MIRA INFORM REPORT
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Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
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Name : |
IMA INDUSTRIA MACCHINE AUTOMATICHE SPA |
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Registered Office : |
Via Emilia, 428-442, Ozzano Dell'emilia, 40064 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
06.06.1961 |
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Com. Reg. No.: |
00307140376 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Subject is
engaged in designing and manufacturing of automatic machines for the
processing and packaging of pharmaceuticals, cosmetics, tea, coffee and other
food products. |
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No. of Employees : |
1,227 |
RATING & COMMENTS
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MIRAs Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Italy |
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 |
italy ECONOMIC OVERVIEW
Italy has a diversified industrial economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is high. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 126% of GDP in 2012, and investor concerns about the broader euro-zone crisis at times have caused borrowing costs on sovereign government debt to rise to euro-era. During the second half of 2011 the government passed three austerity packages to reduce its budget deficit and help bring down borrowing costs. These measures included a hike in the value-added tax, pension reforms, and cuts to public administration. The government also faces pressure from investors and European partners to sustain its recent efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2012 economic growth and labor market conditions deteriorated, with growth at -2.3% and unemployment rising to nearly 11%, with youth unemployment around 35%. The government has undertaken several reform initiatives designed to increase long-term economic growth. Italy's GDP is now 7% below its 2007 pre-crisis level.
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Source : CIA |
Company name & Address
IMA Industria Macchine Automatiche SpA
Via Emilia, 428-442
Ozzano Dell'emilia, 40064
Italy
Tel:
39-051-783111
Fax:
39-051-784422
Web: www.ima.it
Synthesis
Employees:
1,227
Company Type: Public
Parent
Corporate Family: 15
Companies
Traded: Italian
SE (Mercato Continuo Italia): IMA
Incorporation Date: 06-Jun-1961
Auditor:
PricewaterhouseCoopers
SpA
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2012
Reporting Currency:
Euro
Annual Sales:
943.6 1
Net Income:
61.3
Total Assets:
946.8 2
Market Value:
965.2 (30-Aug-2013)
Business Description
IMA Industria Macchine
Automatiche SpA (IMA SpA) is an Italy-based company engaged in the design and
manufacture of automatic machines for the processing and packaging of
pharmaceuticals, cosmetics, tea, coffee and other food products. The Company
organizes its business into two main divisions: Pharma sector and Tea, Food
& Other sector. Through the Pharma division, it is active in the production
of machines for the packaging of capsules and tablets in blisters and bottles,
for filling bottles and ampoules with liquid and powdered products, for
freeze-drying, for the production of pills and capsules, and for coating and
fluid bed granulation, among others. Through the Tea, Food & Other sector,
the Company manufactures machines for the packaging of tea and herbs in filter paper
bags, coffee pods, food and beverages, and personal care products. In July
2013, IMA SpA sold entire stake in Kilian to German Group Romaco. For the three
months ended 31 March 2013, IMA Industria Macchine Automatiche SpA revenues
decreased 2% to EUR141.6M. Net income decreased 8% to EUR2.4M. Revenues reflect
Tea, Food and Other segment decrease of 30% to EUR42.5M, Italy segment decrease
of 54% to EUR7.6M. Net income also reflects Services/Rentals, Total increase of
5% to EUR39.2M (expense), Other Total Financial Expense increase of 25% to
EUR500K (expense).
Industry
Industry
Machinery and Equipment Manufacturing
ANZSIC 2006:
2499 - Other Machinery and Equipment Manufacturing Not Elsewhere Classified
ISIC Rev 4:
2819 - Manufacture of other general-purpose machinery
NACE Rev 2:
2829 - Manufacture of other general-purpose machinery n.e.c.
NAICS 2012:
333993 - Packaging Machinery Manufacturing
UK SIC 2007:
2829 - Manufacture of other general-purpose machinery n.e.c.
US SIC 1987:
3565 - Packaging Machinery
Key Executives
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Name |
Title |
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Andrea Malagoli |
Chief Executive Officer, Executive Director |
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Sergio Marzo |
Director of Administration, Finance and Control, Financial Reporting
Officer |
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Italo Giorgio Minguzzi |
Secretary, Non-Executive Director |
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Andrea Baldani |
Investor Relations Manager |
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Claudio Rizzi |
Head of Internal Control |
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
Corporate Overview
Location
Via Emilia,
428-442
Ozzano
Dell'emilia, 40064
Italy
Tel: 39-051-783111
Fax: 39-051-784422
Web: www.ima.it
Quote Symbol -
Exchange
IMA - Italian SE (Mercato Continuo Italia)
Sales EUR(mil): 734.3
Assets EUR(mil): 716.4
Employees: 1,227
Fiscal Year End: 31-Dec-2012
Industry: Containers and Packaging
Incorporation
Date: 06-Jun-1961
Company Type: Public Parent
Quoted Status: Quoted
Registered
No.(ITA): 00307140376
Chairman of the Board,
Chief Executive Officer:
Alberto Vacchi
Industry Codes
ANZSIC 2006
Codes:
2499 - Other
Machinery and Equipment Manufacturing Not Elsewhere Classified
2469 - Other
Specialised Machinery and Equipment Manufacturing
ISIC Rev 4 Codes:
2819 - Manufacture
of other general-purpose machinery
NACE Rev 2 Codes:
2829 - Manufacture
of other general-purpose machinery n.e.c.
NAICS 2012 Codes:
333993 - Packaging
Machinery Manufacturing
333249 - Other
Industrial Machinery Manufacturing
US SIC 1987:
3565 - Packaging
Machinery
3559 - Special
Industry Machinery, Not Elsewhere Classified
UK SIC 2007:
2829 - Manufacture
of other general-purpose machinery n.e.c.
Business Description
IMA Industria
Macchine Automatiche SpA (IMA SpA) is an Italy-based company engaged in the design
and manufacture of automatic machines for the processing and packaging of
pharmaceuticals, cosmetics, tea, coffee and other food products. The Company
organizes its business into two main divisions: Pharma sector and Tea, Food
& Other sector. Through the Pharma division, it is active in the production
of machines for the packaging of capsules and tablets in blisters and bottles,
for filling bottles and ampoules with liquid and powdered products, for
freeze-drying, for the production of pills and capsules, and for coating and
fluid bed granulation, among others. Through the Tea, Food & Other sector,
the Company manufactures machines for the packaging of tea and herbs in filter
paper bags, coffee pods, food and beverages, and personal care products. In July
2013, IMA SpA sold entire stake in Kilian to German Group Romaco. For the three
months ended 31 March 2013, IMA Industria Macchine Automatiche SpA revenues
decreased 2% to EUR141.6M. Net income decreased 8% to EUR2.4M. Revenues reflect
Tea, Food and Other segment decrease of 30% to EUR42.5M, Italy segment decrease
of 54% to EUR7.6M. Net income also reflects Services/Rentals, Total increase of
5% to EUR39.2M (expense), Other Total Financial Expense increase of 25% to
EUR500K (expense).
More Business Descriptions
Manufacture of
automated packaging machinery for a variety of industries including the tea,
pharmaceutical and cosmetic industries
Mfr of Packaging
Machinery
I.M.A. Industria
Macchine Automatiche SpA is primarily engaged in manufacture of agricultural
dryers; manufacture of machinery for the dairy industry (cream separators; milk
processing machinery (homogenisers and irradiators); milk converting machinery
(butter churns, butter workers and moulding machines); cheese-making machines
(homogenisers, moulders, presses, etc.); manufacture of machinery for the grain
milling industry (winnowers, sieving belts, cyclone separators, aspirator
separators, grain brushing machines and the like; grinding mills, “breading rolls or mills, feeders, sifters, bran
cleaners, blenders, rice hullers, pea splitters); manufacture of presses,
crushers, etc. used to make wine, cider, fruit juices, etc.; manufacture of
machinery for the bakery industry or for making macaroni, spaghetti or similar
products (manufacture of non-electric bakery ovens, dough mixers,
dough-dividers, moulders, slicers, cake depositing machines, etc.); manufacture
of machines and equipment to process diverse food (machinery to make
confectionery, cocoa or chocolate; to manufacture sugar; for breweries; to
process meat or poultry; to prepare fruit, nuts or vegetables; to prepare fish,
shell fish or other sea-food; other machinery for the industrial preparation or
manufacture of food or drink; manufacture of machinery for the extraction or preparation
of animal or vegetable fats or oils; manufacture of machinery for the
preparation of tobacco and for the making of cigarettes or cigars, or for pipe
or chewing tobacco or snuff; and manufacture of machinery for the preparation
of food in hotels and restaurants.
Other Industrial Machinery Manufacturing
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Corporate Family |
Corporate
Structure News: |
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IMA
Industria Macchine Automatiche SpA |
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IMA Industria Macchine
Automatiche SpA |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Ozzano Dell'emilia |
Italy |
Machinery and Equipment Manufacturing |
943.6 |
1,227 |
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Subsidiary |
Ozzano Dell'emilia, Bologna |
Italy |
Machinery and Equipment Manufacturing |
157.7 |
348 |
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Subsidiary |
Zola Predosa, Bologna |
Italy |
Machinery and Equipment Manufacturing |
64.0 |
142 |
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Subsidiary |
Navi Mumbai |
India |
Machinery and Equipment Manufacturing |
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250 |
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Subsidiary |
Cologne |
Germany |
Consulting Services |
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200 |
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Subsidiary |
Köln, Nordrhein-Westfalen |
Germany |
Machinery and Equipment Manufacturing |
58.8 |
165 |
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Subsidiary |
Beijing |
China |
Machinery and Equipment Manufacturing |
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100 |
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Subsidiary |
Leominster, MA |
United States |
Industrial Machinery Repair and Maintenance |
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75 |
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Division |
Leominster, MA |
United States |
Machinery and Equipment Manufacturing |
22.5 |
80 |
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Subsidiary |
Rueil Malmaison |
France |
Machinery Wholesale |
8.2 |
34 |
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Subsidiary |
Milan |
Italy |
Machinery Wholesale |
8.0 |
33 |
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Subsidiary |
Köln, Nordrhein-Westfalen |
Germany |
Machinery Wholesale |
7.4 |
30 |
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Subsidiary |
Siena, Siena |
Italy |
Machinery and Equipment Manufacturing |
3.5 |
12 |
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Subsidiary |
Bangkok |
Thailand |
Machinery and Equipment Manufacturing |
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7 |
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Subsidiary |
Vienna |
Austria |
Machinery Wholesale |
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2 |
Executive report
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Board of
Directors |
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Chairman of the Board, Chief Executive Officer |
Chairman |
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Honorary Chairman of the Board |
Chairman |
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Director |
Director/Board Member |
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Lead Independent Director |
Director/Board Member |
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Non-Executive Independent Director |
Director/Board Member |
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Chief Executive Officer, Executive Director |
Director/Board Member |
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Secretary, Non-Executive Director |
Director/Board Member |
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Non-Executive Director |
Director/Board Member |
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Non-Executive Director |
Director/Board Member |
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Non-Executive Independent Director |
Director/Board Member |
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Non-Executive Director |
Director/Board Member |
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Non-Executive Director |
Director/Board Member |
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Non-Executive Director |
Director/Board Member |
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Executives |
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Chief Executive Officer, Executive Director |
Chief Executive Officer |
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Chairman of the Board, Chief Executive Officer |
Chief Executive Officer |
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Director of Administration, Finance and Control, Financial Reporting
Officer |
Administration Executive |
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Secretary, Non-Executive Director |
Company Secretary |
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Statutory Auditor |
Accounting Executive |
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Statutory Auditor |
Accounting Executive |
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Statutory Auditor |
Accounting Executive |
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Investor Relations Manager |
Investor Relations Executive |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Head of Internal Control |
Other |
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Significant Developments
IMA Industria Macchine
Automatiche SpA's 7.57% Stake Sold by Mandarin Capital Partners Sep 03, 2013
IMA Industria
Macchine Automatiche SpA announced that Mandarin Capital Partners (MCP) has
sold its entire stake in the Company, equal to a 7.57% stake (2,789,393 ordinary
shares). Banca IMI SpA and Equita SIM SpA have covered the role of Joint Global
Coordinators & Joint Bookrunners.
IMA Industria
Macchine Automatiche SpA Confirms FY 2013 Revenue and EBITDA Guidance Aug 09,
2013
IMA Industria
Macchine Automatiche SpA announced that it confirmed the Company's revenues and
EBITDA guidance for fiscal year 2013. For fiscal year 2013, the Company expects
revenues to rise to approximately EUR 760 million (EUR 734.3 million in fiscal
year 2012) with a gross operating profit (EBITDA) of approximately EUR 105
million (EUR 101.4 million in fiscal year 2012). The guidance is motivated by
the size of the Group order book at June 30, 2013 (an increase of 20.2% with
respect to the same period of the previous year) and the trend in orders which
give visibility to the current year and allow the Company to foresee a growth
compared with the previous year. According to I/B/E/S Estimates, analysts are
expecting the Company to report for fiscal year 2013 revenues of EUR 733.70
million and EBITDA of EUR 103.19 million.
IMA Industria
Macchine Automatiche SpA Sells Entire Stake in Kilian to German Group
Romaco-Reuters Jul 01, 2013
reported that IMA
Industria Macchine Automatiche SpA announced that it has sold for EUR 21
million its entire stake in Kilian to the German Group Romaco, controlled by
the private equity fund Deutsche Beteiligungs AG. EUR 17 million will be
regulated at the closing of the transaction, and the remaining amount will be
transferred by the next fiscal year. Kilian operates in the production of
tablet press machines within the pharmaceutic sector.
IMA Industria
Macchine Automatiche SpA's Subsidiary Closes Sale of Stephan Machinery GmbH Jun
06, 2013
IMA Industria
Macchine Automatiche SpA announced that, through its subsidiary Corazza S.p.A.,
finalized the sale of the entire investment in Stephan Machinery GmbH, which
manufactures integrated processing systems for dairy and convenience food, to
funds managed by Deutsche Beteiligungs AG (DBAG), a German private equity company
already present in the sector. The equity value of the investment is EUR 40.4
million, all settled at the closing. Following completion of this operation,
net financial debt of the IMA Group will be reduced by EUR 40.4 million. To
finalize this transaction, IMA was assisted by UniCredit as financial advisor
and Poggi&Associati and InterFinanz GmbH.
IMA Industria Macchine Automatiche SpA Announces
Guidance for FY 2013 Apr 24, 2013
IMA Industria
Macchine Automatiche SpA announced that in 2013 expects to report growth in
revenues and profitability, accompanied by a strengthening in the Group's main
business areas, with estimated revenues of approximately 760 million euros and
a gross operating profit (EBITDA) of about 105 million euros. The Shareholders'
Meeting approved the renewal of the authorization to purchase and sale treasury
shares to the extent permitted by law. The proposed purchase price is equal to
the average stock price during the previous five days (+/-10%), while the
proposed selling price will be at least the shares' average purchase cost.
IMA Industria
Macchine Automatiche SpA's Subsidiary to Sell Entire Stake in Stephan Machinery
GmbH Mar 22, 2013
IMA Industria
Macchine Automatiche SpA announced that, through its subsidiary Corazza SpA, it
has signed an agreement, subject to a condition precedent, to sell the entire
investment in Stephan Machinery GmbH to funds managed by Deutsche Beteiligungs
AG (DBAG), a German private equity company already present in the sector.
Stephan Machinery GmbH, which manufactures integrated processing systems for
dairy and convenience food, joined the IMA Group through the acquisition of the
Sympak Corazza Group in February 2011. The equity value of the investment is
EUR 40.4 million, all settled at the closing, and the transaction will be
subject to authorization from the Antitrust Authorities.
IMA Industria
Macchine Automatiche SpA Issues Guidance for FY 2013; Proposes Dividend
Distribution for FY 2012 Mar 14, 2013
IMA Industria Macchine Automatiche SpA announced
that it expects Revenues: around 760 million euros Gross operating profit
(EBITDA): around 105 million euros for fiscal year 2013. At the Extraordinary
and Ordinary Shareholders' Meeting called for 24 April 2013 the Board will
propose a dividend of 1 euro per share (1 euro in 2012). At the Shareholders'
Meeting called for 24 April 2013, a proposal will be made to renew the
authorisation to buy and sell treasury shares up to the maximum limit permitted
by law. The proposed purchase price is equal to the average stock price during
the previous five days (+/-10%), while the proposed selling price will be at
least the average purchase cost of the shares. As of today, IMA owns 5,500
treasury shares
IMA Industria Macchine
Automatiche SpA's IMA Life Beijing Completes Acquisition of 59% Stake in
Shanghai Tianyan Pharmaceutical Machinery Co. Ltd Mar 04, 2013
IMA Industria
Macchine Automatiche SpA announced that, through its Chinese subsidiary, IMA
Life Beijing, and with authorization from the Chinese authorities, it has
completed the acquisition of a 59% stake in Shanghai Tianyan Pharmaceutical
Machinery Co. Ltd, based in Shanghai. Shanghai Tianyan Pharmaceutical Machinery
Co. Ltd has experience in the design, marketing and technical assistance of
complete systems for filling liquid and powder pharmaceutical products in
aseptic environments, as well as washing and sterilization systems. The deal
was completed through the purchase of shares and an increase in capital for a
total of RMB 8 million (approximately EUR 1 million).
IMA Industria
Macchine Automatiche SpA Finalizes Acquisition of 40% Stake in ILAPAK Group Feb
28, 2013
IMA Industria
Macchine Automatiche SpA announced that on February 28, 2013, it has finalized
with Transworld Packaging Holding BV and its shareholders the acquisition of a
40% stake in the ILAPAK Group, which makes primary packaging machines for the
food sector, as announced on February 6, 2013. The financial intervention on
the part of IMA amounts to EUR 9 million, consisting of an equity contribution
and the subscription of a convertible bond, in Transworld Packaging Holding BV,
which in turn will recapitalize its Swiss subsidiary ILAPAK International SA.
To finalize this transaction IMA was assisted by Poggi&Associati, Gianni
Origoni Grippo Cappelli & Partners and Deloitte, whereas the ILAPAK Group
was advised by the law firm D'Urso Gatti Bianchi; Altium Capital, headed up in
Italy by Carlo Dawan, introduced IMA to the Levy family and helped them and
ILAPAK during negotiations.
IMA Industria
Macchine Automatiche SpA Approves Proposed Issuance of Non-Convertible Bond Feb 14, 2013
IMA Industria Macchine Automatiche SpA announced
that the Board of Directors has approved the proposed issuance of a
non-convertible bond up to a maximum principal amount of USD 50 million to be
placed with a limited number of United States institutional investors. The
specific conditions of the bond placement will be announced at the time of
issuance. In any case, it will be carried out in accordance with current
regulations and will be exempt from the obligation to publish an offer
prospectus for the general public.
IMA Industria Macchine Automatiche SpA Signs
Agreement for Purchase of 40% Stake in ILAPAK Group Feb 06, 2013
IMA Industria
Macchine Automatiche SpA announced that on February 5, 2013, it has signed an
investment agreement with Transworld Packaging Holding BV and its shareholders,
subject to conditions precedent, to take a 40% stake in the ILAPAK Group, which
makes primary packaging machines for the food sector using flexible material
(horizontal and vertical flowpacks). Thanks to this alliance, IMA and ILAPAK
will benefit from synergies that will help both businesses to grow. ILAPAK
International S.A. is the principal operating unit of the ILAPAK Group. The
agreement envisages a financial intervention on the part of IMA, consisting of
an equity contribution and the subscription of a convertible bond worth a total
of EUR 9 million, in Transworld Packaging Holding BV, which in turn will
recapitalize its Swiss subsidiary ILAPAK International S.A. for the same
amount. Once the deal is completed, IMA will have acquired a 40% interest in
the parent company, Transworld Packaging Holding BV, with the chance to increase
its investment up to 51% by converting the bond mentioned previously. IMA would
then be granted an option to purchase additional Transworld shares to reach 80%
of the ILAPAK Group, with the current majority shareholder, in this case,
having the possibility to ask IMA to extend its option to the entire share
capital. The parties will sign a shareholders' agreement to regulate certain
aspects of the Group's governance.
IMA Industria
Macchine Automatiche SpA Completes Merger By Absorption Of Its Wholly-Owned
Subsidiary
Dec 13, 2012
IMA Industria
Macchine Automatiche SpA announced that following the press release of
September 26, 2012, IMA SpA will absorb its wholly-owned subsidiary Zanchetta
S.r.l. with effect presumably from January 1, 2013.
IMA Industria
Macchine Automatiche SpA Confirms FY 2012 Revenues and EBITDA Guidance Nov 14,
2012
IMA Industria
Macchine Automatiche SpA announced that it has confirmed the Company's fiscal
year 2012 revenues and EBITDA guidance. The Company expects to report for
fiscal year 2012 revenues over EUR 700 million and EBITDA of approximately EUR
95 million. According to I/B/E/S Estimates, analysts on an average are
expecting the Company to report for fiscal year 2012 revenues of EUR 705.35
million and EBITDA of EUR 94.67 million.
IMA Industria
Macchine Automatiche SpA Approves Merger by Incorporation of Wholly Owned
Subsidiary Zanchetta Srl Into Company Sep 26, 2012
IMA Industria
Macchine Automatiche SpA (IMA) announced that it has approved the merger by
incorporation of its wholly owned subsidiary Zanchetta Srl into IMA. Zanchetta
Srl is a company specialized in the production of powder handling and dosing
systems for the pharmaceutical industry. The merger forms part of the project
to simplify the corporate structure and should help to optimize the Group's
activities and eliminate certain inefficiencies in the management of financial
flows and in the debt structure. The merger formalities will presumably be
completed by the end of 2012 and will take effect from January 1, 2013.
Annual Profit & Loss
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
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Consolidated |
No |
No |
No |
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Total income |
471.3 |
355.7 |
212.0 |
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Net sales |
437.5 |
308.7 |
168.7 |
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Other operating income |
24.9 |
32.3 |
42.3 |
|
Raw materials and consumables employed |
180.2 |
128.8 |
75.5 |
|
Other expenses |
128.0 |
93.6 |
57.3 |
|
Total payroll costs |
111.4 |
95.1 |
58.4 |
|
Fixed asset depreciation and amortisation |
11.6 |
5.9 |
5.1 |
|
Other operating costs |
7.4 |
3.8 |
3.6 |
|
Net operating income |
32.7 |
28.4 |
12.0 |
|
Total financial income |
54.5 |
32.4 |
52.1 |
|
Total expenses |
14.5 |
14.4 |
5.3 |
|
Profit before tax |
72.7 |
46.4 |
58.8 |
|
Extraordinary result |
- |
-1.3 |
-10.1 |
|
Profit after extraordinary items and before tax |
72.7 |
45.1 |
48.8 |
|
Total taxation |
5.9 |
11.7 |
8.0 |
|
Net profit |
66.8 |
33.4 |
40.7 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Total stockholders equity |
172.8 |
150.6 |
109.5 |
|
Provision for risks |
14.6 |
12.4 |
9.9 |
|
Provision for pensions |
14.7 |
12.2 |
9.0 |
|
Mortgages and loans |
137.2 |
147.9 |
63.9 |
|
Other long-term liabilities |
13.7 |
0.7 |
0.9 |
|
Trade creditors |
84.7 |
68.1 |
46.7 |
|
Bank loans and overdrafts |
13.7 |
99.0 |
131.2 |
|
Other current liabilities |
231.8 |
96.1 |
61.6 |
|
Total current liabilities |
330.1 |
263.2 |
239.5 |
|
Total liabilities (including net worth) |
683.1 |
586.9 |
432.7 |
|
Intangibles |
37.3 |
25.6 |
23.6 |
|
Buildings |
12.5 |
10.3 |
9.2 |
|
Total tangible fixed assets |
18.8 |
14.9 |
13.3 |
|
Long-term investments |
211.2 |
195.9 |
185.5 |
|
Total financial assets |
300.9 |
196.7 |
192.6 |
|
Receivables due after 1 year |
26.5 |
6.9 |
5.2 |
|
Loans to associated companies |
88.9 |
0.0 |
- |
|
Total non-current assets |
383.5 |
244.1 |
234.6 |
|
Finished goods |
86.5 |
70.7 |
29.4 |
|
Net stocks and work in progress |
104.5 |
89.0 |
42.2 |
|
Trade debtors |
81.9 |
46.4 |
35.5 |
|
Other receivables |
79.5 |
181.3 |
89.3 |
|
Cash and liquid assets |
30.5 |
24.7 |
28.5 |
|
Marketable securities |
2.1 |
- |
1.8 |
|
Accruals |
1.3 |
1.4 |
0.9 |
|
Total current assets |
299.7 |
342.8 |
198.1 |
|
Total assets |
683.1 |
586.9 |
432.7 |
Annual Ratios
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
0.90 |
1.30 |
0.80 |
|
Quick ratio |
0.60 |
1.00 |
0.60 |
|
Current liabilities to net worth |
0.02% |
0.02% |
0.02% |
|
Sales per employee |
0.28 |
0.21 |
0.18 |
|
Profit per employee |
0.05 |
0.03 |
0.05 |
|
Average wage per employee |
0.07 |
0.07 |
0.06 |
|
Net worth |
172.8 |
150.6 |
109.5 |
|
Number of employees |
1,227 |
1,033 |
697 |
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 |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
943.6 |
930.5 |
677.2 |
713.3 |
807.1 |
|
Revenue |
943.6 |
930.5 |
677.2 |
713.3 |
807.1 |
|
Total Revenue |
943.6 |
930.5 |
677.2 |
713.3 |
807.1 |
|
|
|
|
|
|
|
|
Cost of Revenue |
308.0 |
314.7 |
225.8 |
225.5 |
276.6 |
|
Cost of Revenue, Total |
308.0 |
314.7 |
225.8 |
225.5 |
276.6 |
|
Gross Profit |
635.5 |
615.8 |
451.4 |
487.7 |
530.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
217.1 |
217.1 |
148.9 |
140.8 |
168.1 |
|
Labor & Related Expense |
280.2 |
278.2 |
218.5 |
223.4 |
226.9 |
|
Advertising Expense |
2.7 |
3.1 |
1.8 |
- |
- |
|
Total Selling/General/Administrative Expenses |
500.0 |
498.4 |
369.2 |
364.3 |
394.9 |
|
Depreciation |
9.3 |
7.7 |
6.5 |
8.4 |
10.6 |
|
Amortization of Intangibles |
15.2 |
17.9 |
11.5 |
10.9 |
10.3 |
|
Depreciation/Amortization |
24.5 |
25.6 |
18.1 |
19.3 |
21.0 |
|
Restructuring Charge |
0.0 |
2.7 |
1.7 |
-0.7 |
-4.6 |
|
Impairment-Assets Held for Use |
6.6 |
2.2 |
3.3 |
1.9 |
4.5 |
|
Loss (Gain) on Sale of Assets - Operating |
0.1 |
0.2 |
0.1 |
0.0 |
0.3 |
|
Other Unusual Expense (Income) |
- |
- |
1.1 |
- |
- |
|
Unusual Expense (Income) |
6.7 |
5.0 |
6.2 |
1.2 |
0.2 |
|
Other Operating Expense |
7.5 |
6.6 |
4.7 |
4.4 |
4.7 |
|
Other, Net |
-6.7 |
-14.2 |
-3.8 |
-0.3 |
4.5 |
|
Other Operating Expenses, Total |
0.8 |
-7.7 |
0.9 |
4.1 |
9.2 |
|
Total Operating Expense |
840.0 |
836.1 |
620.0 |
614.3 |
701.9 |
|
|
|
|
|
|
|
|
Operating Income |
103.6 |
94.4 |
57.2 |
98.9 |
105.2 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-11.1 |
-12.4 |
-7.8 |
-9.2 |
-16.7 |
|
Interest Expense, Net Non-Operating |
-11.1 |
-12.4 |
-7.8 |
-9.2 |
-16.7 |
|
Interest Income -
Non-Operating |
0.7 |
1.2 |
0.8 |
1.1 |
2.7 |
|
Investment Income -
Non-Operating |
-1.3 |
-5.0 |
-1.1 |
0.0 |
-2.1 |
|
Interest/Investment Income - Non-Operating |
-0.6 |
-3.8 |
-0.3 |
1.1 |
0.6 |
|
Interest Income (Expense) - Net Non-Operating Total |
-11.7 |
-16.2 |
-8.1 |
-8.1 |
-16.1 |
|
Other Non-Operating Income (Expense) |
0.0 |
0.0 |
-1.1 |
-5.9 |
-0.8 |
|
Other, Net |
0.0 |
0.0 |
-1.1 |
-5.9 |
-0.8 |
|
Income Before Tax |
91.9 |
78.2 |
48.1 |
84.9 |
88.3 |
|
|
|
|
|
|
|
|
Total Income Tax |
28.4 |
37.4 |
25.0 |
32.8 |
27.8 |
|
Income After Tax |
63.5 |
40.8 |
23.1 |
52.2 |
60.5 |
|
|
|
|
|
|
|
|
Minority Interest |
-2.2 |
-1.6 |
-0.6 |
-0.9 |
-0.5 |
|
Net Income Before Extraord Items |
61.3 |
39.2 |
22.5 |
51.3 |
60.0 |
|
Discontinued Operations |
- |
- |
- |
0.0 |
1.1 |
|
Total Extraord Items |
- |
- |
- |
0.0 |
1.1 |
|
Net Income |
61.3 |
39.2 |
22.5 |
51.3 |
61.2 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
61.3 |
39.2 |
22.5 |
51.3 |
60.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
61.3 |
39.2 |
22.5 |
51.3 |
61.2 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
36.8 |
36.1 |
34.0 |
33.9 |
33.8 |
|
Basic EPS Excl Extraord Items |
1.67 |
1.09 |
0.66 |
1.51 |
1.78 |
|
Basic/Primary EPS Incl Extraord Items |
1.67 |
1.09 |
0.66 |
1.51 |
1.81 |
|
Diluted Net Income |
61.3 |
39.2 |
22.5 |
51.3 |
61.2 |
|
Diluted Weighted Average Shares |
36.8 |
36.1 |
34.0 |
33.9 |
33.8 |
|
Diluted EPS Excl Extraord Items |
1.67 |
1.09 |
0.66 |
1.51 |
1.78 |
|
Diluted EPS Incl Extraord Items |
1.67 |
1.09 |
0.66 |
1.51 |
1.81 |
|
Dividends per Share - Common Stock Primary Issue |
1.28 |
1.39 |
1.19 |
1.25 |
1.32 |
|
Gross Dividends - Common Stock |
- |
51.2 |
43.9 |
42.7 |
44.6 |
|
Interest Expense, Supplemental |
11.1 |
12.4 |
7.8 |
9.2 |
16.7 |
|
Depreciation, Supplemental |
9.3 |
27.8 |
6.5 |
8.4 |
10.6 |
|
Total Special Items |
6.7 |
5.0 |
6.8 |
-4.1 |
0.2 |
|
Normalized Income Before Tax |
98.6 |
83.2 |
54.9 |
80.8 |
88.5 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
2.1 |
2.4 |
3.5 |
-1.6 |
0.1 |
|
Inc Tax Ex Impact of Sp Items |
30.4 |
39.8 |
28.5 |
31.2 |
27.9 |
|
Normalized Income After Tax |
68.2 |
43.4 |
26.4 |
49.6 |
60.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
65.9 |
41.8 |
25.8 |
48.7 |
60.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.79 |
1.16 |
0.76 |
1.44 |
1.78 |
|
Diluted Normalized EPS |
1.79 |
1.16 |
0.76 |
1.44 |
1.78 |
|
Amort of Intangibles, Supplemental |
15.2 |
- |
11.5 |
10.9 |
10.3 |
|
Rental Expenses |
19.1 |
19.3 |
14.9 |
11.6 |
10.5 |
|
Advertising Expense, Supplemental |
2.7 |
3.1 |
1.8 |
2.2 |
3.0 |
|
Research & Development Exp, Supplemental |
- |
- |
35.0 |
36.1 |
34.1 |
|
Normalized EBIT |
110.3 |
99.4 |
64.0 |
94.8 |
105.4 |
|
Normalized EBITDA |
134.8 |
127.2 |
82.1 |
114.1 |
126.4 |
|
Current Tax - Total |
26.9 |
33.6 |
26.0 |
38.6 |
35.1 |
|
Current Tax - Total |
26.9 |
33.6 |
26.0 |
38.6 |
35.1 |
|
Deferred Tax - Total |
- |
- |
-3.0 |
-5.8 |
-7.2 |
|
Deferred Tax - Total |
- |
- |
-3.0 |
-5.8 |
-7.2 |
|
Other Tax |
1.5 |
3.7 |
2.0 |
- |
- |
|
Income Tax - Total |
28.4 |
37.4 |
25.0 |
32.8 |
27.8 |
|
Interest Cost - Domestic |
1.3 |
- |
1.1 |
1.2 |
1.4 |
|
Service Cost - Domestic |
0.4 |
- |
0.2 |
0.2 |
0.3 |
|
Actuarial Gains and Losses - Domestic |
4.1 |
- |
0.4 |
0.5 |
-0.2 |
|
Domestic Pension Plan Expense |
5.8 |
- |
1.7 |
1.8 |
1.5 |
|
Defined Contribution Expense - Domestic |
10.0 |
- |
8.8 |
9.5 |
9.4 |
|
Total Pension Expense |
15.8 |
- |
10.6 |
11.3 |
10.9 |
|
Discount Rate - Domestic |
3.25% |
- |
4.80% |
5.00% |
5.15% |
|
Compensation Rate - Domestic |
3.50% |
- |
3.50% |
3.50% |
3.50% |
|
Pension Payment Rate - Domestic |
3.00% |
- |
3.00% |
3.00% |
3.00% |
|
Total Plan Interest Cost |
1.3 |
- |
1.1 |
1.2 |
1.4 |
|
Total Plan Service Cost |
0.4 |
- |
0.2 |
0.2 |
0.3 |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
0.3 |
0.3 |
0.3 |
136.2 |
101.8 |
|
Cash & Equivalents |
86.8 |
98.1 |
123.5 |
7.5 |
4.3 |
|
Short Term Investments |
8.9 |
7.0 |
16.2 |
1.3 |
1.6 |
|
Cash and Short Term Investments |
96.0 |
105.4 |
140.0 |
145.0 |
107.7 |
|
Accounts Receivable -
Trade, Gross |
186.9 |
201.4 |
164.0 |
151.8 |
159.5 |
|
Provision for Doubtful
Accounts |
-16.1 |
-12.3 |
-8.9 |
-7.0 |
-6.6 |
|
Trade Accounts Receivable - Net |
170.8 |
189.1 |
155.0 |
144.8 |
152.9 |
|
Other Receivables |
20.7 |
18.3 |
19.7 |
13.1 |
20.0 |
|
Total Receivables, Net |
191.5 |
207.4 |
174.8 |
158.0 |
172.9 |
|
Inventories - Finished Goods |
6.6 |
5.6 |
1.1 |
0.8 |
2.7 |
|
Inventories - Work In Progress |
223.5 |
209.1 |
171.8 |
170.4 |
188.9 |
|
Inventories - Raw Materials |
42.6 |
47.3 |
38.8 |
29.7 |
31.1 |
|
Total Inventory |
272.7 |
262.0 |
211.7 |
200.9 |
222.7 |
|
Prepaid Expenses |
16.5 |
15.3 |
11.8 |
6.8 |
10.4 |
|
Other Current Assets |
1.2 |
0.0 |
0.4 |
0.0 |
2.9 |
|
Other Current Assets, Total |
1.2 |
0.0 |
0.4 |
0.0 |
2.9 |
|
Total Current Assets |
577.9 |
590.0 |
538.6 |
510.7 |
516.6 |
|
|
|
|
|
|
|
|
Buildings |
28.7 |
24.0 |
17.0 |
18.1 |
62.0 |
|
Land/Improvements |
4.2 |
3.4 |
3.5 |
6.9 |
19.8 |
|
Machinery/Equipment |
85.1 |
82.0 |
74.8 |
74.3 |
94.8 |
|
Construction in
Progress |
1.3 |
2.3 |
0.1 |
1.9 |
3.2 |
|
Other Property/Plant/Equipment |
32.5 |
31.5 |
27.8 |
26.0 |
25.8 |
|
Property/Plant/Equipment - Gross |
151.7 |
143.1 |
123.3 |
127.2 |
205.6 |
|
Accumulated Depreciation |
-109.1 |
-102.7 |
-87.5 |
-86.9 |
-106.9 |
|
Property/Plant/Equipment - Net |
42.6 |
40.4 |
35.8 |
40.2 |
98.6 |
|
Goodwill, Net |
160.4 |
159.6 |
112.6 |
112.3 |
108.4 |
|
Intangibles - Gross |
197.0 |
189.3 |
129.5 |
107.9 |
97.3 |
|
Accumulated Intangible Amortization |
-116.2 |
-102.8 |
-77.4 |
-54.7 |
-42.4 |
|
Intangibles, Net |
80.9 |
86.5 |
52.1 |
53.2 |
54.8 |
|
LT Investment - Affiliate Companies |
28.7 |
24.3 |
14.9 |
14.7 |
8.6 |
|
LT Investments - Other |
8.2 |
9.3 |
11.4 |
12.6 |
16.4 |
|
Long Term Investments |
36.9 |
33.6 |
26.3 |
27.3 |
25.0 |
|
Note Receivable - Long Term |
1.6 |
1.6 |
0.8 |
0.7 |
0.7 |
|
Deferred Income Tax - Long Term Asset |
46.6 |
31.2 |
27.7 |
20.6 |
19.2 |
|
Other Long Term Assets |
0.0 |
0.0 |
0.2 |
0.0 |
0.2 |
|
Other Long Term Assets, Total |
46.6 |
31.3 |
27.9 |
20.6 |
19.4 |
|
Total Assets |
946.8 |
943.0 |
794.2 |
765.1 |
823.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
181.9 |
195.6 |
153.6 |
105.1 |
152.7 |
|
Accrued Expenses |
54.7 |
47.1 |
33.8 |
38.5 |
39.0 |
|
Notes Payable/Short Term Debt |
64.9 |
83.1 |
150.7 |
127.3 |
118.6 |
|
Current Portion - Long Term Debt/Capital Leases |
56.5 |
70.7 |
63.6 |
51.4 |
52.8 |
|
Customer Advances |
112.4 |
89.2 |
69.0 |
34.5 |
74.1 |
|
Income Taxes Payable |
17.5 |
7.3 |
13.4 |
17.6 |
8.6 |
|
Other Payables |
11.7 |
13.0 |
10.4 |
5.4 |
7.1 |
|
Other Current Liabilities |
22.5 |
23.9 |
20.1 |
22.8 |
16.9 |
|
Other Current liabilities, Total |
164.2 |
133.4 |
112.8 |
80.3 |
106.7 |
|
Total Current Liabilities |
522.2 |
530.1 |
514.6 |
402.6 |
469.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
151.6 |
159.2 |
80.8 |
128.6 |
127.0 |
|
Capital Lease Obligations |
0.0 |
0.1 |
0.1 |
1.9 |
3.3 |
|
Total Long Term Debt |
151.6 |
159.2 |
80.9 |
130.5 |
130.3 |
|
Total Debt |
273.0 |
313.1 |
295.2 |
309.2 |
301.7 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
22.0 |
24.1 |
15.6 |
17.4 |
25.1 |
|
Deferred Income Tax |
22.0 |
24.1 |
15.6 |
17.4 |
25.1 |
|
Minority Interest |
7.3 |
5.0 |
3.4 |
4.9 |
4.0 |
|
Reserves |
3.5 |
2.6 |
2.1 |
2.3 |
2.6 |
|
Pension Benefits - Underfunded |
35.0 |
32.0 |
24.0 |
24.7 |
24.8 |
|
Other Long Term Liabilities |
3.1 |
1.6 |
1.6 |
0.8 |
- |
|
Other Liabilities, Total |
41.6 |
36.2 |
27.6 |
27.7 |
27.4 |
|
Total Liabilities |
744.7 |
754.7 |
642.1 |
583.1 |
656.6 |
|
|
|
|
|
|
|
|
Common Stock |
25.3 |
24.9 |
23.8 |
25.4 |
24.6 |
|
Common Stock |
25.3 |
24.9 |
23.8 |
25.4 |
24.6 |
|
Additional Paid-In Capital |
62.1 |
65.2 |
20.8 |
22.2 |
22.8 |
|
Retained Earnings (Accumulated Deficit) |
114.3 |
95.8 |
107.0 |
144.4 |
127.8 |
|
Treasury Stock - Common |
-0.9 |
-0.4 |
0.0 |
-4.9 |
-3.7 |
|
Translation Adjustment |
1.3 |
2.8 |
0.5 |
-5.2 |
-4.6 |
|
Other Equity, Total |
1.3 |
2.8 |
0.5 |
-5.2 |
-4.6 |
|
Total Equity |
202.1 |
188.3 |
152.0 |
181.9 |
166.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
946.8 |
943.0 |
794.2 |
765.1 |
823.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
36.8 |
36.8 |
34.1 |
33.8 |
33.9 |
|
Total Common Shares Outstanding |
36.8 |
36.8 |
34.1 |
33.8 |
33.9 |
|
Treasury Shares - Common Stock Primary Issue |
0.1 |
0.1 |
0.0 |
0.3 |
0.2 |
|
Employees |
3,561 |
- |
3,141 |
3,135 |
3,048 |
|
Accumulated Intangible Amort, Suppl. |
116.2 |
102.8 |
77.4 |
54.7 |
42.4 |
|
Deferred Revenue - Current |
112.4 |
89.2 |
69.0 |
34.5 |
74.1 |
|
Total Long Term Debt, Supplemental |
271.1 |
308.2 |
291.4 |
305.4 |
177.2 |
|
Long Term Debt Maturing within 1 Year |
119.5 |
149.5 |
210.7 |
176.7 |
50.2 |
|
Long Term Debt Maturing in Year 2 |
35.8 |
33.8 |
20.2 |
28.5 |
27.0 |
|
Long Term Debt Maturing in Year 3 |
35.8 |
33.8 |
20.2 |
28.5 |
27.0 |
|
Long Term Debt Maturing in Year 4 |
35.8 |
33.8 |
20.2 |
28.5 |
27.0 |
|
Long Term Debt Maturing in Year 5 |
35.8 |
33.8 |
20.2 |
28.5 |
27.0 |
|
Long Term Debt Maturing in 2-3 Years |
71.6 |
67.6 |
40.3 |
57.0 |
54.1 |
|
Long Term Debt Maturing in 4-5 Years |
71.6 |
67.6 |
40.3 |
57.0 |
54.1 |
|
Long Term Debt Matur. in Year 6 & Beyond |
8.3 |
23.4 |
0.0 |
14.7 |
18.9 |
|
Total Capital Leases, Supplemental |
0.1 |
0.1 |
0.1 |
3.4 |
4.8 |
|
Capital Lease Payments Due in Year 1 |
0.0 |
0.0 |
0.0 |
1.5 |
1.5 |
|
Capital Lease Payments Due in Year 2 |
0.0 |
0.0 |
0.0 |
0.5 |
0.8 |
|
Capital Lease Payments Due in Year 3 |
0.0 |
0.0 |
0.0 |
0.5 |
0.8 |
|
Capital Lease Payments Due in Year 4 |
0.0 |
0.0 |
0.0 |
0.5 |
0.8 |
|
Capital Lease Payments Due in Year 5 |
0.0 |
0.0 |
0.0 |
0.5 |
0.8 |
|
Capital Lease Payments Due in 2-3 Years |
0.0 |
0.0 |
0.0 |
0.9 |
1.6 |
|
Capital Lease Payments Due in 4-5 Years |
0.0 |
0.0 |
0.0 |
0.9 |
1.6 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Operating Leases, Supplemental |
1.5 |
- |
145.6 |
139.7 |
47.8 |
|
Operating Lease Payments Due in Year 1 |
0.9 |
- |
14.3 |
12.6 |
9.1 |
|
Operating Lease Payments Due in Year 2 |
0.2 |
- |
52.8 |
11.9 |
5.9 |
|
Operating Lease Payments Due in Year 3 |
0.2 |
- |
- |
11.9 |
5.9 |
|
Operating Lease Payments Due in Year 4 |
0.2 |
- |
- |
11.9 |
5.9 |
|
Operating Lease Payments Due in Year 5 |
0.2 |
- |
- |
11.9 |
5.9 |
|
Operating Lease Pymts. Due in 2-3 Years |
0.3 |
- |
52.8 |
23.7 |
11.8 |
|
Operating Lease Pymts. Due in 4-5 Years |
0.3 |
- |
- |
23.7 |
11.8 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.0 |
- |
78.5 |
79.6 |
15.1 |
|
Pension Obligation - Domestic |
35.0 |
- |
24.0 |
24.7 |
24.8 |
|
Funded Status - Domestic |
-35.0 |
- |
-24.0 |
-24.7 |
-24.8 |
|
Total Funded Status |
-35.0 |
- |
-24.0 |
-24.7 |
-24.8 |
|
Discount Rate - Domestic |
3.25% |
- |
4.80% |
5.00% |
5.15% |
|
Compensation Rate - Domestic |
3.50% |
- |
3.50% |
3.50% |
3.50% |
|
Pension Payment Rate - Domestic |
3.00% |
- |
3.00% |
3.00% |
3.00% |
|
Accrued Liabilities - Domestic |
-35.0 |
- |
-24.0 |
0.0 |
-24.8 |
|
Net Assets Recognized on Balance Sheet |
-35.0 |
- |
-24.0 |
0.0 |
-24.8 |
|
Total Plan Obligations |
35.0 |
- |
24.0 |
24.7 |
24.8 |
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 |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
61.3 |
39.2 |
22.5 |
51.3 |
61.2 |
|
Depreciation |
24.5 |
25.6 |
18.1 |
19.3 |
21.0 |
|
Depreciation/Depletion |
24.5 |
25.6 |
18.1 |
19.3 |
21.0 |
|
Discontinued Operations |
0.0 |
17.0 |
7.6 |
6.4 |
-1.7 |
|
Extraord Items |
- |
- |
- |
-0.7 |
-4.6 |
|
Unusual Items |
1.5 |
1.0 |
3.0 |
1.3 |
2.2 |
|
Equity in Net Earnings (Loss) |
-0.8 |
-0.9 |
-0.3 |
0.0 |
0.4 |
|
Other Non-Cash Items |
1.2 |
1.5 |
-7.7 |
-0.1 |
5.0 |
|
Non-Cash Items |
1.9 |
18.6 |
2.7 |
6.9 |
1.4 |
|
Accounts Receivable |
18.1 |
-20.0 |
-15.7 |
24.7 |
46.7 |
|
Inventories |
-5.9 |
-43.6 |
-7.1 |
29.1 |
-28.3 |
|
Accounts Payable |
9.3 |
53.4 |
56.9 |
-97.9 |
-27.4 |
|
Taxes Payable |
28.4 |
37.4 |
25.0 |
32.8 |
28.4 |
|
Other Operating Cash Flow |
-35.0 |
-44.7 |
-30.6 |
-29.6 |
-37.7 |
|
Changes in Working Capital |
14.9 |
-17.6 |
28.5 |
-40.9 |
-18.4 |
|
Cash from Operating Activities |
102.5 |
65.9 |
71.7 |
36.6 |
65.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-11.6 |
-12.0 |
-11.4 |
-6.7 |
-11.4 |
|
Purchase/Acquisition of Intangibles |
-8.6 |
-9.3 |
-8.5 |
-9.0 |
-9.7 |
|
Capital Expenditures |
-20.2 |
-21.3 |
-19.9 |
-15.7 |
-21.2 |
|
Acquisition of Business |
-3.2 |
-118.9 |
-20.2 |
-9.7 |
-74.5 |
|
Sale of Fixed Assets |
1.2 |
1.1 |
9.7 |
64.1 |
0.3 |
|
Investment, Net |
0.5 |
-0.6 |
-1.6 |
0.3 |
0.2 |
|
Other Investing Cash Flow |
0.2 |
5.4 |
-14.6 |
2.6 |
2.7 |
|
Other Investing Cash Flow Items, Total |
-1.4 |
-113.0 |
-26.7 |
57.3 |
-71.2 |
|
Cash from Investing Activities |
-21.6 |
-134.3 |
-46.6 |
41.6 |
-92.4 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-11.1 |
42.3 |
-0.8 |
-9.7 |
-14.2 |
|
Financing Cash Flow Items |
-11.1 |
42.3 |
-0.8 |
-9.7 |
-14.2 |
|
Cash Dividends Paid - Common |
-47.3 |
-46.1 |
-40.6 |
-42.9 |
-42.0 |
|
Total Cash Dividends Paid |
-47.3 |
-46.1 |
-40.6 |
-42.9 |
-42.0 |
|
Common Stock, Net |
-0.5 |
-0.4 |
4.7 |
-1.0 |
0.1 |
|
Issuance (Retirement) of Stock, Net |
-0.5 |
-0.4 |
4.7 |
-1.0 |
0.1 |
|
Short Term Debt, Net |
-9.7 |
-57.0 |
47.6 |
4.6 |
48.0 |
|
Long Term Debt Issued |
24.7 |
141.1 |
24.2 |
56.3 |
78.3 |
|
Long Term Debt
Reduction |
-48.5 |
-45.3 |
-57.4 |
-52.3 |
-35.0 |
|
Long Term Debt, Net |
-23.9 |
95.8 |
-33.3 |
4.0 |
43.2 |
|
Issuance (Retirement) of Debt, Net |
-33.6 |
38.8 |
14.3 |
8.6 |
91.3 |
|
Cash from Financing Activities |
-92.5 |
34.6 |
-22.4 |
-45.0 |
35.1 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-11.6 |
-33.7 |
2.7 |
33.1 |
7.8 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
100.2 |
142.1 |
132.7 |
106.2 |
103.9 |
|
Net Cash - Ending Balance |
88.6 |
108.4 |
135.4 |
139.3 |
111.7 |
|
Cash Interest Paid |
9.9 |
10.8 |
6.5 |
10.8 |
14.4 |
|
Cash Taxes Paid |
35.0 |
44.7 |
30.6 |
29.6 |
37.7 |
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 |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
943.6 |
930.5 |
666.5 |
703.4 |
800.3 |
|
Other Income |
- |
- |
10.7 |
9.9 |
6.8 |
|
Total Revenue |
943.6 |
930.5 |
677.2 |
713.3 |
807.1 |
|
|
|
|
|
|
|
|
Work in Progress |
-13.4 |
-37.9 |
0.5 |
25.9 |
-26.7 |
|
Change Stocks |
5.3 |
-4.8 |
-5.4 |
2.8 |
-1.4 |
|
Consumables |
316.1 |
357.5 |
230.7 |
196.9 |
304.7 |
|
Unusual Expense/ Consumables |
- |
- |
0.3 |
- |
- |
|
Rental Expense |
19.1 |
19.3 |
- |
- |
- |
|
Other Services/Rentals, Total |
198.0 |
197.8 |
- |
- |
- |
|
Services / Rentals |
- |
- |
148.9 |
140.8 |
168.1 |
|
Advertising Expense |
2.7 |
3.1 |
1.8 |
- |
- |
|
Other As Reported Staff Expenses |
280.2 |
278.2 |
218.5 |
223.4 |
226.9 |
|
Unusual Expense |
0.0 |
- |
- |
- |
- |
|
Unusual Expense, Total |
0.0 |
- |
- |
- |
- |
|
Restructuring Charge |
0.0 |
3.3 |
3.0 |
5.3 |
0.0 |
|
Depreciation |
9.3 |
7.7 |
6.5 |
8.4 |
10.6 |
|
Amort. Intangibles |
15.2 |
17.9 |
11.5 |
10.9 |
10.3 |
|
Adjust./Write-Offs |
2.3 |
0.6 |
3.7 |
1.4 |
2.1 |
|
Write-Down Rcvbls |
4.3 |
1.6 |
-0.4 |
0.5 |
2.3 |
|
Other Other Income, Total |
-9.6 |
-14.8 |
- |
- |
- |
|
Prov./Risks |
2.9 |
0.5 |
-3.8 |
-0.3 |
4.5 |
|
Unusual Exp./Prov./Risks |
- |
- |
0.8 |
- |
- |
|
Other as repor. oper. exp. |
7.5 |
6.6 |
4.7 |
4.4 |
4.7 |
|
Losses from Disposal |
0.1 |
0.2 |
0.1 |
0.0 |
0.3 |
|
Non - Current Income |
0.0 |
-0.6 |
-1.4 |
-6.0 |
-4.6 |
|
Total Operating Expense |
840.0 |
836.1 |
620.0 |
614.3 |
701.9 |
|
|
|
|
|
|
|
|
Gain on Derivatives - Hedging |
0.1 |
0.2 |
- |
- |
- |
|
Loss on Derivatives - Hedging |
-0.1 |
-0.4 |
- |
- |
- |
|
Other Total Financial Expense |
-2.0 |
-5.4 |
- |
- |
- |
|
Equity Investment - Participation |
0.8 |
0.5 |
0.3 |
0.0 |
-0.4 |
|
Interest Income |
0.7 |
1.2 |
0.8 |
1.1 |
2.7 |
|
Exchange Gains |
7.5 |
13.8 |
10.5 |
- |
11.9 |
|
Other Fin. Income |
0.0 |
0.0 |
0.1 |
15.1 |
0.5 |
|
Interest Expenses |
-11.1 |
-12.4 |
-7.8 |
-9.2 |
-16.7 |
|
Other Fin. Expense |
- |
- |
-1.2 |
-21.0 |
-1.3 |
|
Exchange Losses |
-7.6 |
-13.8 |
-12.0 |
- |
-13.6 |
|
Net Income Before Taxes |
91.9 |
78.2 |
48.1 |
84.9 |
88.3 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
28.4 |
37.4 |
25.0 |
32.8 |
27.8 |
|
Net Income After Taxes |
63.5 |
40.8 |
23.1 |
52.2 |
60.5 |
|
|
|
|
|
|
|
|
Minority Interests |
-2.2 |
-1.6 |
-0.6 |
-0.9 |
-0.5 |
|
Net Income Before Extra. Items |
61.3 |
39.2 |
22.5 |
51.3 |
60.0 |
|
Discontinued Operations |
- |
- |
- |
0.0 |
1.1 |
|
Net Income |
61.3 |
39.2 |
22.5 |
51.3 |
61.2 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
61.3 |
39.2 |
22.5 |
51.3 |
60.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
61.3 |
39.2 |
22.5 |
51.3 |
61.2 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
36.8 |
36.1 |
34.0 |
33.9 |
33.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.67 |
1.09 |
0.66 |
1.51 |
1.78 |
|
Basic EPS Including ExtraOrdinary Items |
1.67 |
1.09 |
0.66 |
1.51 |
1.81 |
|
Diluted Net Income |
61.3 |
39.2 |
22.5 |
51.3 |
61.2 |
|
Diluted Weighted Average Shares |
36.8 |
36.1 |
34.0 |
33.9 |
33.8 |
|
Diluted EPS Excluding ExtraOrd Items |
1.67 |
1.09 |
0.66 |
1.51 |
1.78 |
|
Diluted EPS Including ExtraOrd Items |
1.67 |
1.09 |
0.66 |
1.51 |
1.81 |
|
DPS-Ordinary Shares |
1.28 |
1.39 |
1.19 |
1.25 |
1.32 |
|
Gross Dividends - Common Stock |
- |
51.2 |
43.9 |
42.7 |
44.6 |
|
Normalized Income Before Taxes |
98.6 |
83.2 |
54.9 |
80.8 |
88.5 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
30.4 |
39.8 |
28.5 |
31.2 |
27.9 |
|
Normalized Income After Taxes |
68.2 |
43.4 |
26.4 |
49.6 |
60.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
65.9 |
41.8 |
25.8 |
48.7 |
60.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.79 |
1.16 |
0.76 |
1.44 |
1.78 |
|
Diluted Normalized EPS |
1.79 |
1.16 |
0.76 |
1.44 |
1.78 |
|
Interest Expenses |
11.1 |
12.4 |
- |
- |
- |
|
Interest Expense |
- |
- |
7.8 |
9.2 |
16.7 |
|
BC - Depreciation of Intangible Assets |
15.2 |
- |
- |
- |
- |
|
Amort of Intangibles |
- |
- |
11.5 |
10.9 |
10.3 |
|
Rental Expense |
19.1 |
19.3 |
- |
- |
- |
|
Rental Expense |
- |
- |
14.9 |
11.6 |
10.5 |
|
BC - Depreciation of Fixed Assets |
9.3 |
27.8 |
- |
- |
- |
|
Depreciation |
- |
- |
6.5 |
8.4 |
10.6 |
|
Advertising Expense |
2.7 |
3.1 |
- |
- |
- |
|
Advertising and Promotion |
- |
- |
1.8 |
2.2 |
3.0 |
|
Research and Development |
- |
- |
35.0 |
36.1 |
34.1 |
|
Current Tax |
26.9 |
33.6 |
26.0 |
38.6 |
35.1 |
|
Current Tax - Total |
26.9 |
33.6 |
26.0 |
38.6 |
35.1 |
|
Deferred Tax |
- |
- |
-3.0 |
-5.8 |
-7.2 |
|
Deferred Tax - Total |
- |
- |
-3.0 |
-5.8 |
-7.2 |
|
Prepaid Tax |
1.5 |
3.7 |
2.0 |
- |
- |
|
Income Tax - Total |
28.4 |
37.4 |
25.0 |
32.8 |
27.8 |
|
Service Cost - Severance and Pension |
0.4 |
- |
0.2 |
0.2 |
0.3 |
|
Interest Cost - Severance and Pension |
1.3 |
- |
1.1 |
1.2 |
1.4 |
|
Actuarial Gain/Loss - Severance and Pens |
4.1 |
- |
0.4 |
0.5 |
-0.2 |
|
Domestic Pension Plan Expense |
5.8 |
- |
1.7 |
1.8 |
1.5 |
|
Defined Benefit Contribution |
10.0 |
- |
8.8 |
9.5 |
9.4 |
|
Total Pension Expense |
15.8 |
- |
10.6 |
11.3 |
10.9 |
|
Discount Rate |
3.25% |
- |
4.80% |
5.00% |
5.15% |
|
Compensation Rate |
3.50% |
- |
3.50% |
3.50% |
3.50% |
|
Pension Payment Rate |
3.00% |
- |
3.00% |
3.00% |
3.00% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Raw Materials |
42.6 |
47.3 |
38.8 |
29.7 |
31.1 |
|
Work in Progress |
223.5 |
209.1 |
171.8 |
170.4 |
188.9 |
|
Finished Goods |
6.6 |
5.6 |
1.1 |
0.8 |
2.7 |
|
Trade Receivables, Gross |
186.9 |
201.4 |
164.0 |
151.8 |
159.5 |
|
Provision for Doubtful Accounts |
-16.1 |
-12.3 |
-8.9 |
-7.0 |
-6.6 |
|
Advances/Other Receivables |
13.0 |
12.4 |
9.7 |
6.8 |
10.4 |
|
Deferred Income |
3.5 |
2.8 |
2.1 |
- |
- |
|
Income Tax Receivables, Net/Gross |
8.7 |
9.6 |
- |
- |
- |
|
Other Rcvbls. |
9.3 |
6.0 |
14.9 |
12.9 |
19.8 |
|
Tax Receivable |
2.6 |
2.7 |
4.9 |
0.3 |
0.2 |
|
Financial Rcvbls |
4.9 |
4.2 |
2.9 |
1.3 |
1.6 |
|
Financial Derivatives |
1.2 |
0.0 |
0.4 |
0.0 |
2.9 |
|
ST Term Deposits |
4.0 |
2.8 |
13.3 |
- |
- |
|
Bank Deposits |
86.8 |
98.1 |
123.5 |
7.5 |
4.3 |
|
Cash |
0.3 |
0.3 |
0.3 |
136.2 |
101.8 |
|
Total Current Assets |
577.9 |
590.0 |
538.6 |
510.7 |
516.6 |
|
|
|
|
|
|
|
|
Research & Development Costs, Gross |
94.6 |
95.4 |
- |
- |
- |
|
Rights, Gross |
22.5 |
21.5 |
- |
- |
- |
|
Licenses, Gross |
68.9 |
63.2 |
- |
- |
- |
|
Intangibles in Progress, Gross |
11.1 |
9.2 |
- |
- |
- |
|
Intangibles, Gross |
- |
- |
129.5 |
107.9 |
97.3 |
|
Acc Amort Other Intangibles |
0.0 |
0.0 |
- |
- |
- |
|
Acc Amort Research & Development Costs |
-57.1 |
-50.7 |
- |
- |
- |
|
Acc Amort Rights |
-16.2 |
-15.0 |
- |
- |
- |
|
Acc Amort Licenses |
-42.8 |
-37.2 |
- |
- |
- |
|
Intangible Amortisation |
- |
- |
-77.4 |
-54.7 |
-42.4 |
|
Goodwill |
160.4 |
159.6 |
112.6 |
112.3 |
108.4 |
|
Land |
4.2 |
3.4 |
3.5 |
6.9 |
19.8 |
|
Buildings |
28.7 |
24.0 |
17.0 |
18.1 |
62.0 |
|
Plant/Machinery |
56.7 |
54.9 |
51.9 |
53.0 |
74.1 |
|
Equipment |
28.4 |
27.1 |
22.9 |
21.3 |
20.6 |
|
Other Tangibles |
32.5 |
31.5 |
27.8 |
26.0 |
25.8 |
|
Tang. in Prog. |
1.3 |
2.3 |
0.1 |
1.9 |
3.2 |
|
Acc Depr Land/Land Improvements |
0.0 |
0.0 |
- |
- |
- |
|
Acc Depr Buildings |
-10.6 |
-9.1 |
- |
- |
- |
|
Acc Depr Plant & Machinery |
-45.9 |
-42.7 |
- |
- |
- |
|
Acc Depr Equipment |
-25.1 |
-23.9 |
- |
- |
- |
|
Acc Depr Other Tangible Fixed Assets |
-27.5 |
-27.0 |
- |
- |
- |
|
Depreciation |
- |
- |
-87.5 |
-86.9 |
-106.9 |
|
Inv. Subsidiary |
- |
- |
- |
- |
0.0 |
|
Inv. Assoc. |
28.7 |
24.3 |
14.9 |
14.7 |
8.6 |
|
Inv. Other |
8.2 |
9.3 |
11.4 |
12.6 |
16.4 |
|
LT Receivables |
1.6 |
1.6 |
0.8 |
0.7 |
0.7 |
|
Financial Derivatives |
0.0 |
0.0 |
0.2 |
0.0 |
0.2 |
|
Deferred Tax |
46.6 |
31.2 |
27.7 |
20.6 |
19.2 |
|
Total Assets |
946.8 |
943.0 |
794.2 |
765.1 |
823.5 |
|
|
|
|
|
|
|
|
Current Account |
64.9 |
83.1 |
150.7 |
127.3 |
118.6 |
|
Other Other Creditors |
1.8 |
4.3 |
- |
- |
- |
|
Current Portion of LT Debt |
54.6 |
66.4 |
60.0 |
49.4 |
50.2 |
|
Leasing Debts |
0.0 |
0.0 |
0.0 |
1.5 |
1.5 |
|
Other Lenders |
- |
- |
3.5 |
0.4 |
1.1 |
|
Other Trade Payables and Other |
-1.4 |
- |
- |
- |
- |
|
Suppliers |
181.9 |
195.6 |
153.6 |
105.1 |
152.7 |
|
Advances |
112.4 |
89.2 |
69.0 |
34.5 |
74.1 |
|
Accruals |
- |
- |
33.8 |
38.5 |
39.0 |
|
Other Payables |
13.2 |
13.0 |
10.4 |
5.4 |
7.1 |
|
Taxes |
17.5 |
7.3 |
13.4 |
17.6 |
8.6 |
|
Provisions |
22.5 |
23.2 |
20.0 |
22.8 |
16.6 |
|
Financial Derivatives |
0.0 |
0.7 |
0.1 |
0.0 |
0.3 |
|
Accrued Payroll |
54.7 |
47.1 |
- |
- |
- |
|
Total Current Liabilities |
522.2 |
530.1 |
514.6 |
402.6 |
469.8 |
|
|
|
|
|
|
|
|
Bank Payables |
151.6 |
158.7 |
80.7 |
128.6 |
127.0 |
|
Leasing Debts |
0.0 |
0.1 |
0.1 |
1.9 |
3.3 |
|
Other Lenders |
0.0 |
0.5 |
0.1 |
0.0 |
0.0 |
|
Total Long Term Debt |
151.6 |
159.2 |
80.9 |
130.5 |
130.3 |
|
|
|
|
|
|
|
|
Other LT Liabs. |
1.4 |
0.0 |
- |
- |
- |
|
Reserves/Min. Interest |
5.0 |
3.5 |
2.8 |
3.9 |
3.6 |
|
Result/Min. Interest |
2.3 |
1.5 |
0.6 |
0.9 |
0.4 |
|
Risks/Charges |
3.5 |
2.6 |
2.1 |
2.3 |
2.6 |
|
Employee Indemn. |
35.0 |
32.0 |
24.0 |
24.7 |
24.8 |
|
Deferred Tax |
22.0 |
24.1 |
15.6 |
17.4 |
25.1 |
|
Derivates |
1.7 |
1.6 |
1.6 |
0.8 |
- |
|
Total Liabilities |
744.7 |
754.7 |
642.1 |
583.1 |
656.6 |
|
|
|
|
|
|
|
|
Capital Stock |
25.3 |
24.9 |
23.8 |
25.4 |
24.6 |
|
Share Premium |
62.1 |
65.2 |
20.8 |
22.2 |
22.8 |
|
Treasury Stock |
-0.9 |
-0.4 |
0.0 |
-4.9 |
-3.7 |
|
Translation Adj. |
1.3 |
2.8 |
0.5 |
-5.2 |
-4.6 |
|
Gain /Loss on Pensions |
-3.3 |
-0.4 |
- |
- |
- |
|
Cover/Fair Value Reserves |
-0.7 |
-1.7 |
-0.7 |
-0.5 |
-2.6 |
|
Other Reserves |
55.3 |
61.3 |
12.3 |
8.7 |
29.9 |
|
Retained Earning |
- |
- |
72.5 |
83.4 |
42.3 |
|
Group Net Income |
63.1 |
36.6 |
22.8 |
52.9 |
58.1 |
|
Total Equity |
202.1 |
188.3 |
152.0 |
181.9 |
166.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
946.8 |
943.0 |
794.2 |
765.1 |
823.5 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
36.8 |
36.8 |
34.1 |
33.8 |
33.9 |
|
Total Common Shares Outstanding |
36.8 |
36.8 |
34.1 |
33.8 |
33.9 |
|
T/S-Ordinary Shares |
0.1 |
0.1 |
0.0 |
0.3 |
0.2 |
|
Deferred Revenue - Current |
112.4 |
89.2 |
69.0 |
34.5 |
74.1 |
|
Acc Amort Other Intangibles |
0.0 |
0.0 |
- |
- |
- |
|
Acc Amort Research & Development Costs |
57.1 |
50.7 |
- |
- |
- |
|
Acc Amort Rights |
16.2 |
15.0 |
- |
- |
- |
|
Acc Amort Licenses |
42.8 |
37.2 |
- |
- |
- |
|
Intangible Amortization |
- |
- |
77.4 |
54.7 |
42.4 |
|
Full-Time Employees |
3,561 |
- |
3,141 |
3,135 |
3,048 |
|
LT Debts 1 Y |
119.5 |
149.5 |
210.7 |
176.7 |
50.2 |
|
LT Debts 1-5 Y |
143.3 |
135.3 |
80.7 |
113.9 |
108.1 |
|
LT Debts after 5 Y |
8.3 |
23.4 |
0.0 |
14.7 |
18.9 |
|
Total Long Term Debt, Supplemental |
271.1 |
308.2 |
291.4 |
305.4 |
177.2 |
|
Capital Leases 1 Y |
0.0 |
0.0 |
0.0 |
1.5 |
1.5 |
|
Capital Leases 1-5 Y |
0.0 |
0.1 |
0.1 |
1.9 |
3.3 |
|
Capital Leases after 5 Y |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
0.1 |
0.1 |
0.1 |
3.4 |
4.8 |
|
Optg Leases-Year 1 |
0.9 |
- |
14.3 |
12.6 |
9.1 |
|
Optg Leases-Year 5 |
0.6 |
- |
- |
47.5 |
23.6 |
|
Optg Leases-Year 6+ |
- |
- |
78.5 |
79.6 |
15.1 |
|
Optg Leases-Year 2 |
- |
- |
52.8 |
- |
- |
|
Total Operating Leases, Supplemental |
1.5 |
- |
145.6 |
139.7 |
47.8 |
|
PV of Obligations-Severance and Pension |
35.0 |
- |
24.0 |
24.7 |
24.8 |
|
Funded Status-Severance and Pension |
-35.0 |
- |
-24.0 |
-24.7 |
-24.8 |
|
Total Funded Status |
-35.0 |
- |
-24.0 |
-24.7 |
-24.8 |
|
Discount Rate |
3.25% |
- |
4.80% |
5.00% |
5.15% |
|
Compensation Rate |
3.50% |
- |
3.50% |
3.50% |
3.50% |
|
Pension Payment Rate |
3.00% |
- |
3.00% |
3.00% |
3.00% |
|
Liability - Severance and Pension |
-35.0 |
- |
-24.0 |
0.0 |
-24.8 |
|
Net Assets Recognized on Balance Sheet |
-35.0 |
- |
-24.0 |
0.0 |
-24.8 |
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 |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
SpA |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
61.3 |
39.2 |
22.5 |
51.3 |
61.2 |
|
Depreciation |
24.5 |
25.6 |
18.1 |
19.3 |
21.0 |
|
Write Down Fix.Asset |
2.3 |
0.6 |
3.7 |
1.4 |
2.1 |
|
Gain/Loss on Sale of Investm. |
0.0 |
0.4 |
0.0 |
- |
- |
|
Disp. Fixed Assets |
-0.8 |
0.0 |
-0.7 |
0.0 |
0.1 |
|
Provision for Risk & Charges |
-1.3 |
-1.0 |
- |
- |
- |
|
Other Non-Cash Adjustments |
1.5 |
0.1 |
- |
- |
- |
|
Employee Indemn. |
- |
- |
-9.2 |
-1.3 |
1.5 |
|
Gain/Loss on Exchange Difference |
-1.2 |
0.8 |
0.9 |
0.1 |
3.0 |
|
Extraordinary Item |
- |
- |
- |
-0.7 |
-4.6 |
|
Other Non Cash Variations |
- |
- |
0.0 |
0.2 |
0.0 |
|
Income Tax |
28.4 |
37.4 |
25.0 |
32.8 |
28.4 |
|
Gains on Discontinued Operations |
- |
- |
- |
0.0 |
-1.7 |
|
Financial Assets Variations |
0.0 |
2.3 |
0.7 |
6.4 |
0.0 |
|
Minority Interest |
2.2 |
1.6 |
0.6 |
0.9 |
0.5 |
|
Share in Associates Results |
-0.8 |
-0.9 |
-0.3 |
0.0 |
0.4 |
|
Current Receivables |
18.1 |
-20.0 |
-15.7 |
24.7 |
46.7 |
|
Inventories |
-5.9 |
-43.6 |
-7.1 |
29.1 |
-28.3 |
|
Creditors |
9.3 |
53.4 |
56.9 |
-97.9 |
-27.4 |
|
Tax Paid |
-35.0 |
-44.7 |
-30.6 |
-29.6 |
-37.7 |
|
Business Combination |
0.0 |
14.7 |
6.9 |
- |
- |
|
Cash from Operating Activities |
102.5 |
65.9 |
71.7 |
36.6 |
65.1 |
|
|
|
|
|
|
|
|
Tangibles |
-11.6 |
-12.0 |
-11.4 |
-6.7 |
-11.4 |
|
Intangibles |
-8.6 |
-9.3 |
-8.5 |
-9.0 |
-9.7 |
|
Purchase of Minority Interest |
- |
- |
-11.9 |
- |
- |
|
Purchase of Business |
0.0 |
-110.1 |
- |
- |
- |
|
Acquisition of Companies |
- |
- |
-19.0 |
-3.7 |
-70.6 |
|
Gain/Loss on Exchange Difference |
0.5 |
-0.6 |
-1.6 |
0.3 |
0.2 |
|
Financial Leasing Debt Repayment |
0.0 |
0.0 |
-0.9 |
-1.6 |
-1.5 |
|
Investment in Associates |
-3.2 |
-8.8 |
-1.2 |
-6.0 |
-3.9 |
|
Disc. Operations, Expenses |
0.0 |
9.0 |
0.0 |
0.6 |
0.0 |
|
Shares/New Issue |
- |
- |
- |
0.0 |
5.8 |
|
Sale Fixed Assets |
1.2 |
1.1 |
9.7 |
64.1 |
0.3 |
|
Variation Financial Assets and Creditors |
0.2 |
-3.8 |
-1.9 |
3.4 |
-1.6 |
|
Third Party Reserves Variations |
0.0 |
0.2 |
0.2 |
0.2 |
0.1 |
|
Cash from Investing Activities |
-21.6 |
-134.3 |
-46.6 |
41.6 |
-92.4 |
|
|
|
|
|
|
|
|
LT Debt Issued |
24.7 |
141.1 |
24.2 |
56.3 |
78.3 |
|
LT Debt Repaid |
-48.5 |
-45.3 |
-57.4 |
-52.3 |
-35.0 |
|
Increases in Capital |
0.0 |
49.8 |
0.0 |
- |
- |
|
Other Bank Debt Net |
-9.7 |
-57.0 |
47.6 |
4.6 |
48.0 |
|
Dist. of Profits |
-47.3 |
-46.1 |
-40.6 |
-42.9 |
-42.0 |
|
Acquisition of Treasury Stock |
-0.5 |
-0.4 |
4.7 |
-1.0 |
0.1 |
|
Exchange Difference Adjustment |
-1.5 |
2.7 |
5.4 |
-0.4 |
-1.1 |
|
Interest Paid |
-9.9 |
-10.8 |
-6.5 |
-10.8 |
-14.4 |
|
Interest Received |
0.2 |
0.7 |
0.3 |
1.5 |
1.3 |
|
Cash from Financing Activities |
-92.5 |
34.6 |
-22.4 |
-45.0 |
35.1 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-11.6 |
-33.7 |
2.7 |
33.1 |
7.8 |
|
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|
|
|
|
|
|
Net Cash - Beginning Balance |
100.2 |
142.1 |
132.7 |
106.2 |
103.9 |
|
Net Cash - Ending Balance |
88.6 |
108.4 |
135.4 |
139.3 |
111.7 |
|
Cash Interest Paid |
9.9 |
10.8 |
6.5 |
10.8 |
14.4 |
|
Cash Taxes Paid |
35.0 |
44.7 |
30.6 |
29.6 |
37.7 |
financial health
Financials in: USD
(mil)
Except for share items (millions) and per share items (actual units)
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.48 |
|
UK Pound |
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.83.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
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.