Download Report (PDF-File) - Rofin

Rofin-Sinar
Consolidated cash flow statement
In USD m 2007/08 2008/09 2009/10 2010/11 2011/12e 2012/13e 2013/14e
Net income 64 9 30 61 30 41 51
Depreciation of fixed assets 16 9 9 10 11 12 12
Amortisation of goodwill 0 0 0 0 0 0 0
Amortisation of intangible assets 7 4 2 3 2 2 2
Increase/decrease in long-term provisions 1 -17 18 18 -5 7 4
Other non-cash income and expenses -2 22 -14 -15 -10 -10 -10
Cash Flow 86 27 47 77 28 51 60
Increase / decrease in inventory -15 21 -21 -28 -13 17 -12
Increase / decrease in accounts receivable -12 39 -23 -23 14 -14 -8
Increase / decrease in accounts payable 2 -9 11 3 -1 0 2
Increase / decrease in other working capital positions -28 -22 24 21 0 0 0
Increase / decrease in working capital -53 28 -10 -27 1 3 -18
Net cash provided by operating activities 33 55 37 50 31 45 35
Investments in intangible assets 0 0 0 0 0 0 0
Investments in property, plant and equipment 14 8 9 22 16 17 18
Payments for acquisitions 30 12 1 11 25 0 0
Financial investments 129 2 11 9 14 9 10
Income from asset disposals 225 4 13 13 10 10 10
Net cash provided by investing activities -52 18 8 29 45 16 18
Change in financial liabilities 25 -36 -10 -3 -7 0 0
Dividends paid 0 0 0 0 0 0 0
Purchase of own shares -120 0 -19 -9 0 0 0
Capital measures 5 0 3 7 5 5 5
Others 0 0 0 0 -1 0 0
Net cash provided by financing activities -90 -36 -27 -5 -3 5 5
Change in liquid funds -6 2 2 17 -16 34 22
Effects of exchange-rate changes on cash 2 0 -7 0 0 0 0
Cash and cash equivalent at end of period 114 116 111 127 111 145 167
Financial Ratios
2007/08 2008/09 2009/10 2010/11 2011/12e 2012/13e 2013/14e
Cash Flow
Free Cash Flow 85 37 29 21 -14 29 17
Free Cash Flow / Sales 3.1 % 13.6 % 6.7 % 4.7 % 2.9 % 5.0 % 2.8 %
Free Cash Flow Potential 76 18 36 65 35 46 57
Free Cash Flow / Sales 3.1 % 13.6 % 6.7 % 4.7 % 2.9 % 5.0 % 2.8 %
Free Cash Flow / Net Profit 27.9 % 519.6 % 94.6 % 47.0 % 53.5 % 70.6 % 34.3 %
Interest Received / Avg. Cash 3.1 % 1.2 % 0.5 % 0.7 % 0.7 % 0.6 % 0.5 %
Interest Paid / Avg. Debt 4.3 % 3.6 % 3.7 % 3.4 % 4.1 % 4.9 % 4.9 %
Management of Funds
Investment ratio -2.5 % -2.2 % -2.0 % -3.6 % -3.1 % -3.0 % -2.9 %
Maint. Capex / Sales 1.5 % 1.5 % 1.5 % 1.5 % 1.5 % 1.5 % 1.5 %
Capex / Dep -62.6 % -60.0 % -74.0 % -167.2 % -118.5 % -121.4 % -124.1 %
Avg. Working Capital / Sales n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Trade Debtors / Trade Creditors 556.8 % 603.7 % 421.3 % 440.9 % 396.2 % 452.5 % 453.6 %
Inventory Turnover 2.1 x 1.6 x 1.7 x 1.9 x 1.6 x 1.9 x 1.9 x
Receivables collection period (days) 75 83 84 73 74 78 76
Payables payment period (days) 24 22 33 27 29 28 27
Cash conversion cycle (Days) n.a. n.a. n.a. n.a. n.a. n.a. n.a.
CAPEX and Cash Flow
in EUR m
Source: Warburg Research
Free Cash Flow Generation
Source: Warburg Research
C O M M E N T Published 03.08.2012 8
Working Capital
Source: Warburg Research