Summary

Other Scenarios:

Buyer: PDL BioPharma Inc. (PDLI) Last Price: 11.80 Market Cap.: 1.41B
Target: Alpharma Inc. (ALO) Last Price: 24.55 Market Cap.: 1.32B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 857
Biopharmaceuticals 376
Outsourced Services   49
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: 8)
  • Nuvion (Visilizumab)
  • Daclizumab (Monoclonal Antibody)
  • Therapeutic Antibody Candidates
  • PDL192 (Humanized Monoclonal Antibody)
Target (Total: 9)
  • Tirosint Capsule (Levothyroxine Sodium)
  • Ketoprofen Transfersome Gel
  • Kadian (Morphine Sulphate Extended Release)
  • Embeda (Abuse Resistant Morphine Sulphate/Naltrexone)
Buyer
  • Humanized Antibody Technology
Target
  • Alpharma Animal Health Division

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 3)
  • Seattle Genetics, Inc. (SGEN)
  • ARIUS Research, Inc. (ARI:CA)
  • Highland Distressed Opportunities, Inc (HCD)
Target (Total: 9)
  • Bayer AG (ADR) (BAYRY)
  • Archer Daniels Midland Company (ADM)
  • Koninklijke DSM N.V. (ADR) (RDSMY)
  • Cambrex Corporation (CBM)
Buyer (Total: 11)
  • Genentech, Inc. (DNA)
  • AstraZeneca plc (ADR) (AZN)
  • Roche Holding Ltd. (ADR) (RHHBY)
  • Wyeth (WYE)
Target (Total: 4)
  • Alcon, Inc. (ACL)
  • Teva Pharmaceutical Industries Ltd (ADR) (TEVA)
  • Enzon Pharmaceuticals, Inc. (ENZN)
  • Accentia Biopharmaceuticals, Inc (ABPI)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 887 2,000
Revenue Per Employee 504,271.4 334,739.1
Total Revenue 111.9 166.9
Total Expenses 60.2 172.1
Other Revenue 0.0 0.0
Cost of Revenue 0.0 59.0
SG&A Expense 16.6 96.0
Research & Development 40.4 17.1
Other Operating Expense 0.0 0.0
Operating Income 51.7 -5.2
Unusual Income 3.3 0.0
LT Debt to Capital 95.2 26.95
Fwd P/E 18.95 114.29
Fwd P/Rev 4.81 1.88
Book Value 27.1 813.4
Curr Portion of LTD/Cap Lease 0.8 0.0

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals

Target

Focused (): Healthcare > Biopharmaceuticals > Pain Management

Business Description

Buyer

PDL BioPharma Inc. is a biopharmaceutical company focused on the discovery and development of novel antibodies in oncology and immunologic diseases. It receives royalties and other revenues through licensing agreements with various biotechnology and pharmaceutical companies based on its antibody humanization technology platform. These licensing agreements have contributed to the development by the Company?s licensees of nine marketed products. The Company has several investigational compounds in clinical development for severe or life-threatening diseases, two of which it is developing in collaboration with Biogen Idec MA, Inc. (Biogen Idec). Its products include Daclizumab, Volociximab, HuLuc63, PDL192 and Nuvion. In March 2008, the Company closed the sale of the Cardiovascular Assets, which included Cardene, to EKR Therapeutics, Inc (EKR). However, the Company continues to perform development work for new formulations and presentations of Cardene pursuant to an agreement with EKR.

Target

Alpharma Inc. is a global specialty pharmaceutical company that develops, manufactures and markets pharmaceutical products for humans and animals. As of April 2, 2008, the Company operated in two business segments: Pharmaceuticals 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 animal health products, consisting primarily of medicated feed additives (MFAs) and water soluble therapeutics for production animals, principally poultry, cattle and swine. In April 2008, ALPHARMA, Inc. announced the divestiture of its Active Pharmaceutical Ingredients (API) business to 3i.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 100 62.91
Operating Margin % 16.92 -14.97
Quick Ratio 7.43 3.85
Current Ratio 7.86 4.61
Coverage Ratio 0.09 -0.09
Total Assets 654.1 1,372.4
Return on Equity % 181.72 -11.33
Return on Assets % 7.53 -6.72
Cash+ ST Inv. Per Share 3.12 14.04
Total Debt 537.8 306.0
Total Debt to Equity % 1,984.63 37.62
Total Debt to Tangible Equity % 2,850.51 64.6
Debt to Asset % 82.22 22.30

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
Digestive System
The Digestive System Subsector includes therapeutics that treat disorders affecting the digestive system.
  
Endocrinology/Metabolism
The Endocrinology/Metabolism Subsector includes therapeutics that treat metabolic disorders and conditions resulting from the dysfunction of hormone secreting glands.
  
Immunology
The Immunology Subsector includes therapeutics that treat disorders affecting the immune system.
  
Musculoskeletal System
The Musculoskeletal System Subsector includes therapeutics that treat disorders of the bones, joints, ligaments, tendons, and soft tissue involved with them.
  
Neurology
The Neurology Subsector includes therapeutics that treat disorders of the central nervous system, including the brain, spinal cord, and nerves.
  
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.
  
Respiratory System
The Respiratory System Subsector includes therapeutics that treat disorders affecting both the upper and lower respiratory tract, including the nose, throat, larynx, trachea, bronchi, and lungs.
  
Transplantation
The Transplantation Subsectors includes therapeutics that treat rejection and infection associated with tissue transplantation into the human body.
  
Outsourced Services  
Drug Discovery Services
The Drug Discovery Services Subsector includes companies that provide biopharmaceutical companies with novel biological targets and drug leads.
  
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
Digestive System  
Gastrointestinal Tract Disorders  
Intestinal Disorders  
Inflammatory Bowel Disease (IBD)  
Ulcerative Colitis  
Monoclonal Antibodies
Therapeutics that treat ulcerative colitis through modulation of immune pathways implicated in the progression of the disease.

Buyer Products:

  • Nuvion (Visilizumab)
  
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:

  • Nuvion (Visilizumab)
  
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)
  
Immunology  
Autoimmune Disorders  
Inflammatory Bowel Disease (IBD)  
Ulcerative Colitis  
Monoclonal Antibodies
Therapeutics that treat ulcerative colitis through modulation of immune pathways implicated in the progression of the disease.

Buyer Products:

  • Nuvion (Visilizumab)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of immune disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • Nuvion (Visilizumab)
  • Daclizumab (Monoclonal Antibody)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of immune disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • Therapeutic Antibody Candidates
  
Musculoskeletal System  
Skeletal Disorders  
Joint Disorders  
Osteoarthritis (OA)  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat inflammation by non-specifically inhibiting the action of cyclooxygenase.

Target Products:

  • Ketoprofen Transfersome Gel
  
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.

Buyer Products:

  • Daclizumab (Monoclonal Antibody)
  
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:

  • PDL192 (Humanized Monoclonal Antibody)
  • HuLuc63 (Monoclonal Antibody)
  • Volociximab/M200 (Chimeric Monoclonal Antibody)
  
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:

  • Therapeutic Antibody Candidates
  
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)
  • 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)
  
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:

  • ALO-03
  • ALO-04
  • ALO-02 (Oxycodone/Naltrexone)
  
Respiratory System  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of respiratory disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • Daclizumab (Monoclonal Antibody)
  
Transplantation  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the management of rejection and infection in early stages of clinical research where human subject is involved.

Buyer Products:

  • Daclizumab (Monoclonal Antibody)
  
Renal (Kidney)  
Rejection Prophylaxis  
Monoclonal Antibodies
Protein-based therapeutics that target specific substances like proteins.

Buyer Products:

  • Zenapax (Daclizumab)
  
Outsourced Services  
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:

  • Humanized Antibody Technology
  
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
Buyer
  GlaxoSmithKline plc (ADR) n/a 124,541.387 13.09 11.92 2.82 2.70 55.89
Genentech, Inc. n/a 103,696.499 33.67 30.69 8.52 7.95 9.76
Target
  Pfizer Inc. n/a 134,617.653 14.89 8.38 2.76 2.74 5.39
Novartis AG (ADR) n/a 127,966.978 10.37 14.72 3.11 3.10 4.26
Abbott Laboratories n/a 91,907.031 21.99 17.95 3.32 3.06 42.59
Eli Lilly & Co. n/a 55,460.422 14.58 12.30 2.81 2.69 4.47
Bristol Myers Squibb Co. n/a 43,511.960 19.83 13.18 2.11 2.09 9.35
Teva Pharmaceutical Industries Ltd (ADR) n/a 39,235.838 22.03 17.54 3.80 3.48 8.74
Perrigo Company n/a 3,303.704 26.00 21.96 1.95 1.80 9.06
Endo Pharmaceuticals n/a 2,815.954 12.33 10.86 2.41 2.22 4.74
King Pharmaceuticals, Inc. n/a 2,797.571 21.05 9.24 1.47 1.75 1.53
XenoPort, Inc. n/a 1,247.923 n/a -30.25 14.23 23.09 10.91
DURECT Corporation n/a 452.186 n/a -16.35 18.64 15.08 11.24
Acura Pharmaceuticals, Inc. n/a 364.002 17.04 n/a 9.29 n/a 10.72
DepoMed, Inc. n/a 201.127 3.12 -8.42 2.87 7.73 4.66
Javelin Pharmaceuticals Inc. n/a 169.737 n/a -3.96 685.10 70.33 4.25
Penwest Pharmaceuticals n/a 127.570 n/a -4.11 33.48 12.42 5.99
BioDelivery Sciences International, Inc. n/a 40.408 n/a n/a 142.74 n/a n/a
Elite Pharmaceuticals, Inc. n/a 6.343 n/a n/a 3.53 n/a 0.74
Livzon Pharmaceutical Group Co., Ltd. (B Shares) 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
Phibro Animal Health Corporation n/a n/a n/a n/a n/a n/a n/a
Huvepharma AD n/a n/a n/a n/a n/a n/a n/a
Zhejiang Medicine Co., Ltd. (A Shares) n/a n/a n/a n/a n/a n/a n/a
Shanghai Pharmaceutical Co., Ltd. (A Shares) 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
  Seattle Genetics, Inc. n/a 966.880 n/a -12.22 32.71 29.30 7.79
ARIUS Research, Inc. n/a 113.922 n/a n/a 45.76 n/a 20.29
Highland Distressed Opportunities, Inc n/a 94.076 n/a 6.30 2.73 7.09 0.73
Target
  Bayer AG (ADR) n/a 60,260.716 7.70 12.16 1.22 1.19 n/a
Archer Daniels Midland Company n/a 16,870.775 9.36 9.34 0.24 0.22 n/a
Koninklijke DSM N.V. (ADR) n/a 8,877.960 9.46 9.93 0.61 n/a 1.41
Cambrex Corporation n/a 196.565 25.07 14.89 0.78 0.78 2.34
Kaken Pharmaceutical Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Actavis Group hf. n/a n/a n/a n/a n/a n/a n/a
Roquette America, Inc. 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
Tris Pharma, 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
  Genentech, Inc. 68.00% 103,696.499 33.67 30.69 8.52 7.95 9.76
AstraZeneca plc (ADR) 14.00% 70,697.361 12.33 10.24 2.28 2.22 n/a
Roche Holding Ltd. (ADR) n/a 149,137.064 16.03 15.62 3.42 3.31 5.85
Wyeth n/a 57,724.273 12.88 12.13 2.51 2.44 3.79
Cardinal Health, Inc. n/a 20,030.714 15.30 14.28 0.22 0.21 13.09
Biogen Idec Inc. n/a 15,862.408 23.02 15.44 4.38 3.92 7.79
McKesson Corporation n/a 15,812.488 15.97 14.24 0.15 0.14 6.25
AmerisourceBergen Corp. n/a 6,717.183 30.09 14.75 0.10 0.10 n/a
Elan Corporation, plc (ADR) n/a 6,670.000 n/a -25.15 7.80 5.25 n/a
Seattle Genetics, Inc. n/a 966.880 n/a -12.22 32.71 29.30 7.79
Progenics Pharmaceuticals, Inc. n/a 401.693 n/a -12.62 5.52 4.27 2.91
Target
  Alcon, Inc. n/a 51,801.092 28.98 26.50 8.52 7.99 16.59
Teva Pharmaceutical Industries Ltd (ADR) n/a 39,235.838 22.03 17.54 3.80 3.48 8.74
Enzon Pharmaceuticals, Inc. n/a 409.271 4.67 -22.41 2.10 2.12 7.00
Accentia Biopharmaceuticals, Inc n/a 39.805 n/a n/a 2.44 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
Buyer
  Roche Holding Ltd. (ADR) n/a 149,137.064 16.03 15.62 3.42 3.31 5.85
Genentech, Inc. n/a 103,696.499 33.67 30.69 8.52 7.95 9.76
Wyeth n/a 57,724.273 12.88 12.13 2.51 2.44 3.79
Eli Lilly & Co. n/a 55,460.422 14.58 12.30 2.81 2.69 4.47
Cardinal Health, Inc. n/a 20,030.714 15.30 14.28 0.22 0.21 13.09
Biogen Idec Inc. n/a 15,862.408 23.02 15.44 4.38 3.92 7.79
Elan Corporation, plc (ADR) n/a 6,670.000 n/a -25.15 7.80 5.25 n/a
Seattle Genetics, Inc. n/a 966.880 n/a -12.22 32.71 29.30 7.79
Exelixis, Inc. n/a 702.973 n/a -4.52 6.14 5.97 n/a
Progenics Pharmaceuticals, Inc. n/a 401.693 n/a -12.62 5.52 4.27 2.91
ARIUS Research, Inc. n/a 113.922 n/a n/a 45.76 n/a 20.29
Pierre Fabre Medicament n/a n/a n/a n/a n/a n/a n/a
Target
  Bayer AG (ADR) n/a 60,260.716 7.70 12.16 1.22 1.19 n/a
Alcon, Inc. n/a 51,801.092 28.98 26.50 8.52 7.99 16.59
Teva Pharmaceutical Industries Ltd (ADR) n/a 39,235.838 22.03 17.54 3.80 3.48 8.74
Archer Daniels Midland Company n/a 16,870.775 9.36 9.34 0.24 0.22 n/a
Koninklijke DSM N.V. (ADR) n/a 8,877.960 9.46 9.93 0.61 n/a 1.41
Enzon Pharmaceuticals, Inc. n/a 409.271 4.67 -22.41 2.10 2.12 7.00
Cambrex Corporation n/a 196.565 25.07 14.89 0.78 0.78 2.34
Accentia Biopharmaceuticals, Inc n/a 39.805 n/a n/a 2.44 n/a n/a
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
Roquette America, 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 280.2 607.8 888.0
Other Revenue 0.0 0.0 0.0
Total Revenue 280.2 607.8 888.0
Cost of Revenue 0.0 225.5 225.5
SG&A Expense 76.4 311.0 387.3
Depreciation & Amortization 0.0 0.0 0.0
Research & Development 188.1 162.9 351.0
Interest Expense 0.0 0.0 0.0
Other Operating Expense -49.7 0.0 -49.7
Unusual Expense (Income) 18.0 -0.5 17.5
Total Expenses 232.8 698.8 931.6
Operating Income 47.4 -91.0 -43.6
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 4.0 8.0 12.0
Other, Net 0.0 -0.2 -0.2
Income Before Taxes 51.4 -83.2 -31.8
Income Taxes 2.2 8.9 11.1
Income After Taxes 49.2 -92.2 -42.9
Net Income - Excl. Xord. Items 49.2 -92.2 -42.9
Discontinued Operations -98.6 217.3 118.7
Net Income - Incl. Xord. Items -49.3 125.1 75.8
Income Avail. to Common -49.3 125.1 75.8
Share Items
Basic Avg. Shares Outstanding 118.8 43.2 162.1
Basic EPS - Excl. Xord. Items 0.41 n/a -0.26
Basic EPS - Incl. Xord. Items n/a 2.89 0.47
Full Dilution Adjustment 1.9 0.0 1.9
Fully Diluted Shares Outstanding 152.5 43.2 195.7
F.D. EPS - Excl. Xord. Items 0.32 n/a -0.22
F.D. EPS - Incl. Xord. Items n/a 2.89 0.39
Balance Sheet
Assets
Cash and Equivalents 461.6 606.8 1,068.4
ST Investments 13.8 0.0 13.8
Accounts Receivable 0.0 94.6 94.6
Inventory 0.0 117.6 117.6
Prepayments and Advances 0.0 20.2 20.2
Other Current Assets 27.6 0.0 27.6
Current Assets 503.0 839.3 1,342.3
Accum D&A 0.0 0.0 0.0
PPE, Net 130.9 142.1 272.9
Goodwill & Intangibles 8.2 339.7 347.9
Other Assets 0.0 0.0 0.0
Other LT Assets 12.0 51.4 63.4
Total Assets 654.1 1,372.4 2,026.5
Liabilities
Accounts Payable 1.9 65.7 67.6
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 53.1 110.3 163.5
ST Debt 0.0 6.0 6.0
Curr Port of LTD & Cap Lease Oblg 0.8 0.0 0.8
Other (Current) Liabilities 8.2 0.0 8.2
Current Liab. 64.0 182.0 246.0
LT Debt 537.1 300.0 837.1
Total LT Debt 537.1 300.0 837.1
Deferred Taxes 0.0 46.8 46.8
Other LT Liab. 26.0 30.2 56.2
Total Liabilities 627.0 559.1 1,186.1
Shareholders Equity
Common Stock 1.2 11.3 12.5
Additional Paid in Capital 645.7 1,140.8 1,786.4
Retained Earnings -619.3 -2.5 -621.8
Treasure Stock 0.0 -341.4 -341.4
Other Equity -0.5 5.3 4.8
Total Equity 27.1 813.4 840.5
Total Liab. & Equity 654.1 1,372.4 2,026.5
Shares Outstanding 119.4 54.9 174.3
Cash Flow
Operating Cash Flow
CF Net Income -49.3 125.2 75.8
CF Depreciation 30.2 46.2 76.4
CF Amortization 15.6 0.0 15.6
CF Deferred Taxes 0.0 12.9 12.9
Other Non-Cash Items 41.7 -210.3 -168.6
Change in Working Capital -9.6 1.7 -7.9
Total Cash From Operating Activities 28.6 -24.3 4.3
Investing Cash Flow (not calculated)
Capital Expenditures -43.4 -157.1 -200.6
Other Investing Cash Flows 727.6 387.5 1,115.1
Total Cash From Investing Activities 684.2 230.3 914.5
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 24.2 -20.0 4.2
Purchase and Retirement of Debt -6.2 296.9 290.7
Other Financing Cash Flow -474.6 0.0 -474.6
Total Cash From Financing Activities -456.6 -19.2 -475.8
Exchange Rate Effects 0.0 2.8 2.8
Net Change in Cash 256.2 189.6 445.8
Cash Taxes Paid 0.2 1.6 1.7
Cash Interest Paid 12.4 6.9 19.4