MIRA
INFORM REPORT
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Report Date : |
28.03.2014 |
IDENTIFICATION DETAILS
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Name : |
DANIELI & C OFFICINE MECCANICHE S.P.A. |
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Registered Office : |
Via Nazionale, 41 Buttrio, 33042 |
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Country : |
Italy |
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Financials (as on) : |
30.06.2013 |
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Date of Incorporation : |
19.02.1962 |
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Com. Reg. No.: |
00167460302 |
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Legal Form : |
Public Parent |
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Line of Business : |
Subject is engaged in industrial
sector. Subject designs, manufactures, sales and makes installation of
machines and plants for the metallurgical industry |
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No. of Employees : |
11,184 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Italy |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
ITALY - ECONOMIC OVERVIEW
Italy has a diversified industrial economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is higher. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 133% of GDP in 2013, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2013 economic growth and labor market conditions deteriorated, with growth at -1.8% and unemployment rising to 12.4%, with youth unemployment around 40%. Italy's GDP is now 8% below its 2007 pre-crisis level
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Source
: CIA |
Company name and address
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Danieli & C Officine
Meccaniche S.p.A. |
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Business Description
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Danieli & C Officine
Meccaniche SpA is an Italy-based company primarily engaged in industrial
sector. The Company designs, manufactures, sales and makes installation of
machines and plants for the metallurgical industry. The Company's portfolio
includes mines; pellet production plants; blast furnaces; direct reduction
equipment; machinery for the treatment of scrap metal; steelworks for
production of liquid steel; continuous casting machinery for blooms, billets
and slabs; rolling mills for long products, seamless tubes and flat products;
production lines for welded tubes and flat products; plants for secondary
processing, such as peeling, rolling and drawing; forging presses and
manipulators; extrusion presses for ferrous and non-ferrous metals; plants
for longitudinal and transversal cutting; automation and control systems, and
cranes and lifting equipment. It is also active in the production and sale of
special steel for automotive, machine tools and railway industry, among
others. For the three months ended 30 September 2013, Danieli & C
Officine Meccaniche S.p.A. revenues increased 7% to EUR425M. Net income
decreased 37% to EUR21.6M. Revenues reflect Steel Production segment increase
of 29% to EUR170.5M, Europe and Russia segment increase of 13% to EUR269.4M,
Far East segment increase of 11% to EUR163.9M. Net income was offset by Gains
(losses) on foreign exchange trans increase from EUR4M to EUR15.7M (expense). |
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
333519 - Rolling Mill and Other Metalworking Machinery Manufacturing |
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UK SIC 2007: |
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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.(ITA): 00167460302
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7736976
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.767034
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Corporate
Structure News
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Buttrio |
Italy |
Machinery and Equipment Manufacturing |
3,797.0 |
11,184 |
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|
Subsidiary |
Sheffield |
United Kingdom |
Architecture and Engineering |
27.7 |
91 |
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Subsidiary |
Sheffield |
United Kingdom |
Miscellaneous Professional Services |
50 |
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Subsidiary |
Banbury |
United Kingdom |
Miscellaneous Professional Services |
3.6 |
27 |
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Subsidiary |
Sheffield |
United Kingdom |
Miscellaneous Professional Services |
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Subsidiary |
Sheffield |
United Kingdom |
Machinery and Equipment Manufacturing |
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Subsidiary |
Sheffield |
United Kingdom |
Miscellaneous Professional Services |
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Subsidiary |
Sundsvall |
Sweden |
Machinery and Equipment Manufacturing |
70.4 |
79 |
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Subsidiary |
Smedjebacken |
Sweden |
Machinery and Equipment Manufacturing |
32.5 |
77 |
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Subsidiary |
Chambery |
France |
Machinery and Equipment Manufacturing |
35.1 |
49 |
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Subsidiary |
Kassel, Hessen |
Germany |
Machinery and Equipment Manufacturing |
40 |
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Subsidiary |
Cranberry Township, PA |
United States |
Machinery and Equipment Manufacturing |
104.4 |
36 |
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Subsidiary |
Al-Khobar |
Saudi Arabia |
Residential and Commercial Building Construction |
91.2 |
18 |
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Subsidiary |
Las Arenas, Vizcaya |
Spain |
Machinery and Equipment Manufacturing |
16 |
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Subsidiary |
Bettendorf, IA |
United States |
Department Stores |
0.4 |
2 |
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Subsidiary |
Cairo |
Egypt |
Residential and Commercial Building Construction |
17.6 |
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Subsidiary |
Luxembourg |
Luxembourg |
Holding Companies |
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Subsidiary |
Pozzuolo del Friuli, UD |
Italy |
Metal Products Manufacturing |
821.1 |
1,040 |
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Subsidiary |
Changshu, Jiangsu |
China |
Machinery and Equipment Manufacturing |
71.0 |
900 |
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Subsidiary |
Dnipropetrovsk |
Ukraine |
Civil Engineering |
12.6 |
512 |
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Subsidiary |
Beijing, Beijing |
China |
Machinery and Equipment Manufacturing |
56.8 |
450 |
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Subsidiary |
Buttrio, UD |
Italy |
Machinery and Equipment Manufacturing |
233.9 |
397 |
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Subsidiary |
Pradamano, UD |
Italy |
Specialty Construction Trade Contractors |
22.5 |
155 |
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Subsidiary |
Cinisello Balsamo, MI |
Italy |
Machinery and Equipment Manufacturing |
73.4 |
119 |
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Subsidiary |
Avigliana, Torino |
Italy |
Machinery and Equipment Manufacturing |
8.6 |
1 |
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Subsidiary |
Pozzuolo Del Friuli, Udine |
Italy |
Metal Products Manufacturing |
10.0 |
70 |
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Subsidiary |
Gemona Del Friuli, Udine |
Italy |
Machinery and Equipment Manufacturing |
21.9 |
69 |
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Subsidiary |
Buttrio, Udine |
Italy |
Travel and Reservation Services |
4.8 |
28 |
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Subsidiary |
Magnago, Milano |
Italy |
Machinery and Equipment Manufacturing |
7.6 |
27 |
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Subsidiary |
Mülheim An Der Ruhr, Nordrhein-Westfalen |
Germany |
Machinery and Equipment Manufacturing |
11 |
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Subsidiary |
Meinerzhagen, Nordrhein-Westfalen |
Germany |
Machinery and Equipment Manufacturing |
159.5 |
140 |
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Subsidiary |
Dortmund, Nordrhein-Westfalen |
Germany |
Machinery and Equipment Manufacturing |
40 |
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Subsidiary |
Buttrio, Udine |
Italy |
Securities |
1 |
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Subsidiary |
Sao Paulo, Sao Paulo |
Brazil |
Metal Products Manufacturing |
6.5 |
Executives Report |
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News
Annual Profit & Loss
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30-Jun-2013 |
30-Jun-2012 |
30-Jun-2011 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate (Period Average) |
0.773698 |
0.747695 |
0.7347 |
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Consolidated |
No |
No |
No |
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Total income |
1,271.7 |
1,687.5 |
2,070.6 |
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Net sales |
1,537.9 |
1,658.1 |
1,929.0 |
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Other operating income |
60.3 |
29.4 |
58.3 |
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Raw materials and consumables employed |
649.4 |
997.1 |
1,267.2 |
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Other expenses |
363.3 |
382.7 |
447.0 |
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Total payroll costs |
194.5 |
196.1 |
186.0 |
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Fixed asset depreciation and amortisation |
20.1 |
22.6 |
24.5 |
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Other operating costs |
22.5 |
9.1 |
10.5 |
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Net operating income |
21.8 |
79.9 |
135.5 |
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Total financial income |
90.0 |
28.5 |
-3.4 |
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Total expenses |
13.5 |
8.7 |
30.1 |
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Profit before tax |
98.3 |
99.7 |
102.0 |
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Extraordinary result |
-0.4 |
- |
- |
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Profit after extraordinary items and before tax |
97.9 |
99.7 |
102.0 |
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Total taxation |
5.5 |
36.6 |
41.5 |
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Net profit |
92.5 |
63.0 |
60.5 |
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Annual
Balance Sheet |
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Financials in: USD (mil) |
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|
30-Jun-2013 |
30-Jun-2012 |
30-Jun-2011 |
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Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.767034 |
0.804664 |
0.689727 |
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Consolidated |
No |
No |
No |
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Total stockholders equity |
556.2 |
474.3 |
589.2 |
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Provision for risks |
176.0 |
201.5 |
264.7 |
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Provision for pensions |
27.1 |
23.5 |
27.0 |
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Mortgages and loans |
73.7 |
152.4 |
128.6 |
|
Trade creditors |
592.8 |
1,455.4 |
478.1 |
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Advances received |
- |
352.5 |
- |
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Bank loans and overdrafts |
86.9 |
23.7 |
3.9 |
|
Other current liabilities |
1,838.8 |
648.5 |
2,604.7 |
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Accruals and deferred income |
1.1 |
1.4 |
1.4 |
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Total current liabilities |
2,519.6 |
2,481.5 |
3,088.0 |
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Total liabilities (including net worth) |
3,352.6 |
3,333.2 |
4,097.5 |
|
Intangibles |
14.2 |
11.3 |
10.1 |
|
Buildings |
46.8 |
41.6 |
46.7 |
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Total tangible fixed assets |
103.6 |
80.6 |
89.4 |
|
Long-term investments |
1,430.2 |
1,363.7 |
1,518.4 |
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Total financial assets |
1,475.5 |
1,403.2 |
1,558.6 |
|
Receivables due after 1 year |
113.2 |
93.2 |
153.7 |
|
Total non-current assets |
1,706.6 |
1,588.4 |
1,811.9 |
|
Work in progress |
- |
279.0 |
- |
|
Finished goods |
55.9 |
49.5 |
60.7 |
|
Net stocks and work in progress |
640.0 |
606.6 |
703.6 |
|
Trade debtors |
693.8 |
750.2 |
1,073.6 |
|
Other receivables |
182.8 |
113.0 |
118.8 |
|
Cash and liquid assets |
128.2 |
273.3 |
387.3 |
|
Marketable securities |
- |
- |
0.0 |
|
Accruals |
1.2 |
1.6 |
2.1 |
|
Total current assets |
1,646.0 |
1,744.9 |
2,285.5 |
|
Total assets |
3,352.6 |
3,333.2 |
4,097.5 |
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Annual
Ratios |
|
Financials in: USD (mil) |
|
30-Jun-2013 |
30-Jun-2012 |
30-Jun-2011 |
|
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.767034 |
0.804664 |
0.689727 |
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Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
0.60 |
0.70 |
0.70 |
|
Quick ratio |
0.40 |
0.50 |
0.50 |
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Current liabilities to net worth |
0.05% |
0.05% |
0.05% |
|
Sales per employee |
0.49 |
0.52 |
0.61 |
|
Profit per employee |
0.03 |
0.03 |
0.03 |
|
Average wage per employee |
0.06 |
0.06 |
0.06 |
|
Net worth |
556.2 |
474.3 |
589.2 |
|
Number of employees |
2,449 |
2,388 |
2,317 |
Annual Income Statement
|
30-Jun-2013 |
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
|
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Restated Normal |
Reclassified Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate (Period Average) |
0.773698 |
0.747695 |
0.7347 |
0.721483 |
0.731067 |
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Auditor |
Reconta Ernst & Young SpA |
Reconta Ernst & Young SpA |
Reconta Ernst & Young SpA |
PricewaterhouseCoopers LLP |
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Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
3,797.0 |
3,167.9 |
4,281.7 |
3,356.5 |
2,837.4 |
|
Revenue |
3,797.0 |
3,167.9 |
4,281.7 |
3,356.5 |
2,837.4 |
|
Total Revenue |
3,797.0 |
3,167.9 |
4,281.7 |
3,356.5 |
2,837.4 |
|
|
|
|
|
|
|
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Cost of Revenue |
2,132.3 |
1,356.3 |
2,333.2 |
1,555.3 |
1,116.5 |
|
Cost of Revenue, Total |
2,132.3 |
1,356.3 |
2,333.2 |
1,555.3 |
1,116.5 |
|
Gross Profit |
1,664.6 |
1,811.6 |
1,948.4 |
1,801.2 |
1,720.9 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
804.9 |
867.4 |
- |
- |
- |
|
Labor & Related Expense |
528.6 |
502.5 |
457.2 |
407.8 |
395.5 |
|
Advertising Expense |
4.1 |
3.1 |
2.9 |
- |
- |
|
Total Selling/General/Administrative Expenses |
1,337.7 |
1,373.1 |
460.1 |
407.8 |
395.5 |
|
Depreciation |
100.2 |
109.3 |
132.3 |
86.4 |
74.4 |
|
Amortization of Intangibles |
20.7 |
9.6 |
- |
6.2 |
5.5 |
|
Depreciation/Amortization |
120.9 |
118.8 |
132.3 |
92.6 |
79.8 |
|
Impairment-Assets Held for Use |
5.9 |
9.2 |
- |
9.8 |
39.2 |
|
Loss (Gain) on Sale of Assets - Operating |
0.2 |
0.6 |
- |
0.1 |
0.2 |
|
Other Unusual Expense (Income) |
17.9 |
4.4 |
- |
- |
- |
|
Unusual Expense (Income) |
24.0 |
14.2 |
- |
9.9 |
39.4 |
|
Other Operating Expense |
16.1 |
12.5 |
953.0 |
977.7 |
1,028.1 |
|
Other, Net |
-69.8 |
6.6 |
- |
2.6 |
0.6 |
|
Other Operating Expenses, Total |
-53.7 |
19.0 |
953.0 |
980.3 |
1,028.7 |
|
Total Operating Expense |
3,561.2 |
2,881.5 |
3,878.6 |
3,045.9 |
2,659.9 |
|
|
|
|
|
|
|
|
Operating Income |
235.8 |
286.4 |
403.1 |
310.7 |
177.5 |
|
|
|
|
|
|
|
|
Interest Expense - Non-Operating |
-17.4 |
-16.7 |
-36.0 |
-17.1 |
-27.3 |
|
Interest Expense, Net Non-Operating |
-17.4 |
-16.7 |
-36.0 |
-17.1 |
-27.3 |
|
Interest Income - Non-Operating |
35.2 |
30.9 |
43.0 |
39.9 |
58.4 |
|
Investment Income - Non-Operating |
18.4 |
58.8 |
-44.8 |
4.9 |
21.5 |
|
Interest/Investment Income - Non-Operating |
53.6 |
89.7 |
-1.9 |
44.7 |
80.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
36.3 |
73.0 |
-37.9 |
27.6 |
52.7 |
|
Other Non-Operating Income (Expense) |
-2.8 |
-2.5 |
-3.8 |
-2.7 |
1.6 |
|
Other, Net |
-2.8 |
-2.5 |
-3.8 |
-2.7 |
1.6 |
|
Income Before Tax |
269.3 |
356.9 |
361.4 |
335.6 |
231.8 |
|
|
|
|
|
|
|
|
Total Income Tax |
58.4 |
123.4 |
100.6 |
56.2 |
46.3 |
|
Income After Tax |
210.9 |
233.5 |
260.8 |
279.4 |
185.5 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.8 |
23.1 |
1.1 |
-0.8 |
-0.7 |
|
Net Income Before Extraord Items |
210.1 |
256.6 |
262.0 |
278.6 |
184.8 |
|
Net Income |
210.1 |
256.6 |
262.0 |
278.6 |
184.8 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
210.1 |
256.6 |
262.0 |
278.6 |
184.8 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
210.1 |
256.6 |
262.0 |
278.6 |
184.8 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
73.9 |
76.5 |
77.1 |
77.1 |
77.8 |
|
Basic EPS Excl Extraord Items |
2.84 |
3.36 |
3.40 |
3.62 |
2.38 |
|
Basic/Primary EPS Incl Extraord Items |
2.84 |
3.36 |
3.40 |
3.62 |
2.38 |
|
Diluted Net Income |
210.1 |
256.6 |
262.0 |
278.6 |
184.8 |
|
Diluted Weighted Average Shares |
73.9 |
76.5 |
77.1 |
77.1 |
77.8 |
|
Diluted EPS Excl Extraord Items |
2.84 |
3.36 |
3.40 |
3.62 |
2.38 |
|
Diluted EPS Incl Extraord Items |
2.84 |
3.36 |
3.40 |
3.62 |
2.38 |
|
Dividends per Share - Common Stock Primary Issue |
0.39 |
0.44 |
0.45 |
0.46 |
0.31 |
|
Dividends per Share - Common Stock Issue 2 |
0.41 |
0.47 |
0.48 |
0.49 |
0.34 |
|
Gross Dividends - Common Stock |
- |
33.6 |
35.7 |
36.3 |
24.8 |
|
Interest Expense, Supplemental |
17.4 |
16.7 |
36.0 |
17.1 |
27.3 |
|
Depreciation, Supplemental |
100.2 |
109.3 |
132.3 |
86.4 |
74.4 |
|
Total Special Items |
24.0 |
14.2 |
- |
9.9 |
39.4 |
|
Normalized Income Before Tax |
293.3 |
371.1 |
361.4 |
345.6 |
271.2 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
5.2 |
4.9 |
- |
1.7 |
7.9 |
|
Inc Tax Ex Impact of Sp Items |
63.6 |
128.3 |
100.6 |
57.9 |
54.1 |
|
Normalized Income After Tax |
229.7 |
242.8 |
260.8 |
287.7 |
217.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
228.9 |
265.9 |
262.0 |
286.9 |
216.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
3.10 |
3.48 |
3.40 |
3.72 |
2.78 |
|
Diluted Normalized EPS |
3.10 |
3.48 |
3.40 |
3.72 |
2.78 |
|
Amort of Intangibles, Supplemental |
20.7 |
9.6 |
- |
6.2 |
5.5 |
|
Rental Expenses |
21.1 |
19.9 |
18.2 |
14.0 |
13.3 |
|
Advertising Expense, Supplemental |
4.1 |
3.1 |
2.9 |
1.9 |
2.7 |
|
Normalized EBIT |
259.8 |
300.6 |
403.1 |
320.6 |
216.9 |
|
Normalized EBITDA |
380.7 |
419.5 |
535.4 |
413.1 |
296.8 |
|
Current Tax - Total |
70.3 |
112.8 |
91.1 |
74.2 |
95.5 |
|
Current Tax - Total |
70.3 |
112.8 |
91.1 |
74.2 |
95.5 |
|
Deferred Tax - Total |
-1.7 |
2.8 |
-1.7 |
-1.1 |
1.8 |
|
Deferred Tax - Total |
-1.7 |
2.8 |
-1.7 |
-1.1 |
1.8 |
|
Other Tax |
-10.2 |
7.7 |
11.2 |
-16.9 |
-51.1 |
|
Income Tax - Total |
58.4 |
123.4 |
100.6 |
56.2 |
46.3 |
|
Service Cost - Domestic |
1.5 |
1.7 |
17.3 |
17.0 |
16.9 |
|
Actuarial Gains and Losses - Domestic |
4.3 |
2.8 |
-1.8 |
1.6 |
-0.2 |
|
Domestic Pension Plan Expense |
5.8 |
4.5 |
15.6 |
18.6 |
16.7 |
|
Total Pension Expense |
5.8 |
4.5 |
15.6 |
18.6 |
16.7 |
|
Discount Rate - Domestic |
2.45% |
- |
4.60% |
4.05% |
4.60% |
|
Compensation Rate - Domestic |
1.00% |
- |
1.00% |
1.00% |
1.00% |
|
Total Plan Service Cost |
1.5 |
1.7 |
17.3 |
17.0 |
16.9 |
|
Annual
Balance Sheet |
|
Financials in: USD (mil) |
|
30-Jun-2013 |
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
|
|
UpdateType/Date |
Reclassified Normal |
Restated Normal |
Reclassified Normal |
Reclassified Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.767034 |
0.804664 |
0.689727 |
0.816393 |
0.712936 |
|
Auditor |
Reconta Ernst & Young SpA |
Reconta Ernst & Young SpA |
Reconta Ernst & Young SpA |
PricewaterhouseCoopers LLP |
|
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
|
Cash & Equivalents |
2,147.4 |
1,809.2 |
2,000.6 |
1,637.8 |
1,663.0 |
|
Short Term Investments |
257.9 |
355.5 |
394.2 |
21.5 |
13.4 |
|
Cash and Short Term Investments |
2,405.3 |
2,164.6 |
2,394.8 |
1,659.4 |
1,676.4 |
|
Accounts Receivable - Trade, Gross |
- |
1,688.8 |
1,970.0 |
1,594.3 |
1,793.0 |
|
Provision for Doubtful Accounts |
- |
-63.8 |
-63.4 |
-49.8 |
-52.0 |
|
Trade Accounts Receivable - Net |
1,578.4 |
1,625.0 |
1,906.6 |
1,544.5 |
1,741.0 |
|
Other Receivables |
132.0 |
115.3 |
109.4 |
94.6 |
111.5 |
|
Total Receivables, Net |
1,710.5 |
1,740.3 |
2,016.0 |
1,639.1 |
1,852.5 |
|
Inventories - Finished Goods |
- |
123.2 |
126.9 |
171.6 |
196.7 |
|
Inventories - Work In Progress |
- |
821.8 |
715.8 |
608.4 |
786.0 |
|
Inventories - Raw Materials |
- |
206.3 |
268.5 |
232.9 |
245.1 |
|
Inventories - Other |
- |
133.1 |
144.7 |
156.4 |
213.7 |
|
Total Inventory |
1,487.0 |
1,284.3 |
1,255.9 |
1,169.4 |
1,441.6 |
|
Prepaid Expenses |
- |
14.6 |
16.1 |
11.6 |
4.4 |
|
Total Current Assets |
5,602.8 |
5,203.8 |
5,682.8 |
4,479.4 |
4,975.0 |
|
|
|
|
|
|
|
|
Buildings |
- |
483.3 |
422.0 |
340.8 |
336.7 |
|
Land/Improvements |
- |
74.5 |
65.5 |
49.4 |
55.0 |
|
Machinery/Equipment |
- |
1,109.2 |
1,147.1 |
937.7 |
1,008.9 |
|
Construction in Progress |
- |
80.5 |
52.7 |
41.6 |
77.8 |
|
Other Property/Plant/Equipment |
- |
119.5 |
133.3 |
102.0 |
90.0 |
|
Property/Plant/Equipment - Gross |
- |
1,866.9 |
1,820.7 |
1,471.5 |
1,568.4 |
|
Accumulated Depreciation |
- |
-1,038.9 |
-936.1 |
-709.8 |
-732.7 |
|
Property/Plant/Equipment - Net |
958.2 |
828.0 |
884.5 |
761.6 |
835.7 |
|
Goodwill - Gross |
- |
21.7 |
- |
- |
- |
|
Accumulated Goodwill Amortization |
- |
-11.1 |
- |
- |
- |
|
Goodwill, Net |
- |
10.6 |
- |
- |
- |
|
Intangibles - Gross |
- |
132.2 |
123.2 |
79.8 |
81.0 |
|
Accumulated Intangible Amortization |
- |
-81.5 |
-96.2 |
-58.9 |
-61.1 |
|
Intangibles, Net |
77.8 |
50.7 |
27.0 |
20.9 |
20.0 |
|
LT Investment - Affiliate Companies |
30.4 |
31.7 |
34.1 |
29.4 |
35.6 |
|
LT Investments - Other |
2.4 |
7.3 |
5.5 |
2.0 |
2.3 |
|
Long Term Investments |
32.8 |
39.0 |
39.6 |
31.5 |
37.9 |
|
Note Receivable - Long Term |
176.5 |
125.3 |
173.6 |
119.3 |
187.8 |
|
Deferred Income Tax - Long Term Asset |
84.9 |
81.2 |
101.6 |
95.9 |
92.4 |
|
Other Long Term Assets |
- |
- |
- |
- |
0.0 |
|
Other Long Term Assets, Total |
84.9 |
81.2 |
101.6 |
95.9 |
92.4 |
|
Total Assets |
6,932.9 |
6,338.6 |
6,909.1 |
5,508.5 |
6,148.7 |
|
|
|
|
|
|
|
|
Accounts Payable |
3,254.1 |
1,125.3 |
1,286.4 |
1,151.1 |
1,594.4 |
|
Accrued Expenses |
- |
94.0 |
101.1 |
78.6 |
0.1 |
|
Notes Payable/Short Term Debt |
340.4 |
79.7 |
179.1 |
179.8 |
164.5 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
108.5 |
63.6 |
61.7 |
28.4 |
|
Customer Advances |
- |
645.5 |
1,190.8 |
959.0 |
1,118.3 |
|
Security Deposits |
- |
667.5 |
- |
- |
- |
|
Income Taxes Payable |
26.1 |
58.1 |
51.9 |
32.1 |
65.2 |
|
Other Payables |
- |
33.2 |
21.9 |
211.8 |
388.1 |
|
Other Current Liabilities |
879.6 |
1,294.3 |
1,606.9 |
1,030.4 |
976.4 |
|
Other Current liabilities, Total |
905.7 |
2,698.6 |
2,871.5 |
2,233.3 |
2,548.0 |
|
Total Current Liabilities |
4,500.2 |
4,106.3 |
4,501.7 |
3,704.6 |
4,335.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
238.6 |
278.5 |
300.9 |
164.1 |
195.2 |
|
Total Long Term Debt |
238.6 |
278.5 |
300.9 |
164.1 |
195.2 |
|
Total Debt |
579.0 |
466.7 |
543.6 |
405.6 |
388.1 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
26.0 |
24.9 |
20.5 |
18.7 |
22.5 |
|
Deferred Income Tax |
26.0 |
24.9 |
20.5 |
18.7 |
22.5 |
|
Minority Interest |
6.3 |
-19.1 |
4.4 |
3.3 |
3.3 |
|
Reserves |
261.8 |
283.4 |
321.8 |
320.8 |
385.2 |
|
Pension Benefits - Underfunded |
45.0 |
39.3 |
44.1 |
40.4 |
46.3 |
|
Other Long Term Liabilities |
0.6 |
0.6 |
0.8 |
0.3 |
0.3 |
|
Other Liabilities, Total |
307.4 |
323.3 |
366.7 |
361.5 |
431.8 |
|
Total Liabilities |
5,078.5 |
4,713.7 |
5,194.1 |
4,252.3 |
4,988.2 |
|
|
|
|
|
|
|
|
Common Stock |
106.0 |
101.0 |
117.9 |
99.6 |
114.0 |
|
Common Stock |
106.0 |
101.0 |
117.9 |
99.6 |
114.0 |
|
Additional Paid-In Capital |
- |
24.5 |
- |
- |
- |
|
Retained Earnings (Accumulated Deficit) |
1,856.6 |
1,584.1 |
1,637.4 |
1,201.7 |
1,098.1 |
|
Treasury Stock - Common |
-108.1 |
-99.3 |
-53.3 |
-45.0 |
-51.6 |
|
Translation Adjustment |
- |
18.6 |
13.0 |
- |
- |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Comprehensive Income |
- |
-4.1 |
- |
- |
- |
|
Other Equity, Total |
0.0 |
14.5 |
13.0 |
- |
- |
|
Total Equity |
1,854.4 |
1,624.9 |
1,715.0 |
1,256.2 |
1,160.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
6,932.9 |
6,338.6 |
6,909.1 |
5,508.5 |
6,148.7 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary Issue |
37.9 |
38.1 |
39.8 |
39.8 |
39.7 |
|
Shares Outstanding - Common Stock Issue 2 |
36.5 |
35.7 |
37.3 |
37.3 |
37.3 |
|
Total Common Shares Outstanding |
74.4 |
73.9 |
77.1 |
77.1 |
77.0 |
|
Treasury Shares - Common Stock Primary Issue |
3.0 |
2.7 |
1.1 |
1.1 |
1.1 |
|
Treasury Shares - Common Issue 2 |
3.9 |
4.7 |
3.1 |
3.1 |
3.1 |
|
Employees |
10,944 |
10,037 |
9,392 |
8,663 |
7,974 |
|
Accumulated Goodwill Amortization Suppl. |
- |
11.1 |
- |
- |
- |
|
Accumulated Intangible Amort, Suppl. |
- |
81.5 |
96.2 |
58.9 |
61.1 |
|
Deferred Revenue - Current |
- |
645.5 |
1,190.8 |
959.0 |
1,118.3 |
|
Total Long Term Debt, Supplemental |
455.5 |
386.9 |
364.4 |
225.8 |
223.7 |
|
Long Term Debt Maturing within 1 Year |
216.9 |
108.5 |
63.6 |
61.7 |
28.5 |
|
Long Term Debt Maturing in Year 2 |
27.5 |
159.3 |
84.1 |
71.1 |
30.6 |
|
Long Term Debt Maturing in Year 3 |
38.6 |
38.7 |
110.7 |
37.6 |
58.9 |
|
Long Term Debt Maturing in Year 4 |
49.6 |
43.9 |
39.7 |
28.2 |
15.7 |
|
Long Term Debt Maturing in Year 5 |
30.6 |
18.7 |
24.4 |
18.5 |
48.9 |
|
Long Term Debt Maturing in 2-3 Years |
66.1 |
198.0 |
194.8 |
108.7 |
89.5 |
|
Long Term Debt Maturing in 4-5 Years |
80.2 |
62.5 |
64.1 |
46.8 |
64.6 |
|
Long Term Debt Matur. in Year 6 & Beyond |
92.3 |
17.9 |
42.0 |
8.6 |
41.1 |
|
Pension Obligation - Domestic |
45.0 |
39.3 |
44.1 |
40.4 |
46.3 |
|
Funded Status - Domestic |
-45.0 |
-39.3 |
-44.1 |
-40.4 |
-46.3 |
|
Total Funded Status |
-45.0 |
-39.3 |
-44.1 |
-40.4 |
-46.3 |
|
Discount Rate - Domestic |
2.45% |
- |
4.60% |
4.05% |
4.60% |
|
Compensation Rate - Domestic |
1.00% |
- |
1.00% |
1.00% |
1.00% |
|
Accrued Liabilities - Domestic |
-45.0 |
-39.3 |
-44.1 |
-40.4 |
-46.3 |
|
Net Assets Recognized on Balance Sheet |
-45.0 |
-39.3 |
-44.1 |
-40.4 |
-46.3 |
|
Total Plan Obligations |
45.0 |
39.3 |
44.1 |
40.4 |
46.3 |
|
Annual
Cash Flows |
|
Financials in: USD (mil) |
|
30-Jun-2013 |
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
|
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified Normal |
Updated Normal |
Reclassified Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate (Period Average) |
0.773698 |
0.747695 |
0.7347 |
0.721483 |
0.731067 |
|
Auditor |
Reconta Ernst & Young SpA |
Reconta Ernst & Young SpA |
Reconta Ernst & Young SpA |
PricewaterhouseCoopers LLP |
|
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
|
Net Income/Starting Line |
269.3 |
356.9 |
361.4 |
335.6 |
185.5 |
|
Depreciation |
122.9 |
118.9 |
122.5 |
94.9 |
79.8 |
|
Depreciation/Depletion |
122.9 |
118.9 |
122.5 |
94.9 |
79.8 |
|
Unusual Items |
3.9 |
9.2 |
9.8 |
10.1 |
39.8 |
|
Equity in Net Earnings (Loss) |
1.6 |
-2.7 |
-1.6 |
-1.4 |
- |
|
Other Non-Cash Items |
-34.6 |
3.2 |
-44.7 |
-17.7 |
129.7 |
|
Non-Cash Items |
-29.0 |
9.7 |
-36.5 |
-8.9 |
169.5 |
|
Accounts Receivable |
89.7 |
56.5 |
-120.7 |
-76.6 |
-250.9 |
|
Inventories |
-138.4 |
-223.7 |
120.4 |
101.3 |
-10.4 |
|
Accounts Payable |
52.6 |
55.7 |
-211.4 |
-73.5 |
381.6 |
|
Taxes Payable |
- |
- |
- |
- |
46.3 |
|
Other Operating Cash Flow |
-88.4 |
-119.6 |
-65.7 |
-73.5 |
-79.2 |
|
Changes in Working Capital |
-84.6 |
-231.1 |
-277.4 |
-122.4 |
87.3 |
|
Cash from Operating Activities |
278.6 |
254.3 |
170.0 |
299.3 |
522.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-192.9 |
-145.7 |
-107.7 |
-110.2 |
-156.7 |
|
Purchase/Acquisition of Intangibles |
-24.2 |
-19.9 |
-20.5 |
-15.7 |
-7.3 |
|
Capital Expenditures |
-217.1 |
-165.7 |
-128.3 |
-125.9 |
-163.9 |
|
Acquisition of Business |
-15.6 |
-48.2 |
- |
- |
- |
|
Sale of Fixed Assets |
7.0 |
3.2 |
7.3 |
1.2 |
4.2 |
|
Sale/Maturity of Investment |
175.4 |
-0.2 |
-348.8 |
-9.7 |
-1.1 |
|
Investment, Net |
- |
- |
1.5 |
-4.8 |
-0.1 |
|
Purchase of Investments |
-0.4 |
-57.7 |
- |
- |
- |
|
Other Investing Cash Flow |
-66.3 |
-8.0 |
0.0 |
3.4 |
2.2 |
|
Other Investing Cash Flow Items, Total |
100.2 |
-110.9 |
-340.0 |
-9.8 |
5.3 |
|
Cash from Investing Activities |
-116.9 |
-276.6 |
-468.3 |
-135.8 |
-158.7 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
40.8 |
163.3 |
335.7 |
-71.3 |
- |
|
Financing Cash Flow Items |
40.8 |
163.3 |
335.7 |
-71.3 |
- |
|
Cash Dividends Paid - Common |
-32.4 |
-35.0 |
-35.7 |
-25.1 |
-28.6 |
|
Total Cash Dividends Paid |
-32.4 |
-35.0 |
-35.7 |
-25.1 |
-28.6 |
|
Long Term Debt Issued |
- |
- |
- |
- |
4.3 |
|
Long Term Debt Reduction |
-160.1 |
-66.9 |
-70.9 |
-43.9 |
-151.3 |
|
Long Term Debt, Net |
72.9 |
2.1 |
52.0 |
133.4 |
-103.6 |
|
Issuance (Retirement) of Debt, Net |
72.9 |
2.1 |
52.0 |
133.4 |
-103.6 |
|
Cash from Financing Activities |
81.2 |
130.4 |
352.0 |
36.9 |
-132.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
4.5 |
-6.6 |
4.5 |
9.6 |
17.1 |
|
Net Change in Cash |
247.4 |
101.5 |
58.2 |
210.0 |
248.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,881.6 |
1,845.5 |
1,820.0 |
1,643.3 |
1,373.4 |
|
Net Cash - Ending Balance |
2,128.9 |
1,947.0 |
1,878.2 |
1,853.3 |
1,621.8 |
|
Cash Interest Paid |
25.2 |
19.7 |
33.3 |
17.0 |
27.0 |
|
Cash Taxes Paid |
79.1 |
118.2 |
61.8 |
75.4 |
110.2 |
Annual Income Statement
|
30-Jun-2013 |
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
|
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Reclassified Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate (Period Average) |
0.773698 |
0.747695 |
0.7347 |
0.721483 |
0.731067 |
|
Auditor |
Reconta Ernst & Young SpA |
Reconta Ernst & Young SpA |
Reconta Ernst & Young SpA |
PricewaterhouseCoopers LLP |
|
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
|
Revenues |
3,797.0 |
3,167.9 |
4,190.7 |
3,165.3 |
2,760.6 |
|
Other Revenue |
- |
- |
91.0 |
191.3 |
76.8 |
|
Total Revenue |
3,797.0 |
3,167.9 |
4,281.7 |
3,356.5 |
2,837.4 |
|
|
|
|
|
|
|
|
Finished Goods |
323.8 |
-885.5 |
37.1 |
-224.0 |
-1,553.2 |
|
Costs of Raw Mater.&Consumables |
1,808.6 |
2,241.8 |
2,296.1 |
1,779.4 |
2,669.7 |
|
Rental Expense |
21.1 |
19.9 |
- |
- |
- |
|
Cost of Services, Other |
769.1 |
833.8 |
- |
- |
- |
|
Bad Debt Written-off/Provision |
3.3 |
5.6 |
- |
- |
- |
|
Property and Other Taxes |
11.4 |
8.2 |
- |
- |
- |
|
Personnel Costs |
528.6 |
502.5 |
457.2 |
407.8 |
395.5 |
|
Other Operating Revenue |
-122.9 |
-67.4 |
- |
- |
- |
|
Operating Provisions |
22.5 |
38.5 |
- |
- |
- |
|
Operating Provisions, Third Parties |
30.7 |
35.4 |
- |
- |
- |
|
Depreciation |
100.2 |
109.3 |
- |
- |
- |
|
Depreciation and Amortisation |
- |
- |
- |
86.4 |
74.4 |
|
Amortisation of Intangibles |
20.7 |
9.6 |
- |
- |
- |
|
Amort./Intangibles |
- |
- |
- |
6.2 |
5.5 |
|
Impairment losses on loans and other |
5.9 |
9.2 |
- |
- |
- |
|
Write-Down/Assets |
- |
- |
- |
0.3 |
0.0 |
|
Write-Down/Receivables |
- |
- |
- |
9.5 |
39.2 |
|
Write-Down/Shareholdings |
- |
- |
- |
2.6 |
0.6 |
|
Depreciation and Write-downs |
- |
- |
132.3 |
- |
- |
|
Other Operating Expense, Other |
16.1 |
12.5 |
- |
- |
- |
|
Other Operating Cost |
- |
- |
953.0 |
977.7 |
1,028.1 |
|
Advertising Expense |
4.1 |
3.1 |
2.9 |
- |
- |
|
Extraordinary Losses |
17.9 |
4.4 |
- |
- |
- |
|
Gain/Loss on Sale of Assets |
0.2 |
0.6 |
- |
- |
- |
|
Losses/Disposals |
- |
- |
- |
0.1 |
0.2 |
|
Total Operating Expense |
3,561.2 |
2,881.5 |
3,878.6 |
3,045.9 |
2,659.9 |
|
|
|
|
|
|
|
|
Interest Income |
35.2 |
30.9 |
43.0 |
39.9 |
58.4 |
|
Income from Options |
5.8 |
0.0 |
- |
- |
- |
|
Securities |
3.4 |
9.0 |
4.9 |
- |
- |
|
Income from Investments |
0.6 |
0.4 |
2.5 |
- |
- |
|
Other Financial Income |
3.4 |
3.5 |
1.2 |
6.5 |
9.5 |
|
Interest Expense |
-17.4 |
-16.7 |
-36.0 |
-17.1 |
-27.3 |
|
Other Financial Expense |
-6.1 |
-6.0 |
-4.9 |
-9.1 |
-7.9 |
|
associated companies w ith the equity me |
-1.2 |
2.7 |
1.6 |
1.4 |
1.3 |
|
Gains (losses) on foreign exchange trans |
9.9 |
46.7 |
-53.8 |
3.5 |
20.2 |
|
Net Income Before Taxes |
269.3 |
356.9 |
361.4 |
335.6 |
231.8 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
58.4 |
123.4 |
100.6 |
56.2 |
46.3 |
|
Net Income After Taxes |
210.9 |
233.5 |
260.8 |
279.4 |
185.5 |
|
|
|
|
|
|
|
|
Minority Interests |
-0.8 |
23.1 |
1.1 |
-0.8 |
-0.7 |
|
Net Income Before Extra. Items |
210.1 |
256.6 |
262.0 |
278.6 |
184.8 |
|
Net Income |
210.1 |
256.6 |
262.0 |
278.6 |
184.8 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
210.1 |
256.6 |
262.0 |
278.6 |
184.8 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
210.1 |
256.6 |
262.0 |
278.6 |
184.8 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
73.9 |
76.5 |
77.1 |
77.1 |
77.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
2.84 |
3.36 |
3.40 |
3.62 |
2.38 |
|
Basic EPS Including ExtraOrdinary Items |
2.84 |
3.36 |
3.40 |
3.62 |
2.38 |
|
Diluted Net Income |
210.1 |
256.6 |
262.0 |
278.6 |
184.8 |
|
Diluted Weighted Average Shares |
73.9 |
76.5 |
77.1 |
77.1 |
77.8 |
|
Diluted EPS Excluding ExtraOrd Items |
2.84 |
3.36 |
3.40 |
3.62 |
2.38 |
|
Diluted EPS Including ExtraOrd Items |
2.84 |
3.36 |
3.40 |
3.62 |
2.38 |
|
DPS-Ordinary Shares |
0.39 |
0.44 |
0.45 |
0.46 |
0.31 |
|
DPS-Savings Shares |
0.41 |
0.47 |
0.48 |
0.49 |
0.34 |
|
Gross Dividends - Common Stock |
- |
33.6 |
35.7 |
36.3 |
24.8 |
|
Normalized Income Before Taxes |
293.3 |
371.1 |
361.4 |
345.6 |
271.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
63.6 |
128.3 |
100.6 |
57.9 |
54.1 |
|
Normalized Income After Taxes |
229.7 |
242.8 |
260.8 |
287.7 |
217.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
228.9 |
265.9 |
262.0 |
286.9 |
216.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
3.10 |
3.48 |
3.40 |
3.72 |
2.78 |
|
Diluted Normalized EPS |
3.10 |
3.48 |
3.40 |
3.72 |
2.78 |
|
Advertising Expense |
4.1 |
3.1 |
2.9 |
1.9 |
2.7 |
|
Interest Expense |
17.4 |
16.7 |
- |
- |
- |
|
Interest Expense |
- |
- |
36.0 |
17.1 |
27.3 |
|
Depreciation & Impairment/Writedown |
- |
- |
132.3 |
- |
- |
|
BC - Depreciation of Intangible Assets |
20.7 |
9.6 |
- |
- |
- |
|
Amort of Intangibles |
- |
- |
- |
6.2 |
5.5 |
|
Rental Expense |
21.1 |
19.9 |
18.2 |
14.0 |
13.3 |
|
Depreciation |
100.2 |
109.3 |
- |
86.4 |
74.4 |
|
Current Tax |
70.3 |
112.8 |
91.1 |
74.2 |
95.5 |
|
Current Tax - Total |
70.3 |
112.8 |
91.1 |
74.2 |
95.5 |
|
Deferred Tax |
-1.7 |
2.8 |
-1.7 |
-1.1 |
1.8 |
|
Deferred Tax - Total |
-1.7 |
2.8 |
-1.7 |
-1.1 |
1.8 |
|
Income Tax for Previous Years |
-9.4 |
0.0 |
- |
- |
- |
|
Prepaid Tax |
-0.7 |
7.7 |
11.2 |
-16.9 |
-51.1 |
|
Income Tax - Total |
58.4 |
123.4 |
100.6 |
56.2 |
46.3 |
|
Service Cost |
1.5 |
1.7 |
17.3 |
17.0 |
16.9 |
|
Actuarial Gain/Loss |
4.3 |
2.8 |
-1.8 |
1.6 |
-0.2 |
|
Domestic Pension Plan Expense |
5.8 |
4.5 |
15.6 |
18.6 |
16.7 |
|
Total Pension Expense |
5.8 |
4.5 |
15.6 |
18.6 |
16.7 |
|
Discount rate |
2.45% |
- |
4.60% |
4.05% |
4.60% |
|
Compensation Rate |
1.00% |
- |
1.00% |
1.00% |
1.00% |
|
Annual
Balance Sheet |
|
Financials in: USD (mil) |
|
30-Jun-2013 |
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
|
|
UpdateType/Date |
Reclassified Normal |
Restated Normal |
Reclassified Normal |
Reclassified Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.767034 |
0.804664 |
0.689727 |
0.816393 |
0.712936 |
|
Auditor |
Reconta Ernst & Young SpA |
Reconta Ernst & Young SpA |
Reconta Ernst & Young SpA |
PricewaterhouseCoopers LLP |
|
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
|
Inventories |
1,487.0 |
- |
- |
- |
- |
|
Materials |
- |
206.3 |
268.5 |
232.9 |
245.1 |
|
Contract Work |
- |
686.3 |
548.3 |
469.9 |
587.7 |
|
Work In Progress |
- |
135.4 |
167.4 |
138.5 |
198.3 |
|
Finished Goods |
- |
123.2 |
126.9 |
171.6 |
196.7 |
|
Payments/Account |
- |
133.1 |
144.7 |
156.4 |
213.7 |
|
Trade Receivables, Gross |
- |
1,688.8 |
1,970.0 |
1,594.3 |
1,793.0 |
|
Provision for Bad Doubtful Debts |
- |
-63.8 |
-63.4 |
-49.8 |
-52.0 |
|
Trade receivables |
1,578.4 |
- |
- |
- |
- |
|
ST Accrued Income |
- |
5.9 |
- |
- |
- |
|
Income Tax Receivables, Net/Gross |
- |
57.2 |
- |
- |
- |
|
Other receivables |
107.5 |
20.1 |
92.6 |
65.8 |
51.2 |
|
Prepaid Expense and Advances |
- |
10.2 |
11.1 |
9.1 |
4.4 |
|
Prepayments |
- |
4.4 |
5.0 |
2.5 |
- |
|
Tax Receivable |
24.6 |
32.2 |
16.8 |
28.8 |
60.3 |
|
Financial Assets |
257.9 |
355.5 |
394.2 |
21.5 |
13.4 |
|
Bank/Deposits |
- |
- |
2,000.6 |
1,637.8 |
1,663.0 |
|
Cash and short term deposits |
2,147.4 |
1,809.2 |
- |
- |
- |
|
Total Current Assets |
5,602.8 |
5,203.8 |
5,682.8 |
4,479.4 |
4,975.0 |
|
|
|
|
|
|
|
|
Intangible assets |
77.8 |
- |
- |
- |
- |
|
Licen.Franc.Right,Contr. Mod.Design,G |
- |
30.2 |
- |
- |
- |
|
Concessions, Licenses and TM |
- |
69.9 |
- |
- |
- |
|
Other Intangibles, Gross |
- |
30.8 |
- |
- |
- |
|
Assets under Construction, Gross |
- |
1.3 |
- |
- |
- |
|
Goodwill, Gross |
- |
21.7 |
- |
- |
- |
|
Acc Amort Goodwill |
- |
-11.1 |
- |
- |
- |
|
Intangibles, Gross |
- |
- |
123.2 |
79.8 |
81.0 |
|
AccAmortLicen.Franc.RightContr.Mod.Desig |
- |
-21.7 |
- |
- |
- |
|
Concessions, licenses and TM Amort |
- |
-48.3 |
- |
- |
- |
|
Acc Amort Other Intangibles |
- |
-11.5 |
- |
- |
- |
|
Acc Amort/Imp Assets under Construction |
- |
0.0 |
- |
- |
- |
|
Amortization of Intangibles |
- |
- |
-96.2 |
-58.9 |
-61.1 |
|
Tangible fixed assets |
958.2 |
- |
- |
- |
- |
|
Land, Gross |
- |
74.5 |
65.5 |
49.4 |
55.0 |
|
Buildings |
- |
483.3 |
422.0 |
340.8 |
336.7 |
|
Plant/Machinery |
- |
1,024.3 |
1,058.5 |
867.9 |
935.8 |
|
Industrial Equip. |
- |
84.9 |
88.6 |
69.8 |
73.1 |
|
Other Tangible Fixed Assets, Gross |
- |
119.5 |
133.3 |
102.0 |
90.0 |
|
Assets under Construction |
- |
80.5 |
52.7 |
41.6 |
77.8 |
|
Acc Depr Buildings |
- |
-218.7 |
- |
- |
- |
|
Acc Depr Plant & Machinery |
- |
-675.0 |
- |
- |
- |
|
Acc Depr Equipment |
- |
-69.1 |
- |
- |
- |
|
Acc Depr Other Tangible Fixed Assets |
- |
-76.1 |
- |
- |
- |
|
Acc Depr/Imp Land |
- |
0.0 |
- |
- |
- |
|
Acc Depr/Imp Construction in Progress |
- |
0.0 |
- |
- |
- |
|
Depreciation |
- |
- |
-936.1 |
-709.8 |
-732.7 |
|
Property Investments |
- |
5.1 |
2.4 |
2.0 |
2.3 |
|
Investments accounted for with the equit |
30.4 |
31.7 |
34.1 |
29.4 |
35.6 |
|
Other investments |
2.4 |
2.2 |
3.1 |
- |
- |
|
Deferred tax assets |
84.9 |
81.2 |
101.6 |
95.9 |
92.4 |
|
financial receivables |
9.9 |
2.7 |
7.3 |
1.4 |
52.6 |
|
LT Receivables |
166.5 |
122.6 |
166.3 |
117.9 |
135.1 |
|
Assets Held for Sale |
- |
- |
- |
- |
0.0 |
|
Total Assets |
6,932.9 |
6,338.6 |
6,909.1 |
5,508.5 |
6,148.7 |
|
|
|
|
|
|
|
|
Bank debts and loans |
340.4 |
- |
- |
- |
- |
|
ST Debt / Overdrafts |
- |
79.7 |
179.1 |
179.8 |
164.5 |
|
Current Portion of LT Debt |
- |
108.5 |
63.6 |
61.7 |
28.4 |
|
Accrued Payroll |
- |
73.5 |
- |
- |
- |
|
Accruals on Financial Payables |
- |
2.5 |
1.5 |
0.2 |
0.1 |
|
Other Current Liabilities - Total |
879.6 |
- |
- |
- |
- |
|
Current Derivative Liabilities - Hedging |
- |
6.8 |
- |
- |
- |
|
Advances from Customers |
- |
645.5 |
606.5 |
959.0 |
1,118.3 |
|
Invoiced WIP |
- |
1,287.5 |
1,606.9 |
1,030.4 |
976.4 |
|
Trade Payables, Total |
3,254.1 |
- |
- |
- |
- |
|
Trade Payables |
- |
1,125.3 |
1,286.4 |
1,151.1 |
1,594.4 |
|
Current tax liabilities |
26.1 |
53.8 |
51.9 |
32.1 |
65.2 |
|
Accrued Expense |
- |
18.1 |
99.6 |
78.4 |
- |
|
Payables for Business Combination |
- |
11.6 |
- |
- |
- |
|
Other Payables |
- |
21.6 |
21.9 |
211.8 |
388.1 |
|
Deferred Income |
- |
- |
584.3 |
- |
- |
|
Security Deposits |
- |
667.5 |
- |
- |
- |
|
Income Taxes Payable |
- |
4.3 |
- |
- |
- |
|
Total Current Liabilities |
4,500.2 |
4,106.3 |
4,501.7 |
3,704.6 |
4,335.4 |
|
|
|
|
|
|
|
|
Financial Debt |
238.6 |
278.5 |
300.9 |
164.1 |
195.2 |
|
Total Long Term Debt |
238.6 |
278.5 |
300.9 |
164.1 |
195.2 |
|
|
|
|
|
|
|
|
Other Payables |
0.6 |
0.6 |
0.8 |
0.3 |
0.3 |
|
Non-Controlling Interests |
6.3 |
-19.1 |
4.4 |
3.3 |
3.3 |
|
Severance Provisions |
45.0 |
39.3 |
44.1 |
40.4 |
46.3 |
|
Provisions |
261.8 |
283.4 |
321.8 |
320.8 |
385.2 |
|
Deferred Tax |
26.0 |
24.9 |
20.5 |
18.7 |
22.5 |
|
Total Liabilities |
5,078.5 |
4,713.7 |
5,194.1 |
4,252.3 |
4,988.2 |
|
|
|
|
|
|
|
|
Reserve Fair Value Hedge |
- |
0.3 |
- |
- |
- |
|
Reserve for Cash Flow Hedges |
- |
-4.4 |
- |
- |
- |
|
Share Capital |
106.0 |
101.0 |
117.9 |
99.6 |
114.0 |
|
Share Premium |
- |
24.5 |
- |
- |
- |
|
Ow n shares |
-108.1 |
-99.3 |
-53.3 |
-45.0 |
-51.6 |
|
Other Reserves, total |
1,856.6 |
- |
- |
- |
- |
|
Other Reserves |
- |
1,345.6 |
1,358.3 |
955.4 |
908.6 |
|
Translation Difference |
- |
18.6 |
13.0 |
- |
- |
|
Profit/Loss |
- |
238.4 |
279.0 |
246.3 |
189.5 |
|
Balancing Item - Total Equity |
0.0 |
- |
- |
- |
- |
|
Total Equity |
1,854.4 |
1,624.9 |
1,715.0 |
1,256.2 |
1,160.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
6,932.9 |
6,338.6 |
6,909.1 |
5,508.5 |
6,148.7 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
37.9 |
38.1 |
39.8 |
39.8 |
39.7 |
|
S/O-Savings Shares |
36.5 |
35.7 |
37.3 |
37.3 |
37.3 |
|
Total Common Shares Outstanding |
74.4 |
73.9 |
77.1 |
77.1 |
77.0 |
|
T/S-Ordinary Shares |
3.0 |
2.7 |
1.1 |
1.1 |
1.1 |
|
T/S-Savings Shares |
3.9 |
4.7 |
3.1 |
3.1 |
3.1 |
|
Advances from Customers |
- |
645.5 |
- |
- |
- |
|
Deferred Revenue - Current |
- |
- |
1,190.8 |
959.0 |
1,118.3 |
|
AccAmortLicen.Franc.RightContr.Mod.Desig |
- |
21.7 |
- |
- |
- |
|
Concessions, licenses and TM Amort |
- |
48.3 |
- |
- |
- |
|
Acc Amort Other Intangibles |
- |
11.5 |
- |
- |
- |
|
Acc Amort/Imp Assets under Construction |
- |
0.0 |
- |
- |
- |
|
Accumulated Intangible Amortization |
- |
- |
96.2 |
58.9 |
61.1 |
|
Accumulated Goodwill Amortization |
- |
11.1 |
- |
- |
- |
|
Full-Time Employees |
10,944 |
10,037 |
9,392 |
8,663 |
7,974 |
|
LT Debt Maturing Within 1 Year |
216.9 |
108.5 |
63.6 |
61.7 |
28.5 |
|
LT Debt Maturing Within 2 Years |
27.5 |
159.3 |
84.1 |
71.1 |
30.6 |
|
LT Debt Maturing Within 3 Years |
38.6 |
38.7 |
110.7 |
37.6 |
58.9 |
|
LT Debt Maturing Within 4 Years |
49.6 |
43.9 |
39.7 |
28.2 |
15.7 |
|
LT Debt Maturing Within 5 Years |
30.6 |
18.7 |
24.4 |
18.5 |
48.9 |
|
Remaining Maturities |
92.3 |
17.9 |
42.0 |
8.6 |
41.1 |
|
Total Long Term Debt, Supplemental |
455.5 |
386.9 |
364.4 |
225.8 |
223.7 |
|
Pension Obligation |
45.0 |
39.3 |
44.1 |
40.4 |
46.3 |
|
Funded Status |
-45.0 |
-39.3 |
-44.1 |
-40.4 |
-46.3 |
|
Total Funded Status |
-45.0 |
-39.3 |
-44.1 |
-40.4 |
-46.3 |
|
Discount Rate |
2.45% |
- |
4.60% |
4.05% |
4.60% |
|
Compensation Rate |
1.00% |
- |
1.00% |
1.00% |
1.00% |
|
Accrued Liabilities |
-45.0 |
-39.3 |
-44.1 |
-40.4 |
-46.3 |
|
Net Assets Recognized on Balance Sheet |
-45.0 |
-39.3 |
-44.1 |
-40.4 |
-46.3 |
|
Annual
Cash Flows |
|
Financials in: USD (mil) |
|
|
|
|
30-Jun-2013 |
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
|
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified Normal |
Updated Normal |
Reclassified Normal |
Updated Normal |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate (Period Average) |
0.773698 |
0.747695 |
0.7347 |
0.721483 |
0.731067 |
|
Auditor |
Reconta Ernst & Young SpA |
Reconta Ernst & Young SpA |
Reconta Ernst & Young SpA |
PricewaterhouseCoopers LLP |
|
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
|
Net Income |
269.3 |
356.9 |
361.4 |
335.6 |
185.5 |
|
Depreciation |
122.9 |
118.9 |
122.5 |
94.9 |
79.8 |
|
Net Change in Provision |
-35.2 |
6.1 |
-41.2 |
-17.6 |
133.5 |
|
Equity in Net Earnings (Loss) |
1.6 |
-2.7 |
-1.6 |
-1.4 |
- |
|
Property Disposal |
-1.3 |
-2.9 |
-0.2 |
-0.9 |
-1.1 |
|
Write-down of Trade Receivables |
2.6 |
7.9 |
9.6 |
9.5 |
- |
|
Other Provisions |
1.3 |
1.3 |
0.2 |
0.6 |
39.8 |
|
Change in Employee Indemn. Res. |
0.6 |
-2.9 |
-3.6 |
0.0 |
-3.8 |
|
Financial Income/Expense |
4.4 |
15.5 |
21.7 |
3.5 |
9.5 |
|
Financial income for the period |
-48.3 |
-43.7 |
-51.5 |
-46.3 |
- |
|
Competence Financial Expense |
23.5 |
22.7 |
41.0 |
26.2 |
- |
|
Taxes Payable |
- |
- |
- |
- |
46.3 |
|
Stock |
-138.4 |
-223.7 |
120.4 |
101.3 |
-10.4 |
|
Trade Receivables |
89.7 |
56.5 |
-120.7 |
-76.6 |
-250.9 |
|
Trade Payables |
52.6 |
55.7 |
-211.4 |
-73.5 |
381.6 |
|
Not Realized Changes |
-4.4 |
-15.5 |
-21.7 |
-3.5 |
-9.5 |
|
Interest Paid |
-25.2 |
-19.7 |
-33.3 |
-17.0 |
-27.0 |
|
Interest received in the period |
42.0 |
42.3 |
40.1 |
39.9 |
59.0 |
|
Taxes paid in the period |
-79.1 |
-118.2 |
-61.8 |
-75.4 |
-110.2 |
|
Cash from Operating Activities |
278.6 |
254.3 |
170.0 |
299.3 |
522.2 |
|
|
|
|
|
|
|
|
Sale Fixed Assets |
7.0 |
3.2 |
7.3 |
1.2 |
4.2 |
|
Operating Investment/Disinvestment |
- |
- |
- |
- |
-5.7 |
|
Investments |
-0.7 |
0.4 |
0.0 |
3.4 |
2.2 |
|
Derivatives |
- |
- |
1.5 |
-5.1 |
5.5 |
|
Treasury Shares |
- |
- |
0.0 |
0.3 |
0.1 |
|
Financial Assets for Sale |
175.4 |
-0.2 |
-348.3 |
-9.7 |
-1.1 |
|
Participation/Disposal |
- |
- |
-0.6 |
0.0 |
- |
|
Intangible assets |
-24.2 |
-19.9 |
-20.5 |
-15.7 |
-7.3 |
|
Purch. Fixed Assets |
-192.9 |
-145.7 |
-107.7 |
-110.2 |
-156.7 |
|
Other Financial Assets |
-67.2 |
-8.4 |
- |
- |
- |
|
Dividends Paid |
1.6 |
0.0 |
- |
- |
- |
|
Business Combinations, Prior Periods |
-5.1 |
0.0 |
- |
- |
- |
|
Purchase of Tangibles / Intangibles |
-10.4 |
-48.2 |
- |
- |
- |
|
Own shares |
-0.4 |
-57.7 |
- |
- |
- |
|
Cash from Investing Activities |
-116.9 |
-276.6 |
-468.3 |
-135.8 |
-158.7 |
|
|
|
|
|
|
|
|
Current Derivative Financial Instruments |
-0.4 |
-0.5 |
- |
- |
- |
|
Change in Advance Pymnts |
41.2 |
163.8 |
335.7 |
-71.3 |
- |
|
Issue Loans |
232.9 |
69.0 |
131.7 |
119.4 |
43.5 |
|
Issue Debenture |
- |
- |
- |
- |
4.3 |
|
Repay. Loans |
-160.1 |
-66.9 |
-70.9 |
-43.9 |
-151.3 |
|
Loans Receivable |
- |
- |
-8.8 |
57.8 |
- |
|
Dividends |
-32.4 |
-35.0 |
-35.7 |
-25.1 |
-28.6 |
|
Cash from Financing Activities |
81.2 |
130.4 |
352.0 |
36.9 |
-132.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
4.5 |
-6.6 |
4.5 |
9.6 |
17.1 |
|
Net Change in Cash |
247.4 |
101.5 |
58.2 |
210.0 |
248.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,881.6 |
1,845.5 |
1,820.0 |
1,643.3 |
1,373.4 |
|
Net Cash - Ending Balance |
2,128.9 |
1,947.0 |
1,878.2 |
1,853.3 |
1,621.8 |
|
Cash Interest Paid |
25.2 |
19.7 |
33.3 |
17.0 |
27.0 |
|
Cash Taxes Paid |
79.1 |
118.2 |
61.8 |
75.4 |
110.2 |
Financial Health
|
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Annual Ratios
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.13 |
|
|
1 |
Rs.99.65 |
|
Euro |
1 |
Rs.82.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.