MIRA
INFORM REPORT
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Report Date : |
01.07.2014 |
IDENTIFICATION DETAILS
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Name : |
CARL ZEISS MEDITEC AG |
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Registered Office : |
Goeschwitzer Strasse 51-52 Jena, 07745 |
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Country : |
Germany |
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Financials (as on) : |
30.09.2013 |
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Date of Incorporation : |
30.11.1995 |
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Com. Reg. No.: |
HRB205623 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Subject is engaged in supplier, specializing in
Ophthalmology and Neuro/Ear Nose Throat surgery |
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No. of Employees : |
2,541 |
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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Germany |
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 |
GERMANY - ECONOMIC
OVERVIEW
The German economy - the fifth largest economy in the world
in PPP terms and Europe's largest - is a leading exporter of machinery,
vehicles, chemicals, and household equipment and benefits from a highly skilled
labor force. Like its Western European neighbors, Germany faces significant
demographic challenges to sustained long-term growth. Low fertility rates and
declining net immigration are increasing pressure on the country's social
welfare system and necessitate structural reforms. Reforms launched by the
government of Chancellor Gerhard SCHROEDER (1998-2005), deemed necessary to
address chronically high unemployment and low average growth, contributed to
strong growth in 2006 and 2007 and falling unemployment. These advances, as
well as a government subsidized, reduced working hour scheme, help explain the
relatively modest increase in unemployment during the 2008-09 recession - the
deepest since World War II - and its decrease to 6.5% in 2012. GDP contracted
5.1% in 2009 but grew by 4.2% in 2010, and 3.0% in 2011, before dipping to 0.7%
in 2012 - a reflection of low investment spending due to crisis-induced
uncertainty and the decreased demand for German exports from recession-stricken
periphery countries. Stimulus and stabilization efforts initiated in 2008 and
2009 and tax cuts introduced in Chancellor Angela MERKEL's second term
increased Germany's total budget deficit - including federal, state, and
municipal - to 4.1% in 2010, but slower spending and higher tax revenues
reduced the deficit to 0.8% in 2011. In 2012 Germany reached a budget surplus
of 0.1%. A constitutional amendment approved in 2009 limits the federal
government to structural deficits of no more than 0.35% of GDP per annum as of
2016 though the target was already reached in 2012. By 2014, the federal
government wants to balance its budget. Following the March 2011 Fukushima
nuclear disaster, Chancellor Angela Merkel announced in May 2011 that eight of
the country's 17 nuclear reactors would be shut down immediately and the
remaining plants would close by 2022. Germany hopes to replace nuclear power
with renewable energy. Before the shutdown of the eight reactors, Germany
relied on nuclear power for 23% of its electricity generating capacity and 46%
of its base-load electricity production
Source
: CIA
Company name and address
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CARL ZEISS MEDITEC
AG |
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Business Description
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Carl Zeiss Meditec AG is a Germany-based medical technology solutions supplier, specializing in Ophthalmology and Neuro/Ear Nose Throat surgery. Its diagnostic and therapeutic solutions are used for treating four main ophthalmic conditions: vision defects, cataracts, glaucoma and retinal disorders. The Company's solutions include optical biometry equipment; optical coherence tomography equipment; lens analyzers; fundus imaging cameras; standard and refractive ophthalmic lasers and slit lamps. In the field of Neurosurgery, it offers visualization solutions and surgical microscopes, used in clinical treatment of accidents, nerve reconstruction and pediatric neurosurgery. It is also involved in the development of visualization solutions in the area of intraoperative radiation therapy. The Company has subsidiaries in Germany, France, Spain, the United States, Japan, Mauritius and the United Kingdom, as well as distribution companies and agencies globally. For the nine months ended 30 June 2013, Carl Zeiss Meditec AG revenues increased 3% to EUR649M. Net income increased 25% to EUR66.1M. Revenues reflect Neuro Surgery segment increase from EUR89.6M to EUR289.5M, Ophthalmologic Systems segment increase from EUR81.5M to EUR266.8M, EMEA segment increase from EUR68.2M to EUR224.1M, Americas segment increase from EUR71M to EUR221.1M. |
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
3250 - Manufacture of medical and dental instruments and supplies |
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NACE Rev 2: |
3250 - Manufacture of medical and dental instruments and supplies |
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NAICS 2012: |
334510 - Electromedical and Electrotherapeutic Apparatus Manufacturing |
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UK SIC 2007: |
3250 - Manufacture of medical and dental instruments and supplies |
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US SIC 1987: |
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Key Executives
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Significant Developments
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News
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Financial Summary
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Stock Snapshot
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Registered No.(Other): HRB205623
Parent Registered No.(UK): DEU
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7705342
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7719989
Corporate Overview
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Industry Codes
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ANZSIC 2006 Codes: |
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2412 |
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Medical and Surgical Equipment Manufacturing |
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ISIC Rev 4 Codes: |
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3250 |
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Manufacture of medical and dental instruments and supplies |
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NACE Rev 2 Codes: |
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3250 |
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Manufacture of medical and dental instruments and supplies |
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NAICS 2012 Codes: |
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334510 |
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Electromedical and Electrotherapeutic Apparatus Manufacturing |
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US SIC 1987: |
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3845 |
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Electromedical and Electrotherapeutic Apparatus |
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UK SIC 2007: |
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3250 |
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Manufacture of medical and dental instruments and supplies |
Business Description
Carl Zeiss Meditec AG is a Germany-based medical technology solutions supplier, specializing in Ophthalmology and Neuro/Ear Nose Throat surgery. Its diagnostic and therapeutic solutions are used for treating four main ophthalmic conditions: vision defects, cataracts, glaucoma and retinal disorders. The Company's solutions include optical biometry equipment; optical coherence tomography equipment; lens analyzers; fundus imaging cameras; standard and refractive ophthalmic lasers and slit lamps. In the field of Neurosurgery, it offers visualization solutions and surgical microscopes, used in clinical treatment of accidents, nerve reconstruction and pediatric neurosurgery. It is also involved in the development of visualization solutions in the area of intraoperative radiation therapy. The Company has subsidiaries in Germany, France, Spain, the United States, Japan, Mauritius and the United Kingdom, as well as distribution companies and agencies globally. For the nine months ended 30 June 2013, Carl Zeiss Meditec AG revenues increased 3% to EUR649M. Net income increased 25% to EUR66.1M. Revenues reflect Neuro Surgery segment increase from EUR89.6M to EUR289.5M, Ophthalmologic Systems segment increase from EUR81.5M to EUR266.8M, EMEA segment increase from EUR68.2M to EUR224.1M, Americas segment increase from EUR71M to EUR221.1M.
More Business Descriptions
Medical technology company: development, manufacture and marketing of medical laser and diagnostic systems
Carl Zeiss Meditec AG is primarily engaged in manufacture of instruments and appliances used for medical, surgical, dental or veterinary purposes (electro-diagnostic apparatus such as electrocardiographs, ultrasonic diagnostic equipment, scintillation scanners, nuclear magnetic resonance apparatus, dental drill engines, sterilizers, ophthalmic instruments); manufacture of syringes, needles used in medicine, mirrors, reflectors, endoscopes, etc.; manufacture of apparatus based on the use of X-rays or alpha, beta or gamma radiation whether ornot for use in human or animal medicine (X-ray tubes, high tension generators, control panels, desks, screens, etc.); manufacture of medical, surgical, dental or veterinary furniture (operating tables, hospital beds with mechanical fittings, dentists’ chairs); and manufacture of mechano-therapy appliances, massage apparatus, psychological testing apparatus, ozone therapy, oxygen therapy, artificial respiration apparatus, gas masks, etc. This class also includes: manufacture of orthopaedic appliances (crutches, surgical belts and trusses, splints, artificial teeth, artificial limbs and other artificial parts of the body, hearing aids, pace-makers, orthopaedic shoes, etc.).
Carl Zeiss Meditec AG (Carl Zeiss Meditec) is a company within Carl Zeiss AG. It is an integrated medical technology company that manufactures ophthalmic diagnostic and therapeutic products, including examination and surgical microscopes, diagnostic systems, laser surgery equipment, and intraocular lenses. It operates several branch offices dealing with the production, sales, services, and research and development; as well as authorized sales and service locations across the regions of Americas, Europe and Asia-Pacific. Carl Zeiss Meditec has subsidiaries in the US, France, Japan, Spain, the UK and Germany. The company’s research and development (R&D) activities are focused on examining new technological concepts in terms of their clinical relevance and effectiveness; expansion of its product portfolio through the development of new products and product platforms based on the available basic technologies. During fiscal year 2012, Carl Zeiss Meditec spent about €93.45m, which accounted for 10.8% of its total revenue. Carl Zeiss Meditec classifies its geographic operations into four regions, namely, Germany, the US, Japan and Europe. During fiscal year 2012, the company generated about 42.5% of its total revenues from Germany, followed by the US (33%), Japan (13.9%) and Europe (10.6%).In November 2012, the company launched a new family of optical coherence tomography (OCT) products and new Eye Care Data Management software. In the same month, the company received the US FDA clearance for Software Version 3.0 of the FORUM Eye Care Data Management System for streamlined clinical workflow and practice efficiency. In October 2012, Carl Zeiss Meditec launched new Trenion 3D HD video system for the OPMI PENTERO microscope. The company operates through three strategic business units, namely, Ophthalmic Systems; Surgical Ophthalmology; and Microsurgery.
Carl Zeiss Meditec AG (Carl Zeiss Meditec) is a medical equipment company. It carries out the development, manufacture and marketing of medical laser and diagnostic systems, intraocular lenses and consumables for ophthalmic surgery. It is an integrated medical technology company which operates in the fields of ophthalmology, neuro/ENT surgery and surgical ophthalmology. The company’s research and development activities are principally into the development of extreme ultraviolet lithography (EUV). Its products are marketed through distribution companies and agencies in Europe, Americas and Asia-Pacific. Carl Zeiss Meditec is a division of Carl Zeiss AG and is headquartered in Jena, Germany.The company focuses on progress in medicine with innovations for ophthalmology and microsurgery to manufacture products and solutions, to meet the needs of clinicians and professionals. Carl Zeiss Meditec envisages establishing its position through the development of innovative products and enhancement of existing ones, internal development, strong partner relationships and strategic collaborations.The company reported revenues of (Euro) EUR 861.88 million during the fiscal year ended September 2012, an increase of 13.59% over 2011. The operating profit of the company was EUR 122.90 million during the fiscal year 2012, an increase of 18.67% over 2011. The net profit of the company was EUR 71.87 million during the fiscal year 2012, an increase of 7.42% over 2011.
Carl Zeiss Meditec AG, a subsidiary of Carl Zeiss AG, is one of the world's leading suppliers of solutions in the field of medical technology for ophthalmology. Founded as a workshop for precision mechanics and optics in the German city of Jena in 1846, Carl Zeiss is a leader in the optical and opto-electronic industries. The company offers an array of solutions and products for semiconductor and optoelectronic technology, life sciences and health care, eye care and industrial solutions. Two microscopes from Carl Zeiss were among the winners of prizes awarded by the United States' magazine Scientific Computing and Instrumentation. There are more than 14,000 employees in the group. It has offices in more than 30 countries and is represented in more than 100 countries, with production centers in Europe, Central America and Asia. Carl Zeiss Meditec AG, maintains offices in Jena, Germany, has its own subsidiaries in the United States and Japan.
Financial Data
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Financials in: |
EUR(mil) |
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Revenue: |
861.9 |
1 Year Growth |
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Net Income: |
71.9 |
13.6% |
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Assets: |
962.9 |
7.4% |
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Long Term Debt: |
16.8 |
11.0% |
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Total Liabilities: |
307.9 |
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Working Capital: |
0.5 |
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Date of Financial Data: |
30-Sep-2012 |
Market Data |
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Subsidiaries |
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Strategic Initiatives
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Partnerships |
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On March 28, 2011 it was honored with the German
Innovation Award for its INTRABEAM radiotherapy system. In October 2010, the
company was awarded with the prestigious Spine Technology Award for its
INTRABEAM system, which offers an alternative way of treating spine metastases.
This system was developed in collaboration with the University of Mannheim
and is used in the treatment of breast cancer. In May 2010, Carl Zeiss
Meditec was honored with the red dot award for its OPMI LUMERA 700 surgical
microscope, which was named the best for its excellent conception and
outstanding design. These awards and recognition would enhance company's
image and offers a strong customer base.Cost Containment PressuresThe
company’s ability to price its devices is under threat following the
increased level of scrutiny over the cost effectiveness of treatments by
government as well as private players.
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"Jun 12, 2013Carl
Zeiss Announces Slit Lamp Module For Enhanced Diagnosis And Easy
DocumentationCarl Zeiss Meditec AG announced that it is now expanding current
SL 115 Classic, SL 120 and SL 130 and older slit lamp models with the
possibility of recording images and videos in high definition. This means
that eye care professionals can now benefit from leading-edge recording
possibilities for a broad spectrum of the company's slit lamps. In the
development of the module a sharp focus was placed on achieving both
uncomplicated operation and a compact design.Developed by the company in
collaboration with Nobel laureate Professor Allvar Gullstrand around 100
years ago, the slit lamp has remained the most commonly used instrument in
ophthalmology to this very day. Image or video recordings facilitate
documentation, enable comparisons with previous diagnoses and permit highly
effective patient education, regardless of the site of use. Ludwin Monz,
president and CEO of Carl Zeiss Meditec, said, "The development of a
camera module with excellent ease of use for a broad line of ZEISS slit lamps
allows our customers to benefit from a convenient and efficient workflow in
their practice."
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Product |
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This showcases the
company’s operational efficiency.Product Innovation and DevelopmentCarl
Zeiss Meditec has an array of organic growth opportunities through
enhancement of product range. King Systems is investing its solid cash flows
in additional innovation, product development and targeting of new markets
for future growth. The company plans to increase its expenses on research and
development (R&D) in 2012, which will rapidly increase its rate of new
product launches. It will increase the product offering through a combination
of organic innovation, product licensing or acquisition and acquisitions of
company. During fiscal year 2011, Carl Zeiss Meditec spent about €84.2m,
which accounted for 11.1% of its total revenue. |
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For instance, the Centers for Medicare and Medicaid
Services (CMS) have imposed restrictions on the prices at which medical
devices and physician-administered drugs used in ophthalmic surgery are
reimbursed to Medicare patients.Rapid Technological ChangeCarl Zeiss Meditec
has an array of organic growth opportunities through enhancement of product
range. King Systems is investing its solid cash flows in additional
innovation, product development and targeting of new markets for future
growth. The company plans to increase its expenses on research and
development (R&D) in 2013, which will rapidly increase its rate of new
product launches. It will increase the product offering through a combination
of organic innovation, product licensing or acquisition and acquisitions of
company. During fiscal year 2012, Carl Zeiss Meditec spent about €93.45m,
which accounted for 10.8% of its total revenue. |
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Strengths/Weaknesses (SWOT)
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Overview
Carl Zeiss Meditec AG (Carl Zeiss Meditec) is an integrated medical technology company focusing on two business areas, namely, ophthalmology and neuro/ENT surgery. The company markets and sells its products across the world. Its diversified manufacturing presence ensures that the company remains shielded from any material business interruption, if any of these sites be affected by a natural disaster or plant shutdown. By spreading the business across the world, the company has managed to minimize the risks arising out of a specific geographical region. However, non-compliance by the company with applicable laws and regulations or failure to maintain, renew or obtain necessary permits and licenses could have an adverse effect on the company's results of operations and financial performance. This recall was principally due to a defective mirror coating in the device. Such recalls reduce the trust of people in company’s products and would affect sales.
Strengths
Increasing Operational Efficiency
Carl Zeiss Meditec reported strong operational performance with decreased cost structure and increased operating margins. The revenue increased 13.6% during the period. The company reported operating margin of 14.3% in 2012, as compared to 13.6% in 2011. This was due to 18.7% hike in the company’s operating income in 2012. Although the total cost increased by 12.8% but it was offset by increased revenue collection. In addition, the company reduced its operating cost as percentage of sales to 85.7% in 2012 from 86.4% in 2011. The administration cost as percentage of sales also decreased from 30% in 2011 to 28.4% in 2012. Such decrease in the company’s operating costs resulted in 7.4% hike in its net income in 2012. This showcases the company’s operational efficiency.
Product Innovation and
Development
Carl Zeiss Meditec has an array of organic growth opportunities through enhancement of product range. King Systems is investing its solid cash flows in additional innovation, product development and targeting of new markets for future growth. The company plans to increase its expenses on research and development (R&D) in 2012, which will rapidly increase its rate of new product launches. It will increase the product offering through a combination of organic innovation, product licensing or acquisition and acquisitions of company. During fiscal year 2011, Carl Zeiss Meditec spent about €84.2m, which accounted for 11.1% of its total revenue. It employs 14.5% of the total employees in its R&D activities. In February 2011, it has opened its Center for Application and Research (CARIn) in India. These efforts will include products designed for the international markets, range extensions to current products and new innovative offerings in the airway management market.
Strong Product Portfolio
The company has diversified its product offerings with its presence in a number of industries and markets. Carl Zeiss Meditec offers clinical solutions in Neurosurgery, ENT, Ophthalmology/Optometry, Spine, Plastic &Reconstructive surgery, Dentistry, Radiotherapy and Gynecology. The solutions offered by the company in Ophthalmology/Optometry area include products for OR and Diagnosis. The portfolio in OR consists of Refractive Surgery Systems, IOLs and Related Consumables, Surgical Microscopes and Ophthalmic Lasers. Diagnosis products include Corneal Topography, Slit Lamps, Glaucoma Diagnostics, Retinal Imaging, Optical Biometry, Anterior Segment Imaging, and Wavefront Analysis. In Neurosurgery, ENT, Spine, Dentistry and P&R, the products developed include surgical microscopes, loupes, intraopeartive fluorescence and digital visualizations. In Radiotherapy, the product developed is INTRABEAM System. This is used as general information, for breast cancer therapy, for neurosurgery, for the radiation oncologist, for the medical physicist and system components. In Gynecology, the products developed include Colposcope 150FC, Colposcope, MediLive ImageBox, MediLive MindStream, and FlexioStill & FlexioMotion. Moreover, the company has most recognized and valuable brand name “ZEISS†in the industry. Customers all over the world trust Carl Zeiss Meditec to supply high quality products. In 2012, the Ophthalmic Segment contributed 43.6%, followed by Microsurgery (43.9%) and Surgical ophthalmology (12.5%). Thus, a diversified product portfolio helps the company serve a diversified customer base, which in turn, mitigates the various risks associated with the overdependence on a particular product segment. It also insulates the company from fall in demand for any particular product line, thereby giving it a balanced revenue platform.
Diversified Operational
Presence
The company markets and sells its products across the world. Global presence of the company insulates it from the risk of operating in one country. The company has six production facilities in Jena, Oberkochen and Hennigsdorf, Germany; Dublin, the US; La Rochelle, France; and Suzhou, China. Also, the company has several smaller plants that belong to subsidiaries of Carl Zeiss Meditec S.A.S. in Besancon, France; Livingston, Scotland; and Mauritius. It produces devices and systems for ophthalmology in Jena and Dublin. In Oberkochen production plant, Carl Zeiss Meditec manufactures visualisation solutions for ophthalmology and neuro/ENT surgery. Further, the company’s intraocular lenses are manufactured at Hennigsdorf and La Rochelle sites. It produces viscoelastics that are used in cataract surgery at Livingston site. The two remaining manufacturing facilities of Carl Zeiss Meditec S.A.S., produces instruments and consumables to treat ophthalmic diseases. The company’s diversified manufacturing presence ensures that it remains shielded from any material business interruption, if any of these sites be affected by a natural disaster or plant shutdown. Carl Zeiss Meditec has direct presence in the world’s key markets with subsidiaries in Germany, France, Spain, North America and Japan. The company principally operates in the geographic regions of Germany, the US, Japan and Europe. During fiscal year 2012, it generated about 42.5% of its total revenues from Germany, followed by 33% from the US, 13.9% from Japan, and 10.6% from Europe. By spreading the business across the globe, the company has managed to minimize the risks arising out of a specific geographical region.
Weaknesses
Carl Zeiss Meditec’s low debt to equity ratio indicates that it is exposing itself to a large amount of equity. In fiscal year 2012, Carl Zeiss Meditec recorded debt-equity ratio of 4.7%, as compared to 5.3% in 2011. The company recorded total equity of €654.99m in 2012, as compared to €599.04m in 2011. The total debt stood €30.91m in 2012, as against €31.98m in 2011. This indicates that the company is heavily dependent on equity for its finance. Financing a project through debt rather than equity will normally increase shareholder returns, because of the low cost of debt (interest - tax) than the cost of equity. Low debt-to-equity ratios indicate that a company is not taking advantage of the increased profits that financial leverage may bring.
The company reported inventory of €143.01m in 2012 as compared to €133.6m in 2011, reflecting an increase of 7%. This may result in pushing up its inventory costs. Moreover, its inventory turnover ratio stood low at 2.8 in 2012. The rise in inventory could force the company to reduce prices of its products. Also, this shows that the company is not effectively able to turn its inventory into sales. If the company is not able to reduce its excess inventory in future then, it may negatively affect its operating margins and net profitability.
Product Callbacks
Product recalls would not only have an impact on Carl Zeiss Meditec’s projected sales and profits, but also result in negative publicity. In November 2012, the company initiated a class 2 recall of several lots of IntraBeam balloon applicator set 4cm, 3.5cm and 3cm. Since a manufacturing defect has been identified which could results in the small tube becoming dislodged between the luer fitting and the check valve. In 2011, the company witnessed a surge in recalls due to several reasons. In October, the company withdrew OPMI VARIO 700 Surgical Microscope due to an incorrect nut and bolt set was used in the axis spring assembly. In September, the company recalled 1,677 consignees of certain surgical drapes and surgical microscope and accessories as the optically active protective lenses could affect the surgical microscope position information. In August, it called back certain boxes of INTRABEAM Shielding Material Flat. In May, the company recalled Cirrus HD-OCT Model 4000 instruments due to wrong documentation of a specific workflow in the name of patient itself. In January, the company’s US subsidiary Carl Zeiss Meditec Inc called back about 2540 units of its VISU 200 surgical microscopes due to an error in the user manual, which may lead to potential retina damage due to misapplied filter.
Opportunities
The company can be significantly benefited from the growing vision care market through its current product portfolio and launch of innovative products. In the recent years, the market for vision care has seen significant growth. It is estimated that over 57% of the population in the US, required vision correction. The global ophthalmic devices market was valued at $ 42,561.9m in 2012, and is expected to grow more than 4.4% during 2012-2018 to reach $57,549m by 2019, according to in-house forecasts. Vision Care is the largest category in terms of both revenues and units sold. In 2019, around 7,127,541,880 units (12% CAGR from 2012 to 2019) in Asia Pacific; 2,082,168,361 units (4% CAGR) in Europe; and 2,072,998,788 units (4% CAGR) in North America are expected to be sold. The revenues are expected to be to the tune of $ 21,129m (6.3% CAGR from 2012 to 2019) in Asia Pacific; $21,129m (2.4% CAGR) in Europe; and $15,517m (3.1% CAGR) in North America. This forecasted growth will principally be driven by socioeconomic factors such as ever increasing physical health consciousness, as well as increased efforts to reduce healthcare costs. Targeted marketing programs and product launches will ensure that the company continues to augment its market share in the global vision care devices market.
Industry Recognitions
Carl Zeiss Meditec has received a few awards and recognitions in the recent past, which improve the brand identity of the company. In April 2012, the company’s OPMI PENTERO 900 surgical microscope won the red dot award: product design 2012 in the Life Science and Medicine category. In March 2012, the company won NorthFace ScoreBoard award for ninth consecutive year from the Omega Management Group Corp. for delivering exceptional customer care. On March 28, 2011 it was honored with the German Innovation Award for its INTRABEAM radiotherapy system. In October 2010, the company was awarded with the prestigious Spine Technology Award for its INTRABEAM system, which offers an alternative way of treating spine metastases. This system was developed in collaboration with the University of Mannheim and is used in the treatment of breast cancer. In May 2010, Carl Zeiss Meditec was honored with the red dot award for its OPMI LUMERA 700 surgical microscope, which was named the best for its excellent conception and outstanding design. These awards and recognition would enhance company's image and offers a strong customer base.
The increasing population of people aged above 65, who consume more medical solutions than younger people and are more prone to chronic diseases, holds significant market potential for the company. The United Nations Population Division estimated that the number of people over the age of 60 throughout the world will triple to nearly 2 billion by 2050. Globally, the population of older persons is growing at a rate of 2.6% annually. According to the United Nations Population Division, people aged 60 are projected to account for 22% of the total world population by 2050, up from 11% in 2009. In developed economies such as the US, UK, France, Germany and Japan, the percentage of the 65 and older population is in double digits and is expected to continue to grow for the next seven years. Whilst developed countries have managed to slow down their overall population growth, their citizens’ longevity will cause problems in the future. Such a situation will increase the healthcare costs in those countries. The pace of aging population is faster in developing countries than in developed countries. Due to the large volume of the overall population in countries such as China and India, the number of people getting older is quite high. In 2009, the number of persons aged above 60 had increased three and a half times to 737 million. There were 12 countries with more than 10 million people aged above 60, including China (160 million), India (89 million), the US (56 million), Japan (38 million), the Russian Federation (25 million) and Germany (21 million). By 2050, 32 countries are expected to have over 10 million people aged above 60, including five countries with more than 50 million older people: China (440 million), India (316 million), the US (111 million), Indonesia (72 million) and Brazil (64 million). This elderly population is expected to exert increasing pressure on the healthcare system.
New Product Launches
Carl Zeiss Meditec continues to design and develop innovative products to meet the growing needs of its customers. The company has launched several products at regular intervals, which helps it in retaining its customer base and garner higher market share. In November 2012, the company launched a new family of optical coherence tomography (OCT) products and new Eye Care Data Management software. In the same month, the company received the US FDA clearance for Software Version 3.0 of the FORUM Eye Care Data Management System for streamlined clinical workflow and practice efficiency. In October 2012, Carl Zeiss Meditec launched new Trenion 3D HD video system for the OPMI PENTERO microscope. In January 2012, Carl Zeiss Meditec added a new dry age-related macular degeneration (AMD) and new glaucoma diagnostic tools for Cirrus HD-OCT. In May 2011, Carl Zeiss Meditec launched the next-generation, modular phaco and vitrectomy system on the market. In April 2011, it introduced modular phaco and vitrectomy system on the market, therefore expanding its line of solutions for eye surgery. The company has also launched a number of products in 2010. In October, Carl Zeiss Meditec introduced FORUM Glaucoma Workplace, VISULAS 532s VITE Laser System, and new indications cleared for the VisuMax Femtosecond Laser. In September, the company launched EyeMag Smart with sports frame for use in dental practices and microsurgery. It also introduced the multidisciplinary OPMI VARIO 700 surgical microscope, to addresses growth markets in microsurgery. In August, Carl Zeiss Meditec introduced Smart PI software for its scanning electron microscope. In May, the company launched a hard and software package for scanning electronic microscopes, namely, ATLAS. It is used both in neurological research and general histology and pathology. Additionally, in May, the company launched LED technology for stereomicroscopes. In April, it launched VisuMax Femtosecond Laser with ReLEx performs. This newly launched ReLEx application enables the ophthalmic surgeons to perform a variety of complete laser vision correction procedures using only the VisuMax Femtosecond laser. In January, the company extended its CONTURA G2 lines of products with navigator technology. Such product launches at regular intervals would help Carl Zeiss Meditec in retaining its customer base and garnering higher market share.
Threats
The company’s ability to price its devices is under threat following the increased level of scrutiny over the cost effectiveness of treatments by government as well as private players. The initiatives of managed care organizations and governments to contain healthcare costs in the US led to increased emphasis on the delivery of more cost-effective medical therapies. This could adversely affect the sales and prices of the company’s products. Physicians, hospitals and other healthcare providers may be reluctant to purchase the company's products if they are not reimbursed the cost of the company's products from third-party payers such as Medicare, Medicaid and health insurance programs. For instance, the Centers for Medicare and Medicaid Services (CMS) have imposed restrictions on the prices at which medical devices and physician-administered drugs used in ophthalmic surgery are reimbursed to Medicare patients.
Rapid Technological Change
Carl Zeiss Meditec has an array of organic growth opportunities through enhancement of product range. King Systems is investing its solid cash flows in additional innovation, product development and targeting of new markets for future growth. The company plans to increase its expenses on research and development (R&D) in 2013, which will rapidly increase its rate of new product launches. It will increase the product offering through a combination of organic innovation, product licensing or acquisition and acquisitions of company. During fiscal year 2012, Carl Zeiss Meditec spent about €93.45m, which accounted for 10.8% of its total revenue. It employs 15.8% of the total employees in its R&D activities. In recent past, it has opened its Center for Application and Research (CARIn) in India. These efforts will include products designed for the international markets, range extensions to current products and new innovative offerings in the airway management market.
Intense Competition
The company’s performance could be affected by the competitive environment prevailing in the medical equipment sector and customer preferences. Some of the major competitors of the company are Bausch & Lomb Incorporated, CooperVision, Inc., Hoya Corporation, CIBA Vision Corporation, Essilor International and Abbott Medical Optics, Inc. among others. The demand for its products depends on the competitive atmosphere, including the timely development and introduction of new and competitive products and the company’s response to downward pricing to sustain competition. Factors including changes in customer order patterns, changing incentive programs or competitors’ new products can impact the company’s competitive ability.
Regulatory Requirements
Carl Zeiss Meditec’s products, research and development activities and manufacturing processes are subject to various local, state, federal, foreign and transnational laws and regulations. In the US, the FDA regulates the introduction of new medical products, manufacturing and labeling and record keeping procedures for such products. Receiving marketing approval for new medical devices from the US FDA is time consuming and expensive. Products distributed outside of the US are also subject to regulations in countries in which Carl Zeiss Meditec operates. The company has to comply with rules brought into force by foreign regulatory bodies, which have established different regulations governing product standards, packaging and labeling requirements, import restrictions, tariff regulations and tax requirements. Non-compliance by the company with applicable laws and regulations or failure to maintain, renew or obtain necessary permits and licenses could have an adverse effect on the company's results of operations and financial performance.
Corporate Structure News
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Oberkochen |
Germany |
Machinery and Equipment Manufacturing |
13,667 |
||
|
Subsidiary |
Oberkochen |
Germany |
Machinery and Equipment Manufacturing |
5,402.7 |
24,326 |
|
|
Subsidiary |
Aalen, Baden-Württemberg |
Germany |
Machinery and Equipment Manufacturing |
10,000 |
||
|
Subsidiary |
San Diego, CA |
United States |
Medical Equipment and Supplies |
650.1 |
6,634 |
|
|
Carl Zeiss Vision Manufactura De México, S. De R.L. De C.V. |
Subsidiary |
Tijuana, Baja California |
Mexico |
Machinery and Equipment Manufacturing |
36.5 |
1,800 |
|
Subsidiary |
Troy, MI |
United States |
Machinery and Equipment Manufacturing |
27.9 |
120 |
|
|
Branch |
Clackamas, OR |
United States |
Medical Equipment and Supplies |
22.7 |
90 |
|
|
Branch |
St Cloud, MN |
United States |
Medical Equipment and Supplies |
13.1 |
60 |
|
|
Branch |
Forest Park, GA |
United States |
Professional and Commercial Equipment Wholesale |
112.5 |
38 |
|
|
Branch |
San Diego, CA |
United States |
Professional and Commercial Equipment Wholesale |
98.3 |
38 |
|
|
Branch |
Independence, MO |
United States |
Professional and Commercial Equipment Wholesale |
56.4 |
25 |
|
|
Subsidiary |
Independence, MO |
United States |
Pharmacies and Personal Care Stores |
6 |
||
|
Branch |
Rancho Cordova, CA |
United States |
Professional and Commercial Equipment Wholesale |
9.4 |
4 |
|
|
Branch |
Lewisville, TX |
United States |
Life and Health Insurance |
5.4 |
4 |
|
|
Branch |
Hebron, KY |
United States |
Pharmacies and Personal Care Stores |
0.5 |
4 |
|
|
Branch |
Santa Rosa, CA |
United States |
Pharmacies and Personal Care Stores |
0.4 |
3 |
|
|
Subsidiary |
Aalen, Baden-Württemberg |
Germany |
Machinery and Equipment Manufacturing |
258.0 |
987 |
|
|
Subsidiary |
Varese, Lombardia |
Italy |
Machinery and Equipment Manufacturing |
81.0 |
391 |
|
|
Subsidiary |
Lonsdale, SA |
Australia |
Medical Equipment and Supplies |
75.9 |
320 |
|
|
Subsidiary |
Setúbal, Setúbal |
Portugal |
Medical Equipment and Supplies |
19.8 |
133 |
|
|
Subsidiary |
Wexford |
Ireland |
Pharmacies and Personal Care Stores |
12.2 |
116 |
|
|
Subsidiary |
Dublin |
Ireland |
Miscellaneous Wholesale |
40.6 |
||
|
Subsidiary |
Wexford |
Ireland |
Miscellaneous Wholesale |
1.9 |
||
|
Subsidiary |
Osaka |
Japan |
Machinery and Equipment Manufacturing |
100 |
||
|
Subsidiary |
Mexico |
Mexico |
Machinery and Equipment Manufacturing |
100 |
||
|
Subsidiary |
Singapore |
Singapore |
Medical Equipment and Supplies |
3.8 |
90 |
|
|
Subsidiary |
Birmingham |
United Kingdom |
Medical Equipment and Supplies |
57.4 |
78 |
|
|
Subsidiary |
Torquay |
United Kingdom |
Miscellaneous Wholesale |
61.7 |
70 |
|
|
Subsidiary |
Fougeres |
France |
Medical Equipment and Supplies |
74 |
||
|
Subsidiary |
London |
United Kingdom |
Machinery and Equipment Manufacturing |
50 |
||
|
Subsidiary |
Basel |
Switzerland |
Machinery and Equipment Manufacturing |
15 |
||
|
Subsidiary |
Sliedrecht, Zuid-Holland |
Netherlands |
Miscellaneous Wholesale |
11 |
||
|
Subsidiary |
Saarbrucken |
Germany |
Machinery and Equipment Manufacturing |
8 |
||
|
Subsidiary |
Caracas |
Venezuela |
Machinery and Equipment Manufacturing |
5 |
||
|
Subsidiary |
Port Elizabeth, Eastern Cape |
South Africa |
Magnetic and Optical Media Manufacturing |
|||
|
Subsidiary |
Petropolis, RJ |
Brazil |
Machinery and Equipment Manufacturing |
|||
|
Subsidiary |
Guangzhou |
China |
Machinery and Equipment Manufacturing |
|||
|
Subsidiary |
Tijuana |
Mexico |
Pharmacies and Personal Care Stores |
|||
|
Subsidiary |
Jena, Thüringen |
Germany |
Machinery and Equipment Manufacturing |
2,580 |
||
|
Subsidiary |
Shinjuku-Ku, Tokyo |
Japan |
Professional and Commercial Equipment Wholesale |
47.7 |
9 |
|
|
Subsidiary |
Jena |
Germany |
Electromedical and Control Instruments Manufacturing |
1,118.5 |
2,541 |
|
|
Subsidiary |
Le Pecq |
France |
Health and Personal Care Wholesale |
61.0 |
74 |
|
|
Subsidiary |
Shinjuku-Ku, Tokyo |
Japan |
Professional and Commercial Equipment Wholesale |
156.1 |
||
|
Carl Zeiss Meditec Asset Management Verwaltungsgesellschaft mbH |
Subsidiary |
Jena, Thüringen |
Germany |
Commercial and Industrial Rental |
0.7 |
|
|
Subsidiary |
Oberkochen, Baden-Württemberg |
Germany |
Machinery and Equipment Manufacturing |
2,000 |
||
|
Subsidiary |
Oberkochen, Baden-Württemberg |
Germany |
Machinery and Equipment Manufacturing |
200 |
||
|
Subsidiary |
Jena, Thüringen |
Germany |
Machinery and Equipment Manufacturing |
90 |
||
|
Subsidiary |
Jena, Thüringen |
Germany |
Machinery and Equipment Manufacturing |
297.9 |
1,800 |
|
|
Subsidiary |
Oberkochen, Baden-Württemberg |
Germany |
Machinery and Equipment Manufacturing |
700 |
||
|
Subsidiary |
Tholey, Saarland |
Germany |
Machinery and Equipment Manufacturing |
115 |
||
|
Subsidiary |
Essingen, Baden-Württemberg |
Germany |
Photographic Services |
40 |
||
|
Subsidiary |
Ostfildern, Baden-Württemberg |
Germany |
Machinery and Equipment Manufacturing |
6.3 |
26 |
|
|
Subsidiary |
Wangen, Baden-Württemberg |
Germany |
Machinery and Equipment Manufacturing |
3.9 |
25 |
|
|
Subsidiary |
Dresden, Sachsen |
Germany |
Research and Development Services |
20 |
||
|
Subsidiary |
Essingen, Baden-Württemberg |
Germany |
Research and Development Services |
14 |
||
|
Subsidiary |
Fougères |
France |
Medical Equipment and Supplies |
100.7 |
681 |
|
|
Subsidiary |
Fougères |
France |
Medical Equipment and Supplies |
107.6 |
445 |
|
|
Subsidiary |
Aubergenville |
France |
Medical Equipment and Supplies |
54.6 |
374 |
|
|
Subsidiary |
Dublin, CA |
United States |
Machinery and Equipment Manufacturing |
500 |
||
|
Subsidiary |
San Diego, CA |
United States |
Medical Equipment and Supplies |
16.0 |
120 |
|
|
Subsidiary |
Wetzlar, Hessen |
Germany |
Machinery and Equipment Manufacturing |
111.5 |
430 |
|
|
Carl Zeiss Sport Optikai Hungaria Gyarto Es Kereskedelmi Korlatolt Felelossegu Tarsasag |
Subsidiary |
Mateszalka |
Hungary |
Machinery and Equipment Manufacturing |
10.9 |
147 |
|
Subsidiary |
Jena |
Germany |
Electromedical and Control Instruments Manufacturing |
400 |
||
|
Subsidiary |
México, D.F. |
Mexico |
Electromedical and Control Instruments Manufacturing |
150 |
||
|
Subsidiary |
Le Pecq |
France |
Professional and Commercial Equipment Wholesale |
44.4 |
149 |
|
|
Subsidiary |
Sao Paulo, Sao Paulo |
Brazil |
Professional and Commercial Equipment Wholesale |
42.8 |
120 |
|
|
Subsidiary |
North York, ON |
Canada |
Professional and Commercial Equipment Wholesale |
100 |
||
|
Branch |
Sainte-Genevieve, QC |
Canada |
Professional and Commercial Equipment Wholesale |
71.4 |
84 |
|
|
Subsidiary |
Chester, VA |
United States |
Medical Equipment and Supplies |
4.6 |
96 |
|
|
Branch |
Baltimore, MD |
United States |
Medical Equipment and Supplies |
11.2 |
50 |
|
|
Branch |
Hebron, KY |
United States |
Physicians and Health Practitioners |
1.4 |
8 |
|
|
Subsidiary |
North Ryde, NSW |
Australia |
Professional and Commercial Equipment Wholesale |
75.9 |
77 |
|
|
Subsidiary |
North Ryde, NSW |
Australia |
Medical Equipment and Supplies |
40 |
||
|
Subsidiary |
Singapore |
Singapore |
Electronics Wholesale |
5 |
||
|
Subsidiary |
Petaling Jaya, Selangor |
Malaysia |
Pharmacies and Personal Care Stores |
11.0 |
||
|
Subsidiary |
Bangalore, Karnataka |
India |
Professional and Commercial Equipment Wholesale |
|||
|
Subsidiary |
Auckland |
New Zealand |
Professional and Commercial Equipment Wholesale |
|||
|
Subsidiary |
Gauteng |
South Africa |
Professional and Commercial Equipment Wholesale |
|||
|
Subsidiary |
Mainz, Rheinland-Pfalz |
Germany |
Non-Metallic Mineral Product Manufacturing |
2,606.9 |
17,450 |
|
|
Subsidiary |
Mainz |
Germany |
Semiconductor and Other Electronic Component Manufacturing |
3,152.4 |
16,960 |
|
|
Subsidiary |
Jena, Thüringen |
Germany |
Photographic Services |
160.5 |
460 |
|
|
Subsidiary |
Jena, Thüringen |
Germany |
Electrical Equipment and Appliances Manufacturing |
160 |
||
|
Subsidiary |
Mainz, Rheinland-Pfalz |
Germany |
Electrical Equipment and Appliances Manufacturing |
130 |
||
|
Subsidiary |
Elmsford, NY |
United States |
Non-Metallic Mineral Product Manufacturing |
495.0 |
16,700 |
|
|
Branch |
Southbridge, MA |
United States |
Medical Equipment and Supplies |
67.0 |
280 |
|
|
Branch |
Elmsford, NY |
United States |
Residential and Commercial Building Construction |
142.0 |
200 |
|
|
Subsidiary |
Lebanon, PA |
United States |
Non-Metallic Mineral Product Manufacturing |
15.0 |
135 |
|
|
Branch |
Auburn, NY |
United States |
Non-Metallic Mineral Product Manufacturing |
64 |
||
|
Subsidiary |
Louisville, KY |
United States |
Specialty Construction Trade Contractors |
4.6 |
15 |
|
|
Subsidiary |
Louisville, KY |
United States |
Miscellaneous Manufacturing |
10 |
||
|
Branch |
Vincennes, IN |
United States |
Miscellaneous Manufacturing |
69.6 |
300 |
|
|
Branch |
Arlington, VA |
United States |
Miscellaneous Wholesale |
19.6 |
8 |
|
|
Subsidiary |
Elmsford, NY |
United States |
Miscellaneous Manufacturing |
6 |
||
|
Branch |
Southbridge, MA |
United States |
Miscellaneous Professional Services |
0.7 |
5 |
|
|
Subsidiary |
Southbridge, MA |
United States |
Electrical Equipment and Appliances Manufacturing |
5 |
||
|
Branch |
San Jose, CA |
United States |
Medical Equipment and Supplies |
2.2 |
8 |
|
|
Branch |
Golden, CO |
United States |
Non-Metallic Mineral Product Manufacturing |
0.7 |
2 |
|
|
Subsidiary |
Louisville, KY |
United States |
Rubber and Plastic Product Manufacturing |
4 |
||
|
Branch |
Southbridge, MA |
United States |
Motor Vehicle and Parts Dealers |
1.7 |
3 |
|
|
Branch |
Parkersburg, WV |
United States |
Home and Garden Retail |
0.9 |
3 |
|
|
Subsidiary |
Mainz |
Germany |
Machinery and Equipment Manufacturing |
4,000 |
||
|
Subsidiary |
Duryea, PA |
United States |
Non-Metallic Mineral Product Manufacturing |
60.0 |
300 |
|
|
Subsidiary |
Mitterteich |
Germany |
Non-Metallic Mineral Product Manufacturing |
182.4 |
1,220 |
|
|
Subsidiary |
Bad Gandersheim |
Germany |
Machinery and Equipment Manufacturing |
530 |
||
|
Subsidiary |
ValaÅ¡ské MezirÃcà |
Czech Republic |
Semiconductor and Other Electronic Component Manufacturing |
613.0 |
511 |
|
|
Subsidiary |
Jena, Thüringen |
Germany |
Non-Metallic Mineral Product Manufacturing |
500 |
||
|
Subsidiary |
Alzenau |
Germany |
Semiconductor and Other Electronic Component Manufacturing |
500 |
||
|
Subsidiary |
Albuquerque, NM |
United States |
Research and Development Services |
225 |
||
|
Subsidiary |
Itupeva, SP |
Brazil |
Non-Metallic Mineral Product Manufacturing |
470 |
||
|
Subsidiary |
Jena, Thüringen |
Germany |
Semiconductor and Other Electronic Component Manufacturing |
300 |
||
|
Subsidiary |
Suzhou, Jiangsu |
China |
Non-Metallic Mineral Product Manufacturing |
300 |
||
|
Joint Venture |
Sweetwater, TN |
United States |
Non-Metallic Mineral Product Manufacturing |
140.0 |
250 |
|
|
Subsidiary |
Vincennes, IN |
United States |
Non-Metallic Mineral Product Manufacturing |
78.4 |
500 |
|
|
Branch |
Madisonville, KY |
United States |
Home Furnishings Wholesale |
189.1 |
85 |
|
|
Branch |
Garnet Valley, PA |
United States |
Non-Metallic Mineral Product Manufacturing |
3.4 |
15 |
|
|
Subsidiary |
Tokyo |
Japan |
Electromedical and Control Instruments Manufacturing |
119.6 |
208 |
|
|
Subsidiary |
Mainz |
Germany |
Non-Metallic Mineral Product Manufacturing |
200 |
||
|
Subsidiary |
Rio de Janeiro |
Brazil |
Non-Metallic Mineral Product Manufacturing |
200 |
||
|
Subsidiary |
ValaÅ¡ské MezirÃcà |
Czech Republic |
Non-Metallic Mineral Product Manufacturing |
27.6 |
169 |
|
|
Subsidiary |
Sant Adria De Besos, Barcelona |
Spain |
Metal Products Manufacturing |
26.2 |
118 |
|
|
Subsidiary |
Singapore |
Singapore |
Machinery Wholesale |
5.1 |
100 |
|
|
Subsidiary |
Barcelona |
Spain |
Non-Metallic Mineral Product Manufacturing |
85 |
||
|
Subsidiary |
Casteljaloux |
France |
Machinery and Equipment Manufacturing |
70 |
||
|
Subsidiary |
Sao Paulo, Rio de Janiero |
Brazil |
Metal Products Manufacturing |
50 |
||
|
Subsidiary |
Clichy |
France |
Machinery and Equipment Manufacturing |
6.1 |
4 |
|
|
Subsidiary |
Pont Sur Yonne |
France |
Non-Metallic Mineral Product Manufacturing |
25.8 |
224 |
|
|
Subsidiary |
Casteljaloux |
France |
Non-Metallic Mineral Product Manufacturing |
7.8 |
74 |
|
|
Subsidiary |
Mainz, Rheinland-Pfalz |
Germany |
Holding Companies |
2 |
||
|
Subsidiary |
Vadodara, Gujarat |
India |
Non-Metallic Mineral Product Manufacturing |
32.1 |
||
|
Subsidiary |
St. Gallen, Sankt Gallen |
Switzerland |
Holding Companies |
0.3 |
||
|
Schott Forma Vitrum Gyogyszeripari Uvegtermek Gyarto Es Kereskedelmi Korlatolt Felelossegu |
Subsidiary |
Lukacshaza |
Hungary |
Non-Metallic Mineral Product Manufacturing |
57.0 |
553 |
|
Schott (Shanghai) Precision Materials & Equipment International Trading Co Ltd |
Subsidiary |
Shanghai |
China |
Non-Metallic Mineral Product Manufacturing |
||
|
Branch |
Müllheim, Baden-Württemberg |
Germany |
Non-Metallic Mineral Product Manufacturing |
|||
|
Subsidiary |
Budapest |
Hungary |
Medical Equipment and Supplies |
450 |
||
|
Subsidiary |
Oberkochen, Baden-Württemberg |
Germany |
Machinery and Equipment Manufacturing |
320 |
||
|
Subsidiary |
Cambridge |
United Kingdom |
Miscellaneous Professional Services |
63.4 |
176 |
|
|
Subsidiary |
Arese |
Italy |
Non-Metallic Mineral Product Manufacturing |
62.9 |
126 |
|
|
Subsidiary |
Novara |
Italy |
Electronic Equipment Repair and Maintenance |
8.4 |
26 |
|
|
Subsidiary |
Sliedrecht |
Netherlands |
Machinery and Equipment Manufacturing |
100 |
||
|
Subsidiary |
Poznan |
Poland |
Professional and Commercial Equipment Wholesale |
28.2 |
90 |
|
|
Subsidiary |
Tres Cantos, Madrid |
Spain |
Machinery and Equipment Manufacturing |
35.7 |
81 |
|
|
Subsidiary |
Vienna |
Austria |
Machinery and Equipment Manufacturing |
27.0 |
80 |
|
|
Subsidiary |
Moscow |
Russian Federation |
Non-Metallic Mineral Product Manufacturing |
80 |
||
|
Subsidiary |
Feldbach |
Switzerland |
Machinery and Equipment Manufacturing |
75 |
||
|
Subsidiary |
Tokyo |
Japan |
Professional and Commercial Equipment Wholesale |
55 |
||
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Professional and Commercial Equipment Wholesale |
23.9 |
84 |
|
|
Subsidiary |
Prague |
Czech Republic |
Non-Metallic Mineral Product Manufacturing |
55 |
||
|
Subsidiary |
Stockholm |
Sweden |
Machinery and Equipment Manufacturing |
30.4 |
50 |
|
|
Subsidiary |
Singapore |
Singapore |
Machinery and Equipment Manufacturing |
13.6 |
50 |
|
|
Branch |
Bengaluru, Karnataka |
India |
Professional and Commercial Equipment Wholesale |
9.4 |
||
|
Subsidiary |
Seoul |
Korea, Republic of |
Machinery and Equipment Manufacturing |
50 |
||
|
Subsidiary |
Coyoacan, Catarina |
Mexico |
Machinery and Equipment Manufacturing |
50 |
||
|
Subsidiary |
Öhringen, Baden-Württemberg |
Germany |
Computer and Peripheral Equipment Manufacturing |
45 |
||
|
Subsidiary |
Cheung Sha Wan, Kowloon |
Hong Kong |
Machinery and Equipment Manufacturing |
40 |
||
|
Subsidiary |
Shanghai, Shanghai |
China |
Professional and Commercial Equipment Wholesale |
67.4 |
||
|
Subsidiary |
Zaventem |
Belgium |
Machinery and Equipment Manufacturing |
21.7 |
38 |
|
|
Subsidiary |
Oslo |
Norway |
Medical Equipment and Supplies |
12.7 |
20 |
|
|
Subsidiary |
Bangkok |
Thailand |
Machinery and Equipment Manufacturing |
15 |
||
|
Subsidiary |
Warsaw |
Poland |
Machinery and Equipment Manufacturing |
15 |
||
|
Subsidiary |
Culemborg, Gelderland |
Netherlands |
Semiconductor and Other Electronic Component Manufacturing |
12 |
||
|
Subsidiary |
Shinjuku-Ku, Tokyo |
Japan |
Construction and Hardware Materials Wholesale |
49.2 |
||
|
Subsidiary |
Bratislava |
Slovakia |
Machinery and Equipment Manufacturing |
11 |
||
|
Subsidiary |
Pleasanton, CA |
United States |
Professional and Commercial Equipment Wholesale |
9.4 |
4 |
|
|
Subsidiary |
Bucharest |
Romania |
Machinery and Equipment Manufacturing |
4 |
||
|
Karmesin Grundstücksverwaltungsgesellschaft mbH & Co. Vermietungs KG |
Subsidiary |
Mainz, Rheinland-Pfalz |
Germany |
Consulting Services |
2.4 |
2 |
|
Psephit Grundstücksverwaltungsgesellschaft mbH & Co. Vermietungs KG |
Subsidiary |
Mainz, Rheinland-Pfalz |
Germany |
Life and Health Insurance |
1.1 |
1 |
|
Subsidiary |
Culemborg, Gelderland |
Netherlands |
Banking |
|||
|
Subsidiary |
Culemborg, Gelderland |
Netherlands |
Semiconductor and Other Electronic Component Manufacturing |
|||
|
Subsidiary |
Troisfontaines |
France |
Semiconductor and Other Electronic Component Manufacturing |
430 |
||
|
Subsidiary |
Tekirdag |
Turkey |
Non-Metallic Mineral Product Manufacturing |
75.2 |
381 |
|
|
Subsidiary |
Indaiatuba, Sao Paulo |
Brazil |
Non-Metallic Mineral Product Manufacturing |
31.6 |
350 |
|
|
Subsidiary |
Valasske Mezirici |
Czech Republic |
Non-Metallic Mineral Product Manufacturing |
32.7 |
217 |
|
|
Subsidiary |
Newton Aycliffe |
United Kingdom |
Non-Metallic Mineral Product Manufacturing |
16.2 |
151 |
|
|
Subsidiary |
Buenos Aires |
Argentina |
Machinery and Equipment Manufacturing |
|||
|
Subsidiary |
Randburg |
South Africa |
Machinery and Equipment Manufacturing |
|||
|
Subsidiary |
Kiev |
Ukraine |
Non-Metallic Mineral Product Manufacturing |
Competitors Report
|
Executives Report
|
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%2001-Jul-2014_files/image002.gif){kind=small}
Significant Developments
|
News
Annual Profit & Loss
|
30-Sep-2012 |
30-Sep-2011 |
30-Sep-2010 |
|
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate (Period Average) |
0.770534 |
0.717768 |
0.740255 |
|
Consolidated |
Yes |
Yes |
Yes |
|
|
|
|
|
|
Total income |
1,118.5 |
1,057.2 |
914.1 |
|
Net sales |
1,118.5 |
1,057.2 |
914.1 |
|
Other operating income |
- |
0.5 |
0.7 |
|
Cost of sales |
519.8 |
479.2 |
429.5 |
|
Gross profit |
598.8 |
578.0 |
484.6 |
|
Advertising, distribution, and commercial expenses |
264.8 |
260.7 |
219.9 |
|
General expenses |
53.2 |
56.1 |
50.3 |
|
Other operating costs |
121.3 |
117.3 |
97.8 |
|
Net operating income |
159.5 |
144.3 |
117.2 |
|
Other income |
3.9 |
6.3 |
3.0 |
|
Interest payable on loans |
7.9 |
10.0 |
7.9 |
|
Total expenses |
8.7 |
3.7 |
5.1 |
|
Profit before tax |
150.8 |
140.5 |
112.1 |
|
Provisions |
71.7 |
91.4 |
97.2 |
|
Total taxation |
51.6 |
39.9 |
31.5 |
|
Net profit |
99.1 |
100.7 |
80.6 |
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
30-Sep-2012 |
30-Sep-2011 |
30-Sep-2010 |
|
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.771999 |
0.745323 |
0.732493 |
|
Consolidated |
Yes |
Yes |
Yes |
|
|
|
|
|
|
Issued capital |
105.3 |
109.1 |
111.0 |
|
Capital reserves |
406.6 |
421.1 |
428.5 |
|
Total reserves |
338.5 |
286.9 |
261.6 |
|
Total stockholders equity |
901.3 |
850.7 |
817.7 |
|
Minority interests |
52.9 |
47.0 |
36.4 |
|
Other provisions |
54.8 |
64.4 |
70.0 |
|
Provision for pensions |
16.8 |
17.8 |
19.2 |
|
Provisions and allowances |
71.6 |
88.1 |
98.2 |
|
Taxes and social security |
28.4 |
29.1 |
29.6 |
|
Total long-term liabilities |
31.5 |
40.8 |
42.0 |
|
Trade creditors |
47.8 |
39.1 |
39.2 |
|
Advances received |
4.8 |
6.3 |
5.6 |
|
Taxation and social security |
132.1 |
95.3 |
112.1 |
|
Due to group companies |
17.6 |
17.7 |
14.9 |
|
Total current liabilities |
218.4 |
166.9 |
174.2 |
|
Regularisation account |
20.0 |
17.5 |
16.3 |
|
Total liabilities (including net worth) |
1,247.2 |
1,163.9 |
1,148.4 |
|
Patents |
13.7 |
18.8 |
26.4 |
|
Goodwill |
157.5 |
151.9 |
154.4 |
|
Other intangibles |
9.9 |
13.6 |
19.9 |
|
Intangibles |
184.6 |
184.3 |
200.7 |
|
Land and buildings |
27.9 |
22.8 |
24.0 |
|
Machinery and tools |
14.0 |
11.1 |
11.9 |
|
Fixtures and equipment |
27.9 |
22.8 |
24.0 |
|
Fixed assets under construction |
1.6 |
2.8 |
1.6 |
|
Total tangible fixed assets |
62.8 |
54.3 |
54.5 |
|
Deposits |
0.5 |
0.5 |
0.5 |
|
Total financial assets |
0.5 |
0.5 |
0.6 |
|
Total non-current assets |
247.9 |
239.2 |
255.8 |
|
Net stocks and work in progress |
185.3 |
179.3 |
162.8 |
|
Trade debtors |
182.7 |
184.5 |
139.0 |
|
Other receivables |
496.1 |
178.0 |
57.1 |
|
Total receivables |
734.1 |
417.0 |
239.9 |
|
Owing from associated companies |
55.3 |
54.5 |
43.8 |
|
Cash and liquid assets |
12.3 |
261.1 |
428.0 |
|
Short-term investments |
- |
- |
0.1 |
|
Shares in associated companies |
- |
- |
0.1 |
|
Recoverable taxation |
61.1 |
61.1 |
56.7 |
|
Total current assets |
931.7 |
857.4 |
830.8 |
|
Prepaid expenses and deferred costs |
6.5 |
6.3 |
5.1 |
|
Total assets |
1,247.2 |
1,163.9 |
1,148.4 |
|
Annual Ratios |
|
Financials in: USD (mil) |
|
30-Sep-2012 |
30-Sep-2011 |
30-Sep-2010 |
|
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.771999 |
0.745323 |
0.732493 |
|
Consolidated |
Yes |
Yes |
Yes |
|
|
|
|
|
|
Current ratio |
42.66 |
51.38 |
47.69 |
|
Acid test ratio |
34.18 |
40.64 |
38.34 |
|
Total liabilities to net worth |
0.03% |
0.02% |
0.03% |
|
Net worth to total assets |
0.07% |
0.07% |
0.07% |
|
Current liabilities to net worth |
0.02% |
0.02% |
0.02% |
|
Current liabilities to stock |
0.12% |
0.09% |
0.11% |
|
Fixed assets to net worth |
0.03% |
0.03% |
0.03% |
|
Collection period |
599.00 |
661.00 |
548.00 |
|
Stock turnover rate |
1.66 |
1.76 |
1.76 |
|
Profit margin |
0.01% |
0.01% |
0.01% |
|
Return on assets |
0.01% |
0.01% |
0.01% |
|
Shareholders' return |
0.01% |
0.01% |
0.01% |
|
Sales per employee |
35.06 |
33.16 |
31.05 |
|
Profit per employee |
3.11 |
3.16 |
2.74 |
|
Net worth |
901.3 |
850.7 |
817.7 |
|
Number of employees |
2,458 |
2,288 |
2,179 |
Annual Income Statement
|
30-Sep-2012 |
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
|
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate (Period Average) |
0.770534 |
0.717768 |
0.740255 |
0.73971 |
0.666382 |
|
Auditor |
KPMG AG |
KPMG AG |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
1,118.5 |
1,057.2 |
914.1 |
865.3 |
900.7 |
|
Revenue |
1,118.5 |
1,057.2 |
914.1 |
865.3 |
900.7 |
|
Total Revenue |
1,118.5 |
1,057.2 |
914.1 |
865.3 |
900.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
519.8 |
479.2 |
429.5 |
429.6 |
445.3 |
|
Cost of Revenue, Total |
519.8 |
479.2 |
429.5 |
429.6 |
445.3 |
|
Gross Profit |
598.8 |
578.0 |
484.6 |
435.7 |
455.3 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
318.0 |
316.8 |
270.2 |
247.4 |
261.2 |
|
Total Selling/General/Administrative Expenses |
318.0 |
316.8 |
270.2 |
247.4 |
261.2 |
|
Research & Development |
121.3 |
117.3 |
97.7 |
85.8 |
93.0 |
|
Investment Income - Operating |
- |
- |
- |
- |
0.6 |
|
Interest/Investment Income - Operating |
- |
- |
- |
- |
0.6 |
|
Interest Expense (Income) - Net Operating Total |
- |
- |
- |
- |
0.6 |
|
Restructuring Charge |
- |
- |
- |
- |
0.4 |
|
Litigation |
- |
- |
- |
- |
0.0 |
|
Loss (Gain) on Sale of Assets - Operating |
- |
0.0 |
-0.3 |
0.2 |
-0.2 |
|
Other Unusual Expense (Income) |
- |
- |
- |
- |
-0.2 |
|
Unusual Expense (Income) |
- |
0.0 |
-0.3 |
0.2 |
0.0 |
|
Other Operating Expense |
- |
0.0 |
0.1 |
0.6 |
0.8 |
|
Other, Net |
0.0 |
-0.5 |
-0.4 |
-1.1 |
-2.0 |
|
Other Operating Expenses, Total |
0.0 |
-0.5 |
-0.3 |
-0.6 |
-1.2 |
|
Total Operating Expense |
959.0 |
912.9 |
796.9 |
762.5 |
798.9 |
|
|
|
|
|
|
|
|
Operating Income |
159.5 |
144.3 |
117.2 |
102.9 |
101.8 |
|
|
|
|
|
|
|
|
Interest Expense - Non-Operating |
-3.8 |
-5.9 |
-7.9 |
-8.1 |
-8.6 |
|
Interest Expense, Net Non-Operating |
-3.8 |
-5.9 |
-7.9 |
-8.1 |
-8.6 |
|
Interest Income - Non-Operating |
3.9 |
6.3 |
3.0 |
7.1 |
14.7 |
|
Investment Income - Non-Operating |
-8.2 |
-3.7 |
-5.1 |
0.8 |
0.0 |
|
Interest/Investment Income - Non-Operating |
-4.3 |
2.6 |
-2.0 |
8.0 |
14.7 |
|
Interest Income (Expense) - Net Non-Operating Total |
-8.1 |
-3.3 |
-10.0 |
-0.1 |
6.1 |
|
Other Non-Operating Income (Expense) |
-0.6 |
-0.5 |
4.9 |
3.6 |
5.8 |
|
Other, Net |
-0.6 |
-0.5 |
4.9 |
3.6 |
5.8 |
|
Income Before Tax |
150.8 |
140.5 |
112.1 |
106.3 |
113.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
51.6 |
39.9 |
31.5 |
31.8 |
29.2 |
|
Income After Tax |
99.1 |
100.7 |
80.6 |
74.5 |
84.4 |
|
|
|
|
|
|
|
|
Minority Interest |
-5.9 |
-7.5 |
-6.4 |
-6.2 |
-3.3 |
|
Net Income Before Extraord Items |
93.3 |
93.2 |
74.1 |
68.3 |
81.1 |
|
Net Income |
93.3 |
93.2 |
74.1 |
68.3 |
81.1 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
93.3 |
93.2 |
74.1 |
68.3 |
81.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
93.3 |
93.2 |
74.1 |
68.3 |
81.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
81.3 |
81.3 |
81.3 |
81.3 |
81.3 |
|
Basic EPS Excl Extraord Items |
1.15 |
1.15 |
0.91 |
0.84 |
1.00 |
|
Basic/Primary EPS Incl Extraord Items |
1.15 |
1.15 |
0.91 |
0.84 |
1.00 |
|
Diluted Net Income |
93.3 |
93.2 |
74.1 |
68.3 |
81.1 |
|
Diluted Weighted Average Shares |
81.3 |
81.3 |
81.3 |
81.3 |
81.3 |
|
Diluted EPS Excl Extraord Items |
1.15 |
1.15 |
0.91 |
0.84 |
1.00 |
|
Diluted EPS Incl Extraord Items |
1.15 |
1.15 |
0.91 |
0.84 |
1.00 |
|
Dividends per Share - Common Stock Primary Issue |
0.52 |
0.42 |
0.74 |
0.24 |
0.27 |
|
Gross Dividends - Common Stock |
42.2 |
34.0 |
60.4 |
19.8 |
0.0 |
|
Interest Expense, Supplemental |
3.8 |
5.9 |
7.9 |
8.1 |
8.6 |
|
Depreciation, Supplemental |
11.7 |
12.0 |
12.1 |
10.4 |
0.0 |
|
Total Special Items |
- |
0.0 |
-0.3 |
0.2 |
0.0 |
|
Normalized Income Before Tax |
150.8 |
140.5 |
111.8 |
106.5 |
113.7 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
- |
0.0 |
-0.1 |
0.1 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
51.6 |
39.9 |
31.5 |
31.8 |
29.3 |
|
Normalized Income After Tax |
99.1 |
100.7 |
80.4 |
74.6 |
84.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
93.3 |
93.2 |
74.0 |
68.5 |
81.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.15 |
1.15 |
0.91 |
0.84 |
1.00 |
|
Diluted Normalized EPS |
1.15 |
1.15 |
0.91 |
0.84 |
1.00 |
|
Amort of Intangibles, Supplemental |
11.5 |
14.4 |
16.3 |
11.7 |
0.0 |
|
Rental Expenses |
13.3 |
12.5 |
12.2 |
12.3 |
12.4 |
|
Research & Development Exp, Supplemental |
121.3 |
117.3 |
97.7 |
85.8 |
93.0 |
|
Normalized EBIT |
159.5 |
144.3 |
116.9 |
103.0 |
102.4 |
|
Normalized EBITDA |
182.7 |
170.7 |
145.2 |
125.2 |
102.4 |
|
Current Tax - Domestic |
31.9 |
24.2 |
21.7 |
18.3 |
21.8 |
|
Current Tax - Foreign |
21.9 |
23.1 |
23.7 |
18.8 |
14.4 |
|
Current Tax - Total |
53.8 |
47.3 |
45.4 |
37.1 |
36.2 |
|
Deferred Tax - Domestic |
-7.0 |
-3.8 |
-8.0 |
-0.7 |
-4.2 |
|
Deferred Tax - Foreign |
4.9 |
-3.6 |
-5.8 |
-4.6 |
-2.7 |
|
Deferred Tax - Total |
-2.1 |
-7.4 |
-13.8 |
-5.3 |
-6.9 |
|
Income Tax - Total |
51.6 |
39.9 |
31.5 |
31.8 |
29.2 |
|
Interest Cost - Domestic |
4.1 |
4.1 |
3.6 |
3.4 |
3.3 |
|
Service Cost - Domestic |
5.6 |
5.9 |
3.5 |
2.1 |
3.5 |
|
Expected Return on Assets - Domestic |
-3.2 |
-3.3 |
-3.1 |
-2.9 |
-3.2 |
|
Actuarial Gains and Losses - Domestic |
1.3 |
0.9 |
0.9 |
0.5 |
0.2 |
|
Domestic Pension Plan Expense |
7.9 |
7.6 |
4.8 |
3.1 |
3.8 |
|
Total Pension Expense |
7.9 |
7.6 |
4.8 |
3.1 |
3.8 |
|
Discount Rate - Domestic |
4.07% |
5.20% |
4.70% |
6.00% |
6.40% |
|
Discount Rate - Foreign |
- |
- |
- |
1.50% |
1.50% |
|
Expected Rate of Return - Domestic |
4.50% |
4.50% |
4.50% |
5.00% |
5.00% |
|
Expected Rate of Return - Foreign |
7.50% |
7.50% |
7.50% |
7.50% |
8.00% |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Compensation Rate - Foreign |
- |
- |
- |
2.54% |
3.50% |
|
Pension Payment Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Pension Payment Rate - Foreign |
- |
- |
- |
2.54% |
3.80% |
|
Total Plan Interest Cost |
4.1 |
4.1 |
3.6 |
3.4 |
3.3 |
|
Total Plan Service Cost |
5.6 |
5.9 |
3.5 |
2.1 |
3.5 |
|
Total Plan Expected Return |
-3.2 |
-3.3 |
-3.1 |
-2.9 |
-3.2 |
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
30-Sep-2012 |
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
|
|
UpdateType/Date |
Updated Normal |
Reclassified Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.771999 |
0.745323 |
0.732493 |
0.684135 |
0.711921 |
|
Auditor |
KPMG AG |
KPMG AG |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
10.4 |
6.6 |
31.2 |
18.8 |
- |
|
Cash & Equivalents |
2.0 |
254.6 |
396.8 |
273.5 |
274.6 |
|
Short Term Investments |
155.6 |
147.7 |
0.3 |
0.2 |
0.0 |
|
Cash and Short Term Investments |
167.9 |
408.9 |
428.3 |
292.5 |
274.6 |
|
Accounts Receivable - Trade, Gross |
- |
- |
142.0 |
142.8 |
139.1 |
|
Provision for Doubtful Accounts |
- |
- |
-8.1 |
-9.4 |
-11.9 |
|
Trade Accounts Receivable - Net |
232.4 |
235.7 |
178.0 |
168.6 |
155.7 |
|
Other Receivables |
322.3 |
26.4 |
51.3 |
150.9 |
92.0 |
|
Total Receivables, Net |
554.7 |
262.1 |
229.3 |
319.5 |
247.7 |
|
Inventories - Finished Goods |
119.1 |
118.3 |
116.0 |
103.4 |
119.5 |
|
Inventories - Work In Progress |
29.5 |
26.0 |
21.0 |
20.9 |
24.0 |
|
Inventories - Raw Materials |
68.6 |
67.9 |
57.1 |
48.9 |
50.8 |
|
Inventories - Other |
-31.9 |
-32.9 |
-31.4 |
-28.5 |
-26.7 |
|
Total Inventory |
185.3 |
179.3 |
162.8 |
144.8 |
167.6 |
|
Prepaid Expenses |
8.8 |
9.1 |
6.4 |
4.0 |
- |
|
Other Current Assets |
1.4 |
0.4 |
2.5 |
7.1 |
10.4 |
|
Other Current Assets, Total |
1.4 |
0.4 |
2.5 |
7.1 |
10.4 |
|
Total Current Assets |
918.2 |
859.8 |
829.2 |
767.9 |
700.3 |
|
|
|
|
|
|
|
|
Land/Improvements |
54.3 |
46.6 |
45.5 |
46.6 |
39.3 |
|
Machinery/Equipment |
100.3 |
90.3 |
84.3 |
85.3 |
73.6 |
|
Construction in Progress |
1.6 |
2.8 |
1.6 |
1.0 |
2.6 |
|
Property/Plant/Equipment - Gross |
156.2 |
139.7 |
131.4 |
132.9 |
115.5 |
|
Accumulated Depreciation |
-93.4 |
-85.4 |
-77.0 |
-71.3 |
-61.5 |
|
Property/Plant/Equipment - Net |
62.8 |
54.3 |
54.5 |
61.7 |
54.0 |
|
Goodwill, Net |
157.5 |
151.9 |
154.4 |
166.0 |
156.9 |
|
Intangibles - Gross |
112.2 |
107.4 |
108.3 |
103.8 |
- |
|
Accumulated Intangible Amortization |
-85.1 |
-75.0 |
-62.0 |
-48.2 |
- |
|
Intangibles, Net |
27.1 |
32.4 |
46.3 |
55.6 |
46.2 |
|
LT Investment - Affiliate Companies |
- |
- |
0.1 |
0.2 |
0.2 |
|
LT Investments - Other |
0.5 |
0.5 |
0.5 |
0.5 |
0.5 |
|
Long Term Investments |
0.5 |
0.5 |
0.6 |
0.7 |
0.7 |
|
Note Receivable - Long Term |
5.7 |
3.7 |
5.0 |
1.3 |
3.7 |
|
Deferred Income Tax - Long Term Asset |
61.1 |
61.1 |
56.7 |
47.8 |
42.5 |
|
Other Long Term Assets |
14.3 |
0.2 |
1.7 |
1.7 |
1.2 |
|
Other Long Term Assets, Total |
75.5 |
61.3 |
58.4 |
49.5 |
43.8 |
|
Total Assets |
1,247.2 |
1,163.9 |
1,148.4 |
1,102.7 |
1,005.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
65.5 |
56.9 |
54.0 |
47.0 |
51.5 |
|
Accrued Expenses |
114.0 |
103.5 |
87.8 |
64.1 |
56.4 |
|
Notes Payable/Short Term Debt |
7.7 |
7.9 |
4.6 |
2.6 |
3.0 |
|
Current Portion - Long Term Debt/Capital Leases |
10.6 |
2.7 |
2.5 |
15.5 |
2.8 |
|
Customer Advances |
4.8 |
6.3 |
5.6 |
19.9 |
- |
|
Income Taxes Payable |
13.9 |
8.2 |
16.9 |
11.9 |
5.2 |
|
Other Payables |
18.9 |
8.0 |
14.0 |
10.4 |
10.7 |
|
Other Current Liabilities |
41.4 |
37.8 |
52.6 |
48.7 |
71.9 |
|
Other Current liabilities, Total |
79.0 |
60.4 |
89.1 |
90.8 |
87.8 |
|
Total Current Liabilities |
276.9 |
231.3 |
238.0 |
219.9 |
201.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
3.1 |
11.7 |
12.4 |
13.6 |
26.4 |
|
Capital Lease Obligations |
18.6 |
20.7 |
22.8 |
24.7 |
26.1 |
|
Total Long Term Debt |
21.7 |
32.3 |
35.2 |
38.3 |
52.4 |
|
Total Debt |
40.0 |
42.9 |
42.2 |
56.4 |
58.2 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
4.5 |
5.8 |
8.9 |
14.2 |
16.0 |
|
Deferred Income Tax |
4.5 |
5.8 |
8.9 |
14.2 |
16.0 |
|
Minority Interest |
52.9 |
47.0 |
36.4 |
27.7 |
17.9 |
|
Reserves |
16.3 |
17.4 |
20.5 |
15.8 |
9.7 |
|
Pension Benefits - Underfunded |
16.8 |
17.8 |
19.2 |
16.6 |
16.8 |
|
Other Long Term Liabilities |
9.8 |
8.5 |
8.9 |
8.8 |
5.7 |
|
Other Liabilities, Total |
42.9 |
43.7 |
48.6 |
41.1 |
32.3 |
|
Total Liabilities |
398.8 |
360.2 |
367.1 |
341.3 |
320.0 |
|
|
|
|
|
|
|
|
Common Stock |
105.3 |
109.1 |
111.0 |
118.9 |
114.2 |
|
Common Stock |
105.3 |
109.1 |
111.0 |
118.9 |
114.2 |
|
Additional Paid-In Capital |
406.6 |
421.1 |
428.5 |
458.8 |
440.9 |
|
Retained Earnings (Accumulated Deficit) |
338.5 |
286.9 |
261.6 |
221.3 |
162.2 |
|
Other Comprehensive Income |
-1.9 |
-13.4 |
-19.8 |
-37.6 |
-31.8 |
|
Other Equity, Total |
-1.9 |
-13.4 |
-19.8 |
-37.6 |
-31.8 |
|
Total Equity |
848.4 |
803.7 |
781.3 |
761.3 |
685.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,247.2 |
1,163.9 |
1,148.4 |
1,102.7 |
1,005.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary Issue |
81.3 |
81.3 |
81.3 |
81.3 |
81.3 |
|
Total Common Shares Outstanding |
81.3 |
81.3 |
81.3 |
81.3 |
81.3 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
- |
- |
- |
|
Employees |
2,460 |
2,366 |
2,189 |
2,147 |
2,152 |
|
Accumulated Intangible Amort, Suppl. |
85.1 |
75.0 |
62.0 |
48.2 |
35.1 |
|
Deferred Revenue - Current |
4.8 |
6.3 |
5.6 |
5.3 |
4.0 |
|
Total Long Term Debt, Supplemental |
11.4 |
- |
12.8 |
27.2 |
27.6 |
|
Long Term Debt Maturing within 1 Year |
8.3 |
- |
0.4 |
13.6 |
1.3 |
|
Long Term Debt Maturing in Year 2 |
0.7 |
- |
0.4 |
0.4 |
13.3 |
|
Long Term Debt Maturing in Year 3 |
0.6 |
- |
8.5 |
0.4 |
0.4 |
|
Long Term Debt Maturing in Year 4 |
0.6 |
- |
0.5 |
9.1 |
0.4 |
|
Long Term Debt Maturing in Year 5 |
0.6 |
- |
0.5 |
0.5 |
8.7 |
|
Long Term Debt Maturing in Year 6 |
0.5 |
- |
0.5 |
0.5 |
0.5 |
|
Long Term Debt Maturing in 2-3 Years |
1.3 |
- |
8.9 |
0.9 |
13.7 |
|
Long Term Debt Maturing in 4-5 Years |
1.2 |
- |
1.0 |
9.6 |
9.1 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.5 |
- |
2.5 |
3.2 |
3.5 |
|
Total Capital Leases, Supplemental |
20.9 |
22.8 |
24.8 |
26.6 |
27.5 |
|
Capital Lease Payments Due in Year 1 |
2.3 |
2.2 |
2.1 |
1.9 |
1.5 |
|
Capital Lease Payments Due in Year 2 |
2.9 |
2.7 |
2.4 |
2.2 |
2.0 |
|
Capital Lease Payments Due in Year 3 |
2.9 |
2.7 |
2.4 |
2.2 |
2.0 |
|
Capital Lease Payments Due in Year 4 |
2.9 |
2.7 |
2.4 |
2.2 |
2.0 |
|
Capital Lease Payments Due in Year 5 |
2.9 |
2.7 |
2.4 |
2.2 |
2.0 |
|
Capital Lease Payments Due in 2-3 Years |
5.9 |
5.4 |
4.8 |
4.3 |
4.0 |
|
Capital Lease Payments Due in 4-5 Years |
5.9 |
5.4 |
4.8 |
4.3 |
4.0 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
6.8 |
9.9 |
13.1 |
16.1 |
18.1 |
|
Total Operating Leases, Supplemental |
28.7 |
- |
19.1 |
16.9 |
17.0 |
|
Operating Lease Payments Due in Year 1 |
9.2 |
- |
7.3 |
6.7 |
6.6 |
|
Operating Lease Payments Due in Year 2 |
3.2 |
- |
2.7 |
2.1 |
2.0 |
|
Operating Lease Payments Due in Year 3 |
3.2 |
- |
2.7 |
2.1 |
2.0 |
|
Operating Lease Payments Due in Year 4 |
3.2 |
- |
2.7 |
2.1 |
2.0 |
|
Operating Lease Payments Due in Year 5 |
3.2 |
- |
2.7 |
2.1 |
2.0 |
|
Operating Lease Pymts. Due in 2-3 Years |
6.4 |
- |
5.5 |
4.1 |
3.9 |
|
Operating Lease Pymts. Due in 4-5 Years |
6.4 |
- |
5.5 |
4.1 |
3.9 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
6.8 |
- |
0.9 |
2.0 |
2.6 |
|
Pension Obligation - Domestic |
106.3 |
83.7 |
81.1 |
62.1 |
58.4 |
|
Plan Assets - Domestic |
85.9 |
64.2 |
58.3 |
57.7 |
51.1 |
|
Funded Status - Domestic |
-20.4 |
-19.5 |
-22.8 |
-4.4 |
-7.3 |
|
Unfunded Plan Obligations |
15.8 |
14.3 |
11.5 |
9.7 |
- |
|
Total Funded Status |
-36.2 |
-33.9 |
-34.4 |
-14.0 |
-7.3 |
|
Discount Rate - Domestic |
4.07% |
5.20% |
4.70% |
6.00% |
6.40% |
|
Discount Rate - Foreign |
- |
- |
- |
1.50% |
1.50% |
|
Expected Rate of Return - Domestic |
4.50% |
4.50% |
4.50% |
5.00% |
5.00% |
|
Expected Rate of Return - Foreign |
7.50% |
7.50% |
7.50% |
7.50% |
8.00% |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Compensation Rate - Foreign |
- |
- |
- |
2.54% |
3.50% |
|
Pension Payment Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Pension Payment Rate - Foreign |
- |
- |
- |
2.54% |
3.80% |
|
Net Domestic Pension Assets |
-2.7 |
-17.8 |
-19.2 |
-16.6 |
-16.8 |
|
Net Assets Recognized on Balance Sheet |
-2.7 |
-17.8 |
-19.2 |
-16.6 |
-16.8 |
|
Equity % - Domestic |
20.56% |
23.54% |
20.69% |
27.39% |
18.38% |
|
Debt Securities % - Domestic |
41.58% |
53.66% |
56.50% |
55.14% |
54.09% |
|
Private Investments % - Domestic |
31.19% |
8.51% |
7.80% |
13.70% |
23.25% |
|
Other Investments % - Domestic |
6.66% |
14.29% |
15.01% |
3.77% |
- |
|
Total Plan Obligations |
122.0 |
98.1 |
92.6 |
71.8 |
58.4 |
|
Total Plan Assets |
85.9 |
64.2 |
58.3 |
57.7 |
51.1 |
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
30-Sep-2012 |
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
|
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate (Period Average) |
0.770534 |
0.717768 |
0.740255 |
0.73971 |
0.666382 |
|
Auditor |
KPMG AG |
KPMG AG |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
99.1 |
100.7 |
80.6 |
74.5 |
84.4 |
|
Depreciation |
23.2 |
26.5 |
28.3 |
22.1 |
19.1 |
|
Depreciation/Depletion |
23.2 |
26.5 |
28.3 |
22.1 |
19.1 |
|
Unusual Items |
1.0 |
1.0 |
-1.9 |
-0.1 |
-0.4 |
|
Equity in Net Earnings (Loss) |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Other Non-Cash Items |
4.0 |
3.7 |
4.9 |
1.0 |
-6.1 |
|
Non-Cash Items |
5.0 |
4.7 |
3.1 |
0.9 |
-6.5 |
|
Accounts Receivable |
-2.5 |
-57.1 |
-17.6 |
-2.7 |
5.4 |
|
Inventories |
-7.3 |
-21.2 |
-22.6 |
27.9 |
-19.9 |
|
Other Assets |
-14.7 |
4.3 |
1.5 |
-6.9 |
4.3 |
|
Accounts Payable |
9.5 |
1.1 |
7.2 |
-7.6 |
-8.0 |
|
Taxes Payable |
51.6 |
39.9 |
31.5 |
31.8 |
29.2 |
|
Other Liabilities |
3.9 |
1.1 |
19.5 |
5.4 |
10.7 |
|
Other Operating Cash Flow |
-48.4 |
-53.6 |
-43.4 |
-27.2 |
-36.5 |
|
Changes in Working Capital |
-7.8 |
-85.7 |
-23.9 |
20.6 |
-14.7 |
|
Cash from Operating Activities |
119.5 |
46.3 |
88.1 |
118.1 |
82.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-18.9 |
-8.0 |
-6.2 |
-14.0 |
-11.4 |
|
Purchase/Acquisition of Intangibles |
-0.9 |
-1.0 |
-9.5 |
-8.2 |
-8.2 |
|
Capital Expenditures |
-19.8 |
-9.0 |
-15.8 |
-22.2 |
-19.5 |
|
Acquisition of Business |
-16.6 |
0.0 |
0.0 |
-15.7 |
-32.1 |
|
Sale of Business |
- |
- |
5.4 |
- |
0.0 |
|
Sale of Fixed Assets |
0.8 |
0.8 |
1.0 |
0.6 |
1.2 |
|
Sale/Maturity of Investment |
0.0 |
0.0 |
- |
- |
- |
|
Purchase of Investments |
-13.0 |
-153.3 |
-2.1 |
-4.1 |
4.3 |
|
Other Investing Cash Flow |
- |
- |
- |
0.0 |
9.0 |
|
Other Investing Cash Flow Items, Total |
-28.7 |
-152.5 |
4.3 |
-19.2 |
-17.7 |
|
Cash from Investing Activities |
-48.5 |
-161.5 |
-11.4 |
-41.4 |
-37.2 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-31.7 |
-62.3 |
-19.9 |
-19.8 |
-52.5 |
|
Financing Cash Flow Items |
-31.7 |
-62.3 |
-19.9 |
-19.8 |
-52.5 |
|
Sale/Issuance of Common |
- |
- |
- |
- |
0.0 |
|
Repurchase/Retirement of Common |
- |
- |
- |
- |
0.0 |
|
Common Stock, Net |
- |
- |
- |
- |
0.0 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
- |
- |
0.0 |
|
Short Term Debt, Net |
0.1 |
0.1 |
0.0 |
-0.2 |
-2.3 |
|
Long Term Debt Issued |
- |
- |
- |
0.0 |
-13.2 |
|
Long Term Debt Reduction |
-2.6 |
-2.3 |
-14.0 |
-2.2 |
-4.1 |
|
Long Term Debt, Net |
-283.7 |
6.7 |
94.1 |
-50.6 |
-19.8 |
|
Issuance (Retirement) of Debt, Net |
-283.5 |
6.8 |
94.1 |
-50.8 |
-22.1 |
|
Cash from Financing Activities |
-315.2 |
-55.5 |
74.3 |
-70.6 |
-74.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
4.0 |
5.1 |
2.4 |
0.0 |
-4.2 |
|
Net Change in Cash |
-240.2 |
-165.6 |
153.4 |
6.1 |
-33.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
252.6 |
436.8 |
270.2 |
264.3 |
327.0 |
|
Net Cash - Ending Balance |
12.4 |
271.2 |
423.5 |
270.4 |
293.3 |
|
Cash Interest Paid |
2.8 |
4.4 |
3.3 |
4.0 |
5.6 |
|
Cash Taxes Paid |
48.0 |
52.6 |
42.8 |
30.1 |
42.1 |
Annual Income Statement
|
30-Sep-2012 |
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
|
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate (Period Average) |
0.770534 |
0.717768 |
0.740255 |
0.73971 |
0.666382 |
|
Auditor |
KPMG AG |
KPMG AG |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
1,118.5 |
1,057.2 |
914.1 |
865.3 |
900.7 |
|
Total Revenue |
1,118.5 |
1,057.2 |
914.1 |
865.3 |
900.7 |
|
|
|
|
|
|
|
|
Cost of Goods Sold |
519.8 |
479.2 |
429.5 |
429.6 |
445.3 |
|
Sales and Marketing |
264.8 |
260.7 |
219.9 |
203.7 |
212.8 |
|
General & Admin |
53.2 |
56.1 |
50.3 |
43.8 |
48.4 |
|
Research & Development |
121.3 |
117.3 |
97.7 |
85.8 |
93.0 |
|
Other Operating Income |
0.0 |
-0.5 |
-0.4 |
-1.1 |
-2.0 |
|
Sale of Buildings |
- |
0.0 |
-0.3 |
- |
-0.2 |
|
Damages |
- |
- |
- |
- |
-0.2 |
|
Other Operating Expense |
- |
0.0 |
0.1 |
0.6 |
0.8 |
|
Loss on Sale of Tangibles |
- |
- |
- |
0.2 |
- |
|
Integration Costs |
- |
- |
- |
- |
0.4 |
|
Penalties for Non-Fulfilment |
- |
- |
- |
- |
0.0 |
|
Op. For. Curr, Net |
- |
- |
- |
- |
0.6 |
|
Total Operating Expense |
959.0 |
912.9 |
796.9 |
762.5 |
798.9 |
|
|
|
|
|
|
|
|
Interest Income |
3.9 |
6.3 |
3.0 |
7.1 |
14.7 |
|
Interest on Pension Plan |
-4.1 |
-4.1 |
- |
- |
- |
|
Interest Expense |
-3.8 |
-5.9 |
-7.9 |
-8.1 |
-8.6 |
|
Write-offs of Financial Assets & Other F |
3.5 |
3.6 |
4.9 |
3.6 |
5.8 |
|
Investments At-equity |
0.0 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Currency Gains/Losses, Net |
-8.3 |
-3.6 |
-5.0 |
0.9 |
- |
|
Net Income Before Taxes |
150.8 |
140.5 |
112.1 |
106.3 |
113.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
51.6 |
39.9 |
31.5 |
31.8 |
29.2 |
|
Net Income After Taxes |
99.1 |
100.7 |
80.6 |
74.5 |
84.4 |
|
|
|
|
|
|
|
|
Minority Interests |
-5.9 |
-7.5 |
-6.4 |
-6.2 |
-3.3 |
|
Net Income Before Extra. Items |
93.3 |
93.2 |
74.1 |
68.3 |
81.1 |
|
Net Income |
93.3 |
93.2 |
74.1 |
68.3 |
81.1 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
93.3 |
93.2 |
74.1 |
68.3 |
81.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
93.3 |
93.2 |
74.1 |
68.3 |
81.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
81.3 |
81.3 |
81.3 |
81.3 |
81.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.15 |
1.15 |
0.91 |
0.84 |
1.00 |
|
Basic EPS Including ExtraOrdinary Items |
1.15 |
1.15 |
0.91 |
0.84 |
1.00 |
|
Diluted Net Income |
93.3 |
93.2 |
74.1 |
68.3 |
81.1 |
|
Diluted Weighted Average Shares |
81.3 |
81.3 |
81.3 |
81.3 |
81.3 |
|
Diluted EPS Excluding ExtraOrd Items |
1.15 |
1.15 |
0.91 |
0.84 |
1.00 |
|
Diluted EPS Including ExtraOrd Items |
1.15 |
1.15 |
0.91 |
0.84 |
1.00 |
|
DPS-Ordinary Shares |
0.52 |
0.42 |
0.74 |
0.24 |
0.27 |
|
Gross Dividends - Common Stock |
42.2 |
34.0 |
60.4 |
19.8 |
0.0 |
|
Normalized Income Before Taxes |
150.8 |
140.5 |
111.8 |
106.5 |
113.7 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
51.6 |
39.9 |
31.5 |
31.8 |
29.3 |
|
Normalized Income After Taxes |
99.1 |
100.7 |
80.4 |
74.6 |
84.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
93.3 |
93.2 |
74.0 |
68.5 |
81.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.15 |
1.15 |
0.91 |
0.84 |
1.00 |
|
Diluted Normalized EPS |
1.15 |
1.15 |
0.91 |
0.84 |
1.00 |
|
Interest Expense |
3.8 |
5.9 |
7.9 |
8.1 |
8.6 |
|
Research & Development Expense |
121.3 |
117.3 |
97.7 |
85.8 |
93.0 |
|
Amortisation of Intangibles |
11.5 |
14.4 |
16.3 |
11.7 |
0.0 |
|
Depreciation |
11.7 |
12.0 |
12.1 |
10.4 |
0.0 |
|
Rental Expense |
13.3 |
12.5 |
12.2 |
12.3 |
12.4 |
|
Current Tax - Domestic |
31.9 |
24.2 |
21.7 |
18.3 |
21.8 |
|
Current Tax - Foreign |
21.9 |
23.1 |
23.7 |
18.8 |
14.4 |
|
Current Tax - Total |
53.8 |
47.3 |
45.4 |
37.1 |
36.2 |
|
Deferred Tax - Domestic |
-7.0 |
-3.8 |
-8.0 |
-0.7 |
-4.2 |
|
Deferred Tax - Foreign |
4.9 |
-3.6 |
-5.8 |
-4.6 |
-2.7 |
|
Deferred Tax - Total |
-2.1 |
-7.4 |
-13.8 |
-5.3 |
-6.9 |
|
Income Tax - Total |
51.6 |
39.9 |
31.5 |
31.8 |
29.2 |
|
Current Service Cost |
5.6 |
5.9 |
3.5 |
2.1 |
3.5 |
|
Interest Expense |
4.1 |
4.1 |
3.6 |
3.4 |
3.3 |
|
Anticipated Return on Plan Assets |
-3.2 |
-3.3 |
-3.1 |
-2.9 |
-3.2 |
|
Recognised Actuarial Gains/Losses |
1.3 |
0.9 |
0.9 |
0.5 |
0.2 |
|
Domestic Pension Plan Expense |
7.9 |
7.6 |
4.8 |
3.1 |
3.8 |
|
Total Pension Expense |
7.9 |
7.6 |
4.8 |
3.1 |
3.8 |
|
Discount Factor - Germany |
4.07% |
5.20% |
4.70% |
6.00% |
6.40% |
|
Long-Term Salary Increase - Germany |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Future Pension Increase - Germany |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Anticipated Return on Plan Assets - Germ |
4.50% |
4.50% |
4.50% |
5.00% |
5.00% |
|
Discount Rate - USA |
3.56% |
4.55% |
5.50% |
- |
- |
|
Long-Term Salary Increase - USA |
4.00% |
4.00% |
3.50% |
- |
- |
|
Future Pension Increase - USA |
4.00% |
4.00% |
4.00% |
- |
- |
|
Anticipated Return on Plan Assets - USA |
7.50% |
7.50% |
7.50% |
- |
- |
|
Discount Rate - Japan |
0.80% |
1.00% |
1.00% |
- |
- |
|
Long-Term Salary Increase - Japan |
2.54% |
2.54% |
2.54% |
- |
- |
|
Future Pension Increase - Japan |
2.54% |
2.54% |
2.54% |
- |
- |
|
Discount Factor - Other |
- |
- |
- |
1.50% |
1.50% |
|
Long-Term Salary Increase - Other |
- |
- |
- |
2.54% |
3.50% |
|
Future Pension Increase - Other |
- |
- |
- |
2.54% |
3.80% |
|
Anticipated Return on Plan Assets -Other |
- |
- |
- |
7.50% |
8.00% |
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
30-Sep-2012 |
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
|
|
UpdateType/Date |
Updated Normal |
Reclassified Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.771999 |
0.745323 |
0.732493 |
0.684135 |
0.711921 |
|
Auditor |
KPMG AG |
KPMG AG |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
10.4 |
6.6 |
31.2 |
18.8 |
- |
|
Cash and Equivalents |
2.0 |
254.6 |
396.8 |
273.5 |
274.6 |
|
Securities |
- |
- |
0.1 |
0.2 |
0.0 |
|
Trade Receivables, Net |
177.0 |
180.8 |
- |
- |
- |
|
Treasury Receivables |
312.7 |
19.4 |
33.8 |
140.3 |
86.9 |
|
Trade Receivables |
- |
- |
142.0 |
142.8 |
139.1 |
|
Doubtful Debt Provision |
- |
- |
-8.1 |
-9.4 |
-11.9 |
|
Rcvbl./Affiliate |
55.3 |
54.5 |
43.8 |
35.0 |
28.5 |
|
Raw Materials |
68.6 |
67.9 |
57.1 |
48.9 |
50.8 |
|
Work in Progress |
29.5 |
26.0 |
21.0 |
20.9 |
24.0 |
|
Finished Goods |
119.1 |
118.3 |
116.0 |
103.4 |
119.5 |
|
Valuation Adj. to Inventories |
-31.9 |
-32.9 |
-31.4 |
-28.5 |
-26.7 |
|
Tax Receivables |
3.1 |
2.3 |
11.9 |
4.6 |
5.2 |
|
Accounts Receivables from Subsidies |
0.0 |
0.4 |
0.3 |
0.3 |
- |
|
Prepaid Expenses |
8.8 |
9.1 |
6.4 |
4.0 |
- |
|
Other Receivables |
6.6 |
4.7 |
5.6 |
6.0 |
- |
|
Other ST Financial Assets |
1.4 |
0.4 |
2.5 |
7.1 |
10.4 |
|
Short Term Investments |
155.6 |
147.7 |
0.1 |
- |
- |
|
Total Current Assets |
918.2 |
859.8 |
829.2 |
767.9 |
700.3 |
|
|
|
|
|
|
|
|
Land/Buildings |
54.3 |
46.6 |
45.5 |
46.6 |
39.3 |
|
Plant/Machinery |
30.8 |
25.4 |
25.6 |
26.4 |
30.0 |
|
Fixt./Fittings |
69.5 |
64.9 |
58.8 |
58.9 |
43.6 |
|
Construction |
1.6 |
2.8 |
1.6 |
1.0 |
2.6 |
|
Depreciation |
-93.4 |
-85.4 |
-77.0 |
-71.3 |
-61.5 |
|
Intangibles |
112.2 |
107.4 |
108.3 |
103.8 |
- |
|
Amort. Intangib. |
-85.1 |
-75.0 |
-62.0 |
-48.2 |
- |
|
Intangibles, Net |
- |
- |
- |
- |
46.2 |
|
Goodwill, Net |
157.5 |
151.9 |
154.4 |
166.0 |
156.9 |
|
Other Non-current Assets |
14.3 |
0.2 |
1.7 |
1.7 |
1.2 |
|
Shareholding |
0.5 |
0.5 |
0.5 |
0.5 |
0.5 |
|
Deferred Tax |
61.1 |
61.1 |
56.7 |
47.8 |
42.5 |
|
LT Receivables |
5.7 |
3.7 |
5.0 |
1.3 |
3.7 |
|
Investments/Equity Method |
- |
- |
0.1 |
0.2 |
0.2 |
|
Total Assets |
1,247.2 |
1,163.9 |
1,148.4 |
1,102.7 |
1,005.5 |
|
|
|
|
|
|
|
|
Short Term Debt |
7.7 |
7.9 |
4.6 |
2.6 |
3.0 |
|
Cur.Port.LT Debt |
8.3 |
0.5 |
0.4 |
13.6 |
1.3 |
|
Trade Payables |
47.8 |
39.1 |
39.2 |
33.7 |
38.5 |
|
Pybl./Affiliates |
17.6 |
17.7 |
14.9 |
13.2 |
13.0 |
|
Treasury Payables |
18.9 |
8.0 |
14.0 |
10.4 |
10.7 |
|
Inc. Tax Payable |
13.9 |
8.2 |
16.9 |
11.9 |
5.2 |
|
Cur.Port. Lease |
2.3 |
2.2 |
2.1 |
1.9 |
1.5 |
|
Accrued Expenses |
84.4 |
75.8 |
64.1 |
55.5 |
56.4 |
|
ST Reserves |
38.5 |
34.8 |
49.6 |
44.8 |
39.5 |
|
Deferred Income/Advances |
4.8 |
6.3 |
5.6 |
19.9 |
- |
|
Social Security, Other Taxes |
29.7 |
27.7 |
23.7 |
8.5 |
- |
|
Other ST Liabs. |
2.9 |
3.0 |
3.0 |
3.9 |
32.4 |
|
Total Current Liabilities |
276.9 |
231.3 |
238.0 |
219.9 |
201.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
3.1 |
11.7 |
12.4 |
13.6 |
26.4 |
|
Capital Lease |
18.6 |
20.7 |
22.8 |
24.7 |
26.1 |
|
Total Long Term Debt |
21.7 |
32.3 |
35.2 |
38.3 |
52.4 |
|
|
|
|
|
|
|
|
Deferred Tax |
4.5 |
5.8 |
8.9 |
14.2 |
16.0 |
|
Other lt Liabs. |
9.8 |
8.5 |
8.9 |
8.8 |
5.7 |
|
Pension Provisions |
16.8 |
17.8 |
19.2 |
16.6 |
16.8 |
|
Other Provisions |
16.3 |
17.4 |
20.5 |
15.8 |
9.7 |
|
Minority Int. |
52.9 |
47.0 |
36.4 |
27.7 |
17.9 |
|
Total Liabilities |
398.8 |
360.2 |
367.1 |
341.3 |
320.0 |
|
|
|
|
|
|
|
|
Share Capital |
105.3 |
109.1 |
111.0 |
118.9 |
114.2 |
|
Add. Paid-In Cap |
406.6 |
421.1 |
428.5 |
458.8 |
440.9 |
|
Retained Earning |
338.5 |
286.9 |
261.6 |
221.3 |
162.2 |
|
Other Comp. Inc. |
-1.9 |
-13.4 |
-19.8 |
-37.6 |
-31.8 |
|
Total Equity |
848.4 |
803.7 |
781.3 |
761.3 |
685.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,247.2 |
1,163.9 |
1,148.4 |
1,102.7 |
1,005.5 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
81.3 |
81.3 |
81.3 |
81.3 |
81.3 |
|
Total Common Shares Outstanding |
81.3 |
81.3 |
81.3 |
81.3 |
81.3 |
|
T/S-Ordinary Shares |
0.0 |
0.0 |
- |
- |
- |
|
Accumulated Intangible Amortisation |
85.1 |
75.0 |
62.0 |
48.2 |
35.1 |
|
Advance Payments |
4.8 |
6.3 |
5.6 |
5.3 |
4.0 |
|
Full-Time Employees |
2,460 |
2,366 |
2,189 |
2,147 |
2,152 |
|
LTD < 1 Year |
8.3 |
- |
0.4 |
13.6 |
1.3 |
|
LTD < 2 Years |
0.7 |
- |
0.4 |
0.4 |
13.3 |
|
LTD < 3 Years |
0.6 |
- |
8.5 |
0.4 |
0.4 |
|
LTD < 4 Years |
0.6 |
- |
0.5 |
9.1 |
0.4 |
|
LTD < 5 Years |
0.6 |
- |
0.5 |
0.5 |
8.7 |
|
LTD < 6 Years |
0.5 |
- |
0.5 |
0.5 |
0.5 |
|
LTD > 5 Years |
0.0 |
- |
1.9 |
2.6 |
3.1 |
|
Total Long Term Debt, Supplemental |
11.4 |
- |
12.8 |
27.2 |
27.6 |
|
Capital Lease within 1 Year |
2.3 |
2.2 |
2.1 |
1.9 |
1.5 |
|
Capital Lease from 1-5 Years |
11.8 |
10.8 |
9.6 |
8.6 |
7.9 |
|
Capital Lease over 5 Years |
6.8 |
9.9 |
13.1 |
16.1 |
18.1 |
|
Total Capital Leases, Supplemental |
20.9 |
22.8 |
24.8 |
26.6 |
27.5 |
|
Operating Lease within 1 Year |
9.2 |
- |
7.3 |
6.7 |
6.6 |
|
Operating Lease from 1-5 Years |
12.8 |
- |
10.9 |
8.3 |
7.8 |
|
Remaining |
6.8 |
- |
0.9 |
2.0 |
2.6 |
|
Total Operating Leases, Supplemental |
28.7 |
- |
19.1 |
16.9 |
17.0 |
|
Present Value of Defined Benefit Oblig. |
106.3 |
83.7 |
81.1 |
62.1 |
58.4 |
|
Fair Value of Plan Assets |
85.9 |
64.2 |
58.3 |
57.7 |
51.1 |
|
Funded Status |
-20.4 |
-19.5 |
-22.8 |
-4.4 |
-7.3 |
|
Unfunded Plan Obligations |
15.8 |
14.3 |
11.5 |
9.7 |
- |
|
Total Funded Status |
-36.2 |
-33.9 |
-34.4 |
-14.0 |
-7.3 |
|
Discount Factor - Germany |
4.07% |
5.20% |
4.70% |
6.00% |
6.40% |
|
Long-Term Salary Increase - Germany |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Future Pension Increase - Germany |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Anticipated Return on Plan Assets - Germ |
4.50% |
4.50% |
4.50% |
5.00% |
5.00% |
|
Discount Factor - USA |
3.56% |
4.55% |
5.50% |
- |
- |
|
Long-Term Salary Increase - USA |
4.00% |
4.00% |
3.50% |
- |
- |
|
Future Pension Increase - USA |
4.00% |
4.00% |
4.00% |
- |
- |
|
Anticipated Return on Plan Assets - USA |
7.50% |
7.50% |
7.50% |
- |
- |
|
Discount Factor - Japan |
0.80% |
1.00% |
1.00% |
- |
- |
|
Long-Term Salary Increase - Japan |
2.54% |
2.54% |
2.54% |
- |
- |
|
Future Pension Increase - Japan |
2.54% |
2.54% |
2.54% |
- |
- |
|
Discount Factor - Other |
- |
- |
- |
1.50% |
1.50% |
|
Long-Term Salary Increase - Other |
- |
- |
- |
2.54% |
3.50% |
|
Future Pension Increase - Other |
- |
- |
- |
2.54% |
3.80% |
|
Anticipated Return on Plan Assets -Other |
- |
- |
- |
7.50% |
8.00% |
|
Net Defined Benefit Plan Assets |
-2.7 |
-17.8 |
-19.2 |
-16.6 |
-16.8 |
|
Net Assets Recognized on Balance Sheet |
-2.7 |
-17.8 |
-19.2 |
-16.6 |
-16.8 |
|
Assets which Cannot Be Offset |
- |
- |
- |
- |
0.00% |
|
Equity Instruments |
20.56% |
23.54% |
20.69% |
27.39% |
18.38% |
|
Debt Instruments |
41.58% |
53.66% |
56.50% |
55.14% |
54.09% |
|
Cash |
31.19% |
8.51% |
7.80% |
13.70% |
23.25% |
|
Other |
6.66% |
14.29% |
15.01% |
3.77% |
4.27% |
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
30-Sep-2012 |
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
|
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate (Period Average) |
0.770534 |
0.717768 |
0.740255 |
0.73971 |
0.666382 |
|
Auditor |
KPMG AG |
KPMG AG |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income Before Minority Interest |
99.1 |
100.7 |
80.6 |
74.5 |
84.4 |
|
Depreciation |
23.2 |
26.5 |
28.3 |
22.1 |
19.1 |
|
Income Tax Expenses |
51.6 |
39.9 |
31.5 |
31.8 |
29.2 |
|
Interest Income/Expenses |
4.0 |
3.7 |
4.9 |
1.0 |
-6.1 |
|
Appreciation and Write-ups |
0.0 |
-0.1 |
- |
- |
0.0 |
|
Amortisation of Financial Assets |
- |
- |
- |
- |
0.0 |
|
At-Equity Investments |
0.0 |
0.0 |
- |
- |
- |
|
Sale of Fixed Assets |
1.0 |
1.1 |
-0.3 |
-0.1 |
-0.4 |
|
Sale of Pharma Business |
- |
- |
-1.6 |
- |
- |
|
Interest and Dividends Received |
0.0 |
0.0 |
2.7 |
6.9 |
11.1 |
|
Dividends Received |
2.4 |
3.3 |
- |
- |
- |
|
Interest Paid |
-2.8 |
-4.4 |
-3.3 |
-4.0 |
-5.6 |
|
Income Tax Refund |
1.8 |
25.1 |
4.4 |
5.1 |
5.2 |
|
Income Tax Paid |
-49.8 |
-77.6 |
-47.2 |
-35.3 |
-47.2 |
|
Accounts Receivable |
-2.5 |
-57.1 |
-17.6 |
-2.7 |
5.4 |
|
Inventories |
-7.3 |
-21.2 |
-22.6 |
27.9 |
-19.9 |
|
Other Assets |
-14.7 |
4.3 |
1.5 |
-6.9 |
4.3 |
|
Accounts Payable |
9.5 |
1.1 |
7.2 |
-7.6 |
-8.0 |
|
Provisions and Financial Liabilities |
2.0 |
-3.5 |
18.9 |
3.0 |
7.6 |
|
Other Liabilities |
1.9 |
4.6 |
0.7 |
2.3 |
3.2 |
|
Consolidation |
- |
- |
- |
- |
0.0 |
|
Pension Receivables |
- |
- |
- |
- |
0.0 |
|
Results from Investments/Equity Method |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Cash from Operating Activities |
119.5 |
46.3 |
88.1 |
118.1 |
82.3 |
|
|
|
|
|
|
|
|
Restricted Cash |
- |
- |
- |
- |
0.0 |
|
Purchase Fixed Asset |
-18.9 |
-8.0 |
-6.2 |
-14.0 |
-11.4 |
|
Sale of Fixed Assets |
0.8 |
0.8 |
1.0 |
0.6 |
1.2 |
|
Acquisition of Business |
-16.6 |
0.0 |
- |
- |
- |
|
Acquisition of Carl Zeiss SA Spain |
- |
- |
- |
- |
0.0 |
|
Acquisition of Consolidated Companies |
- |
- |
0.0 |
-15.7 |
-32.1 |
|
Proceeds/Loans |
- |
- |
- |
- |
0.0 |
|
Securities |
-13.0 |
-153.3 |
0.0 |
0.0 |
7.4 |
|
Sale of Investment |
0.0 |
0.0 |
- |
- |
- |
|
Sale Subsidiary |
- |
- |
5.4 |
- |
0.0 |
|
Purchase Intangibles |
-0.9 |
-1.0 |
-9.5 |
-8.2 |
-8.2 |
|
Purchase of Investment |
- |
- |
-2.1 |
-4.1 |
-3.1 |
|
Acquisition of Business |
- |
- |
- |
- |
0.0 |
|
Repayment of Loans to A Former Sharehol. |
- |
- |
- |
0.0 |
9.2 |
|
Repayment of Loans |
- |
- |
- |
0.0 |
0.0 |
|
Investment in Interest |
- |
- |
- |
0.0 |
-0.2 |
|
Cash from Investing Activities |
-48.5 |
-161.5 |
-11.4 |
-41.4 |
-37.2 |
|
|
|
|
|
|
|
|
ST Debt Repaid |
0.1 |
0.1 |
0.0 |
-0.2 |
-2.3 |
|
ST Debt, Net |
- |
- |
- |
- |
0.0 |
|
LT Debt Repaid |
-0.4 |
-0.4 |
-0.6 |
-0.8 |
-2.6 |
|
Repay. Capital Lease |
-2.2 |
-1.9 |
-1.7 |
-1.4 |
-1.5 |
|
Loans from Related Issued |
- |
- |
- |
0.0 |
-13.2 |
|
Loans from Related Repayed |
- |
- |
-11.7 |
- |
- |
|
Treasury Liabs., Net |
11.2 |
-6.0 |
4.2 |
-0.7 |
-2.7 |
|
Rcvbls/Treasury, Net |
-292.2 |
15.0 |
103.9 |
-47.8 |
0.2 |
|
Capital Increase |
- |
- |
- |
- |
0.0 |
|
Cost of Capital Increase |
- |
- |
- |
- |
0.0 |
|
Acquisition of Minority Interest |
- |
- |
-0.1 |
- |
- |
|
Dividends Paid to Minority |
- |
- |
- |
- |
0.0 |
|
Payments to CZ Medical AG |
-31.7 |
-62.3 |
-19.8 |
-19.8 |
-52.5 |
|
Treasury Stock |
- |
- |
- |
- |
0.0 |
|
Cash from Financing Activities |
-315.2 |
-55.5 |
74.3 |
-70.6 |
-74.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
4.0 |
5.1 |
2.4 |
0.0 |
-4.2 |
|
Net Change in Cash |
-240.2 |
-165.6 |
153.4 |
6.1 |
-33.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
252.6 |
436.8 |
270.2 |
264.3 |
327.0 |
|
Net Cash - Ending Balance |
12.4 |
271.2 |
423.5 |
270.4 |
293.3 |
|
Cash Interest Paid |
2.8 |
4.4 |
3.3 |
4.0 |
5.6 |
|
Cash Taxes Paid |
48.0 |
52.6 |
42.8 |
30.1 |
42.1 |
Financial Health
|
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Annual Ratios
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.09 |
|
|
1 |
Rs.102.33 |
|
Euro |
1 |
Rs.82.01 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.