
|
|
Subsidiary |
Bretten, Baden-Württemberg |
Germany |
Machinery and Equipment Manufacturing |
30.5 |
120 |
|
|
Subsidiary |
Bengaluru |
India |
Medical Equipment and Supplies |
|
120 |
|
|
Subsidiary |
Algete, Madrid |
Spain |
Machinery Wholesale |
59.3 |
118 |
|
|
Subsidiary |
Iggesund |
Sweden |
Machinery and Equipment Manufacturing |
23.8 |
100 |
|
|
Subsidiary |
Miribel |
France |
Machinery Wholesale |
2.1 |
4 |
|
|
Subsidiary |
Nanaimo, BC |
Canada |
Machinery Wholesale |
4.1 |
100 |
|
|
Subsidiary |
Vevey |
Switzerland |
Electronics Wholesale |
|
90 |
|
|
Subsidiary |
Kuala Lumpur |
Malaysia |
Electricity Generation and Distribution |
|
87 |
|
|
Subsidiary |
Santiago |
Chile |
Machinery Wholesale |
|
80 |
|
|
Subsidiary |
Levice |
Slovakia |
Textile Manufacturing |
|
79 |
|
|
Subsidiary |
Lachine, QC |
Canada |
Machinery Wholesale |
|
75 |
|
|
Subsidiary |
Montbonnot-Saint-Martin |
France |
Machinery and Equipment Manufacturing |
28.0 |
74 |
|
|
Subsidiary |
Kyalami |
South Africa |
Machinery Wholesale |
|
72 |
|
|
Subsidiary |
Spisska Nova Ves |
Slovakia |
Machinery and Equipment Manufacturing |
|
70 |
|
|
Subsidiary |
Chennai |
India |
Machinery and Equipment Manufacturing |
|
70 |
|
|
Branch |
Chennai, Tamil Nadu |
India |
Metal Products Manufacturing |
|
38 |
|
|
Subsidiary |
Charlotte, NC |
United States |
Electronics Wholesale |
|
69 |
|
|
Branch |
Starbuck, WA |
United States |
Machinery and Equipment Manufacturing |
3.7 |
8 |
|
|
Branch |
Clanton, AL |
United States |
Machinery and Equipment Manufacturing |
3.7 |
8 |
|
|
Subsidiary |
Ankara |
Turkey |
Machinery Wholesale |
|
60 |
|
|
Subsidiary |
Foshan, Guangdong |
China |
Machinery and Equipment Manufacturing |
33.6 |
50 |
|
|
Subsidiary |
Singapore |
Singapore |
Medical Equipment and Supplies |
33.4 |
50 |
|
|
Subsidiary |
Saint-Leonard, QC |
Canada |
Machinery and Equipment Manufacturing |
18.4 |
50 |
|
|
Subsidiary |
Durban |
South Africa |
Machinery Wholesale |
|
50 |
|
|
Subsidiary |
Cisnadie, Sibiu |
Romania |
Machinery and Equipment Manufacturing |
|
50 |
|
|
Subsidiary |
Tokyo |
Japan |
Machinery and Equipment Manufacturing |
|
50 |
|
|
Subsidiary |
Schio, Vicenza |
Italy |
Machinery and Equipment Manufacturing |
13.6 |
45 |
|
|
Subsidiary |
Newcastle |
United Kingdom |
Machinery and Equipment Manufacturing |
15.4 |
41 |
|
|
Subsidiary |
Düsseldorf, Nordrhein-Westfalen |
Germany |
Machinery and Equipment Manufacturing |
73.9 |
40 |
|
|
Subsidiary |
Ravensburg, Baden-Württemberg |
Germany |
Metal Products Manufacturing |
17.1 |
40 |
|
|
Subsidiary |
Brantford, ON |
Canada |
Machinery and Equipment Manufacturing |
14.9 |
40 |
|
|
Subsidiary |
Saskatoon, SK |
Canada |
Machinery Wholesale |
7.7 |
35 |
|
|
Subsidiary |
Asnieres-sur-Seine |
France |
Machinery Wholesale |
12.0 |
34 |
|
|
Subsidiary |
Le Bourget du Lac |
France |
Machinery and Equipment Manufacturing |
10.4 |
34 |
|
|
Subsidiary |
Rotterdam |
Netherlands |
Machinery Wholesale |
14.9 |
30 |
|
|
Subsidiary |
Talcahuano |
Chile |
Machinery Wholesale |
|
30 |
|
|
Subsidiary |
Florence, KY |
United States |
Machinery and Equipment Manufacturing |
|
30 |
|
|
Subsidiary |
Prague |
Czech Republic |
Machinery Wholesale |
|
25 |
|
|
Subsidiary |
Hull |
United Kingdom |
Metal Products Manufacturing |
9.2 |
24 |
|
|
Subsidiary |
Walpole, MA |
United States |
Machinery and Equipment Manufacturing |
3.7 |
22 |
|
|
Subsidiary |
San Sebastian De Los Reyes, Madrid |
Spain |
Professional and Commercial Equipment Wholesale |
5.4 |
15 |
|
|
Subsidiary |
Stockholm |
Sweden |
Machinery and Equipment Manufacturing |
|
10 |
|
|
Subsidiary |
Ho Chi Minh City |
Viet Nam |
Machinery and Equipment Manufacturing |
|
10 |
|
|
Subsidiary |
Taipei |
Taiwan |
Machinery Wholesale |
|
10 |
|
|
Subsidiary |
Bangkok |
Thailand |
Machinery Wholesale |
|
5 |
|
|
Subsidiary |
Sao Paulo |
Brazil |
Machinery Wholesale |
|
5 |
|
|
Subsidiary |
Kelowna, BC |
Canada |
Machinery and Equipment Manufacturing |
1.2 |
4 |
|
|
Subsidiary |
Warszawa |
Poland |
Advertising Services |
|
4 |
|
|
Subsidiary |
Hemer, Nordrhein-Westfalen |
Germany |
Holding Companies |
|
3 |
|
|
Subsidiary |
Hemer, Nordrhein-Westfalen |
Germany |
Machinery and Equipment Manufacturing |
299.6 |
400 |
|
|
Subsidiary |
Senden, Bayern |
Germany |
Machinery and Equipment Manufacturing |
47.5 |
225 |
|
|
Subsidiary |
Belper |
United Kingdom |
Machinery and Equipment Manufacturing |
|
2 |
|
|
Subsidiary |
Kolkata |
India |
Electricity Generation and Distribution |
|
2 |
|
|
Subsidiary |
Wien, Wien |
Austria |
Architecture and Engineering |
2,360.2 |
|
|
|
Subsidiary |
Linz, Oberösterreich |
Austria |
Architecture and Engineering |
|
200 |
|
|
Subsidiary |
Rotterdam, Zuid-Holland |
Netherlands |
Banking |
14.9 |
|
|
|
Subsidiary |
Waddinxveen, Zuid-Holland |
Netherlands |
Machinery and Equipment Manufacturing |
|
|
|
|
Subsidiary |
Singapore |
Singapore |
Machinery Wholesale |
0.9 |
5 |
|
|
Subsidiary |
Waddinxveen, Zuid-Holland |
Netherlands |
Banking |
|
|
|
|
Subsidiary |
Jakarta |
Indonesia |
Paper Product Manufacturing |
|
|
|
|
Subsidiary |
Janesville, WI |
United States |
Machinery and Equipment Manufacturing |
|
|
|
|
Subsidiary |
Caracas |
Venezuela |
Machinery Wholesale |
|
|
|
|
Subsidiary |
Bogota |
Colombia |
Machinery Wholesale |
|
|
|
|
Subsidiary |
Moscow |
Russian Federation |
Machinery Wholesale |
|
|
|
|
Subsidiary |
Morelia, Michoacan |
Mexico |
Medical Equipment and Supplies |
|
|
|
|
Subsidiary |
Graz |
Austria |
Machinery and Equipment Manufacturing |
|
|
|
|
Subsidiary |
Belper |
United Kingdom |
Machinery and Equipment Manufacturing |
|
|
|
|
Subsidiary |
Barcelona |
Spain |
Machinery and Equipment Manufacturing |
|
|
|
|
Subsidiary |
Makati, Manila |
Philippines |
Electricity Generation and Distribution |
|
|
|
|
Subsidiary |
Mettmann |
Germany |
Machinery Wholesale |
|
|
|
|
Subsidiary |
Miribel |
France |
Machinery Wholesale |
|
|
|
|
Subsidiary |
Beijing |
China |
Machinery Wholesale |
|
|
|
|
Subsidiary |
Geldrop |
Netherlands |
Machinery Wholesale |
|
|
|
|
Subsidiary |
Bulach |
Switzerland |
Medical Equipment and Supplies |
|
|
|
|
Subsidiary |
Milan |
Italy |
Machinery and Equipment Manufacturing |
|
|
|
|
Subsidiary |
Hanoi |
Viet Nam |
Machinery Wholesale |
|
|
|
|
Subsidiary |
Kiev |
Ukraine |
Electronics Wholesale |
|
|
|
|
Subsidiary |
Laguna, Manila |
Philippines |
Machinery Wholesale |
|
|
|
|
Subsidiary |
Lima |
Peru |
Machinery Wholesale |
|
|
|
|
Subsidiary |
Veracruz |
Mexico |
Machinery and Equipment Manufacturing |
|
|
|
|
Subsidiary |
Valencia |
Venezuela |
Machinery and Equipment Manufacturing |
|
|
|
|
Subsidiary |
Salisbury, NC |
United States |
Investment Services |
|
|
|
|
Subsidiary |
Lachine, QC |
Canada |
Machinery Wholesale |
|
|
|
|
Subsidiary |
Schio, Vicenza |
Italy |
Medical Equipment and Supplies |
|
|
|
|
Subsidiary |
Saskatoon, SK |
Canada |
Machinery Wholesale |
|
|
|
|
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Andritz AG
|
|
|
|
Annual
Income Statement
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte &
Touche LLP |
Treuhand GMBH |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
6,652.1 |
6,390.5 |
4,706.5 |
4,446.9 |
5,280.0 |
|
Revenue |
6,652.1 |
6,390.5 |
4,706.5 |
4,446.9 |
5,280.0 |
|
Interest Income, Non-Bank |
- |
2.9 |
3.7 |
1.4 |
1.1 |
|
Other Revenue |
- |
115.0 |
92.0 |
72.2 |
109.7 |
|
Other Revenue, Total |
- |
117.9 |
95.7 |
73.5 |
110.8 |
|
Total Revenue |
6,652.1 |
6,508.4 |
4,802.3 |
4,520.4 |
5,390.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
5,346.4 |
5,207.6 |
3,792.3 |
3,628.2 |
4,247.8 |
|
Cost of Revenue, Total |
5,346.4 |
5,207.6 |
3,792.3 |
3,628.2 |
4,247.8 |
|
Gross Profit |
1,305.7 |
1,183.0 |
914.2 |
818.6 |
1,032.2 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
615.2 |
484.1 |
400.4 |
- |
- |
|
Total Selling/General/Administrative Expenses |
615.2 |
484.1 |
400.4 |
- |
- |
|
Depreciation |
70.3 |
100.7 |
81.9 |
87.9 |
77.4 |
|
Amortization of Intangibles |
37.3 |
- |
- |
- |
- |
|
Depreciation/Amortization |
107.5 |
100.7 |
81.9 |
87.9 |
77.4 |
|
Investment Income -
Operating |
-1.8 |
50.2 |
34.7 |
- |
- |
|
Interest/Investment Income - Operating |
-1.8 |
50.2 |
34.7 |
- |
- |
|
Interest Expense (Income) - Net Operating Total |
-1.8 |
50.2 |
34.7 |
- |
- |
|
Impairment-Assets Held for Use |
0.5 |
1.4 |
0.0 |
11.0 |
9.9 |
|
Loss (Gain) on Sale of Assets - Operating |
-0.2 |
1.4 |
1.3 |
2.1 |
0.6 |
|
Unusual Expense (Income) |
0.3 |
2.8 |
1.3 |
13.2 |
10.5 |
|
Other Operating Expense |
223.8 |
228.2 |
166.6 |
586.6 |
735.4 |
|
Other, Net |
-69.3 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
154.5 |
228.2 |
166.6 |
586.6 |
735.4 |
|
Total Operating Expense |
6,222.3 |
6,073.6 |
4,477.1 |
4,315.9 |
5,071.1 |
|
|
|
|
|
|
|
|
Operating Income |
429.8 |
434.8 |
325.1 |
204.5 |
319.7 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-38.1 |
-32.3 |
-26.5 |
-31.5 |
-55.5 |
|
Interest Expense, Net Non-Operating |
-38.1 |
-32.3 |
-26.5 |
-31.5 |
-55.5 |
|
Interest Income -
Non-Operating |
43.0 |
47.6 |
29.3 |
32.2 |
54.5 |
|
Investment Income -
Non-Operating |
-1.8 |
-2.4 |
0.2 |
-1.9 |
0.0 |
|
Interest/Investment Income - Non-Operating |
41.2 |
45.1 |
29.5 |
30.3 |
54.5 |
|
Interest Income (Expense) - Net Non-Operating Total |
3.1 |
12.8 |
3.0 |
-1.2 |
-1.0 |
|
Other Non-Operating Income (Expense) |
-6.7 |
-0.2 |
0.2 |
4.7 |
-10.8 |
|
Other, Net |
-6.7 |
-0.2 |
0.2 |
4.7 |
-10.8 |
|
Income Before Tax |
426.2 |
447.4 |
328.3 |
208.1 |
307.8 |
|
|
|
|
|
|
|
|
Total Income Tax |
114.9 |
125.5 |
94.0 |
65.0 |
92.8 |
|
Income After Tax |
311.2 |
321.8 |
234.4 |
143.1 |
215.1 |
|
|
|
|
|
|
|
|
Minority Interest |
1.8 |
-1.1 |
3.5 |
-8.5 |
-10.8 |
|
Net Income Before Extraord Items |
313.1 |
320.7 |
237.8 |
134.6 |
204.3 |
|
Net Income |
313.1 |
320.7 |
237.8 |
134.6 |
204.3 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
313.1 |
320.7 |
237.8 |
134.6 |
204.3 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
313.1 |
320.7 |
237.8 |
134.6 |
204.3 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
103.2 |
102.7 |
103.1 |
102.5 |
102.4 |
|
Basic EPS Excl Extraord Items |
3.03 |
3.12 |
2.31 |
1.31 |
1.99 |
|
Basic/Primary EPS Incl Extraord Items |
3.03 |
3.12 |
2.31 |
1.31 |
1.99 |
|
Diluted Net Income |
313.1 |
320.7 |
237.8 |
134.6 |
204.3 |
|
Diluted Weighted Average Shares |
104.1 |
103.5 |
103.7 |
102.5 |
102.5 |
|
Diluted EPS Excl Extraord Items |
3.01 |
3.10 |
2.29 |
1.31 |
1.99 |
|
Diluted EPS Incl Extraord Items |
3.01 |
3.10 |
2.29 |
1.31 |
1.99 |
|
Dividends per Share - Common Stock Primary Issue |
1.16 |
1.53 |
1.13 |
0.70 |
0.80 |
|
Gross Dividends - Common Stock |
- |
157.9 |
115.0 |
71.9 |
82.4 |
|
Interest Expense, Supplemental |
38.1 |
32.3 |
26.5 |
31.5 |
55.5 |
|
Depreciation, Supplemental |
108.1 |
68.9 |
59.4 |
60.9 |
56.0 |
|
Total Special Items |
0.3 |
2.8 |
1.3 |
11.8 |
9.4 |
|
Normalized Income Before Tax |
426.5 |
450.2 |
329.6 |
219.9 |
317.3 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.1 |
0.8 |
0.4 |
3.7 |
2.8 |
|
Inc Tax Ex Impact of Sp Items |
115.0 |
126.3 |
94.3 |
68.6 |
95.6 |
|
Normalized Income After Tax |
311.5 |
323.9 |
235.3 |
151.2 |
221.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
313.3 |
322.7 |
238.8 |
142.7 |
210.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
3.03 |
3.14 |
2.32 |
1.39 |
2.06 |
|
Diluted Normalized EPS |
3.01 |
3.12 |
2.30 |
1.39 |
2.06 |
|
Amort of Intangibles, Supplemental |
37.3 |
31.9 |
22.5 |
20.3 |
19.3 |
|
Rental Expenses |
69.1 |
61.5 |
46.6 |
46.3 |
41.0 |
|
Research & Development Exp, Supplemental |
100.5 |
91.3 |
69.6 |
68.5 |
74.9 |
|
Normalized EBIT |
428.4 |
487.8 |
361.1 |
216.3 |
329.1 |
|
Normalized EBITDA |
573.7 |
588.6 |
442.9 |
297.6 |
404.4 |
|
Current Tax - Total |
133.2 |
139.6 |
109.8 |
84.4 |
116.8 |
|
Current Tax - Total |
133.2 |
139.6 |
109.8 |
84.4 |
116.8 |
|
Deferred Tax - Total |
-18.3 |
-14.1 |
-15.8 |
-19.4 |
-24.0 |
|
Deferred Tax - Total |
-18.3 |
-14.1 |
-15.8 |
-19.4 |
-24.0 |
|
Income Tax - Total |
114.9 |
125.5 |
94.0 |
65.0 |
92.8 |
|
Service Cost - Domestic |
6.6 |
7.9 |
8.7 |
7.6 |
7.4 |
|
Prior Service Cost - Domestic |
0.0 |
0.4 |
0.0 |
0.1 |
0.3 |
|
Curtailments & Settlements - Domestic |
-5.5 |
-2.6 |
0.7 |
-1.3 |
-0.4 |
|
Domestic Pension Plan Expense |
1.1 |
5.7 |
9.5 |
6.4 |
7.3 |
|
Service Cost - Post-Retirement |
3.6 |
3.9 |
3.7 |
3.5 |
9.2 |
|
Curtailments & Settlements - Post-Retir. |
0.0 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Post-Retirement Plan Expense |
3.6 |
3.9 |
3.5 |
3.5 |
9.2 |
|
Defined Contribution Expense - Domestic |
35.2 |
33.2 |
24.5 |
25.0 |
27.0 |
|
Defined Contribution Expense Retirement |
2.6 |
2.5 |
1.9 |
1.6 |
1.4 |
|
Total Pension Expense |
42.5 |
45.3 |
39.4 |
36.4 |
45.0 |
|
Discount Rate - Domestic |
3.75% |
4.00% |
1.80% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
2.75% |
3.40% |
1.06% |
2.00% |
0.00% |
|
Compensation Rate - Domestic |
2.50% |
2.50% |
1.00% |
1.00% |
1.00% |
|
Pension Payment Rate - Domestic |
2.50% |
2.50% |
2.00% |
0.25% |
0.25% |
|
Total Plan Service Cost |
10.2 |
11.8 |
12.4 |
11.1 |
16.6 |
|
|
|
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 |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
|
Auditor |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte &
Touche LLP |
Treuhand GMBH |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
1,973.1 |
1,518.7 |
1,593.7 |
1,018.0 |
776.3 |
|
Short Term Investments |
430.2 |
577.9 |
545.6 |
534.5 |
366.0 |
|
Cash and Short Term Investments |
2,403.3 |
2,096.6 |
2,139.3 |
1,552.5 |
1,142.3 |
|
Accounts Receivable -
Trade, Gross |
853.4 |
787.8 |
714.4 |
685.7 |
625.0 |
|
Provision for Doubtful
Accounts |
-51.8 |
-33.1 |
-30.0 |
-33.3 |
-34.3 |
|
Trade Accounts Receivable - Net |
801.7 |
754.7 |
684.4 |
652.4 |
590.7 |
|
Other Receivables |
876.1 |
791.7 |
794.3 |
839.7 |
857.4 |
|
Total Receivables, Net |
1,677.8 |
1,546.4 |
1,478.6 |
1,492.1 |
1,448.1 |
|
Inventories - Finished Goods |
73.8 |
86.3 |
60.4 |
76.0 |
91.3 |
|
Inventories - Work In Progress |
233.4 |
238.6 |
176.3 |
203.7 |
217.4 |
|
Inventories - Raw Materials |
228.4 |
209.6 |
212.6 |
179.2 |
191.8 |
|
Total Inventory |
535.7 |
534.5 |
449.3 |
458.9 |
500.5 |
|
Prepaid Expenses |
239.5 |
183.4 |
141.9 |
140.9 |
136.2 |
|
Total Current Assets |
4,856.2 |
4,360.9 |
4,209.2 |
3,644.4 |
3,227.1 |
|
|
|
|
|
|
|
|
Land/Improvements |
467.2 |
376.1 |
374.1 |
335.8 |
308.3 |
|
Machinery/Equipment |
697.8 |
628.1 |
566.4 |
534.3 |
468.3 |
|
Construction in
Progress |
30.0 |
44.3 |
59.9 |
51.5 |
28.7 |
|
Other
Property/Plant/Equipment |
- |
- |
- |
- |
13.0 |
|
Property/Plant/Equipment - Gross |
1,195.1 |
1,048.5 |
1,000.4 |
921.6 |
818.2 |
|
Accumulated Depreciation |
-541.9 |
-485.9 |
-453.1 |
-425.2 |
-362.6 |
|
Property/Plant/Equipment - Net |
653.2 |
562.6 |
547.4 |
496.4 |
455.6 |
|
Goodwill - Gross |
652.6 |
602.7 |
- |
- |
- |
|
Accumulated Goodwill Amortization |
-232.6 |
-233.1 |
- |
- |
- |
|
Goodwill, Net |
420.0 |
369.6 |
342.2 |
315.5 |
315.5 |
|
Intangibles - Gross |
246.7 |
227.5 |
186.1 |
153.7 |
144.2 |
|
Accumulated Intangible Amortization |
-113.1 |
-127.2 |
-102.9 |
-90.2 |
-65.8 |
|
Intangibles, Net |
133.6 |
100.3 |
83.2 |
63.4 |
78.4 |
|
LT Investment - Affiliate Companies |
0.7 |
17.4 |
29.7 |
13.5 |
12.9 |
|
LT Investments - Other |
469.6 |
306.2 |
26.8 |
32.5 |
49.3 |
|
Long Term Investments |
470.3 |
323.7 |
56.5 |
46.0 |
62.2 |
|
Note Receivable - Long Term |
127.2 |
72.0 |
52.7 |
54.2 |
45.3 |
|
Deferred Income Tax - Long Term Asset |
160.7 |
139.1 |
123.0 |
127.9 |
106.0 |
|
Other Long Term Assets, Total |
160.7 |
139.1 |
123.0 |
127.9 |
106.0 |
|
Total Assets |
6,821.3 |
5,928.1 |
5,414.2 |
4,748.0 |
4,290.1 |
|
|
|
|
|
|
|
|
Accounts Payable |
555.6 |
569.4 |
409.6 |
373.5 |
425.8 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
317.0 |
77.2 |
54.2 |
45.2 |
51.2 |
|
Customer Advances |
84.3 |
110.9 |
122.6 |
71.0 |
80.1 |
|
Income Taxes Payable |
67.1 |
59.7 |
61.8 |
50.0 |
48.1 |
|
Other Current Liabilities |
3,148.7 |
2,882.7 |
2,743.0 |
2,227.2 |
1,882.6 |
|
Other Current liabilities, Total |
3,300.1 |
3,053.3 |
2,927.3 |
2,348.1 |
2,010.8 |
|
Total Current Liabilities |
4,172.6 |
3,699.9 |
3,391.2 |
2,766.8 |
2,487.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
706.8 |
479.2 |
525.9 |
564.6 |
547.9 |
|
Capital Lease Obligations |
21.2 |
10.0 |
11.0 |
1.1 |
1.2 |
|
Total Long Term Debt |
728.0 |
489.2 |
536.8 |
565.6 |
549.1 |
|
Total Debt |
1,045.0 |
566.4 |
591.1 |
610.8 |
600.4 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
124.1 |
110.5 |
107.1 |
129.1 |
125.1 |
|
Deferred Income Tax |
124.1 |
110.5 |
107.1 |
129.1 |
125.1 |
|
Minority Interest |
34.8 |
54.8 |
50.7 |
49.0 |
48.5 |
|
Reserves |
280.2 |
280.6 |
197.4 |
212.9 |
301.8 |
|
Pension Benefits - Underfunded |
132.5 |
110.7 |
96.4 |
88.2 |
- |
|
Other Long Term Liabilities |
17.4 |
18.3 |
19.6 |
33.4 |
23.6 |
|
Other Liabilities, Total |
430.1 |
409.7 |
313.4 |
334.5 |
325.5 |
|
Total Liabilities |
5,489.7 |
4,764.1 |
4,399.1 |
3,845.0 |
3,536.0 |
|
|
|
|
|
|
|
|
Common Stock |
137.5 |
135.0 |
139.5 |
149.2 |
144.6 |
|
Common Stock |
137.5 |
135.0 |
139.5 |
149.2 |
144.6 |
|
Additional Paid-In Capital |
48.2 |
47.4 |
48.9 |
52.3 |
50.7 |
|
Retained Earnings (Accumulated Deficit) |
1,201.6 |
- |
826.6 |
701.4 |
558.8 |
|
Translation Adjustment |
-9.8 |
0.8 |
- |
- |
- |
|
Other Equity |
0.9 |
1,005.1 |
- |
- |
- |
|
Minimum Pension Liability Adjustment |
-46.8 |
-24.3 |
- |
- |
- |
|
Other Equity, Total |
-55.6 |
981.7 |
- |
- |
- |
|
Total Equity |
1,331.6 |
1,164.0 |
1,015.0 |
903.0 |
754.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
6,821.3 |
5,928.1 |
5,414.2 |
4,748.0 |
4,290.1 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
103.3 |
103.2 |
101.9 |
103.1 |
102.4 |
|
Total Common Shares Outstanding |
103.3 |
103.2 |
101.9 |
103.1 |
102.4 |
|
Treasury Shares - Common Stock Primary Issue |
0.7 |
1.6 |
2.1 |
0.9 |
1.6 |
|
Employees |
17,865 |
- |
14,655 |
13,049 |
13,707 |
|
Accumulated Goodwill Amortization Suppl. |
232.6 |
233.1 |
- |
- |
- |
|
Accumulated Intangible Amort, Suppl. |
113.1 |
127.2 |
102.9 |
90.2 |
65.8 |
|
Deferred Revenue - Current |
84.3 |
110.9 |
122.6 |
71.0 |
80.1 |
|
Total Long Term Debt, Supplemental |
1,022.0 |
555.4 |
579.1 |
609.2 |
598.4 |
|
Long Term Debt Maturing within 1 Year |
315.2 |
76.2 |
53.2 |
44.6 |
50.5 |
|
Long Term Debt Maturing in Year 2 |
56.0 |
118.3 |
130.0 |
83.6 |
78.8 |
|
Long Term Debt Maturing in Year 3 |
56.0 |
118.3 |
130.0 |
83.6 |
78.8 |
|
Long Term Debt Maturing in Year 4 |
56.0 |
118.3 |
130.0 |
83.6 |
78.8 |
|
Long Term Debt Maturing in Year 5 |
56.0 |
118.3 |
130.0 |
83.6 |
78.8 |
|
Long Term Debt Maturing in 2-3 Years |
112.0 |
236.7 |
260.0 |
167.1 |
157.6 |
|
Long Term Debt Maturing in 4-5 Years |
112.0 |
236.7 |
260.0 |
167.1 |
157.6 |
|
Long Term Debt Matur. in Year 6 & Beyond |
482.8 |
5.8 |
5.9 |
230.4 |
232.8 |
|
Total Capital Leases, Supplemental |
23.0 |
11.0 |
12.0 |
1.6 |
1.9 |
|
Capital Lease Payments Due in Year 1 |
1.8 |
1.0 |
1.0 |
0.5 |
0.7 |
|
Capital Lease Payments Due in Year 2 |
0.9 |
0.5 |
0.5 |
0.3 |
0.3 |
|
Capital Lease Payments Due in Year 3 |
0.9 |
0.5 |
0.5 |
0.3 |
0.3 |
|
Capital Lease Payments Due in Year 4 |
0.9 |
0.5 |
0.5 |
0.3 |
0.3 |
|
Capital Lease Payments Due in Year 5 |
0.9 |
0.5 |
0.5 |
0.3 |
0.3 |
|
Capital Lease Payments Due in 2-3 Years |
1.9 |
0.9 |
1.1 |
0.5 |
0.6 |
|
Capital Lease Payments Due in 4-5 Years |
1.9 |
0.9 |
1.1 |
0.5 |
0.6 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
17.5 |
8.2 |
8.8 |
0.0 |
0.0 |
|
Total Operating Leases, Supplemental |
125.0 |
- |
91.1 |
92.0 |
83.3 |
|
Operating Lease Payments Due in Year 1 |
40.5 |
- |
26.0 |
24.7 |
22.8 |
|
Operating Lease Payments Due in Year 2 |
16.7 |
- |
12.0 |
13.4 |
12.4 |
|
Operating Lease Payments Due in Year 3 |
16.7 |
- |
12.0 |
13.4 |
12.4 |
|
Operating Lease Payments Due in Year 4 |
16.7 |
- |
12.0 |
13.4 |
12.4 |
|
Operating Lease Payments Due in Year 5 |
16.7 |
- |
12.0 |
13.4 |
12.4 |
|
Operating Lease Pymts. Due in 2-3 Years |
33.5 |
- |
24.1 |
26.9 |
24.8 |
|
Operating Lease Pymts. Due in 4-5 Years |
33.5 |
- |
24.1 |
26.9 |
24.8 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
17.5 |
- |
16.9 |
13.5 |
10.8 |
|
Pension Obligation - Domestic |
342.0 |
282.3 |
266.0 |
239.8 |
236.9 |
|
Post-Retirement Obligation |
113.8 |
102.0 |
105.4 |
106.5 |
113.6 |
|
Plan Assets - Domestic |
209.5 |
171.6 |
169.6 |
151.6 |
141.9 |
|
Plan Assets - Post-Retirement |
1.1 |
0.9 |
1.0 |
0.5 |
0.3 |
|
Funded Status - Domestic |
-132.5 |
-110.7 |
-96.4 |
-88.2 |
-95.0 |
|
Funded Status - Post-Retirement |
-112.7 |
-101.1 |
-104.4 |
-105.9 |
-113.3 |
|
Total Funded Status |
-245.2 |
-211.8 |
-200.8 |
-194.1 |
-208.3 |
|
Discount Rate - Domestic |
3.75% |
4.00% |
1.80% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
2.75% |
3.40% |
1.06% |
2.00% |
0.00% |
|
Compensation Rate - Domestic |
2.50% |
2.50% |
1.00% |
1.00% |
1.00% |
|
Pension Payment Rate - Domestic |
2.50% |
2.50% |
2.00% |
0.25% |
0.25% |
|
Equity % - Domestic |
24.14% |
23.74% |
27.91% |
17.00% |
30.00% |
|
Debt Securities % - Domestic |
47.22% |
45.93% |
- |
- |
- |
|
Debt Securities % - Post-Retirement |
- |
- |
43.00% |
54.00% |
38.00% |
|
Real Estate % - Domestic |
14.06% |
14.57% |
- |
- |
- |
|
Other Investments % - Domestic |
14.57% |
15.76% |
- |
- |
- |
|
Total Plan Obligations |
455.8 |
384.3 |
371.4 |
346.3 |
350.6 |
|
Total Plan Assets |
210.6 |
172.5 |
170.6 |
152.2 |
142.3 |
|
|
|
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 |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte &
Touche LLP |
Treuhand GMBH |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
426.2 |
447.4 |
328.3 |
208.1 |
307.8 |
|
Depreciation |
108.1 |
102.1 |
81.9 |
98.9 |
88.0 |
|
Depreciation/Depletion |
108.1 |
102.1 |
81.9 |
98.9 |
88.0 |
|
Unusual Items |
1.4 |
-1.0 |
-3.0 |
-5.4 |
-0.8 |
|
Equity in Net Earnings (Loss) |
1.8 |
2.4 |
-0.2 |
1.9 |
0.0 |
|
Other Non-Cash Items |
21.8 |
21.2 |
19.5 |
83.6 |
25.4 |
|
Non-Cash Items |
25.0 |
22.6 |
16.3 |
80.1 |
24.6 |
|
Accounts Receivable |
-85.1 |
-159.9 |
61.8 |
-3.0 |
-130.9 |
|
Inventories |
25.6 |
-74.5 |
48.9 |
63.5 |
-115.2 |
|
Prepaid Expenses |
-48.6 |
-49.6 |
1.1 |
3.3 |
8.9 |
|
Accounts Payable |
98.6 |
455.1 |
485.9 |
104.0 |
289.1 |
|
Other Operating Cash Flow |
-104.5 |
-140.2 |
-91.1 |
-74.0 |
-99.3 |
|
Changes in Working Capital |
-114.0 |
31.0 |
506.6 |
93.7 |
-47.5 |
|
Cash from Operating Activities |
445.2 |
603.2 |
933.0 |
480.8 |
373.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-140.2 |
-107.0 |
-91.1 |
-98.1 |
-101.9 |
|
Capital Expenditures |
-140.2 |
-107.0 |
-91.1 |
-98.1 |
-101.9 |
|
Acquisition of Business |
-68.0 |
-90.7 |
-76.7 |
24.0 |
72.1 |
|
Sale of Business |
5.0 |
3.5 |
2.4 |
0.0 |
- |
|
Sale of Fixed Assets |
5.5 |
5.5 |
16.9 |
30.0 |
6.8 |
|
Purchase of Investments |
-90.6 |
-343.8 |
-50.0 |
-141.7 |
-259.4 |
|
Other Investing Cash Flow Items, Total |
-148.0 |
-425.5 |
-107.3 |
-87.8 |
-180.5 |
|
Cash from Investing Activities |
-288.2 |
-532.5 |
-198.4 |
-185.9 |
-282.4 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-18.1 |
27.6 |
-56.9 |
-0.6 |
4.4 |
|
Financing Cash Flow Items |
-18.1 |
27.6 |
-56.9 |
-0.6 |
4.4 |
|
Cash Dividends Paid - Common |
-145.9 |
-120.8 |
-68.5 |
-78.3 |
-74.7 |
|
Total Cash Dividends Paid |
-145.9 |
-120.8 |
-68.5 |
-78.3 |
-74.7 |
|
Long Term Debt, Net |
435.1 |
-14.7 |
-11.4 |
-13.4 |
79.6 |
|
Issuance (Retirement) of Debt, Net |
435.1 |
-14.7 |
-11.4 |
-13.4 |
79.6 |
|
Cash from Financing Activities |
271.1 |
-107.9 |
-136.8 |
-92.3 |
9.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-13.1 |
12.1 |
35.8 |
7.5 |
-10.0 |
|
Net Change in Cash |
415.0 |
-25.1 |
633.6 |
210.1 |
90.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,503.3 |
1,651.8 |
939.7 |
776.7 |
726.8 |
|
Net Cash - Ending Balance |
1,918.2 |
1,626.7 |
1,573.3 |
986.8 |
816.8 |
|
Cash Interest Paid |
22.9 |
23.0 |
18.7 |
25.0 |
48.0 |
|
Cash Taxes Paid |
125.8 |
142.3 |
97.4 |
80.8 |
105.1 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate (Period
Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte &
Touche LLP |
Treuhand GMBH |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales |
6,652.1 |
6,390.5 |
4,706.5 |
4,446.9 |
5,280.0 |
|
Other Operating Income |
- |
115.0 |
92.0 |
72.2 |
109.7 |
|
Gain on Sale of Assets |
- |
2.9 |
3.7 |
1.4 |
1.1 |
|
Total Revenue |
6,652.1 |
6,508.4 |
4,802.3 |
4,520.4 |
5,390.7 |
|
|
|
|
|
|
|
|
Amortisation of Intangibles |
37.3 |
- |
- |
- |
- |
|
Rental Income, Net |
-3.2 |
- |
- |
- |
- |
|
Operating Provisions |
-5.1 |
- |
- |
- |
- |
|
Bad Debt Written-off/Provision |
28.8 |
- |
- |
- |
- |
|
Other Income |
-60.9 |
- |
- |
- |
- |
|
Change in Inventories |
6.7 |
-78.3 |
74.0 |
39.1 |
-80.8 |
|
Own Work Capitalized |
-2.5 |
-1.4 |
-1.6 |
-0.8 |
-1.1 |
|
Material Expenses |
3,911.0 |
3,903.2 |
2,624.1 |
2,532.4 |
3,221.8 |
|
Personnel Expenses |
1,431.2 |
- |
- |
- |
- |
|
Personnel Expenses |
- |
1,384.1 |
1,095.9 |
1,057.5 |
1,107.9 |
|
Depreciation |
70.3 |
- |
- |
- |
- |
|
Depreciation/Amort. |
- |
100.7 |
81.9 |
87.9 |
77.4 |
|
Foreign Exchange Gain/Loss |
-32.2 |
- |
- |
- |
- |
|
Exchange Losses |
30.5 |
50.2 |
34.7 |
- |
- |
|
General/Administration/Insurance |
517.3 |
- |
- |
- |
- |
|
Sales Expenses |
- |
328.5 |
275.0 |
- |
- |
|
Administration |
- |
60.5 |
50.5 |
- |
- |
|
Rental Expenses |
69.1 |
61.5 |
46.6 |
- |
- |
|
G/L on Sale of Tangible & Intangible FA |
-0.8 |
- |
- |
- |
- |
|
Loss on Sale of Assets |
0.6 |
1.4 |
1.3 |
- |
- |
|
Insurance Expenses |
- |
33.5 |
28.3 |
- |
- |
|
Other Operating Expenses |
223.8 |
- |
- |
- |
- |
|
Other Operating Expenses |
- |
228.2 |
166.6 |
586.6 |
735.4 |
|
Impairment of Goodwill |
0.5 |
1.4 |
0.0 |
11.0 |
9.9 |
|
Sale of Assets, Net |
- |
- |
- |
2.1 |
0.6 |
|
Total Operating Expense |
6,222.3 |
6,073.6 |
4,477.1 |
4,315.9 |
5,071.1 |
|
|
|
|
|
|
|
|
Associates |
-1.8 |
-2.4 |
0.2 |
-1.9 |
0.0 |
|
Other Interest Inc. |
43.0 |
47.6 |
29.3 |
32.2 |
54.5 |
|
Interest Expense |
-38.1 |
-32.3 |
-26.5 |
-31.5 |
-55.5 |
|
Other Financial Income/Expenses |
-6.7 |
-0.2 |
0.2 |
4.7 |
-10.8 |
|
Net Income Before Taxes |
426.2 |
447.4 |
328.3 |
208.1 |
307.8 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
114.9 |
125.5 |
94.0 |
65.0 |
92.8 |
|
Net Income After Taxes |
311.2 |
321.8 |
234.4 |
143.1 |
215.1 |
|
|
|
|
|
|
|
|
Minority Interests |
1.8 |
-1.1 |
3.5 |
-8.5 |
-10.8 |
|
Net Income Before Extra. Items |
313.1 |
320.7 |
237.8 |
134.6 |
204.3 |
|
Net Income |
313.1 |
320.7 |
237.8 |
134.6 |
204.3 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
313.1 |
320.7 |
237.8 |
134.6 |
204.3 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
313.1 |
320.7 |
237.8 |
134.6 |
204.3 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
103.2 |
102.7 |
103.1 |
102.5 |
102.4 |
|
Basic EPS Excluding ExtraOrdinary Items |
3.03 |
3.12 |
2.31 |
1.31 |
1.99 |
|
Basic EPS Including ExtraOrdinary Items |
3.03 |
3.12 |
2.31 |
1.31 |
1.99 |
|
Diluted Net Income |
313.1 |
320.7 |
237.8 |
134.6 |
204.3 |
|
Diluted Weighted Average Shares |
104.1 |
103.5 |
103.7 |
102.5 |
102.5 |
|
Diluted EPS Excluding ExtraOrd Items |
3.01 |
3.10 |
2.29 |
1.31 |
1.99 |
|
Diluted EPS Including ExtraOrd Items |
3.01 |
3.10 |
2.29 |
1.31 |
1.99 |
|
DPS-Ordinary Shares |
1.16 |
1.53 |
1.13 |
0.70 |
0.80 |
|
Gross Dividends - Common Stock |
- |
157.9 |
115.0 |
71.9 |
82.4 |
|
Normalized Income Before Taxes |
426.5 |
450.2 |
329.6 |
219.9 |
317.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
115.0 |
126.3 |
94.3 |
68.6 |
95.6 |
|
Normalized Income After Taxes |
311.5 |
323.9 |
235.3 |
151.2 |
221.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
313.3 |
322.7 |
238.8 |
142.7 |
210.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
3.03 |
3.14 |
2.32 |
1.39 |
2.06 |
|
Diluted Normalized EPS |
3.01 |
3.12 |
2.30 |
1.39 |
2.06 |
|
Interest Expenses |
38.1 |
32.3 |
26.5 |
31.5 |
55.5 |
|
Amortisation of Intangibles |
37.3 |
31.9 |
22.5 |
20.3 |
19.3 |
|
Depreciation |
108.1 |
68.9 |
59.4 |
60.9 |
56.0 |
|
Research and Development |
100.5 |
91.3 |
69.6 |
68.5 |
74.9 |
|
Rental Expense |
69.1 |
61.5 |
46.6 |
46.3 |
41.0 |
|
Current Taxes |
133.2 |
139.6 |
109.8 |
84.4 |
116.8 |
|
Current Tax - Total |
133.2 |
139.6 |
109.8 |
84.4 |
116.8 |
|
Deferred Taxes |
-18.3 |
-14.1 |
-15.8 |
-19.4 |
-24.0 |
|
Deferred Tax - Total |
-18.3 |
-14.1 |
-15.8 |
-19.4 |
-24.0 |
|
Income Tax - Total |
114.9 |
125.5 |
94.0 |
65.0 |
92.8 |
|
Current Service Costs |
6.6 |
7.9 |
8.7 |
7.6 |
7.4 |
|
Past Service Costs |
0.0 |
0.4 |
0.0 |
0.1 |
0.3 |
|
Plan Curtailments |
-5.5 |
-2.6 |
0.7 |
-1.3 |
-0.4 |
|
Domestic Pension Plan Expense |
1.1 |
5.7 |
9.5 |
6.4 |
7.3 |
|
Current Service Costs |
3.6 |
3.9 |
3.7 |
3.5 |
9.2 |
|
Curtailments |
0.0 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Post-Retirement Plan Expense |
3.6 |
3.9 |
3.5 |
3.5 |
9.2 |
|
Defined Contribution Expence |
35.2 |
33.2 |
24.5 |
25.0 |
27.0 |
|
Post Retirement - Def. Contr. Exp. |
2.6 |
2.5 |
1.9 |
1.6 |
1.4 |
|
Total Pension Expense |
42.5 |
45.3 |
39.4 |
36.4 |
45.0 |
|
Discount Rate |
3.75% |
4.00% |
1.80% |
2.00% |
2.00% |
|
Salaries Trend |
2.50% |
2.50% |
1.00% |
1.00% |
1.00% |
|
Pension Payments Trend |
2.50% |
2.50% |
2.00% |
0.25% |
0.25% |
|
Expected Return on Plan Assets |
2.75% |
3.40% |
1.06% |
2.00% |
0.00% |
|
|
|
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 |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
|
Auditor |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte & Touche
GmbH Wirtschaftspruef. |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte &
Touche LLP |
Treuhand GMBH |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Finished Goods |
73.8 |
86.3 |
60.4 |
76.0 |
91.3 |
|
Raw Materials |
228.4 |
209.6 |
212.6 |
179.2 |
191.8 |
|
Work in Progress |
233.4 |
238.6 |
176.3 |
203.7 |
217.4 |
|
Advance payments made |
239.5 |
183.4 |
141.9 |
140.9 |
136.2 |
|
Trade Receivables, Gross |
853.4 |
787.8 |
714.4 |
685.7 |
625.0 |
|
Provision for Doubtful Accounts |
-51.8 |
-33.1 |
-30.0 |
-33.3 |
-34.3 |
|
Cost and earnings of projects under cons |
423.9 |
377.1 |
456.0 |
550.8 |
619.3 |
|
Other current receivables |
452.2 |
414.6 |
338.3 |
288.9 |
238.1 |
|
Marketable securities |
430.2 |
577.9 |
545.6 |
534.5 |
366.0 |
|
Cash |
1,973.1 |
1,518.7 |
1,593.7 |
1,018.0 |
776.3 |
|
Total Current Assets |
4,856.2 |
4,360.9 |
4,209.2 |
3,644.4 |
3,227.1 |
|
|
|
|
|
|
|
|
Customer and Technology Related, Gross |
166.5 |
152.4 |
- |
- |
- |
|
Other Intangibles, Gross |
80.3 |
75.1 |
- |
- |
- |
|
Intangibles |
- |
- |
186.1 |
153.7 |
144.2 |
|
Acc Amort Customer and Technology Relate |
-53.1 |
-72.7 |
- |
- |
- |
|
Acc Amort Other Intangibles |
-60.0 |
-54.5 |
- |
- |
- |
|
Amort Intangible |
- |
- |
-102.9 |
-90.2 |
-65.8 |
|
Goodwill, Gross |
652.6 |
602.7 |
- |
- |
- |
|
Acc Amort Goodwill |
-232.6 |
-233.1 |
- |
- |
- |
|
Goodwill, Net |
- |
- |
342.2 |
315.5 |
315.5 |
|
Land |
467.2 |
376.1 |
374.1 |
335.8 |
308.3 |
|
Plant/Machinery |
512.0 |
464.3 |
417.9 |
382.9 |
331.8 |
|
Fixt./Fittings |
185.8 |
163.8 |
148.4 |
151.4 |
136.5 |
|
Construction |
30.0 |
44.3 |
59.9 |
51.5 |
28.7 |
|
Advance/F.A. |
- |
- |
- |
- |
13.0 |
|
Acc Depr Land & Buildings |
-140.1 |
-126.8 |
- |
- |
- |
|
Acc Depr Plant & Machinery |
-289.1 |
-257.4 |
- |
- |
- |
|
Acc Depr Fixt./Fittings |
-112.6 |
-101.7 |
- |
- |
- |
|
Acc Depr Construction in Progress |
0.0 |
0.0 |
- |
- |
- |
|
Depreciation |
- |
- |
-453.1 |
-425.2 |
-362.6 |
|
Shares in associated companies |
0.7 |
17.4 |
29.7 |
13.5 |
12.9 |
|
Other investments |
469.6 |
306.2 |
26.8 |
32.5 |
49.3 |
|
Accounts Receivable |
28.3 |
18.6 |
- |
- |
- |
|
Other LT Receivables & LT Assets |
98.9 |
53.4 |
- |
- |
- |
|
Deferred tax assets |
160.7 |
139.1 |
123.0 |
127.9 |
106.0 |
|
Other LT Receivables & Assets |
- |
- |
52.7 |
54.2 |
45.3 |
|
Total Assets |
6,821.3 |
5,928.1 |
5,414.2 |
4,748.0 |
4,290.1 |
|
|
|
|
|
|
|
|
Bonds - current |
246.7 |
0.0 |
- |
- |
- |
|
Bonds |
- |
- |
- |
- |
0.0 |
|
Bank loans and other financial liabiliti |
68.5 |
76.2 |
53.2 |
44.6 |
50.5 |
|
Obligations under finance leases - curre |
1.8 |
1.0 |
1.0 |
0.5 |
0.7 |
|
Trade accounts payable |
555.6 |
569.4 |
409.6 |
373.5 |
425.8 |
|
Billing/Costs |
1,441.8 |
1,386.8 |
1,333.1 |
1,037.1 |
863.5 |
|
Advance payments received |
84.3 |
110.9 |
122.6 |
71.0 |
80.1 |
|
Provisions - current |
546.2 |
474.9 |
488.0 |
459.2 |
361.6 |
|
Tax Liabs. |
67.1 |
59.7 |
61.8 |
50.0 |
48.1 |
|
Other Liab. |
1,160.8 |
1,021.0 |
921.9 |
730.9 |
657.6 |
|
Total Current Liabilities |
4,172.6 |
3,699.9 |
3,391.2 |
2,766.8 |
2,487.8 |
|
|
|
|
|
|
|
|
Bonds - non-current |
694.0 |
464.4 |
500.2 |
533.1 |
513.0 |
|
Bank loans and other financial liabiliti |
12.8 |
14.8 |
25.7 |
31.5 |
35.0 |
|
Obligations under finance leases - non-c |
21.2 |
10.0 |
11.0 |
1.1 |
1.2 |
|
Total Long Term Debt |
728.0 |
489.2 |
536.8 |
565.6 |
549.1 |
|
|
|
|
|
|
|
|
Other Prov.-excl.Pension/Post Retirement |
280.2 |
280.6 |
- |
- |
- |
|
Pension Prov. |
- |
- |
96.4 |
88.2 |
- |
|
Provisions |
- |
- |
197.4 |
212.9 |
301.8 |
|
Other liabilities - non-current |
17.4 |
18.3 |
19.6 |
33.4 |
23.6 |
|
Deferred tax liabilities |
124.1 |
110.5 |
107.1 |
129.1 |
125.1 |
|
Minority Int. |
- |
- |
50.7 |
49.0 |
48.5 |
|
Equity Minority/Non Controlling Interest |
34.8 |
54.8 |
- |
- |
- |
|
LT Postemployment Benefit-Pension&Other |
132.5 |
110.7 |
- |
- |
- |
|
Total Liabilities |
5,489.7 |
4,764.1 |
4,399.1 |
3,845.0 |
3,536.0 |
|
|
|
|
|
|
|
|
Translation Adjustment |
-9.8 |
0.8 |
- |
- |
- |
|
Other Reserves/Equity |
- |
1,004.9 |
- |
- |
- |
|
IAS 39 Reserves |
0.9 |
0.2 |
- |
- |
- |
|
Actuarial Gains/Losses |
-46.8 |
-24.3 |
- |
- |
- |
|
Capital Stock |
137.5 |
135.0 |
139.5 |
149.2 |
144.6 |
|
Capital reserves |
48.2 |
47.4 |
48.9 |
52.3 |
50.7 |
|
Retained Earn. |
1,201.6 |
- |
826.6 |
701.4 |
558.8 |
|
Total Equity |
1,331.6 |
1,164.0 |
1,015.0 |
903.0 |
754.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
6,821.3 |
5,928.1 |
5,414.2 |
4,748.0 |
4,290.1 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
103.3 |
103.2 |
101.9 |
103.1 |
102.4 |
|
Total Common Shares Outstanding |
103.3 |
103.2 |
101.9 |
103.1 |
102.4 |
|
T/S-Ordinary Shares |
0.7 |
1.6 |
2.1 |
0.9 |
1.6 |
|
Advance payments received |
84.3 |
110.9 |
122.6 |
71.0 |
80.1 |
|
Acc Amort Customer and Technology Relate |
53.1 |
- |
- |
- |
- |
|
Acc Amort Other Intangibles |
60.0 |
- |
- |
- |
- |
|
Acc Amort Customer and Technology Relate |
- |
72.7 |
- |
- |
- |
|
Acc Amort Other Intangibles |
- |
54.5 |
- |
- |
- |
|
Accumulated Intangible Amortisation |
- |
- |
102.9 |
90.2 |
65.8 |
|
Acc Amort Goodwill |
232.6 |
233.1 |
- |
- |
- |
|
Full-Time Employees |
17,865 |
- |
14,655 |
13,049 |
13,707 |
|
Long-Term Debt <1 Year |
315.2 |
76.2 |
53.2 |
44.6 |
50.5 |
|
Long-Term Debt 1-5 Years |
224.0 |
473.4 |
520.0 |
334.2 |
315.1 |
|
Long-Term Debt > 5 Years |
482.8 |
5.8 |
5.9 |
230.4 |
232.8 |
|
Total Long Term Debt, Supplemental |
1,022.0 |
555.4 |
579.1 |
609.2 |
598.4 |
|
Finance Leases <1 Year |
1.8 |
1.0 |
1.0 |
0.5 |
0.7 |
|
Finance Leases 1-5 Years |
3.8 |
1.8 |
2.2 |
1.1 |
1.2 |
|
Finance Leases > 5 Years |
17.5 |
8.2 |
8.8 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
23.0 |
11.0 |
12.0 |
1.6 |
1.9 |
|
Operating Leases < 1 Year |
40.5 |
- |
26.0 |
24.7 |
22.8 |
|
Operating Leases 1-5 Years |
66.9 |
- |
48.2 |
53.8 |
49.6 |
|
Operating Leases > 5 Years |
17.5 |
- |
16.9 |
13.5 |
10.8 |
|
Total Operating Leases, Supplemental |
125.0 |
- |
91.1 |
92.0 |
83.3 |
|
Obligation |
342.0 |
282.3 |
266.0 |
239.8 |
236.9 |
|
Plan Assets |
209.5 |
171.6 |
169.6 |
151.6 |
141.9 |
|
Funded Status |
-132.5 |
-110.7 |
-96.4 |
-88.2 |
-95.0 |
|
Obligation - Post Retirement |
113.8 |
102.0 |
105.4 |
106.5 |
113.6 |
|
Plan Assets - Post Retirement |
1.1 |
0.9 |
1.0 |
0.5 |
0.3 |
|
Funded Status - Post Retirement |
-112.7 |
-101.1 |
-104.4 |
-105.9 |
-113.3 |
|
Total Funded Status |
-245.2 |
-211.8 |
-200.8 |
-194.1 |
-208.3 |
|
Discount Rate |
3.75% |
4.00% |
1.80% |
2.00% |
2.00% |
|
Salaries Trend |
2.50% |
2.50% |
1.00% |
1.00% |
1.00% |
|
Pension Payments Rate |
2.50% |
2.50% |
2.00% |
0.25% |
0.25% |
|
Expected Return on Plan Assets |
2.75% |
3.40% |
1.06% |
2.00% |
0.00% |
|
Net Assets Recognized on Balance Sheet - |
14.06% |
14.57% |
- |
- |
- |
|
Net Assets Recognized on Balance Sheet - |
47.22% |
45.93% |
- |
- |
- |
|
Net Assets Recognized on Balance Sheet - |
24.14% |
23.74% |
- |
- |
- |
|
Equity Instruments |
- |
- |
27.91% |
17.00% |
30.00% |
|
Debt Instruments |
- |
- |
43.00% |
54.00% |
38.00% |
|
Net Assets Recognized on Balance Sheet - |
14.57% |
15.76% |
- |
- |
- |
|
Fixed Assets |
- |
- |
14.46% |
15.00% |
15.00% |
|
Other |
- |
- |
14.63% |
14.00% |
17.00% |
|
|
|
Annual Cash Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte & Touche
GmbH Wirtschaftspruef. |
Deloitte &
Touche GmbH Wirtschaftspruef. |
Deloitte &
Touche LLP |
Treuhand GMBH |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
426.2 |
447.4 |
328.3 |
208.1 |
307.8 |
|
Depreciation |
108.1 |
102.1 |
81.9 |
98.9 |
88.0 |
|
Interest Results |
-4.9 |
-15.2 |
-2.8 |
-0.7 |
1.0 |
|
Associates |
1.8 |
2.4 |
-0.2 |
1.9 |
0.0 |
|
Accruals |
-36.6 |
16.1 |
-13.1 |
-7.4 |
0.0 |
|
Gain/Loss Fixed A. |
1.4 |
-1.0 |
-3.0 |
-5.4 |
-0.8 |
|
Non Cash Inc./Exp. |
-2.1 |
4.2 |
0.5 |
3.1 |
14.7 |
|
Taxation Paid |
-125.8 |
-142.3 |
-97.4 |
-80.8 |
-105.1 |
|
Interest Received |
49.1 |
40.4 |
27.8 |
32.4 |
52.8 |
|
Interest Paid |
-22.9 |
-23.0 |
-18.7 |
-25.0 |
-48.0 |
|
Inventories |
25.6 |
-74.5 |
48.9 |
63.5 |
-115.2 |
|
Advance Payments |
-48.6 |
-49.6 |
1.1 |
3.3 |
8.9 |
|
Debtors |
-44.4 |
-138.0 |
39.6 |
11.2 |
-65.1 |
|
Provisions |
60.5 |
1.0 |
32.1 |
87.9 |
10.7 |
|
Payments Received |
-40.7 |
-21.9 |
22.2 |
-14.2 |
-65.8 |
|
Creditors |
98.6 |
455.1 |
485.9 |
104.0 |
289.1 |
|
Cash from Operating Activities |
445.2 |
603.2 |
933.0 |
480.8 |
373.0 |
|
|
|
|
|
|
|
|
Proc.- Fixed Assets |
5.5 |
5.5 |
16.9 |
30.0 |
6.8 |
|
Purch.- Fixed Assets |
-140.2 |
-107.0 |
-91.1 |
-98.1 |
-101.9 |
|
Purch. Investments |
-256.0 |
-275.1 |
-13.8 |
-3.7 |
-5.3 |
|
Changes in Consolidation Range |
5.0 |
3.5 |
2.4 |
0.0 |
- |
|
Minority Interests |
-68.0 |
-90.7 |
-76.7 |
24.0 |
72.1 |
|
Purch. ST Inv. |
165.4 |
-68.7 |
-36.2 |
-138.0 |
-254.1 |
|
Cash from Investing Activities |
-288.2 |
-532.5 |
-198.4 |
-185.9 |
-282.4 |
|
|
|
|
|
|
|
|
Borrowings Net |
435.1 |
-14.7 |
-11.4 |
-13.4 |
79.6 |
|
Dividends Paid |
-145.9 |
-120.8 |
-68.5 |
-78.3 |
-74.7 |
|
Divs to Minorities |
-20.5 |
8.7 |
-6.8 |
-14.8 |
-2.2 |
|
Acq Own Shares |
2.4 |
18.8 |
-50.0 |
14.2 |
6.6 |
|
Cash from Financing Activities |
271.1 |
-107.9 |
-136.8 |
-92.3 |
9.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-13.1 |
12.1 |
35.8 |
7.5 |
-10.0 |
|
Net Change in Cash |
415.0 |
-25.1 |
633.6 |
210.1 |
90.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,503.3 |
1,651.8 |
939.7 |
776.7 |
726.8 |
|
Net Cash - Ending Balance |
1,918.2 |
1,626.7 |
1,573.3 |
986.8 |
816.8 |
|
Cash Interest Paid |
22.9 |
23.0 |
18.7 |
25.0 |
48.0 |
|
Cash Taxes Paid |
125.8 |
142.3 |
97.4 |
80.8 |
105.1 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per share
items (actual units) |
|
|
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|
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.62.57 |
|
|
1 |
Rs.100.62 |
|
Euro |
1 |
Rs.84.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SCs credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.