Template for HA Research Notes - ISRA VISION AG

ISRA Vision
Balance sheet (EUR m) 2006/07 2007/08 2008/09 2009/10 2010/11E 2011/12E 2012/13E
Intangible assets 62.0 69.7 71.5 80.4 82.6 84.8 87.6
Property, plant and equipment 2.8 2.6 2.7 2.8 2.6 2.2 1.3
Financial assets 0.0 0.0 0.9 1.2 1.2 1.2 1.2
FIXED ASSETS 64.8 72.3 75.1 84.4 86.3 88.2 90.1
Inventories 15.9 17.2 15.1 14.1 16.2 18.3 21.2
Accounts receivable 31.7 37.8 37.1 46.9 46.7 48.3 51.9
Other current assets 4.6 6.5 2.9 2.3 3.3 3.4 3.6
Liquid assets 22.3 12.6 7.2 8.0 12.5 16.8 20.5
Deferred taxes 3.8 3.3 4.4 5.3 6.3 6.4 6.6
Deferred charges and prepaid expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0
CURRENT ASSETS 78.3 77.4 66.7 76.6 84.9 93.2 103.7
TOTAL ASSETS 143.1 149.7 141.8 160.9 171.3 181.4 193.8
SHAREHOLDERS EQUITY 68.0 74.5 80.4 87.5 96.6 105.4 116.0
MINORITY INTEREST 2.0 1.2 0.8 0.8 0.8 0.8 0.8
Long-term debt 4.2 24.9 26.9 23.2 23.2 23.2 23.2
Provisions for pensions and similar obligations 1.6 1.8 1.8 1.9 1.9 1.9 1.9
Other provisions 2.9 1.8 2.7 1.4 1.4 1.4 1.4
Non-current liabilities 8.7 28.5 31.4 26.5 26.5 26.5 26.5
short-term liabilities to banks 25.2 13.5 2.2 11.3 11.3 11.3 11.3
Accounts payable 6.0 8.3 5.3 7.1 8.0 9.1 10.5
Advance payments received on orders 0.0 0.6 0.4 0.0 0.0 0.0 0.0
Other liabilities (incl. from lease and rental contracts) 22.6 10.9 8.2 9.4 9.7 10.0 10.3
Deferred taxes 10.6 12.3 13.0 18.4 18.4 18.4 18.4
Deferred income 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Current liabilities 64.4 45.5 29.2 46.2 47.5 48.8 50.5
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 143.1 149.7 141.8 160.9 171.3 181.4 193.8
Balance sheet (common size) 2006/07 2007/08 2008/09 2009/10 2010/11E 2011/12E 2012/13E
Intangible assets 43.4 % 46.5 % 50.4 % 50.0 % 48.2 % 46.7 % 45.2 %
Property, plant and equipment 1.9 % 1.8 % 1.9 % 1.7 % 1.5 % 1.2 % 0.7 %
Financial assets 0.0 % 0.0 % 0.6 % 0.7 % 0.7 % 0.6 % 0.6 %
FIXED ASSETS 45.3 % 48.3 % 53.0 % 52.4 % 50.4 % 48.6 % 46.5 %
Inventories 11.1 % 11.5 % 10.6 % 8.8 % 9.4 % 10.1 % 10.9 %
Accounts receivable 22.1 % 25.2 % 26.2 % 29.1 % 27.3 % 26.6 % 26.8 %
Other current assets 3.2 % 4.3 % 2.1 % 1.4 % 1.9 % 1.9 % 1.9 %
Liquid assets 15.6 % 8.4 % 5.1 % 5.0 % 7.3 % 9.2 % 10.6 %
Deferred taxes 2.6 % 2.2 % 3.1 % 3.3 % 3.7 % 3.5 % 3.4 %
Deferred charges and prepaid expenses 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 %
CURRENT ASSETS 54.7 % 51.7 % 47.1 % 47.6 % 49.6 % 51.4 % 53.5 %
TOTAL ASSETS 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
SHAREHOLDERS EQUITY 47.5 % 49.7 % 56.7 % 54.4 % 56.4 % 58.1 % 59.8 %
MINORITY INTEREST 1.4 % 0.8 % 0.6 % 0.5 % 0.5 % 0.4 % 0.4 %
Long-term debt 2.9 % 16.6 % 19.0 % 14.4 % 13.6 % 12.8 % 12.0 %
Provisions for pensions and similar obligations 1.1 % 1.2 % 1.3 % 1.2 % 1.1 % 1.0 % 1.0 %
Other provisions 2.0 % 1.2 % 1.9 % 0.9 % 0.8 % 0.8 % 0.7 %
Non-current liabilities 6.1 % 19.0 % 22.2 % 16.4 % 15.4 % 14.6 % 13.7 %
short-term liabilities to banks 17.6 % 9.0 % 1.6 % 7.0 % 6.6 % 6.2 % 5.8 %
Accounts payable 4.2 % 5.5 % 3.8 % 4.4 % 4.7 % 5.0 % 5.4 %
Advance payments received on orders 0.0 % 0.4 % 0.3 % 0.0 % 0.0 % 0.0 % 0.0 %
Other liabilities (incl. from lease and rental contracts) 15.8 % 7.3 % 5.8 % 5.9 % 5.7 % 5.5 % 5.3 %
Deferred taxes 7.4 % 8.2 % 9.2 % 11.5 % 10.8 % 10.2 % 9.5 %
Deferred income 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 %
Current liabilities 45.0 % 30.4 % 20.6 % 28.7 % 27.7 % 26.9 % 26.1 %
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
Source: Company data, Hauck & Aufhäuser
27 Hauck & Aufhäuser Institutional Research