Summary

Other Scenarios:

Buyer: Crucell N.V. (ADR) (CRXL) Last Price: 20.48 Market Cap.: 1.33B
Target: Penwest Pharmaceuticals (PPCO) Last Price: 8.55 Market Cap.: 200.03M

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 931
Biopharmaceuticals 377
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: 30)
  • Crucell Manufacturing Services
  • SBL Vaccin AB
  • PER.C6 (Human Fetal Cell Line)
  • MAbstract Phage Antibody Display Technology
Target (Total: 12)
  • SyncroDose
  • Geminex
  • TIMERx
  • Gastroretentive Drug Delivery System
Buyer
  • PER.C6 Factor V
  • Berna Biotech Aerugen
  • Berna Biotech Vivotif (Typhoid Vaccine Live Oral Ty21a)
  • Quinvaxem
Target
  • Nifedipine XL
  • PW2132 (Torsemide ER)
  • PW4110
  • PW4153

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 5)
  • Merck & Co., Inc. (MRK)
  • AstraZeneca plc (ADR) (AZN)
  • XOMA Limited (XOMA)
  • Cambrex Corporation (CBM)
Target (Total: 2)
  • Mylan Inc. (MYL)
  • DRAXIS Health Inc. (USA) (DRAX)
Buyer (Total: 34)
  • Pfizer Inc. (PFE)
  • Roche Holding Ltd. (ADR) (RHHBY)
  • GlaxoSmithKline plc (ADR) (GSK)
  • sanofi-aventis (ADR) (SNY)
Target (Total: 4)
  • Mylan Inc. (MYL)
  • sanofi-aventis (ADR) (SNY)
  • Endo Pharmaceuticals (ENDP)
  • Merck KGaA

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 1,073 75
Revenue Per Employee 209,178.0 35,697.8
Total Revenue 53.1 0.7
Total Expenses 78.0 9.9
Other Revenue 3.2 0.0
Cost of Revenue 30.5 0.1
SG&A Expense 24.9 3.7
Research & Development 22.6 6.0
Other Operating Expense 0.0 0.0
Operating Income -24.9 -9.1
Unusual Income 0.0 0.0
LT Debt to Capital 5.78 25.18
Fwd P/E -20.45 -5.18
Fwd P/Rev 4.50 64.18
Book Value 614.2 32.1
Curr Portion of LTD/Cap Lease 0.0 1.2

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Outsourced Services > Drug Discovery Services > Lead Discovery/Validation/Optimization > Lead Biologics

Target

Focused (): Healthcare > Outsourced Services > Drug Delivery Technology > Oral Delivery

Business Description

Buyer

Crucell N.V. is engaged in developing, producing and marketing vaccines worldwide to combat infectious diseases. The Company also leverages its technologies to develop antibodies and therapeutic protein products. During the year ended December 31, 2006, Crucell N.V. acquired Berna Biotech AG, SBL Vaccin AB, and assets and liabilities of Berna Products Corp. The Company is developing vaccines against the West Nile virus, Ebola, HIV, malaria, and tuberculosis, and antibody products against rabies are also undergoing clinical phase trials. In April 2006, it sold Rhein Biotech GmbH to Dynavax Technologies Corporation. In 2006, it sold the veterinary division of the Berna Biotech Group, which included the companies Dr. E. Gräub AG, Switzerland and Berna Veterinary AG, Switzerland, to the German Vetinvest GmbH. On December 28, 2006, it acquired the remaining 7.3% minority interest of Rhein Biotech N.V. In September 2006, Quinvaxem paediatric vaccine was launched.

Target

Penwest Pharmaceuticals Co. (Penwest) develops pharmaceutical products based on drug delivery technologies with a focus on products that address disorders of the nervous system. In June 2006, the United States Food and Drug Administration (FDA), approved for marketing Opana ER, an extended release formulation of oxymorphone hydrochloride that the Company developed with Endo Pharmaceuticals Inc (Endo), using its TIMERx drug delivery technology. Penwest is also developing product candidates designed for the treatment of pain, epilepsy, Parkinson?s disease and spasticity, as well as a product candidate for the treatment of edema resulting from congestive heart failure. The Company conducts its business primarily in North America.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 39.02 85.73
Operating Margin % -53.1 -1,171.13
Quick Ratio 2.18 6.99
Current Ratio 3.73 7.23
Coverage Ratio -0.03 -0.05
Total Assets 800.9 51.4
Return on Equity % -18.27 -104.45
Return on Assets % -14.01 -65.22
Cash+ ST Inv. Per Share 2.71 1.62
Total Debt 63.8 12.0
Total Debt to Equity % 10.38 37.41
Total Debt to Tangible Equity % 15.58 41.44
Debt to Asset % 7.96 23.36

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
Cardiovascular System
The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.
  
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.
  
Neurology
The Neurology Subsector includes therapeutics that treat disorders of the central nervous system, including the brain, spinal cord, and nerves.
  
Pain Management
The Pain Management Subsector includes therapeutics that treat and management pain.
  
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.
  
Drug Delivery Technology
The Drug Delivery Technology Subsector includes companies that develop novel delivery methods for therapeutics.
  
Drug Discovery Services
The Drug Discovery Services Subsector includes companies that provide biopharmaceutical companies with novel biological targets and drug leads.
  

- 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  
Heart Disorders  
Angina  
Calcium Channel Blocking Agents
Therapeutics that treat chest pains by preventing the entry of calcium into heart muscle cells.

Target Products:

  • Nifedipine XL
  
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.

Target Products:

  • PW2132 (Torsemide ER)
  
Vascular Disorders  
Hypertension  
Calcium Channel Blocking Agents
Therapeutics that treat high blood pressure by blocking the beta adrenergic receptors of the heart muscle and increasing the excretion of sodium ions, potassium ions, and water through urine.

Target Products:

  • Nifedipine XL
  
Hematology  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of hematological disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • PER.C6 Factor V
  
Infectious Diseases  
Bacterial  
Vaccines  
Bacterial  
Single Target  
Pseudomonas
Therapeutics that prevent or treat infectious disease by producing or artificially increasing immunity to Pseudomonas .

Buyer Products:

  • Berna Biotech Aerugen
  
Typhoid Fever
Therapeutics that prevent or treat infectious disease by producing or artificially increasing immunity to pathogens that cause typhoid fever.

Buyer Products:

  • Berna Biotech Vivotif (Typhoid Vaccine Live Oral Ty21a)
  
Bacterial/Viral
Therapeutics that prevent or treat infectious disease by producing or artificially increasing immunity to a bacterial or viral pathogen.

Buyer Products:

  • Quinvaxem
  • Berna Biotech DTPw-HepB
  
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:

  • Ebola Vaccine
  • HIV Vaccine
  • Malaria Vaccine Program
  • PER.C6 Pandemic Flu Vaccine
  • H9N2 Avian Influenza Vaccine
  • Rabies Monoclonal Antibody Cocktail
  • Tuberculosis (TB) Vaccine Program
  • PER.C6 Seasonal Influenza Vaccine
  • AdVac Malaria Vaccine
  • PER.C6 West Nile Virus Vaccine Program
  
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:

  • Marburg Vaccine Program
  • Anti-H5N1 Avian Influenza Monoclonal Antibodies
  • Alphavirus Vectors
  • SIV Vaccine
  • SARS Antibody Program
  • Hepatitis C Vaccine
  • Japanese Encephalitis Vaccine
  • Staphylococcus/Enterococcus Monoclonal Antibodies
  • Recombinant Pediatric Malaria Vaccine
  • Lassa Vaccine Program
  • Malaria Vaccine Program
  
Viral  
Vaccines  
Bacterial/Viral
Therapeutics that prevent or treat infectious disease by producing or artificially increasing immunity to a bacterial and viral pathogens.

Buyer Products:

  • Quinvaxem
  • Berna Biotech DTPw-HepB
  
Neurology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of nervous system and mental disorders in early stages of clinical research where human subject is involved.

Target Products:

  • PW4110
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of nervous system and mental disorders in very early stages of research where no human subject is involved.

Target Products:

  • PW4153
  • PW4159
  • PW4158
  
Pain Management  
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:

  • Opana ER (Oxymorphone Hydrochloride Extended Release)
  
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:

  • PW4142 (Nalbuphine ER)
  
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:

  • Crucell Manufacturing Services
  • SBL Vaccin AB
  
Drug Delivery Technology  
Oral Delivery  
Hydrogel Based/Polymer Coated
Drug Delivery Technologies used to deliver drugs in a jelly like base which are enclosed using a polymer matrix.

Target Products:

  • SyncroDose
  • Geminex
  • TIMERx
  
Polymer Coated
Drug Delivery Technologies used to deliver drugs in a polymer based matrix to hold/enclose the drug.

Target Products:

  • Gastroretentive Drug Delivery System
  
Drug Discovery Services  
Lead Discovery/Validation/Optimization  
Lead Biologics  
Antibodies
Biological lead compounds which have a specific amino acid sequence that only interacts with specific substances to cause an immunological response.

Buyer Products:

  • PER.C6 (Human Fetal Cell Line)
  • MAbstract Phage Antibody Display Technology
  
Proteins
Biological based lead compounds composed of amino acids.

Buyer Products:

  • PER.C6 (Human Fetal Cell Line)
  • AdVac
  
Target Discovery/Validation  
Services
Drug discovery services that discover and validate drug targets for the development of novel biopharmaceutical drugs.

Buyer Products:

  • MAbstract Phage Antibody Display Technology
  

- 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
  Johnson & Johnson n/a 190,863.999 18.04 16.24 3.34 3.16 13.68
Buyer
  Johnson & Johnson n/a 190,863.999 18.04 16.24 3.34 3.16 13.68
GlaxoSmithKline plc (ADR) n/a 145,898.979 13.21 13.20 3.13 3.18 11.63
Novartis AG (ADR) n/a 124,963.848 20.52 16.54 3.29 3.33 5.53
sanofi-aventis (ADR) n/a 120,772.157 22.87 12.33 2.99 3.11 n/a
Merck & Co., Inc. n/a 116,066.607 24.20 17.22 4.97 4.76 6.74
Genentech, Inc. n/a 81,346.724 31.11 27.75 7.43 6.82 8.93
Eli Lilly & Co. n/a 66,389.582 30.48 16.82 3.91 3.66 7.32
Amgen, Inc. n/a 63,215.722 15.55 14.21 4.25 4.31 37.97
Wyeth n/a 61,719.024 13.82 13.01 2.89 2.78 5.27
Baxter International Inc. n/a 37,001.064 22.56 20.91 3.42 3.30 8.02
Akzo Nobel N.V. (ADR) n/a 23,815.440 15.89 15.92 1.41 1.60 4.93
Target
  Johnson & Johnson n/a 190,863.999 18.04 16.24 3.34 3.16 13.68
Elan Corporation, plc (ADR) n/a 10,448.804 n/a -34.81 15.97 14.04 n/a
Biovail Corporation (USA) n/a 2,858.171 13.02 10.20 2.75 3.44 4.70
King Pharmaceuticals, Inc. n/a 2,574.611 8.36 5.85 1.25 1.23 1.90
K-V Pharmaceutical Company n/a 1,505.213 31.66 n/a 3.96 n/a 6.07
Alpharma Inc. n/a 929.815 16.08 22.14 1.36 1.29 1.93
Eurand N.V. n/a 731.542 n/a -79.52 6.39 6.35 9.57
Ligand Pharmaceuticals Inc. n/a 603.788 1.51 2.18 8.33 n/a 12.96
SkyePharma PLC (ADR) n/a 256.721 n/a -4.63 2.48 3.36 n/a
SCOLR Pharma Inc. n/a 128.925 n/a n/a 37.40 n/a 9.30
BioDelivery Sciences International, Inc. n/a 66.577 n/a -2.23 24.06 n/a n/a
Elite Pharmaceuticals, Inc. n/a 49.101 n/a -4.42 35.58 6.30 3.48
Purdue Pharma L.P. 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
  Merck & Co., Inc. n/a 116,066.607 24.20 17.22 4.97 4.76 6.74
AstraZeneca plc (ADR) n/a 77,334.217 12.88 13.12 2.77 2.64 n/a
XOMA Limited n/a 562.591 n/a -16.31 13.15 8.75 n/a
Cambrex Corporation n/a 330.789 1.86 22.14 0.71 1.26 7.17
Micromet Inc. n/a 81.040 n/a -2.32 3.34 5.24 5.64
Target
  Mylan Inc. n/a 3,903.698 17.63 12.21 2.17 1.39 5.06
DRAXIS Health Inc. (USA) n/a 226.270 22.92 26.80 2.63 2.60 2.15

- 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
Overlap
  sanofi-aventis (ADR) n/a 120,772.157 22.87 12.33 2.99 3.11 n/a
Buyer
  Pfizer Inc. n/a 174,978.777 10.02 12.06 3.61 3.71 7.23
Roche Holding Ltd. (ADR) n/a 158,366.482 21.04 19.17 4.13 4.04 6.18
GlaxoSmithKline plc (ADR) n/a 145,898.979 13.21 13.20 3.13 3.18 11.63
sanofi-aventis (ADR) n/a 120,772.157 22.87 12.33 2.99 3.11 n/a
Merck & Co., Inc. n/a 116,066.607 24.20 17.22 4.97 4.76 6.74
Abbott Laboratories n/a 81,352.647 42.24 18.92 3.37 3.26 473.16
Eli Lilly & Co. n/a 66,389.582 30.48 16.82 3.91 3.66 7.32
Wyeth n/a 61,719.024 13.82 13.01 2.89 2.78 5.27
Novo Nordisk A/S (ADR) n/a 38,962.684 23.69 21.18 5.19 5.09 6.41
Koninklijke DSM N.V. (ADR) n/a 10,182.340 18.38 22.40 0.82 n/a 1.60
Millipore Corporation n/a 4,159.690 47.06 22.38 2.83 2.65 n/a
Invitrogen Corporation n/a 3,882.923 n/a 22.07 3.05 3.06 n/a
Enzon Pharmaceuticals, Inc. n/a 403.842 n/a -26.79 2.19 2.21 n/a
GenVec, Inc. n/a 180.125 n/a -8.78 12.46 11.99 7.44
Micromet Inc. n/a 81.040 n/a -2.32 3.34 5.24 5.64
TapImmune Inc. n/a 10.531 n/a n/a n/a n/a n/a
Talecris Biotherapeutics, Inc. n/a n/a n/a n/a n/a n/a n/a
The Aeras Global TB Vaccine Foundation n/a n/a n/a n/a n/a n/a n/a
NeoTropiX, Inc. n/a n/a n/a n/a n/a n/a n/a
Israel Ministry of Agriculture n/a n/a n/a n/a n/a n/a n/a
Target
  Mylan Inc. 89.10% 3,903.698 17.63 12.21 2.17 1.39 5.06
sanofi-aventis (ADR) n/a 120,772.157 22.87 12.33 2.99 3.11 n/a
Endo Pharmaceuticals n/a 3,759.637 21.20 16.09 3.80 3.55 4.11
Merck KGaA 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
  sanofi-aventis (ADR) n/a 120,772.157 22.87 12.33 2.99 3.11 n/a
Buyer
  Pfizer Inc. n/a 174,978.777 10.02 12.06 3.61 3.71 7.23
Roche Holding Ltd. (ADR) n/a 158,366.482 21.04 19.17 4.13 4.04 6.18
GlaxoSmithKline plc (ADR) n/a 145,898.979 13.21 13.20 3.13 3.18 11.63
Novartis AG (ADR) n/a 124,963.848 20.52 16.54 3.29 3.33 5.53
sanofi-aventis (ADR) n/a 120,772.157 22.87 12.33 2.99 3.11 n/a
Merck & Co., Inc. n/a 116,066.607 24.20 17.22 4.97 4.76 6.74
Abbott Laboratories n/a 81,352.647 42.24 18.92 3.37 3.26 473.16
Genentech, Inc. n/a 81,346.724 31.11 27.75 7.43 6.82 8.93
AstraZeneca plc (ADR) n/a 77,334.217 12.88 13.12 2.77 2.64 n/a
Eli Lilly & Co. n/a 66,389.582 30.48 16.82 3.91 3.66 7.32
Wyeth n/a 61,719.024 13.82 13.01 2.89 2.78 5.27
Novo Nordisk A/S (ADR) n/a 38,962.684 23.69 21.18 5.19 5.09 6.41
Koninklijke DSM N.V. (ADR) n/a 10,182.340 18.38 22.40 0.82 n/a 1.60
Sigma-Aldrich Corporation n/a 6,625.127 22.49 21.84 3.47 3.23 6.95
Invitrogen Corporation n/a 3,882.923 n/a 22.07 3.05 3.06 n/a
SAIC, Inc. n/a 2,530.164 6.44 22.16 0.30 0.28 3.78
Target
  sanofi-aventis (ADR) n/a 120,772.157 22.87 12.33 2.99 3.11 n/a
Mylan Inc. n/a 3,903.698 17.63 12.21 2.17 1.39 5.06
Endo Pharmaceuticals n/a 3,759.637 21.20 16.09 3.80 3.55 4.11
DRAXIS Health Inc. (USA) n/a 226.270 22.92 26.80 2.63 2.60 2.15
Pharmaceutics International, Inc. n/a n/a n/a n/a n/a n/a n/a
Edison Pharmaceuticals, Inc. n/a n/a n/a n/a n/a n/a n/a
Merck KGaA n/a n/a n/a n/a n/a n/a n/a
Otsuka Pharmaceutical Co., Ltd. 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 228.3 3.0 231.3
Other Revenue 14.4 0.0 14.4
Total Revenue 242.8 3.0 245.8
Cost of Revenue 148.0 0.4 148.5
SG&A Expense 86.7 14.2 100.8
Depreciation & Amortization 0.0 0.0 0.0
Research & Development 96.0 23.7 119.7
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 41.0 0.0 41.0
Total Expenses 371.7 38.3 410.0
Operating Income -128.9 -35.3 -164.2
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 3.8 1.8 5.6
Other, Net 0.0 0.0 0.0
Income Before Taxes -126.7 -33.5 -160.2
Income Taxes -14.4 0.0 -14.4
Income After Taxes -112.3 -33.5 -145.8
Minority Interest (IS) -1.1 0.0 -1.1
Net Income - Excl. Xord. Items -113.3 -33.5 -146.8
Net Income - Incl. Xord. Items -113.3 -33.5 -146.8
Income Avail. to Common -113.3 -33.5 -146.8
Share Items
Basic Avg. Shares Outstanding 65.0 23.2 88.2
Basic EPS - Excl. Xord. Items n/a n/a -1.66
Basic EPS - Incl. Xord. Items n/a n/a -1.66
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 65.0 23.2 88.2
F.D. EPS - Excl. Xord. Items n/a n/a -1.66
F.D. EPS - Incl. Xord. Items n/a n/a -1.66
Balance Sheet
Assets
Cash and Equivalents 176.3 21.0 197.3
ST Investments 0.0 16.6 16.6
Accounts Receivable 37.4 0.6 38.0
Inventory 116.0 0.4 116.3
Prepayments and Advances 0.0 0.9 0.9
Other Current Assets 34.9 0.0 34.9
Current Assets 364.7 39.5 404.2
Accum D&A 0.0 0.0 0.0
PPE, Net 184.6 3.6 188.3
Goodwill & Intangibles 204.9 3.1 208.0
Long Term Investments 21.3 0.0 21.3
Other Assets 0.0 0.0 0.0
Other LT Assets 25.4 5.1 30.5
Total Assets 800.9 51.4 852.3
Liabilities
Accounts Payable 39.1 1.3 40.5
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 0.0 2.6 2.6
ST Debt 26.1 0.0 26.1
Curr Port of LTD & Cap Lease Oblg 0.0 1.2 1.2
Other (Current) Liabilities 32.6 0.3 32.9
Current Liab. 97.9 5.5 103.3
LT Debt 37.7 10.8 48.5
Total LT Debt 37.7 10.8 48.5
Deferred Taxes 44.1 0.0 44.1
Other LT Liab. 7.1 3.0 10.1
Total Liabilities 186.7 19.3 206.0
Shareholders Equity
Common Stock 21.0 0.0 21.1
Additional Paid in Capital 0.0 220.3 220.3
Retained Earnings 614.9 -188.3 426.6
Other Equity -21.7 0.1 -21.6
Total Equity 614.2 32.1 646.3
Total Liab. & Equity 800.9 51.4 852.3
Shares Outstanding 65.1 23.4 88.5
Cash Flow
Operating Cash Flow
CF Net Income -112.3 -33.5 -145.8
CF Depreciation 20.4 0.0 20.4
CF Amortization 15.0 0.0 15.0
CF Deferred Taxes 0.0 0.0 0.0
Other Non-Cash Items 53.7 0.0 53.7
Change in Working Capital -47.7 4.5 -43.3
Total Cash From Operating Activities -70.9 -29.0 -99.9
Investing Cash Flow (not calculated)
Capital Expenditures -43.4 -2.4 -45.8
Other Investing Cash Flows -41.4 3.4 -37.9
Total Cash From Investing Activities -84.8 1.1 -83.8
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 108.9 3.5 112.4
Purchase and Retirement of Debt -12.2 12.0 -0.2
Other Financing Cash Flow 0.0 -0.1 -0.1
Total Cash From Financing Activities 96.6 15.4 112.0
Exchange Rate Effects -4.1 0.0 -4.1
Net Change in Cash -63.2 -12.6 -75.8
Cash Taxes Paid 1.7 0.0 1.7
Cash Interest Paid 3.8 0.0 3.8