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Report Date : |
08.11.2013 |
IDENTIFICATION DETAILS
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Name : |
ATMEL CORPORATION |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
04.03.1999 |
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Legal Form : |
Public Parent |
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Line of Business : |
Engaged in designing, developing and supplying of microcontrollers. |
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No. of Employees : |
5,000 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
UNITED STATES - ECONOMIC OVERVIEW
The
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Source : CIA |
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Atmel Corporation |
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Employees: |
5,000 |
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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: |
04-Mar-1999 |
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Auditor: |
KPMG LLP |
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Fiscal Year End: |
31-Dec-2012 |
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Reporting
Currency: |
US Dollar |
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Annual Sales: |
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Net Income: |
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Total Assets: |
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Market Value: |
3,121.3 |
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(18-Oct-2013) |
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Business Description |
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Atmel Corporation (Atmel) is engaged in
designing, developing and supplying of microcontrollers. Atmel offers a
portfolio of touch products, which integrate its microcontrollers with touch-focused
intellectual property (IP). Its semiconductors also enable applications in
many other fields, such as smart-metering for utility monitoring and billing,
buttons, sliders and wheels found on the touch panels of appliances, various
aerospace, industrial and military products and systems, and electronic-based
automotive components, like keyless ignition, access, engine control,
lighting and entertainment systems, for standard and hybrid vehicles. In
October 2012, it sold its Serial Flash memory product lines to Adesto
Technologies Corporation. In March 2013, Integrated Device Technology Inc
(IDT) announced IDT has transferred the assets and design team of its smart
metering IC product lines to the Company. For the six months ended 30 June
2013, Atmel Corporation revenues decreased 7% to $677M. Net loss totaled
$34.7M vs. income of $21.1M. Revenues reflect |
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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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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1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
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In September 2011, the company signed a definitive
agreement to acquire Advanced Digital Design, S.A. (ADD Semiconductor), ,
which is a privately held company based in Zaragoza, Spain engaged in
developing power line communication solutions. The acquisition is expected to
benefit in terms of complementing weel with the company's smart energy
product portfolio for continued success in the growing energy
management,smart meter home and building automation markets. In September
2011, the company underwent a collaboration
agreement Arduino on several development boards using Atmel AVR and ARM-based
microcontroller (MCU) products. This would allow the company to demonstrate
several platforms including Arduino Leonardo, Arduino Due and Arduino WiFi
among others. Similarly, in February 2011, the company collaborated with
NVIDIA to bring high-performance, multi-touch, large-format touchscreen
solutions to market. |
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For calendar 2012, operating cash flow exceeded $200 million. Combined
cash balances (cash and cash equivalents plus short-term investments) totaled
$296.1 million at the end of the fourth quarter of 2012, an increase of $6.9
million from the immediately preceding quarter.Jan 22, 2013Atmel Signs
License Agreement With Exegin For ZigBee Stacks Design Use In Wireless Smart
Grid ApplicationsAtmel Corporation signed an agreement with Exegin
Technologies Limited (Exegin) to jointly offer integrated wireless
communications solutions for smart grid applications. In this agreement, Exegin
will license its ZigBee networking stacks to Atmel for use in a variety of
solutions for smart grid applications in wireless mesh networks.The joint collaboration will enable smart metering
customers to enjoy a full range of integrated smart metering solutions in the
2.4 GHz and sub-GHz bands. Leslie Mulder, president of Exegin, said, "We
are excited to be a strategic collaborator with Atmel. One of our joint
reference designs, featuring an Atmel SAM9 microprocessor, AT86RF212 and
AT86RF233 transceivers, with a ZigBee SE1. |
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0 development solution, is extremely successful among our customers.
We plan to add additional joint reference designs including an Atmel
SAM4-based ZigBee SE 2.0 solution, which will be available in first quarter
of 2013. We look forward to continuing a strong collaboration
with Atmel, as we feel we're just getting started."Jan 15, 2013Atmel And
Wasion Group Sign MoU To Develop PRIME PLC Smart Meter SolutionsAtmel
Corporation and Wasion Group Holdings Ltd. (Wasion Group) signed a memorandum
of understanding (MoU) to develop smart electricity meters and data
concentrators using power line communication (PLC) solutions developed by
Atmel.Atmel and Wasion Group will collaborate on product developments based
on the Atmel ATPL210, ATPL220 and recently announced SAM4SP32A, a single-chip
PRIME compliant system-on-chip solution based on an ARM Cortex-M4
processor-based microcontroller core with 2 MB of flash memory, supported by
Atmel Studio 6 integrated development |
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platform. Wang Xuexin, general manager of overseas division at Wasion
Group, said, "Working with a leading supplier like Atmel who has
in-depth understanding of smart metering technologies will enable us to bring
electricity meter and data concentrator solutions to market more rapidly.
Through our collaboration, we will be
able to accelerate development, field testing and roll-out of smart metering
solutions."Nov 19, 2012Atmel Joins G3-PLC AllianceAtmel Corporation
announced that it has become the newest member of the G3-PLC Alliance. The
G3-PLC specification, approved by the International Telecommunications Union
and compliant with the IEEE 1901.2 standard, is a new low-frequency,
orthogonal frequency division multiplexing-based narrowband powerline
communications (NB-PLC) standard.The G3-PLC is the first NB-PLC standard that
supports the IPv6 internet protocol that allows internet-based energy
management systems used by utilities and grid operators to better manage
their assets on the grid. |
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Overview
Atmel Corporation (Atmel) is involved in designing, manufacturing and
selling semiconductor integrated circuit (IC) products, which include
microcontrollers, advanced logic, mixed signal, nonvolatile memory and radio
frequency (RF) components. The company’s wide customer base, strong product
portfolio and R&D place the company at an advantage over its peers.
Dependence on distributors and contractors and lack of long-term contracts are
its major drawbacks. Though the company has risks associated with economic
slowdown and competition, the positive outlook for semiconductors and its
alliances ensure the company’s top line growth.
Strengths
Strong customer base helps Atmel to strengthen its foothold in the
market. The company has a wide customer base through which it generates a major
portion of its revenue and maintains its strong financial position. Its
principal markets covers industrial, Communications, Networking and
Telecommunications Products, Consumer Electronics, Computing, Storage and
Printing, Automotive, and Military and Aerospace sectors. The huge customer
base includes market leading companies such as Ericsson, Motorola, Nokia,
Philips, Qualcomm, Samsung, Siemens, Alcatel, Cisco, Microsoft, LG Electronics,
Sony, Toshiba, IBM, Intel, Seagate, HP, Dell, Sagem, Daimler-Chrysler, Robert
Bosch and BAE systems, amongst others. With major players of the markets as its
customers, Atmel has a higher market share as compared to most of its
competitors.
Robust
Research & Development Activities
The robust research and development (R&D) capabilities of Atmel
provides competitive edge over other major players in the market. The R&D
activities of the company focus on improving the performance of products and
developing new technologies. The company focuses on R&D activities to
develop semiconductor products and enhance as well as maintain its
technological advantages. Its R&D capabilities enable Atmel to overcome
technical barriers encountered in the commercialization of sophisticated
semiconductor offerings. For the fiscal year ended December 2012, the company
invested $251.52m in its research activities. Atmel is associated with various
European research organizations and received many R&D grants. The R&D
team of the company has undertaken several projects to enhance and develop
products and technologies. Such strong R&D capabilities of the company
enable it to implement innovative technologies and deliver advance products,
and services that meet its customers' critical needs.
The strong product portfolio with wide range of microcontrollers,
capacitive touch solutions, advanced logic, mixed-signal, nonvolatile memory
and radio frequency (RF) components that makes Atmel a leader in the market and
helps cater to the varying needs of its customers. The Microcontroller segment
of the company offers products for the industrial, security, communications,
computing and automotive markets for embedded controls. Microcontrollers
offered by the company include Atmel AVR 8-bit and 32-bit Microcontrollers,
Atmel QTouch and Atmel maXTouch, AT91SAM ARM-based products, Atmel 8051 and
Xsense. It provides serial interface electrically erasable programmable
read-only memory (SEEPROM), serial interface Flash memory products, parallel
interface Flash memories and mature parallel interface EEPROM and EPROM
devices. . Atmel also engages in providing its complete system solutions,
principally with solutions incorporating microcontrollers. The company offers
security for digital data transactions including smart cards for mobile phones,
set-top boxes, banking and national identity cards. The proprietary and non
proprietary solutions targets the high volume embedded control market through
its proprietary Atmel AVR 8-bit and 32-bit microcontroller platforms, embedded
32-bit ARM-based product family, and 8051 8-bit based industry standard
microcontroller products. Atmel is also into the development of secure memory
products, and customer specific products for use in high reliability space
applications. Thus, the wide range of products and related services enable it
to retain its customer base.
Weaknesses
Atmel's inability to maintain long term contracts affects creates
uncertainty in the future order levels from its customers. When the company
does enter into a long-term contract, the customer has the option to terminate
the contract at his convenience. This termination option puts the company into
risk for replacing that revenue resource. Thus company should devise strategies
to develop new and long term contracts to support its operations, which
otherwise would harm its financial results.
Dependence
on Distributors and Contractors
The over dependence on distributors and contractors disrupts the
operational stability of Atmel. The company’s business could be harmed if any
of them is beset with financial or related problems. Also, the sales terms for
the company’s European distributors generally include very limited rights of
return and stock rotation privileges. The company might take time to identify
financially viable distributors and help them develop high quality support
services during which the sales in the regions of Asia and Europe might
decrease. For the fiscal year ended December 2012, the company derived around
51% of its sales through distributors, which clearly reflects its dependence on
distributors for their revenue generation. Though the company manufactures a
majority of the wafers for its products, they are then shipped to one of its
independent assembly contractors located in China, the Philippines, South
Korea, Indonesia, Japan, Malaysia, Taiwan or Thailand. It is this reliance on
independent contractors to assemble, package and test its products, which
involves risks such as less control over quality of the finished products and
delivery schedules, the potential lack of adequate capacity and discontinuance
of the contractors’ assembly processes, which could in turn affect the
revenue of Atmel.
Opportunities
The global Electronic Manufacturing Services (EMS) industry, in which
the company operates, has been growing rapidly with improving prospects for the
future. According to analysts, the global market for EMS is projected to reach
$671.7 billion by 2018. The market is likely to be driven by strong demand for
computer applications, recovering demand for electronics assembly services and
shift in manufacturing mix from original equipment manufacturers (OEMs) to the
outsourcing of manufacturing. In 2011, the global electronic manufacturing
services market (excluding original design manufacturing) recorded value in
excess of $215 billion and registered a growth rate of approximately 12.8% over
that in 2010, of which computer applications segment accounted for 39% of the
total market. It was forecast that the market would record value in excess of
$279.3 billion in 2016 at a CAGR of approximately 5% (2011-2016). The demand
for EMS is expected to be high in low-cost countries in Asia-Pacific, Latin
America and Eastern Europe. The Asia-Pacific EMS market constitutes the largest
and fastest growing market. The company could benefit from such positive
outlook for EMS.
Growing
Demand for Semiconductors
Positive outlook for the semiconductor market could provide greater
opportunities for the company. Sale of PCs in the developing countries is
expected to be higher than their replacement sales in the saturated markets of
North America and Western Europe. In the future, the demand for semiconductors
is expected to be high from the automotive industry, as an average vehicle will
have more semiconductor components with the addition of devices such as
automatic braking systems, accident avoidance systems and entertainment
systems. Next generation vehicles will have 3D displays, virtual reality and
sensory feedback, among others, pushing up the demand for semiconductors. The
automotive memory market is expected to generate $900m market value by 2013 and
approximately $1100m by 2015. With the continuing expansion of mobile phone
market in developing countries, coupled with the possible emergence of new
mobile phone architecture that could handle different radio protocols, the
demand for semiconductors will continue to be high in the future. Besides,
commoditization is expected to lead to application standard products over
custom chips, which may result in lower end user prices.
Growth
in Telecommunications Services
Atmel being a provider of electronic components and network solutions to
telecommunications market, could augment its operational revenue with rapid
growth in the global telecommunications services market. According to
Telecommunications Industry Association (TIA), steady growth is projected in
the US and global telecom market in the future. This growth could generate an
estimated $4.9 trillion in revenue by the end of 2013. The global telecom
market is expected to grow at a compound annual growth rate (CAGR) of 6.3%
between 2009 and 2013, while the US telecom market is expected to grow at 3.7%
CAGR during the same period. Also, China would lead the ranking of TIA’s top
ten countries in telecommunications-based revenue, with $335 billion revenue in
2011, followed by Japan with $200 billion, Germany with $192 billion, the UK
with $172 billion, Italy with $122 billion, France with $113 billion, India
with $107 billion, Mexico with $80 billion, and Spain with $77 billion.
Strategic
Acquisitions and Collaborations
Strategic acquisition and collaborations of Atmel exposes it to more opportunities
of growth in terms of operations thereby improving its financial position in
the market. In December 2012, the company entered into definitive agreement to
acquire Ozmo, Inc. The acquisition will help the company to expand its wireless
offerings and further enhance developers ability to design smart, connected
devices, including devices targeted to "The Internet of Things." In
September 2011, the company signed a definitive agreement to acquire Advanced
Digital Design, S.A. (ADD Semiconductor), , which is a privately held company
based in Zaragoza, Spain engaged in developing power line communication
solutions. The acquisition is expected to benefit in terms of complementing
weel with the company's smart energy product portfolio for continued success in
the growing energy management,smart meter home and building automation markets.
In September 2011, the company underwent a collaboration agreement Arduino on
several development boards using Atmel AVR and ARM-based microcontroller (MCU)
products. This would allow the company to demonstrate several platforms
including Arduino Leonardo, Arduino Due and Arduino WiFi among others.
Similarly, in February 2011, the company collaborated with NVIDIA to bring
high-performance, multi-touch, large-format touchscreen solutions to market.
These collaborations would be beneficial in making performance and accuracy
improvements to the solution for tablet PC applications.
Threats
The offerings of Atmel are characterized by rapid technological changes,
which may affect its business operations. To compete effectively with its
peers, the company should continually introduce new products that exceed the
customers’ requirements. The introduction of products using new technologies
or the adoption of new industry standards can make existing products, or
products under development, obsolete or unmarketable. Inability to study the
evolving technological landscape may impact the company’s competitive
position.
Cyclic
Nature of Semiconductor Industry
The cyclic nature of the semiconductor industry affects the operations
of Atmel. The semiconductor industry is characterized by wide fluctuations in
product supply and demand. The industry also experiences significant downturn
in connection with, or in anticipation of, maturing product cycles and declines
in general economic conditions. With such uncertainty, the sales for the fiscal
2012 could increase or decrease accordingly. Specifically, the operating
results of Atmel have been adversely affected in the past by these
industry-wide fluctuations in the demand for semiconductors, which resulted in
under-utilization of their manufacturing capacity and declining gross margins.
Thus Atmel has to device strategies to overcome the ill affects of the short term
period-to-period fluctuations in operating results due to general industry.
Atmel operates in highly competitive markets, which increases the
pressure and limits its ability to maintain or increase its rates. The company
operates in an industry that is highly competitive in nature and is
characterized by rapid technological change, product obsolescence and price
decline. The company competes with a number of large semiconductor
manufacturers, some of which have substantially greater financial, technical,
marketing and management resources than Atmel. The company competes with large
semiconductor manufacturers including Cypress, NXP Semiconductors, Freescale,
Fujitsu, Infineon, Intel, Microchip, Hitachi, ON Semiconductor, Renesas, Samsung,
Spansion, STMicroelectronics, Renesas, Synaptics and Texas Instruments. With
the introduction of new products, the company competes directly with these
companies. This competition would compel the company to compete in product
pricing as well, resulting in decreased revenue. Additionally, any major
activities of these companies or their entry or expansions into new markets
could increase the pressure on Atmel, which could further impact its
competitive ability.
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Credit Report as
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
San Jose, CA |
United States |
Semiconductor and Other Electronic Component Manufacturing |
1,432.1 |
5,000 |
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Branch |
Colorado Springs, CO |
United States |
Semiconductor and Other Electronic Component Manufacturing |
981.6 |
2,000 |
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Subsidiary |
Garching B. München, Bayern |
Germany |
Electrical Equipment and Appliances Manufacturing |
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1,402 |
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Subsidiary |
Heilbronn, Baden-Württemberg |
Germany |
Semiconductor and Other Electronic Component Manufacturing |
63.5 |
800 |
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Subsidiary |
Taguig |
Philippines |
Semiconductor and Other Electronic Component Manufacturing |
|
300 |
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Subsidiary |
Nantes |
France |
Semiconductor and Other Electronic Component Manufacturing |
31.4 |
228 |
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Subsidiary |
Tiller |
Norway |
Semiconductor and Other Electronic Component Manufacturing |
43.1 |
200 |
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Subsidiary |
Singapore |
Singapore |
Investment Services |
|
145 |
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Subsidiary |
Fareham |
United Kingdom |
Semiconductor and Other Electronic Component Manufacturing |
20.4 |
108 |
|
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Subsidiary |
Shanghai |
China |
Semiconductor and Other Electronic Component Manufacturing |
|
100 |
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Subsidiary |
Perai, Penang |
Malaysia |
Semiconductor and Other Electronic Component Manufacturing |
|
35 |
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Subsidiary |
Milan |
Italy |
Semiconductor and Other Electronic Component Manufacturing |
4.1 |
21 |
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Subsidiary |
Kwun Tong, Kowloon |
Hong Kong |
Semiconductor and Other Electronic Component Manufacturing |
|
20 |
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Subsidiary |
East Kilbride |
United Kingdom |
Electronics Wholesale |
3.1 |
18 |
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UK Branch/Trading address |
Bracknell |
United Kingdom |
Electronics Wholesale |
3.1 |
25 |
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Subsidiary |
Saint-Cloud, Cedex |
France |
Semiconductor and Other Electronic Component Manufacturing |
4.1 |
14 |
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Branch |
Raleigh, NC |
United States |
Semiconductor and Other Electronic Component Manufacturing |
5.9 |
10 |
|
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Branch |
Corona, CA |
United States |
Semiconductor and Other Electronic Component Manufacturing |
5.0 |
10 |
|
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Branch |
Highlands Ranch, CO |
United States |
Semiconductor and Other Electronic Component Manufacturing |
4.9 |
10 |
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Branch |
Burnsville, MN |
United States |
Semiconductor and Other Electronic Component Manufacturing |
4.2 |
9 |
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Subsidiary |
Singapore |
Singapore |
Semiconductor and Other Electronic Component Manufacturing |
|
8 |
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Branch |
Itasca, IL |
United States |
Semiconductor and Other Electronic Component Manufacturing |
4.0 |
7 |
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Branch |
Needham, MA |
United States |
Electronics Wholesale |
7.4 |
6 |
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Branch |
Addison, TX |
United States |
Semiconductor and Other Electronic Component Manufacturing |
5.8 |
6 |
|
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Branch |
Westlake Village, CA |
United States |
Electronics Wholesale |
4.1 |
3 |
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Branch |
El Dorado Hills, CA |
United States |
Electronics Wholesale |
1.4 |
1 |
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Subsidiary |
Espoo |
Finland |
Photographic Services |
3.6 |
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Subsidiary |
London |
United Kingdom |
Residential Real Estate Leasing |
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Subsidiary |
London |
United Kingdom |
Residential Real Estate Leasing |
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Subsidiary |
London |
United Kingdom |
Miscellaneous Professional Services |
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Subsidiary |
Amsterdam, North Holland |
Netherlands |
Banking |
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Subsidiary |
Rousset |
France |
Semiconductor and Other Electronic Component Manufacturing |
72.8 |
400 |
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Subsidiary |
Calamba, Laguna |
Philippines |
Semiconductor and Other Electronic Component Manufacturing |
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Subsidiary |
Tokyo |
Japan |
Semiconductor and Other Electronic Component Manufacturing |
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Atmel
Corporation
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|
|
|
|
|
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 |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
KPMG LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
1,432.1 |
1,803.1 |
1,644.1 |
1,217.3 |
1,566.8 |
|
Revenue |
1,432.1 |
1,803.1 |
1,644.1 |
1,217.3 |
1,566.8 |
|
Total Revenue |
1,432.1 |
1,803.1 |
1,644.1 |
1,217.3 |
1,566.8 |
|
|
|
|
|
|
|
|
Cost of Revenue |
830.8 |
894.8 |
915.9 |
804.3 |
976.2 |
|
Cost of Revenue, Total |
830.8 |
894.8 |
915.9 |
804.3 |
976.2 |
|
Gross Profit |
601.3 |
908.2 |
728.2 |
413.0 |
590.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
275.3 |
280.4 |
264.3 |
221.3 |
273.9 |
|
Total Selling/General/Administrative Expenses |
275.3 |
280.4 |
264.3 |
221.3 |
273.9 |
|
Research & Development |
251.5 |
255.7 |
237.8 |
213.6 |
260.3 |
|
Restructuring Charge |
24.0 |
20.1 |
5.3 |
6.7 |
71.3 |
|
Impairment-Assets Held for Use |
6.5 |
0.0 |
11.9 |
79.8 |
8.0 |
|
Loss (Gain) on Sale of Assets - Operating |
0.0 |
-35.3 |
99.8 |
-0.2 |
-32.7 |
|
Other Unusual Expense (Income) |
7.4 |
5.4 |
1.6 |
16.3 |
23.6 |
|
Unusual Expense (Income) |
37.9 |
-9.8 |
118.5 |
102.7 |
70.3 |
|
Other, Net |
-10.7 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
-10.7 |
- |
- |
- |
- |
|
Total Operating Expense |
1,384.7 |
1,421.0 |
1,536.5 |
1,342.0 |
1,580.7 |
|
|
|
|
|
|
|
|
Operating Income |
47.4 |
382.0 |
107.5 |
-124.6 |
-13.9 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-4.1 |
-7.0 |
-7.5 |
-6.6 |
-12.3 |
|
Interest Expense, Net Non-Operating |
-4.1 |
-7.0 |
-7.5 |
-6.6 |
-12.3 |
|
Interest Income -
Non-Operating |
- |
0.2 |
3.2 |
1.8 |
- |
|
Investment Income -
Non-Operating |
0.4 |
6.0 |
13.2 |
-6.7 |
-4.9 |
|
Interest/Investment Income - Non-Operating |
0.4 |
6.2 |
16.4 |
-4.8 |
-4.9 |
|
Interest Income (Expense) - Net Non-Operating |
-1.4 |
- |
- |
- |
11.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
-5.1 |
-0.8 |
8.8 |
-11.4 |
-6.3 |
|
Income Before Tax |
42.2 |
381.2 |
116.4 |
-136.0 |
-20.2 |
|
|
|
|
|
|
|
|
Total Income Tax |
11.8 |
66.2 |
-306.7 |
-26.5 |
7.0 |
|
Income After Tax |
30.4 |
315.0 |
423.1 |
-109.5 |
-27.2 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
30.4 |
315.0 |
423.1 |
-109.5 |
-27.2 |
|
Discontinued Operations |
- |
- |
- |
- |
0.0 |
|
Total Extraord Items |
- |
- |
- |
- |
0.0 |
|
Net Income |
30.4 |
315.0 |
423.1 |
-109.5 |
-27.2 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
30.4 |
315.0 |
423.1 |
-109.5 |
-27.2 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
30.4 |
315.0 |
423.1 |
-109.5 |
-27.2 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
433.0 |
455.6 |
458.5 |
451.8 |
446.5 |
|
Basic EPS Excl Extraord Items |
0.07 |
0.69 |
0.92 |
-0.24 |
-0.06 |
|
Basic/Primary EPS Incl Extraord Items |
0.07 |
0.69 |
0.92 |
-0.24 |
-0.06 |
|
Dilution Adjustment |
- |
- |
- |
- |
0.0 |
|
Diluted Net Income |
30.4 |
315.0 |
423.1 |
-109.5 |
-27.2 |
|
Diluted Weighted Average Shares |
437.6 |
462.7 |
469.6 |
451.8 |
446.5 |
|
Diluted EPS Excl Extraord Items |
0.07 |
0.68 |
0.90 |
-0.24 |
-0.06 |
|
Diluted EPS Incl Extraord Items |
0.07 |
0.68 |
0.90 |
-0.24 |
-0.06 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
4.1 |
7.0 |
7.5 |
6.6 |
12.3 |
|
Depreciation, Supplemental |
76.9 |
68.9 |
56.8 |
60.6 |
124.9 |
|
Total Special Items |
37.9 |
-9.8 |
118.5 |
102.7 |
71.5 |
|
Normalized Income Before Tax |
80.1 |
371.4 |
234.9 |
-33.3 |
51.3 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
10.6 |
-1.7 |
41.5 |
35.9 |
25.0 |
|
Inc Tax Ex Impact of Sp Items |
22.4 |
64.5 |
-265.2 |
9.4 |
32.0 |
|
Normalized Income After Tax |
57.7 |
306.9 |
500.1 |
-42.7 |
19.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
57.7 |
306.9 |
500.1 |
-42.7 |
19.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.13 |
0.67 |
1.09 |
-0.09 |
0.04 |
|
Diluted Normalized EPS |
0.13 |
0.66 |
1.07 |
-0.09 |
0.04 |
|
Amort of Intangibles, Supplemental |
- |
8.1 |
9.7 |
10.0 |
4.4 |
|
Rental Expenses |
25.0 |
20.1 |
19.7 |
19.9 |
24.4 |
|
Research & Development Exp, Supplemental |
251.5 |
255.7 |
237.8 |
213.6 |
260.3 |
|
Normalized EBIT |
85.2 |
372.2 |
226.1 |
-21.9 |
57.6 |
|
Normalized EBITDA |
162.2 |
449.2 |
292.6 |
48.7 |
186.8 |
|
Current Tax - Domestic |
10.4 |
2.5 |
-142.2 |
9.3 |
7.4 |
|
Current Tax - Foreign |
3.8 |
19.0 |
8.5 |
-20.8 |
-1.6 |
|
Current Tax - Local |
0.0 |
0.2 |
0.1 |
0.1 |
0.0 |
|
Current Tax - Total |
14.1 |
21.6 |
-133.6 |
-11.4 |
5.8 |
|
Deferred Tax - Domestic |
4.5 |
6.0 |
-88.3 |
0.0 |
0.0 |
|
Deferred Tax - Foreign |
-6.3 |
40.7 |
-64.8 |
-15.1 |
1.1 |
|
Deferred Tax - Local |
-0.5 |
-2.1 |
-20.0 |
0.0 |
0.0 |
|
Deferred Tax - Total |
-2.3 |
44.6 |
-173.1 |
-15.1 |
1.1 |
|
Income Tax - Total |
11.8 |
66.2 |
-306.7 |
-26.5 |
7.0 |
|
Interest Cost - Foreign |
1.4 |
1.3 |
1.6 |
1.5 |
2.9 |
|
Service Cost - Foreign |
1.3 |
1.3 |
1.6 |
1.5 |
2.1 |
|
Actuarial Gains and Losses - Foreign |
-0.1 |
0.1 |
0.0 |
-0.1 |
0.1 |
|
Curtailments & Settlements - Foreign |
0.0 |
-0.7 |
1.1 |
0.0 |
-4.5 |
|
Foreign Pension Plan Expense |
2.7 |
2.0 |
4.2 |
2.8 |
0.6 |
|
Defined Contribution Expense - Domestic |
- |
- |
- |
- |
0.8 |
|
Total Pension Expense |
2.7 |
2.0 |
4.2 |
2.8 |
1.4 |
|
Discount Rate - Foreign |
2.70% |
4.60% |
4.70% |
4.90% |
5.80% |
|
Compensation Rate - Foreign |
2.40% |
2.50% |
2.10% |
2.20% |
3.00% |
|
Total Plan Interest Cost |
1.4 |
1.3 |
1.6 |
1.5 |
2.9 |
|
Total Plan Service Cost |
1.3 |
1.3 |
1.6 |
1.5 |
2.1 |
|
|
|
Annual Balance Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
KPMG LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
293.4 |
329.4 |
501.5 |
437.5 |
408.9 |
|
Short Term Investments |
2.7 |
3.1 |
19.6 |
38.6 |
31.7 |
|
Cash and Short Term Investments |
296.1 |
332.5 |
521.0 |
476.1 |
440.6 |
|
Accounts Receivable -
Trade, Gross |
199.5 |
224.8 |
243.7 |
206.0 |
199.7 |
|
Provision for Doubtful
Accounts |
-11.0 |
-11.8 |
-11.8 |
-11.9 |
-15.0 |
|
Trade Accounts Receivable - Net |
188.5 |
212.9 |
231.9 |
194.1 |
184.7 |
|
Other Receivables |
13.5 |
42.0 |
7.9 |
29.7 |
35.6 |
|
Total Receivables, Net |
202.0 |
254.9 |
239.7 |
223.8 |
220.3 |
|
Inventories - Finished Goods |
96.7 |
102.1 |
105.4 |
79.4 |
102.9 |
|
Inventories - Work In Progress |
231.6 |
251.9 |
158.6 |
135.4 |
206.1 |
|
Inventories - Raw Materials |
20.0 |
23.4 |
12.7 |
11.5 |
15.0 |
|
Total Inventory |
348.3 |
377.4 |
276.7 |
226.3 |
324.0 |
|
Prepaid Expenses |
13.1 |
16.4 |
24.2 |
3.1 |
4.8 |
|
Deferred Income Tax - Current Asset |
53.1 |
10.2 |
39.3 |
26.4 |
12.7 |
|
Discontinued Operations - Current Asset |
- |
- |
- |
16.1 |
0.0 |
|
Other Current Assets |
45.3 |
48.3 |
52.3 |
24.2 |
24.6 |
|
Other Current Assets, Total |
98.4 |
58.5 |
91.6 |
66.8 |
37.2 |
|
Total Current Assets |
957.8 |
1,039.8 |
1,153.2 |
996.1 |
1,026.9 |
|
|
|
|
|
|
|
|
Buildings |
510.5 |
533.2 |
532.7 |
539.7 |
604.6 |
|
Land/Improvements |
14.5 |
15.0 |
26.8 |
27.6 |
27.5 |
|
Machinery/Equipment |
988.4 |
983.4 |
948.7 |
911.4 |
1,530.9 |
|
Construction in
Progress |
2.7 |
0.6 |
8.7 |
4.2 |
1.7 |
|
Property/Plant/Equipment - Gross |
1,516.1 |
1,532.2 |
1,516.9 |
1,482.9 |
2,164.7 |
|
Accumulated Depreciation |
-1,295.0 |
-1,275.1 |
-1,256.7 |
-1,279.7 |
-1,781.6 |
|
Property/Plant/Equipment - Net |
221.0 |
257.1 |
260.1 |
203.2 |
383.1 |
|
Goodwill, Net |
104.4 |
67.7 |
54.7 |
56.4 |
51.0 |
|
Intangibles - Gross |
66.7 |
49.8 |
38.7 |
113.1 |
107.5 |
|
Accumulated Intangible Amortization |
-39.4 |
-29.2 |
-21.1 |
-83.3 |
-73.4 |
|
Intangibles, Net |
27.3 |
20.6 |
17.6 |
29.8 |
34.1 |
|
LT Investments - Other |
9.6 |
14.5 |
14.3 |
10.4 |
21.2 |
|
Long Term Investments |
9.6 |
14.5 |
14.3 |
10.4 |
21.2 |
|
Deferred Income Tax - Long Term Asset |
102.3 |
121.4 |
140.6 |
3.0 |
3.9 |
|
Other Long Term Assets |
11.1 |
5.6 |
9.6 |
93.8 |
10.5 |
|
Other Long Term Assets, Total |
113.4 |
127.0 |
150.2 |
96.8 |
14.4 |
|
Total Assets |
1,433.5 |
1,526.6 |
1,650.0 |
1,392.8 |
1,530.7 |
|
|
|
|
|
|
|
|
Accounts Payable |
104.0 |
76.4 |
160.0 |
105.7 |
116.4 |
|
Accrued Expenses |
185.3 |
99.3 |
110.6 |
137.1 |
192.3 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
- |
- |
85.5 |
131.1 |
|
Customer Advances |
39.2 |
57.6 |
76.7 |
54.7 |
51.5 |
|
Income Taxes Payable |
7.9 |
5.7 |
25.0 |
5.4 |
4.7 |
|
Deferred Income Tax - Current Liability |
0.3 |
0.0 |
4.0 |
- |
- |
|
Other Current Liabilities |
- |
92.0 |
68.4 |
11.3 |
0.0 |
|
Other Current liabilities, Total |
47.4 |
155.4 |
174.1 |
71.4 |
56.2 |
|
Total Current Liabilities |
336.7 |
331.2 |
444.7 |
399.7 |
496.1 |
|
|
|
|
|
|
|
|
Long Term Debt |
5.6 |
4.6 |
4.0 |
9.5 |
13.9 |
|
Capital Lease Obligations |
- |
0.0 |
- |
- |
- |
|
Total Long Term Debt |
5.6 |
4.6 |
4.0 |
9.5 |
13.9 |
|
Total Debt |
5.6 |
4.6 |
4.0 |
94.9 |
145.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.1 |
0.1 |
0.1 |
- |
- |
|
Deferred Income Tax |
0.1 |
0.1 |
0.1 |
- |
- |
|
Pension Benefits - Underfunded |
40.1 |
29.3 |
26.5 |
- |
- |
|
Other Long Term Liabilities |
54.4 |
79.0 |
121.8 |
219.3 |
218.6 |
|
Other Liabilities, Total |
94.5 |
108.3 |
148.2 |
219.3 |
218.6 |
|
Total Liabilities |
436.9 |
444.2 |
597.0 |
628.4 |
728.6 |
|
|
|
|
|
|
|
|
Convertible Preferred Stock - Non Redeemable |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Preferred Stock - Non Redeemable, Net |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Common Stock |
0.4 |
0.4 |
0.5 |
0.5 |
0.4 |
|
Common Stock |
0.4 |
0.4 |
0.5 |
0.5 |
0.4 |
|
Additional Paid-In Capital |
881.9 |
995.1 |
1,273.9 |
1,284.1 |
1,238.8 |
|
Retained Earnings (Accumulated Deficit) |
107.9 |
77.4 |
-237.6 |
-660.7 |
-551.2 |
|
Unrealized Gain (Loss) |
-0.1 |
0.0 |
-0.2 |
- |
- |
|
Translation Adjustment |
11.6 |
7.7 |
14.6 |
- |
- |
|
Minimum Pension Liability Adjustment |
-5.1 |
1.7 |
1.9 |
- |
- |
|
Other Comprehensive Income |
- |
- |
- |
140.5 |
114.0 |
|
Other Equity, Total |
6.6 |
9.4 |
16.5 |
140.5 |
114.0 |
|
Total Equity |
996.6 |
1,082.4 |
1,053.1 |
764.4 |
802.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,433.5 |
1,526.6 |
1,650.0 |
1,392.8 |
1,530.7 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary Issue |
428.6 |
442.4 |
456.8 |
454.6 |
448.9 |
|
Total Common Shares Outstanding |
428.6 |
442.4 |
456.8 |
454.6 |
448.9 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
5,000 |
5,200 |
5,200 |
5,600 |
6,400 |
|
Number of Common Shareholders |
1,424 |
1,482 |
1,611 |
1,719 |
1,789 |
|
Accumulated Intangible Amort, Suppl. |
39.4 |
29.2 |
21.1 |
83.3 |
73.4 |
|
Deferred Revenue - Current |
39.2 |
57.6 |
76.7 |
54.7 |
51.5 |
|
Deferred Revenue - Long Term |
- |
14.7 |
24.7 |
- |
- |
|
Total Long Term Debt, Supplemental |
9.2 |
9.1 |
4.1 |
96.0 |
147.4 |
|
Long Term Debt Maturing within 1 Year |
0.0 |
0.0 |
0.1 |
86.3 |
132.8 |
|
Long Term Debt Maturing in Year 2 |
4.6 |
0.0 |
0.0 |
4.9 |
5.8 |
|
Long Term Debt Maturing in Year 3 |
4.6 |
0.0 |
0.0 |
1.3 |
4.8 |
|
Long Term Debt Maturing in Year 4 |
0.0 |
4.5 |
0.0 |
0.0 |
1.1 |
|
Long Term Debt Maturing in Year 5 |
0.0 |
4.5 |
4.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in 2-3 Years |
9.2 |
0.0 |
0.0 |
6.2 |
10.6 |
|
Long Term Debt Maturing in 4-5 Years |
0.0 |
9.1 |
4.0 |
0.0 |
1.1 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
3.5 |
2.8 |
|
Interest Costs |
- |
0.0 |
0.0 |
-0.7 |
-1.4 |
|
Total Capital Leases, Supplemental |
- |
0.0 |
0.1 |
11.4 |
17.2 |
|
Capital Lease Payments Due in Year 1 |
- |
0.0 |
0.1 |
5.9 |
6.9 |
|
Capital Lease Payments Due in Year 2 |
- |
0.0 |
0.0 |
4.9 |
5.8 |
|
Capital Lease Payments Due in Year 3 |
- |
0.0 |
0.0 |
1.3 |
4.8 |
|
Capital Lease Payments Due in Year 4 |
- |
0.0 |
0.0 |
0.0 |
1.1 |
|
Capital Lease Payments Due in Year 5 |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Lease Payments Due in 2-3 Years |
- |
0.0 |
0.0 |
6.2 |
10.6 |
|
Capital Lease Payments Due in 4-5 Years |
- |
0.0 |
0.0 |
0.0 |
1.1 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
- |
0.0 |
0.0 |
0.0 |
|
Total Operating Leases, Supplemental |
68.5 |
62.9 |
36.3 |
37.4 |
35.0 |
|
Operating Lease Payments Due in Year 1 |
9.0 |
3.5 |
14.9 |
14.8 |
11.3 |
|
Operating Lease Payments Due in Year 2 |
9.0 |
6.7 |
10.6 |
11.1 |
9.7 |
|
Operating Lease Payments Due in Year 3 |
7.6 |
6.4 |
4.4 |
8.2 |
6.9 |
|
Operating Lease Payments Due in Year 4 |
7.4 |
5.9 |
2.3 |
2.0 |
5.0 |
|
Operating Lease Payments Due in Year 5 |
6.8 |
6.0 |
1.0 |
1.1 |
2.0 |
|
Operating Lease Pymts. Due in 2-3 Years |
16.6 |
13.1 |
14.9 |
19.3 |
16.6 |
|
Operating Lease Pymts. Due in 4-5 Years |
14.1 |
11.9 |
3.3 |
3.1 |
7.0 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
28.8 |
34.5 |
3.1 |
0.3 |
0.2 |
|
Pension Obligation - Foreign |
40.6 |
29.8 |
26.9 |
28.9 |
26.8 |
|
Funded Status - Foreign |
-40.6 |
-29.8 |
-26.9 |
-28.9 |
-26.8 |
|
Accumulated Obligation - Foreign |
34.2 |
24.1 |
23.4 |
22.4 |
19.6 |
|
Total Funded Status |
-40.6 |
-29.8 |
-26.9 |
-28.9 |
-26.8 |
|
Discount Rate - Foreign |
2.70% |
4.60% |
4.70% |
4.90% |
5.80% |
|
Compensation Rate - Foreign |
2.40% |
2.50% |
2.10% |
2.20% |
3.00% |
|
Accrued Liabilities - Foreign |
-80.7 |
-29.8 |
-26.9 |
-32.0 |
-29.8 |
|
Other Assets, Net - Foreign |
5.1 |
1.7 |
1.9 |
0.4 |
0.7 |
|
Net Assets Recognized on Balance Sheet |
-75.6 |
-28.1 |
-25.0 |
-31.6 |
-29.1 |
|
Total Plan Obligations |
40.6 |
29.8 |
26.9 |
28.9 |
26.8 |
|
|
|
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 |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
KPMG LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
30.4 |
315.0 |
423.1 |
-109.5 |
-27.2 |
|
Depreciation |
76.9 |
77.0 |
66.5 |
70.6 |
134.8 |
|
Depreciation/Depletion |
76.9 |
77.0 |
66.5 |
70.6 |
134.8 |
|
Deferred Taxes |
-23.5 |
44.2 |
-164.6 |
-15.1 |
1.1 |
|
Discontinued Operations |
- |
- |
- |
- |
0.0 |
|
Unusual Items |
17.4 |
-36.3 |
-19.2 |
79.8 |
-32.6 |
|
Purchased R&D |
- |
- |
0.0 |
0.0 |
1.0 |
|
Other Non-Cash Items |
76.1 |
66.2 |
54.9 |
35.1 |
49.2 |
|
Non-Cash Items |
93.5 |
29.9 |
35.7 |
115.0 |
17.6 |
|
Accounts Receivable |
24.4 |
19.8 |
-37.5 |
-6.7 |
15.6 |
|
Inventories |
10.3 |
-100.7 |
-60.1 |
84.8 |
19.8 |
|
Other Assets |
32.4 |
-15.9 |
-31.4 |
10.2 |
36.3 |
|
Accounts Payable |
38.6 |
-60.1 |
16.0 |
0.0 |
-102.9 |
|
Accrued Expenses |
-66.3 |
-47.1 |
111.1 |
-49.0 |
-10.2 |
|
Taxes Payable |
2.3 |
-15.6 |
-68.1 |
11.8 |
5.1 |
|
Other Liabilities |
-18.4 |
-19.1 |
22.0 |
3.2 |
21.8 |
|
Other Operating Cash Flow |
- |
-6.2 |
-13.2 |
6.6 |
-0.8 |
|
Changes in Working Capital |
23.3 |
-245.0 |
-61.2 |
60.8 |
-15.3 |
|
Cash from Operating Activities |
200.7 |
221.1 |
299.5 |
121.8 |
111.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-38.3 |
-84.6 |
-99.8 |
-31.8 |
-44.4 |
|
Purchase/Acquisition of Intangibles |
-4.0 |
-4.0 |
-5.5 |
-10.8 |
-1.3 |
|
Capital Expenditures |
-42.3 |
-88.6 |
-105.3 |
-42.6 |
-45.6 |
|
Acquisition of Business |
-43.5 |
-20.3 |
0.0 |
-3.4 |
-98.6 |
|
Sale of Business |
26.9 |
1.6 |
19.0 |
- |
0.0 |
|
Sale of Fixed Assets |
0.0 |
47.3 |
0.7 |
0.0 |
79.5 |
|
Sale/Maturity of Investment |
4.5 |
16.7 |
39.4 |
39.0 |
37.8 |
|
Purchase of Investments |
-2.5 |
0.0 |
-24.5 |
-34.8 |
-27.1 |
|
Other Investing Cash Flow |
5.0 |
0.0 |
-5.0 |
-1.9 |
0.0 |
|
Other Investing Cash Flow Items, Total |
-9.6 |
45.3 |
29.6 |
-1.0 |
-8.3 |
|
Cash from Investing Activities |
-51.9 |
-43.2 |
-75.7 |
-43.6 |
-54.0 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-18.6 |
-70.6 |
-8.1 |
-4.1 |
-1.8 |
|
Financing Cash Flow Items |
-18.6 |
-70.6 |
-8.1 |
-4.1 |
-1.8 |
|
Sale/Issuance of
Common |
15.5 |
28.7 |
29.9 |
9.7 |
10.5 |
|
Repurchase/Retirement
of Common |
-179.6 |
-304.2 |
-89.2 |
0.0 |
0.0 |
|
Common Stock, Net |
-164.0 |
-275.5 |
-59.3 |
9.7 |
10.5 |
|
Issuance (Retirement) of Stock, Net |
-164.0 |
-275.5 |
-59.3 |
9.7 |
10.5 |
|
Long Term Debt Issued |
- |
- |
- |
- |
0.0 |
|
Long Term Debt
Reduction |
0.0 |
-0.1 |
-91.1 |
-51.2 |
-18.1 |
|
Long Term Debt, Net |
0.0 |
-0.1 |
-91.1 |
-51.2 |
-18.1 |
|
Issuance (Retirement) of Debt, Net |
0.0 |
-0.1 |
-91.1 |
-51.2 |
-18.1 |
|
Cash from Financing Activities |
-182.6 |
-346.2 |
-158.5 |
-45.5 |
-9.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-2.2 |
-3.7 |
-1.3 |
-4.1 |
-13.0 |
|
Net Change in Cash |
-36.1 |
-172.0 |
63.9 |
28.6 |
34.8 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
329.4 |
501.5 |
437.5 |
408.9 |
374.1 |
|
Net Cash - Ending Balance |
293.4 |
329.4 |
501.5 |
437.5 |
408.9 |
|
Cash Interest Paid |
0.2 |
1.9 |
2.9 |
4.5 |
9.1 |
|
Cash Taxes Paid |
16.1 |
32.0 |
15.0 |
7.2 |
3.9 |
|
|
|
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 |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
KPMG LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales |
1,432.1 |
1,803.1 |
1,644.1 |
1,217.3 |
1,566.8 |
|
Total Revenue |
1,432.1 |
1,803.1 |
1,644.1 |
1,217.3 |
1,566.8 |
|
|
|
|
|
|
|
|
Credit from reserved grant income |
-10.7 |
- |
- |
- |
- |
|
Cost of Sales |
830.8 |
894.8 |
915.9 |
804.3 |
976.2 |
|
Research and development |
251.5 |
255.7 |
237.8 |
213.6 |
260.3 |
|
Charges for Grant Repayment |
- |
- |
- |
- |
0.7 |
|
Selling, general and administrative |
275.3 |
280.4 |
264.3 |
221.3 |
273.2 |
|
Acquisition-related charges |
7.4 |
5.4 |
1.6 |
16.3 |
23.6 |
|
Restructuring |
24.0 |
20.1 |
5.3 |
6.7 |
71.3 |
|
Impairment of receivables from foundry s |
6.5 |
- |
- |
- |
- |
|
Asset impairment charges |
0.0 |
0.0 |
11.9 |
79.8 |
8.0 |
|
Gain on Sale of Assets |
0.0 |
-35.3 |
99.8 |
-0.2 |
-32.7 |
|
Total Operating Expense |
1,384.7 |
1,421.0 |
1,536.5 |
1,342.0 |
1,580.7 |
|
|
|
|
|
|
|
|
Interest and other (expense) income, net |
-1.4 |
- |
- |
- |
11.0 |
|
Interest and other (expense) Income, net |
- |
0.2 |
3.2 |
1.8 |
- |
|
Interest Expense |
-4.1 |
-7.0 |
-7.5 |
-6.6 |
-12.3 |
|
Foreign Exchange |
0.4 |
6.0 |
13.2 |
-6.7 |
-4.9 |
|
Net Income Before Taxes |
42.2 |
381.2 |
116.4 |
-136.0 |
-20.2 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
11.8 |
66.2 |
-306.7 |
-26.5 |
7.0 |
|
Net Income After Taxes |
30.4 |
315.0 |
423.1 |
-109.5 |
-27.2 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
30.4 |
315.0 |
423.1 |
-109.5 |
-27.2 |
|
Income from discontinued operations net |
- |
- |
- |
- |
0.0 |
|
Gain on sale of discontinued operations |
- |
- |
- |
- |
0.0 |
|
Net Income |
30.4 |
315.0 |
423.1 |
-109.5 |
-27.2 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
30.4 |
315.0 |
423.1 |
-109.5 |
-27.2 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
30.4 |
315.0 |
423.1 |
-109.5 |
-27.2 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
433.0 |
455.6 |
458.5 |
451.8 |
446.5 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.07 |
0.69 |
0.92 |
-0.24 |
-0.06 |
|
Basic EPS Including ExtraOrdinary Items |
0.07 |
0.69 |
0.92 |
-0.24 |
-0.06 |
|
Dilution Adjustment |
- |
- |
- |
- |
0.0 |
|
Diluted Net Income |
30.4 |
315.0 |
423.1 |
-109.5 |
-27.2 |
|
Diluted Weighted Average Shares |
437.6 |
462.7 |
469.6 |
451.8 |
446.5 |
|
Diluted EPS Excluding ExtraOrd Items |
0.07 |
0.68 |
0.90 |
-0.24 |
-0.06 |
|
Diluted EPS Including ExtraOrd Items |
0.07 |
0.68 |
0.90 |
-0.24 |
-0.06 |
|
DPS-Ordinary Shares |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
80.1 |
371.4 |
234.9 |
-33.3 |
51.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
22.4 |
64.5 |
-265.2 |
9.4 |
32.0 |
|
Normalized Income After Taxes |
57.7 |
306.9 |
500.1 |
-42.7 |
19.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
57.7 |
306.9 |
500.1 |
-42.7 |
19.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.13 |
0.67 |
1.09 |
-0.09 |
0.04 |
|
Diluted Normalized EPS |
0.13 |
0.66 |
1.07 |
-0.09 |
0.04 |
|
Research & Development Exp |
251.5 |
255.7 |
237.8 |
213.6 |
260.3 |
|
Interest Expense |
4.1 |
7.0 |
7.5 |
6.6 |
12.3 |
|
Rental Expense |
25.0 |
20.1 |
19.7 |
19.9 |
24.4 |
|
Depreciation |
76.9 |
68.9 |
56.8 |
60.6 |
124.9 |
|
Intangible Amortisation |
- |
8.1 |
9.7 |
10.0 |
4.4 |
|
Current Tax - Federal |
10.4 |
2.5 |
-142.2 |
9.3 |
7.4 |
|
Current Tax - State |
0.0 |
0.2 |
0.1 |
0.1 |
0.0 |
|
Current Tax - Foreign |
3.8 |
19.0 |
8.5 |
-20.8 |
-1.6 |
|
Current Tax - Total |
14.1 |
21.6 |
-133.6 |
-11.4 |
5.8 |
|
Deferred Tax - Federal |
4.5 |
6.0 |
-88.3 |
0.0 |
0.0 |
|
Deferred Tax - State |
-0.5 |
-2.1 |
-20.0 |
0.0 |
0.0 |
|
Deferred Tax - Foreign |
-6.3 |
40.7 |
-64.8 |
-15.1 |
1.1 |
|
Deferred Tax - Total |
-2.3 |
44.6 |
-173.1 |
-15.1 |
1.1 |
|
Income Tax - Total |
11.8 |
66.2 |
-306.7 |
-26.5 |
7.0 |
|
Service Cost - Foreign |
1.3 |
1.3 |
1.6 |
1.5 |
2.1 |
|
Interest Cost - Foreign |
1.4 |
1.3 |
1.6 |
1.5 |
2.9 |
|
Amort. of Actuarial Gain/Loss - Foreign |
-0.1 |
0.1 |
0.0 |
-0.1 |
0.1 |
|
Curtailment and other related gains |
0.0 |
-0.7 |
1.1 |
0.0 |
-4.5 |
|
Foreign Pension Plan Expense |
2.7 |
2.0 |
4.2 |
2.8 |
0.6 |
|
401(k) Tax Deferred Savings Plan |
- |
- |
- |
- |
0.8 |
|
Total Pension Expense |
2.7 |
2.0 |
4.2 |
2.8 |
1.4 |
|
Discount Rate - Foreign |
2.70% |
4.60% |
4.70% |
4.90% |
5.80% |
|
Compensation Rate - Foreign |
2.40% |
2.50% |
2.10% |
2.20% |
3.00% |
|
|
|
Annual Balance Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
KPMG LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash/Equivalents |
293.4 |
329.4 |
501.5 |
437.5 |
408.9 |
|
Short-term investments |
2.7 |
3.1 |
19.6 |
38.6 |
31.7 |
|
Gross Rcvbls. |
199.5 |
224.8 |
243.7 |
206.0 |
199.7 |
|
Doubtful Accnts. |
-11.0 |
-11.8 |
-11.8 |
-11.9 |
-15.0 |
|
Raw Materials |
20.0 |
23.4 |
12.7 |
11.5 |
15.0 |
|
Work in Progress |
231.6 |
251.9 |
158.6 |
135.4 |
206.1 |
|
Finished Goods |
96.7 |
102.1 |
105.4 |
79.4 |
102.9 |
|
Current assets held for sale |
- |
- |
- |
16.1 |
0.0 |
|
Deferred income tax assets |
53.1 |
10.2 |
39.3 |
26.4 |
12.7 |
|
Prepaid income taxes |
13.1 |
16.4 |
24.2 |
3.1 |
4.8 |
|
Value-added tax receivable |
7.1 |
25.0 |
6.3 |
21.1 |
22.2 |
|
Income tax receivable |
6.3 |
17.0 |
1.6 |
3.7 |
7.7 |
|
Other |
45.3 |
48.3 |
52.3 |
24.2 |
24.6 |
|
Grants receivable |
- |
- |
- |
4.9 |
5.6 |
|
Total Current Assets |
957.8 |
1,039.8 |
1,153.2 |
996.1 |
1,026.9 |
|
|
|
|
|
|
|
|
Land |
14.5 |
15.0 |
26.8 |
27.6 |
27.5 |
|
Bldg./Improv. |
510.5 |
533.2 |
532.7 |
539.7 |
604.6 |
|
Mach./Equipment |
966.8 |
965.5 |
930.2 |
758.4 |
1,371.8 |
|
Furn. & Fixt. |
21.6 |
17.9 |
18.5 |
153.0 |
159.1 |
|
Construction |
2.7 |
0.6 |
8.7 |
4.2 |
1.7 |
|
Depreciation |
-1,295.0 |
-1,275.1 |
-1,256.7 |
-1,279.7 |
-1,781.6 |
|
Non current assets held for sale |
- |
- |
- |
- |
0.0 |
|
Non-current assets held for sale |
- |
- |
- |
83.3 |
- |
|
Deferred Income Tax Assets |
102.3 |
121.4 |
140.6 |
3.0 |
3.9 |
|
LT Investments |
8.5 |
12.2 |
12.0 |
8.2 |
8.3 |
|
Auction-rate securities |
1.1 |
2.3 |
2.3 |
- |
- |
|
Other Assets |
11.1 |
5.6 |
9.6 |
10.6 |
10.5 |
|
Long-term investments (including auction |
- |
- |
- |
2.3 |
12.9 |
|
Goodwill |
104.4 |
67.7 |
54.7 |
56.4 |
51.0 |
|
Core/Licensed Technology |
18.1 |
17.6 |
17.6 |
113.1 |
107.5 |
|
Acquisition-related intangible assets |
48.6 |
32.3 |
21.2 |
- |
- |
|
Acc Amort Other Intangibles |
-23.2 |
- |
- |
- |
- |
|
AccAmortLicen.Franc.RightContr.Mod.Desig |
-16.2 |
- |
- |
- |
- |
|
Amortisation |
- |
-29.2 |
-21.1 |
-83.3 |
-73.4 |
|
Total Assets |
1,433.5 |
1,526.6 |
1,650.0 |
1,392.8 |
1,530.7 |
|
|
|
|
|
|
|
|
Current portion of long-term debt |
- |
- |
- |
85.5 |
131.1 |
|
Accounts Payable |
104.0 |
76.4 |
160.0 |
105.7 |
116.4 |
|
Liabilities related to assets held for s |
- |
- |
- |
- |
0.0 |
|
Current liabilities held for sale |
- |
- |
- |
11.3 |
0.0 |
|
Accrued Expenses |
55.0 |
- |
- |
- |
- |
|
Warrant Accrued and Accrued Return |
10.4 |
- |
- |
- |
- |
|
Accrued Restructuring |
16.2 |
- |
- |
- |
- |
|
Other Accrued and other liabilities |
103.7 |
- |
- |
- |
- |
|
Accrued Expenses |
- |
99.3 |
110.6 |
137.1 |
192.3 |
|
Deferred Income |
29.2 |
47.6 |
66.7 |
44.7 |
41.5 |
|
Advance payments from customer |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
|
Income Taxes |
7.9 |
5.7 |
25.0 |
5.4 |
4.7 |
|
Deferred income tax liability, current p |
0.3 |
0.0 |
4.0 |
- |
- |
|
Other Liabilities |
- |
92.0 |
68.4 |
- |
- |
|
Total Current Liabilities |
336.7 |
331.2 |
444.7 |
399.7 |
496.1 |
|
|
|
|
|
|
|
|
Capital lease obligations |
- |
0.0 |
- |
- |
- |
|
Long-term debt less current portion |
5.6 |
4.6 |
4.0 |
9.5 |
13.9 |
|
Total Long Term Debt |
5.6 |
4.6 |
4.0 |
9.5 |
13.9 |
|
|
|
|
|
|
|
|
Other Other long-term liabilities |
49.8 |
- |
- |
- |
- |
|
Advance payments from customer |
4.7 |
14.7 |
24.7 |
- |
- |
|
Accrued pension liability |
40.1 |
29.3 |
26.5 |
- |
- |
|
Deferred Taxes |
0.1 |
0.1 |
0.1 |
- |
- |
|
Other long-term liabilities |
- |
64.4 |
97.1 |
215.3 |
218.6 |
|
Long-term liabilities held for sale |
- |
- |
- |
4.0 |
0.0 |
|
Total Liabilities |
436.9 |
444.2 |
597.0 |
628.4 |
728.6 |
|
|
|
|
|
|
|
|
Preferred stock |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Common Share |
0.4 |
0.4 |
0.5 |
0.5 |
0.4 |
|
Additional paid-in capital |
881.9 |
995.1 |
1,273.9 |
1,284.1 |
1,238.8 |
|
Translation Adj. |
11.6 |
7.7 |
14.6 |
- |
- |
|
Actuarial gains related to defined benef |
-5.1 |
1.7 |
1.9 |
- |
- |
|
Unrealized Loss |
-0.1 |
0.0 |
-0.2 |
- |
- |
|
Other Comp. Inc. |
- |
- |
- |
140.5 |
114.0 |
|
Retained Erngs. |
107.9 |
77.4 |
-237.6 |
-660.7 |
-551.2 |
|
Total Equity |
996.6 |
1,082.4 |
1,053.1 |
764.4 |
802.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,433.5 |
1,526.6 |
1,650.0 |
1,392.8 |
1,530.7 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
428.6 |
442.4 |
456.8 |
454.6 |
448.9 |
|
Total Common Shares Outstanding |
428.6 |
442.4 |
456.8 |
454.6 |
448.9 |
|
T/S-Ordinary Shares |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Advance payments from customer |
10.0 |
- |
- |
- |
- |
|
Deferred Revenue - Current |
29.2 |
57.6 |
76.7 |
54.7 |
51.5 |
|
Deferred Revenue - Long Term |
- |
14.7 |
24.7 |
- |
- |
|
Acc Amort Other Intangibles |
23.2 |
- |
- |
- |
- |
|
AccAmortLicen.Franc.RightContr.Mod.Desig |
16.2 |
- |
- |
- |
- |
|
Accumulated Intangible Amortisation |
- |
29.2 |
21.1 |
83.3 |
73.4 |
|
Full-Time Employees |
5,000 |
5,200 |
5,200 |
5,600 |
6,400 |
|
Number of Common Shareholders |
1,424 |
1,482 |
1,611 |
1,719 |
1,789 |
|
Long Term Debt Due Within 1 Year |
0.0 |
0.0 |
0.1 |
86.3 |
132.8 |
|
Long Term Debt Due Within 2 Years |
- |
- |
0.0 |
4.9 |
5.8 |
|
Long Term Debt Due Within 3 Years |
9.2 |
0.0 |
0.0 |
1.3 |
4.8 |
|
Long Term Debt Due Within 4 Years |
- |
- |
0.0 |
0.0 |
1.1 |
|
Long Term Debt Due Within 5 Years |
0.0 |
9.1 |
4.0 |
0.0 |
0.0 |
|
Long Term Debt Due After 5 Years |
0.0 |
0.0 |
0.0 |
3.5 |
2.8 |
|
Total Long Term Debt, Supplemental |
9.2 |
9.1 |
4.1 |
96.0 |
147.4 |
|
Capital Leases Due Within 1 Year |
- |
0.0 |
0.1 |
5.9 |
6.9 |
|
Capital Leases Due Within 2 Years |
- |
- |
0.0 |
4.9 |
5.8 |
|
Capital Leases Due Within 3 Years |
- |
0.0 |
0.0 |
1.3 |
4.8 |
|
Capital Leases Due Within 4 Years |
- |
- |
0.0 |
0.0 |
1.1 |
|
Capital Leases Due Within 5 Years |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Leases Due After 5 Years |
- |
- |
0.0 |
0.0 |
0.0 |
|
Interest Costs |
- |
0.0 |
0.0 |
-0.7 |
-1.4 |
|
Total Capital Leases, Supplemental |
- |
0.0 |
0.1 |
11.4 |
17.2 |
|
Operating Leases Due Within 1 Year |
9.0 |
3.5 |
14.9 |
14.8 |
11.3 |
|
Operating Leases Due Within 2 Years |
9.0 |
6.7 |
10.6 |
11.1 |
9.7 |
|
Operating Leases Due Within 3 Years |
7.6 |
6.4 |
4.4 |
8.2 |
6.9 |
|
Operating Leases Due Within 4 Years |
7.4 |
5.9 |
2.3 |
2.0 |
5.0 |
|
Operating Leases Due Within 5 Years |
6.8 |
6.0 |
1.0 |
1.1 |
2.0 |
|
Operating Leases Due After 5 Years |
28.8 |
34.5 |
3.1 |
0.3 |
0.2 |
|
Total Operating Leases, Supplemental |
68.5 |
62.9 |
36.3 |
37.4 |
35.0 |
|
Projected Benefit Obligation - Foreign |
40.6 |
29.8 |
26.9 |
28.9 |
26.8 |
|
Funded Status - Foreign |
-40.6 |
-29.8 |
-26.9 |
-28.9 |
-26.8 |
|
Accumulated Benefit Obligation - Foreign |
34.2 |
24.1 |
23.4 |
22.4 |
19.6 |
|
Total Funded Status |
-40.6 |
-29.8 |
-26.9 |
-28.9 |
-26.8 |
|
Discount Rate - Foreign |
2.70% |
4.60% |
4.70% |
4.90% |
5.80% |
|
Compensation Rate - Foreign |
2.40% |
2.50% |
2.10% |
2.20% |
3.00% |
|
Accrued & Other Liability - Foreign |
-40.6 |
-0.5 |
-0.4 |
-0.7 |
-0.8 |
|
Other Long Term Liabilities- Foreign |
-40.1 |
-29.3 |
-26.5 |
-24.2 |
-26.0 |
|
Long Term Liabilities Held For Slae - Fo |
- |
- |
- |
-4.0 |
- |
|
AOCI-Net Actuarial Loss - Foreign |
5.1 |
1.7 |
1.9 |
-2.7 |
-2.3 |
|
AOCI-Prior Service Cost - Foreign |
- |
- |
- |
- |
0.0 |
|
Assets- Dfrd Comp. Plan - Foreign |
- |
- |
- |
3.1 |
3.0 |
|
Liability - Dfrd Comp. Plan - Foreign |
- |
- |
- |
-3.1 |
-3.0 |
|
Net Assets Recognized on Balance Sheet |
-75.6 |
-28.1 |
-25.0 |
-31.6 |
-29.1 |
|
|
|
Annual Cash Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
KPMG LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
30.4 |
315.0 |
423.1 |
-109.5 |
-27.2 |
|
Depreciation |
76.9 |
77.0 |
66.5 |
70.6 |
134.8 |
|
Loss from foundry arrangement |
10.6 |
- |
- |
- |
- |
|
Impairment of receivable from foundry su |
6.5 |
- |
- |
- |
- |
|
Asset Impairment |
0.0 |
0.0 |
11.9 |
79.8 |
3.0 |
|
Gain on sale of discontinued operations |
- |
- |
- |
- |
0.0 |
|
Deferred Taxes |
-23.5 |
44.2 |
-164.6 |
-15.1 |
1.1 |
|
Doubtful Accounts |
0.0 |
- |
- |
- |
- |
|
Other non cash losses |
1.0 |
- |
- |
- |
- |
|
Accretion of interest on long-term debt |
1.0 |
- |
- |
- |
- |
|
Non-cash acquisition-related and other c |
2.9 |
- |
- |
- |
- |
|
Gain-Sale Assets/Inv |
- |
-36.3 |
-31.1 |
0.0 |
-35.7 |
|
In process research and development char |
- |
- |
0.0 |
0.0 |
1.0 |
|
Accretion of interest on long term debt |
- |
0.8 |
0.7 |
0.6 |
1.5 |
|
Receivable Provision |
- |
0.0 |
-0.1 |
-3.1 |
12.3 |
|
Gain on Sale of Interest |
- |
-6.2 |
-13.2 |
6.6 |
-0.8 |
|
Excess tax benefit on stock-based compen |
-1.3 |
-2.7 |
-3.1 |
- |
- |
|
Stock Based Comp. |
72.4 |
68.1 |
57.4 |
37.6 |
35.4 |
|
Accrued and other liabilities |
-66.3 |
-47.1 |
111.1 |
-49.0 |
-10.2 |
|
Accounts Payable |
38.6 |
-60.1 |
16.0 |
0.0 |
-102.9 |
|
Receivables |
24.4 |
19.8 |
-37.5 |
-6.7 |
15.6 |
|
Inventories |
10.3 |
-100.7 |
-60.1 |
84.8 |
19.8 |
|
Other Assets |
32.4 |
-15.9 |
-31.4 |
10.2 |
36.3 |
|
Income Taxes |
2.3 |
-15.6 |
-68.1 |
11.8 |
5.1 |
|
Deferred Income |
-18.4 |
-19.1 |
22.0 |
3.2 |
21.8 |
|
Non-cash losses (gains) on sale of fixed |
0.3 |
- |
- |
- |
- |
|
Cash from Operating Activities |
200.7 |
221.1 |
299.5 |
121.8 |
111.1 |
|
|
|
|
|
|
|
|
Proceeds from the sale of fixed assets |
0.0 |
47.3 |
0.7 |
- |
- |
|
Capital Expenditures |
-38.3 |
-84.6 |
-99.8 |
-31.8 |
-44.4 |
|
Proceeds from sale of manufacturing faci |
- |
- |
- |
0.0 |
0.0 |
|
Proceeds from the sale of business |
26.9 |
- |
- |
- |
- |
|
Net proceeds from sale of discontinued o |
- |
- |
- |
- |
0.0 |
|
Sale Fixed Assets |
- |
- |
0.0 |
0.0 |
79.5 |
|
Proceeds from the sale of SMS business, |
- |
1.6 |
19.0 |
- |
- |
|
Acquisition of businesses, net of cash |
-43.5 |
-20.3 |
0.0 |
-3.4 |
-98.6 |
|
Sale of Interest |
- |
- |
- |
- |
0.0 |
|
Purch. Investments |
0.0 |
0.0 |
-20.6 |
-34.8 |
-27.1 |
|
Increases in long-term restricted cash |
5.0 |
0.0 |
-5.0 |
-1.9 |
0.0 |
|
Investment in private company |
-2.5 |
0.0 |
-3.9 |
- |
- |
|
Sale/Mat. Invest. |
4.5 |
16.7 |
39.4 |
39.0 |
37.8 |
|
Payment Intangible Assets |
-4.0 |
-4.0 |
-5.5 |
-10.8 |
-1.3 |
|
Cash from Investing Activities |
-51.9 |
-43.2 |
-75.7 |
-43.6 |
-54.0 |
|
|
|
|
|
|
|
|
Lease Proceeds |
- |
- |
- |
- |
0.0 |
|
(Repayment of) proceeds from bank line o |
0.0 |
0.0 |
-80.0 |
-45.0 |
- |
|
Lease Payments |
0.0 |
-0.1 |
-11.1 |
-6.2 |
-18.1 |
|
Repurch. Conv. Note |
- |
- |
- |
- |
0.0 |
|
Repurchase of common stock |
- |
- |
- |
0.0 |
0.0 |
|
Proceeds from financing related to sale |
-179.6 |
-304.2 |
-89.2 |
0.0 |
0.0 |
|
Excess tax benefit on stock-based compen |
1.3 |
2.7 |
3.1 |
- |
- |
|
Tax payments related to shares withheld |
-19.8 |
-73.3 |
-11.1 |
-4.1 |
-1.8 |
|
Issue. Common Stock |
15.5 |
28.7 |
29.9 |
9.7 |
10.5 |
|
Cash from Financing Activities |
-182.6 |
-346.2 |
-158.5 |
-45.5 |
-9.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-2.2 |
-3.7 |
-1.3 |
-4.1 |
-13.0 |
|
Net Change in Cash |
-36.1 |
-172.0 |
63.9 |
28.6 |
34.8 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
329.4 |
501.5 |
437.5 |
408.9 |
374.1 |
|
Net Cash - Ending Balance |
293.4 |
329.4 |
501.5 |
437.5 |
408.9 |
|
Cash Interest Paid |
0.2 |
1.9 |
2.9 |
4.5 |
9.1 |
|
Cash Taxes Paid |
16.1 |
32.0 |
15.0 |
7.2 |
3.9 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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|
|
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|
|
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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
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.