Summary

Other Scenarios:

Buyer: United Therapeutics Corporation (UTHR) Last Price: 99.99 Market Cap.: 2.13B
Target: Pharmion Corporation (PHRM) Last Price: 49.28 Market Cap.: 1.84B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 935
Biopharmaceuticals 378
Healthcare Services   156
Medical Devices   255
Nutritional Health   29
Outsourced Services   69

- 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: 23)
  • Beraprost SR
  • UT-15C
  • Remodulin (Treprostinil Sodium)
  • Sustained-Release Oral Tresprostinil
Target (Total: 5)
  • Innohep (Tinzaparin Sodium)
  • Oral Azacitidine
  • MGCD0103 (Histone Deacetylase (HDAC) Inhibitor)
  • Vidaza (Azacitidine)
Buyer
  • Medicomp Holter Scanning Service
  • Medicomp Event Monitoring Service
  • Medicomp CardioPAL SAVI
  • Medicomp Epicardia 4000
Target

n/a

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 9)
  • Pfizer Inc. (PFE)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Medtronic, Inc. (MDT)
  • Baxter International Inc. (BAX)
Target (Total: 6)
  • GPC Biotech AG (ADR) (GPCB)
  • Celgene Corporation (CELG)
  • salesforce.com, inc. (CRM)
  • MethylGene Inc. (MYG:CA)
Buyer (Total: 3)
  • Medco Health Solutions Inc. (MHS)
  • Express Scripts, Inc. (ESRX)
  • CVS Caremark Corporation (CVS)
Target (Total: 4)
  • US Oncology, Inc.
  • Cardinal Health, Inc. (CAH)
  • McKesson Corporation (MCK)
  • Government - United Kingdom

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 285 417
Revenue Per Employee 816,651.2 642,856.5
Total Revenue 59.0 67.3
Total Expenses 44.9 90.4
Other Revenue 0.0 0.0
Cost of Revenue 6.2 18.2
SG&A Expense 19.2 32.5
Research & Development 19.6 29.1
Other Operating Expense 0.0 0.0
Operating Income 14.2 -23.0
Unusual Income 0.0 8.0
LT Debt to Capital 53.03 0
Fwd P/E 77.49 -39.45
Fwd P/Rev 10.72 6.54
Book Value 221.4 380.0
Curr Portion of LTD/Cap Lease 0.0 0.0

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals

Target

Focused (): Healthcare > Biopharmaceuticals > Oncology

Business Description

Buyer

United Therapeutics Corporation (United Therapeutics) is a biotechnology company involved in the development and commercialization of products for patients with chronic and life-threatening diseases. United Therapeutics is active in three therapeutic areas: cardiovascular medicine, cancer and infectious disease. It has three therapeutic platforms: prostacyclin analogs, immunotherapeutic monoclonal antibodies and glycobiology antiviral agents. Most of the Company?s resources are focused on our prostacyclin analogs for the treatment of cardiovascular disease and immunotherapeutic monoclonal antibodies for the treatment of cancer. Its other principal focus area is the development of glycobiology antiviral agents for the treatment of hepatitis and other diseases.

Target

Pharmion Corporation (Pharmion) is a global pharmaceutical company that acquires, develops and commercializes products for the treatment of hematology and oncology patients. It 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, 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 after the failure of standard therapies. In November 2006, it acquired Cabrellis Pharmaceuticals Corporation.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 89.51 72.65
Operating Margin % 9.27 -40.39
Quick Ratio 7.33 4.49
Current Ratio 8.75 4.89
Coverage Ratio 0.57 -0.08
Total Assets 512.7 451.5
Return on Equity % 33.14 -26.47
Return on Assets % 14.31 -22.28
Cash+ ST Inv. Per Share 10.56 6.96
Total Debt 250.0 0.0
Total Debt to Equity % 112.91 0
Total Debt to Tangible Equity % 117.49 0
Debt to Asset % 48.76 0.00

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
Cardiovascular System
The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.
Digestive System
The Digestive System Subsector includes therapeutics that treat disorders affecting the digestive system.
  
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.
Surgery
The Surgery Subsector includes therapeutics that treat complications associated with surgical procedures.
  
Healthcare Services  
Patient Care
The Patient Care Subsector is comprised of companies that provide services to patients for the diagnosis, treatment, and/or prevention of diseases and injuries.
  
Medical Devices  
Cardiology
The Cardiology Subsector includes medical devices that diagnose, monitor, and treat diseases affecting the heart and proximal blood vessels. Common devices include vital sign monitors, cardiac defibrillators, pacemakers, and other surgical equipment.
  
Drug Delivery
The Drug Delivery Subsector includes medical devices that facilitate the delivery of medications through different anatomical entryways, including blood vessels, skin, the mouth, and the lungs. Common devices in this sector include vascular access catheters, needles, implants, and inhalers.
  
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.
  

- 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
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of heart and circulatory system disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • Beraprost SR
  • UT-15C
  • Remodulin (Treprostinil Sodium)
  • Sustained-Release Oral Tresprostinil
  • Gene Therapy/Progenitor Cells Program
  
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.

Target Products:

  • Innohep (Tinzaparin Sodium)
  
Primary Pulmonary Hypertension  
Prostacyclins
Therapeutics that relieve pulmonary hypertension by causing vasodilation of the pulmonary blood vessels.

Buyer Products:

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

Target Products:

  • Innohep (Tinzaparin Sodium)
  
Digestive System  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of digestive disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • UT-231B
  
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.

Target Products:

  • Oral Azacitidine
  • MGCD0103 (Histone Deacetylase (HDAC) Inhibitor)
  
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.

Target Products:

  • Vidaza (Azacitidine)
  
Infectious Diseases  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of infectious diseases in early stages of clinical research where human subject is involved.

Buyer Products:

  • UT-231B
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of infectious diseases in very early stages of research where no human subject is involved.

Buyer Products:

  • Glycobiology Antiviral Agents
  
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.

Target Products:

  • Amrubicin (Anthracycline)
  • Oral Azacitidine
  • MGCD0103 (Histone Deacetylase (HDAC) Inhibitor)
  • Vidaza (Azacitidine)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment and management of cancer and are currently in an early research or preclinical stage of development.

Buyer Products:

  • BrevaRex
  • GivaRex
  • OncoRex
  • ProstaRex
  
Urology  
Ovarian Cancer  
Metastatic  
Monoclonal Antibodies
Therapeutics that treat and manage ovarian cancers that have spread beyond their original tumor site by binding to specific structures on the surface of the tumor, eliciting a reaction which results in tumor cell death.

Buyer Products:

  • OvaRex (Oregovomab)
  
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.

Target Products:

  • Innohep (Tinzaparin Sodium)
  
Healthcare Services  
Patient Care  
Ambulatory/Outpatient  
Diagnostic  
Cardiology  
Cardiac Monitoring
The use of electrocardiograph (ECG) devices to monitor the heart's electrical waves leading to the ability to detect abnormalities in the heart beat.

Buyer Products:

  • Medicomp Holter Scanning Service
  • Medicomp Event Monitoring Service
  
Medical Devices  
Cardiology  
Diagnostic  
Monitoring  
Monitors  
Electrocardiogram (ECG/EKG)  
Interpretive/Analysis
Specialized electrocardiogram devices that facilitate certain diagnostic functions and analysis.

Buyer Products:

  • Medicomp CardioPAL SAVI
  
Telemetry  
Telemetry Systems
Complete systems or devices used to facilitate transfer of vitals monitoring data from the patient's site to a central monitor.

Buyer Products:

  • Medicomp Epicardia 4000
  • Medicomp Epicardia 3500
  • Medicomp PM350 Holter Monitor
  • Medicomp CardioPAL/CardioPAL AI
  
Drug Delivery  
Infusion Therapy  
Delivery Systems  
Pumps  
Subcutaneous
Pump placed under the skin of the patient receiving infusion therapy.

Buyer Products:

  • Medtronic MiniMed 407C
  
Nutritional Health  
Dietary/Naturopathic Supplements  
General Health
Products consisting of dietary/naturopathic supplements that are intended to support general health.

Buyer Products:

  • Unither Pharma, Inc.
  
Outsourced Services  
Development/Manufacturing Services  
Contract Manufacturing Organizations (CMO)  
Pharmaceuticals  
Biologics
Active Ingredient Contract Manufacturing Organizations (CMO) that manufacture antibodies, proteins, and genetic materials.

Buyer Products:

  • Synthesis And Manufacturing 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
  Pfizer Inc. n/a 159,749.145 10.75 10.83 3.32 3.34 6.55
GlaxoSmithKline plc (ADR) n/a 135,513.915 12.29 12.44 2.89 2.96 12.68
Eli Lilly & Co. n/a 58,768.757 26.34 14.75 3.32 3.24 5.60
Buyer
  Pfizer Inc. n/a 159,749.145 10.75 10.83 3.32 3.34 6.55
GlaxoSmithKline plc (ADR) n/a 135,513.915 12.29 12.44 2.89 2.96 12.68
Novartis AG (ADR) n/a 121,278.366 14.66 16.14 3.18 3.21 4.27
Bayer AG (ADR) n/a 60,612.313 8.41 14.91 1.33 1.32 n/a
Eli Lilly & Co. n/a 58,768.757 26.34 14.75 3.32 3.24 5.60
Schering-Plough Corporation n/a 48,559.264 24.84 21.89 4.18 3.97 3.71
Gilead Sciences, Inc. n/a 41,549.660 0.00 25.98 10.30 9.61 14.57
ICO, Inc. n/a 304.634 13.84 18.59 0.80 0.78 4.06
EPIX Pharmaceuticals, Inc. n/a 106.267 0.00 -1.68 9.94 7.66 n/a
Aradigm Corporation n/a 83.700 0.00 -3.62 31.60 47.84 1.92
Encysive Pharmaceuticals, Inc. n/a 47.584 0.00 -0.40 1.67 1.45 n/a
Target
  Pfizer Inc. n/a 159,749.145 10.75 10.83 3.32 3.34 6.55
GlaxoSmithKline plc (ADR) n/a 135,513.915 12.29 12.44 2.89 2.96 12.68
sanofi-aventis (ADR) n/a 119,630.234 20.72 11.92 2.80 3.03 n/a
Genentech, Inc. n/a 78,971.298 28.91 27.60 6.89 6.70 8.92
Eli Lilly & Co. n/a 58,768.757 26.34 14.75 3.32 3.24 5.60
Celgene Corporation n/a 25,042.328 143.89 68.64 19.78 17.97 10.69
Millennium Pharmaceuticals, Inc. n/a 4,439.446 0.00 196.00 9.13 9.23 6.92
MGi Pharma, Inc. n/a 2,366.794 0.00 78.97 6.41 5.89 124.53
SuperGen, Inc. n/a 230.487 142.52 33.42 12.78 10.15 2.63
Poniard Pharmaceuticals, Inc. n/a 151.449 0.00 -4.04 n/a 6.55 1.75
Vion Pharmaceuticals, Inc. n/a 49.602 0.00 -1.21 2,437.28 2,375.05 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
  Pfizer Inc. n/a 159,749.145 10.75 10.83 3.32 3.34 6.55
GlaxoSmithKline plc (ADR) n/a 135,513.915 12.29 12.44 2.89 2.96 12.68
Medtronic, Inc. n/a 51,908.809 18.04 18.28 4.14 4.00 9.63
Baxter International Inc. n/a 36,941.062 22.24 20.87 3.35 3.29 7.97
Cardinal Health, Inc. n/a 21,165.904 10.79 14.74 0.24 0.23 17.00
Aradigm Corporation n/a 83.700 0.00 -3.62 31.60 47.84 1.92
ViRexx Medical Corp. (USA) n/a 48.750 0.00 n/a n/a n/a 269.86
Stanford University n/a n/a n/a n/a n/a n/a n/a
New York Medical College n/a n/a n/a n/a n/a n/a n/a
Target
  GPC Biotech AG (ADR) 66.00% 158.788 0.00 n/a 5.72 n/a 1.60
Celgene Corporation n/a 25,042.328 143.89 68.64 19.78 17.97 10.69
salesforce.com, inc. n/a 6,698.480 582.67 461.73 9.91 8.03 18.16
MethylGene Inc. n/a 110.781 0.00 n/a 7.40 n/a 2.16
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

- 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
  Medco Health Solutions Inc. 65.00% 25,810.053 27.66 26.73 0.59 0.57 n/a
Express Scripts, Inc. 20.70% 16,478.637 28.58 28.06 0.91 0.89 n/a
CVS Caremark Corporation n/a 62,339.568 28.01 22.00 0.94 0.82 n/a
Target
  US Oncology, Inc. 19.00% n/a n/a n/a n/a n/a n/a
Cardinal Health, Inc. 11.00% 21,165.904 10.79 14.74 0.24 0.23 17.00
McKesson Corporation 9.00% 19,339.753 19.69 19.40 0.20 0.19 6.15
Government - United Kingdom n/a n/a n/a n/a n/a n/a 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
Overlap
  Pfizer Inc. n/a 159,749.145 10.75 10.83 3.32 3.34 6.55
Cardinal Health, Inc. n/a 21,165.904 10.79 14.74 0.24 0.23 17.00
Buyer
  Pfizer Inc. n/a 159,749.145 10.75 10.83 3.32 3.34 6.55
GlaxoSmithKline plc (ADR) n/a 135,513.915 12.29 12.44 2.89 2.96 12.68
CVS Caremark Corporation n/a 62,339.568 28.01 22.00 0.94 0.82 n/a
Medtronic, Inc. n/a 51,908.809 18.04 18.28 4.14 4.00 9.63
Baxter International Inc. n/a 36,941.062 22.24 20.87 3.35 3.29 7.97
Medco Health Solutions Inc. n/a 25,810.053 27.66 26.73 0.59 0.57 n/a
Cardinal Health, Inc. n/a 21,165.904 10.79 14.74 0.24 0.23 17.00
Express Scripts, Inc. n/a 16,478.637 28.58 28.06 0.91 0.89 n/a
Aradigm Corporation n/a 83.700 0.00 -3.62 31.60 47.84 1.92
ViRexx Medical Corp. (USA) n/a 48.750 0.00 n/a n/a n/a 269.86
Target
  Pfizer Inc. n/a 159,749.145 10.75 10.83 3.32 3.34 6.55
Celgene Corporation n/a 25,042.328 143.89 68.64 19.78 17.97 10.69
Cardinal Health, Inc. n/a 21,165.904 10.79 14.74 0.24 0.23 17.00
McKesson Corporation n/a 19,339.753 19.69 19.40 0.20 0.19 6.15
MGi Pharma, Inc. n/a 2,366.794 0.00 78.97 6.41 5.89 124.53
GPC Biotech AG (ADR) n/a 158.788 0.00 n/a 5.72 n/a 1.60
MethylGene Inc. n/a 110.781 0.00 n/a 7.40 n/a 2.16
Dainippon Sumitomo Pharma Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
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
Nippon Shinyaku 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
Ash Stevens, Inc. 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 196.9 255.9 452.8
Other Revenue 0.0 0.0 0.0
Total Revenue 196.9 255.9 452.8
Cost of Revenue 20.7 70.0 90.6
SG&A Expense 74.0 125.2 199.1
Depreciation & Amortization 0.0 9.9 9.9
Research & Development 84.0 91.9 175.9
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 0.0 62.3 62.3
Total Expenses 178.6 359.2 537.9
Operating Income 18.2 -103.3 -85.1
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 10.3 8.1 18.4
Other, Net 0.9 0.0 0.9
Income Before Taxes 29.5 -95.3 -65.8
Income Taxes -43.9 5.3 -38.6
Income After Taxes 73.4 -100.6 -27.2
Net Income - Excl. Xord. Items 73.4 -100.6 -27.2
Net Income - Incl. Xord. Items 73.4 -100.6 -27.2
Income Avail. to Common 73.4 -100.6 -27.2
Share Items
Basic Avg. Shares Outstanding 21.1 37.0 58.1
Basic EPS - Excl. Xord. Items 3.48 n/a -0.47
Basic EPS - Incl. Xord. Items 3.48 n/a -0.47
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 22.4 37.0 59.4
F.D. EPS - Excl. Xord. Items 3.27 n/a -0.46
F.D. EPS - Incl. Xord. Items 3.27 n/a -0.46
Balance Sheet
Assets
Cash and Equivalents 73.5 135.0 208.6
ST Investments 163.5 122.6 286.1
Accounts Receivable 3.3 45.4 48.7
Inventory 12.2 13.0 25.2
Prepayments and Advances 6.3 0.0 6.3
Other Current Assets 2.8 14.0 16.8
Current Assets 286.9 330.0 616.9
Accum D&A 0.0 0.0 0.0
PPE, Net 56.1 11.0 67.1
Goodwill & Intangibles 8.6 104.7 113.3
Long Term Investments 38.2 0.0 38.2
Note Receivable 0.0 0.0 0.0
Other Assets 0.0 0.0 0.0
Other LT Assets 122.8 5.8 128.7
Total Assets 512.7 451.5 964.2
Liabilities
Accounts Payable 14.0 10.1 24.1
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 17.8 57.5 75.3
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 0.0 0.0 0.0
Other (Current) Liabilities 1.0 0.0 1.0
Current Liab. 32.8 67.5 100.3
LT Debt 250.0 0.0 250.0
Total LT Debt 250.0 0.0 250.0
Deferred Taxes 0.0 3.0 3.0
Other LT Liab. 8.5 1.0 9.5
Total Liabilities 291.3 71.5 362.8
Shareholders Equity
Common Stock 11.1 0.0 11.2
Additional Paid in Capital 464.7 627.5 1,092.2
Retained Earnings -23.5 -263.2 -286.7
Treasure Stock -231.6 0.0 -231.6
Other Equity 0.7 15.7 16.4
Total Equity 221.4 380.0 601.5
Total Liab. & Equity 512.7 451.5 964.2
Shares Outstanding 21.2 37.2 58.4
Cash Flow
Operating Cash Flow
CF Net Income 73.4 -100.6 -27.2
CF Depreciation 3.3 12.4 15.6
CF Deferred Taxes -46.0 0.0 -46.0
Other Non-Cash Items 26.5 3.4 29.9
Change in Working Capital -0.7 20.2 19.5
Total Cash From Operating Activities 56.5 -64.7 -8.2
Investing Cash Flow (not calculated)
Capital Expenditures -22.7 -6.7 -29.4
Other Investing Cash Flows -76.8 -32.1 -109.0
Total Cash From Investing Activities -99.5 -38.8 -138.4
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock -192.9 6.1 -186.8
Purchase and Retirement of Debt 242.0 -0.9 241.1
Other Financing Cash Flow 19.0 130.8 149.7
Total Cash From Financing Activities 68.1 135.9 204.0
Exchange Rate Effects 0.0 3.8 3.8
Net Change in Cash 25.0 36.2 61.3
Cash Taxes Paid 1.3 11.4 12.6
Cash Interest Paid 0.6 0.4 1.0