MIRA INFORM REPORT
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Report Date : |
19.02.2014 |
IDENTIFICATION DETAILS
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Name : |
TESSENDERLO CHEMIE NV |
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Registered Office : |
Troonstraat, 130, Rue Du Trône,
Brussel, 1050 |
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Country : |
Belgium |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
14.03.1972 |
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Com. Reg. No.: |
412101728 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
· manufacturer and distributor of chemicals, plastics and gelatins. · Manufacturer of chemicals and plastics converting products. · Subject offers products that include hydrochloric acid, fertilizers, gelatin, glycine, caustic potash, animal feed-grade phosphates, potassium sulphate, plastic compounds and polyvinyl chloride. |
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No. of Employees : |
7,005 (31.12.2012) |
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 : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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Belgium |
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 |
belgium ECONOMIC OVERVIEW
This modern, open, and
private-enterprise-based economy has capitalized on its central geographic location,
highly developed transport network, and diversified industrial and commercial
base. Industry is concentrated mainly in the more heavily-populated region of
Flanders in the north. With few natural resources, Belgium imports substantial
quantities of raw materials and exports a large volume of manufactures, making
its economy vulnerable to volatility in world markets. Roughly three-quarters
of Belgium's trade is with other EU countries, and Belgium has benefited most
from its proximity to Germany. In 2011 Belgian GDP grew by 1.8%, the
unemployment rate decreased slightly to 7.2% from 8.3% the previous year, and
the government reduced the budget deficit from a peak of 6% of GDP in 2009 to
4.2% in 2011 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%,
the third consecutive quarter of negative growth. This brought economic growth
for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a
possible recession at the end of 2012. However, at year's end, the government
appeared close to meeting its 2012 budget deficit goal of 3% of GDP. Despite
the relative improvement in Belgium's budget deficit, public debt hovers around
100% of GDP, a factor that has contributed to investor perceptions that the
country is increasingly vulnerable to spillover from the euro-zone crisis.
Belgian banks were severely affected by the international financial crisis in
2008 with three major banks receiving capital injections from the government,
and the nationalization of the Belgian retail arm of a Franco-Belgian bank.
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Source : CIA |
Company name & address
Tessenderlo Chemie NV
Administrative
Headquarters & Registered Office
Troonstraat, 130, rue du
Trône
Brussels 1050
Belgium
Tel:
32-2-6391811
Fax:
32-2-6391902
Web: www.tessenderlo.com
Synthesis
Employees:
7,005
Company Type:
Public
Parent
Corporate Family: 109
Companies
Traded:
Euronext Brussels: TESB
Incorporation Date:
14-Mar-1972
Auditor:
KPMG
Reviseurs d Entreprises SCc.
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2012
Reporting Currency:
Euro
Annual Sales:
2,736.4 1
Net Income:
(254.3)
Total Assets:
1,669.3 2
Market Value:
788.8
(24-Jan-2014)
Business Description
Tessenderlo Chemie NV, (also known as Tessenderlo
Group), is a Belgium-based chemicals, plastics and gelatins manufacturer and distributor.
Its activities are divided into following sectors: Inorganics segment features
the supply of products primarily to agricultural end markets; Plastic Pipe
Systems and Profiles develops, produces and distributes pipes and fittings for
water management supply, drainage, infiltration and attenuation, among others;
Gelatin & Akiolis produces gelatins, collects used vegetable cooking oils
from restaurants or distributors, products based on grain crops from the food
industry, which are used in the production of animal feed; Tessenderlo Kerley
is a specialty fertilizer company that has over time evolved to provide a wide
array of solutions for agriculture, refineries, mining, and water treatment.;
and Other Businesses. In February 2013, the Company divested its European
Profiles (Profialis brand). In May 6, 2013, it sold Tessenderlo Partecipazioni
S.p.A. For the nine months ended 30 September 2013, Tessenderlo Chemie NV
revenues decreased 11% to EUR1.44B. Net loss applicable to common stockholders
decreased 7% to EUR46.9M. Revenues reflect Other Businesses (Pharmaceutical
Intermediates) segment decrease of 21% to EUR132.2M. Lower net loss reflects
Finance Costs decrease of 34% to EUR39.4M (expense), Administrative Expenses
decrease of 8% to EUR107.4M (expense).
Industry
Industry
Rubber and Plastic Product Manufacturing
ANZSIC 2006:
1912 - Rigid and Semi-Rigid Polymer Product Manufacturing
ISIC Rev 4:
2220 - Manufacture of plastics products
NACE Rev 2:
2221 - Manufacture of plastic plates, sheets, tubes and profiles
NAICS 2012:
326122 - Plastics Pipe and Pipe Fitting Manufacturing
UK SIC 2007:
2221 - Manufacture of plastic plates, sheets, tubes and profiles
US SIC 1987:
3084 - Plastics Pipe
Key
Executives
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Name |
Title |
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Frank Coenen |
Member of the Group Management Committee, Chief Executive Officer,
Executive Director |
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Jordan K. Burns |
Member of the Group Management Committee, Executive Vice President -
Tessenderlo Kerley |
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Annemie Van Walleghem |
Secretary of the Board |
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Jacobus Verspeek |
Decision-maker |
|
Eddy Vandenbriele |
Director Risk Management, Internal Control and Internal Audit |
Financial
Summary
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Stock Snapshot
|
|
1 - Profit & Loss Item Exchange Rate: USD 1 =
EUR 0.7782366
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR
0.7566
Corporate Overview
Administrative
Headquarters & Registered Office
Troonstraat, 130, rue du
Trône
Brussels 1050
Belgium
Tel: 32-2-6391811
Fax: 32-2-6391902
Web: www.tessenderlo.com
Quote Symbol -
Exchange
TESB - Euronext Brussels
Sales EUR(mil): 2,129.6
Assets EUR(mil): 1,263.0
Employees: 7,005
Fiscal Year End: 31-Dec-2012
Industry: Fabricated
Plastic and Rubber
Incorporation Date: 14-Mar-1972
Company Type: Public
Parent
Quoted Status: Quoted
Registered No.(VAT): 412101728
Member of the Group Management Committee, Chief
Executive Officer, Executive Director:
Frank Coenen
Industry Codes
ANZSIC 2006
Codes:
1912 - Rigid
and Semi-Rigid Polymer Product Manufacturing
1841 - Human
Pharmaceutical and Medicinal Product Manufacturing
1811 - Industrial
Gas Manufacturing
1199 - Other
Food Product Manufacturing Not Elsewhere Classified
1919 - Other
Polymer Product Manufacturing
1821 - Synthetic
Resin and Synthetic Rubber Manufacturing
1831 - Fertiliser
Manufacturing
1813 - Basic
Inorganic Chemical Manufacturing
ISIC Rev 4 Codes:
2220 - Manufacture
of plastics products
2100 - Manufacture
of pharmaceuticals, medicinal chemical and botanical products
1079 - Manufacture
of other food products n.e.c.
2013 - Manufacture
of plastics and synthetic rubber in primary forms
2012 - Manufacture
of fertilizers and nitrogen compounds
2011 - Manufacture
of basic chemicals
NACE Rev 2 Codes:
2221 - Manufacture
of plastic plates, sheets, tubes and profiles
2120 - Manufacture
of pharmaceutical preparations
2229 - Manufacture
of other plastic products
1089 - Manufacture
of other food products n.e.c.
2016 - Manufacture
of plastics in primary forms
2015 - Manufacture
of fertilisers and nitrogen compounds
2013 - Manufacture
of other inorganic basic chemicals
NAICS 2012 Codes:
326122 - Plastics
Pipe and Pipe Fitting Manufacturing
325412 - Pharmaceutical
Preparation Manufacturing
326199 - All
Other Plastics Product Manufacturing
311999 - All
Other Miscellaneous Food Manufacturing
325312 - Phosphatic
Fertilizer Manufacturing
325211 - Plastics
Material and Resin Manufacturing
325180 - Other
Basic Inorganic Chemical Manufacturing
US SIC 1987:
3084 - Plastics
Pipe
2874 - Phosphatic
Fertilizers
2099 - Food
Preparations, Not Elsewhere Classified
3089 - Plastics
Products, Not Elsewhere Classified
2812 - Alkalies
and Chlorine
2821 - Plastics
Materials, Synthetic Resins, and Nonvulcanizable Elastomers
2834 - Pharmaceutical
Preparations
2819 - Industrial
Inorganic Chemicals, Not Elsewhere Classified
UK SIC 2007:
2221 - Manufacture
of plastic plates, sheets, tubes and profiles
2120 - Manufacture
of pharmaceutical preparations
2229 - Manufacture
of other plastic products
1089 - Manufacture
of other food products n.e.c.
2016 - Manufacture
of plastics in primary forms
2015 - Manufacture
of fertilisers and nitrogen compounds
2013 - Manufacture
of other inorganic basic chemicals
Business Description
Tessenderlo
Chemie NV, (also known as Tessenderlo Group), is a Belgium-based chemicals,
plastics and gelatins manufacturer and distributor. Its activities are divided
into following sectors: Inorganics segment features the supply of products
primarily to agricultural end markets; Plastic Pipe Systems and Profiles
develops, produces and distributes pipes and fittings for water management
supply, drainage, infiltration and attenuation, among others; Gelatin &
Akiolis produces gelatins, collects used vegetable cooking oils from
restaurants or distributors, products based on grain crops from the food industry,
which are used in the production of animal feed; Tessenderlo Kerley is a
specialty fertilizer company that has over time evolved to provide a wide array
of solutions for agriculture, refineries, mining, and water treatment.; and
Other Businesses. In February 2013, the Company divested its European Profiles
(Profialis brand). In May 6, 2013, it sold Tessenderlo Partecipazioni S.p.A.
For the nine months ended 30 September 2013, Tessenderlo Chemie NV revenues
decreased 11% to EUR1.44B. Net loss applicable to common stockholders decreased
7% to EUR46.9M. Revenues reflect Other Businesses (Pharmaceutical
Intermediates) segment decrease of 21% to EUR132.2M. Lower net loss reflects
Finance Costs decrease of 34% to EUR39.4M (expense), Administrative Expenses
decrease of 8% to EUR107.4M (expense).
More Business Descriptions
Manufacture of
other inorganic basic chemicals
Manufacture of
chemicals and plastics converting products, operating in three business groups.
The chemicals business group manufactures inorganic chemicals and PVC and chlor
alkali. The plastics converting business group creates PVC profiles for the
construction sector, plastic pipes for the water, oil and gas and
telecommunications industries and ready-to-use PVC mixtures as well as
thermoplastic elastomers. The specialities business group manufactures
intermediates, active pharmaceutical ingredients and gelatins and collects and
processes animal by-products
Chemical Products
Mfr
Tessenderlo Chemie
NV (Tessenderlo) is a chemical manufacturer of chemicals. The company offers
products that include hydrochloric acid, fertilizers, gelatin, glycine, caustic
potash, animal feed-grade phosphates, potassium sulphate, plastic compounds and
polyvinyl chloride. The company conducts its business through five reportable
segments such as Inorganics, Tessenderlo Kerley, Plastic Pipe Systems and
Profile, Gelatin and Akiolis, and Other businesses. Its Inorganics segment
includes manufacturing and distribution of potassium sulphate fertilizers,
mineral phosphates and animal feed phosphates. The company provides phosphate
products, which enables to offer the required quantity for all kinds of feed
applications. For the fiscal year ended 2012, the company reported revenue of
EUR 405m from the Inorganics segment, reflecting a decrease of 5.4% over
revenue in 2011. The segment accounted for 19.02% of the
company’s total revenue in 2012. The
company’s Tessenderlo Kerley segment carries out the
manufacture and distribution of sulphur-based liquid fertilizers, crop
protection products and Tessenderlo Kerley refinery services. It also provides
water treatment services and cleaning services to recover sulphur and other
residuals from the oil and gas industry. The company’s
sulphur-based liquid fertilizers include ammonium, potassium, calcium, and
magnesium thiosulphate. For the fiscal year ended 2012, the company reported
revenue of EUR 326.8m from the Tessenderlo Kerley segment, reflecting an
increase of 20.59% over revenue in 2011. The segment accounted for 15.34% of
the company’s total revenue in 2012.
Tessenderlo’s Plastic pipe systems and Profiles (PPSP)
segment manufactures and distributes PVC profiles, pipes and fittings and other
plastic building components. Its pipes and fittings find application for water
supply and drainage systems, and pipe systems for gas, telecommunications and
other applications. The segment also offers door and window profiles, profiles
for fences, the cladding of facades, conservatories and finishing applications.
For the fiscal year ended 2012, the company reported revenue of EUR 544.4m from
the PPSP segment, reflecting a decrease of 4.34% over revenue in 2011. The
segment accounted for 25.56% of the company’s total revenue
in 2012. It’s Gelatin and Akiolis segment carries out the
manufacture and distribution of gelatins. The company collects and processes
animal by-products from the meat and the food industry. Gelatin is a purified
protein, produced by the selective hydrolysis of collagen, which is the major
organic component of the bones and skins of mammals. For the fiscal year ended
2012, the company reported revenue of EUR 524m from the Gelatin and Akiolis
segment, reflecting an increase of 10.22% over revenue in 2011. The segment
accounted for 24.6% of the company’s total revenue in 2012.
The company's Other Businesses segment produces and markets organic chlorine
derivatives (OCD), pharmaceutical intermediates, compounds, water treatment and
sulphur derivatives. It produces ready-to-use PVC mixtures and mixtures of
thermoplastic elastomers. For the fiscal year ended 2012, the company reported
revenue of EUR 329.5m from the Other Businesses segment, reflecting a decrease
of 13.88% over revenue in 2011. The segment accounted for 15.47% of the
company’s total revenue in 2012. Tessenderlo offers its
products to construction, agriculture, industry and health and consumer goods
end markets. Geographically, the company operates in eight regions, namely,
Belgium, The Netherlands, France, Italy, the UK, Other European countries and
the US and rest of the world. For the fiscal year ended 2012, France accounted
for 22.08% of the company's total revenue, followed by Other European countries
with 15.05%, the US with 19.01%, Rest of the world with 13.22%, the UK with
12.65%, the Netherlands with 8.62%, Belgium with 7.11% and Italy with 2.25%. In
May 2013, the company announced that it has sold Tessenderlo Partecipazioni
S.p.A including its subsidiary Tessenderlo Italia Srl to International Chemical
Investors Group (ICIG).
Tessenderlo Chemie NV (Tessenderlo) is a
manufacturer of chemicals. The company offers products that include
hydrochloric acid, fertilizers, gelatin, glycine, caustic potash, plastic
compounds and polyvinyl chloride. It conducts business through five reportable
segments such as Inorganics, Tessenderlo Kerley, Plastic Pipe Systems and
Profile, Gelatin and Akiolis, and Other businesses.
Tessenderlo’s Inorganics segment manufactures and
distributes potassium sulphate fertilizers, mineral phosphates and animal feed
phosphates. The company’s Tessenderlo Kerley segment
manufacture and distribution of sulphur-based liquid fertilizers, crop
protection products and Tessenderlo Kerley refinery services. Its Plastic pipe
systems and Profiles (PPSP) segment manufactures and distributes PVC profiles,
pipes and fittings and other plastic building components.
Tessenderlo’s Gelatin and Akiolis segment carries out the
manufacture and distribution of gelatins and processes animal by-products from
the meat and the food industry. The company's Other Businesses segment produces
and markets organic chlorine derivatives (OCD), pharmaceutical intermediates,
compounds, water treatment and sulphur derivatives. Tessenderlo is
headquartered in Brussels, Belgium.The company reported revenues of (Euro) EUR
2,129.60 million during the fiscal year ended December 2012, an increase of
0.17% over 2011. The operating loss of the company was EUR 162.60 million
during the fiscal year 2012, as against an operating income of EUR 105.90
million during 2011. The net loss of the company was EUR 197.90 million during
the fiscal year 2012, as compared to a net loss of EUR 95.60 million during
2011.
Over the past year a rigorous assessment of the
groups product portfolio was done. On the one hand the market attractiveness
and the competitive position of each business unit was evaluated. On the other
hand we evaluated the possible impact of global megatrends on the future of the
Group. These trends are: climate change scarcity of virgin raw materials shift
of industry towards the developing countries demographic growth and its related
topics as water shortage health care and need for food.
Other Plastics Product Manufacturing
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On a proforma basis, adjusting for the impact of transactions, trade working capital is 19.8% at the end of December 2012 (proforma end December 2011: 20.2%). Net financial debt Group net financial debt stood at 314.0 million EUR at the end of December 2012, versus 219.4 million EUR at the end of December 2011 and 265.2 million EUR at the end of September 2012. The change in net financial debt was mainly due to capital expenditures, and the third and final payment of an EU fine mentioned in the paragraph above, while the balance of the cash flow from operating activities and proceeds from the sale of non-strategic assets were the main compensating elements. At the end of December 2012, leverage amounted to 1.9x (2.4 based on notional net debt).
Gearing was 45.3% at the
end of December 2012 (50.9% based on notional net debt).
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Corporate Family |
Corporate
Structure News: |
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Tessenderlo
Chemie NV |
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Tessenderlo Chemie NV |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
|
Tessenderlo Chemie NV |
Parent |
Bruxelles |
Belgium |
Rubber and Plastic Product Manufacturing |
2,736.4 |
7,005 |
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Asset/product line recently purchased by Picanol NV.See corporate structure news on Tessenderlo Chemie NV for details |
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|
Subsidiary |
Tessenderlo |
Belgium |
Synthetic Chemical Manufacturing |
858.5 |
637 |
|
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|
Subsidiary |
Steenwijk, Overijssel |
Netherlands |
Rubber and Plastic Product Manufacturing |
|
500 |
|
|
|
Subsidiary |
Sainte Austreberthe |
France |
Rubber and Plastic Product Manufacturing |
90.7 |
374 |
|
|
|
Subsidiary |
Le Mans |
France |
Waste Management |
78.4 |
374 |
|
|
|
Subsidiary |
Le Mans |
France |
Miscellaneous Wholesale |
105.0 |
500 |
|
|
|
Subsidiary |
Castagniers |
France |
Miscellaneous Wholesale |
1.9 |
14 |
|
|
|
Subsidiary |
Le Passage |
France |
Waste Management |
34.3 |
170 |
|
|
|
Subsidiary |
Milly La Foret |
France |
Miscellaneous Wholesale |
0.2 |
34 |
|
|
|
Subsidiary |
Rion-des-Landes |
France |
Food Manufacturing |
61.4 |
13 |
|
|
|
Subsidiary |
Le Mans |
France |
Miscellaneous Personal Services |
51.4 |
|
|
|
|
Subsidiary |
Viriat |
France |
Nonclassifiable Establishments |
25.5 |
|
|
|
|
Subsidiary |
Tiffauges |
France |
Synthetic Chemical Manufacturing |
112.0 |
208 |
|
|
|
Subsidiary |
Sochaczew, Masovia |
Poland |
Miscellaneous Chemical Manufacturing |
|
50 |
|
|
|
Subsidiary |
Wenzhou, Zhejiang |
China |
Miscellaneous Manufacturing |
|
200 |
|
|
|
Subsidiary |
Carlisle |
United Kingdom |
Miscellaneous Wholesale |
69.4 |
184 |
|
|
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UK Branch/Trading address |
Inverurie |
United Kingdom |
Construction and Hardware Materials Wholesale |
69.4 |
12 |
|
|
|
UK Branch/Trading address |
Ashford |
United Kingdom |
Construction and Hardware Materials Wholesale |
69.4 |
10 |
|
|
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UK Branch/Trading address |
Glasgow |
United Kingdom |
Professional and Commercial Equipment Wholesale |
69.4 |
5 |
|
|
|
UK Branch/Trading address |
Havant |
United Kingdom |
Professional and Commercial Equipment Wholesale |
69.4 |
4 |
|
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UK Branch/Trading address |
Inverness |
United Kingdom |
Professional and Commercial Equipment Wholesale |
69.4 |
4 |
|
|
|
UK Branch/Trading address |
Carmarthen |
United Kingdom |
Professional and Commercial Equipment Wholesale |
69.4 |
4 |
|
|
|
UK Branch/Trading address |
Newport |
United Kingdom |
Construction and Hardware Materials Wholesale |
69.4 |
4 |
|
|
|
UK Branch/Trading address |
Eye |
United Kingdom |
Construction and Hardware Materials Wholesale |
69.4 |
3 |
|
|
|
UK Branch/Trading address |
Colchester |
United Kingdom |
Professional and Commercial Equipment Wholesale |
69.4 |
3 |
|
|
|
UK Branch/Trading address |
Skipton |
United Kingdom |
Professional and Commercial Equipment Wholesale |
69.4 |
3 |
|
|
|
UK Branch/Trading address |
Broxburn |
United Kingdom |
Civil Engineering |
69.4 |
2 |
|
|
|
UK Branch/Trading address |
Northampton |
United Kingdom |
Professional and Commercial Equipment Wholesale |
69.4 |
2 |
|
|
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UK Branch/Trading address |
Knottingley |
United Kingdom |
Miscellaneous Wholesale |
69.4 |
|
|
|
|
UK Branch/Trading address |
Berkhamsted |
United Kingdom |
Miscellaneous Wholesale |
69.4 |
|
|
|
|
UK Branch/Trading address |
Northampton |
United Kingdom |
Miscellaneous Wholesale |
69.4 |
|
|
|
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Subsidiary |
Loos |
France |
Basic Chemical Manufacturing |
72.3 |
180 |
|
|
|
Subsidiary |
Loos, Nord |
France |
Basic Chemical Manufacturing |
|
180 |
|
|
|
Subsidiary |
Pontypridd |
United Kingdom |
Miscellaneous Professional Services |
|
175 |
|
|
|
Subsidiary |
Pontypridd |
United Kingdom |
Food Manufacturing |
46.5 |
71 |
|
|
|
Subsidiary |
Pontypridd |
United Kingdom |
Miscellaneous Wholesale |
0.0 |
|
|
|
|
Subsidiary |
Overpelt |
Belgium |
Synthetic Chemical Manufacturing |
70.6 |
163 |
|
|
|
Subsidiary |
Jelcz-Laskowice, Lower Silesian |
Poland |
Rubber and Plastic Product Manufacturing |
|
120 |
|
|
|
Subsidiary |
Brussels |
Belgium |
Securities |
|
120 |
|
|
|
Subsidiary |
Pieve Vergonte, Verbano-Cusio-Ossola |
Italy |
Basic Chemical Manufacturing |
37.9 |
113 |
|
|
|
Subsidiary |
Geleen, Limburg |
Netherlands |
Miscellaneous Chemical Manufacturing |
0.6 |
100 |
|
|
|
Facility |
Tessenderlo, Limburg |
Belgium |
Miscellaneous Chemical Manufacturing |
|
900 |
|
|
|
Subsidiary |
's-Gravendeel, South Holland |
Netherlands |
Semiconductor and Other Electronic Component Manufacturing |
|
100 |
|
|
|
Subsidiary |
Strasbourg |
France |
Synthetic Chemical Manufacturing |
0.0 |
90 |
|
|
|
Subsidiary |
Nienburg (Weser), Niedersachsen |
Germany |
Miscellaneous Chemical Manufacturing |
|
85 |
|
|
|
Subsidiary |
Nienburg (Weser), Niedersachsen |
Germany |
Chemical Wholesale |
|
1 |
|
|
|
Subsidiary |
Jelcz-Laskowice |
Poland |
Rubber and Plastic Product Manufacturing |
16.2 |
80 |
|
|
|
Subsidiary |
Vlaardingen, South Holland |
Netherlands |
Agricultural Chemical Manufacturing |
63.1 |
55 |
|
|
|
Subsidiary |
Neubois, Bas-Rhin |
France |
Miscellaneous Professional Services |
|
52 |
|
|
|
Subsidiary |
Istanbul |
Turkey |
Miscellaneous Wholesale |
|
50 |
|
|
|
Subsidiary |
Lianyungang, Jiangsu |
China |
Miscellaneous Chemical Manufacturing |
|
30 |
|
|
|
Subsidiary |
Saint-Langis-les-Mortagne, Orne |
France |
Waste Management |
|
26 |
|
|
|
Subsidiary |
Bruxelles |
Belgium |
Miscellaneous Professional Services |
3.3 |
19 |
|
|
|
Subsidiary |
Bruxelles |
Belgium |
Food Manufacturing |
1.2 |
|
|
|
|
Subsidiary |
Velka Dobra |
Czech Republic |
Rubber and Plastic Product Manufacturing |
|
15 |
|
|
|
Subsidiary |
Shanghai |
China |
Health and Personal Care Wholesale |
|
8 |
|
|
|
Subsidiary |
Bad Zurzach, Aargau |
Switzerland |
Chemical Wholesale |
|
4 |
|
|
|
Subsidiary |
Hamburg, Hamburg |
Germany |
Airlines |
|
3 |
|
|
|
Subsidiary |
Cologna Veneta, Verona |
Italy |
Basic Chemical Manufacturing |
17.0 |
2 |
|
|
|
Subsidiary |
Sauce Viejo, Santa Fe |
Argentina |
Miscellaneous Chemical Manufacturing |
33.6 |
|
|
|
|
Subsidiary |
Loos |
France |
Holding Companies |
|
|
|
|
|
Subsidiary |
Loos |
France |
Holding Companies |
|
34 |
|
|
|
Subsidiary |
Chantilly |
France |
Grocery Wholesale |
8.9 |
7 |
|
|
|
Subsidiary |
Mauleon, Pyrenees-Atlantiques |
France |
Grocery Wholesale |
|
|
|
|
|
Subsidiary |
Bratislava |
Slovakia |
Rubber and Plastic Product Manufacturing |
|
|
|
|
|
Subsidiary |
Bully-les-Mines, Bully-les-Mines |
France |
Rubber and Plastic Product Manufacturing |
|
|
|
|
|
Subsidiary |
Corbas, Rhone |
France |
Food Manufacturing |
|
|
|
|
|
Subsidiary |
Luyeres, Aube |
France |
Waste Management |
|
|
|
|
|
Subsidiary |
Milly-la-Foret, Essonne |
France |
Miscellaneous Chemical Manufacturing |
|
|
|
|
|
Subsidiary |
Venerolles, Aisne |
France |
Waste Management |
|
|
|
|
|
Subsidiary |
Bucharest |
Romania |
Rubber and Plastic Product Manufacturing |
|
|
|
|
|
Subsidiary |
Phoenix, AZ |
United States |
Miscellaneous Wholesale |
|
|
|
|
|
Subsidiary |
Oakmont, PA |
United States |
Wood Product Manufacturing |
25.0 |
200 |
|
|
|
Branch |
Trafford, PA |
United States |
Home and Garden Retail |
4.0 |
13 |
|
|
|
Subsidiary |
Davenport, IA |
United States |
Miscellaneous Chemical Manufacturing |
221.1 |
150 |
|
|
|
Subsidiary |
Phoenix, AZ |
United States |
Agricultural Chemical Manufacturing |
|
65 |
|
|
|
Branch |
Fresno, CA |
United States |
Agricultural Chemical Manufacturing |
113.2 |
100 |
|
|
|
Subsidiary |
Dickinson, TX |
United States |
Waste Management |
|
75 |
|
|
|
Subsidiary |
Carlsbad, NM |
United States |
Architecture and Engineering |
7.9 |
40 |
|
|
|
Branch |
Kennewick, WA |
United States |
Miscellaneous Wholesale |
73.3 |
30 |
|
|
|
Branch |
Ponca City, OK |
United States |
Miscellaneous Chemical Manufacturing |
19.5 |
20 |
|
|
|
Branch |
Billings, MT |
United States |
Miscellaneous Wholesale |
36.5 |
17 |
|
|
|
Branch |
Coffeyville, KS |
United States |
Agricultural Chemical Manufacturing |
29.4 |
15 |
|
|
|
Branch |
Eufaula, AL |
United States |
Agricultural Chemical Manufacturing |
28.2 |
15 |
|
|
|
Branch |
Burley, ID |
United States |
Miscellaneous Wholesale |
26.4 |
12 |
|
|
|
Subsidiary |
Santiago |
Chile |
Agricultural Chemical Manufacturing |
|
7 |
|
|
|
Subsidiary |
Phoenix, AZ |
United States |
Agricultural Chemical Manufacturing |
|
7 |
|
|
|
Branch |
Humble, TX |
United States |
Chemical Wholesale |
13.1 |
4 |
|
|
|
Branch |
Tucson, AZ |
United States |
Research and Development Services |
|
4 |
|
|
|
Branch |
Dumas, TX |
United States |
Miscellaneous Manufacturing |
1.1 |
3 |
|
|
|
Branch |
Pocatello, ID |
United States |
Agricultural Chemical Manufacturing |
2.5 |
2 |
|
|
|
Branch |
Phoenix, AZ |
United States |
Miscellaneous Chemical Manufacturing |
1.5 |
2 |
|
|
|
Subsidiary |
Hardenberg, Overijssel |
Netherlands |
Miscellaneous Professional Services |
|
|
|
|
|
Subsidiary |
Wilhelmshorst, Brandenburg |
Germany |
Rubber and Plastic Product Manufacturing |
|
|
|
|
|
Subsidiary |
Aichach, Bayern |
Germany |
Rubber and Plastic Product Manufacturing |
|
80 |
|
|
|
Bth Fitting
Gyarto Es Forgalmazo Korlatolt Felelossegu Tarsasag |
Subsidiary |
Vadna |
Hungary |
Rubber and Plastic Product Manufacturing |
7.0 |
51 |
|
|
Subsidiary |
Bavel, Noord-Brabant |
Netherlands |
Investment Services |
|
|
|
|
|
Subsidiary |
Wenzhou, Zhejiang |
China |
Miscellaneous Chemical Manufacturing |
15.1 |
220 |
|
|
|
Subsidiary |
Pontypridd |
United Kingdom |
Chemical Wholesale |
|
|
|
|
|
Subsidiary |
Anglars, Lot |
France |
Chemical Wholesale |
|
|
|
|
|
Branch |
Ham, Limburg |
Belgium |
Basic Chemical Manufacturing |
|
|
|
|
|
Subsidiary |
Carlisle |
United Kingdom |
Miscellaneous Wholesale |
0.0 |
|
|
|
|
Subsidiary |
Carlisle |
United Kingdom |
Miscellaneous Wholesale |
|
25 |
|
|
|
Subsidiary |
Carlisle |
United Kingdom |
Construction and Hardware Materials Wholesale |
|
|
|
|
|
Subsidiary |
Edinburgh |
United Kingdom |
Miscellaneous Professional Services |
0.0 |
|
|
|
|
Subsidiary |
Carlisle |
United Kingdom |
Miscellaneous Wholesale |
|
|
|
|
|
Subsidiary |
Carlisle |
United Kingdom |
Miscellaneous Wholesale |
|
|
|
|
|
Subsidiary |
Carlisle |
United Kingdom |
Miscellaneous Wholesale |
|
|
|
|
|
Subsidiary |
Carlisle |
United Kingdom |
Miscellaneous Wholesale |
|
|
|
|
Competitors Report
|
Company Name |
Location |
Employees |
Ownership |
|
H&R AG |
Salzbergen, Germany |
1,417 |
Public |
|
Sasol Olefins & Surfactants Gmbh |
Hamburg, Hamburg, Germany |
|
Private |
|
SIMONA AG |
Kirn, Germany |
1,237 |
Public |
|
Taminco Group SA/NV |
Gent, Belgium |
771 |
Public |
|
The Dow Chemical Company |
Midland, Michigan, United States |
52,030 |
Public |
Executive report
|
Board of
Directors |
|
|
|
|
|||||||||
|
Non-Executive Chairman of the Board |
Chairman |
|
|||||||||
|
||||||||||||
|
General Manager |
Director/Board Member |
|
|
||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
Member of the Group Management Committee, Chief Executive Officer,
Executive Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Non-Executive Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Non-Executive Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Non-Executive Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Non-Executive Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Non-Executive Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Non-Executive Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Non-Executive Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
Independent Non-Executive Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Non-Executive Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
Independent Non-Executive Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Executives |
|
|
|
|
|||||||||
|
Member of the Group Management Committee,
Chief Executive Officer, Executive Director |
Chief Executive Officer |
|
|||||||||
|
||||||||||||
|
General Manager |
Division Head Executive |
|
|
||||||||
|
Member of the Group Management Committee, Executive Vice President -
Tessenderlo Kerley |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Chief Financial Officer, Member of the
Group Management Committee |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Member of the Group Management Committee, Executive Vice President
Chemicals & Organic Specialties |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Member of the Group Management Committee,
Director of Human Resources |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Member of the Group Management Committee,
Chief Legal Officer |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Group Communication Director |
Division Head Executive |
|
|
||||||||
|
Member of the Group Management Committee, Chief
Growth Officer |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Member of the Group Management Committee,
Executive Vice President Plastics Converting |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Decision-maker |
Senior Management (General) |
|
|
||||||||
|
Administrator |
Administration Executive |
|
|
||||||||
|
Administrator |
Administration Executive |
|
|
||||||||
|
Administrator |
Administration Executive |
|
|
||||||||
|
Administrator |
Administration Executive |
|
|
||||||||
|
||||||||||||
|
Administrator |
Administration Executive |
|
|
||||||||
|
||||||||||||
|
Administrator |
Administration Executive |
|
|
||||||||
|
||||||||||||
|
Administrator |
Administration Executive |
|
|
||||||||
|
Administrator |
Administration Executive |
|
|
||||||||
|
Administrator |
Administration Executive |
|
|
||||||||
|
Administrator |
Administration Executive |
|
|
||||||||
|
||||||||||||
|
Secretary of the Board |
Company Secretary |
|
|
||||||||
|
||||||||||||
|
Director Risk Management, Internal Control and Internal Audit |
Finance Executive |
|
|
||||||||
|
||||||||||||
|
Representative/Auditor |
Accounting Executive |
|
|
||||||||
|
||||||||||||
|
Human Ressources Manager |
Human Resources Executive |
|
|
||||||||
|
Media Relations Manager |
Marketing Executive |
|
|
||||||||
|
Media Relations Manager |
Marketing Executive |
|
|
||||||||
|
Investor Relations Manager |
Public Relations Executive |
|
|
||||||||
|
Shareholders' Service Manager |
Public Relations Executive |
|
|
||||||||
|
Compliance Officer |
Legal Executive |
|
|
||||||||
|
Agent |
Other |
|
|
||||||||
Tessenderlo Chemie NV announces change of Chief Executive Officer Dec 18, 2013
Tessenderlo Chemie NV:Says Frank Coenen, its Chief Executive Officer, leaves the
company with mutual consent and immediate effect.Says its Board of Directors
has chosen for a shared Chief Executive Officer role and has appointed to this
Luc Tack and Mel de Vogue.Says Luc Tack will be in charge of the Business
Operations and Human Resources, while Mel de Vogue, who stays Chief Financial
Officer, will also head up all the other functional domains.
Tessenderlo Chemie NV Sells Its Uk Profiles Activities Sep 12, 2013
Tessenderlo Group announced that it has sold its UK Profiles activities
(trading under the Eurocell name) to H2 Equity Partners, a private investment
firm. The sale comprises three production sites, a warehousing site, and 124
sales branches, employing 978 employees. The divested activities comprise two
main areas. Firstly, Eurocell is a UK supplier of PVC building materials, such
as window and door profiles sold to fabricators, and features a major PVC
recycling facility. In addition, Eurocell is a distributor of roofline and
other building products with 124 sales branches covering the United Kingdom.
Picanol NV Acquires Stake In Tessenderlo Chemie NV From French Government-TIJD Jul 26, 2013
De Tijd reported that Picanol NV has acquired a 27.6% stake in Tessenderlo
Chemie NV from the French government. Financial terms of the transaction were
not disclosed.
Tessenderlo Chemie NV Wraps up Compounds Unit Sale to Mitsubishi Chemical Holdings Corp- China Chemical Reporter Jul 06, 2013
China Chemical Reporter reported that Tessenderlo Chemie NV announced on June
19, 2013 that it had completed the sale of its compounds activities to
Mitsubishi Chemical Holdings Corp without providing financial details.
Tessenderlo announced its intention to sell the business in late February. The
transaction involves four production sites in France, Poland and China, and a
research and development (R&D) facility in Belgium. The divestment is in
line with Tessenderlo's focus on specialty products and services in the field
of food, agriculture, water management and valorizing bio-residuals.
Tessenderlo Chemie NV Announces Payment Of 2012 Dividend Jun 04, 2013
Tessenderlo Chemie NV announced that a gross dividend for the 2012 financial
year was declared at EUR1.3333 per share. The Board of Directors decided to
offer shareholders a choice of payment conditions: the option of receiving a
dividend in new shares at a price of EUR18 per share, or in cash, or a
combination of both.
Tessenderlo Chemie NV Sells OCD Activity In Italy May 06, 2013
Tessenderlo Chemie NV announced that it has sold Tessenderlo Partecipazioni
S.p.A including subsidiary Tessenderlo Italia Srl to International Chemical
Investors Group (ICIG), a private industrial holding company. The sale concerns
one production site in Pieve Vergonte (Italy), with an electrolysis and chloro-aromatics
plant and two hydro-electric power stations. Tessenderlo Italia employs a total
of 113 people. The employees of the Pieve Vergonte site have been informed that
a share purchase agreement was closed with ICIG, a company that focuses
exclusively on chemical and pharmaceutical activities. The transaction has been
approved by all relevant authorities.
Tessenderlo Chemie NV Announces FY 2012 Dividend Proposal Feb 28, 2013
Tessenderlo Chemie NV announced that its Board of Directors will propose the dividend
to be maintained at EUR 1.00 net per share, and the group will continue to
offer the choice of dividend payment in cash and/or shares.
Tessenderlo Chemie NV To Sell Unit To Mitsubishi Chemical Corp Feb 27, 2013 reported that Tessenderlo Chemie NV said it plans to sell its compounds business to Mitsubishi Chemical Corp the latest in a string of divestments as the Company tries focus on specialty chemicals. The Company did not disclose the price of the sale.
Annual Profit & Loss
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Turnover |
673.3 |
749.3 |
795.2 |
|
Increase or Decrease in Stocks of Finished
Goods, and Orders in Progress |
7.2 |
38.0 |
-43.1 |
|
Immobilized Production |
4.6 |
5.3 |
2.9 |
|
Other Operating Income |
105.7 |
142.7 |
90.9 |
|
Operating Income |
790.7 |
935.3 |
845.9 |
|
Purchases |
467.3 |
542.0 |
418.5 |
|
Increase or Decrease
in Stocks |
8.1 |
-12.4 |
16.5 |
|
Raw Materials, Consumables, and Goods for
Release |
475.4 |
529.6 |
435.0 |
|
Services and Sundry Goods |
240.8 |
295.1 |
249.3 |
|
Remuneration, Social Security Charges, and
Pensions |
102.9 |
106.3 |
142.5 |
|
Depreciation of and Other Amounts Written Off
of Formation Expense, Intangible and Tangible Fixed Assets |
15.2 |
14.0 |
19.9 |
|
Increase or Decrease in Amounts Written Off
Stocks, Orders, and Trade Debtors |
0.5 |
0.8 |
0.0 |
|
Provisions for Liabilities and Charges |
-3.4 |
0.2 |
-4.7 |
|
Other Operating Charges |
5.9 |
6.9 |
14.3 |
|
Operating Charges |
837.4 |
952.9 |
856.4 |
|
Income From Financial Fixed Assets |
113.3 |
308.7 |
201.3 |
|
Income From Current Assets |
22.5 |
18.2 |
4.1 |
|
Other Financial Income |
13.9 |
17.5 |
9.6 |
|
Financial Income |
149.6 |
344.4 |
214.9 |
|
Interest and Other Debt Charges |
22.2 |
18.7 |
4.2 |
|
Other Financial Charges |
24.8 |
29.7 |
12.4 |
|
Financial Charges |
47.0 |
48.5 |
16.6 |
|
Adjustments to Provisions for Extraordinary
Liabilities and Charges |
0.0 |
0.1 |
143.7 |
|
Gain on Disposal of Fixed Assets |
16.9 |
140.7 |
34.9 |
|
Other Extraordinary Income |
1.5 |
4.2 |
8.4 |
|
Extraordinary Income |
18.4 |
145.0 |
187.0 |
|
Depreciation of and Other Amounts Written Off
Formation Expenses, Intangible, and Tangible Fixed Assets |
0.7 |
- |
- |
|
Amounts Written Off on Financial Fixed Assets |
81.4 |
27.8 |
0.5 |
|
Provisions for Extraordinary Liabilities and
Charges |
134.9 |
- |
0.9 |
|
Loss on Disposal of Fixed Assets |
5.8 |
240.6 |
12.5 |
|
Other Extraordinary Charges |
32.3 |
0.2 |
127.2 |
|
Extraordinary Charges |
255.1 |
268.6 |
141.1 |
|
Transfer from Differed Taxes |
2.9 |
0.5 |
0.2 |
|
Transfer to Differed Taxes |
- |
- |
2.9 |
|
Income Taxes |
- |
0.0 |
- |
|
Adjustment of Income Taxes and Write-Back of Tax
Provisions |
- |
- |
0.9 |
|
Income Taxes |
- |
0.0 |
-0.9 |
|
Transfer from Untaxed Reserves |
5.6 |
1.0 |
0.4 |
|
Transfer to Untaxed Reserves |
- |
- |
5.5 |
|
To the Legal Reserve |
- |
0.6 |
0.8 |
|
To Other Reserves |
0.9 |
- |
- |
|
Transfers to Capital and Reserves |
0.9 |
0.6 |
0.8 |
|
Return on Capital |
52.5 |
54.7 |
50.7 |
|
Profit to be Distributed |
52.5 |
54.7 |
50.7 |
|
Employees |
956 |
947 |
1,427 |
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 |
|
|
|
|
|
|
Intangible Assets |
14.3 |
2.9 |
2.9 |
|
Land & Buildings |
32.4 |
31.1 |
32.1 |
|
Plant, Machinery, and
Equipment |
46.1 |
49.6 |
50.4 |
|
Furniture and Vehicles |
2.5 |
1.8 |
2.1 |
|
Leasing and Other
Similar Rights |
0.1 |
0.1 |
- |
|
Assets Under
Construction and Advance Payments |
29.5 |
11.9 |
3.5 |
|
Tangible Assets |
110.5 |
94.6 |
88.1 |
|
Participating
Interests |
370.8 |
428.3 |
588.3 |
|
Amounts Receivable |
428.8 |
392.0 |
197.2 |
|
Affiliated Enterprises |
799.5 |
820.3 |
785.5 |
|
Participating Interests |
17.0 |
27.7 |
25.7 |
|
Other Enterprises
Linked by Participating Interests |
17.0 |
27.7 |
25.7 |
|
Shares |
1.8 |
1.8 |
2.8 |
|
Amounts Receivable and
Cash Guarantees |
0.1 |
0.2 |
0.2 |
|
Other Capital Assets |
1.9 |
1.9 |
3.0 |
|
Capital Assets |
818.4 |
850.0 |
814.2 |
|
Fixed Assets |
943.3 |
947.4 |
905.2 |
|
Other Amounts
Receivable |
1.3 |
- |
- |
|
Amounts Receivable After More Than One Year |
1.3 |
- |
- |
|
Raw Materials and
Consumables |
36.5 |
45.7 |
37.3 |
|
Work in Progress |
1.2 |
1.1 |
1.1 |
|
Finished Goods |
87.8 |
79.0 |
45.0 |
|
Goods Purchased for
Resale |
4.9 |
3.7 |
2.3 |
|
Stocks |
130.4 |
129.5 |
85.7 |
|
Inventory and Orders in Progress |
130.4 |
129.5 |
85.7 |
|
Trade Debtors |
78.9 |
81.3 |
93.8 |
|
Other Amounts
Receivable |
237.7 |
124.3 |
47.3 |
|
Amounts Receivable Within One Year |
316.6 |
205.6 |
141.1 |
|
Own Shares |
0.9 |
- |
- |
|
Other Investments and
Deposits |
- |
5.2 |
86.4 |
|
Investments |
0.9 |
5.2 |
86.4 |
|
Liquid Assets |
2.1 |
0.2 |
7.4 |
|
Adjustment Accounts |
8.8 |
6.0 |
2.9 |
|
Current Assets |
460.1 |
346.5 |
323.5 |
|
Total Assets |
1,403.4 |
1,293.9 |
1,228.7 |
|
Issued Capital |
203.1 |
192.0 |
192.8 |
|
Capital |
203.1 |
192.0 |
192.8 |
|
Paid-In Capital |
116.4 |
95.4 |
77.1 |
|
Legal Reserve |
19.5 |
19.2 |
19.3 |
|
For Own Shares |
0.9 |
- |
- |
|
Other |
1.2 |
1.2 |
1.3 |
|
Reserves Not Available
for Distribution |
2.1 |
1.2 |
1.3 |
|
Untaxed Reserves |
5.8 |
11.4 |
12.8 |
|
Reserves |
27.5 |
31.8 |
33.3 |
|
Pensions and Similar
Obligations |
8.8 |
8.5 |
11.2 |
|
Other Liabilities and
Charges |
184.2 |
49.6 |
48.8 |
|
Provisions for
Liabilities and Charges |
193.0 |
58.1 |
60.0 |
|
Deferred Taxation |
1.7 |
4.6 |
5.3 |
|
Provisions and Deferred Taxes |
194.7 |
62.7 |
65.3 |
|
Capital and Reserves |
552.2 |
748.8 |
649.7 |
|
Non-Subordinated Bond
Debentures |
198.4 |
194.9 |
201.4 |
|
Leasing and Other
Similar Obligations |
0.1 |
0.1 |
- |
|
Financial Debts |
198.4 |
195.0 |
201.4 |
|
Other Amounts Payable |
1.7 |
2.3 |
39.9 |
|
Amounts Due After More Than One Year |
200.2 |
197.3 |
241.3 |
|
Current Portion of
Amounts Payable After More Than One Year |
0.0 |
0.0 |
- |
|
Credit Institutions |
144.3 |
0.2 |
0.0 |
|
Other Loans |
50.2 |
- |
- |
|
Financial Debts |
194.5 |
0.2 |
0.0 |
|
Suppliers |
123.6 |
135.6 |
123.4 |
|
Trade Debts |
123.6 |
135.6 |
123.4 |
|
Taxes |
2.6 |
3.4 |
3.9 |
|
Remuneration and
Social Security |
19.0 |
19.3 |
15.9 |
|
Taxes, Wages, and
Social Security |
21.6 |
22.7 |
19.8 |
|
Other Amounts Payable |
111.3 |
112.3 |
122.9 |
|
Amounts Payable Within One Year |
451.0 |
270.8 |
266.1 |
|
Adjustment Accounts |
5.3 |
14.4 |
6.4 |
|
Creditors |
656.5 |
482.4 |
513.8 |
|
Total Liabilities + Shareholders' Equity |
1,403.4 |
1,293.9 |
1,228.7 |
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 |
Restated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
KPMG Reviseurs d
Entreprises SCc. |
KPMG Reviseurs d
Entreprises SCc. |
KPMG Peat
Marwick LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
2,736.4 |
2,956.1 |
2,680.5 |
2,911.9 |
4,044.3 |
|
Revenue |
2,736.4 |
2,956.1 |
2,680.5 |
2,911.9 |
4,044.3 |
|
Total Revenue |
2,736.4 |
2,956.1 |
2,680.5 |
2,911.9 |
4,044.3 |
|
|
|
|
|
|
|
|
Cost of Revenue |
2,196.8 |
2,350.0 |
2,161.5 |
2,521.4 |
3,145.5 |
|
Cost of Revenue, Total |
2,196.8 |
2,350.0 |
2,161.5 |
2,521.4 |
3,145.5 |
|
Gross Profit |
539.7 |
606.1 |
519.0 |
390.5 |
898.8 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
405.4 |
431.3 |
401.9 |
449.6 |
510.2 |
|
Total Selling/General/Administrative Expenses |
405.4 |
431.3 |
401.9 |
449.6 |
510.2 |
|
Research & Development |
15.9 |
16.5 |
14.6 |
19.2 |
20.9 |
|
Depreciation |
89.7 |
13.6 |
2.0 |
2.8 |
3.2 |
|
Amortization of Intangibles |
10.2 |
9.3 |
- |
- |
- |
|
Depreciation/Amortization |
99.8 |
22.9 |
2.0 |
2.8 |
3.2 |
|
Restructuring Charge |
19.4 |
7.8 |
15.4 |
42.4 |
8.8 |
|
Impairment-Assets Held for Use |
30.6 |
2.4 |
19.6 |
26.3 |
17.8 |
|
Loss (Gain) on Sale of Assets - Operating |
-20.6 |
-16.5 |
-29.0 |
-3.8 |
-18.1 |
|
Other Unusual Expense (Income) |
179.5 |
-9.7 |
-17.6 |
84.8 |
20.8 |
|
Unusual Expense (Income) |
208.9 |
-16.1 |
-11.7 |
149.8 |
29.3 |
|
Other, Net |
18.5 |
4.2 |
11.5 |
-20.6 |
24.9 |
|
Other Operating Expenses, Total |
18.5 |
4.2 |
11.5 |
-20.6 |
24.9 |
|
Total Operating Expense |
2,945.4 |
2,808.9 |
2,579.9 |
3,122.2 |
3,733.9 |
|
|
|
|
|
|
|
|
Operating Income |
-208.9 |
147.2 |
100.7 |
-210.3 |
310.4 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-21.2 |
-22.8 |
-22.6 |
-12.2 |
-22.2 |
|
Interest Capitalized -
Non-Operating |
- |
2.6 |
- |
- |
- |
|
Interest Expense, Net Non-Operating |
-21.2 |
-20.2 |
-22.6 |
-12.2 |
-22.2 |
|
Interest Income -
Non-Operating |
0.1 |
1.5 |
2.3 |
10.2 |
12.0 |
|
Investment Income -
Non-Operating |
7.1 |
5.7 |
-15.6 |
-12.1 |
-4.5 |
|
Interest/Investment Income - Non-Operating |
7.2 |
7.2 |
-13.4 |
-1.9 |
7.5 |
|
Interest Income (Expense) - Net Non-Operating Total |
-14.0 |
-12.9 |
-36.0 |
-14.2 |
-14.8 |
|
Other Non-Operating Income (Expense) |
-7.7 |
-14.5 |
- |
- |
- |
|
Other, Net |
-7.7 |
-14.5 |
- |
- |
- |
|
Income Before Tax |
-230.6 |
119.9 |
64.6 |
-224.5 |
295.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
23.1 |
39.3 |
20.8 |
7.4 |
90.2 |
|
Income After Tax |
-253.8 |
80.5 |
43.8 |
-231.8 |
205.4 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.5 |
0.1 |
0.5 |
-0.4 |
0.1 |
|
Net Income Before Extraord Items |
-254.3 |
80.6 |
44.4 |
-232.3 |
205.5 |
|
Discontinued Operations |
0.0 |
-213.6 |
-17.0 |
- |
- |
|
Total Extraord Items |
0.0 |
-213.6 |
-17.0 |
- |
- |
|
Net Income |
-254.3 |
-132.9 |
27.4 |
-232.3 |
205.5 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
- |
0.0 |
- |
- |
- |
|
Total Adjustments to Net Income |
- |
0.0 |
- |
- |
- |
|
Income Available to Common Excl Extraord Items |
-254.3 |
80.6 |
44.4 |
-232.3 |
205.5 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-254.3 |
-132.9 |
27.4 |
-232.3 |
205.5 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
30.6 |
30.6 |
29.4 |
27.7 |
27.7 |
|
Basic EPS Excl Extraord Items |
-8.30 |
2.64 |
1.51 |
-8.37 |
7.43 |
|
Basic/Primary EPS Incl Extraord Items |
-8.30 |
-4.35 |
0.93 |
-8.37 |
7.43 |
|
Dilution Adjustment |
0.0 |
- |
- |
0.0 |
- |
|
Diluted Net Income |
-254.3 |
-132.9 |
27.4 |
-232.3 |
205.5 |
|
Diluted Weighted Average Shares |
30.6 |
30.6 |
29.4 |
27.7 |
27.7 |
|
Diluted EPS Excl Extraord Items |
-8.30 |
2.64 |
1.51 |
-8.37 |
7.43 |
|
Diluted EPS Incl Extraord Items |
-8.30 |
-4.35 |
0.93 |
-8.37 |
7.43 |
|
Dividends per Share - Common Stock Primary Issue |
1.71 |
1.39 |
1.32 |
1.39 |
1.46 |
|
Gross Dividends - Common Stock |
52.6 |
54.8 |
50.7 |
51.6 |
54.0 |
|
Interest Expense, Supplemental |
21.2 |
20.2 |
22.6 |
12.2 |
22.2 |
|
Interest Capitalized, Supplemental |
- |
-2.6 |
- |
- |
- |
|
Depreciation, Supplemental |
170.6 |
103.0 |
137.7 |
150.3 |
154.6 |
|
Total Special Items |
208.9 |
-16.1 |
-11.7 |
149.8 |
29.3 |
|
Normalized Income Before Tax |
-21.7 |
103.7 |
53.0 |
-74.7 |
324.9 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
73.1 |
-5.3 |
-3.7 |
52.4 |
8.9 |
|
Inc Tax Ex Impact of Sp Items |
96.3 |
34.1 |
17.0 |
59.8 |
99.2 |
|
Normalized Income After Tax |
-118.0 |
69.7 |
35.9 |
-134.5 |
225.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-118.5 |
69.8 |
36.5 |
-134.9 |
225.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-3.87 |
2.28 |
1.24 |
-4.86 |
8.17 |
|
Diluted Normalized EPS |
-3.87 |
2.28 |
1.24 |
-4.86 |
8.16 |
|
Amort of Intangibles, Supplemental |
1.8 |
1.4 |
17.7 |
14.5 |
9.5 |
|
Rental Expenses |
42.7 |
42.8 |
38.5 |
29.5 |
24.6 |
|
Research & Development Exp, Supplemental |
15.9 |
16.5 |
14.6 |
19.2 |
20.9 |
|
Normalized EBIT |
0.0 |
131.1 |
89.0 |
-60.5 |
339.6 |
|
Normalized EBITDA |
172.4 |
235.5 |
244.5 |
104.3 |
503.7 |
|
Current Tax - Domestic |
- |
- |
22.5 |
41.0 |
71.8 |
|
Current Tax - Other |
- |
- |
0.0 |
-0.4 |
-1.6 |
|
Current Tax - Total |
32.6 |
38.8 |
- |
- |
- |
|
Current Tax - Total |
32.6 |
38.8 |
22.5 |
40.6 |
70.2 |
|
Deferred Tax - Total |
-11.3 |
2.1 |
-1.7 |
-33.2 |
20.0 |
|
Deferred Tax - Total |
-11.3 |
2.1 |
-1.7 |
-33.2 |
20.0 |
|
Other Tax |
1.8 |
-1.5 |
- |
- |
- |
|
Income Tax - Total |
23.1 |
39.3 |
20.8 |
7.4 |
90.2 |
|
Interest Cost - Domestic |
11.6 |
- |
11.5 |
14.0 |
13.2 |
|
Service Cost - Domestic |
6.0 |
- |
6.4 |
7.4 |
8.8 |
|
Prior Service Cost - Domestic |
0.0 |
- |
-0.7 |
0.0 |
-0.6 |
|
Expected Return on Assets - Domestic |
-12.6 |
- |
-10.1 |
-12.4 |
-13.9 |
|
Actuarial Gains and Losses - Domestic |
1.0 |
- |
1.5 |
0.6 |
- |
|
Curtailments & Settlements - Domestic |
-1.8 |
- |
-0.1 |
0.0 |
- |
|
Domestic Pension Plan Expense |
4.2 |
- |
8.5 |
9.6 |
7.5 |
|
Total Pension Expense |
4.2 |
- |
8.5 |
9.6 |
7.5 |
|
Discount Rate - Domestic |
3.50% |
- |
4.80% |
5.40% |
6.10% |
|
Expected Rate of Return - Domestic |
5.80% |
- |
5.60% |
6.00% |
5.80% |
|
Compensation Rate - Domestic |
2.50% |
- |
2.50% |
3.20% |
3.40% |
|
Total Plan Interest Cost |
11.6 |
- |
11.5 |
14.0 |
13.2 |
|
Total Plan Service Cost |
6.0 |
- |
6.4 |
7.4 |
8.8 |
|
Total Plan Expected Return |
-12.6 |
- |
-10.1 |
-12.4 |
-13.9 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Restated 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 |
KPMG Reviseurs d
Entreprises SCc. |
KPMG Reviseurs d
Entreprises SCc. |
KPMG Peat
Marwick LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
- |
39.7 |
- |
- |
- |
|
Cash & Equivalents |
45.9 |
- |
201.9 |
63.3 |
73.7 |
|
Short Term Investments |
- |
5.6 |
- |
0.3 |
0.7 |
|
Cash and Short Term Investments |
45.9 |
45.3 |
201.9 |
63.6 |
74.4 |
|
Accounts Receivable -
Trade, Gross |
- |
319.2 |
359.9 |
358.4 |
578.5 |
|
Provision for Doubtful
Accounts |
- |
-14.9 |
-19.5 |
-21.1 |
-20.2 |
|
Trade Accounts Receivable - Net |
314.4 |
304.4 |
340.5 |
337.3 |
558.4 |
|
Other Receivables |
- |
70.1 |
59.8 |
72.9 |
93.4 |
|
Total Receivables, Net |
314.4 |
374.5 |
400.3 |
410.2 |
651.8 |
|
Inventories - Finished Goods |
- |
251.2 |
247.1 |
289.1 |
381.3 |
|
Inventories - Work In Progress |
- |
27.4 |
30.2 |
35.7 |
32.2 |
|
Inventories - Raw Materials |
- |
126.3 |
141.1 |
145.3 |
183.9 |
|
Inventories - Other |
- |
50.5 |
50.7 |
47.9 |
61.0 |
|
Total Inventory |
400.9 |
455.4 |
469.1 |
518.1 |
658.5 |
|
Prepaid Expenses |
- |
3.1 |
1.5 |
1.3 |
0.8 |
|
Other Current Assets |
1.1 |
0.0 |
0.9 |
0.1 |
7.5 |
|
Other Current Assets, Total |
1.1 |
0.0 |
0.9 |
0.1 |
7.5 |
|
Total Current Assets |
762.2 |
878.3 |
1,073.8 |
993.3 |
1,393.0 |
|
|
|
|
|
|
|
|
Land/Improvements |
- |
513.7 |
596.7 |
648.9 |
588.1 |
|
Machinery/Equipment |
- |
1,907.0 |
2,897.9 |
3,068.9 |
2,767.9 |
|
Construction in
Progress |
- |
119.3 |
88.9 |
69.3 |
40.5 |
|
Other Property/Plant/Equipment |
- |
- |
-8.2 |
-10.2 |
-11.1 |
|
Property/Plant/Equipment - Gross |
- |
2,540.0 |
3,575.4 |
3,777.0 |
3,385.3 |
|
Accumulated Depreciation |
- |
-1,866.5 |
-2,660.2 |
-2,780.3 |
-2,479.0 |
|
Property/Plant/Equipment - Net |
623.6 |
673.5 |
915.2 |
996.7 |
906.3 |
|
Goodwill - Gross |
- |
105.7 |
- |
- |
- |
|
Accumulated Goodwill Amortization |
- |
-34.3 |
- |
- |
- |
|
Goodwill, Net |
49.2 |
71.4 |
71.6 |
76.9 |
53.2 |
|
Intangibles - Gross |
- |
162.9 |
173.5 |
176.2 |
117.3 |
|
Accumulated Intangible Amortization |
- |
-87.6 |
-91.4 |
-79.5 |
-61.9 |
|
Intangibles, Net |
79.3 |
75.4 |
82.1 |
96.7 |
55.5 |
|
LT Investment - Affiliate Companies |
28.3 |
27.0 |
37.2 |
30.6 |
55.0 |
|
LT Investments - Other |
6.3 |
7.4 |
9.0 |
9.3 |
7.2 |
|
Long Term Investments |
34.6 |
34.4 |
46.1 |
39.9 |
62.3 |
|
Note Receivable - Long Term |
27.5 |
38.3 |
30.7 |
32.6 |
24.2 |
|
Deferred Income Tax - Long Term Asset |
7.7 |
9.6 |
31.8 |
25.5 |
24.6 |
|
Discontinued Operations - Long Term Asset |
85.1 |
10.1 |
24.3 |
0.4 |
1.0 |
|
Other Long Term Assets |
0.1 |
- |
0.3 |
- |
- |
|
Other Long Term Assets, Total |
92.9 |
19.7 |
56.3 |
26.0 |
25.6 |
|
Total Assets |
1,669.3 |
1,791.1 |
2,275.9 |
2,262.0 |
2,520.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
384.1 |
324.4 |
429.4 |
367.7 |
403.3 |
|
Accrued Expenses |
- |
81.0 |
90.7 |
89.4 |
79.5 |
|
Notes Payable/Short Term Debt |
6.9 |
0.9 |
9.5 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
89.9 |
95.0 |
150.4 |
346.8 |
349.5 |
|
Income Taxes Payable |
3.6 |
3.9 |
0.5 |
1.0 |
2.8 |
|
Other Payables |
- |
87.0 |
109.9 |
63.8 |
57.8 |
|
Other Current Liabilities |
30.4 |
12.9 |
13.4 |
18.2 |
1.3 |
|
Other Current liabilities, Total |
34.0 |
103.7 |
123.8 |
83.1 |
61.9 |
|
Total Current Liabilities |
514.8 |
605.1 |
803.9 |
887.0 |
894.1 |
|
|
|
|
|
|
|
|
Long Term Debt |
364.1 |
232.8 |
267.1 |
13.1 |
131.8 |
|
Capital Lease Obligations |
- |
1.6 |
0.7 |
3.6 |
2.6 |
|
Total Long Term Debt |
364.1 |
234.3 |
267.8 |
16.6 |
134.4 |
|
Total Debt |
460.9 |
330.2 |
427.7 |
363.4 |
483.9 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
37.8 |
39.7 |
42.4 |
45.8 |
61.7 |
|
Deferred Income Tax |
37.8 |
39.7 |
42.4 |
45.8 |
61.7 |
|
Minority Interest |
5.9 |
5.6 |
5.0 |
3.3 |
2.8 |
|
Reserves |
171.4 |
72.8 |
88.4 |
240.3 |
119.1 |
|
Pension Benefits - Underfunded |
66.7 |
39.7 |
51.2 |
57.0 |
56.9 |
|
Other Long Term Liabilities |
11.2 |
14.5 |
36.2 |
0.3 |
0.0 |
|
Discontinued Operations - Liabilities |
53.7 |
0.0 |
8.7 |
0.0 |
- |
|
Other Liabilities, Total |
303.1 |
127.1 |
184.6 |
297.6 |
176.0 |
|
Total Liabilities |
1,225.7 |
1,011.8 |
1,303.6 |
1,250.2 |
1,269.0 |
|
|
|
|
|
|
|
|
Common Stock |
203.1 |
192.0 |
192.8 |
199.4 |
191.8 |
|
Common Stock |
203.1 |
192.0 |
192.8 |
199.4 |
191.8 |
|
Additional Paid-In Capital |
116.3 |
95.4 |
77.1 |
63.0 |
60.2 |
|
Retained Earnings (Accumulated Deficit) |
123.2 |
516.5 |
706.2 |
749.4 |
999.0 |
|
Unrealized Gain (Loss) |
- |
13.9 |
- |
- |
- |
|
Translation Adjustment |
- |
-30.4 |
- |
- |
- |
|
Other Equity |
0.1 |
0.1 |
- |
- |
- |
|
Other Comprehensive Income |
0.8 |
-8.3 |
-3.8 |
0.0 |
- |
|
Other Equity, Total |
0.9 |
-38.6 |
-3.8 |
0.0 |
- |
|
Total Equity |
443.6 |
779.3 |
972.4 |
1,011.8 |
1,251.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,669.3 |
1,791.1 |
2,275.9 |
2,262.0 |
2,520.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
30.7 |
29.5 |
28.7 |
27.8 |
27.7 |
|
Total Common Shares Outstanding |
30.7 |
29.5 |
28.7 |
27.8 |
27.7 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
- |
- |
- |
|
Employees |
7,005 |
7,457 |
8,262 |
8,317 |
8,237 |
|
Accumulated Goodwill Amortization Suppl. |
- |
34.3 |
- |
- |
- |
|
Accumulated Intangible Amort, Suppl. |
- |
87.6 |
91.4 |
79.5 |
61.9 |
|
Interest Costs |
- |
-0.3 |
-0.1 |
-0.3 |
-0.4 |
|
Total Capital Leases, Supplemental |
- |
1.9 |
2.1 |
3.7 |
2.8 |
|
Capital Lease Payments Due in Year 1 |
- |
0.5 |
1.6 |
0.3 |
0.3 |
|
Capital Lease Payments Due in Year 2 |
- |
0.4 |
0.2 |
0.9 |
0.7 |
|
Capital Lease Payments Due in Year 3 |
- |
0.4 |
0.2 |
0.9 |
0.7 |
|
Capital Lease Payments Due in Year 4 |
- |
0.4 |
0.2 |
0.9 |
0.7 |
|
Capital Lease Payments Due in Year 5 |
- |
0.4 |
0.2 |
0.9 |
0.7 |
|
Capital Lease Payments Due in 2-3 Years |
- |
0.8 |
0.3 |
1.9 |
1.3 |
|
Capital Lease Payments Due in 4-5 Years |
- |
0.8 |
0.3 |
1.9 |
1.3 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
- |
0.0 |
0.0 |
0.3 |
|
Total Operating Leases, Supplemental |
- |
- |
147.2 |
62.7 |
56.9 |
|
Operating Lease Payments Due in Year 1 |
- |
- |
41.5 |
19.9 |
15.8 |
|
Operating Lease Payments Due in Year 2 |
- |
- |
19.7 |
9.3 |
8.3 |
|
Operating Lease Payments Due in Year 3 |
- |
- |
19.7 |
9.3 |
8.3 |
|
Operating Lease Payments Due in Year 4 |
- |
- |
19.7 |
9.3 |
8.3 |
|
Operating Lease Payments Due in Year 5 |
- |
- |
19.7 |
9.3 |
8.3 |
|
Operating Lease Pymts. Due in 2-3 Years |
- |
- |
39.4 |
18.6 |
16.6 |
|
Operating Lease Pymts. Due in 4-5 Years |
- |
- |
39.4 |
18.6 |
16.6 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
- |
27.0 |
5.6 |
7.8 |
|
Pension Obligation - Domestic |
- |
- |
248.6 |
248.2 |
233.7 |
|
Plan Assets - Domestic |
- |
- |
242.3 |
231.4 |
204.8 |
|
Funded Status - Domestic |
- |
- |
-6.3 |
-16.8 |
-28.9 |
|
Unfunded Plan Obligations |
- |
- |
26.3 |
28.8 |
- |
|
Total Funded Status |
- |
- |
-32.6 |
-45.6 |
-28.9 |
|
Discount Rate - Domestic |
- |
- |
4.80% |
5.40% |
6.10% |
|
Expected Rate of Return - Domestic |
- |
- |
5.60% |
6.00% |
5.80% |
|
Compensation Rate - Domestic |
- |
- |
2.50% |
3.20% |
3.40% |
|
Equity % - Domestic |
- |
- |
25.00% |
25.00% |
20.00% |
|
Debt Securities % - Domestic |
- |
- |
17.00% |
17.00% |
11.00% |
|
Real Estate % - Domestic |
- |
- |
2.00% |
3.00% |
3.00% |
|
Total Plan Obligations |
- |
- |
274.9 |
277.1 |
233.7 |
|
Total Plan Assets |
- |
- |
242.3 |
231.4 |
204.8 |
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 |
Restated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
KPMG Reviseurs d
Entreprises SCc. |
KPMG Reviseurs d
Entreprises SCc. |
KPMG Peat
Marwick LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-253.8 |
-132.9 |
26.9 |
-231.8 |
205.4 |
|
Depreciation |
134.5 |
134.5 |
153.6 |
175.4 |
211.8 |
|
Depreciation/Depletion |
134.5 |
134.5 |
153.6 |
175.4 |
211.8 |
|
Amortization of Intangibles |
- |
- |
18.8 |
14.5 |
- |
|
Amortization |
- |
- |
18.8 |
14.5 |
- |
|
Unusual Items |
127.7 |
196.7 |
-31.5 |
-2.1 |
-18.1 |
|
Equity in Net Earnings (Loss) |
-9.4 |
-8.2 |
-2.1 |
-1.4 |
-16.8 |
|
Other Non-Cash Items |
136.1 |
24.3 |
-24.1 |
127.4 |
43.1 |
|
Non-Cash Items |
254.4 |
212.9 |
-57.7 |
123.9 |
8.2 |
|
Accounts Receivable |
10.7 |
-133.6 |
-22.6 |
260.9 |
-77.2 |
|
Inventories |
-16.8 |
-80.9 |
18.4 |
166.5 |
-218.1 |
|
Accounts Payable |
-62.1 |
-54.4 |
105.0 |
-53.5 |
3.8 |
|
Taxes Payable |
23.1 |
40.2 |
13.4 |
7.4 |
90.2 |
|
Other Operating Cash Flow |
-26.9 |
-26.3 |
-44.5 |
-24.6 |
-86.6 |
|
Changes in Working Capital |
-72.0 |
-255.0 |
69.7 |
356.6 |
-287.9 |
|
Cash from Operating Activities |
63.2 |
-40.6 |
211.2 |
438.5 |
137.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-146.7 |
-148.1 |
-155.1 |
-156.3 |
-137.8 |
|
Purchase/Acquisition of Intangibles |
-4.8 |
-9.9 |
-4.9 |
-5.3 |
-10.5 |
|
Capital Expenditures |
-151.5 |
-158.0 |
-160.0 |
-161.6 |
-148.3 |
|
Acquisition of Business |
-20.0 |
-10.6 |
0.0 |
-81.8 |
-27.1 |
|
Sale of Business |
-2.2 |
199.8 |
32.0 |
0.0 |
0.0 |
|
Sale of Fixed Assets |
4.0 |
8.5 |
14.6 |
5.6 |
22.1 |
|
Sale/Maturity of Investment |
41.1 |
0.0 |
2.6 |
-0.1 |
-0.4 |
|
Purchase of Investments |
-1.2 |
-4.2 |
-12.3 |
-10.2 |
-4.5 |
|
Sale of Intangible Assets |
0.0 |
0.1 |
2.9 |
0.1 |
0.0 |
|
Other Investing Cash Flow |
- |
- |
- |
0.0 |
0.0 |
|
Other Investing Cash Flow Items, Total |
21.7 |
193.7 |
39.9 |
-86.4 |
-9.9 |
|
Cash from Investing Activities |
-129.8 |
35.7 |
-120.1 |
-248.0 |
-158.3 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-63.5 |
-162.4 |
-13.1 |
-8.9 |
-3.5 |
|
Financing Cash Flow Items |
-63.5 |
-162.4 |
-13.1 |
-8.9 |
-3.5 |
|
Cash Dividends Paid - Common |
-25.4 |
-28.1 |
-26.8 |
-51.5 |
-51.2 |
|
Total Cash Dividends Paid |
-25.4 |
-28.1 |
-26.8 |
-51.5 |
-51.2 |
|
Common Stock, Net |
1.0 |
3.1 |
1.7 |
2.2 |
3.4 |
|
Issuance (Retirement) of Stock, Net |
1.0 |
3.1 |
1.7 |
2.2 |
3.4 |
|
Long Term Debt, Net |
148.8 |
40.5 |
86.0 |
-144.9 |
14.8 |
|
Issuance (Retirement) of Debt, Net |
148.8 |
40.5 |
86.0 |
-144.9 |
14.8 |
|
Cash from Financing Activities |
60.9 |
-147.0 |
47.8 |
-203.0 |
-36.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.4 |
0.1 |
1.7 |
-0.3 |
-1.3 |
|
Net Change in Cash |
-6.0 |
-151.7 |
140.6 |
-12.8 |
-58.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
43.9 |
199.4 |
58.7 |
74.4 |
136.9 |
|
Net Cash - Ending Balance |
37.9 |
47.6 |
199.3 |
61.6 |
78.3 |
|
Cash Interest Paid |
18.8 |
17.5 |
15.8 |
12.4 |
21.4 |
|
Cash Taxes Paid |
35.2 |
38.5 |
24.6 |
21.3 |
84.3 |
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 |
Restated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
KPMG Reviseurs d
Entreprises SCc. |
KPMG Reviseurs d
Entreprises SCc. |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Revenue |
2,736.4 |
2,956.1 |
2,680.5 |
2,911.9 |
4,044.3 |
|
Total Revenue |
2,736.4 |
2,956.1 |
2,680.5 |
2,911.9 |
4,044.3 |
|
|
|
|
|
|
|
|
Amortization in SGA |
8.4 |
7.9 |
- |
- |
- |
|
Amort of Intangibles-excl Goodwill |
1.8 |
1.4 |
- |
- |
- |
|
Depreciation in COR/COGS |
80.3 |
88.3 |
- |
- |
- |
|
Amortization in COR/COGS |
7.5 |
7.9 |
- |
- |
- |
|
Other Cost of sales |
2,109.0 |
2,253.8 |
- |
- |
- |
|
Cost of sales |
- |
- |
2,161.5 |
2,521.4 |
3,145.5 |
|
Other Administrative Expenses |
188.9 |
201.1 |
- |
- |
- |
|
Other Sales and Marketing Expenses |
83.5 |
88.3 |
- |
- |
- |
|
Distribution Expenses |
129.9 |
137.5 |
138.5 |
156.6 |
211.5 |
|
Impairment losses on trade receivables |
3.1 |
4.4 |
- |
- |
- |
|
Sales and Marketing Expenses |
- |
- |
85.0 |
80.4 |
91.7 |
|
Administrative Expenses |
- |
- |
178.4 |
212.6 |
207.0 |
|
Other losses on disposal groups |
65.9 |
- |
- |
- |
- |
|
Other Other operating income/expenses |
0.1 |
-7.1 |
- |
- |
- |
|
balancing item |
- |
-4.2 |
- |
- |
- |
|
Other Operating Income/Expenses |
- |
- |
3.3 |
-9.7 |
14.2 |
|
Research Costs |
15.9 |
16.5 |
14.6 |
19.2 |
20.9 |
|
Depreciation in SGA |
12.5 |
11.4 |
- |
- |
- |
|
Depreciation |
76.8 |
1.4 |
- |
- |
- |
|
Depreciation |
0.4 |
0.8 |
2.0 |
2.8 |
3.2 |
|
Sale of Assets |
-0.8 |
-1.0 |
0.4 |
0.1 |
0.6 |
|
Impairment of Goodwill |
4.1 |
1.4 |
- |
- |
- |
|
Gains and losses on disposals |
-19.8 |
-15.6 |
-29.4 |
-3.9 |
-18.7 |
|
Losses on disposal groups |
- |
0.0 |
- |
- |
- |
|
Provisions and claims |
113.1 |
-2.9 |
-0.7 |
1.4 |
20.8 |
|
Provisions and claims |
0.4 |
0.3 |
-17.0 |
83.4 |
0.0 |
|
Restructuring |
19.4 |
7.8 |
15.4 |
42.4 |
8.8 |
|
Impairment Losses |
26.5 |
1.0 |
19.6 |
26.3 |
17.8 |
|
Other income and expenses |
18.5 |
8.3 |
8.2 |
-10.8 |
10.7 |
|
Total Operating Expense |
2,945.4 |
2,808.9 |
2,579.9 |
3,122.2 |
3,733.9 |
|
|
|
|
|
|
|
|
Interest Capitalized |
- |
2.6 |
- |
- |
- |
|
Interest Income |
0.1 |
1.5 |
1.9 |
0.4 |
4.1 |
|
Dividend Income |
0.1 |
0.1 |
- |
- |
- |
|
Foreign Exchange Gains/Losses |
-2.4 |
-2.6 |
12.2 |
- |
- |
|
Revaluation to Fair Value of Derivatives |
- |
- |
0.7 |
- |
- |
|
Other Financial Inc. |
- |
- |
0.4 |
9.7 |
7.9 |
|
Interest Exp-Net of Capitalized Interest |
-18.8 |
-20.0 |
- |
- |
- |
|
Amortization of Deferred Financing Costs |
-2.4 |
-2.8 |
- |
- |
- |
|
Interest/Other Debt |
- |
- |
-22.6 |
-12.2 |
-22.2 |
|
Foreign Exchange Loss |
- |
- |
-8.2 |
- |
- |
|
Revaluation to Fair Value of Derivatives |
- |
- |
-6.9 |
- |
- |
|
Financial Income |
- |
- |
-15.5 |
-13.5 |
-21.4 |
|
Financial Result |
-7.8 |
-14.5 |
- |
- |
- |
|
balancing item |
0.1 |
- |
- |
- |
- |
|
Share of Result of Associates |
9.4 |
8.2 |
2.1 |
1.4 |
16.8 |
|
Net Income Before Taxes |
-230.6 |
119.9 |
64.6 |
-224.5 |
295.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
23.1 |
39.3 |
20.8 |
7.4 |
90.2 |
|
Net Income After Taxes |
-253.8 |
80.5 |
43.8 |
-231.8 |
205.4 |
|
|
|
|
|
|
|
|
Non-controlling interest |
-0.5 |
0.1 |
0.5 |
-0.4 |
0.1 |
|
Net Income Before Extra. Items |
-254.3 |
80.6 |
44.4 |
-232.3 |
205.5 |
|
Discontinued Operations |
0.0 |
-213.6 |
-17.0 |
- |
- |
|
Net Income |
-254.3 |
-132.9 |
27.4 |
-232.3 |
205.5 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
- |
0.0 |
- |
- |
- |
|
Income Available to Com Excl ExtraOrd |
-254.3 |
80.6 |
44.4 |
-232.3 |
205.5 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-254.3 |
-132.9 |
27.4 |
-232.3 |
205.5 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
30.6 |
30.6 |
29.4 |
27.7 |
27.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
-8.30 |
2.64 |
1.51 |
-8.37 |
7.43 |
|
Basic EPS Including ExtraOrdinary Items |
-8.30 |
-4.35 |
0.93 |
-8.37 |
7.43 |
|
Dilution Adjustment |
0.0 |
- |
- |
0.0 |
- |
|
Diluted Net Income |
-254.3 |
-132.9 |
27.4 |
-232.3 |
205.5 |
|
Diluted Weighted Average Shares |
30.6 |
30.6 |
29.4 |
27.7 |
27.7 |
|
Diluted EPS Excluding ExtraOrd Items |
-8.30 |
2.64 |
1.51 |
-8.37 |
7.43 |
|
Diluted EPS Including ExtraOrd Items |
-8.30 |
-4.35 |
0.93 |
-8.37 |
7.43 |
|
DPS-Ordinary Shares |
1.71 |
1.39 |
1.32 |
1.39 |
1.46 |
|
Gross Dividends - Common Stock |
52.6 |
54.8 |
50.7 |
51.6 |
54.0 |
|
Normalized Income Before Taxes |
-21.7 |
103.7 |
53.0 |
-74.7 |
324.9 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
96.3 |
34.1 |
17.0 |
59.8 |
99.2 |
|
Normalized Income After Taxes |
-118.0 |
69.7 |
35.9 |
-134.5 |
225.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-118.5 |
69.8 |
36.5 |
-134.9 |
225.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-3.87 |
2.28 |
1.24 |
-4.86 |
8.17 |
|
Diluted Normalized EPS |
-3.87 |
2.28 |
1.24 |
-4.86 |
8.16 |
|
Interest Capitalized |
- |
-2.6 |
- |
- |
- |
|
Interest Exp-Net of Capitalized Interest |
21.2 |
20.2 |
- |
- |
- |
|
Interest Expense |
- |
- |
22.6 |
12.2 |
22.2 |
|
Research Expenses |
15.9 |
16.5 |
14.6 |
19.2 |
20.9 |
|
Depreciation |
170.6 |
103.0 |
137.7 |
150.3 |
154.6 |
|
BC - Depreciation of Intangible Assets |
1.8 |
1.4 |
- |
- |
- |
|
Amortisation of Intangibles |
- |
- |
17.7 |
14.5 |
9.5 |
|
Rental Expense |
42.7 |
42.8 |
38.5 |
29.5 |
24.6 |
|
Current Tax - Total |
32.6 |
38.8 |
- |
- |
- |
|
Current Tax |
- |
- |
22.5 |
41.0 |
71.8 |
|
Adjustment for Previous Periods |
- |
- |
0.0 |
-0.4 |
-1.6 |
|
Current Tax - Total |
32.6 |
38.8 |
22.5 |
40.6 |
70.2 |
|
Deferred Tax |
-11.3 |
2.1 |
-1.7 |
-33.2 |
20.0 |
|
Deferred Tax - Total |
-11.3 |
2.1 |
-1.7 |
-33.2 |
20.0 |
|
Other Tax - Deferred/Current |
1.8 |
-1.5 |
- |
- |
- |
|
Income Tax - Total |
23.1 |
39.3 |
20.8 |
7.4 |
90.2 |
|
Current Service Cost |
-1.4 |
- |
- |
- |
- |
|
Current Service Cost |
7.5 |
- |
6.4 |
7.4 |
8.8 |
|
Interest Cost |
11.6 |
- |
- |
- |
- |
|
Interest Cost |
- |
- |
11.5 |
14.0 |
13.2 |
|
Expected Return on Assets |
-12.6 |
- |
- |
- |
- |
|
Expected Return on Plan Assets |
- |
- |
-10.1 |
-12.4 |
-13.9 |
|
Actuarial Gains and Losses |
1.0 |
- |
- |
- |
- |
|
Amortisation of Actuarial Loss |
- |
- |
1.5 |
0.6 |
- |
|
Amortization of Prior Service Cost |
0.0 |
- |
- |
- |
- |
|
Past Service Cost |
- |
- |
-0.7 |
0.0 |
-0.6 |
|
Curtailment Cost |
-1.8 |
- |
-0.1 |
0.0 |
- |
|
Domestic Pension Plan Expense |
4.2 |
- |
8.5 |
9.6 |
7.5 |
|
Total Pension Expense |
4.2 |
- |
8.5 |
9.6 |
7.5 |
|
Discount Rate |
3.50% |
- |
- |
- |
- |
|
Discount Rate |
- |
- |
4.80% |
5.40% |
6.10% |
|
Expected Rate of Return |
5.80% |
- |
- |
- |
- |
|
Expected Return on Plan Assets |
- |
- |
5.60% |
6.00% |
5.80% |
|
Compensation Increase Rate |
2.50% |
- |
- |
- |
- |
|
Compensation Rate |
- |
- |
2.50% |
3.20% |
3.40% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Restated 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 |
KPMG Reviseurs d
Entreprises SCc. |
KPMG Reviseurs d
Entreprises SCc. |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Other Trade Receivables |
- |
0.1 |
- |
- |
- |
|
Other Receivables, Net |
- |
69.1 |
- |
- |
- |
|
Receivables from related parties |
- |
1.0 |
- |
- |
- |
|
Raw Materials |
- |
126.3 |
141.1 |
145.3 |
183.9 |
|
Work in Progress |
- |
27.4 |
30.2 |
35.7 |
32.2 |
|
Finished Goods |
- |
251.2 |
247.1 |
289.1 |
381.3 |
|
Other Inventories |
- |
-0.1 |
- |
- |
- |
|
Goods for Resale |
- |
50.6 |
50.7 |
47.9 |
61.0 |
|
Trade Receivables |
314.4 |
- |
- |
- |
- |
|
Accounts Receivable, Gross |
- |
319.2 |
- |
- |
- |
|
Trade Receivables, Gross |
- |
- |
359.9 |
358.4 |
578.5 |
|
Provision for Doubtful Trade Accounts |
- |
-14.9 |
- |
- |
- |
|
Amounts Written off |
- |
- |
-19.5 |
-21.1 |
-20.2 |
|
Prepayments |
- |
3.1 |
- |
- |
- |
|
Prepayments |
- |
- |
1.5 |
1.3 |
0.8 |
|
Other Receivables |
- |
- |
59.8 |
72.9 |
93.4 |
|
Balancing Item - Current Assets |
-0.1 |
- |
- |
- |
- |
|
Derivative Financial Instruments |
1.2 |
0.0 |
0.9 |
0.1 |
7.5 |
|
Term Accounts |
- |
5.6 |
- |
- |
- |
|
ST Investments |
- |
- |
- |
0.3 |
0.7 |
|
Cash/Bank/Hand |
45.9 |
- |
201.9 |
63.3 |
73.7 |
|
Current Accounts |
- |
39.7 |
- |
- |
- |
|
Inventories |
400.9 |
- |
- |
- |
- |
|
Total Current Assets |
762.2 |
878.3 |
1,073.8 |
993.3 |
1,393.0 |
|
|
|
|
|
|
|
|
Goodwill, Net |
49.2 |
- |
71.6 |
76.9 |
53.2 |
|
Goodwill, Gross |
- |
105.7 |
- |
- |
- |
|
AccAmortLicen.Franc.RightContr.Mod.Desig |
- |
-33.8 |
- |
- |
- |
|
Acc Amort Computer Software |
- |
-19.0 |
- |
- |
- |
|
Acc Amort Customer lists |
- |
-21.8 |
- |
- |
- |
|
Acc Amort Other Intangibles |
- |
-13.1 |
- |
- |
- |
|
Acc Amort Goodwill |
- |
-34.3 |
- |
- |
- |
|
Licen.Franc.Right,Contr. Mod.Design,G |
- |
53.7 |
- |
- |
- |
|
Computer Software, Gross |
- |
28.6 |
- |
- |
- |
|
Customer lists, Gross |
- |
51.9 |
- |
- |
- |
|
Other Intangibles, Gross |
- |
26.0 |
- |
- |
- |
|
Other Intangibles, Gross |
- |
2.7 |
- |
- |
- |
|
Intangibles - Gross |
- |
- |
173.5 |
176.2 |
117.3 |
|
Intangibles Amortization |
- |
- |
-91.4 |
-79.5 |
-61.9 |
|
Other Licenses/Franchises/Rights, Net |
- |
0.1 |
- |
- |
- |
|
Other intangible assets |
79.3 |
- |
- |
- |
- |
|
Balancing Item - Noncurrent Assets |
0.1 |
- |
- |
- |
- |
|
Land/Buildings, Gross |
- |
513.7 |
- |
- |
- |
|
Land & Buildings |
- |
- |
596.7 |
648.9 |
588.1 |
|
Machinery/Equipment, Gross |
- |
1,774.4 |
- |
- |
- |
|
Transportation Equipment, Gross |
- |
132.5 |
- |
- |
- |
|
Plant/Equipment |
- |
- |
2,744.1 |
2,890.3 |
2,605.2 |
|
Furniture |
- |
- |
153.7 |
178.6 |
162.6 |
|
Construction in Progress, Gross |
- |
119.3 |
- |
- |
- |
|
Work In Progress |
- |
- |
88.9 |
69.3 |
40.5 |
|
Acc Depr Land & Buildings |
- |
-292.7 |
- |
- |
- |
|
Acc Depr Plant & Machinery |
- |
-1,461.3 |
- |
- |
- |
|
Acc Depr Transportation Equipment |
- |
-112.4 |
- |
- |
- |
|
Depreciation |
- |
- |
-2,660.2 |
-2,780.3 |
-2,479.0 |
|
Property/Plant/Equipment, Total - Net |
- |
0.0 |
- |
- |
- |
|
Tangibles |
623.6 |
- |
- |
- |
- |
|
Net Government Grants |
- |
- |
-8.2 |
-10.2 |
-11.1 |
|
Investments accounted for using the equi |
28.3 |
27.0 |
37.2 |
30.6 |
55.0 |
|
LT Account receivables |
27.5 |
38.3 |
30.7 |
32.6 |
24.2 |
|
Other Investments |
6.3 |
7.4 |
9.0 |
9.3 |
7.2 |
|
Adjustment |
- |
- |
0.3 |
- |
- |
|
Deferred Tax Assets |
7.7 |
9.6 |
31.8 |
25.5 |
24.6 |
|
LT Assest of Discontinued Operations |
85.1 |
10.1 |
24.3 |
0.4 |
1.0 |
|
Total Assets |
1,669.3 |
1,791.1 |
2,275.9 |
2,262.0 |
2,520.0 |
|
|
|
|
|
|
|
|
Cur. Portion LT Debt excl Capital Lease |
- |
16.6 |
- |
- |
- |
|
Current Portion of Capital Leases |
- |
0.4 |
- |
- |
- |
|
Other ST Financial Liabilities |
- |
78.0 |
- |
- |
- |
|
Payables |
89.9 |
- |
- |
- |
- |
|
Credit Institut. |
- |
- |
40.6 |
129.1 |
34.8 |
|
Leasing |
- |
- |
1.5 |
0.1 |
0.1 |
|
Other Loans |
- |
- |
108.3 |
217.5 |
314.6 |
|
Other Current Liabilities |
-0.1 |
- |
- |
- |
- |
|
Balancing Item - Current Liabilities |
- |
-0.1 |
- |
- |
- |
|
Accounts Payable |
- |
324.5 |
- |
- |
- |
|
Transaction Costs/Finan. Liabilities |
- |
- |
-2.8 |
0.0 |
- |
|
Other Trade & Other Payables |
- |
-0.1 |
- |
- |
- |
|
Suppliers |
384.1 |
- |
429.4 |
367.7 |
403.3 |
|
Other Payables |
- |
87.0 |
- |
- |
- |
|
Other Prov.-excl.Pension/Post Retirement |
- |
81.0 |
- |
- |
- |
|
Remuneration & Social Secuirty |
- |
- |
90.7 |
89.4 |
79.5 |
|
Other Amounts Payable |
- |
- |
109.9 |
63.8 |
57.8 |
|
Derivatives |
0.0 |
2.1 |
0.3 |
0.6 |
0.0 |
|
Current tax liabilities |
3.6 |
3.9 |
0.5 |
1.0 |
2.8 |
|
Provisions |
30.5 |
10.9 |
16.0 |
17.6 |
1.3 |
|
Bank Overdrafts |
6.9 |
0.9 |
9.5 |
- |
- |
|
Total Current Liabilities |
514.8 |
605.1 |
803.9 |
887.0 |
894.1 |
|
|
|
|
|
|
|
|
LT Debt ex Capitalized Lease-Fncl Sector |
- |
235.9 |
- |
- |
- |
|
Reported Total Long Term Debt |
364.1 |
- |
- |
- |
- |
|
Other Debentures |
- |
-3.1 |
- |
- |
- |
|
LT Finance Lease&Hire Purchase Agreement |
- |
1.6 |
- |
- |
- |
|
Leasing |
- |
- |
0.7 |
3.6 |
2.6 |
|
Credit Instit. |
- |
- |
267.1 |
13.1 |
131.8 |
|
Total Long Term Debt |
364.1 |
234.3 |
267.8 |
16.6 |
134.4 |
|
|
|
|
|
|
|
|
Other Long Term Liabilities |
0.3 |
- |
- |
- |
- |
|
Transaction Costs/Finan. Liabilities |
- |
- |
-5.6 |
0.0 |
- |
|
Provisions |
171.4 |
72.8 |
88.4 |
240.3 |
119.1 |
|
Employee benefits |
66.7 |
39.7 |
51.2 |
57.0 |
56.9 |
|
Trade and Other Payables |
2.4 |
3.1 |
40.5 |
0.3 |
0.0 |
|
Derivatives |
8.6 |
11.4 |
1.1 |
0.0 |
- |
|
Deferred Taxes |
37.8 |
39.7 |
42.4 |
45.8 |
61.7 |
|
Non-controlling interest |
5.9 |
5.6 |
5.0 |
3.3 |
2.8 |
|
Assets Held for Sale/Liabilites |
53.7 |
0.0 |
8.7 |
0.0 |
- |
|
Adjustment |
- |
- |
0.3 |
- |
- |
|
Total Liabilities |
1,225.7 |
1,011.8 |
1,303.6 |
1,250.2 |
1,269.0 |
|
|
|
|
|
|
|
|
Revaluation Reserves |
- |
13.9 |
- |
- |
- |
|
Issued Capital |
203.1 |
192.0 |
192.8 |
199.4 |
191.8 |
|
Share premium |
116.3 |
95.4 |
77.1 |
63.0 |
60.2 |
|
Legal, Statutory, Appropriated Reserves |
- |
18.7 |
- |
- |
- |
|
Consol. Reserves |
123.2 |
- |
528.0 |
535.3 |
435.6 |
|
Retained Earnings |
- |
497.8 |
178.2 |
214.1 |
563.4 |
|
Balancing Item - Total Equity |
0.1 |
- |
- |
- |
- |
|
Balancing Item - Shareholders Equity |
- |
0.1 |
- |
- |
- |
|
Treasury shares |
- |
0.0 |
- |
- |
- |
|
Translation reserves |
- |
-30.4 |
- |
- |
- |
|
Hedging Reserves |
- |
-3.6 |
- |
- |
- |
|
accumulated in equity relating to non-cu |
0.8 |
-4.7 |
-3.8 |
0.0 |
- |
|
Total Equity |
443.6 |
779.3 |
972.4 |
1,011.8 |
1,251.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,669.3 |
1,791.1 |
2,275.9 |
2,262.0 |
2,520.0 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
30.7 |
29.5 |
28.7 |
27.8 |
27.7 |
|
Total Common Shares Outstanding |
30.7 |
29.5 |
28.7 |
27.8 |
27.7 |
|
T/S-Ordinary Shares |
0.0 |
0.0 |
- |
- |
- |
|
AccAmortLicen.Franc.RightContr.Mod.Desig |
- |
33.8 |
- |
- |
- |
|
Acc Amort Computer Software |
- |
19.0 |
- |
- |
- |
|
Acc Amort Customer lists |
- |
21.8 |
- |
- |
- |
|
Acc Amort Other Intangibles |
- |
13.1 |
- |
- |
- |
|
Accumulated Intangible Amortization |
- |
- |
91.4 |
79.5 |
61.9 |
|
Accumulated Goodwill Amortization |
- |
34.3 |
- |
- |
- |
|
Full-Time Employees |
7,005 |
7,457 |
8,262 |
8,317 |
8,237 |
|
Capital Leases Due Within 1 Year |
- |
0.5 |
1.6 |
0.3 |
0.3 |
|
Capital Leases Due Within 5 Years |
- |
1.7 |
0.7 |
3.7 |
2.6 |
|
Capital Leases - Remaining |
- |
- |
0.0 |
0.0 |
0.3 |
|
Interest Cost |
- |
-0.3 |
-0.1 |
-0.3 |
-0.4 |
|
Total Capital Leases, Supplemental |
- |
1.9 |
2.1 |
3.7 |
2.8 |
|
Operating Leases Due Within 1 Year |
- |
- |
41.5 |
19.9 |
15.8 |
|
Operating Leases Due in 5 Years |
- |
- |
78.7 |
37.2 |
33.2 |
|
Operating Leases - Remaining Maturities |
- |
- |
27.0 |
5.6 |
7.8 |
|
Total Operating Leases, Supplemental |
- |
- |
147.2 |
62.7 |
56.9 |
|
Unfunded Plan Obligations |
- |
- |
26.3 |
28.8 |
- |
|
Pension Obligation |
- |
- |
248.6 |
248.2 |
233.7 |
|
Plan Assets |
- |
- |
242.3 |
231.4 |
204.8 |
|
Funded Status |
- |
- |
-6.3 |
-16.8 |
-28.9 |
|
Total Funded Status |
- |
- |
-32.6 |
-45.6 |
-28.9 |
|
Discount Rate |
- |
- |
4.80% |
5.40% |
6.10% |
|
Expected Return on Plan Assets |
- |
- |
5.60% |
6.00% |
5.80% |
|
Compensation Rate |
- |
- |
2.50% |
3.20% |
3.40% |
|
Equities |
- |
- |
25.00% |
25.00% |
20.00% |
|
Fixed Interst Investments |
- |
- |
17.00% |
17.00% |
11.00% |
|
Cash and Deposits |
- |
- |
3.00% |
4.00% |
11.00% |
|
Property |
- |
- |
2.00% |
3.00% |
3.00% |
|
Insurance Contracts |
- |
- |
53.00% |
51.00% |
55.00% |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
|
Auditor |
KPMG Reviseurs d
Entreprises SCc. |
KPMG Reviseurs d
Entreprises SCc. |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Group Profit |
-253.8 |
-132.9 |
26.9 |
-231.8 |
205.4 |
|
Depreciation |
134.5 |
134.5 |
153.6 |
175.4 |
211.8 |
|
Amortization of Intangibles |
- |
- |
18.8 |
14.5 |
- |
|
Impairment Losses on Investments |
137.0 |
210.0 |
1.5 |
0.0 |
- |
|
Provisions |
110.8 |
-5.3 |
-61.3 |
105.8 |
13.6 |
|
Finance costs |
62.4 |
65.6 |
53.2 |
25.7 |
43.6 |
|
Finance Income |
-31.1 |
-29.1 |
-15.4 |
-10.2 |
-12.0 |
|
Result from Sale of Assets |
-9.3 |
-13.2 |
-33.0 |
-2.1 |
-18.1 |
|
Share of Result of Equity Accounted Inv. |
-9.4 |
-8.2 |
-2.1 |
-1.4 |
-16.8 |
|
Purchase of Own Shares |
-0.8 |
2.4 |
- |
- |
- |
|
Income Tax Expense |
23.1 |
40.2 |
13.4 |
7.4 |
90.2 |
|
Other non-cash items |
-5.3 |
-9.3 |
-0.7 |
6.0 |
-2.0 |
|
Changes in inventories |
-16.8 |
-80.9 |
18.4 |
166.5 |
-218.1 |
|
Changes in trade and other receivables |
10.7 |
-133.6 |
-22.6 |
260.9 |
-77.2 |
|
Changes in trade and other payables |
-62.1 |
-54.4 |
105.0 |
-53.5 |
3.8 |
|
Interest Paid |
- |
- |
-15.8 |
-12.4 |
-21.4 |
|
Interest Received |
- |
- |
1.9 |
0.3 |
4.1 |
|
Income Tax Paid |
-35.2 |
-38.5 |
-24.6 |
-21.3 |
-84.3 |
|
Other Finance Costs Paid |
- |
- |
-12.6 |
- |
- |
|
Dividends Received from Associates |
9.1 |
12.2 |
6.6 |
8.8 |
14.9 |
|
Dividends Paid to Minority |
-0.8 |
0.0 |
- |
- |
- |
|
Cash from Operating Activities |
63.2 |
-40.6 |
211.2 |
438.5 |
137.5 |
|
|
|
|
|
|
|
|
Acquisition of Property/Plant/Equipment |
-146.7 |
-148.1 |
-155.1 |
-156.3 |
-137.8 |
|
Acquisition of other intangible assets |
-4.8 |
-9.9 |
-4.9 |
-5.3 |
-10.5 |
|
Acquisition of investments accounted for |
-1.2 |
-4.2 |
-12.3 |
-10.2 |
-4.5 |
|
Acqusition of Business |
-20.0 |
-10.6 |
0.0 |
-81.8 |
-27.1 |
|
Acqusition of Investment |
14.3 |
- |
-2.1 |
-0.1 |
-0.6 |
|
Sale of Property/Plant/Equipment |
4.0 |
8.5 |
14.6 |
5.6 |
22.1 |
|
Proceeds from sale of other intangible a |
0.0 |
0.1 |
2.9 |
0.1 |
0.0 |
|
Sale of Subsidiaries |
-2.2 |
199.8 |
32.0 |
0.0 |
0.0 |
|
Proceeds from sale of investments accoun |
26.9 |
0.0 |
4.8 |
0.0 |
0.0 |
|
Sale of Investment |
- |
- |
- |
0.0 |
0.1 |
|
Government Grants |
- |
- |
- |
0.0 |
0.0 |
|
Cash from Investing Activities |
-129.8 |
35.7 |
-120.1 |
-248.0 |
-158.3 |
|
|
|
|
|
|
|
|
Increase / (decrease) of issued capital |
1.0 |
3.1 |
1.7 |
2.2 |
3.4 |
|
Balancing Item - Financing |
-0.1 |
-0.1 |
- |
- |
- |
|
Decrease Cap. Grant |
-31.9 |
-121.1 |
- |
- |
- |
|
Loans, Net |
148.8 |
40.5 |
86.0 |
-144.9 |
14.8 |
|
Payment of transaction costs related to |
0.0 |
-5.1 |
-14.7 |
- |
- |
|
Interest Paid |
-18.8 |
-17.5 |
- |
- |
- |
|
Interest Received |
0.4 |
1.7 |
- |
- |
- |
|
Other finance costs paid |
-6.6 |
-11.1 |
1.6 |
-8.9 |
-3.5 |
|
Reimburse. LT Rcvbls |
-6.6 |
-9.0 |
- |
- |
- |
|
Dividends paid to shareholders |
-25.4 |
-28.1 |
-26.8 |
-51.5 |
-51.2 |
|
Cash from Financing Activities |
60.9 |
-147.0 |
47.8 |
-203.0 |
-36.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.4 |
0.1 |
1.7 |
-0.3 |
-1.3 |
|
Net Change in Cash |
-6.0 |
-151.7 |
140.6 |
-12.8 |
-58.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
43.9 |
199.4 |
58.7 |
74.4 |
136.9 |
|
Net Cash - Ending Balance |
37.9 |
47.6 |
199.3 |
61.6 |
78.3 |
|
Cash Interest Paid |
18.8 |
17.5 |
15.8 |
12.4 |
21.4 |
|
Cash Taxes Paid |
35.2 |
38.5 |
24.6 |
21.3 |
84.3 |
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.62.12 |
|
UK Pound |
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
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
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%)