MIRA INFORM REPORT

 

 

 

 

Report Date :

09.05.2014

 

IDENTIFICATION DETAILS

 

Name :

PRIMA INDUSTRIE SPA

 

 

Registered Office :

Via Antonelli, 32 R. Margherita di Collegno Collegno, 10097

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1977

 

 

Com. Reg. No.:

03736080015

 

 

Legal Form :

Public Parent

 

 

Line of Business :

Manufacture of other machine tools not elsewhere classified

 

 

No. of Employees :

1,411

 

 

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, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Italy

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Top of Form

Bottom of Form


Company name and address

 

Top of Form

Prima Industrie SpA

                                                                                                                                                  

 

Via Antonelli, 32

R. Margherita di Collegno

 

Collegno, 10097

Italy

 

Tel:

39-011-41031

Fax:

39-011-4112827

 

www.
primaindustrie.
com/en/contacts_en.html

 

Employees:

1,411

Company Type:

Public Parent

Corporate Family:

14 Companies

Traded:

Italian SE (Mercato Continuo Italia):

PRI

Incorporation Date:

1977

Auditor:

Ernst & Young LLP

Financials in:

USD (mil)

 

 

Fiscal Year End:

31-Dec-2010

Reporting Currency:

Euro

Annual Sales:

252.6

Net Income:

(6.0)

Total Assets:

353.3

Market Value:

63.2

 

(20-Jan-2012)

                                      

Business Description       

 

Prima Industrie SpA is an Italy-based company engaged in the field of laser and sheet metal machinery. Until December 31, 2010, it operated in three sectors: Lasers Systems designing, manufacturing and selling laser machines and laser sources for cutting, welding and drilling three-dimensional (3D) and two-dimensional (2D) components; Sheetmetal Machinery designing, manufacturing and selling machine tools for sheetmetal fabricating operations; and Electronics designing and developing power and control electronics, together with the associated software. It also offers after-sale services and training. The Company operates through subsidiaries, branch offices and dealers in France, Germany, Great Britain, Spain, Switzerland, Sweden, the United States, Canada and China, and by a number of agents and service centers in European and non-European countries. As of January 1, 2011, the Company is active in two sectors: Laser Machines and Sheet Metal Processing Machines. Prima Industrie SpA is an Italy-based company engaged in the field of laser and sheet metal machinery. As of January 2011, the Company is active in two sectors: Laser Machines and Sheet Metal Processing Machines. Its business area are designing, manufacturing and selling laser machines and laser sources for cutting, welding and drilling components and designing, manufacturing and selling of machine tools for sheetmetal fabricating.

          

Industry                                                                                                                                      

 

Industry

Construction and Agriculture Machinery

ANZSIC 2006:

2463 - Machine Tool and Parts Manufacturing

NACE 2002:

2943 - Manufacture of other machine tools not elsewhere classified

NAICS 2002:

333992 - Welding and Soldering Equipment Manufacturing

UK SIC 2003:

2943 - Manufacture of other machine tools not elsewhere classified

US SIC 1987:

3548 - Electric and Gas Welding and Soldering Equipment

 

 

                      


Key Executives           

   

 

Name

Title

Gianfranco Carbonato

Chairman of the Board, Chief Executive Officer

Massimo Ratti

Chief Financial Officer, Secretary, Financial Reporting Officer

Chiara Roncolini

Compliance Officer, Investor Relations

Domenico Appendino

Direttore-Marketing

Cinzia Beltramo

Direttore-Amministrazione

    

Significant Developments                                                                                                   

 

Topic

#*

Most Recent Headline

Date

Restructuring / Reorganization

1

Prima Industrie SpA Announces Completion of Reorganization

22-Mar-2011

Officer Changes

1

Prima Industrie SpA Appoints Chief Executive Officer of the Company

2-May-2011

* number of significant developments within the last 12 months

 

             

News      

 

Title

Date

Italian Prima Industrie narrows 2010 net loss to EUR 6m
ADP Italy News (147 Words)

15-Mar-2011

   

Financial Summary                                                                 

 

As of 30-Sep-2011

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.05

2.15

Quick Ratio (MRQ)

0.54

1.00

Debt to Equity (MRQ)

2.12

2.35

Sales 5 Year Growth

17.27

6.89

Net Profit Margin (TTM) %

-0.28

7.21

Return on Assets (TTM) %

-0.21

5.95

Return on Equity (TTM) %

-1.10

26.91

 

 

 

 

 

 

 

 

   Stock Snapshot                                 

 

Traded: Italian SE (Mercato Continuo Italia): PRI

 

As of 20-Jan-2012

   Financials in: EUR

Recent Price

7.32

 

EPS

-0.85

52 Week High

10.03

 

Price/Sales

0.25

52 Week Low

5.65

 

Price/Book

0.83

Avg. Volume (mil)

0.0050

 

Beta

1.20

Market Value (mil)

63.25

 

 

 

 

Price % Change

Rel S&P 500%

4 Week

11.67%

6.84%

13 Week

7.33%

9.87%

52 Week

4.87%

42.22%

Year to Date

10.08%

5.59%

 

 

 

 


Corporate Overview

 

Location
Via Antonelli, 32
R. Margherita di Collegno
Collegno, 10097
Italy

 

Tel:

39-011-41031

Fax:

39-011-4112827

 

www.primaindustrie.com

Quote Symbol - Exchange

PRI - Italian SE (Mercato Continuo Italia)

Sales EUR(mil):

252.6

Assets EUR(mil):

353.3

Employees:

1,411

Fiscal Year End:

31-Dec-2010

 

Industry:

Construction and Agriculture Machinery

Incorporation Date:

1977

Company Type:

Public Parent

Quoted Status:

Quoted

Registered No.(ITA):

03736080015

 

Chairman of the Board, Chief Executive Officer:

Gianfranco Carbonato

 

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Employment Opportunities

 

Executives

Financial Information

Home Page

 

Investor Relations

News Releases

Products/Services

Contents

Industry Codes

Business Description

Brand/Trade Names

Financial Data

Market Data

Shareholders

Subsidiaries

Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

2499

-

Other Machinery and Equipment Manufacturing Not Elsewhere Classified

2463

-

Machine Tool and Parts Manufacturing

 

NACE 2002 Codes:

2942

-

Manufacture of other metalworking machine tools

2924

-

Manufacture of other general purpose machinery not elsewhere classified

2943

-

Manufacture of other machine tools not elsewhere classified

 

NAICS 2002 Codes:

333992

-

Welding and Soldering Equipment Manufacturing

333999

-

All Other Miscellaneous General Purpose Machinery Manufacturing

333512

-

Machine Tool (Metal Cutting Types) Manufacturing

 

US SIC 1987:

3541

-

Machine Tools, Metal Cutting Types

3548

-

Electric and Gas Welding and Soldering Equipment

3569

-

General Industrial Machinery and Equipment, Not Elsewhere Classified

 

UK SIC 2003:

2942

-

Manufacture of other metalworking machine tools

2943

-

Manufacture of other machine tools not elsewhere classified

2924

-

Manufacture of other general purpose machinery not elsewhere classified

 

 

Business Description

Prima Industrie SpA is an Italy-based company engaged in the field of laser and sheet metal machinery. Until December 31, 2010, it operated in three sectors: Lasers Systems designing, manufacturing and selling laser machines and laser sources for cutting, welding and drilling three-dimensional (3D) and two-dimensional (2D) components; Sheetmetal Machinery designing, manufacturing and selling machine tools for sheetmetal fabricating operations; and Electronics designing and developing power and control electronics, together with the associated software. It also offers after-sale services and training. The Company operates through subsidiaries, branch offices and dealers in France, Germany, Great Britain, Spain, Switzerland, Sweden, the United States, Canada and China, and by a number of agents and service centers in European and non-European countries. As of January 1, 2011, the Company is active in two sectors: Laser Machines and Sheet Metal Processing Machines. Prima Industrie SpA is an Italy-based company engaged in the field of laser and sheet metal machinery. As of January 2011, the Company is active in two sectors: Laser Machines and Sheet Metal Processing Machines. Its business area are designing, manufacturing and selling laser machines and laser sources for cutting, welding and drilling components and designing, manufacturing and selling of machine tools for sheetmetal fabricating.

 

 

More Business Descriptions

Design and manufacture of 2D and 3D laser machines for industrial applications

 

Prima Industrie SpA is primarily engaged in manufacture of electrical signalling, safety or traffic control equipment for motorways, roads or streets, railways and tramways, inland waterways, ports and harbours and airports; manufacture of diverse electrical sound or visual signalling apparatus (bells, sirens, indicator panels, burglar and fire alarms, etc.); manufacture of electromagnets including electromagnetic or permanent magnet chucks, clutches, brakes, couplings, clamps or lifting heads; manufacture of electrical insulators and insulating fittings, except of glass or ceramics; manufacture of insulating fittings for electrical machines or equipment, except of ceramics or plastics; manufacture of carbon or graphite electrodes; manufacture of electrical conduit tubing and joints for such tubing, of base metal lined with insulating material; and manufacture of diverse electrical machines and apparatus (particle accelerators, signal generators, mine detectors, electrical detonators, etc.).

 

PRIMA INDUSTRIE designs, manufactures, sells and services high power laser machines and lasers for the cutting, welding and drilling of three-dimensional and bi-dimensional parts. Established in 1977, the company's original intent was to operate in the field of engineering and research and development, however, in the 1990s, the company gradually started to focus its activity in the specific field of laser machines. Recent acquisitions include Convergent Energy and the Laserdyne division from GSI Lumonics, both located in the United States. The company is ISO 9001:2000 certified. PRIMA INDUSTRIE employs more than 450 people total in its locations in Italy, the United States and China. PRIMA INDUSTRIE is headquartered in Torino, Italy.

 

 

 

 

 

 

Brand/Trade Names

Optimo

Rapido

Domino

Platino

 

 

 

Financial Data

Financials in:

EUR(mil)

 

Revenue:

252.6

Net Income:

-6.0

Assets:

353.3

Long Term Debt:

103.0

 

Total Liabilities:

277.0

 

Working Capital:

-0.1

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

7.1%

NA

1.8%

 

 

Market Data

Quote Symbol:

PRI

Exchange:

Italian SE (Mercato Continuo Italia)

Currency:

EUR

Stock Price:

7.3

Stock Price Date:

01-20-2012

52 Week Price Change %:

4.9

Market Value (mil):

63,249.9

 

SEDOL:

7135110

ISIN:

IT0003124663

 

 

 

Subsidiaries

Company

Percentage Owned

Country

Prima Electro SpA

 

 

Prima Finn Power UK Ltd

100%

UK

Prima Industrie (Beijing) Company Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Prima Industrie GmbH

100%

GERMANY

Prima Electronics SpA

100%

ITALY

Prima North America Inc

100%

USA

Prima Finn Power Sweden AB

100%

SWEDEN

Prima Finn Power Central Eruope Spzoo

100%

POLAND

Finn-Power Oy

100%

FINLAND

 

 

 

 

 

 

Shareholders

 

 

Major Shareholders

Erste International Holding SA (28.03%); Han's Laser (12.89%); Lestri Holding BV (5.12%)

 

 

 

 

Key Corporate Relationships

Auditor:

Ernst & Young LLP

Bank:

Intesa Sanpaolo Ag, Banca Nazionale del Lavoro Ag, Unicredit Banca Ag

 

Auditor:

Ernst & Young LLP, Reconta Ernst & Young SpA

 

 

 

 

 

 

 

 

 

 

Corporate Structure News

 

Prima Industrie SpA
Total Corporate Family Members: 14

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
( mil)

Employees

Prima Industrie SpA

Parent

Collegno

Italy

Construction and Agriculture Machinery

252.6

1,411

Finn-Power Oy

Subsidiary

Kauhava

Finland

Miscellaneous Capital Goods

138.0

504

Finn-Power Italia SRL

Subsidiary

Cologna Veneta, Verona

Italy

Personal and Household Products

30.6

167

Prima Power Benelux

Subsidiary

Nazareth

Belgium

Miscellaneous Capital Goods

4.1

16

Lillbacka Power Co USA Inc

Subsidiary

Schaumburg, IL

United States

Miscellaneous Capital Goods

7.4

13

Finn-Power Oy

Subsidiary

Kauhava

Finland

Miscellaneous Fabricated Products

83.1

336

Prima Power France

Subsidiary

St Pierre Du Perray

France

Construction and Agriculture Machinery

5.6

34

Prima Electro SpA

Subsidiary

Moncalieri, Torino

Italy

Electronic Instruments and Controls

30.5

192

Prima North America

Subsidiary

Chicopee, MA

United States

Scientific and Technical Instruments

84.9

130

PRIMA North America, Inc./ CONVERGENT LASERS Division

Division

Chicopee, MA

United States

Electronic Instruments and Controls

 

125

Laserdyne Systems

Division

Champlin, MN

United States

Medical Equipment and Supplies

14.4

35

PRIMA North America, Inc./ PRIMA LASER TOOLS Division

Division

Chicopee, MA

United States

Electronic Instruments and Controls

 

13

Prima Power GmbH

Subsidiary

Dietzenbach, Hessen

Germany

Appliance and Tool

9.6

17

Prima Industrie S. P. A.

Subsidiary

Warwick

United Kingdom

 

 

 

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

Gianfranco Carbonato

 

Chairman of the Board, Chief Executive Officer

Chairman

 

Eng. Gianfranco Carbonato serves as Chairman of the Board and Chief Executive Officer of Prima Industrie Societa per Azioni. He has been Chairman of the Company since May 13, 2005 and Chief Executive Officer since 1995. He graduated in Electronic Engineering from Politecnico di Torino in 1969. In 1970 he served as Adjunct Professor of Digital Electronics within Politecnico di Torino. He started his career in Dea SpA from 1969 to 1977, year in which he co-founded Prima Industrie, where he became Chief Executive Officer in 1995. In 2000 he was appointed Member of the Management Council, in 2004 Member of the Executive Council of the Industrial Union of Turin. He has been Cavaliere del Lavoro since June 2, 2007. He currently serves as Chairman of the Unione Industriale di Torino (Industrial Union of Turin) and as Independent Director of Iride SpA and RCS Group SpA. He serves as Director of CCIAA Torino, Confindustria and Fondo Italiano d’Investimento SGR SpA.


Education

Electronic Enigneering, Politecnico di Torino


Compensation/Salary: 340,000

Ezio Giovanni Basso

 

Executive Director, General Manager

Director/Board Member

 

 

 

Dr. Ezio Giovanni Basso has served as Executive Director and General Manager of Prima Industrie Societa per Azioni since March 13, 2009. He graduated in Information Sciences from Universita degli Studi di Torino in March 1979. He has served as General Manager of the Company Since January 2002 and also served in the Company’s Board of Director from June 28, 2007, to April 29, 2008. He has been a Manager of the Company since January 1987. From February 1999 to December 2001, he served as Deputy General Manager and Chief Operating Officer of the Company. From September 1992 to January 1999, he served as Director of Production of the Company. From July 1989 to August 1992, he served as Responsible for the Production of the Company’s Laser Department. From January 1986 to June 1989, he served as Responsible in the commercial and post sales areas. From July 1985 to December 1985, he served as Responsible for a team of production of software for warehouse automation within A.I.C. From September 1980 to December 1984, he served as Analyst-Programmer for Prima Progetti. From April 1980 to August 1980, he served as Analyst-Programmer within Olivetti. From October 1978 to March 1980, he served as Analyst-Programmer for BZ System.


Education

Information Sciences, Universita degli Studi di Torino


Compensation/Salary: 237,751

Stefano Devescovi

 

Director

Director/Board Member

 

 

Sandro D'Isidoro

 

Non-Executive Lead Independent Director

Director/Board Member

 

 

 

Mr. Sandro D'Isidoro serves as Non-Executive Lead Independent Director of Prima Industrie Societa per Azioni since 2007. He has been Non-Executive Independent Director of the Company since April 2001. He also serves as Member of the Remuneration Committee and Chairman of the Audit Committee of the Company. He also serves as Member of the Related Parties Transactions Committee of the Company. He also serves as Member of the Statutory Body of the Company. He started his career in Banca Commerciale Italiana in 1967, where he became General Manager in 1989. He has been Director of the Italian-Swiss Chamber of Commerce since January 1990. He has also been Director of Patsystem plc and GDD - Global Direct Dealing Ltd since 2000. He currently serves as Director of Credit Agricole Suisse Conseil, First Private Equity LTD, Terra Nova Capital Srl, Terra Nova Digital Srl and Terra Nova Espo Srl.


Compensation/Salary: 20,000

Yunfeng Gao

 

Member of the board

Director/Board Member

 

 

Michael R. Mansour

 

Non-Executive Director

Director/Board Member

 

 

 

Mr. Michael R. Mansour has served as Non-Executive Director of Prima Industrie Societa per Azioni since May 14, 2007. He has also served as Member of the Audit Committee and as Member of the Related Parties Transactions Committee within the Company. He graduated form St. Peters College of the University of Oxford in 2002. After stages at the National Bank di Abu Dhabi, Natwest Bank and Credit Suisse First Boston, from 2003 to 2007 he served at Lubbock Fine Chartered Accountants of London, where he became Audit Senior. He has been Financial Controller of Steadfast Engineering Group since June 2007. He has been Treasury & Working capital manager at Finn Power since 2008.


Education

, University of Oxford


Compensation/Salary: 20,000

Rafic Y. Mansour

 

Non-Executive Director

Director/Board Member

 

 

 

Eng. Rafic Y. Mansour has served as Non-Executive Director of Prima Industrie Societa per Azioni since April 29, 2008. He also serves as Member of the Remuneration Committee of the Company. He graduated in Civil Engineering from American University of Beirut in 1964. He is the founder and Executive Director of companies in the United Arab Emirates, such as Astraco Construction, Matrix Construction, Matrix Trading/Freight Contracting. He also serves as Non-Executive Director of several companies in the United Arab Emirates specialized in materials for constructions and in British companies specialized in industrial fasteners for the oil and gas industry. Apart from the industrial sector, he is also an investor in the real estate and in the financial sector. He currently serves as Executive Director of Astraco Construction, Matrix Construction and Matrix trading/freight contracting and as Director of PASCO – Paving stones Co. LLC, Plaxit Dry Mix Co. LLC, and Steadfast Engineering Company limited.


Education

Civil Engineering, American University of Beirut


Compensation/Salary: 20,000

Enrico Marchetti San Martino Di

 

Member of the board

Director/Board Member

 

 

Mario Mauri

 

Non-Executive Independent Director

Director/Board Member

 

 

 

Mr. Mario Mauri serves as Non-Executive Independent Director of Prima Industrie Societa per Azioni. He has been in the Company’s Board since 2005. He also serves as Chairman of the Remuneration and Member of the Audit Committees of the Company. He also serves as Member of the Related Parties Transactions Committee within the Company. He graduated in Economics from Universita Commerciale Luigi Bocconi of Milan. He has been Chairman of the Board and Chief Executive Officer of Cambria Ltd since 1990. He has been Chairman of the Board of PayperMoon Italia Srl since 2001. He has been Director of Delmi SpA since 2005 and of RCF SA since 2006. From 2002 to 2008, he served as Director, Chairman of the Remuneration Committee and Member of the Strategic Committee of Edison SpA. From 1998 to 2006, he served as Consultant of the Mayor of Milan concerning privatizations. From 1989 to 1993, he served as Chairman and co-founder of Solofin SIM SpA. From 1977 to 1988, he started his career in the Montedison Group as Assistant of Chairman for special assignments till 1978, he served as Financial Director from 1978 to 1988, and from 1986 to 1988, as Secretary General of the Executive Committee of the company. From 1986 to 1988, he also served as Chairman of the Financial Committee of Himont Inc. He served as Director of several listed companies such as Fondiaria SpA, Montefibre SpA, Moplefan SpA, SELM SpA and Himont Inc. He also currently serves as Vice Chairman of Palomar and as Chairman of Aislin Group Ltd. (UK).


Education

Economics, Universita Commerciale Luigi Bocconi


Compensation/Salary: 20,000

Domenico Peiretti

 

Executive Director

Director/Board Member

 

 

 

Eng. Domenico Peiretti serves as Executive Director of Prima Industrie Societa per Azioni. He graduated in Electronics Engineering from Politecnico di Torino in March 1975. He started his career in September 1975 within ST Microelectronics. In March 1978 he enters in Prima Progetti as Designer. In 1981 he was appointed Industrial Manager and became Head of the Custom Product Development Department of Prima Progetti. In 1985 he was appointed Director of the Product Development Department of Prima Industrie. In 1987 he joined Prima Electronics SpA, of which he was already a Director since 1984, as General Manager, and in 1995 he became Chief Executive Officer. In July 2007 he became Chief Executive Officer of Osai SpA. He also served as Member of the Management Board of ANIPLA, the Italian Association for Automation.


Education

Electronics Engineering, Politecnico di Torino


Compensation/Salary: 20,000

Pio Pellegrini

 

Director

Director/Board Member

 

 

Marco Pinciroli

 

Director

Director/Board Member

 

 

 

Executives

 

Name

Title

Function

Gianfranco Carbonato

 

Chairman of the Board, Chief Executive Officer

Chief Executive Officer

 

Eng. Gianfranco Carbonato serves as Chairman of the Board and Chief Executive Officer of Prima Industrie Societa per Azioni. He has been Chairman of the Company since May 13, 2005 and Chief Executive Officer since 1995. He graduated in Electronic Engineering from Politecnico di Torino in 1969. In 1970 he served as Adjunct Professor of Digital Electronics within Politecnico di Torino. He started his career in Dea SpA from 1969 to 1977, year in which he co-founded Prima Industrie, where he became Chief Executive Officer in 1995. In 2000 he was appointed Member of the Management Council, in 2004 Member of the Executive Council of the Industrial Union of Turin. He has been Cavaliere del Lavoro since June 2, 2007. He currently serves as Chairman of the Unione Industriale di Torino (Industrial Union of Turin) and as Independent Director of Iride SpA and RCS Group SpA. He serves as Director of CCIAA Torino, Confindustria and Fondo Italiano d’Investimento SGR SpA.


Education

Electronic Enigneering, Politecnico di Torino


Compensation/Salary: 340,000

Ezio Giovanni Basso

 

Executive Director, General Manager

Division Head Executive

 

 

 

Dr. Ezio Giovanni Basso has served as Executive Director and General Manager of Prima Industrie Societa per Azioni since March 13, 2009. He graduated in Information Sciences from Universita degli Studi di Torino in March 1979. He has served as General Manager of the Company Since January 2002 and also served in the Company’s Board of Director from June 28, 2007, to April 29, 2008. He has been a Manager of the Company since January 1987. From February 1999 to December 2001, he served as Deputy General Manager and Chief Operating Officer of the Company. From September 1992 to January 1999, he served as Director of Production of the Company. From July 1989 to August 1992, he served as Responsible for the Production of the Company’s Laser Department. From January 1986 to June 1989, he served as Responsible in the commercial and post sales areas. From July 1985 to December 1985, he served as Responsible for a team of production of software for warehouse automation within A.I.C. From September 1980 to December 1984, he served as Analyst-Programmer for Prima Progetti. From April 1980 to August 1980, he served as Analyst-Programmer within Olivetti. From October 1978 to March 1980, he served as Analyst-Programmer for BZ System.


Education

Information Sciences, Universita degli Studi di Torino


Compensation/Salary: 237,751

Tomas Hedenborg

 

Chief Executive Officer of Finn Power OY

Division Head Executive

 

 

Cinzia Beltramo

 

Direttore-Amministrazione

Administration Executive

 

 

Massimo Ratti

 

Chief Financial Officer, Secretary, Financial Reporting Officer

Company Secretary

 

 

Riccardo Formica

 

Statutory Auditor

Accounting Executive

 

 

Andrea Mosca

 

Statutory Auditor

Accounting Executive

 

 

Roberto Petrignagni

 

Statutory Auditor

Accounting Executive

 

 

Adriano Gallea

 

Human Resources Manager

Human Resources Executive

 

 

Alberto Delle Piane

 

Direttore-Relazioni Clienti

Customer Service Executive

 

 

Claudio Bianchi

 

Direttore-Commerciale

Sales Executive

 

 

Domenico Appendino

 

Direttore-Marketing

Marketing Executive

 

 

Chiara Roncolini

 

Compliance Officer, Investor Relations

Investor Relations Executive

 

 

Anna Maria Ainardi

 

Executive

Other

 

 

Stefano Fascio

 

Executive

Other

 

 

Maurizio Gattiglio

 

Executive

Other

 

 

Flavio Gregori

 

Executive

Other

 

 

 

 Significant Developments

 

 

 

 

Prima Industrie SpA Appoints Chief Executive Officer of the Company

May 02, 2011


Prima Industrie SpA announced that it has appointed Mr. Gianfranco Carbonato as Chief Executive Officer of the Company.

Prima Industrie SpA Announces Completion of Reorganization

Mar 22, 2011


Prima Industrie SpA announced that it has completed the reorganization started with the merger by incorporation of Finn-Power Oy into the Company on February 2008. The Company is currently structured in the two divisions Machinery and Components. Machinery, which will changed the name into Prima Power, including the activities of production and sale of laser, cut, melt and micro drilling of three and two dimensions metal equipment and metal sheet working machineries. Components which will change name into Prima Electro, includes the development, implementation and marketing of power and control electronics equipment and of high power laser sources for industrial applications.

Annual Profit & Loss

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

1

1

1

Consolidated

No

No

No

 

 

 

 

Total income

83.2

62.8

124.8

Net sales

75.5

63.2

120.1

Other operating income

5.3

4.9

2.7

Raw materials and consumables employed

39.5

26.7

59.1

Other expenses

21.2

18.0

28.4

Total payroll costs

17.8

16.2

19.7

Fixed asset depreciation and amortisation

1.6

1.3

1.1

Other operating costs

0.8

0.8

1.9

Net operating income

2.3

-0.1

14.6

Total financial income

13.4

3.0

7.7

Total expenses

6.9

5.9

9.9

Profit before tax

8.8

-3.0

12.3

Extraordinary result

-4.9

-0.4

-

Profit after extraordinary items and before tax

3.9

-3.4

12.3

Total taxation

0.5

-0.9

3.7

Net profit

3.4

-

8.7

Net loss

-

2.6

-

 

 

 

Annual Balance Sheet

Financials in: EUR (mil)

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Filed Currency

EUR

EUR

EUR

Exchange Rate

1

1

1

Consolidated

No

No

No

 

 

 

 

Total stockholders equity

78.4

59.8

63.2

Provision for risks

8.0

3.0

4.0

Provision for pensions

3.2

3.3

3.5

Mortgages and loans

99.0

-

4.9

Other long-term liabilities

6.7

115.3

31.1

Trade creditors

19.8

16.2

23.5

Bank loans and overdrafts

34.7

35.1

117.8

Other current liabilities

18.9

18.9

19.9

Accruals and deferred income

0.5

0.4

0.2

Total current liabilities

73.9

70.7

161.5

Total liabilities (including net worth)

269.2

252.1

268.2

Intangibles

4.3

3.7

1.8

Buildings

5.8

5.9

-

Total tangible fixed assets

6.7

7.0

7.2

Long-term investments

96.8

107.1

105.4

Total financial assets

202.1

189.9

186.7

Receivables due after 1 year

1.8

2.2

2.1

Loans to associated companies

105.3

82.8

79.3

Total non-current assets

215.0

202.8

197.8

Finished goods

7.2

6.5

-

Net stocks and work in progress

17.2

14.3

26.5

Trade debtors

17.6

17.7

23.8

Other receivables

19.0

16.0

13.3

Cash and liquid assets

0.5

1.3

2.4

Marketable securities

0.0

-

4.2

Accruals

0.1

0.1

0.2

Total current assets

54.2

49.3

70.4

Total assets

269.2

252.1

268.2

 

 

 

Annual Ratios

Financials in: EUR (mil)

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate

1

1

1

Consolidated

No

No

No

 

 

 

 

Current ratio

0.70

0.70

0.40

Quick ratio

0.50

0.50

0.30

Current liabilities to net worth

0.01%

0.01%

0.03%

Sales per employee

0.26

0.20

0.38

Profit per employee

0.01

-0.01

0.04

Average wage per employee

0.06

0.05

0.06

Net worth

78.4

59.8

63.2

Number of employees

287

309

315

 

 

 

Annual Income Statement

 

Financials in: REP (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Reconta Ernst & Young SpA

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

250.0

231.9

367.3

176.4

147.6

Revenue

250.0

231.9

367.3

176.4

147.6

    Other Revenue

2.5

4.0

4.1

2.6

1.6

Other Revenue, Total

2.5

4.0

4.1

2.6

1.6

Total Revenue

252.6

235.9

371.4

179.0

149.2

 

 

 

 

 

 

    Cost of Revenue

114.6

112.4

171.2

75.4

68.2

Cost of Revenue, Total

114.6

112.4

171.2

75.4

68.2

Gross Profit

135.4

119.5

196.0

101.0

79.4

 

 

 

 

 

 

    Selling/General/Administrative Expense

-

-

-

2.5

2.0

    Labor & Related Expense

76.2

78.0

89.2

37.2

30.1

    Advertising Expense

6.2

2.0

-

1.6

0.9

Total Selling/General/Administrative Expenses

82.4

80.0

89.2

41.3

33.0

    Depreciation

3.1

3.9

3.8

1.3

1.2

    Amortization of Intangibles

6.6

6.0

4.7

0.2

0.2

Depreciation/Amortization

9.8

9.9

8.5

1.5

1.3

    Loss (Gain) on Sale of Assets - Operating

-2.0

-2.7

-

-

-

    Other Unusual Expense (Income)

0.3

0.2

0.0

0.4

0.5

Unusual Expense (Income)

-1.7

-2.5

0.0

0.4

0.5

    Other Operating Expense

47.2

39.9

79.2

36.8

27.8

Other Operating Expenses, Total

47.2

39.9

79.2

36.8

27.8

Total Operating Expense

252.2

239.7

348.2

155.4

130.7

 

 

 

 

 

 

Operating Income

0.4

-3.9

23.2

23.6

18.5

 

 

 

 

 

 

        Interest Expense - Non-Operating

-

-

-

-1.3

-1.2

    Interest Expense, Net Non-Operating

-

-

-

-1.3

-1.2

        Interest Income - Non-Operating

-

-

-

0.7

0.6

        Investment Income - Non-Operating

2.2

0.3

0.7

0.1

0.0

    Interest/Investment Income - Non-Operating

2.2

0.3

0.7

0.8

0.6

Interest Income (Expense) - Net Non-Operating Total

2.2

0.3

0.7

-0.5

-0.6

    Other Non-Operating Income (Expense)

-7.6

-6.1

-12.2

-0.2

-0.2

Other, Net

-7.6

-6.1

-12.2

-0.2

-0.2

Income Before Tax

-5.1

-9.6

11.7

22.9

17.6

 

 

 

 

 

 

Total Income Tax

0.8

-0.9

6.3

9.2

3.9

Income After Tax

-6.0

-8.7

5.5

13.7

13.7

 

 

 

 

 

 

    Minority Interest

0.0

0.0

0.0

0.0

0.0

Net Income Before Extraord Items

-6.0

-8.7

5.5

13.7

13.7

Net Income

-6.0

-8.7

5.5

13.7

13.7

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-6.0

-8.7

5.5

13.7

13.7

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-6.0

-8.7

5.5

13.7

13.7

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

8.4

6.4

5.4

4.6

4.6

Basic EPS Excl Extraord Items

-0.71

-1.36

1.02

2.99

2.98

Basic/Primary EPS Incl Extraord Items

-0.71

-1.36

1.02

2.99

2.98

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

-6.0

-8.7

5.5

13.7

13.7

Diluted Weighted Average Shares

8.4

6.4

5.5

4.6

4.6

Diluted EPS Excl Extraord Items

-0.71

-1.36

1.00

2.99

2.98

Diluted EPS Incl Extraord Items

-0.71

-1.36

1.00

2.99

2.98

Dividends per Share - Common Stock Primary Issue

-

0.47

0.65

0.65

0.65

Gross Dividends - Common Stock

-

-

3.0

3.0

3.0

Interest Expense, Supplemental

-

-

-

1.3

1.2

Depreciation, Supplemental

3.1

3.9

3.8

1.3

1.1

Total Special Items

-1.7

-2.5

0.0

0.4

0.5

Normalized Income Before Tax

-6.9

-12.1

11.8

23.3

18.1

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-0.6

-0.9

0.0

0.2

0.1

Inc Tax Ex Impact of Sp Items

0.2

-1.8

6.3

9.3

4.0

Normalized Income After Tax

-7.1

-10.3

5.5

14.0

14.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-7.1

-10.3

5.5

14.0

14.1

 

 

 

 

 

 

Basic Normalized EPS

-0.85

-1.61

1.03

3.04

3.07

Diluted Normalized EPS

-0.85

-1.61

1.00

3.04

3.07

Amort of Intangibles, Supplemental

6.6

6.0

4.7

0.2

0.2

Rental Expenses

6.2

5.5

-

2.5

2.0

Advertising Expense, Supplemental

2.5

2.0

-

1.6

0.9

Research & Development Exp, Supplemental

14.3

13.6

20.8

10.1

8.1

Normalized EBIT

-1.4

-6.3

23.3

24.0

19.0

Normalized EBITDA

8.4

3.6

31.8

25.5

20.3

    Current Tax - Domestic

0.2

0.6

4.4

5.7

3.0

    Current Tax - Foreign

-0.3

0.0

0.2

0.8

0.6

    Current Tax - Local

1.1

0.9

1.5

1.4

1.2

Current Tax - Total

1.0

1.5

6.1

8.0

4.8

    Deferred Tax - Total

-0.2

0.6

0.4

1.2

-1.1

Deferred Tax - Total

-0.2

0.6

0.4

1.2

-1.1

    Other Tax

0.0

-3.1

-0.3

0.0

0.1

Income Tax - Total

0.8

-0.9

6.3

9.2

3.9

Interest Cost - Domestic

0.3

0.4

0.4

0.3

0.3

Service Cost - Domestic

-

-

0.1

0.1

0.6

Domestic Pension Plan Expense

0.3

0.4

0.6

0.3

0.9

Defined Contribution Expense - Domestic

0.9

2.0

0.7

0.4

0.6

Total Pension Expense

1.3

2.4

1.3

0.8

1.5

Discount Rate - Domestic

4.50%

5.10%

5.00%

-

-

Pension Payment Rate - Domestic

3.00%

3.00%

3.00%

-

-

Total Plan Interest Cost

0.3

0.4

0.4

0.3

0.3

Total Plan Service Cost

-

-

0.1

0.1

0.6

 

 

 

Annual Balance Sheet

Financials in: EUR (mil)

 

  Financial Glossary

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Restated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

1

1

1

1

1

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Reconta Ernst & Young SpA

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash

14.8

15.1

14.5

21.6

20.7

    Short Term Investments

0.0

-

0.0

0.0

0.0

Cash and Short Term Investments

14.8

15.1

14.5

21.6

20.7

        Accounts Receivable - Trade, Gross

68.0

63.7

78.3

54.2

40.3

        Provision for Doubtful Accounts

-4.2

-5.8

-6.0

-2.9

-2.6

    Trade Accounts Receivable - Net

64.6

58.8

72.3

51.7

39.0

    Other Receivables

11.7

10.4

11.0

5.1

4.4

Total Receivables, Net

76.3

69.2

83.3

56.8

43.4

    Inventories - Finished Goods

30.4

35.9

48.4

15.4

10.5

    Inventories - Work In Progress

12.5

9.2

22.2

12.0

9.8

    Inventories - Raw Materials

33.0

32.6

42.9

18.9

17.0

    Inventories - Other

-5.7

-5.9

-7.2

-4.3

-3.4

Total Inventory

70.2

71.8

106.2

42.0

33.9

Total Current Assets

161.3

156.1

203.9

120.4

98.0

 

 

 

 

 

 

        Land/Improvements

23.8

23.7

31.1

6.7

3.5

        Machinery/Equipment

23.1

22.3

22.4

11.1

10.2

        Construction in Progress

0.5

0.7

0.4

0.2

0.0

        Other Property/Plant/Equipment

14.2

13.7

14.0

6.0

5.6

    Property/Plant/Equipment - Gross

61.6

60.4

68.0

24.1

19.4

    Accumulated Depreciation

-36.6

-34.0

-32.5

-13.9

-13.0

Property/Plant/Equipment - Net

25.0

26.6

35.7

10.2

6.4

Goodwill, Net

102.7

102.5

102.6

-

2.3

Intangibles, Net

51.1

51.3

50.6

6.7

0.2

    LT Investment - Affiliate Companies

7.1

4.7

4.1

2.2

1.8

    LT Investments - Other

0.9

0.9

1.2

2.0

1.1

Long Term Investments

8.0

5.6

5.2

4.2

2.9

Note Receivable - Long Term

0.1

0.0

1.7

0.0

0.0

    Other Long Term Assets

5.2

4.9

6.3

5.1

7.5

Other Long Term Assets, Total

5.2

4.9

6.3

5.1

7.5

Total Assets

353.3

347.1

406.0

146.5

117.3

 

 

 

 

 

 

Accounts Payable

59.1

51.4

65.9

33.7

26.1

Accrued Expenses

6.1

6.7

-

-

-

Notes Payable/Short Term Debt

12.0

11.8

6.8

0.4

0.4

Current Portion - Long Term Debt/Capital Leases

33.2

32.4

121.0

5.2

4.8

    Customer Advances

19.1

19.7

32.2

10.5

7.4

    Income Taxes Payable

2.5

2.7

2.8

5.2

5.1

    Other Payables

8.0

8.7

22.7

9.9

5.9

    Other Current Liabilities

8.2

9.3

10.4

5.5

4.7

Other Current liabilities, Total

37.8

40.3

68.2

31.1

23.1

Total Current Liabilities

148.2

142.6

261.9

70.4

54.4

 

 

 

 

 

 

    Long Term Debt

100.9

111.4

42.5

15.2

12.2

    Capital Lease Obligations

2.1

2.1

-

-

0.5

Total Long Term Debt

103.0

113.5

42.5

15.2

12.7

Total Debt

148.3

157.7

170.3

20.8

17.9

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

10.9

10.9

11.6

1.9

2.4

Deferred Income Tax

10.9

10.9

11.6

1.9

2.4

Minority Interest

0.0

0.0

0.0

0.2

0.1

    Reserves

0.1

0.1

0.1

0.0

0.0

    Pension Benefits - Underfunded

7.0

7.5

9.0

7.6

5.5

    Other Long Term Liabilities

7.8

7.5

5.9

0.0

0.0

Other Liabilities, Total

14.9

15.1

15.0

7.6

5.6

Total Liabilities

277.0

282.1

330.9

95.3

75.0

 

 

 

 

 

 

    Common Stock

21.6

16.0

16.0

11.5

11.5

Common Stock

21.6

16.0

16.0

11.5

11.5

Retained Earnings (Accumulated Deficit)

55.0

51.4

60.9

42.4

31.5

Treasury Stock - Common

-

-

0.0

-0.1

-0.1

    Translation Adjustment

-0.3

-2.4

-1.8

-2.6

-0.6

Other Equity, Total

-0.3

-2.4

-1.8

-2.6

-0.6

Total Equity

76.2

65.0

75.1

51.2

42.3

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

353.3

347.1

406.0

146.5

117.3

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

8.6

6.4

6.4

4.6

4.6

Total Common Shares Outstanding

8.6

6.4

6.4

4.6

4.6

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

1,353

1,463

1,663

733

546

Deferred Revenue - Current

19.1

19.7

32.2

10.5

7.4

Total Long Term Debt, Supplemental

148.3

-

-

-

-

Long Term Debt Maturing within 1 Year

45.3

-

-

-

-

Long Term Debt Maturing in Year 2

10.8

-

-

-

-

Long Term Debt Maturing in Year 3

21.4

-

-

-

-

Long Term Debt Maturing in Year 4

5.4

-

-

-

-

Long Term Debt Maturing in 2-3 Years

32.2

-

-

-

-

Long Term Debt Maturing in 4-5 Years

5.4

-

-

-

-

Long Term Debt Matur. in Year 6 & Beyond

65.5

-

-

-

-

Pension Obligation - Domestic

5.8

6.4

8.0

7.6

5.5

Post-Retirement Obligation

1.2

1.1

1.0

-

-

Funded Status - Domestic

-5.8

-6.4

-8.0

-7.6

-5.5

Funded Status - Post-Retirement

-1.2

-1.1

-1.0

-

-

Total Funded Status

-7.0

-7.5

-9.0

-7.6

-5.5

Discount Rate - Domestic

4.50%

5.10%

5.00%

-

4.60%

Expected Rate of Return - Domestic

-

-

-

-

3.00%

Compensation Rate - Domestic

-

-

-

-

3.50%

Pension Payment Rate - Domestic

3.00%

3.00%

3.00%

-

-

Accrued Liabilities - Post-Retirement

-1.2

-1.1

-1.0

-

-

Net Assets Recognized on Balance Sheet

-1.2

-1.1

-1.0

-

-

Total Plan Obligations

7.0

7.5

9.0

7.6

5.5

 

 

 

Annual Cash Flows

Financials in: EUR (mil)

 

  Financial Glossary

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Reclassified Normal
31-Dec-2008

Updated Normal
31-Dec-2006

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Reconta Ernst & Young SpA

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

-6.0

-8.7

5.5

22.9

17.6

    Depreciation

10.0

10.1

8.6

1.5

1.3

Depreciation/Depletion

10.0

10.1

8.6

1.5

1.3

Deferred Taxes

-0.2

0.7

0.4

-

-

    Equity in Net Earnings (Loss)

-

-

-

0.0

-

    Other Non-Cash Items

-0.5

-1.5

0.0

1.2

2.0

Non-Cash Items

-0.5

-1.5

0.0

1.2

2.0

    Accounts Receivable

-5.8

13.4

19.7

-5.9

1.1

    Inventories

1.7

34.4

-1.6

-4.5

2.8

    Other Assets

-1.8

-0.8

-0.8

-0.5

0.0

    Accounts Payable

3.1

-33.0

-25.6

4.1

-6.1

    Other Operating Cash Flow

-

-

-

-3.6

-3.3

Changes in Working Capital

-2.8

14.0

-8.4

-10.5

-5.5

Cash from Operating Activities

0.6

14.5

6.1

15.2

15.4

 

 

 

 

 

 

    Purchase of Fixed Assets

-1.6

-1.1

-6.6

-1.7

-1.9

    Purchase/Acquisition of Intangibles

-0.2

-0.5

-1.9

-0.3

-

Capital Expenditures

-1.8

-1.6

-8.6

-2.0

-1.9

    Acquisition of Business

-

0.0

-85.5

-8.4

0.0

    Sale of Fixed Assets

0.3

0.6

0.3

0.0

0.2

    Investment, Net

-0.1

0.0

0.1

0.0

-0.7

    Intangible, Net

-

-

-

-

0.1

    Other Investing Cash Flow

-6.3

-1.0

-5.5

0.7

0.7

Other Investing Cash Flow Items, Total

-6.1

-0.3

-90.6

-7.6

0.1

Cash from Investing Activities

-7.9

-1.9

-99.1

-9.6

-1.8

 

 

 

 

 

 

    Other Financing Cash Flow

1.6

-5.2

0.9

-3.7

-1.0

Financing Cash Flow Items

1.6

-5.2

0.9

-3.7

-1.0

    Cash Dividends Paid - Common

-

0.0

-3.0

-3.0

-1.3

Total Cash Dividends Paid

-

0.0

-3.0

-3.0

-1.3

        Sale/Issuance of Common

15.2

-

24.7

0.0

-

        Repurchase/Retirement of Common

-

-0.3

-

-

-

    Common Stock, Net

15.2

-0.3

24.8

0.1

0.0

Issuance (Retirement) of Stock, Net

15.2

-0.3

24.8

0.1

0.0

        Long Term Debt Issued

11.7

38.2

176.4

7.8

13.7

        Long Term Debt Reduction

-21.2

-43.8

-112.8

-5.2

-15.9

    Long Term Debt, Net

-9.7

-6.5

63.3

2.0

-2.2

Issuance (Retirement) of Debt, Net

-9.7

-6.5

63.3

2.0

-2.2

Cash from Financing Activities

7.1

-12.0

86.0

-4.7

-4.4

 

 

 

 

 

 

Net Change in Cash

-0.2

0.6

-7.1

0.8

9.2

 

 

 

 

 

 

Net Cash - Beginning Balance

15.1

14.5

21.6

20.7

11.5

Net Cash - Ending Balance

14.8

15.1

14.5

21.6

20.7

Cash Interest Paid

-

-

-

1.5

1.6

Cash Taxes Paid

-

-

-

3.6

1.7

 

 

 

Annual Income Statement

 

Financials in: REP (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Reconta Ernst & Young SpA

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Sales/Services

250.0

231.9

367.3

176.4

147.6

    Sundry

2.5

4.0

4.1

2.6

1.6

Total Revenue

252.6

235.9

371.4

179.0

149.2

 

 

 

 

 

 

    Change in Semi Finished and Fin. Goods

3.5

23.5

2.5

-3.9

3.5

    Inc. Internal Work

-6.9

-7.1

-7.5

-0.2

-0.1

    Raw Materials

118.0

96.0

176.2

79.5

64.8

    Lease/Rent Costs

-

-

-

2.5

2.0

    Staff Cost

76.2

78.0

89.2

37.2

30.1

    Amortisation Int.

6.6

6.0

4.7

0.2

0.2

    Depreciation

3.1

3.9

3.8

1.3

1.2

    Impairment

0.3

0.2

0.0

0.0

-

    Other Expenses

47.2

39.9

79.2

36.8

27.8

    Publicity

6.2

2.0

-

1.6

0.9

    Gains from Disposal

-2.0

-2.7

-

-

-

    Extraordinary Exp.

-

-

-

0.4

0.5

Total Operating Expense

252.2

239.7

348.2

155.4

130.7

 

 

 

 

 

 

    Financial Income

0.8

0.3

0.8

-

-

    Interest Income

-

-

-

0.7

0.6

    Other Fin. Inc.

-

-

-

0.0

0.1

    Interest/Other Exp.

-

-

-

-1.3

-1.2

    Derivates, Net

-

-

-

0.0

0.0

    Other Financial Expenses

-8.4

-6.4

-13.0

-0.2

-0.3

    Exchange Difference

0.4

-0.1

-0.1

-0.4

0.0

    Net Result from Associates and JV

1.8

0.4

0.8

0.5

0.0

Net Income Before Taxes

-5.1

-9.6

11.7

22.9

17.6

 

 

 

 

 

 

Provision for Income Taxes

0.8

-0.9

6.3

9.2

3.9

Net Income After Taxes

-6.0

-8.7

5.5

13.7

13.7

 

 

 

 

 

 

    Minority Interests

0.0

0.0

0.0

0.0

0.0

Net Income Before Extra. Items

-6.0

-8.7

5.5

13.7

13.7

Net Income

-6.0

-8.7

5.5

13.7

13.7

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-6.0

-8.7

5.5

13.7

13.7

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-6.0

-8.7

5.5

13.7

13.7

 

 

 

 

 

 

Basic Weighted Average Shares

8.4

6.4

5.4

4.6

4.6

Basic EPS Excluding ExtraOrdinary Items

-0.71

-1.36

1.02

2.99

2.98

Basic EPS Including ExtraOrdinary Item

-0.71

-1.36

1.02

2.99

2.98

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

-6.0

-8.7

5.5

13.7

13.7

Diluted Weighted Average Shares

8.4

6.4

5.5

4.6

4.6

Diluted EPS Excluding ExtraOrd Items

-0.71

-1.36

1.00

2.99

2.98

Diluted EPS Including ExtraOrd Items

-0.71

-1.36

1.00

2.99

2.98

DPS-Ordinary Shares

-

0.47

0.65

0.65

0.65

Gross Dividends - Common Stock

-

-

3.0

3.0

3.0

Normalized Income Before Taxes

-6.9

-12.1

11.8

23.3

18.1

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.2

-1.8

6.3

9.3

4.0

Normalized Income After Taxes

-7.1

-10.3

5.5

14.0

14.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-7.1

-10.3

5.5

14.0

14.1

 

 

 

 

 

 

Basic Normalized EPS

-0.85

-1.61

1.03

3.04

3.07

Diluted Normalized EPS

-0.85

-1.61

1.00

3.04

3.07

Interest Expense

-

-

-

1.3

1.2

Amort of Intangibles

6.6

6.0

4.7

0.2

0.2

Rental Expense

6.2

5.5

-

2.5

2.0

Depreciation

3.1

3.9

3.8

1.3

1.1

Advertising Expense

2.5

2.0

-

1.6

0.9

Research and Development Expense

14.3

13.6

20.8

10.1

8.1

    Current Tax - Regional

1.1

0.9

1.5

1.4

1.2

    Current Tax - Corporation

0.2

0.6

4.4

5.7

3.0

    Current Tax - Foreign

-0.3

0.0

0.2

0.8

0.6

Current Tax - Total

1.0

1.5

6.1

8.0

4.8

    Deferred Tax

-0.2

0.6

0.4

1.2

-1.1

Deferred Tax - Total

-0.2

0.6

0.4

1.2

-1.1

    Prepaid Tax

-

-

0.5

-

0.1

    Previous Year Tax

0.0

0.0

-

-

-

    Other Tax

-

-3.1

-0.8

0.0

0.0

Income Tax - Total

0.8

-0.9

6.3

9.2

3.9

Service Costs

-

-

0.1

0.1

0.6

Financial Costs

0.3

0.4

0.4

0.3

0.3

Domestic Pension Plan Expense

0.3

0.4

0.6

0.3

0.9

Indemnities Paid During Period

0.9

2.0

0.7

0.4

0.6

Total Pension Expense

1.3

2.4

1.3

0.8

1.5

Discount Rate

4.50%

5.10%

5.00%

-

-

Pension Payment Rate

3.00%

3.00%

3.00%

-

-

 

 

 

Annual Balance Sheet

Financials in: EUR (mil)

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Restated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

1

1

1

1

1

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Reconta Ernst & Young SpA

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Raw Materials

33.0

32.6

42.9

18.9

17.0

    Writedown Raw Materials

-3.2

-3.4

-3.9

-2.8

-2.8

    Work in Progress

12.5

9.2

22.2

12.0

9.8

    Writedown Work in Progress

-0.2

-0.2

-0.2

0.0

-

    Finished Goods

30.4

35.9

48.4

15.4

10.5

    Writedown Finished Goods

-2.3

-2.3

-3.1

-1.5

-0.6

    Trade Receivable

68.0

63.7

78.3

54.2

40.3

    Less Bad Debts

-4.2

-5.8

-6.0

-2.9

-2.6

    Subordinate Receivables

0.8

1.0

-

-

-

    Associated Co.

-

-

-

0.4

1.3

    Taxation

4.7

6.0

3.6

2.6

1.6

    Other Receivable

7.0

4.4

7.5

2.6

2.8

    Other Security/Derivatives

0.0

-

0.0

0.0

0.0

    Cash and Equivalent

14.8

15.1

14.5

21.6

20.7

Total Current Assets

161.3

156.1

203.9

120.4

98.0

 

 

 

 

 

 

    Goodwill

102.7

102.5

102.6

-

2.3

    Other Intangible

51.1

51.3

50.6

6.7

0.2

    Land/Buildings

23.8

23.7

31.1

6.7

3.5

    Plant/Machinery

17.1

16.6

17.0

6.1

5.9

    Industrial Equip

6.0

5.7

5.4

5.0

4.4

    Other Tangible

14.2

13.7

14.0

6.0

5.6

    In Progress

0.5

0.7

0.4

0.2

0.0

    Depreciation

-36.6

-34.0

-32.5

-13.9

-13.0

    Investment Properties

0.0

0.2

0.2

0.0

-

    Invest. Assoc.

7.1

4.7

4.1

2.2

1.8

    Invest. Others

0.9

0.8

0.8

0.8

0.8

    Other Securities

0.0

0.1

0.4

1.1

0.3

    Other Receivables

0.1

0.0

1.7

0.0

0.0

    Prepaid Taxes

5.2

4.9

6.3

5.1

7.5

    Derivatives

-

-

0.0

0.0

0.0

Total Assets

353.3

347.1

406.0

146.5

117.3

 

 

 

 

 

 

    Bank Borrowings

31.8

31.2

118.2

4.1

4.3

    Other Borrowings

1.2

1.0

2.9

1.1

0.4

    Financial Leasing

0.2

0.3

-

-

0.2

    Bank Overdrafts

12.0

11.8

6.8

0.4

0.4

    Payments/Account

19.1

19.7

32.2

10.5

7.4

    Trade Payables

59.1

51.4

65.9

33.7

26.1

    Taxes Payable

2.5

2.7

2.8

5.2

5.1

    Risk Provision

8.2

9.3

10.4

5.5

4.7

    Other Payables

8.0

8.7

22.7

9.9

5.9

    Accrued Expenses

6.1

6.7

-

-

-

    Financial Derivatives

0.1

0.0

-

-

0.0

Total Current Liabilities

148.2

142.6

261.9

70.4

54.4

 

 

 

 

 

 

    LT Borrowings

100.9

111.4

42.5

15.2

12.2

    Financial Leasing

2.1

2.1

-

-

0.5

Total Long Term Debt

103.0

113.5

42.5

15.2

12.7

 

 

 

 

 

 

    Derivatives

7.8

7.5

5.9

0.0

0.0

    Minority Int.

0.0

0.0

0.0

0.2

0.1

    Other Provisions

0.1

0.1

0.1

0.0

0.0

    Prov. Def. Tax

10.9

10.9

11.6

1.9

2.4

    Severance Indem.

7.0

7.5

9.0

7.6

5.5

Total Liabilities

277.0

282.1

330.9

95.3

75.0

 

 

 

 

 

 

    Share Capital

21.6

16.0

16.0

11.5

11.5

    Legal Reserve

2.7

2.7

2.3

2.3

2.3

    Treasury Stock

-

-

0.0

-0.1

-0.1

    Other Reserves

52.2

45.2

37.8

17.0

16.8

    Retained Earning

6.0

12.1

15.3

9.3

-1.3

    Net Income

-6.0

-8.7

5.5

13.7

13.7

    Translation Adj.

-0.3

-2.4

-1.8

-2.6

-0.6

Total Equity

76.2

65.0

75.1

51.2

42.3

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

353.3

347.1

406.0

146.5

117.3

 

 

 

 

 

 

    S/O-Ordinary Shares

8.6

6.4

6.4

4.6

4.6

Total Common Shares Outstanding

8.6

6.4

6.4

4.6

4.6

T/S-Ordinary Shares

0.0

0.0

0.0

0.0

0.0

Deferred Revenue - Current

19.1

19.7

32.2

10.5

7.4

Full-Time Employees

1,353

1,463

1,663

733

546

Long Term Debt Maturing within 1 Year

45.3

-

-

-

-

Long Term Debt Maturing in Year 3

10.8

-

-

-

-

Long Term Debt Maturing in Year 3

10.8

-

-

-

-

Long Term Debt Maturing in Year 3

10.6

-

-

-

-

Long Term Debt Maturing in Year 4

5.4

-

-

-

-

Long Term Debt - Remaining Maturities

65.5

-

-

-

-

Total Long Term Debt, Supplemental

148.3

-

-

-

-

Total Employee Benefits

5.8

6.4

8.0

7.6

5.5

Funded Status

-5.8

-6.4

-8.0

-7.6

-5.5

Fidelity Premium

1.2

1.1

1.0

-

-

Funded Status Fidelity Premium

-1.2

-1.1

-1.0

-

-

Total Funded Status

-7.0

-7.5

-9.0

-7.6

-5.5

Discount Rate

4.50%

5.10%

5.00%

-

4.60%

Compensation Rate

-

-

-

-

3.50%

Expected Rate of Return

-

-

-

-

3.00%

Pension Payment Rate

3.00%

3.00%

3.00%

-

-

Accrued Liabilities - Fidelity Premium

-1.2

-1.1

-1.0

-

-

Net Assets Recognized on Balance Sheet

-1.2

-1.1

-1.0

-

-

 

 

 

Annual Cash Flows

Financials in: EUR (mil)

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Reclassified Normal
31-Dec-2008

Updated Normal
31-Dec-2006

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Reconta Ernst & Young SpA

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

Net Profit before Taxes

-6.0

-8.7

5.5

22.9

17.6

    Depreciation

10.0

10.1

8.6

1.5

1.3

    Assets Change for Accrued/Deferred Taxes

-0.2

0.7

0.4

-

-

    Severance Indemnity

-

-

-

0.0

1.1

    Exchange Differences

-

-

-

0.4

0.0

    Provisions Change for Personnel

-0.5

-1.5

0.0

-

-

    Financial Assets

-1.8

-0.8

-0.8

-0.5

0.0

    Share-Based Payments

-

-

-

0.0

-

    Other Fin. Expenses

-

-

-

1.5

1.6

    Other Fin. Income

-

-

-

-0.7

-0.7

    Trade Receivables

-5.8

13.4

19.7

-5.9

1.1

    Inventories

1.7

34.4

-1.6

-4.5

2.8

    Trade Accounts Pybl.

7.1

-27.0

-18.8

5.4

-8.5

    Other Payables

-3.9

-6.1

-6.8

-1.3

2.4

    Interest Payment

-

-

-

-

-1.6

    Tax Paid

-

-

-

-3.6

-1.7

Cash from Operating Activities

0.6

14.5

6.1

15.2

15.4

 

 

 

 

 

 

    Consolidation MLTA

-

-

-

0.0

0.0

    Acquisition of FINN-PWER Group

-

0.0

-85.2

0.0

-

    Acquisition of Business

-

-

-

-

0.0

    Acquisition OSAI Group (Net Cash)

-

0.0

-0.3

0.0

-

    Acquisition OSAI UK Minorities

-

-

-

-8.4

-

    Cash at OSAI Acquisition

-

-

-

0.0

0.0

    Intangibles

-

-

-

-

0.1

    Capitalization of Development Costs

-6.3

-6.5

-5.5

-

-

    Acquisition of Tangibles

-1.6

-1.1

-6.6

-1.7

-1.9

    Acquistion of Intangibles

-0.2

-0.5

-1.9

-0.3

-

    Financial Assets

-

-

-

-

-0.7

    Changes in Financial Credits

-

0.0

0.9

-

-

    Sell/Purchase of Invest.

-0.1

0.0

-0.8

0.0

0.0

    Purchase/Sale of Securities at FV

-

-

-

-

0.0

    Change in Assets for Contract Leasing

0.0

5.5

0.0

-

-

    Sale Fixed Assets

0.3

0.6

0.3

0.0

0.2

    Interest Income

-

-

-

0.7

0.7

Cash from Investing Activities

-7.9

-1.9

-99.1

-9.6

-1.8

 

 

 

 

 

 

    Changes in Liab., Non-Current

-0.5

1.8

4.3

-

-

    Exchange Dif. Reserve

-

-

-

-

-1.0

    Treasury Shares

-

0.0

0.1

0.1

0.0

    Other Equity Variation

-

-

-

-2.0

0.0

    Derivatives

-

-

-

-

0.0

    Issuance Debt

11.7

38.2

176.4

7.8

13.7

    Retirement Debt

-21.2

-43.8

-112.8

-5.2

-15.1

    Other Debt

-

-

-

-

-0.5

    Capital Lease Retirement

-

-

-

-

-0.3

    Other Financial Assets/Liabilities - Net

-

-

-

-0.2

-

    Interest Paid

-

-

-

-1.5

-

    Dividends Paid

-

0.0

-3.0

-3.0

-1.3

    Changes in Liab. due to Contract Leasing

0.0

-5.9

0.0

-

-

    Capital Lease - Net

-0.2

-0.9

-0.3

-0.6

-

    Change in Consolidation Area

-

-

-

-

0.0

    Other Changes

2.0

-1.1

-3.4

-

-

    Equity Increase

15.2

-

24.7

0.0

-

    Decrease Share Cap.

-

-0.3

-

-

-

Cash from Financing Activities

7.1

-12.0

86.0

-4.7

-4.4

 

 

 

 

 

 

Net Change in Cash

-0.2

0.6

-7.1

0.8

9.2

 

 

 

 

 

 

Net Cash - Beginning Balance

15.1

14.5

21.6

20.7

11.5

Net Cash - Ending Balance

14.8

15.1

14.5

21.6

20.7

    Cash Interest Paid

-

-

-

1.5

1.6

    Cash Taxes Paid

-

-

-

3.6

1.7

 

 

Financial Health

 

Financials in: REP (mil)

 

Except for share items (millions) and per share items (actual units)

 

Key Indicators REP (mil)

 

Quarter
Ending
30-Sep-2011

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2010

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

77.5

39.92%

252.6

7.08%

12.17%

17.27%

Operating Income1

3.1

10,465,533.33%

0.4

-

-75.38%

-46.35%

Income Available to Common Excl Extraord Items1

0.3

-

-6.0

-

-

-

Basic EPS Excl Extraord Items1

0.03

-

-0.71

-

-

-

Capital Expenditures2

3.4

155.40%

1.8

13.59%

-3.23%

15.06%

Cash from Operating Activities2

1.5

-

0.6

-96.07%

-66.46%

-43.39%

Free Cash Flow

-1.9

-

-1.2

-

-

-

Total Assets3

385.0

7.50%

353.3

1.79%

34.09%

26.34%

Total Liabilities3

311.6

8.81%

277.0

-1.79%

42.70%

28.55%

Total Long Term Debt3

102.7

-0.42%

103.0

-9.23%

89.22%

79.22%

Employees3

-

-

1353

-7.52%

22.67%

22.13%

Total Common Shares Outstanding3

8.6

0.01%

8.6

35.00%

23.41%

13.48%

1-ExchangeRate: EUR to REP Average for Period

1.000000

 

1.000000

 

 

 

2-ExchangeRate: EUR to REP Average for Period

1.000000

 

1.000000

 

 

 

3-ExchangeRate: EUR to REP Period End Date

1.000000

 

1.000000

 

 

 

Key Ratios

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Profitability

Gross Margin

54.17%

51.55%

53.38%

57.27%

53.81%

Operating Margin

0.14%

-1.64%

6.26%

13.18%

12.38%

Pretax Margin

-2.03%

-4.09%

3.16%

12.80%

11.78%

Net Profit Margin

-2.36%

-3.69%

1.47%

7.67%

9.18%

Financial Strength

Current Ratio

1.09

1.09

0.78

1.71

1.80

Long Term Debt/Equity

1.35

1.75

0.57

0.30

0.30

Total Debt/Equity

1.94

2.43

2.27

0.41

0.42

Management Effectiveness

Return on Assets

-1.70%

-2.31%

1.98%

10.42%

12.08%

Return on Equity

-8.45%

-12.42%

8.67%

29.37%

37.48%

Efficiency

Receivables Turnover

3.47

3.09

5.30

3.57

3.40

Inventory Turnover

1.61

1.26

2.31

1.99

1.94

Asset Turnover

0.72

0.63

1.34

1.36

1.31

Market Valuation REP (mil)

Enterprise Value2

202.4

.

Price/Sales (TTM)

0.22

Enterprise Value/Revenue (TTM)

0.70

.

Price/Book (MRQ)

0.86

Enterprise Value/EBITDA (TTM)

0.08

.

Market Cap1

63.2

1-ExchangeRate: EUR to REP on 20-Jan-2012

1.000000

 

 

 

2-ExchangeRate: EUR to REP on 30-Sep-2011

1.000000

 

 

 

 

 

 

Annual Ratios

 

Financials in: REP (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 



 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Financial Strength

Current Ratio

1.09

1.09

0.78

1.71

1.80

Quick/Acid Test Ratio

0.61

0.59

0.37

1.11

1.18

Working Capital

13.0

13.5

-57.9

50.0

43.6

Long Term Debt/Equity

1.35

1.75

0.57

0.30

0.30

Total Debt/Equity

1.94

2.43

2.27

0.41

0.42

Long Term Debt/Total Capital

0.46

0.51

0.17

0.21

0.21

Total Debt/Total Capital

0.66

0.71

0.69

0.29

0.30

Payout Ratio

-

-34.59%

63.54%

21.76%

21.79%

Effective Tax Rate

-

-

53.31%

39.97%

21.94%

Total Capital

224.5

222.6

245.3

72.0

60.2

 

 

 

 

 

 

Efficiency

Asset Turnover

0.72

0.63

1.34

1.36

1.31

Inventory Turnover

1.61

1.26

2.31

1.99

1.94

Days In Inventory

226.10

289.11

157.90

183.64

187.94

Receivables Turnover

3.47

3.09

5.30

3.57

3.40

Days Receivables Outstanding

105.12

117.99

68.86

102.24

107.24

Revenue/Employee

186,664

161,213

223,328

244,135

273,286

Operating Income/Employee

260

-2,640

13,971

32,175

33,821

EBITDA/Employee

7,477

4,149

19,099

34,224

36,240

 

 

 

 

 

 

Profitability

Gross Margin

54.17%

51.55%

53.38%

57.27%

53.81%

Operating Margin

0.14%

-1.64%

6.26%

13.18%

12.38%

EBITDA Margin

4.01%

2.57%

8.55%

14.02%

13.26%

EBIT Margin

0.14%

-1.64%

6.26%

13.18%

12.38%

Pretax Margin

-2.03%

-4.09%

3.16%

12.80%

11.78%

Net Profit Margin

-2.36%

-3.69%

1.47%

7.67%

9.18%

COGS/Revenue

45.37%

47.64%

46.10%

42.12%

45.68%

SG&A Expense/Revenue

32.64%

33.92%

24.02%

23.08%

22.12%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

-1.70%

-2.31%

1.98%

10.42%

12.08%

Return on Equity

-8.45%

-12.42%

8.67%

29.37%

37.48%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share

-0.14

2.02

-0.38

2.86

2.94

Operating Cash Flow/Share

0.07

2.27

0.95

3.30

3.35

 

Current Market Multiples

Market Cap/Earnings (TTM)

-88.30

Market Cap/Equity (MRQ)

0.86

Market Cap/Revenue (TTM)

0.22

Market Cap/EBIT (TTM)

7.33

Market Cap/EBITDA (TTM)

0.02

Enterprise Value/Earnings (TTM)

-282.61

Enterprise Value/Equity (MRQ)

2.76

Enterprise Value/Revenue (TTM)

0.70

Enterprise Value/EBIT (TTM)

23.46

Enterprise Value/EBITDA (TTM)

0.08

 

 

 

 

 

Annual Income Statement

Standardized

 

Financials in: REP (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Reconta Ernst & Young SpA

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

250.0

231.9

367.3

176.4

147.6

Revenue

250.0

231.9

367.3

176.4

147.6

    Other Revenue

2.5

4.0

4.1

2.6

1.6

Other Revenue, Total

2.5

4.0

4.1

2.6

1.6

Total Revenue

252.6

235.9

371.4

179.0

149.2

 

 

 

 

 

 

    Cost of Revenue

114.6

112.4

171.2

75.4

68.2

Cost of Revenue, Total

114.6

112.4

171.2

75.4

68.2

Gross Profit

135.4

119.5

196.0

101.0

79.4

 

 

 

 

 

 

    Selling/General/Administrative Expense

-

-

-

2.5

2.0

    Labor & Related Expense

76.2

78.0

89.2

37.2

30.1

    Advertising Expense

6.2

2.0

-

1.6

0.9

Total Selling/General/Administrative Expenses

82.4

80.0

89.2

41.3

33.0

    Depreciation

3.1

3.9

3.8

1.3

1.2

    Amortization of Intangibles

6.6

6.0

4.7

0.2

0.2

Depreciation/Amortization

9.8

9.9

8.5

1.5

1.3

    Loss (Gain) on Sale of Assets - Operating

-2.0

-2.7

-

-

-

    Other Unusual Expense (Income)

0.3

0.2

0.0

0.4

0.5

Unusual Expense (Income)

-1.7

-2.5

0.0

0.4

0.5

    Other Operating Expense

47.2

39.9

79.2

36.8

27.8

Other Operating Expenses, Total

47.2

39.9

79.2

36.8

27.8

Total Operating Expense

252.2

239.7

348.2

155.4

130.7

 

 

 

 

 

 

Operating Income

0.4

-3.9

23.2

23.6

18.5

 

 

 

 

 

 

        Interest Expense - Non-Operating

-

-

-

-1.3

-1.2

    Interest Expense, Net Non-Operating

-

-

-

-1.3

-1.2

        Interest Income - Non-Operating

-

-

-

0.7

0.6

        Investment Income - Non-Operating

2.2

0.3

0.7

0.1

0.0

    Interest/Investment Income - Non-Operating

2.2

0.3

0.7

0.8

0.6

Interest Income (Expense) - Net Non-Operating Total

2.2

0.3

0.7

-0.5

-0.6

    Other Non-Operating Income (Expense)

-7.6

-6.1

-12.2

-0.2

-0.2

Other, Net

-7.6

-6.1

-12.2

-0.2

-0.2

Income Before Tax

-5.1

-9.6

11.7

22.9

17.6

 

 

 

 

 

 

Total Income Tax

0.8

-0.9

6.3

9.2

3.9

Income After Tax

-6.0

-8.7

5.5

13.7

13.7

 

 

 

 

 

 

    Minority Interest

0.0

0.0

0.0

0.0

0.0

Net Income Before Extraord Items

-6.0

-8.7

5.5

13.7

13.7

Net Income

-6.0

-8.7

5.5

13.7

13.7

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-6.0

-8.7

5.5

13.7

13.7

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-6.0

-8.7

5.5

13.7

13.7

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

8.4

6.4

5.4

4.6

4.6

Basic EPS Excl Extraord Items

-0.71

-1.36

1.02

2.99

2.98

Basic/Primary EPS Incl Extraord Items

-0.71

-1.36

1.02

2.99

2.98

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

-6.0

-8.7

5.5

13.7

13.7

Diluted Weighted Average Shares

8.4

6.4

5.5

4.6

4.6

Diluted EPS Excl Extraord Items

-0.71

-1.36

1.00

2.99

2.98

Diluted EPS Incl Extraord Items

-0.71

-1.36

1.00

2.99

2.98

Dividends per Share - Common Stock Primary Issue

-

0.47

0.65

0.65

0.65

Gross Dividends - Common Stock

-

-

3.0

3.0

3.0

Interest Expense, Supplemental

-

-

-

1.3

1.2

Depreciation, Supplemental

3.1

3.9

3.8

1.3

1.1

Total Special Items

-1.7

-2.5

0.0

0.4

0.5

Normalized Income Before Tax

-6.9

-12.1

11.8

23.3

18.1

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-0.6

-0.9

0.0

0.2

0.1

Inc Tax Ex Impact of Sp Items

0.2

-1.8

6.3

9.3

4.0

Normalized Income After Tax

-7.1

-10.3

5.5

14.0

14.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-7.1

-10.3

5.5

14.0

14.1

 

 

 

 

 

 

Basic Normalized EPS

-0.85

-1.61

1.03

3.04

3.07

Diluted Normalized EPS

-0.85

-1.61

1.00

3.04

3.07

Amort of Intangibles, Supplemental

6.6

6.0

4.7

0.2

0.2

Rental Expenses

6.2

5.5

-

2.5

2.0

Advertising Expense, Supplemental

2.5

2.0

-

1.6

0.9

Research & Development Exp, Supplemental

14.3

13.6

20.8

10.1

8.1

Normalized EBIT

-1.4

-6.3

23.3

24.0

19.0

Normalized EBITDA

8.4

3.6

31.8

25.5

20.3

    Current Tax - Domestic

0.2

0.6

4.4

5.7

3.0

    Current Tax - Foreign

-0.3

0.0

0.2

0.8

0.6

    Current Tax - Local

1.1

0.9

1.5

1.4

1.2

Current Tax - Total

1.0

1.5

6.1

8.0

4.8

    Deferred Tax - Total

-0.2

0.6

0.4

1.2

-1.1

Deferred Tax - Total

-0.2

0.6

0.4

1.2

-1.1

    Other Tax

0.0

-3.1

-0.3

0.0

0.1

Income Tax - Total

0.8

-0.9

6.3

9.2

3.9

Interest Cost - Domestic

0.3

0.4

0.4

0.3

0.3

Service Cost - Domestic

-

-

0.1

0.1

0.6

Domestic Pension Plan Expense

0.3

0.4

0.6

0.3

0.9

Defined Contribution Expense - Domestic

0.9

2.0

0.7

0.4

0.6

Total Pension Expense

1.3

2.4

1.3

0.8

1.5

Discount Rate - Domestic

4.50%

5.10%

5.00%

-

-

Pension Payment Rate - Domestic

3.00%

3.00%

3.00%

-

-

Total Plan Interest Cost

0.3

0.4

0.4

0.3

0.3

Total Plan Service Cost

-

-

0.1

0.1

0.6

 

 

 

 

Interim Income Statement

Standardized

 

Financials in: REP (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

  Financial Glossary

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

1

1

1

1

1

 

 

 

 

 

 

    Net Sales

75.7

67.1

60.6

81.3

54.2

Revenue

75.7

67.1

60.6

81.3

54.2

    Other Revenue

1.7

0.4

0.5

0.9

1.2

Other Revenue, Total

1.7

0.4

0.5

0.9

1.2

Total Revenue

77.5

67.5

61.1

82.2

55.4

 

 

 

 

 

 

    Cost of Revenue

33.1

26.9

24.1

39.9

24.4

Cost of Revenue, Total

33.1

26.9

24.1

39.9

24.4

Gross Profit

42.6

40.1

36.5

41.5

29.8

 

 

 

 

 

 

    Labor & Related Expense

18.4

19.8

20.1

20.2

17.2

Total Selling/General/Administrative Expenses

18.4

19.8

20.1

20.2

17.2

    Depreciation

2.5

2.4

2.4

2.5

2.5

Depreciation/Amortization

2.5

2.4

2.4

2.5

2.5

    Other Unusual Expense (Income)

0.0

0.0

0.0

0.0

0.0

Unusual Expense (Income)

0.0

0.0

0.0

0.0

0.0

    Other Operating Expense

20.3

16.5

13.8

16.6

11.4

Other Operating Expenses, Total

20.3

16.5

13.8

16.6

11.4

Total Operating Expense

74.3

65.6

60.4

79.2

55.4

 

 

 

 

 

 

Operating Income

3.1

1.8

0.6

3.0

0.0

 

 

 

 

 

 

        Investment Income - Non-Operating

0.9

0.0

-0.6

1.4

-0.8

    Interest/Investment Income - Non-Operating

0.9

0.0

-0.6

1.4

-0.8

Interest Income (Expense) - Net Non-Operating Total

0.9

0.0

-0.6

1.4

-0.8

    Other Non-Operating Income (Expense)

-2.7

-2.4

-1.8

-1.3

-2.2

Other, Net

-2.7

-2.4

-1.8

-1.3

-2.2

Income Before Tax

1.3

-0.6

-1.8

3.1

-3.0

 

 

 

 

 

 

Total Income Tax

1.1

0.6

0.4

0.8

0.3

Income After Tax

0.3

-1.2

-2.2

2.3

-3.3

 

 

 

 

 

 

    Minority Interest

0.0

0.0

0.0

0.0

0.0

Net Income Before Extraord Items

0.3

-1.2

-2.2

2.3

-3.3

Net Income

0.3

-1.2

-2.2

2.3

-3.3

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

0.3

-1.2

-2.2

2.3

-3.3

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

0.3

-1.2

-2.2

2.3

-3.3

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

8.6

8.6

8.6

8.4

8.6

Basic EPS Excl Extraord Items

0.03

-0.14

-0.25

0.28

-0.38

Basic/Primary EPS Incl Extraord Items

0.03

-0.14

-0.25

0.28

-0.38

Dilution Adjustment

-

0.0

0.0

0.0

0.0

Diluted Net Income

0.3

-1.2

-2.2

2.3

-3.3

Diluted Weighted Average Shares

8.6

8.6

8.6

8.4

8.6

Diluted EPS Excl Extraord Items

0.03

-0.14

-0.25

0.28

-0.38

Diluted EPS Incl Extraord Items

0.03

-0.14

-0.25

0.28

-0.38

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

-

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

-

0.0

Depreciation, Supplemental

693.1

0.7

0.7

0.8

0.8

Total Special Items

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Tax

1.3

-0.6

-1.8

3.1

-3.0

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

1.1

0.6

0.4

0.8

0.3

Normalized Income After Tax

0.3

-1.2

-2.2

2.3

-3.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

0.3

-1.2

-2.2

2.3

-3.3

 

 

 

 

 

 

Basic Normalized EPS

0.03

-0.14

-0.25

0.28

-0.38

Diluted Normalized EPS

0.03

-0.14

-0.25

0.28

-0.38

Amort of Intangibles, Supplemental

1,825.6

1.7

1.7

1.7

1.4

Research & Development Exp, Supplemental

6.3

2.9

2.4

3.2

3.5

Normalized EBIT

3.1

1.8

0.6

3.0

0.0

Normalized EBITDA

2,521.8

4.3

3.1

5.5

2.2

 

 

 

 

Annual Balance Sheet

Standardized

 

Financials in: REP (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Restated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

1

1

1

1

1

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Reconta Ernst & Young SpA

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash

14.8

15.1

14.5

21.6

20.7

    Short Term Investments

0.0

-

0.0

0.0

0.0

Cash and Short Term Investments

14.8

15.1

14.5

21.6

20.7

        Accounts Receivable - Trade, Gross

68.0

63.7

78.3

54.2

40.3

        Provision for Doubtful Accounts

-4.2

-5.8

-6.0

-2.9

-2.6

    Trade Accounts Receivable - Net

64.6

58.8

72.3

51.7

39.0

    Other Receivables

11.7

10.4

11.0

5.1

4.4

Total Receivables, Net

76.3

69.2

83.3

56.8

43.4

    Inventories - Finished Goods

30.4

35.9

48.4

15.4

10.5

    Inventories - Work In Progress

12.5

9.2

22.2

12.0

9.8

    Inventories - Raw Materials

33.0

32.6

42.9

18.9

17.0

    Inventories - Other

-5.7

-5.9

-7.2

-4.3

-3.4

Total Inventory

70.2

71.8

106.2

42.0

33.9

Total Current Assets

161.3

156.1

203.9

120.4

98.0

 

 

 

 

 

 

        Land/Improvements

23.8

23.7

31.1

6.7

3.5

        Machinery/Equipment

23.1

22.3

22.4

11.1

10.2

        Construction in Progress

0.5

0.7

0.4

0.2

0.0

        Other Property/Plant/Equipment

14.2

13.7

14.0

6.0

5.6

    Property/Plant/Equipment - Gross

61.6

60.4

68.0

24.1

19.4

    Accumulated Depreciation

-36.6

-34.0

-32.5

-13.9

-13.0

Property/Plant/Equipment - Net

25.0

26.6

35.7

10.2

6.4

Goodwill, Net

102.7

102.5

102.6

-

2.3

Intangibles, Net

51.1

51.3

50.6

6.7

0.2

    LT Investment - Affiliate Companies

7.1

4.7

4.1

2.2

1.8

    LT Investments - Other

0.9

0.9

1.2

2.0

1.1

Long Term Investments

8.0

5.6

5.2

4.2

2.9

Note Receivable - Long Term

0.1

0.0

1.7

0.0

0.0

    Other Long Term Assets

5.2

4.9

6.3

5.1

7.5

Other Long Term Assets, Total

5.2

4.9

6.3

5.1

7.5

Total Assets

353.3

347.1

406.0

146.5

117.3

 

 

 

 

 

 

Accounts Payable

59.1

51.4

65.9

33.7

26.1

Accrued Expenses

6.1

6.7

-

-

-

Notes Payable/Short Term Debt

12.0

11.8

6.8

0.4

0.4

Current Portion - Long Term Debt/Capital Leases

33.2

32.4

121.0

5.2

4.8

    Customer Advances

19.1

19.7

32.2

10.5

7.4

    Income Taxes Payable

2.5

2.7

2.8

5.2

5.1

    Other Payables

8.0

8.7

22.7

9.9

5.9

    Other Current Liabilities

8.2

9.3

10.4

5.5

4.7

Other Current liabilities, Total

37.8

40.3

68.2

31.1

23.1

Total Current Liabilities

148.2

142.6

261.9

70.4

54.4

 

 

 

 

 

 

    Long Term Debt

100.9

111.4

42.5

15.2

12.2

    Capital Lease Obligations

2.1

2.1

-

-

0.5

Total Long Term Debt

103.0

113.5

42.5

15.2

12.7

Total Debt

148.3

157.7

170.3

20.8

17.9

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

10.9

10.9

11.6

1.9

2.4

Deferred Income Tax

10.9

10.9

11.6

1.9

2.4

Minority Interest

0.0

0.0

0.0

0.2

0.1

    Reserves

0.1

0.1

0.1

0.0

0.0

    Pension Benefits - Underfunded

7.0

7.5

9.0

7.6

5.5

    Other Long Term Liabilities

7.8

7.5

5.9

0.0

0.0

Other Liabilities, Total

14.9

15.1

15.0

7.6

5.6

Total Liabilities

277.0

282.1

330.9

95.3

75.0

 

 

 

 

 

 

    Common Stock

21.6

16.0

16.0

11.5

11.5

Common Stock

21.6

16.0

16.0

11.5

11.5

Retained Earnings (Accumulated Deficit)

55.0

51.4

60.9

42.4

31.5

Treasury Stock - Common

-

-

0.0

-0.1

-0.1

    Translation Adjustment

-0.3

-2.4

-1.8

-2.6

-0.6

Other Equity, Total

-0.3

-2.4

-1.8

-2.6

-0.6

Total Equity

76.2

65.0

75.1

51.2

42.3

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

353.3

347.1

406.0

146.5

117.3

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

8.6

6.4

6.4

4.6

4.6

Total Common Shares Outstanding

8.6

6.4

6.4

4.6

4.6

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

1,353

1,463

1,663

733

546

Deferred Revenue - Current

19.1

19.7

32.2

10.5

7.4

Total Long Term Debt, Supplemental

148.3

-

-

-

-

Long Term Debt Maturing within 1 Year

45.3

-

-

-

-

Long Term Debt Maturing in Year 2

10.8

-

-

-

-

Long Term Debt Maturing in Year 3

21.4

-

-

-

-

Long Term Debt Maturing in Year 4

5.4

-

-

-

-

Long Term Debt Maturing in 2-3 Years

32.2

-

-

-

-

Long Term Debt Maturing in 4-5 Years

5.4

-

-

-

-

Long Term Debt Matur. in Year 6 & Beyond

65.5

-

-

-

-

Pension Obligation - Domestic

5.8

6.4

8.0

7.6

5.5

Post-Retirement Obligation

1.2

1.1

1.0

-

-

Funded Status - Domestic

-5.8

-6.4

-8.0

-7.6

-5.5

Funded Status - Post-Retirement

-1.2

-1.1

-1.0

-

-

Total Funded Status

-7.0

-7.5

-9.0

-7.6

-5.5

Discount Rate - Domestic

4.50%

5.10%

5.00%

-

4.60%

Expected Rate of Return - Domestic

-

-

-

-

3.00%

Compensation Rate - Domestic

-

-

-

-

3.50%

Pension Payment Rate - Domestic

3.00%

3.00%

3.00%

-

-

Accrued Liabilities - Post-Retirement

-1.2

-1.1

-1.0

-

-

Net Assets Recognized on Balance Sheet

-1.2

-1.1

-1.0

-

-

Total Plan Obligations

7.0

7.5

9.0

7.6

5.5

 

 

 

 

Interim Balance Sheet

Standardized

 

Financials in: REP (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

  Financial Glossary

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

UpdateType/Date

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

1

1

1

1

1

 

 

 

 

 

 

    Cash & Equivalents

16.3

16.7

15.9

14.8

11.9

    Short Term Investments

0.0

0.0

0.1

0.0

-

Cash and Short Term Investments

16.3

16.7

16.0

14.8

11.9

        Accounts Receivable - Trade, Gross

70.9

66.6

63.3

68.0

63.3

        Provision for Doubtful Accounts

-4.2

-3.9

-4.2

-4.2

-3.9

    Trade Accounts Receivable - Net

68.1

63.5

59.6

64.6

60.1

    Other Receivables

14.4

13.4

14.5

11.7

12.6

Total Receivables, Net

82.6

76.9

74.1

76.3

72.7

    Inventories - Finished Goods

40.3

41.2

31.0

30.4

34.6

    Inventories - Work In Progress

29.7

25.5

16.2

12.5

18.2

    Inventories - Raw Materials

30.2

28.1

33.2

33.0

35.6

    Inventories - Other

-6.6

-5.9

-

-5.7

-6.2

Total Inventory

93.6

88.9

80.3

70.2

82.2

Total Current Assets

192.5

182.6

170.5

161.3

166.7

 

 

 

 

 

 

        Buildings

-

-

23.3

23.8

23.7

        Machinery/Equipment

-

-

23.2

23.1

23.2

        Construction in Progress

-

-

0.5

0.5

0.6

        Other Property/Plant/Equipment

-

-

14.2

14.2

14.0

    Property/Plant/Equipment - Gross

-

-

61.2

61.6

61.5

    Accumulated Depreciation

-

-

-36.9

-36.6

-36.2

Property/Plant/Equipment - Net

24.3

24.5

24.3

25.0

25.3

Goodwill, Net

102.7

102.5

102.5

102.7

102.6

Intangibles, Net

49.8

50.6

50.7

51.1

50.9

    LT Investment - Affiliate Companies

7.6

6.8

6.7

7.1

5.7

    LT Investments - Other

1.1

1.0

1.0

0.9

0.9

Long Term Investments

8.7

7.8

7.7

8.0

6.7

Note Receivable - Long Term

0.0

0.0

0.0

0.1

0.0

    Deferred Income Tax - Long Term Asset

5.9

5.7

5.1

5.2

5.9

    Discontinued Operations - Long Term Asset

1.2

1.2

1.3

0.0

-

Other Long Term Assets, Total

7.0

6.9

6.4

5.2

5.9

Total Assets

385.0

374.8

362.2

353.3

358.1

 

 

 

 

 

 

Accounts Payable

69.5

69.5

62.7

59.1

60.6

Accrued Expenses

-

-

6.4

-

-

Notes Payable/Short Term Debt

0.0

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

52.8

52.8

53.7

45.3

45.7

    Customer Advances

34.0

29.9

23.6

19.1

25.4

    Income Taxes Payable

4.8

3.7

3.7

2.5

2.8

    Other Payables

15.1

17.0

9.1

14.1

14.3

    Other Current Liabilities

8.0

7.1

7.2

8.2

7.4

Other Current liabilities, Total

61.8

57.7

43.6

43.9

49.9

Total Current Liabilities

184.2

179.9

166.3

148.2

156.3

 

 

 

 

 

 

    Long Term Debt

102.7

98.2

98.2

103.0

103.1

Total Long Term Debt

102.7

98.2

98.2

103.0

103.1

Total Debt

155.5

151.0

151.9

148.3

148.8

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

10.5

10.8

10.6

10.9

11.0

Deferred Income Tax

10.5

10.8

10.6

10.9

11.0

Minority Interest

0.0

-

-

0.0

0.0

    Reserves

0.1

0.1

0.1

0.1

0.1

    Pension Benefits - Underfunded

7.0

7.0

7.0

7.0

7.0

    Other Long Term Liabilities

7.2

6.5

5.7

7.8

9.0

Other Liabilities, Total

14.3

13.6

12.7

14.9

16.1

Total Liabilities

311.6

302.6

287.8

277.0

286.4

 

 

 

 

 

 

    Common Stock

21.6

21.6

21.6

21.6

21.6

Common Stock

21.6

21.6

21.6

21.6

21.6

Retained Earnings (Accumulated Deficit)

52.2

52.8

54.5

55.0

51.1

    Translation Adjustment

-0.3

-2.2

-1.8

-0.3

-0.9

Other Equity, Total

-0.3

-2.2

-1.8

-0.3

-0.9

Total Equity

73.4

72.2

74.3

76.2

71.8

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

385.0

374.8

362.2

353.3

358.1

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

8.6

8.6

8.6

8.6

8.6

Total Common Shares Outstanding

8.6

8.6

8.6

8.6

8.6

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

1,411

1,350

1,361

1,353

1,355

Deferred Revenue - Current

34.0

29.9

23.6

19.1

25.4

Pension Obligation - Domestic

7.0

7.0

6,985.3

7.0

7.0

Funded Status - Domestic

-7.0

-7.0

-6,985.3

-7.0

-7.0

Total Funded Status

-7.0

-7.0

-6,985.3

-7.0

-7.0

Accrued Liabilities - Domestic

-7.0

-7.0

-6,985.3

-7.0

-7.0

Net Assets Recognized on Balance Sheet

-7.0

-7.0

-6,985.3

-7.0

-7.0

Total Plan Obligations

7.0

7.0

6,985.3

7.0

7.0

 

 

 

 

Annual Cash Flows

Standardized

 

Financials in: REP (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Reclassified Normal
31-Dec-2008

Updated Normal
31-Dec-2006

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Reconta Ernst & Young SpA

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

-6.0

-8.7

5.5

22.9

17.6

    Depreciation

10.0

10.1

8.6

1.5

1.3

Depreciation/Depletion

10.0

10.1

8.6

1.5

1.3

Deferred Taxes

-0.2

0.7

0.4

-

-

    Equity in Net Earnings (Loss)

-

-

-

0.0

-

    Other Non-Cash Items

-0.5

-1.5

0.0

1.2

2.0

Non-Cash Items

-0.5

-1.5

0.0

1.2

2.0

    Accounts Receivable

-5.8

13.4

19.7

-5.9

1.1

    Inventories

1.7

34.4

-1.6

-4.5

2.8

    Other Assets

-1.8

-0.8

-0.8

-0.5

0.0

    Accounts Payable

3.1

-33.0

-25.6

4.1

-6.1

    Other Operating Cash Flow

-

-

-

-3.6

-3.3

Changes in Working Capital

-2.8

14.0

-8.4

-10.5

-5.5

Cash from Operating Activities

0.6

14.5

6.1

15.2

15.4

 

 

 

 

 

 

    Purchase of Fixed Assets

-1.6

-1.1

-6.6

-1.7

-1.9

    Purchase/Acquisition of Intangibles

-0.2

-0.5

-1.9

-0.3

-

Capital Expenditures

-1.8

-1.6

-8.6

-2.0

-1.9

    Acquisition of Business

-

0.0

-85.5

-8.4

0.0

    Sale of Fixed Assets

0.3

0.6

0.3

0.0

0.2

    Investment, Net

-0.1

0.0

0.1

0.0

-0.7

    Intangible, Net

-

-

-

-

0.1

    Other Investing Cash Flow

-6.3

-1.0

-5.5

0.7

0.7

Other Investing Cash Flow Items, Total

-6.1

-0.3

-90.6

-7.6

0.1

Cash from Investing Activities

-7.9

-1.9

-99.1

-9.6

-1.8

 

 

 

 

 

 

    Other Financing Cash Flow

1.6

-5.2

0.9

-3.7

-1.0

Financing Cash Flow Items

1.6

-5.2

0.9

-3.7

-1.0

    Cash Dividends Paid - Common

-

0.0

-3.0

-3.0

-1.3

Total Cash Dividends Paid

-

0.0

-3.0

-3.0

-1.3

        Sale/Issuance of Common

15.2

-

24.7

0.0

-

        Repurchase/Retirement of Common

-

-0.3

-

-

-

    Common Stock, Net

15.2

-0.3

24.8

0.1

0.0

Issuance (Retirement) of Stock, Net

15.2

-0.3

24.8

0.1

0.0

        Long Term Debt Issued

11.7

38.2

176.4

7.8

13.7

        Long Term Debt Reduction

-21.2

-43.8

-112.8

-5.2

-15.9

    Long Term Debt, Net

-9.7

-6.5

63.3

2.0

-2.2

Issuance (Retirement) of Debt, Net

-9.7

-6.5

63.3

2.0

-2.2

Cash from Financing Activities

7.1

-12.0

86.0

-4.7

-4.4

 

 

 

 

 

 

Net Change in Cash

-0.2

0.6

-7.1

0.8

9.2

 

 

 

 

 

 

Net Cash - Beginning Balance

15.1

14.5

21.6

20.7

11.5

Net Cash - Ending Balance

14.8

15.1

14.5

21.6

20.7

Cash Interest Paid

-

-

-

1.5

1.6

Cash Taxes Paid

-

-

-

3.6

1.7

 

 

 

 

Interim Cash Flows

Standardized

 

Financials in: REP (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

  Financial Glossary

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

Period Length

9 Months

6 Months

3 Months

12 Months

9 Months

UpdateType/Date

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

1

1

1

1

1

 

 

 

 

 

 

Net Income/Starting Line

-3.1

-3.4

-2.2

-6.0

-8.3

    Depreciation

7.4

4.8

2.4

10.0

7.5

Depreciation/Depletion

7.4

4.8

2.4

10.0

7.5

Deferred Taxes

-1.2

-0.7

-0.2

-0.2

-0.9

    Equity in Net Earnings (Loss)

-0.4

-0.1

0.0

-1.8

-0.7

    Other Non-Cash Items

0.0

0.0

0.0

-0.5

-0.5

Non-Cash Items

-0.4

-0.1

0.0

-2.3

-1.2

    Accounts Receivable

-3.5

1.1

5.0

-5.8

-1.3

    Inventories

-23.1

-18.7

-10.2

1.7

-10.3

    Accounts Payable

25.3

21.3

8.1

7.1

14.9

    Other Assets & Liabilities, Net

0.3

1.3

-1.1

-3.9

-5.1

Changes in Working Capital

-1.1

4.9

1.7

-1.0

-1.8

Cash from Operating Activities

1.5

5.5

1.7

0.6

-4.6

 

 

 

 

 

 

    Purchase of Fixed Assets

-3.1

-2.5

-1.5

-1.6

-1.2

    Purchase/Acquisition of Intangibles

-0.3

-0.1

-0.1

-0.2

-0.1

Capital Expenditures

-3.4

-2.6

-1.6

-1.8

-1.3

    Acquisition of Business

0.0

-

-

-

0.0

    Sale of Fixed Assets

0.2

0.2

-

0.3

0.3

    Investment, Net

-0.1

-

0.0

-0.1

-

    Other Investing Cash Flow

-3.7

-3.0

-1.4

-6.3

-4.6

Other Investing Cash Flow Items, Total

-3.6

-2.7

-1.4

-6.1

-4.3

Cash from Investing Activities

-7.0

-5.4

-3.0

-7.9

-5.6

 

 

 

 

 

 

    Other Financing Cash Flow

-0.7

-1.3

-1.7

1.6

0.9

Financing Cash Flow Items

-0.7

-1.3

-1.7

1.6

0.9

        Sale/Issuance of Common

0.0

0.0

0.0

15.2

15.2

    Common Stock, Net

0.3

0.0

0.2

15.2

15.2

Issuance (Retirement) of Stock, Net

0.3

0.0

0.2

15.2

15.2

        Long Term Debt Issued

17.3

12.4

9.2

11.7

11.0

        Long Term Debt Reduction

-10.0

-9.4

-5.3

-21.2

-20.0

    Long Term Debt, Net

7.3

3.0

3.9

-9.7

-9.0

Issuance (Retirement) of Debt, Net

7.3

3.0

3.9

-9.7

-9.0

Cash from Financing Activities

6.9

1.8

2.4

7.1

7.1

 

 

 

 

 

 

Net Change in Cash

1.5

1.9

1.1

-0.2

-3.2

 

 

 

 

 

 

Net Cash - Beginning Balance

14.8

14.8

14.8

15.1

15.1

Net Cash - Ending Balance

16.3

16.7

15.9

14.8

11.9

 

 

 

 

Annual Income Statement

As Reported

 

Financials in: REP (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Reconta Ernst & Young SpA

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Sales/Services

250.0

231.9

367.3

176.4

147.6

    Sundry

2.5

4.0

4.1

2.6

1.6

Total Revenue

252.6

235.9

371.4

179.0

149.2

 

 

 

 

 

 

    Change in Semi Finished and Fin. Goods

3.5

23.5

2.5

-3.9

3.5

    Inc. Internal Work

-6.9

-7.1

-7.5

-0.2

-0.1

    Raw Materials

118.0

96.0

176.2

79.5

64.8

    Lease/Rent Costs

-

-

-

2.5

2.0

    Staff Cost

76.2

78.0

89.2

37.2

30.1

    Amortisation Int.

6.6

6.0

4.7

0.2

0.2

    Depreciation

3.1

3.9

3.8

1.3

1.2

    Impairment

0.3

0.2

0.0

0.0

-

    Other Expenses

47.2

39.9

79.2

36.8

27.8

    Publicity

6.2

2.0

-

1.6

0.9

    Gains from Disposal

-2.0

-2.7

-

-

-

    Extraordinary Exp.

-

-

-

0.4

0.5

Total Operating Expense

252.2

239.7

348.2

155.4

130.7

 

 

 

 

 

 

    Financial Income

0.8

0.3

0.8

-

-

    Interest Income

-

-

-

0.7

0.6

    Other Fin. Inc.

-

-

-

0.0

0.1

    Interest/Other Exp.

-

-

-

-1.3

-1.2

    Derivates, Net

-

-

-

0.0

0.0

    Other Financial Expenses

-8.4

-6.4

-13.0

-0.2

-0.3

    Exchange Difference

0.4

-0.1

-0.1

-0.4

0.0

    Net Result from Associates and JV

1.8

0.4

0.8

0.5

0.0

Net Income Before Taxes

-5.1

-9.6

11.7

22.9

17.6

 

 

 

 

 

 

Provision for Income Taxes

0.8

-0.9

6.3

9.2

3.9

Net Income After Taxes

-6.0

-8.7

5.5

13.7

13.7

 

 

 

 

 

 

    Minority Interests

0.0

0.0

0.0

0.0

0.0

Net Income Before Extra. Items

-6.0

-8.7

5.5

13.7

13.7

Net Income

-6.0

-8.7

5.5

13.7

13.7

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-6.0

-8.7

5.5

13.7

13.7

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-6.0

-8.7

5.5

13.7

13.7

 

 

 

 

 

 

Basic Weighted Average Shares

8.4

6.4

5.4

4.6

4.6

Basic EPS Excluding ExtraOrdinary Items

-0.71

-1.36

1.02

2.99

2.98

Basic EPS Including ExtraOrdinary Item

-0.71

-1.36

1.02

2.99

2.98

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

-6.0

-8.7

5.5

13.7

13.7

Diluted Weighted Average Shares

8.4

6.4

5.5

4.6

4.6

Diluted EPS Excluding ExtraOrd Items

-0.71

-1.36

1.00

2.99

2.98

Diluted EPS Including ExtraOrd Items

-0.71

-1.36

1.00

2.99

2.98

DPS-Ordinary Shares

-

0.47

0.65

0.65

0.65

Gross Dividends - Common Stock

-

-

3.0

3.0

3.0

Normalized Income Before Taxes

-6.9

-12.1

11.8

23.3

18.1

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.2

-1.8

6.3

9.3

4.0

Normalized Income After Taxes

-7.1

-10.3

5.5

14.0

14.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-7.1

-10.3

5.5

14.0

14.1

 

 

 

 

 

 

Basic Normalized EPS

-0.85

-1.61

1.03

3.04

3.07

Diluted Normalized EPS

-0.85

-1.61

1.00

3.04

3.07

Interest Expense

-

-

-

1.3

1.2

Amort of Intangibles

6.6

6.0

4.7

0.2

0.2

Rental Expense

6.2

5.5

-

2.5

2.0

Depreciation

3.1

3.9

3.8

1.3

1.1

Advertising Expense

2.5

2.0

-

1.6

0.9

Research and Development Expense

14.3

13.6

20.8

10.1

8.1

    Current Tax - Regional

1.1

0.9

1.5

1.4

1.2

    Current Tax - Corporation

0.2

0.6

4.4

5.7

3.0

    Current Tax - Foreign

-0.3

0.0

0.2

0.8

0.6

Current Tax - Total

1.0

1.5

6.1

8.0

4.8

    Deferred Tax

-0.2

0.6

0.4

1.2

-1.1

Deferred Tax - Total

-0.2

0.6

0.4

1.2

-1.1

    Prepaid Tax

-

-

0.5

-

0.1

    Previous Year Tax

0.0

0.0

-

-

-

    Other Tax

-

-3.1

-0.8

0.0

0.0

Income Tax - Total

0.8

-0.9

6.3

9.2

3.9

Service Costs

-

-

0.1

0.1

0.6

Financial Costs

0.3

0.4

0.4

0.3

0.3

Domestic Pension Plan Expense

0.3

0.4

0.6

0.3

0.9

Indemnities Paid During Period

0.9

2.0

0.7

0.4

0.6

Total Pension Expense

1.3

2.4

1.3

0.8

1.5

Discount Rate

4.50%

5.10%

5.00%

-

-

Pension Payment Rate

3.00%

3.00%

3.00%

-

-

 

 

 

 

Interim Income Statement

As Reported

 

Financials in: REP (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

1

1

1

1

1

 

 

 

 

 

 

    Sales/Services

75.7

67.1

60.6

81.3

54.2

    Other Revenues

1.7

0.4

0.5

0.9

1.2

Total Revenue

77.5

67.5

61.1

82.2

55.4

 

 

 

 

 

 

    Change in Semi Finished and Fin. Goods

-1.6

-4.2

-7.9

10.6

-4.6

    Inc. Internal Work

-0.9

-1.6

-1.5

-2.0

-1.6

    Raw Materials

35.6

32.7

33.6

31.3

30.6

    Salaries and Wages

18.4

19.8

20.1

20.2

17.2

    Depreciation

2.5

2.4

2.4

2.5

2.5

    Impairment

0.0

0.0

0.0

0.0

0.0

    Other Expenses

20.3

16.5

13.8

16.6

11.4

Total Operating Expense

74.3

65.6

60.4

79.2

55.4

 

 

 

 

 

 

    Financial Income

0.0

0.0

0.1

0.7

0.0

    Financial Expenses

-2.7

-2.4

-1.9

-1.9

-2.2

    Net Result from Associates and JV

0.3

0.1

0.0

1.1

0.4

    Exchange Adjustment

0.6

-0.1

-0.6

0.2

-1.2

Net Income Before Taxes

1.3

-0.6

-1.8

3.1

-3.0

 

 

 

 

 

 

Provision for Income Taxes

1.1

0.6

0.4

0.8

0.3

Net Income After Taxes

0.3

-1.2

-2.2

2.3

-3.3

 

 

 

 

 

 

    Minority Interests

0.0

0.0

0.0

0.0

0.0

Net Income Before Extra. Items

0.3

-1.2

-2.2

2.3

-3.3

Net Income

0.3

-1.2

-2.2

2.3

-3.3

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

0.3

-1.2

-2.2

2.3

-3.3

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

0.3

-1.2

-2.2

2.3

-3.3

 

 

 

 

 

 

Basic Weighted Average Shares

8.6

8.6

8.6

8.4

8.6

Basic EPS Excluding ExtraOrdinary Items

0.03

-0.14

-0.25

0.28

-0.38

Basic EPS Including ExtraOrdinary Item

0.03

-0.14

-0.25

0.28

-0.38

Dilution Adjustment

-

0.0

0.0

0.0

0.0

Diluted Net Income

0.3

-1.2

-2.2

2.3

-3.3

Diluted Weighted Average Shares

8.6

8.6

8.6

8.4

8.6

Diluted EPS Excluding ExtraOrd Items

0.03

-0.14

-0.25

0.28

-0.38

Diluted EPS Including ExtraOrd Items

0.03

-0.14

-0.25

0.28

-0.38

DPS-Ordinary Shares

0.00

0.00

0.00

-

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

-

0.0

Normalized Income Before Taxes

1.3

-0.6

-1.8

3.1

-3.0

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

1.1

0.6

0.4

0.8

0.3

Normalized Income After Taxes

0.3

-1.2

-2.2

2.3

-3.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

0.3

-1.2

-2.2

2.3

-3.3

 

 

 

 

 

 

Basic Normalized EPS

0.03

-0.14

-0.25

0.28

-0.38

Diluted Normalized EPS

0.03

-0.14

-0.25

0.28

-0.38

Depreciation

693.1

0.7

0.7

0.8

0.8

Amort of Intangibles

1,825.6

1.7

1.7

1.7

1.4

Research & Development

6.3

2.9

2.4

3.2

3.5

 

 

 

 

 

 

Annual Balance Sheet

As Reported

 

Financials in: REP (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Restated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

1

1

1

1

1

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Reconta Ernst & Young SpA

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Raw Materials

33.0

32.6

42.9

18.9

17.0

    Writedown Raw Materials

-3.2

-3.4

-3.9

-2.8

-2.8

    Work in Progress

12.5

9.2

22.2

12.0

9.8

    Writedown Work in Progress

-0.2

-0.2

-0.2

0.0

-

    Finished Goods

30.4

35.9

48.4

15.4

10.5

    Writedown Finished Goods

-2.3

-2.3

-3.1

-1.5

-0.6

    Trade Receivable

68.0

63.7

78.3

54.2

40.3

    Less Bad Debts

-4.2

-5.8

-6.0

-2.9

-2.6

    Subordinate Receivables

0.8

1.0

-

-

-

    Associated Co.

-

-

-

0.4

1.3

    Taxation

4.7

6.0

3.6

2.6

1.6

    Other Receivable

7.0

4.4

7.5

2.6

2.8

    Other Security/Derivatives

0.0

-

0.0

0.0

0.0

    Cash and Equivalent

14.8

15.1

14.5

21.6

20.7

Total Current Assets

161.3

156.1

203.9

120.4

98.0

 

 

 

 

 

 

    Goodwill

102.7

102.5

102.6

-

2.3

    Other Intangible

51.1

51.3

50.6

6.7

0.2

    Land/Buildings

23.8

23.7

31.1

6.7

3.5

    Plant/Machinery

17.1

16.6

17.0

6.1

5.9

    Industrial Equip

6.0

5.7

5.4

5.0

4.4

    Other Tangible

14.2

13.7

14.0

6.0

5.6

    In Progress

0.5

0.7

0.4

0.2

0.0

    Depreciation

-36.6

-34.0

-32.5

-13.9

-13.0

    Investment Properties

0.0

0.2

0.2

0.0

-

    Invest. Assoc.

7.1

4.7

4.1

2.2

1.8

    Invest. Others

0.9

0.8

0.8

0.8

0.8

    Other Securities

0.0

0.1

0.4

1.1

0.3

    Other Receivables

0.1

0.0

1.7

0.0

0.0

    Prepaid Taxes

5.2

4.9

6.3

5.1

7.5

    Derivatives

-

-

0.0

0.0

0.0

Total Assets

353.3

347.1

406.0

146.5

117.3

 

 

 

 

 

 

    Bank Borrowings

31.8

31.2

118.2

4.1

4.3

    Other Borrowings

1.2

1.0

2.9

1.1

0.4

    Financial Leasing

0.2

0.3

-

-

0.2

    Bank Overdrafts

12.0

11.8

6.8

0.4

0.4

    Payments/Account

19.1

19.7

32.2

10.5

7.4

    Trade Payables

59.1

51.4

65.9

33.7

26.1

    Taxes Payable

2.5

2.7

2.8

5.2

5.1

    Risk Provision

8.2

9.3

10.4

5.5

4.7

    Other Payables

8.0

8.7

22.7

9.9

5.9

    Accrued Expenses

6.1

6.7

-

-

-

    Financial Derivatives

0.1

0.0

-

-

0.0

Total Current Liabilities

148.2

142.6

261.9

70.4

54.4

 

 

 

 

 

 

    LT Borrowings

100.9

111.4

42.5

15.2

12.2

    Financial Leasing

2.1

2.1

-

-

0.5

Total Long Term Debt

103.0

113.5

42.5

15.2

12.7

 

 

 

 

 

 

    Derivatives

7.8

7.5

5.9

0.0

0.0

    Minority Int.

0.0

0.0

0.0

0.2

0.1

    Other Provisions

0.1

0.1

0.1

0.0

0.0

    Prov. Def. Tax

10.9

10.9

11.6

1.9

2.4

    Severance Indem.

7.0

7.5

9.0

7.6

5.5

Total Liabilities

277.0

282.1

330.9

95.3

75.0

 

 

 

 

 

 

    Share Capital

21.6

16.0

16.0

11.5

11.5

    Legal Reserve

2.7

2.7

2.3

2.3

2.3

    Treasury Stock

-

-

0.0

-0.1

-0.1

    Other Reserves

52.2

45.2

37.8

17.0

16.8

    Retained Earning

6.0

12.1

15.3

9.3

-1.3

    Net Income

-6.0

-8.7

5.5

13.7

13.7

    Translation Adj.

-0.3

-2.4

-1.8

-2.6

-0.6

Total Equity

76.2

65.0

75.1

51.2

42.3

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

353.3

347.1

406.0

146.5

117.3

 

 

 

 

 

 

    S/O-Ordinary Shares

8.6

6.4

6.4

4.6

4.6

Total Common Shares Outstanding

8.6

6.4

6.4

4.6

4.6

T/S-Ordinary Shares

0.0

0.0

0.0

0.0

0.0

Deferred Revenue - Current

19.1

19.7

32.2

10.5

7.4

Full-Time Employees

1,353

1,463

1,663

733

546

Long Term Debt Maturing within 1 Year

45.3

-

-

-

-

Long Term Debt Maturing in Year 3

10.8

-

-

-

-

Long Term Debt Maturing in Year 3

10.8

-

-

-

-

Long Term Debt Maturing in Year 3

10.6

-

-

-

-

Long Term Debt Maturing in Year 4

5.4

-

-

-

-

Long Term Debt - Remaining Maturities

65.5

-

-

-

-

Total Long Term Debt, Supplemental

148.3

-

-

-

-

Total Employee Benefits

5.8

6.4

8.0

7.6

5.5

Funded Status

-5.8

-6.4

-8.0

-7.6

-5.5

Fidelity Premium

1.2

1.1

1.0

-

-

Funded Status Fidelity Premium

-1.2

-1.1

-1.0

-

-

Total Funded Status

-7.0

-7.5

-9.0

-7.6

-5.5

Discount Rate

4.50%

5.10%

5.00%

-

4.60%

Compensation Rate

-

-

-

-

3.50%

Expected Rate of Return

-

-

-

-

3.00%

Pension Payment Rate

3.00%

3.00%

3.00%

-

-

Accrued Liabilities - Fidelity Premium

-1.2

-1.1

-1.0

-

-

Net Assets Recognized on Balance Sheet

-1.2

-1.1

-1.0

-

-

 

 

 

 

Interim Balance Sheet

As Reported

 

Financials in: REP (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

UpdateType/Date

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

1

1

1

1

1

 

 

 

 

 

 

    Writedown Inventories

-6.6

-5.9

-

-

-

    Raw Materials

30.2

28.1

33.2

33.0

35.6

    Writedown Raw Materials

-

-

-

-3.2

-3.8

    Work in Progress

29.7

25.5

16.2

12.5

18.2

    Writedown Work in Progress

-

-

-

-0.2

-0.2

    Finished Goods

40.3

41.2

31.0

30.4

34.6

    Writedown Finished Goods

-

-

-

-2.3

-2.2

    Trade Receivable Gross

70.9

66.6

63.3

68.0

63.3

    Bad Debts

-4.2

-3.9

-4.2

-4.2

-3.9

    Subordinate Receivables

1.5

0.9

0.5

0.8

0.7

    Other Receivables

7.0

6.8

8.2

7.0

-

    Taxation

7.4

6.6

6.3

4.7

6.5

    Other Receivable

-

-

-

-

6.0

    Other Security/Derivatives

0.0

0.0

0.1

0.0

-

    Cash and Equivalent

16.3

16.7

15.9

14.8

11.9

Total Current Assets

192.5

182.6

170.5

161.3

166.7

 

 

 

 

 

 

    Research & Dev.

-

-

-

-

17.4

    Goodwill

102.7

102.5

102.5

102.7

102.6

    Other Intangible

49.8

50.6

50.7

51.1

33.5

    Land/Buildings

-

-

23.3

23.8

23.7

    Plant/Machinery

-

-

17.1

17.1

17.1

    Industrial Equipment

-

-

6.1

6.0

6.0

    Other Tangible

-

-

14.2

14.2

14.0

    In Progress

-

-

0.5

0.5

0.6

    Depreciation

-

-

-36.9

-36.6

-36.2

    Land/Buildings

17.8

17.8

-

-

-

    Plant/Machinery

2.3

2.3

-

-

-

    Industrial Equip

1.7

1.6

-

-

-

    Other Tangible

2.1

2.2

-

-

-

    In Progress

0.6

0.6

-

-

-

    Investment Properties

-

-

-

0.0

0.0

    Invest. Assoc.

7.6

6.8

6.7

7.1

5.7

    Invest. Others

1.1

1.0

1.0

0.9

0.9

    Fin.Rcvbl./Other

-

-

-

0.0

-

    Other Receivables

0.0

0.0

0.0

0.1

0.0

    Other Securities

-

-

-

0.0

0.0

    Deferred Tax

5.9

5.7

5.1

5.2

5.9

    Assets Held for Sale

1.2

1.2

1.3

0.0

-

Total Assets

385.0

374.8

362.2

353.3

358.1

 

 

 

 

 

 

    Leasing

-

0.3

-

-

-

    Bank Borrowings

52.8

52.5

53.7

45.3

45.7

    Payments/Account

34.0

29.9

23.6

19.1

25.4

    Trade Payables

69.5

69.5

62.7

59.1

60.6

    Taxes Payable

4.8

3.7

3.7

2.5

2.8

    Other Payables

15.1

17.0

9.1

14.1

14.3

    Accrued Expenses

-

-

6.4

-

-

    Provisions

7.9

7.1

7.2

8.2

7.4

    Financial Derivatives

0.1

0.0

0.0

0.1

0.0

Total Current Liabilities

184.2

179.9

166.3

148.2

156.3

 

 

 

 

 

 

    LT Borrowings

102.7

98.2

98.2

103.0

103.1

Total Long Term Debt

102.7

98.2

98.2

103.0

103.1

 

 

 

 

 

 

    Derivatives

7.2

6.5

5.7

7.8

9.0

    Minority Int.

0.0

-

-

0.0

0.0

    Other Provisions

0.1

0.1

0.1

0.1

0.1

    Prov. Def. Tax

10.5

10.8

10.6

10.9

11.0

    Severance Indem.

7.0

7.0

7.0

7.0

7.0

Total Liabilities

311.6

302.6

287.8

277.0

286.4

 

 

 

 

 

 

    Share Capital

21.6

21.6

21.6

21.6

21.6

    Legal Reserve

4.3

4.3

2.7

2.7

2.7

    Other Reserves

54.4

55.3

53.9

52.2

53.2

    Retained Earning

-3.4

-3.4

0.0

6.0

3.4

    Net Income

-3.1

-3.4

-2.2

-6.0

-8.3

    Translation Adj.

-0.3

-2.2

-1.8

-0.3

-0.9

Total Equity

73.4

72.2

74.3

76.2

71.8

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

385.0

374.8

362.2

353.3

358.1

 

 

 

 

 

 

    S/O-Ordinary Shares

8.6

8.6

8.6

8.6

8.6

Total Common Shares Outstanding

8.6

8.6

8.6

8.6

8.6

T/S-Ordinary Shares

0.0

0.0

0.0

0.0

0.0

Deferred Revenue - Current

34.0

29.9

23.6

19.1

25.4

Full-Time Employees

1,411

1,350

1,361

1,353

1,355

Pension Obligation

5.7

5.7

5,735.7

5.8

5.8

Funded Status

-5.7

-5.7

-5,735.7

-5.8

-5.8

Pension Obligatiosn - Fidelity Premium

1.3

1.3

1,249.5

1.2

1.2

Funded Status - Fidelity Premium

-1.3

-1.3

-1,249.5

-1.2

-1.2

Total Funded Status

-7.0

-7.0

-6,985.3

-7.0

-7.0

Accrued Liabilities

-5.7

-5.7

-5,735.7

-5.8

-5.8

Accrued Liabilities - Fidelity Premium

-1.3

-1.3

-1,249.5

-1.2

-1.2

Net Assets Recognized on Balance Sheet

-7.0

-7.0

-6,985.3

-7.0

-7.0

 

 

 

 

Annual Cash Flows

As Reported

 

Financials in: REP (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Reclassified Normal
31-Dec-2008

Updated Normal
31-Dec-2006

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

Ernst & Young LLP

Reconta Ernst & Young SpA

Reconta Ernst & Young SpA

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

Net Profit before Taxes

-6.0

-8.7

5.5

22.9

17.6

    Depreciation

10.0

10.1

8.6

1.5

1.3

    Assets Change for Accrued/Deferred Taxes

-0.2

0.7

0.4

-

-

    Severance Indemnity

-

-

-

0.0

1.1

    Exchange Differences

-

-

-

0.4

0.0

    Provisions Change for Personnel

-0.5

-1.5

0.0

-

-

    Financial Assets

-1.8

-0.8

-0.8

-0.5

0.0

    Share-Based Payments

-

-

-

0.0

-

    Other Fin. Expenses

-

-

-

1.5

1.6

    Other Fin. Income

-

-

-

-0.7

-0.7

    Trade Receivables

-5.8

13.4

19.7

-5.9

1.1

    Inventories

1.7

34.4

-1.6

-4.5

2.8

    Trade Accounts Pybl.

7.1

-27.0

-18.8

5.4

-8.5

    Other Payables

-3.9

-6.1

-6.8

-1.3

2.4

    Interest Payment

-

-

-

-

-1.6

    Tax Paid

-

-

-

-3.6

-1.7

Cash from Operating Activities

0.6

14.5

6.1

15.2

15.4

 

 

 

 

 

 

    Consolidation MLTA

-

-

-

0.0

0.0

    Acquisition of FINN-PWER Group

-

0.0

-85.2

0.0

-

    Acquisition of Business

-

-

-

-

0.0

    Acquisition OSAI Group (Net Cash)

-

0.0

-0.3

0.0

-

    Acquisition OSAI UK Minorities

-

-

-

-8.4

-

    Cash at OSAI Acquisition

-

-

-

0.0

0.0

    Intangibles

-

-

-

-

0.1

    Capitalization of Development Costs

-6.3

-6.5

-5.5

-

-

    Acquisition of Tangibles

-1.6

-1.1

-6.6

-1.7

-1.9

    Acquistion of Intangibles

-0.2

-0.5

-1.9

-0.3

-

    Financial Assets

-

-

-

-

-0.7

    Changes in Financial Credits

-

0.0

0.9

-

-

    Sell/Purchase of Invest.

-0.1

0.0

-0.8

0.0

0.0

    Purchase/Sale of Securities at FV

-

-

-

-

0.0

    Change in Assets for Contract Leasing

0.0

5.5

0.0

-

-

    Sale Fixed Assets

0.3

0.6

0.3

0.0

0.2

    Interest Income

-

-

-

0.7

0.7

Cash from Investing Activities

-7.9

-1.9

-99.1

-9.6

-1.8

 

 

 

 

 

 

    Changes in Liab., Non-Current

-0.5

1.8

4.3

-

-

    Exchange Dif. Reserve

-

-

-

-

-1.0

    Treasury Shares

-

0.0

0.1

0.1

0.0

    Other Equity Variation

-

-

-

-2.0

0.0

    Derivatives

-

-

-

-

0.0

    Issuance Debt

11.7

38.2

176.4

7.8

13.7

    Retirement Debt

-21.2

-43.8

-112.8

-5.2

-15.1

    Other Debt

-

-

-

-

-0.5

    Capital Lease Retirement

-

-

-

-

-0.3

    Other Financial Assets/Liabilities - Net

-

-

-

-0.2

-

    Interest Paid

-

-

-

-1.5

-

    Dividends Paid

-

0.0

-3.0

-3.0

-1.3

    Changes in Liab. due to Contract Leasing

0.0

-5.9

0.0

-

-

    Capital Lease - Net

-0.2

-0.9

-0.3

-0.6

-

    Change in Consolidation Area

-

-

-

-

0.0

    Other Changes

2.0

-1.1

-3.4

-

-

    Equity Increase

15.2

-

24.7

0.0

-

    Decrease Share Cap.

-

-0.3

-

-

-

Cash from Financing Activities

7.1

-12.0

86.0

-4.7

-4.4

 

 

 

 

 

 

Net Change in Cash

-0.2

0.6

-7.1

0.8

9.2

 

 

 

 

 

 

Net Cash - Beginning Balance

15.1

14.5

21.6

20.7

11.5

Net Cash - Ending Balance

14.8

15.1

14.5

21.6

20.7

    Cash Interest Paid

-

-

-

1.5

1.6

    Cash Taxes Paid

-

-

-

3.6

1.7

 

 

 

 

 

 

Interim Cash Flows

As Reported

 

Financials in: REP (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

Period Length

9 Months

6 Months

3 Months

12 Months

9 Months

UpdateType/Date

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

1

1

1

1

1

 

 

 

 

 

 

Net Profit

-3.1

-3.4

-2.2

-6.0

-8.3

    Depreciation

7.4

4.8

2.4

10.0

7.5

    Severance Indem.

0.0

0.0

0.0

-0.5

-0.5

    Equity Investments Gain

-0.4

-0.1

0.0

-1.8

-0.7

    Trade Receivables

-3.5

1.1

5.0

-5.8

-1.3

    Inventories

-23.1

-18.7

-10.2

1.7

-10.3

    Trade Accounts Payables

25.3

21.3

8.1

7.1

14.9

    Change in Tax Assets/Liabilities

-1.2

-0.7

-0.2

-0.2

-0.9

    Change in Assets/Liabilities

0.3

1.3

-1.1

-3.9

-5.1

Cash from Operating Activities

1.5

5.5

1.7

0.6

-4.6

 

 

 

 

 

 

    Acquisition of Tangibles

-3.1

-2.5

-1.5

-1.6

-1.2

    Capitalization of Development Costs

-3.7

-2.9

-1.4

-6.3

-4.6

    Purch. of Intang.

-0.3

-0.1

-0.1

-0.2

-0.1

    Purchase/Sale of Securities at FV

-0.1

-

0.0

-

-

    Acquisition of Sh. Equity Participation

0.0

-

-

-

0.0

    Investments

-

-

0.0

-0.1

-

    Devaluation of Shenyang

-

-

-

-

0.0

    Change in Assets

-

0.0

0.1

0.0

-

    Sale Fixed Assets

0.2

0.2

-

0.3

0.3

Cash from Investing Activities

-7.0

-5.4

-3.0

-7.9

-5.6

 

 

 

 

 

 

    Exchange Dif. Reserve

-

-0.6

-

2.0

-0.1

    Derivatives

-

-0.7

-

-0.5

1.0

    Issuance Debt

17.3

12.4

9.2

11.7

11.0

    Retirement Debt

-10.2

-9.6

-5.3

-21.2

-19.8

    Capital Lease Retirement

0.2

0.3

-

-

-0.2

    Financial Expense

-0.7

-

-1.7

-

-

    Change in Assets due to Contract Leasing

-

-

-

0.0

-

    Capital Lease Net Change

-

-

0.0

-0.2

-

    Increase in Capital

0.0

0.0

0.0

15.2

15.2

    Other Equity Change

0.3

-

0.2

-

-

Cash from Financing Activities

6.9

1.8

2.4

7.1

7.1

 

 

 

 

 

 

Net Change in Cash

1.5

1.9

1.1

-0.2

-3.2

 

 

 

 

 

 

Net Cash - Beginning Balance

14.8

14.8

14.8

15.1

15.1

Net Cash - Ending Balance

16.3

16.7

15.9

14.8

11.9

 

 

 

 

Geographic Segments

Financials in: As Reported (mil)

Annual

 

 

External Revenue   EUR (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Italy

54.2

21.7 %

51.9

22.4 %

87.6

23.8 %

43.0

24.4 %

35.8

24.3 %

Europe

84.2

33.7 %

97.4

42 %

156.9

42.7 %

77.6

44 %

68.4

46.4 %

United States

46.9

18.8 %

38.2

16.5 %

64.8

17.7 %

29.8

16.9 %

29.4

19.9 %

Rest of the World

64.7

25.9 %

44.4

19.2 %

58.0

15.8 %

26.1

14.8 %

14.0

9.5 %

Segment Total

250.0

100 %

231.9

100 %

367.3

100 %

176.4

100 %

147.6

100 %

Consolidated Total

250.0

100 %

231.9

100 %

367.3

100 %

176.4

100 %

147.6

100 %

Total Revenue   EUR (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Italy

54.2

21.7 %

51.9

22.4 %

87.6

23.8 %

43.0

24.4 %

35.8

24.3 %

Europe

84.2

33.7 %

97.4

42 %

156.9

42.7 %

77.6

44 %

68.4

46.4 %

United States

46.9

18.8 %

38.2

16.5 %

64.8

17.7 %

29.8

16.9 %

29.4

19.9 %

Rest of the World

64.7

25.9 %

44.4

19.2 %

58.0

15.8 %

26.1

14.8 %

14.0

9.5 %

Segment Total

250.0

100 %

231.9

100 %

367.3

100 %

176.4

100 %

147.6

100 %

Consolidated Total

250.0

100 %

231.9

100 %

367.3

100 %

176.4

100 %

147.6

100 %

 

Long Lived Assets   EUR (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

Italy

32.9

18.4 %

31.9

17.7 %

30.2

16 %

Europe

138.8

77.6 %

142.3

78.9 %

152.4

80.7 %

United States

7.1

4 %

6.3

3.5 %

6.2

3.3 %

Rest of the World

0.0

0 %

0.0

0 %

0.0

0 %

Segment Total

178.8

100 %

180.5

100 %

188.8

100 %

Consolidated Total

178.8

100 %

180.5

100 %

188.8

100 %

 

 

 

 

Geographic Segments

Financials in: As Reported (mil)

Interim

 

 

External Revenue   EUR (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Italy

11.1

14.6 %

11.6

17.4 %

6.8

11.2 %

16.1

19.8 %

11.9

22.1 %

Europe

29.4

38.8 %

23.7

35.4 %

24.8

40.9 %

24.8

30.5 %

20.7

38.2 %

North America

15.8

20.9 %

14.0

20.9 %

13.6

22.4 %

15.7

19.4 %

9.4

17.4 %

Rest of the World

19.5

25.7 %

17.7

26.4 %

15.4

25.5 %

24.7

30.3 %

12.1

22.3 %

Segment Total

75.7

100 %

67.1

100 %

60.6

100 %

81.3

100 %

54.2

100 %

Consolidated Total

75.7

100 %

67.1

100 %

60.6

100 %

81.3

100 %

54.2

100 %

Total Revenue   EUR (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Italy

11.1

14.6 %

11.6

17.4 %

6.8

11.2 %

16.1

19.8 %

11.9

22.1 %

Europe

29.4

38.8 %

23.7

35.4 %

24.8

40.9 %

24.8

30.5 %

20.7

38.2 %

North America

15.8

20.9 %

14.0

20.9 %

13.6

22.4 %

15.7

19.4 %

9.4

17.4 %

Rest of the World

19.5

25.7 %

17.7

26.4 %

15.4

25.5 %

24.7

30.3 %

12.1

22.3 %

Segment Total

75.7

100 %

67.1

100 %

60.6

100 %

81.3

100 %

54.2

100 %

Consolidated Total

75.7

100 %

67.1

100 %

60.6

100 %

81.3

100 %

54.2

100 %

 

 

 

 

 

Business Segments

Financials in: As Reported (mil)

Annual

 

 

External Revenue   EUR (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Laser Systems

105.5

38.4 %

91.1

37 %

149.3

39.8 %

145.2

79.5 %

131.0

85.9 %

Electronic Systems

31.6

11.5 %

28.2

11.5 %

41.6

11.1 %

37.3

20.5 %

21.6

14.1 %

Machinery Manufacturing

137.7

50.1 %

127.1

51.6 %

184.4

49.1 %

0.0

0 %

-

-

Unallocated

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

-

-

Segment Total

274.7

100 %

246.4

100 %

375.3

100 %

182.6

100 %

152.6

100 %

Consolidated Total

274.7

100 %

246.4

100 %

375.3

100 %

182.6

100 %

152.6

100 %

Intersegment Revenue   EUR (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Laser Systems

-12.9

52.2 %

-10.5

72 %

-1.5

18.9 %

0.0

0 %

0.0

0 %

Electronic Systems

-4.1

16.5 %

-2.4

16.6 %

-6.3

78.4 %

-6.2

100 %

-5.1

100 %

Machinery Manufacturing

-7.7

31.3 %

-1.7

11.3 %

-0.2

2.7 %

0.0

0 %

-

-

Unallocated

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

-

-

Segment Total

-24.7

100 %

-14.6

100 %

-8.0

100 %

-6.2

100 %

-5.1

100 %

Consolidated Total

-24.7

100 %

-14.6

100 %

-8.0

100 %

-6.2

100 %

-5.1

100 %

 

Total Revenue   EUR (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Laser Systems

92.6

37 %

80.6

34.8 %

147.7

40.2 %

145.2

82.3 %

131.0

88.8 %

Electronic Systems

27.5

11 %

25.8

11.1 %

35.3

9.6 %

31.2

17.7 %

16.5

11.2 %

Machinery Manufacturing

129.9

52 %

125.5

54.1 %

184.2

50.2 %

0.0

0 %

-

-

Unallocated

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

-

-

Segment Total

250.0

100 %

231.9

100 %

367.3

100 %

176.4

100 %

147.6

100 %

Consolidated Total

250.0

100 %

231.9

100 %

367.3

100 %

176.4

100 %

147.6

100 %

Earn. bef. Int., Tax & Depr.   EUR (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

Laser Systems

5.9

56.7 %

2.5

40.3 %

21.4

67.2 %

Electronic Systems

2.7

26.2 %

1.4

22.3 %

3.3

10.3 %

Machinery Manufacturing

1.8

17 %

2.3

37.4 %

7.1

22.5 %

Unallocated

0.0

0 %

0.0

0 %

-0.2

-0.7 %

Segment Total

10.4

100 %

6.2

100 %

31.8

100 %

Consolidated Total

10.4

100 %

6.2

100 %

31.8

100 %

 

EBITDA Margin (%)  

 

31-Dec-10

31-Dec-09

31-Dec-08

Laser Systems

6.4

-

3.1

-

14.5

-

Electronic Systems

9.9

-

5.4

-

9.3

-

Machinery Manufacturing

1.4

-

1.9

-

3.9

-

Segment Total

4.1

-

2.7

-

8.7

-

Consolidated Total

4.1

-

2.7

-

8.7

-

Operating Income/Loss   EUR (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Laser Systems

3.9

1,112.8 %

1.1

-27.6 %

20.1

86.5 %

18.3

77.7 %

16.8

91 %

Electronic Systems

1.7

485.2 %

0.4

-10.4 %

2.6

11.2 %

5.3

22.3 %

1.7

9 %

Machinery Manufacturing

-5.3

-1,498 %

-5.3

138 %

0.5

2.3 %

0.0

0 %

-

-

Unallocated

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

-

-

Segment Total

0.4

100 %

-3.9

100 %

23.2

100 %

23.6

100 %

18.5

100 %

Consolidated Total

0.4

100 %

-3.9

100 %

23.2

100 %

23.6

100 %

18.5

100 %

 

Operating Margin (%)  

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Laser Systems

4.2

-

1.3

-

13.6

-

12.6

-

12.8

-

Electronic Systems

6.2

-

1.6

-

7.3

-

16.8

-

10.0

-

Machinery Manufacturing

-4.1

-

-4.2

-

0.3

-

-

-

-

-

Segment Total

0.1

-

-1.7

-

6.3

-

13.4

-

12.5

-

Consolidated Total

0.1

-

-1.7

-

6.3

-

13.4

-

12.5

-

Interest Income (Expense) - Net Non-Operating   EUR (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Laser Systems

-4.4

60.2 %

-2.9

46.5 %

-6.1

49.7 %

-0.9

81 %

-0.9

96.7 %

Electronic Systems

-0.3

4.3 %

-0.5

8.6 %

-0.4

3.6 %

-0.2

19 %

0.0

3.3 %

Machinery Manufacturing

-2.6

35.4 %

-2.8

44.8 %

-5.8

46.7 %

0.0

0 %

-

-

Unallocated

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

-

-

Segment Total

-7.3

100 %

-6.2

100 %

-12.3

100 %

-1.2

100 %

-0.9

100 %

Consolidated Total

-7.3

100 %

-6.2

100 %

-12.3

100 %

-1.2

100 %

-0.9

100 %

 

Total Income Tax   EUR (mil)

 

31-Dec-10

31-Dec-09

Laser Systems

0.0

0 %

0.0

0 %

Electronic Systems

0.0

0 %

0.0

0 %

Machinery Manufacturing

0.0

0 %

0.0

0 %

Unallocated

-0.8

100 %

0.9

100 %

Segment Total

-0.8

100 %

0.9

100 %

Consolidated Total

-0.8

100 %

0.9

100 %

Equity In Affiliates   EUR (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Laser Systems

1.8

102 %

0.4

100 %

0.8

100 %

0.5

100 %

0.0

100 %

Electronic Systems

0.0

-2 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Machinery Manufacturing

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

-

-

Unallocated

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Segment Total

1.8

100 %

0.4

100 %

0.8

100 %

0.5

100 %

0.0

100 %

Consolidated Total

1.8

100 %

0.4

100 %

0.8

100 %

0.5

100 %

0.0

100 %

 

Total Assets   EUR (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Laser Systems

67.9

19.2 %

58.7

16.9 %

149.3

36.8 %

93.3

62.5 %

71.1

60.6 %

Electronic Systems

34.1

9.7 %

30.3

8.7 %

33.4

8.2 %

22.1

14.8 %

16.1

13.7 %

Machinery Manufacturing

226.6

64.2 %

232.0

66.9 %

198.6

48.9 %

-

-

-

-

Unallocated

24.7

7 %

26.0

7.5 %

24.7

6.1 %

33.9

22.7 %

30.1

25.7 %

Segment Total

353.3

100 %

347.1

100 %

406.0

100 %

149.3

100 %

117.3

100 %

Consolidated Total

353.3

100 %

347.1

100 %

406.0

100 %

149.3

100 %

117.3

100 %

Operating Return on Assets (%)  

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Laser Systems

5.8

-

1.8

-

13.5

-

19.7

-

23.6

-

Electronic Systems

5.0

-

1.3

-

7.8

-

23.7

-

10.3

-

Machinery Manufacturing

-2.3

-

-2.3

-

0.3

-

-

-

-

-

Unallocated

0.0

-

0.0

-

0.0

-

0.0

-

-

-

Segment Total

0.1

-

-1.1

-

5.7

-

15.8

-

15.7

-

Consolidated Total

0.1

-

-1.1

-

5.7

-

15.8

-

15.7

-

 

Total Liabilities   EUR (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Laser Systems

32.9

11.9 %

27.6

9.8 %

51.0

15.4 %

49.9

51 %

41.9

55.8 %

Electronic Systems

14.6

5.3 %

12.1

4.3 %

14.5

4.4 %

17.3

17.7 %

7.8

10.4 %

Machinery Manufacturing

60.1

21.7 %

63.6

22.6 %

74.8

22.6 %

-

-

-

-

Unallocated

169.5

61.2 %

178.8

63.4 %

190.6

57.6 %

30.7

31.3 %

25.3

33.8 %

Segment Total

277.0

100 %

282.1

100 %

330.9

100 %

97.9

100 %

75.0

100 %

Consolidated Total

277.0

100 %

282.1

100 %

330.9

100 %

97.9

100 %

75.0

100 %

Employees  

 

31-Dec-10

31-Dec-09

31-Dec-08

Laser Systems

471.0

-

471.0

-

535.0

-

Electronic Systems

194.0

-

194.0

-

238.0

-

Machinery Manufacturing

689.0

-

798.0

-

890.0

-

Segment Total

1,354.0

-

1,463.0

-

1,663.0

-

Consolidated Total

1,354.0

-

1,463.0

-

1,663.0

-

 

 

 

 

 

Business Segments

Financials in: As Reported (mil)

Interim

 

 

External Revenue   EUR (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Laser Systems

63.9

84.4 %

56.4

84 %

52.7

86.9 %

37.0

41.6 %

46.8

86.5 %

Electronic Systems

23.1

30.6 %

7.2

10.8 %

11.4

18.8 %

8.7

9.8 %

10.7

19.7 %

Machinery Manufacturing

-

-

-

-

-

-

43.2

48.6 %

30.1

55.7 %

Non-Allocated

-11.3

-15 %

3.5

5.2 %

-3.5

-5.7 %

-

-

-3.3

-6.2 %

Segment Total

75.7

100 %

67.1

100 %

60.6

100 %

88.9

100 %

54.2

100 %

Consolidated Total

75.7

100 %

67.1

100 %

60.6

100 %

88.9

100 %

54.2

100 %

Intersegment Revenue   EUR (mil)

 

31-Dec-10

30-Sep-10

Laser Systems

-2.5

32.9 %

-4.2

57.5 %

Electronic Systems

-1.3

17.3 %

-0.8

10.8 %

Machinery Manufacturing

-3.8

49.8 %

-2.3

31.7 %

Segment Total

-7.6

100 %

-7.3

100 %

Consolidated Total

-7.6

100 %

-7.3

100 %

 

Total Revenue   EUR (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Laser Systems

63.9

84.4 %

56.4

84 %

52.7

86.9 %

34.5

42.4 %

46.8

86.5 %

Electronic Systems

23.1

30.6 %

7.2

10.8 %

11.4

18.8 %

7.4

9.1 %

10.7

19.7 %

Machinery Manufacturing

-

-

-

-

-

-

39.5

48.5 %

27.8

51.4 %

Non-Allocated

-11.3

-15 %

3.5

5.2 %

-3.5

-5.7 %

-

-

-3.3

-6.2 %

Segment Total

75.7

100 %

67.1

100 %

60.6

100 %

81.3

100 %

54.2

100 %

Consolidated Total

75.7

100 %

67.1

100 %

60.6

100 %

81.3

100 %

54.2

100 %

Earn. bef. Int., Tax & Depr.   EUR (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Laser Systems

3.2

56.5 %

2.1

49.9 %

2.2

72.6 %

3.2

57.1 %

1.0

40.9 %

Electronic Systems

2.6

46.2 %

2.1

49.2 %

0.9

28.7 %

0.7

12.1 %

1.1

42.5 %

Machinery Manufacturing

-

-

-

-

-

-

1.7

30.8 %

0.4

16.5 %

Non-Allocated

-0.2

-2.7 %

0.0

0.9 %

0.0

-1.3 %

-

-

-

-

Segment Total

5.7

100 %

4.3

100 %

3.1

100 %

5.5

100 %

2.5

100 %

Consolidated Total

5.7

100 %

4.3

100 %

3.1

100 %

5.5

100 %

2.5

100 %

 

EBITDA Margin (%)  

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Laser Systems

5.0

-

3.8

-

4.2

-

9.1

-

5.0

-

Electronic Systems

11.3

-

29.0

-

7.7

-

9.0

-

17.5

-

Machinery Manufacturing

-

-

-

-

-

-

4.3

-

1.5

-

Non-Allocated

1.4

-

1.1

-

1.1

-

-

-

-

-

Segment Total

7.5

-

6.3

-

5.0

-

6.8

-

4.6

-

Consolidated Total

7.5

-

6.3

-

5.0

-

6.8

-

4.6

-

Operating Income/Loss   EUR (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Laser Systems

1.0

32.2 %

0.1

3.4 %

0.1

21.6 %

2.6

86 %

0.5

0 %

Electronic Systems

2.3

72.5 %

1.7

94.6 %

0.5

84.2 %

0.4

13 %

0.8

0 %

Machinery Manufacturing

-

-

-

-

-

-

0.0

1 %

-1.3

0 %

Two-D Laser Systems

-0.1

-4.7 %

0.0

2 %

0.0

-5.8 %

-

-

-

-

Segment Total

3.1

100 %

1.8

100 %

0.6

100 %

3.0

100 %

0.0

0 %

Consolidated Total

3.1

100 %

1.8

100 %

0.6

100 %

3.0

100 %

0.0

0 %

 

Operating Margin (%)  

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Laser Systems

1.6

-

0.1

-

0.3

-

7.6

-

2.5

-

Electronic Systems

9.8

-

23.9

-

4.7

-

5.3

-

13.4

-

Machinery Manufacturing

-

-

-

-

-

-

0.1

-

-4.7

-

Segment Total

4.1

-

2.7

-

1.1

-

3.7

-

0.0

-

Consolidated Total

4.1

-

2.7

-

1.1

-

3.7

-

0.0

-

Total Income Tax   EUR (mil)

 

31-Dec-10

Laser Systems

0.0

0 %

Electronic Systems

0.0

0 %

Machinery Manufacturing

0.0

0 %

Non-Allocated

-1.1

100 %

Segment Total

-1.1

100 %

Consolidated Total

-1.1

100 %

 

Total Assets   EUR (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Laser Systems

259.9

74.5 %

286.7

76.5 %

283.4

78.2 %

67.9

19.2 %

65.1

18.2 %

Electronic Systems

59.5

17 %

59.0

15.7 %

51.4

14.2 %

34.1

9.7 %

34.0

9.5 %

Machinery Manufacturing

-

-

-

-

27.4

7.6 %

226.6

64.2 %

234.6

65.5 %

Non-Allocated

29.6

8.5 %

29.0

7.8 %

-

-

24.7

7 %

24.4

6.8 %

Segment Total

349.0

100 %

374.8

100 %

362.2

100 %

353.3

100 %

358.1

100 %

Consolidated Total

349.0

100 %

374.8

100 %

362.2

100 %

353.3

100 %

358.1

100 %

Operating Return on Assets (%)  

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Laser Systems

0.4

-

0.0

-

0.0

-

3.8

-

0.8

-

Electronic Systems

3.8

-

2.9

-

1.0

-

1.2

-

2.4

-

Machinery Manufacturing

-

-

-

-

-

-

0.0

-

-0.6

-

Non-Allocated

-0.5

-

0.1

-

-

-

-

-

-

-

Segment Total

0.9

-

0.5

-

0.2

-

0.9

-

0.0

-

Consolidated Total

0.9

-

0.5

-

0.2

-

0.9

-

0.0

-

 

Total Liabilities   EUR (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Laser Systems

113.4

36.4 %

110.2

36.4 %

99.2

17.2 %

32.9

11.9 %

37.8

13.2 %

Electronic Systems

20.1

6.4 %

20.4

6.7 %

16.8

2.9 %

14.6

5.3 %

14.4

5 %

Machinery Manufacturing

-

-

-

-

171.9

29.9 %

60.1

21.7 %

62.6

21.9 %

Non-Allocated

178.1

57.2 %

172.0

56.8 %

287.8

50 %

169.5

61.2 %

171.6

59.9 %

Segment Total

311.6

100 %

302.6

100 %

575.7

100 %

277.0

100 %

286.4

100 %

Consolidated Total

311.6

100 %

302.6

100 %

575.7

100 %

277.0

100 %

286.4

100 %

 

 Bottom of Form

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.00

UK Pound

1

Rs.101.75

Euro

1

Rs.83.48

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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