Summary

Other Scenarios:

Buyer: Pharmion Corporation (PHRM) Last Price: 72.32 Market Cap.: 2.71B
Target: Alpharma Inc. (ALO) Last Price: 26.61 Market Cap.: 1.49B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 918
Biopharmaceuticals 375
Nutritional Health   27
Outsourced Services   66
Veterinary Products and Services   7

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business
Buyer (Total: 5)
  • Innohep (Tinzaparin Sodium)
  • MGCD0103 (Histone Deacetylase (HDAC) Inhibitor)
  • Oral Azacitidine
  • Vidaza (Azacitidine)
Target (Total: 14)
  • Tirosint Capsule (Levothyroxine Sodium)
  • Triple Antibiotic Cream (Bacitracin Zinc/Neomycin/Polymyxin B Sulfate)
  • Bacitracin Zinc
  • Tolnaftate
Buyer

n/a
Target
  • Alpharma Inc.
  • Alpharma Active Pharmaceutical Ingredients Manufacturing
  • Alpharma Animal Health Division

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 6)
  • GPC Biotech AG (ADR) (GPCB)
  • Celgene Corporation (CELG)
  • salesforce.com, inc. (CRM)
  • MethylGene Inc. (MYG:CA)
Target (Total: 6)
  • Bayer AG (ADR) (BAYRY)
  • Koninklijke DSM N.V. (ADR) (RDSMY)
  • Cambrex Corporation (CBM)
  • PDI, Inc. (PDII)
Buyer (Total: 4)
  • US Oncology, Inc.
  • Cardinal Health, Inc. (CAH)
  • McKesson Corporation (MCK)
  • Government - United Kingdom
Target (Total: 2)
  • Alcon, Inc. (ACL)
  • Enzon Pharmaceuticals, Inc. (ENZN)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 513 2,000
Revenue Per Employee 558,770.6 399,346.1
Total Revenue 71.5 199.1
Total Expenses 102.6 252.1
Other Revenue 0.0 0.0
Cost of Revenue 19.7 89.4
SG&A Expense 50.0 78.7
Research & Development 30.4 84.3
Other Operating Expense 0.0 0.0
Operating Income -31.2 -53.0
Unusual Income 0.0 -0.2
LT Debt to Capital 0 29.09
Fwd P/E -395.28 167.87
Fwd P/Rev 7.21 1.86
Book Value 358.9 731.1
Curr Portion of LTD/Cap Lease 0.0 0.0

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals > Oncology

Target

Focused (): Healthcare > Biopharmaceuticals

Business Description

Buyer

Pharmion Corporation is a global pharmaceutical company that acquires, develops and commercializes products for the treatment of hematology and oncology patients. The Company has established a portfolio of approved products and product candidates focused on the hematology and oncology markets. These include Pharmion?s primary commercial products, Vidaza (azacitidine for injection), which it markets and sells as an approved treatment for myelodysplastic syndromes in the United States, Switzerland, Israel and the Philippines. and Thalidomide Pharmion 50 milligram (Thalidomide Pharmion), a therapy for the treatment of multiple myeloma and certain other forms of cancer, which it sells on a compassionate use or named patient basis in certain countries of Europe. Thalidomide Pharmion is approved in Australia, New Zealand, Turkey, Israel, South Korea and Thailand for the treatment of multiple myeloma. In January 2008, Celgene Corporation has cleared its pending acquisition of Pharmion.

Target

Alpharma Inc. is a global specialty pharmaceutical company that develops, manufactures and markets pharmaceutical products for humans and animals. The Company operates in three business segments: Pharmaceuticals, Active Pharmaceutical Ingredients (API) and Animal Health (AH).The Company markets an extended release morphine sulfate pain medication sold under the trademark KADIAN, in the United States and a topical non-steroidal anti-inflammatory (NSAID) patch product sold in the United States, under the trademark FLECTOR. The Company manufactures and markets a line of fermentation-based active pharmaceutical ingredients and one chemically synthesized active pharmaceutical ingredient (collectively APIs) that are used primarily by third parties. The Company manufactures and markets animal health products, consisting primarily of medicated feed additives (MFAs) and water soluble therapeutics for production animals, principally poultry, cattle and swine.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 72.66 56.67
Operating Margin % -25.91 0.1
Quick Ratio 3.64 2.18
Current Ratio 4 2.93
Coverage Ratio -0.15 11.3
Total Assets 443.3 1,288.2
Return on Equity % -17.79 -1.86
Return on Assets % -14.4 -1.05
Cash+ ST Inv. Per Share 6.67 7.02
Total Debt 0.0 311.0
Total Debt to Equity % 0 42.54
Total Debt to Tangible Equity % 0 85.62
Debt to Asset % 0.00 24.15

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
Cardiovascular System
The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.
  
Endocrinology/Metabolism
The Endocrinology/Metabolism Subsector includes therapeutics that treat metabolic disorders and conditions resulting from the dysfunction of hormone secreting glands.
  
Hematology
The Hematology Subsector includes therapeutics that treat blood-based diseases and disorders.
  
Infectious Diseases
The Infectious Diseases Subsector includes therapeutics that treat diseases caused by the invasion and reproduction of microorganisms in the body.
  
Oncology
The Oncology Subsector includes therapeutics that treat and manage various types of cancer and related complications.
  
Pain Management
The Pain Management Subsector includes therapeutics that treat and management pain.
  
Surgery
The Surgery Subsector includes therapeutics that treat complications associated with surgical procedures.
  
Nutritional Health  
Dietary/Naturopathic Supplements
The Dietary/Naturopathic Subsector includes nutritional biochemicals and nutrients derived from natural sources that are intended to support health.
  
Outsourced Services  
Development/Manufacturing Services
The Development/Manufacturing Services Subsector includes companies that provide research, development, manufacturing, sales and marketing to biopharmaceutical and medical device companies.
  
Veterinary Products and Services  
Veterinary Pharmaceuticals
The Veterinary Pharmaceuticals Subsector includes companies that manufacture veterinary pharmaceuticals and vaccines for the prevention and treatment of veterinary diseases.

Target Products:

  • Alpharma Animal Health Division
  

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Product Details

Sector Buyer Target
Healthcare
Biopharmaceuticals
Cardiovascular System  
Vascular Disorders  
Deep Vein Thrombosis (DVT)  
Anticoagulating Agents (Anticoagulants)  
Thrombin Inhibitors
Therapeutics that prevent or treat clots in blood vessels by preventing blood clots from forming.

Buyer Products:

  • Innohep (Tinzaparin Sodium)
  
Thromboembolism  
Anticoagulating Agents (Anticoagulants)  
Thrombin Inhibitors
Therapeutics that treat the obstruction of a blood vessel by preventing blood clots from forming.

Buyer Products:

  • Innohep (Tinzaparin Sodium)
  
Endocrinology/Metabolism  
Pituitary Gland Disorders  
Pituitary Hyperthyroidism (TSH-Induced)  
Thyroid Hormones
Hormones that affect the rate of cell metabolism and blood calcium levels.

Target Products:

  • Tirosint Capsule (Levothyroxine Sodium)
  
Thyroid Gland Disorders  
Hypothyroidism  
Thyroid Hormones
Therapeutics that treat a deficiency in thyroid activity by supplementing thyroid hormones.

Target Products:

  • Tirosint Capsule (Levothyroxine Sodium)
  
Hematology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of hematological disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • MGCD0103 (Histone Deacetylase (HDAC) Inhibitor)
  • Oral Azacitidine
  
White Blood Cell (WBC) Disorders  
Myelodysplastic Syndromes (MDS)  
Antimetabolite Agents  
Pyrimidine Analogs
Therapeutics that treat and manage rmyelodysplastic syndrome by interfering with the production of DNA.

Buyer Products:

  • Vidaza (Azacitidine)
  
Infectious Diseases  
Bacterial  
Antibacterial Agents  
Narrow Spectrum  
Dermatology  
Skin/Soft Tissue Infections  
Aminoglycosides/Polypeptides
Therapeutics that treat dermal infections by inhibiting bacterial cell wall synthesis.

Target Products:

  • Triple Antibiotic Cream (Bacitracin Zinc/Neomycin/Polymyxin B Sulfate)
  
Ophthalmology  
Ocular Infections  
Polypeptides
Therapeutics that treat bacterial infections of the eye by damaging the cell membrane.

Target Products:

  • Bacitracin Zinc
  
Mycological (Fungal)  
Antifungal Agents  
Narrow Spectrum  
Dermatology  
Tinea Corporis (Ringworm)  
Thiocarbamates
Therapeutics that treat fungal infections of the skin characterized by scaly, red rings by stunting the growth of the branching filaments.

Target Products:

  • Tolnaftate
  
Tinea Cruris (Jock Itch)  
Thiocarbamates
Therapeutics that treat fungal infections of the groin and perineum by stunting the growth of the branching filaments.

Target Products:

  • Tolnaftate
  
Tinea Pedis  
Thiocarbamates
Therapeutics that treat fungal infections of the feet by stunting the growth of the branching filaments.

Target Products:

  • Tolnaftate
  
Urology  
Vaginal Candidiasis  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of the female reproductive organ caused by yeast by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Target Products:

  • M-Zole 3 Combination Pack (Miconazole)
  • M-Zole 7 Dual Pack (Miconazole)
  
Oncology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment and management of cancer in early stages of clinical research where human subject is involved.

Buyer Products:

  • MGCD0103 (Histone Deacetylase (HDAC) Inhibitor)
  • Vidaza (Azacitidine)
  • Oral Azacitidine
  
Respiratory System/Thoracic  
Lung Cancer  
Small Cell Lung Cancer (SCLC)  
Topoisomerase II Inhibitors
Therapeutics that treat and manage cancers of the small cells in the lung by inhibiting a specific enzyme, topoisomerase II, needed for transcription and replication of DNA.

Buyer Products:

  • Amrubicin (Anthracycline)
  
Pain Management  
Anesthesia  
General (Systemic)  
Adjunctive  
Opioids
Therapeutics that treat pain by binding to certain nervous system receptors which alters both the perception of pain as well as the emotional response to pain.

Target Products:

  • Kadian (Morphine Sulphate Extended Release)
  
Narcotics  
Opioids
Therapeutics that treat pain by binding to certain nervous system receptors which alter both the perception of pain as well as the emotional response to pain.

Target Products:

  • Embeda (Abuse Resistant Morphine Sulphate/Naltrexone)/Formerly ALO-01
  • Kadian (Morphine Sulphate Extended Release)
  
Non-Narcotics  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat pain by non-specifically inhibiting the action of cyclooxygenase.

Target Products:

  • Flector Patch (Diclofenac Epolamine)
  • Ibuprofen Oral Suspension
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of pain in early stages of clinical research where human subject is involved.

Target Products:

  • Abuse Deterrent Oxycodone
  
Surgery  
Musculoskeletal System  
Deep Vein Thrombosis (DVT)  
Anticoagulating Agents (Anticoagulants)  
Thrombin Inhibitors
Therapeutics that treat vascular obstructions due to platelets and cell matter by blocking an enzyme involved in the clotting process.

Buyer Products:

  • Innohep (Tinzaparin Sodium)
  
Nutritional Health  
Dietary/Naturopathic Supplements  
General Health
Products consisting of dietary/naturopathic supplements that are intended to support general health.

Target Products:

  • Alpharma Inc.
  
Outsourced Services  
Development/Manufacturing Services  
Contract Manufacturing Organizations (CMO)  
Pharmaceuticals  
Final Dosage Forms
Contract Manufacturing Organizations (CMO) that produce large quantities of drug products in final dosage forms ready to be sold to end users.

Target Products:

  • Alpharma Active Pharmaceutical Ingredients Manufacturing
  
Veterinary Products and Services  
Veterinary Pharmaceuticals
The Veterinary Pharmaceuticals Subsector includes companies that manufacture veterinary pharmaceuticals and vaccines for the prevention and treatment of veterinary diseases.

Target Products:

  • Alpharma Animal Health Division
  

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Relationship Details

Key Competitors

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Eli Lilly & Co. n/a 56,508.154 19.14 12.64 3.03 2.79 5.04
Buyer
  Pfizer Inc. n/a 144,347.120 17.73 9.11 2.98 3.03 6.24
GlaxoSmithKline plc (ADR) n/a 115,986.006 11.18 10.85 2.57 2.53 15.20
Target
  Johnson & Johnson n/a 174,233.403 16.47 14.11 2.85 2.79 11.97
Novartis AG (ADR) n/a 108,444.656 9.08 13.48 2.78 2.71 3.88
Abbott Laboratories n/a 78,894.465 21.88 16.18 3.04 2.85 40.89
Eli Lilly & Co. n/a 56,508.154 19.14 12.64 3.03 2.79 5.04
Bristol Myers Squibb Co. n/a 43,309.011 20.00 12.88 2.24 2.02 10.23
Teva Pharmaceutical Industries Ltd (ADR) n/a 38,602.146 19.78 17.88 4.10 3.61 11.36
Endo Pharmaceuticals n/a 3,312.040 14.56 12.01 3.05 2.67 3.18
Perrigo Company n/a 2,986.950 28.68 21.81 1.92 1.74 7.25
Biovail Corporation (USA) n/a 2,193.143 6.35 7.83 2.32 2.69 3.51
King Pharmaceuticals, Inc. n/a 2,189.850 11.97 7.10 1.02 1.36 1.37
XenoPort, Inc. n/a 1,047.420 37.15 -34.47 9.20 19.09 8.34
Acura Pharmaceuticals, Inc. n/a 352.322 0.00 n/a 55.01 n/a n/a
DepoMed, Inc. n/a 157.956 3.25 -7.13 2.41 3.56 3.47
Penwest Pharmaceuticals n/a 70.242 0.00 -2.11 22.12 24.05 3.30
BioDelivery Sciences International, Inc. n/a 47.317 0.00 -1.61 215.86 n/a n/a
Elite Pharmaceuticals, Inc. n/a 25.194 0.00 -1.66 17.52 2.23 2.20
DOV Pharmaceutical, Inc. n/a 8.860 0.65 n/a 0.29 n/a 0.71
PharmAthene, Inc. n/a 0.000 0.00 n/a 0.00 n/a n/a
Livzon Pharmaceutical Group Co., Ltd. (B Shares) n/a n/a n/a n/a n/a n/a n/a
Phibro Animal Health Corporation n/a n/a n/a n/a n/a n/a n/a
Purdue Pharma L.P. n/a n/a n/a n/a n/a n/a n/a
Pennfield Corporation n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Dependent Suppliers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  GPC Biotech AG (ADR) 66.00% 123.561 0.00 -1.04 3.95 3.84 1.63
Celgene Corporation n/a 22,917.366 101.21 38.96 16.30 11.48 8.45
salesforce.com, inc. n/a 6,759.538 368.29 174.97 9.03 6.62 16.14
MethylGene Inc. n/a 87.304 0.00 n/a 6.00 n/a 1.75
Ben Venue Laboratories, Inc. n/a n/a n/a n/a n/a n/a n/a
Ash Stevens, Inc. n/a n/a n/a n/a n/a n/a n/a
Target
  Bayer AG (ADR) n/a 54,726.881 7.55 14.14 1.19 1.27 n/a
Koninklijke DSM N.V. (ADR) n/a 7,009.669 11.42 9.48 0.54 n/a 1.12
Cambrex Corporation n/a 230.380 1.10 16.78 0.91 0.93 3.46
PDI, Inc. n/a 107.944 0.00 n/a 0.77 n/a 0.96
Actavis Group hf. n/a n/a n/a n/a n/a n/a n/a
Kaken Pharmaceutical Co., Ltd. n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Key Customers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  US Oncology, Inc. 19.00% n/a n/a n/a n/a n/a n/a
Cardinal Health, Inc. 11.00% 19,851.610 12.83 14.65 0.22 0.21 15.33
McKesson Corporation 9.00% 16,575.105 17.63 17.42 0.17 0.16 5.60
Government - United Kingdom n/a n/a n/a n/a n/a n/a n/a
Target
  Alcon, Inc. n/a 40,206.352 25.34 21.89 7.18 6.56 15.12
Enzon Pharmaceuticals, Inc. n/a 378.961 4.56 -13.73 2.04 2.07 n/a

- Defined by the Company - Defined by Others

Key Partners

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Pfizer Inc. n/a 144,347.120 17.73 9.11 2.98 3.03 6.24
Celgene Corporation n/a 22,917.366 101.21 38.96 16.30 11.48 8.45
Cardinal Health, Inc. n/a 19,851.610 12.83 14.65 0.22 0.21 15.33
McKesson Corporation n/a 16,575.105 17.63 17.42 0.17 0.16 5.60
GPC Biotech AG (ADR) n/a 123.561 0.00 -1.04 3.95 3.84 1.63
MethylGene Inc. n/a 87.304 0.00 n/a 6.00 n/a 1.75
US Oncology, Inc. n/a n/a n/a n/a n/a n/a n/a
LEO Pharma A/S n/a n/a n/a n/a n/a n/a n/a
Ash Stevens, Inc. n/a n/a n/a n/a n/a n/a n/a
Dainippon Sumitomo Pharma Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Ben Venue Laboratories, Inc. n/a n/a n/a n/a n/a n/a n/a
Nippon Shinyaku Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Target
  Bayer AG (ADR) n/a 54,726.881 7.55 14.14 1.19 1.27 n/a
Alcon, Inc. n/a 40,206.352 25.34 21.89 7.18 6.56 15.12
Teva Pharmaceutical Industries Ltd (ADR) n/a 38,602.146 19.78 17.88 4.10 3.61 11.36
Koninklijke DSM N.V. (ADR) n/a 7,009.669 11.42 9.48 0.54 n/a 1.12
Enzon Pharmaceuticals, Inc. n/a 378.961 4.56 -13.73 2.04 2.07 n/a
Cambrex Corporation n/a 230.380 1.10 16.78 0.91 0.93 3.46
Actavis Group hf. n/a n/a n/a n/a n/a n/a n/a
Tris Pharma, Inc. n/a n/a n/a n/a n/a n/a n/a
Kaken Pharmaceutical Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
IBSA Institut Biochimique SA n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Financials

  Buyer Target Combined Entity
Income Statement
Operating Items
Revenue 267.3 722.4 989.7
Other Revenue 0.0 0.0 0.0
Total Revenue 267.3 722.4 989.7
Cost of Revenue 73.1 313.0 386.1
SG&A Expense 143.2 271.9 415.1
Depreciation & Amortization 9.9 0.0 9.9
Research & Development 102.4 140.3 242.6
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 8.0 -3.5 4.5
Total Expenses 336.5 721.7 1,058.3
Operating Income -69.2 0.7 -68.5
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 10.2 8.0 18.1
Other, Net 0.0 -0.7 -0.7
Income Before Taxes -59.1 9.4 -49.7
Income Taxes 4.8 22.9 27.7
Income After Taxes -63.9 -13.6 -77.4
Net Income - Excl. Xord. Items -63.9 -13.6 -77.4
Net Income - Incl. Xord. Items -63.9 -13.6 -77.4
Income Avail. to Common -63.9 -13.6 -77.4
Share Items
Basic Avg. Shares Outstanding 37.3 43.1 80.4
Basic EPS - Excl. Xord. Items n/a n/a -0.96
Basic EPS - Incl. Xord. Items n/a n/a -0.96
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 37.3 43.1 80.4
F.D. EPS - Excl. Xord. Items n/a n/a -0.96
F.D. EPS - Incl. Xord. Items n/a n/a -0.96
Balance Sheet
Assets
Cash and Equivalents 178.9 302.8 481.7
ST Investments 69.7 0.0 69.7
Accounts Receivable 45.0 130.2 175.2
Inventory 12.8 126.0 138.8
Prepayments and Advances 2.8 22.5 25.3
Other Current Assets 13.6 0.0 13.6
Current Assets 322.8 581.5 904.3
Accum D&A 0.0 0.0 0.0
PPE, Net 11.4 283.6 295.1
Goodwill & Intangibles 103.1 367.9 471.0
Other Assets 0.0 0.0 0.0
Other LT Assets 6.0 55.2 61.2
Total Assets 443.3 1,288.2 1,731.5
Liabilities
Accounts Payable 14.3 57.9 72.2
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 66.3 129.4 195.8
ST Debt 0.0 11.0 11.0
Other (Current) Liabilities 0.0 0.0 0.0
Current Liab. 80.6 198.4 279.0
LT Debt 0.0 300.0 300.0
Total LT Debt 0.0 300.0 300.0
Deferred Taxes 2.7 27.4 30.0
Other LT Liab. 1.1 31.3 32.4
Total Liabilities 84.4 557.0 641.4
Shareholders Equity
Common Stock 0.0 11.2 11.2
Additional Paid in Capital 631.7 1,130.9 1,762.7
Retained Earnings -290.7 -166.3 -457.0
Treasure Stock 0.0 -315.0 -315.0
Other Equity 17.9 70.3 88.2
Total Equity 358.9 731.1 1,090.1
Total Liab. & Equity 443.3 1,288.2 1,731.5
Shares Outstanding 37.4 55.7 93.0
Cash Flow
Operating Cash Flow
CF Net Income -63.9 -13.6 -77.4
CF Depreciation 12.6 50.0 62.6
CF Deferred Taxes 0.0 12.9 12.9
Other Non-Cash Items 3.2 8.7 11.9
Change in Working Capital 24.5 -11.0 13.5
Total Cash From Operating Activities -23.5 47.0 23.5
Investing Cash Flow (not calculated)
Capital Expenditures -6.7 -162.2 -169.0
Other Investing Cash Flows 8.6 -6.9 1.7
Total Cash From Investing Activities 1.8 -169.1 -167.3
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 138.0 5.9 143.9
Purchase and Retirement of Debt -0.9 304.5 303.6
Other Financing Cash Flow 0.4 0.0 0.4
Total Cash From Financing Activities 137.5 310.4 447.8
Exchange Rate Effects 3.2 1.4 4.6
Net Change in Cash 119.0 189.7 308.6
Cash Taxes Paid 3.0 -1.9 1.0
Cash Interest Paid 0.2 4.3 4.4