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Key Figures

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  31.Dec.16 31.Dec.15 31.Dec.14 31.Dec.13
Profitability and profitability-related key figures        
Order intake 216,396 229,699 220,706 245,961
Gross operating margin 8.2% 5.3% 7.2% 6.6%
Operating margin 5.8% 3.3% 5.3% 4.6%
Interest coverage 9.2x 6.0x 5.3x 8.6x
Return on average capital employed (ROACE) 3.4% 3.2% 5.8% 6.3%
Return on equity (ROE) 4.7% 4.4% 8.4% 9.7%
Capital structure and capital structure-related key figures        
Net debt (22,713) (26,695) (20,002) (36,070)
Debt/equity ratio 15.6% 19.1% 14.5% 33.2%
Equity/assets ratio 59.7% 53.8% 57.0% 49.5%
Leverage ratio 1.3x 1.7x 1.2x 2.4x

Income Statements

  Year Ending Dec 2018 (Update) Year Ending Dec 2017 (Update) Year Ending Dec 2016 (Update) Year Ending Dec 2015 (Update) Year Ending Dec 2014 (Reclassified)
Net Sales 196.96 212.36 211.52 232.22 235.46
Revenue 196.96 212.36 211.52 232.22 235.46
Other Revenue -- -- -- -- --
Other Revenue, Total -- -- -- -- --
Total Revenue 196.96 212.36 211.52 232.22 235.46
Cost of Revenue 172.42 184.86 157.19 193.94 183.86
Cost of Revenue, Total 172.42 184.86 157.19 193.94 183.86
Gross Profit 24.54 27.50 54.33 38.28 51.59
Selling/General/Administrative Expense 36.67 25.36 5.74 5.82 --
Selling/General/Administrative Expenses, Total 36.67 25.36 5.74 5.82 --
Depreciation 4.67 4.33 5.09 4.77 4.47
Depreciation/Amortization 4.67 4.33 5.09 4.77 4.47
Impairment-Assets Held for Use 0.16 19.99 -- -- --
Unusual Expense (Income) 0.16 19.99 -- -- --
Other Operating Expense -- -- 39.96 26.08 40.01
Other, Net -3.08 -4.19 -8.75 -5.98 -5.45
Other Operating Expenses, Total -3.08 -4.19 31.21 20.10 34.56
Total Operating Expense 210.85 230.36 199.24 224.63 222.90
Operating Income -13.89 -18.00 12.28 7.60 12.56
Interest Expense - Non-Operating -1.54 -1.38 -1.53 -1.15 -2.41
Interest Expense, Net Non-Operating -1.54 -1.38 -1.53 -1.15 -2.41
Interest Income, Non-Operating 0.08 0.26 0.76 0.05 0.05
Investment Income, Non-Operating 1.60 -3.40 0.09 6.50 6.02
Interest/Investment Income, Non-Operating 1.68 -3.14 0.86 6.55 6.07
Interest Income (Expense), Net-Non-Operating, Total 0.14 -4.52 -0.67 5.40 3.66
Other Non-Operating Income (Expense) -1.59 -0.58 -0.34 -0.18 --
Other, Net -1.59 -0.58 -0.34 -0.18 --
Net Income Before Taxes -15.33 -23.09 11.27 12.82 16.22
Income Tax – Total 3.12 8.68 4.79 6.70 5.99
Income After Tax -18.45 -31.77 6.48 6.12 10.23
Minority Interest 0.00 0.00 0.00 -- 0.03
Net Income Before Extraordinary Items -18.45 -31.77 6.49 6.12 10.26
Net Income -18.45 -31.77 6.49 6.12 10.26
Miscellaneous Earnings Adjustment -- -- -- -- -0.00
Total Adjustments to Net Income -- -- -- -- -0.00
Income Available to Common Excluding Extraordinary Items -18.45 -31.77 6.49 6.12 10.26
Income Available to Common Stocks Including Extraordinary Items -18.45 -31.77 6.49 6.12 10.26
Basic Weighted Average Shares 79.08 82.67 82.70 82.73 77.43
Basic EPS Excluding Extraordinary Items -0.23 -0.38 0.08 0.07 0.13
Basic EPS Including Extraordinary Items -0.23 -0.38 0.08 0.07 0.13
Dilution Adjustment -- -- -- -- --
Diluted Net Income -18.45 -31.77 6.49 6.12 10.26
Diluted Weighted Average Shares 79.08 82.67 82.70 82.73 77.43
Diluted EPS Excluding Extraordinary Items -0.23 -0.38 0.08 0.07 0.13
Diluted EPS Including Extraordinary Items -0.23 -0.38 0.08 0.07 0.13
DPS - Common Stock Primary Issue 0.00 0.02 0.04 0.03 0.05
Gross Dividends - Common Stock -- -- -- -- --
Impairment-Assets Held for Sale, Supplemental -- -- -- -- --
Litigation Charge, Supplemental 8.31 0.32 0.56 2.97 --
Restructuring Charge, Supplemental 5.46 1.49 1.44 0.35 --
Other Unusual Expense (Income), Supplemental 4.01 5.80 -- -- --
Non-Recurring Items, Total 17.77 7.60 2.00 3.32 --
Total Special Items 17.93 27.59 2.00 3.32 --
Normalized Income Before Taxes 2.60 4.49 13.28 16.14 16.22
Effect of Special Items on Income Taxes 6.28 9.65 0.85 1.73 --
Income Taxes Excluding Impact of Special Items 9.39 18.33 5.64 8.43 5.99
Normalized Income After Taxes -6.80 -13.84 7.64 7.71 10.23
Normalized Income Available to Common -6.80 -13.84 7.64 7.71 10.26
Basic Normalized EPS -0.09 -0.17 0.09 0.09 0.13
Diluted Normalized EPS -0.09 -0.17 0.09 0.09 0.13
Amortization of Intangibles, Supplemental -- -- -- -- --
Depreciation, Supplemental 4.67 4.33 5.09 4.77 4.47
Interest Expense, Supplemental 1.54 1.38 1.53 1.15 2.41
Rental Expense, Supplemental 6.28 5.11 5.74 5.82 5.09
Minority Interest, Supplemental 0.00 0.00 0.00 -- 0.03
Audit-Related Fees, Supplemental 0.71 0.73 0.75 0.77 0.72
Tax Fees, Supplemental 0.05 0.14 0.15 0.14 0.07
All Other Fees Paid to Auditor, Supplemental 0.02 0.01 0.01 0.05 0.02
Gross Margin 12.46 12.95 25.69 16.48 21.91
Operating Margin -7.05 -8.48 5.81 3.27 5.33
Pretax Margin -7.78 -10.87 5.33 5.52 6.89
Effective Tax Rate -- -- 42.48 52.23 36.92
Net Profit Margin -9.37 -14.96 3.07 2.64 4.36
Normalized EBIT 4.04 9.59 14.29 10.91 12.56
Normalized EBITDA 8.72 13.92 19.38 15.68 17.03
Current Tax - Domestic -- -- -- -- --
Current Tax - Total 3.12 2.22 5.46 6.96 6.78
Current Tax - Total 3.12 2.22 5.46 6.96 6.78
Deferred Tax - Domestic -- -- -0.62 -0.30 -1.22
Deferred Tax - Total 0.12 6.24 -- -- --
Deferred Tax - Total 0.12 6.24 -0.62 -0.30 -1.22
Other Tax -0.12 0.22 -0.06 0.03 0.43
Income Tax - Total 3.12 8.68 4.79 6.70 5.99
Interest Cost - Domestic 0.01 0.01 0.01 0.02 --
Service Cost - Domestic 0.13 0.08 0.09 0.14 0.14
Expected Return on Assets - Domestic -0.01 -0.01 -0.01 -0.02 --
Other Pension, Net - Domestic 0.01 0.01 0.01 0.01 --
Domestic Pension Plan Expense 0.15 0.10 0.10 0.16 0.14
Interest Cost - Foreign 0.05 0.05 0.06 0.05 --
Service Cost - Foreign 0.11 0.11 0.12 0.10 0.19
Foreign Pension Plan Expense 0.16 0.16 0.18 0.14 0.19
Defined Contribution Expense - Domestic -- -- -- -- --
Total Pension Expense 0.31 0.25 0.28 0.30 0.32
Discount Rate - Domestic -- -- -- -- 1.10
Expected Rate of Return - Domestic -- -- -- -- --
Compensation Rate - Domestic -- -- -- -- 1.50
Pension Payment Rate - Domestic -- -- -- -- --
Total Plan Interest Cost 0.06 0.06 0.07 0.07 --
Total Plan Service Cost 0.24 0.19 0.21 0.24 0.32
Total Plan Expected Return -0.01 -0.01 -0.01 -0.02 --
Total Plan Other Expense 0.01 0.01 0.01 0.01 --

Balance Sheet

  Year Ending Dec 2018 (Update) Year Ending Dec 2017 (Update) Year Ending Dec 2016 (Reclassified) Year Ending Dec 2015 (Update) Year Ending Dec 2014 (Update)
Cash & Equivalents 21.26 28.72 14.98 20.81 17.07
Short Term Investments 0.57 1.15 0.33 0.43 0.34
Cash and Short Term Investments 21.82 29.86 15.31 21.25 17.41
Accounts Receivable - Trade, Gross 48.26 46.10 57.51 68.60 64.82
Provision for Doubtful Accounts -5.46 -5.15 -5.92 -6.17 -3.84
Accounts Receivable - Trade, Net 43.94 40.96 51.59 62.43 60.99
Receivables - Other 22.73 7.74 4.81 5.87 4.95
Total Receivables, Net 66.67 48.70 56.40 68.30 65.94
Inventories - Finished Goods 33.37 34.70 34.81 41.86 37.18
Inventories - Work In Progress 0.00 1.53 1.92 2.65 2.55
Inventories - Raw Materials 11.55 6.78 7.67 4.16 3.55
Inventories - Other -5.46 -6.20 -4.18 -3.60 -2.50
Total Inventory 39.46 36.82 40.21 45.07 40.78
Prepaid Expenses 4.81 2.65 2.04 2.08 2.43
Discontinued Operations - Current Asset 5.51 4.82 3.95 0.00 0.00
Other Current Assets 0.00 0.00 0.00 0.00 0.00
Other Current Assets, Total 5.51 4.82 3.95 0.00 0.00
Total Current Assets 138.28 122.85 117.92 136.68 126.56
Land/Improvements - Gross 11.15 16.01 17.61 21.57 21.36
Machinery/Equipment - Gross 23.69 18.02 19.50 19.03 18.69
Other Property/Plant/Equipment - Gross 9.46 7.81 8.66 9.15 7.26
Property/Plant/Equipment, Total - Gross 44.29 41.83 45.77 49.76 47.30
Accumulated Depreciation, Total -24.21 -23.67 -23.71 -23.02 -20.97
Property/Plant/Equipment, Total - Net 20.08 18.17 22.06 26.74 26.33
Goodwill - Gross 45.45 45.19 67.27 66.83 63.80
Accumulated Goodwill Amortization 0.00 0.00 0.00 0.00 0.00
Goodwill, Net 45.45 45.19 67.27 66.83 63.80
Intangibles - Gross 19.38 17.87 16.97 12.60 12.04
Accumulated Intangible Amortization -11.39 -10.09 -9.12 -7.90 -6.68
Intangibles, Net 7.99 7.79 7.85 4.70 5.35
LT Investments - Other 0.04 0.04 0.04 0.00 0.00
Long Term Investments 0.04 0.04 0.04 0.00 0.00
Note Receivable - Long Term 12.42 1.84 1.90 5.98 0.74
Deferred Charges 5.89 5.52 6.12 0.00 0.00
Deferred Income Tax - Long Term Asset 0.00 9.29 20.43 19.01 17.20
Discontinued Operations - Long Term Asset 0.00 0.00 0.00 0.00 1.80
Other Long Term Assets 0.00 0.00 0.00 0.04 0.04
Other Long Term Assets, Total 5.89 14.82 26.55 19.04 19.04
Total Assets 230.14 210.69 243.59 259.98 241.81
Accounts Payable 27.08 26.70 22.80 29.41 29.43
Accrued Expenses 13.02 9.68 11.11 15.15 14.38
Notes Payable/Short Term Debt 0.00 0.00 0.00 0.20 1.74
Current Portion of Long Term Debt/Capital Leases 4.27 0.00 0.00 0.00 0.00
Customer Advances 10.56 6.88 7.25 8.63 3.40
Income Taxes Payable 1.68 1.11 3.63 4.01 3.07
Other Current Liabilities 13.19 8.24 9.92 8.15 5.36
Other Current liabilities, Total 25.42 16.23 20.80 20.79 11.83
Total Current Liabilities 69.79 52.61 54.71 65.56 57.38
Long Term Debt 49.11 46.37 33.98 44.66 35.35
Total Long Term Debt 49.11 46.37 33.98 44.66 35.35
Total Debt 53.38 46.37 33.98 44.86 37.08
Deferred Income Tax - Long Term Liability 2.47 2.81 6.85 6.36 5.73
Deferred Income Tax 2.47 2.81 6.85 6.36 5.73
Minority Interest 0.03 0.03 0.03 0.03 0.03
Reserves 8.77 1.63 0.37 1.70 2.68
Pension Benefits - Underfunded 0.00 2.76 2.90 2.93 2.51
Other Long Term Liabilities -0.04 0.04 -0.67 -1.10 0.26
Other Liabilities, Total 8.73 4.43 2.60 3.54 5.46
Total Liabilities 130.13 106.24 98.17 120.14 103.93
Common Stock 100.17 83.63 86.84 88.77 91.99
Common Stock, Total 100.17 83.63 86.84 88.77 91.99
Additional Paid-In Capital 14.25 13.57 13.57 13.57 13.57
Retained Earnings (Accumulated Deficit) -4.80 14.71 46.48 40.00 33.79
Treasury Stock - Common -0.06 -0.20 -0.28 -0.01 -0.08
Cumulative Translation Adjustment -9.07 -6.75 -0.67 -1.84 -0.86
Other Equity -0.47 -0.51 -0.52 -0.64 -0.53
Other Equity, Total -9.54 -7.26 -1.19 -2.48 -1.39
Total Equity 100.02 104.45 145.42 139.84 137.88
Total Liabilities & Shareholders' Equity 230.14 210.69 243.59 259.98 241.81
Shares Outstanding – Common Stock Primary Issue 94.21 82.70 82.67 82.78 82.79
Total Common Shares Outstanding 94.21 82.70 82.67 82.78 82.79
Treasury Shares – Common Primary Issue 0.03 0.09 0.13 0.01 0.00
Employees 857.00 940.00 953.00 962.00 923.00
Accumulated Goodwill Amortization 0.00 0.00 0.00 0.00 0.00
Accumulated Intangible Amortization 11.39 10.09 9.12 7.90 6.68
Deferred Revenue - Current 10.56 6.88 7.25 8.63 3.40
Total Current Assets less Inventory 98.82 86.04 77.70 91.62 85.77
Quick Ratio 1.42 1.64 1.42 1.40 1.49
Current Ratio 1.98 2.34 2.16 2.08 2.21
Net Debt 31.59 16.53 18.70 23.64 19.70
Tangible Book Value 46.58 51.48 70.29 68.31 68.72
Tangible Book Value per Share 0.49 0.62 0.85 0.83 0.83
Total Long Term Debt, Supplemental 0.00 0.00 0.00 0.00 0.00
Long Term Debt Maturing within 1 Year 0.00 0.00 0.00 0.00 0.00
Long Term Debt Maturing in Year 2 0.00 0.00 0.00 0.00 0.00
Long Term Debt Maturing in Year 3 0.00 0.00 0.00 0.00 0.00
Long Term Debt Maturing in Year 4 0.00 0.00 0.00 0.00 0.00
Long Term Debt Maturing in Year 5 0.00 0.00 0.00 0.00 0.00
Long Term Debt Maturing in 2-3 Years 0.00 0.00 0.00 0.00 0.00
Long Term Debt Maturing in 4-5 Years 0.00 0.00 0.00 0.00 0.00
Long Term Debt Maturing in Year 6 & Beyond 0.00 0.00 0.00 0.00 0.00
Total Operating Leases 0.68 0.84 0.84 0.50 0.51
Operating Lease Payments Due in Year 1 0.40 0.38 0.35 0.27 0.25
Operating Lease Payments Due in Year 2 0.23 0.29 0.25 0.15 0.19
Operating Lease Payments Due in Year 3 0.02 0.06 0.08 0.03 0.03
Operating Lease Payments Due in Year 4 0.02 0.06 0.08 0.03 0.03
Operating Lease Payments Due in Year 5 0.02 0.06 0.08 0.03 0.03
Operating Lease Payments Due in 2-3 Years 0.24 0.35 0.33 0.18 0.21
Operating Lease Payments Due in 4-5 Years 0.04 0.12 0.16 0.05 0.05
Standardized Operating Lease Payments Due in Year 6 and Beyond -0.00 -0.00 0.00 -0.00 0.00
Pension Obligation - Domestic 2.05 1.61 1.80 1.93 1.81
Pension Obligation - Foreign 0.00 0.00 0.00 0.00 0.00
Plan Assets - Domestic 1.47 1.09 1.23 1.20 1.31
Plan Assets - Foreign 0.00 0.00 0.00 0.00 0.00
Funded Status - Domestic -0.58 -0.51 -0.57 -0.73 -0.50
Funded Status - Foreign 0.00 0.00 0.00 0.00 0.00
Unfunded Plan Obligations 1.69 2.01 2.12 2.03 1.88
Total Funded Status -2.28 -2.53 -2.69 -2.76 -2.38
Discount Rate - Domestic 1.00 0.70 0.40 0.70 1.10
Expected Rate of Return - Domestic 0.00 0.00 0.00 0.00 0.00
Compensation Rate - Domestic 1.00 1.00 1.00 1.50 1.50
Compensation Rate - Foreign 3.00 3.00 3.00 3.00 3.00
Pension Payment Rate - Domestic 0.00 0.00 0.00 0.00 0.00
Net Domestic Pension Assets -0.58 -0.51 -0.57 -0.73 -0.50
Net Foreign Pension Assets -1.69 -2.01 -2.12 -2.03 -1.88
Net Assets Recognized on Balance Sheet -2.28 -2.53 -2.69 -2.76 -2.38
Equity % - Domestic 0.00 0.00 0.00 0.00 0.00
Real Estate % - Domestic 0.00 0.00 0.00 0.00 0.00
Private Investments % - Domestic 0.00 0.00 0.00 0.00 0.00
Other Investments % - Domestic 0.00 0.00 0.00 0.00 0.00
Total Plan Obligations 3.74 3.62 3.92 3.96 3.69
Total Plan Assets 1.47 1.09 1.23 1.20 1.31

Cash Flow

  Year Ending Dec 2018 (Update) Year Ending Dec 2017 (Update) Year Ending Dec 2016 (Update) Year Ending Dec 2015 (Update) Year Ending Dec 2014 (Update)
Net Income/Starting Line -18.45 -31.77 6.48 6.12 10.23
Depreciation – Supplemental 4.67 4.33 5.09 4.77 4.47
Depreciation/Depletion 4.67 4.33 5.09 4.77 4.47
Deferred Taxes 0.12 6.24 -0.62 -0.30 -1.22
Unusual Items -0.12 19.87 -0.15 -0.05 -0.12
Other Non-Cash Items 13.23 6.15 -0.15 -1.71 -2.28
Non-Cash Items 13.11 26.01 -0.30 -1.75 -2.40
Accounts Receivable -2.55 7.73 10.16 -9.63 -13.17
Inventories -1.55 1.37 2.36 -5.39 -1.36
Accounts Payable 4.03 3.63 -7.98 5.14 1.22
Taxes Payable 3.00 2.44 5.40 6.99 7.21
Other Liabilities 3.51 -1.14 -3.88 0.98 2.25
Other Operating Cash Flow -4.65 -5.98 -6.59 -7.20 -7.98
Changes in Working Capital 1.79 8.04 -0.53 -9.12 -11.83
Cash from Operating Activities 1.24 12.86 10.13 -0.27 -0.76
Purchase of Fixed Assets -7.87 -2.11 -2.41 -3.17 -2.16
Purchase/Acquisition of Intangibles -1.38 -1.59 -1.86 -0.65 -1.01
Capital Expenditures -9.25 -3.70 -4.27 -3.82 -3.17
Sale of Fixed Assets 2.04 0.21 0.29 1.77 0.30
Sale/Maturity of Investment
Investment, Net -0.00 -- -0.03 0.02
Other Investing Cash Flow
Other Investing Cash Flow Items, Total 2.03 0.21 0.29 1.74 0.32
Cash from Investing Activities -7.22 -3.49 -3.98 -2.08 -2.84
Other Financing Cash Flow -- -0.35 -- -0.26
Financing Cash Flow Items -- -0.35 -- -0.26
Cash Dividends Paid - Common
Total Cash Dividends Paid
Sale/Issuance of Common -- 20.26
Repurchase/Retirement of Common -1.36 -3.54 -2.16 -3.78 -2.92
Common Stock, Net -1.36 -3.54 -2.16 -3.78 17.34
Issuance (Retirement) of Stock, Net -1.36 -3.54 -2.16 -3.78 17.34
Long Term Debt Issued
Long Term Debt Reduction
Long Term Debt, Net
Total Debt Issued 2.51 16.06 0.35 10.10 0.45
Total Debt Reduction -2.65 -10.25 -2.31 -14.49
Issuance (Retirement) of Debt, Net 2.51 13.41 -9.91 7.79 -14.04
Cash from Financing Activities 1.16 9.88 -12.41 4.01 3.05
Foreign Exchange Effects -2.64 -5.51 0.63 1.88 3.70
Net Change in Cash -7.46 13.74 -5.63 3.54 3.14
Net Cash - Beginning Balance 28.72 14.98 20.61 17.07 13.93
Net Cash - Ending Balance 21.26 28.72 14.98 20.61 17.07
Cash Interest Paid 1.46 1.11 0.74 1.11 1.55
Cash Taxes Paid 3.18 4.87 5.85 6.09 6.44