IFGL Refractories Limited
An Indian Multi-national
Welcomes you
14 July,2008
DisclaimerCertain statements in this presentation concerning our future growth prospects, are forward looking statements, which involves a number of risks and uncertainties that may cause actual results to differ materially from those in such forward looking statements. Risk and uncertainties relating to these statements include and are not limited to risk and uncertainties relating to fluctuations in sales, earnings, our ability to manage growth, intense competition, our ability to manage operations, fluctuations in demand, our ability to successfully complete and integrate potential acquisitions, performance of our subsidiaries, political instability and changes in legal restrictions and general economic conditions affecting our industry. The Company may from time to time make additional written and or oral forward looking statements. The Company does not undertake to update any forward looking statements that may be made from time to time by or on behalf of the Company.
Hofmann Group now becomes part of IFGL Family
IFGL acquired Hofmann Ceramic Group on 4th July,2008
Brief history of IFGL Refractories2006Acquired Goricon Group1970s1979Indo Flogates founded1990s2000s1993IFGL Refractories FoundedCollaboration with Harima Corp., Japan1999Purchase of stake from Vesuvius
Indo Flogates merger with IFGL Refractories2005Acquired Monocon Group1980sManufacture of Flocon Slide Gate Mechanism & refractories
Manufacture of Slide Gates for Furnace and convertorsManufacture of Continuous Casting Refractories startedManufacturing IPV Porous Plug startedExport ThrustLancesDarts MonolithicsCastables2000Awarded ISO 90011983Collaboration with Flogates UK2008Acquired Hofmann Ceramic Group
Made possible by IFGL Groups Strong financial performance
Strong growth in Sales Highly cash generative EBITDA Rs 55 crores yearly and growing
IFGL Group structure- pre acquisitionMonocon Overseas Limited (UK)Tianjin Monocon Refractories Ltd. (China)Monotec Refratarios Limitada (Brazil)Mono Ceramics Inc (USA)100%Monocon International Refractories Limited (UK)IMHL(UK)IFGL Refractories Limited IWHL (Isle of Man)Goricon Metallurgical Services Ltd.(UK)Tianjin Monocon Aluminous Refractories co. Ltd. (China)Goricon Llc (USA)95%
IFGL Group structure- post acquisitionMonocon Overseas Limited (UK)Tianjin Monocon Refractories Ltd. (China)Monotec Refratarios Limitada (Brazil)Mono Ceramics Inc (USA)100%Monocon International Refractories Limited (UK)IMHL(UK)IFGL Refractories Limited IWHL (Isle of Man)Goricon Metallurgical Services Ltd.(UK)Tianjin Monocon Aluminous Refractories co. Ltd. (China)Goricon Llc (USA)95%IFGL GmbhHofmann Ceramics GmbhHofmann Ceramics LLC, USAHofmann Ceramics Ltd., UKHofmann OHGHofmann Ceramics s.r.o Czech Republic96%92%
We are thankful to:HSBC, UK for financing the dealFinancial Due DiligenceGrant Thronton, UK supported by their German & Czech teamsLegal Due DiligenceDMH Stallard UKTiefenbacher,GermanyTax AdviceGrant Thornton, UK
introductionsince 1937 made in Germany!
History1398 - 19481937 - today1960 - today1990 - today1995 - today1978 - today
Hofmann Ceramic Group Hofmann Ceramic Gmbh, GermanyManufacturing Company Plant at Breitscheid- Erdbach
Hofmann Ceramic CZ S.F.O, Czech RepublicManufacturing Company- Plant at Bela nad Radbuzou
Hofmann Ceramic LLC, USA
Hofmann Ceramic Limited, UKSales company
Hofmann OHGOwns the property at Breitscheid- Erdbach
Germany
Germany
Czech Republic
USA Ohio - Michigan
UK
Global Distribution Network
ProductsTechnical foundry ceramicsWear resistant parts for the Wire and cable industryRefractoriesKacheloven
Technical foundry ceramicsFiltersFiltersChill Plates
Technical Foundry Ceramics- contd.FeedersFeedersFeeders
RefractoryExtremely wear resistantOwn tool shopUsage until 1800 C
Wear resistant parts for the wire & cable industryAbsolutely wear resistantLarge selectionDifferent qualitiesHigh endurance
Erdbacher Kacheloven(Fire Place)real basic furnaceComfortable radiant heatindividually adaptableShort building timehigh efficiency
Market share filter
Turnover
200220032004
Foun from G4401.05409.46688.4
SiC856.01002.01270.0in 3
Foun USA494.81136.01500.0
Foun UK175.0165.0180.0
Foun CZ660.0850.0
Sum Foun5926.88372.410488.4
W+C917.6977.91019.6
REFR414.2433.9460.0
ST361.1241.7213.0
Sum G6093.97062.98381.0
Sum all6763.79023.910911.0
&CTOTAL TURNOVER
D.Total sales
44015409.46688.4
85610021270
494.811361500
175165180
Foun CZ660850
5926.88372.410488.4
917.6977.91019.6
414.2433.9460
361.1241.7213
2002
2003
2004
PRODUCT GROUP
TSD
TOTAL SALES
market shares
worldHCComp. AComp. BComp. Cpotential
mil.pcpcHC%pc%pc%pc%pc%
Germ4023581230371412100
Europe200753870353015147105100
America14030211410624421151410100
Asia2501044518135833310040100
others120123196518157260100
sum000000000000
mil 000000
Value:1 mil pc = 87000 this is for RLF filter
All information are based on an equivalent filter dimension of 50 x 50 x 22 mm
the true value of number filter sales are appro 1/3 of these numbers
worldHKSotherspotential
toto%to%pc%
Europe730000007300100
Germ16001000634322716010
America510000005100100
others970000009700100
others42000004200100
sum2630000002614099
mil 26.310.4
Value:1 to = 1000,-
&C FILTER MARKET AND MARKET-SHARE
D. Market shares
GermGerm57.5Germ30Germ7Germ3.5Germ1.5
EuropeEurope37.5Europe35Europe15Europe7Europe5
AmericaAmerica21.4285714286America10America44America15America10
AsiaAsia4Asia18Asia5Asia33Asia40
othersothers1others19others5others15others60
HC
Comp. A
Comp. B
others
potential
MARKET SHARE %
profit
200220032004
FoundryW+CREFRSTFoundryW+CREFRSTFoundryW+CREFRST
Sales CIF4401.0917.6414.2361.15409.4977.9433.9241.76688.41019.6460.0213.0
- Transport +sales commission314.519.213.74.9413.830.49.58391.818.7513
= Sales prices FOB4086.5898.4400.5356.24995.6947.5424.4233.76296.61000.9455.0200.0
- Raw Material cost (all purchase)2235.4595.9131.1171.62750.1666233.2104.13510671.575.887.5
= Gross margin1851.1302.5269.4184.62245.5281.5191.2129.62786.6329.4379.2112.5
- Wages1046.6133.9144.1223.11216.3141.586.2151.31331.2141.669109
- others costs336.387.955.795.6398.562.812.839.6501.9102.0227.60.5
- Maintenance + energie184.36.45.91.4310.66.14.51299.53.40.12
= Profit283.974.363.7-135.5320.171.187.7-62.365482.482.51
Productionconstant quality assurancePrecision manufacturingIn conformity with the environment... and the worker as a human being
Filter production
Chill Plate production
Firing
Controlling Quality
Quality Management System (QMS)
Research, development, training & service
Filters
Chill PlatesChill Plate is a ceramic / metal insert in the sand mould used to produce local chilling and equalize rate of solidification throughout the casting.
Feeder
( Solidification front line time t1 (with shillplate)
( Solidification front line timet t2 > t1 (without shillplate)
Directed solidification
Shillplate
Pict. 4
Example of a controlled solidification
SiC-Kokillen
GG-Kokillen
Feeders
Neue Hofmann SpeiserSometimes referred to as a "riser," it is part of the gating system. It forms the reservoir of molten metal necessary to compensate for losses due to shrinkage as the metal solidifies
Bild. 9 Nach dem Auspacken
What this deal means for Hofmann Ceramic Business
Worldwide presence
Access to resources for growth
Access to Growing markets- India, China, Brazil
Sales organization
Tabelle1
Sales DepartmentErdbach
Manufact. G
Manufact CZ
Customer
Distri A
Distrip
Distriput
Distri B
Distripu
Distri. C
Financial Summary
Opportunities Foundry growth in China and India
Sheet1
CompanyStock Exchange where listedyear endCurrencyMarket Cap (million)Loans (million)Enterprise Value (million)EBITDA (million)EV / EBITDAPAT (million)EPSprice onPriceP/E ratioSales (million)EV/Sales
Porvair plcLondon30.11.0739.689.8649.545.199.552.385.8011.06.0897.4916.8145.521.09
Cookson plcLondon31.12.071510.52181728.5206.58.3710553.4011.06.08710.513.3116211.07
ImerysNYSE31.12.07$3400490.63890.6629.76.185.0011.06.0853.8210.763401.91.14
RHI AGVienna31.12.071130398.71528.7215.67.093.0612.06.0830.29.871485.81.03
St. GobainParis31.12.0717620112222884250315.7315434.0512.06.0846.3211.44434210.66
Mineral Technologies (Minteq)NYSE Euronext31.12.07$1.365127.7129.06576.061.70-3.3111.06.0871.14-21.491077.720.12
Average6.4366.7820.852
Average excluding outliners7.45711.3440.962
Hofmann Group Valuation
EV/EBITDA multiple7.457
EBITDA value0.92million
Enterprise Value6.85million
Less NetDebt0.95million
Equity / ownership value5.91million
PE multiple11.344
Earnings0.464million
Equity / ownership value5.27million
EV/ sales multiple0.962
Sales13.872million
Enterprise value13.34million
Less NetDebt0.95million
Equity / ownership value12.40million
Average value7.86million
Transaction Multiples
Consideration for SharesLiability taken overEnterprise valueEBITDAEV/ EBITDA
Foseco acquisition by Vesuvius4979959656.510.55
Net IncomeP/E
ACE Refractories acquisition by Calderys (Imerys Group)76.94.616.72
Average EV/ EBITDA
EV/ EBITDA multiple10.55
EBITDA value0.92million
Enterprise Value9.70million
Less NetDebt0.95million
Equity / ownership value8.75million
PE multiple16.717
Earnings0.464million
Equity / ownership value7.76million
Average Value8.26million
Valuation summary
Method
Trading Multiple7.86million
Transaction Mltiple8.26million
Discounted cash Flow valuation18.58million
Average Value11.56million
Valuation
CompanyStock Exchange where listedyear endCurrencyMarket Cap (million)Loans (million)Enterprise Value (million)EBITDA (million)EV / EBITDAEPSprice onPriceP/E ratioSales (million)EV/SalesPAT (million)
Porvair plcLondon30.11.0739.689.8649.545.199.555.8011.06.0897.516.8145.521.092.38
Cookson plcLondon31.12.071510.52181728.5206.58.3753.4011.06.08710.513.3116211.07108
ImerysEuronext31.12.07$3410.01511.74921.7629.77.825.0013.06.0254.0210.803401.91.45
RHI AGVienna31.12.071135.5433.71569.2213.37.363.0613.06.0830.289.901485.81.06
St. GobainEuronext31.12.0717755112222897750315.764.0513.06.0846.9211.59434210.671543
Average7.77012.4801.065
Average excluding outliners7.84811.8981.070
Hofmann Group Valuation
EV/EBITDA multiple7.848
EBITDA valueEuro0.92million
Enterprise ValueEuro7.21million
Less NetDebtEuro0.95million
Equity / ownership valueEuro6.27million
PE multiple11.898
EarningsEuro0.464million
Equity / ownership valueEuro5.53million
EV/ sales multiple1.070
SalesEuro13.872million
Enterprise valueEuro14.85million
Less NetDebtEuro0.95million
Equity / ownership valueEuro13.90million
Average valueEuro8.56million
Transaction Multiples
Consideration for SharesDebt taken overEnterprise valueEBITDAEV/ EBITDA
millionmillionmillion
Foseco acquisition by Vesuvius4979959651.811.51
Net IncomeP/E
ACE Refractories acquisition by Calderys (Imerys Group)76.94.616.72
Average EV/ EBITDA
EV/ EBITDA multiple11.51
EBITDA value0.92million
Enterprise Value10.58million
Less NetDebt0.95million
Equity / ownership value9.63million
PE multiple16.717
Earnings0.464million
Equity / ownership value7.76million
Average Value8.70million
Valuation summary
Method
million
Trading Multiple8.56
Transaction Multiple8.70
Discounted Cash Flow valuation18.58
Average Value11.95
CFValue
For the year ended Dec 31, (Euro '000)20072008 E2009 E2010 E2011 E2012 ETY
Total Income / Revenue13,87215,14517,03319,15721,54624,23327,256
YoY Growth9.18%12.47%12.47%12.47%12.47%12.47%
Total Cost of Goods Sold11,31312,35213,79815,42117,24219,28721,584
% of Revenue81.55%81.56%81.01%80.50%80.03%79.59%79.19%
Gross Profit2,5592,7933,2353,7364,3044,9465,672
Gross Margin18.45%18.44%18.99%19.50%19.97%20.41%20.81%
Total SGA Expenses1,6401,7861,9772,1902,4292,6962,996
% of Revenue11.82%11.79%11.60%11.43%11.27%11.13%10.99%
Total Expenditure13,11914,30315,94017,77719,83722,15024,746
% of Revenue94.57%94.44%93.58%92.80%92.07%91.40%90.79%
EBITDA9191,0081,2591,5461,8752,2492,676
EBITDA Margin6.62%6.65%7.39%8.07%8.70%9.28%9.82%
Depreciation166166166166166166166
EBIT7538421,0931,3801,7092,0832,510
% of Revenue5.43%5.56%6.42%7.20%7.93%8.60%9.21%
Taxes @
30.00%226252328414513625753
Total Income / Revenue13,87215,14517,03319,15721,54624,23327,256
YoY Growth9.18%12.47%12.47%12.47%12.47%12.47%
EBITDA9191,0081,2591,5461,8752,2492,676
% of Net Revenue6.62%6.65%7.39%8.07%8.70%9.28%9.82%
less: Increase in Net Working Capital127.28188.82212.39238.91268.73302.29
less: Capital expenditure50.0050.0050.0050.0050.0050.00
less: Tax225.90252.49327.83414.06512.59625.02753.15
Free Cash Flow (FCF) to Investors693.10577.86692.12869.741,073.131,305.651,571.06
Risk free rate5.05%Euro LIBOR
Market risk premium4.79%
Beta1.00
Ke (Cost of equity)9.84%
Tax rate30.00%
Nominal debt cost10.00%
Kd (Cost of Debt)7.00%
Debt/Capital0.50
WACC8.42%
Euro WACC8.42%
growth long term3.00%
PV of forecast period3,452
Terminal Value (Exit EV)24,089
PV of TV16,080
Enterprise Value19,532
Less Net Debt950
Equity Value18,582
minority
Yr 2007EV multiple
8.031
CompanyActivityCountryCurrencySales/ IncomeEBITDADepreciationInterestTaxPATCash GenerationEnterprise Valueoutside Loan liabInter group Loan LiabInter group Loan assetShare/ ownership ValueMinority Interest valueMinority %
Hofmann Ceramic, GmbhManufacturingGermanyEuro13,677,891661,13462,325(2,226)221,351379,684442,009530956714776962980652376950557621941413.84
Hofmann OHGPropertyGermanyEuro169,140164,62671,20737,6493,73852,032123,239132211112458536298067060640
Hofmann Ceramic , CZMfg, supplies to German companyCzeck RepublicEuro1,464,37240,57019,1760.00.00.00.0325818523769-197951-158368.0
00
00
Hofmann Ceramic Ltd., UKSales in UKUKEuro237,00724,5122030.00.00.00.01968561968561968610.0
00
00
Hofmann LLCOnly Royalty IncomeUSAEuro48,72528,33614,8770.00.00.00.0227566361151914510
00
00
15,597,135919,178167,7880.00.00.00.073819191429737115357511535755952181197991
Less Inter company1,629,420
13,967,715
Sum-reported
Yr 2006
CompanyActivityCountryCurrencyFOREX ratesSales/ IncomeEBITDADepreciationInterestTaxPATCash Generation
Hofmann Ceramic, GmbhManufacturingGermanyEuro11,157,390535,31351,75830,900168,735283,920335,678
Hofmann OHGPropertyGermanyEuro170,17166,37638,8574,25360,685127,061
Hofmann Ceramic , CZMfg, supplies to German companyCzeck RepublicEuro1,059,49537,71311,95712,4460.013,31025,267
CZ crown0.037628,178,0001,003,000318,000331,000354,000672,000
Hofmann Ceramic Ltd., UKSales in UKUKEuro226,76713,6852390.03913,40613,645
GBP1.3599166,75310,063176299,85810,034
Hofmann LLCOnly Royalty IncomeUSAEuro63,72720,83820,9404,9180.0(5,020)15,921
USD0.684993,04630,42530,5747,180(7,329)23,245
12,507,379777,720151,27087,120173,027366,302517,572
Less Inter company1,231,648
11,275,731
Yr 2007updated 7/3/08EV multiple
8.15
CompanyActivityCountryCurrencyFOREX ratesSales/ IncomeEBITDADepreciationInterestTaxPATCash GenerationEnterprise Valueoutside Loan liabInter group Loan LiabInter group Loan assetShare ValueMinority Interest valueMinority %IFGL
Hofmann Ceramic, GmbhManufacturingGermanyEuro13,602,824661,13462,325(2,226)221,351379,684442,0095388242147769629805.835237695134437197162.3623683.844937274
Hofmann OHGPropertyGermanyEuro164,62671,20737,6493,73852,032123,239134170212458536298067256540725654
Hofmann Ceramic , CZMfg, supplies to German companyCzeck RepublicEuro1,299,94740,57019,17618,4990.02,89522,071330649523769-193120-30899.14952146416.0-162221
CZ crown0.037634,573,0001,079,000510,000492,00077,000587,000000
000
Hofmann Ceramic Ltd., UKSales in UKUKEuro235,65324,5122030.04,91019,40019,60319977619977619977.641778865810.0179799
GBP1.3600173,27618,0241493,61014,26514,414000
000
Hofmann LLCOnly Royalty IncomeUSAEuro50,26644,23514,8772,9640.026,39341,271360515361153244000324400
2nd half annualisedUSD0.684973,39264,58621,7224,32838,53660,258000
000
15,188,691935,078167,78856,886229,999480,405648,193762088514297371153575115357561911481862416004907
Less Inter company1,468,920
13,719,771
opagarwal:last 6 months annualised'
Fin2007consol
Hofmann Ceramic Groupupdated 30/4/08updated 30/4/08
Hofmann Ceramic Group26.59570.73531.4600exchange rate-(31Dec2007)26.59570.73531.4600
Income StatementHofmann Ceramic GmbhHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustmentConsolidated% of salesHofmann Ceramic GmbhHofmann OHGHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustmentConsolidated% of salesIncome StatementHofmann Ceramic GmbhHofmann OHGHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustment/ eliminationconsolidated% of sales
2,0052,0052,0052,0052,0052,005200520062006200620062006200620062006200720072007200720072007200720072007vs2006Jan-Apr 2008Annualised 200820072008200920102011201220132014
Sales turnover8,941,7381,098,448(109,448)9,930,738100.00%11,157,3911,059,495226,782(1,231,648)11,212,020100.00%Sales turnover13,602,8241,299,947235,653(1,468,920)13,669,504100.00%22%4,639,53913,918,61713,669,50415,036,45516,916,01219,030,51321,409,32724,085,49327,096,18030,483,202
Royalty0.00.00%63,73063,7300.57%Royalty48,72548,7250.36%-24%48,72553,59858,95764,85371,33878,47286,31994,951
Rent160,500(160,500)0.0
sales growth10.0%12.5%12.5%12.5%12.5%12.5%12.5%
8,941,7381,098,4480.00.0(109,448)9,930,738100.00%11,157,3911,059,495226,78263,730(1,231,648)11,275,750100.57%13,602,824160,5001,299,947235,65348,725(1,629,420)13,718,229100.36%22%4,639,53913,918,61713,718,22915,090,05316,974,96919,095,36621,480,66624,163,96627,182,49930,578,154
other Operational Profit1,6171,6170.02%22,5600.00.022,5600.20%other Operational Profit7,2190.00.07,2190.05%-68%7,2197,9418,7359,60910,57011,62712,78914,068
Car Use27,78627,7860.28%34,9320.00.00.034,9320.31%Car Use35,3790.00.00.035,3790.26%1%35,37936,79438,26639,79741,38843,04444,76646,556
Profit on sale of assets/ material31,47131,4710.32%4,9807,67419,4770.00.032,1310.29%Profit on sale of assets6,2452,22126,7340.00.035,1990.26%10%35,199
Tax Returns/ other fin rev/ Exchange Fluc gain1,80010,79112,5910.13%18,8000.00.018,8000.17%Reduction in liability35,6820.00.035,6820.26%90%35,682
Write back provisions1,7671,7670.02%7,8560.00.00.07,8560.07%Write back provisions3,4380.00.00.03,4380.03%-56%3,438
Other Income/ insurance claims18,39318,3930.19%30,7085,6720.09890.037,3680.33%Other Income/ insurance claims30,0056,4200.01,3530.037,7780.28%1%18,49355,48037,77810,00011,00012,10013,31014,64116,10517,716
47,97945,6460.00.00.093,6250.94%78,47613,34660,8379890.00.0153,6471.37%75,0678,64069,6351,3530.00.0154,6951.13%1%18,49355,480154,69554,73558,00161,50565,26869,31273,66078,340
Total Income8,989,7171,144,0940.00.0(109,448)10,024,363100.94%11,235,86613,3461,120,331227,77163,730(1,231,648)11,429,397101.94%Total Income13,677,891169,1401,369,582237,00748,725(1,629,420)13,872,925101.49%21%4,658,03213,974,09713,872,92515,144,78817,032,97019,156,87221,545,93424,233,27727,256,16030,656,494
0.00%0.00%0.00.00%0.0
Raw Material5,378,649653,451(109,448)5,922,65259.64%6,418,581642,923172,1530.0(1,231,648)6,002,00953.53%Raw Material & Fuel8,730,099841,602168,9730.0(1,468,920)8,271,75460.51%38%2,874,4638,623,3888,271,7548,751,2179,845,11911,075,75912,460,22914,017,75715,769,97717,741,224
(Increase)/ Decrease in Inventory(99,474)(18,462)(117,936)-1.19%98,631(10,979)87,6520.78%(197,414)(94,790)(292,204)-2.14%-433%0.0(292,204)
Power & Fuel/ sevices CZ/114,379114,3791.15%128,45399,7530.00.0228,2062.04%Power & Fuel/ sevices CZ/189,439136,7890.00.0326,2282.39%43%0.0326,228358,851403,707454,170510,942574,809646,661727,493
Temp Wages48,32348,3230.49%76,45576,4550.68%Temp Wages96,77896,7780.71%27%0.096,778106,455119,762134,733151,574170,521191,836215,816
Wages840,746239,2121,079,95810.87%878,133243,7611,121,89410.01%Wages976,834324,7141,301,5489.52%16%673,8002,021,4001,301,5481,431,7031,610,6661,811,9992,038,4992,293,3112,579,9752,902,472
Salaries885,078885,0788.91%1,005,35524,48036,9861,066,8219.51%Salaries1,065,66324,48017,4661,107,6098.10%4%0.01,107,6091,151,9131,197,9901,245,9091,295,7451,347,5751,401,4781,457,537
Old age benefits320,23579,863400,0984.03%397,77981,1412,2790.0481,1994.29%Old age benefits392,488106,6342,2520.0501,3743.67%4%107,536322,608501,374551,511620,450698,006785,257883,414993,8411,118,071
Depreciation17,8594,21122,0700.22%51,75866,37611,95723920,941151,2721.35%Depreciation62,32571,20719,17620313,872166,7821.22%10%6,03318,099166,782166,782166,782166,782166,782166,782166,782166,782
Rent160,000160,0001.61%150,000(150,000)0.00.00%Rent160,500(160,500)0.00.00%0%0.00.00.00.00.00.00.00.00.0
Electricity, upkeep, Gas, Water137,515137,5151.38%183,863640.03,3270.0187,2531.67%Rent, upkeep, Gas, Water215,4821060.03,5220.0219,1101.60%17%0.0219,110241,021271,149305,042343,173386,069434,328488,619
Property expenses2,3124892,8010.03%2,3113010.00.02,6120.02%Property expenses2,3111,2410.00.03,5520.03%36%0.03,5523,9084,3964,9465,5646,2597,0427,922
Insurance39,14539,1450.39%40,2821,1890.06660.042,1380.38%Insurance46,7971520.06800.047,6290.35%13%0.047,62952,39258,94166,30974,59783,92294,412106,214
Repairs & upkeep- Machines, software181,466181,4661.83%272,0770.00.00.0272,0772.43%Repairs & upkeep- Machines, software167,8600.00.00.0167,8601.23%-38%0.0167,860184,647207,727233,693262,905295,768332,739374,331
Vehicle Expenses35,66635,6660.36%58,9150.00.00.058,9150.53%Vehicle Expenses107,6490.00.00.0107,6490.79%83%0.0107,649111,955116,433121,091125,934130,972136,211141,659
Travel, advertisement, fairs, gifts118,851118,8511.20%141,0130.07,2790.0148,2911.32%Travel, advertisement, fairs, gifts166,7220.09,0110.0175,7341.29%19%0.0175,734193,307217,471244,654275,236309,641348,346391,889
Selling freight, commission etc509,828509,8285.13%614,8450.01,5490.0616,3945.50%Selling freight, commission etc661,5760.03750.0661,9514.84%7%0.0661,951728,147819,165921,5611,036,7561,166,3501,312,1441,476,162
Misc operational exp, Rent, Legal etc182,935182,9351.84%216,3780.00.00.0216,3781.93%Misc operational exp, Rent, Legal etc198,2200.00.00.0198,2201.45%-8%0.0198,220206,148214,394222,970231,889241,164250,811260,843
Value adjustments/ write off2,1122,1120.02%12,0570.00.00.012,0570.11%Value adjustments/ write off3,1280.00.00.03,1280.02%-74%0.03,1283,4413,8714,3544,8995,5116,2006,975
Other expenses2,6502,3314,9810.05%4,8502,90025,7186,1815,90545,5540.41%Other expenses32,6264,25612,8225,5872,92658,2170.43%28%615,9791,847,93758,21760,54662,96865,48768,10670,83073,66476,610
Profit/ Loss on exchange rates0.00.00%10,6070.0(3,828)0.06,7790.06%Profit/ Loss on exchange rates0.0(2,387)0.0(2,387)-0.02%-135%0.0(2,387)
0.00.00.00.00.00.00.00.0
Other Interest(9,116)(9,116)-0.09%(10,032)(10,979)0.00.00.0(21,011)-0.19%Other Interest(36,738)(11,954)(113)0.00.048,692(113)-0.00%-99%(113)(339)(113)
Interest expenses33,99414,06248,0560.48%30,90138,85812,4460.04,91887,1220.78%Interest expenses34,51249,60318,6120.04,060(48,692)58,0950.42%-33%6,41719,25158,09572,05660,17048,55636,58526,87819,04915,339
Total expenses8,788,7751,089,5360.00.0(109,448)9,768,86398.37%10,783,213(51,592)1,107,021214,32568,750(1,231,648)10,890,06897.13%Total expenses13,076,856113,3701,366,687212,69738,324(1,629,420)13,178,51496.41%21%4,284,11412,852,34313,178,51414,375,99916,001,16117,826,02119,874,67122,177,53524,765,49427,675,958
0.00%0.00%0.00.00%0.00.00.00.00.00.00.00.0
Operational Results200,94254,5580.00.00.0255,5002.57%452,65464,93813,31013,446(5,020)0.0539,3294.81%Operational Results601,03555,7702,89524,31010,4010.0694,4115.08%29%373,9181,121,754694,411768,7891,031,8101,330,8511,671,2622,055,7422,490,6652,980,536
Income Tax, Trade Tax73,56473,5640.74%164,8134,2530.0390.0169,1051.51%Income Tax, Trade Tax218,2383,7380.04,9100.0226,8851.66%34%112,175336,526226,885229,330307,789396,993498,538613,228742,965889,094
Other Taxes2,2902,2900.02%3,9220.00.00.03,9220.03%Other Taxes3,1130.00.00.03,1130.02%-21%3,1133,1133,1133,1133,1133,1133,1133,113
0.00%00.000.00.00%00.000.00.00%
Annual Profit125,08854,5580.00.00.0179,6461.81%283,91960,68513,31013,407(5,020)0.0366,3013.27%Annual Profit379,68452,0322,89519,40010,4010.0464,4123.40%27%261,743785,228464,412536,346720,908930,7451,169,6121,439,4011,744,5872,088,329
0.00%0.00%0.00.00%0.00.00.00.00.00.00.00.0
Balance Profit125,08854,5580.00.00.0179,6461.81%283,91960,68513,31013,407(5,020)0.0366,3013.27%Balance Profit379,68452,0322,89519,40010,4010.0464,4123.40%27%464,412536,346720,908930,7451,169,6121,439,4011,744,5872,088,329
EBITDA252,79572,8310.00.00.0325,6263.28%525,28137,71313,68520,8390.0756,7116.75%EBITDA661,133164,62640,57024,51228,3330.0919,1746.72%21%386,2551,158,765919,1741,007,6271,258,7621,546,1891,874,6302,249,4022,676,4963,162,657
6.75%6.72%6.72%6.70%7.44%8.12%8.76%9.34%9.88%10.38%
Hofmann Ceramic Group26.59570.73531.4600
Balance SheetHofmann Ceramic GmbhHofmann OHGHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustmentconsolidatedBalance SheetHofmann Ceramic GmbhHofmann OHGHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustmentconsolidatedconsolidated
200620062006200620062006200620072007200720072007200720072008200920102011201220132014
Fixed AssetsFixed Assets
IntangiblesIntangibles
Software6,99930.00.00.07,002Software4,11930.00.00.04,1224,122
Trade secret3880.00.00.0388Trade secret10.00.00.011
Building133,3980.00.00.0133,398Building7,240128,6280.00.00.0135,868135,868
Machines108,032385,234287,2270.072,623853,116Machines105,905535,609458,6080.054,3681,154,4901,154,490
Other Assets86,1901,35373888,28180,6481,15363482,43582,435
Deposits on Long Term Assets36,09636,096Others108,288108,288108,288
201,609518,635323,3231,35373,3610.01,118,282197,913664,240566,8961,15355,0020.01,485,2051,485,2051,318,4221,151,640984,858818,076651,294484,512317,730
Current Assets0.0Current Assets0.0
Stocks0.0Stocks0.0
Raw Materials & Fuel79,96517,0700.00.097,035Raw Materials & Fuel68,99218,8000.00.087,79287,79296,571108,643122,223137,501154,689174,025195,778
Work in Process24,22944,6310.00.068,860Work in Process38,69078,9230.00.0117,613117,613129,375145,546163,740184,207207,233233,137262,280
Finished goods516,36918,9509,5770.0544,897Finished goods699,32279,41116,5240.0795,257795,257874,783984,1301,107,1471,245,5401,401,2331,576,3871,773,435
620,56380,6529,5770.00.0710,792807,004177,13416,5240.00.01,000,6621,000,6621,100,7291,238,3201,393,1101,567,2481,763,1541,983,5492,231,492
Debtors for goods1,433,96759,40873,5280.0(206,424)1,360,479Debtors for goods1,252,0767,29473,7460.0(85,857)1,247,2591,247,2591,371,9851,543,4831,736,4181,953,4702,197,6542,472,3612,781,406
Loans & Advances101,164283,40123,4250.00.0407,989Loans & Advances703,173654,49727,1490.00.0(1,153,575)231,244231,244231,244231,244231,244231,244231,244231,244231,244
Shares in affliated companies0.00.00.00.037,5000.00.00.0(37,500)0.00.00.00.00.00.00.00.00.0
Investments- others100,0000.00.00.0100,000Investments- others0.00.00.00.00.0
Cash, balances with Bank401,0673,93732,52431,0066,810475,345Cash, balances with Bank412,7505,5283,49756,7584,060482,593482,593890,9641,511,8492,330,2323,427,6054,823,2706,592,7748,693,014
Advance Payments15,6453,3090.00.018,954Advance Payments15,57911,6180.00.027,19727,19727,19727,19727,19727,19727,19727,19727,197
2,051,842287,338118,666104,5346,810(206,424)2,362,7672,421,078660,02549,558130,5044,060(1,276,932)1,988,2921,988,2922,521,3903,313,7724,325,0915,639,5167,279,3659,323,57611,732,861
2,672,405287,338199,318114,1116,810(206,424)3,073,5593,228,082660,025226,692147,0284,060(1,276,932)2,988,9552,988,9553,622,1184,552,0925,718,2017,206,7649,042,51911,307,12513,964,353
Current Liabilities0.00.00.0Current Liabilities0.00.00.0
Creditors884,46435,313206,42439,3930.0(206,424)959,171Creditors726,2245,786207,81652,6940.0(85,857)906,663906,663997,3291,121,9951,262,2451,420,0251,597,5291,797,2202,021,872
Others430,2882,6360.044806433,774Others801,1872,3404,43758(629,806)178,217178,217196,038220,543248,111279,125314,015353,267397,426
Tax Provisions90,8411,6161,9180.00.094,375Tax Provisions209,9693,3090.00.0213,278213,278229,330307,789396,993498,538613,228742,965889,094
Other Provisions(Vacation, overtime, prov for guarantees)290,2008,30029,8170.00.0328,317Other Provisions(Vacation, overtime, prov for guarantees)305,5007,80041,9240.00.0355,224355,224390,746429,821472,803520,083572,092629,301692,231
0.00.00.00.0Financial Institutions0.00.00.00.00.0
1,695,79447,865238,15939,437806(206,424)1,815,6372,042,88015,926257,48652,7530.0(715,663)1,653,3821,653,3821,813,4442,080,1482,380,1522,717,7713,096,8643,522,7534,000,623
Net Current Assets976,612239,473(38,841)74,6746,0040.01,257,922Net Current Assets1,185,202644,099(30,794)94,2754,060(561,269)1,335,5731,335,5731,808,6752,471,9443,338,0494,488,9935,945,6557,784,3719,963,730
0.00.00.0
Total Assets1,178,221758,108284,48276,02779,3650.02,376,204Total Assets1,383,1151,308,340536,10295,42859,062(561,269)2,820,7782,820,7783,127,0973,623,5844,322,9075,307,0696,596,9498,268,88310,281,460
CapitalCapital
Subscribed Capital260,00058,6749,51313623,905352,227Subscribed Capital260,00062,48712,33313622,947(37,500)320,403320,403320,403320,403320,403320,403320,403320,403320,403
Capital Reserve221,0110.00.00.0221,011Capital Reserve221,0110.00.00.0221,011221,011221,011221,011221,011221,011221,011221,011221,011
Profit0.00.00.00.0Profit0.00.00.00.00.0
Balance Profit399,9990.075,8910.0475,890Balance Profit754,3350.095,2920.0849,627849,6271,385,9732,106,8813,037,6264,207,2375,646,6397,391,2259,479,554
881,01058,6749,51376,02723,9050.01,049,1291,235,34662,48712,33395,42822,947(37,500)1,391,0411,391,0411,927,3872,648,2953,579,0404,748,6526,188,0537,932,63910,020,968
0.00.00.00.00.00.00.00.00.0
Liabilities0000Liabilities00000
Loan from Hofmann Ceramic Gmbh274,9690274969Loan from Hofmann Ceramic Gmbh523,7690.0(523,769)0.00.0
Loans Financial Inst/ Equip Loan29721169943400554611052106Term Loans Financial Institutions147,7691,245,8530.00.036,1151,429,7371,429,7371199710975289743867558417408896336243260491
Total Liabilities1,178,221758,108284,48276,02779,3660.02,376,204Total Liabilities1,383,1151,308,340536,10295,42859,062(561,269)2,820,7782,820,7783,127,0973,623,5844,322,9075,307,0696,596,9498,268,88310,281,460
000(0)(0)0.000.00.0(0)cash(0)0.00.00.00.00.00.00.0
Cash Flow
PAT464,412536,346720,908930,7451,169,6121,439,4011,744,5872,088,329
Depreciation166,782166,782166,782166,782166,782166,782166,782166,782
631,195703,128887,6901,097,5271,336,3941,606,1831,911,3692,255,111
Loan Repayment230,027224,421231,422185,450149,52172,65375,752
Surplus703,128887,6901,097,5271,336,3941,606,1831,911,3692,255,111
&L&B Confidential&B&C&D&RPage &P
Sheet4
Hofmann Ceramic Groupupdated 30/4/08updated 30/4/08
Hofmann Ceramic Group26.59570.73531.4600exchange rate-(31Dec2007)26.59570.73531.4600
Income StatementHofmann Ceramic GmbhHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustmentConsolidated% of salesHofmann Ceramic GmbhHofmann OHGHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustmentConsolidated% of salesIncome StatementHofmann Ceramic GmbhHofmann OHGHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustment/ eliminationconsolidated% of sales
2,0052,0052,0052,0052,0052,005200520062006200620062006200620062006200720072007200720072007200720072007vs2006Jan-Apr 2008Annualised 200820072008200920102011201220132014
Sales turnover8,941,7381,098,448(109,448)9,930,738100.00%11,157,3911,059,495226,782(1,231,648)11,212,020100.00%Sales turnover13,602,8241,299,947235,653(1,468,920)13,669,504100.00%22%4,639,53913,918,61713,669,50415,036,45516,916,01219,030,51321,409,32724,085,49327,096,18030,483,202
Royalty0.00.00%63,73063,7300.57%Royalty48,72548,7250.36%-24%48,72553,59858,95764,85371,33878,47286,31994,951
Rent160,500(160,500)0.0
sales growth10.0%12.5%12.5%12.5%12.5%12.5%12.5%
8,941,7381,098,4480.00.0(109,448)9,930,738100.00%11,157,3911,059,495226,78263,730(1,231,648)11,275,750100.57%13,602,824160,5001,299,947235,65348,725(1,629,420)13,718,229100.36%22%4,639,53913,918,61713,718,22915,090,05316,974,96919,095,36621,480,66624,163,96627,182,49930,578,154
other Operational Profit1,6171,6170.02%22,5600.00.022,5600.20%other Operational Profit7,2190.00.07,2190.05%-68%7,2197,9418,7359,60910,57011,62712,78914,068
Car Use27,78627,7860.28%34,9320.00.00.034,9320.31%Car Use35,3790.00.00.035,3790.26%1%35,37936,79438,26639,79741,38843,04444,76646,556
Profit on sale of assets/ material31,47131,4710.32%4,9807,67419,4770.00.032,1310.29%Profit on sale of assets6,2452,22126,7340.00.035,1990.26%10%35,199
Tax Returns/ other fin rev/ Exchange Fluc gain1,80010,79112,5910.13%18,8000.00.018,8000.17%Reduction in liability35,6820.00.035,6820.26%90%35,682
Write back provisions1,7671,7670.02%7,8560.00.00.07,8560.07%Write back provisions3,4380.00.00.03,4380.03%-56%3,438
Other Income/ insurance claims18,39318,3930.19%30,7085,6720.09890.037,3680.33%Other Income/ insurance claims30,0056,4200.01,3530.037,7780.28%1%18,49355,48037,77810,00011,00012,10013,31014,64116,10517,716
47,97945,6460.00.00.093,6250.94%78,47613,34660,8379890.00.0153,6471.37%75,0678,64069,6351,3530.00.0154,6951.13%1%18,49355,480154,69554,73558,00161,50565,26869,31273,66078,340
Total Income8,989,7171,144,0940.00.0(109,448)10,024,363100.94%11,235,86613,3461,120,331227,77163,730(1,231,648)11,429,397101.94%Total Income13,677,891169,1401,369,582237,00748,725(1,629,420)13,872,925101.49%21%4,658,03213,974,09713,872,92515,144,78817,032,97019,156,87221,545,93424,233,27727,256,16030,656,494
0.00%0.00%0.00.00%0.0
Raw Material5,378,649653,451(109,448)5,922,65259.64%6,418,581642,923172,1530.0(1,231,648)6,002,00953.53%Raw Material & Fuel8,730,099841,602168,9730.0(1,468,920)8,271,75460.51%38%2,874,4638,623,3888,271,7548,751,2179,845,11911,075,75912,460,22914,017,75715,769,97717,741,224
(Increase)/ Decrease in Inventory(99,474)(18,462)(117,936)-1.19%98,631(10,979)87,6520.78%(197,414)(94,790)(292,204)-2.14%-433%0.0(292,204)
Power & Fuel/ sevices CZ/114,379114,3791.15%128,45399,7530.00.0228,2062.04%Power & Fuel/ sevices CZ/189,439136,7890.00.0326,2282.39%43%0.0326,228358,851403,707454,170510,942574,809646,661727,493
Temp Wages48,32348,3230.49%76,45576,4550.68%Temp Wages96,77896,7780.71%27%0.096,778106,455119,762134,733151,574170,521191,836215,816
Wages840,746239,2121,079,95810.87%878,133243,7611,121,89410.01%Wages976,834324,7141,301,5489.52%16%673,8002,021,4001,301,5481,431,7031,610,6661,811,9992,038,4992,293,3112,579,9752,902,472
Salaries885,078885,0788.91%1,005,35524,48036,9861,066,8219.51%Salaries1,065,66324,48017,4661,107,6098.10%4%0.01,107,6091,151,9131,197,9901,245,9091,295,7451,347,5751,401,4781,457,537
Old age benefits320,23579,863400,0984.03%397,77981,1412,2790.0481,1994.29%Old age benefits392,488106,6342,2520.0501,3743.67%4%107,536322,608501,374551,511620,450698,006785,257883,414993,8411,118,071
Depreciation17,8594,21122,0700.22%51,75866,37611,95723920,941151,2721.35%Depreciation62,32571,20719,17620313,872166,7821.22%10%6,03318,099166,782166,782166,782166,782166,782166,782166,782166,782
Rent160,000160,0001.61%150,000(150,000)0.00.00%Rent160,500(160,500)0.00.00%0%0.00.00.00.00.00.00.00.00.0
Electricity, upkeep, Gas, Water137,515137,5151.38%183,863640.03,3270.0187,2531.67%Rent, upkeep, Gas, Water215,4821060.03,5220.0219,1101.60%17%0.0219,110241,021271,149305,042343,173386,069434,328488,619
Property expenses2,3124892,8010.03%2,3113010.00.02,6120.02%Property expenses2,3111,2410.00.03,5520.03%36%0.03,5523,9084,3964,9465,5646,2597,0427,922
Insurance39,14539,1450.39%40,2821,1890.06660.042,1380.38%Insurance46,7971520.06800.047,6290.35%13%0.047,62952,39258,94166,30974,59783,92294,412106,214
Repairs & upkeep- Machines, software181,466181,4661.83%272,0770.00.00.0272,0772.43%Repairs & upkeep- Machines, software167,8600.00.00.0167,8601.23%-38%0.0167,860184,647207,727233,693262,905295,768332,739374,331
Vehicle Expenses35,66635,6660.36%58,9150.00.00.058,9150.53%Vehicle Expenses107,6490.00.00.0107,6490.79%83%0.0107,649111,955116,433121,091125,934130,972136,211141,659
Travel, advertisement, fairs, gifts118,851118,8511.20%141,0130.07,2790.0148,2911.32%Travel, advertisement, fairs, gifts166,7220.09,0110.0175,7341.29%19%0.0175,734193,307217,471244,654275,236309,641348,346391,889
Selling freight, commission etc509,828509,8285.13%614,8450.01,5490.0616,3945.50%Selling freight, commission etc661,5760.03750.0661,9514.84%7%0.0661,951728,147819,165921,5611,036,7561,166,3501,312,1441,476,162
Misc operational exp, Rent, Legal etc182,935182,9351.84%216,3780.00.00.0216,3781.93%Misc operational exp, Rent, Legal etc198,2200.00.00.0198,2201.45%-8%0.0198,220206,148214,394222,970231,889241,164250,811260,843
Value adjustments/ write off2,1122,1120.02%12,0570.00.00.012,0570.11%Value adjustments/ write off3,1280.00.00.03,1280.02%-74%0.03,1283,4413,8714,3544,8995,5116,2006,975
Other expenses2,6502,3314,9810.05%4,8502,90025,7186,1815,90545,5540.41%Other expenses32,6264,25612,8225,5872,92658,2170.43%28%615,9791,847,93758,21760,54662,96865,48768,10670,83073,66476,610
Profit/ Loss on exchange rates0.00.00%10,6070.0(3,828)0.06,7790.06%Profit/ Loss on exchange rates0.0(2,387)0.0(2,387)-0.02%-135%0.0(2,387)
0.00.00.00.00.00.00.00.0
Other Interest(9,116)(9,116)-0.09%(10,032)(10,979)0.00.00.0(21,011)-0.19%Other Interest(36,738)(11,954)(113)0.00.048,692(113)-0.00%-99%(113)(339)(113)
Interest expenses33,99414,06248,0560.48%30,90138,85812,4460.04,91887,1220.78%Interest expenses34,51249,60318,6120.04,060(48,692)58,0950.42%-33%6,41719,25158,09572,05660,17048,55636,58526,87819,04915,339
Total expenses8,788,7751,089,5360.00.0(109,448)9,768,86398.37%10,783,213(51,592)1,107,021214,32568,750(1,231,648)10,890,06897.13%Total expenses13,076,856113,3701,366,687212,69738,324(1,629,420)13,178,51496.41%21%4,284,11412,852,34313,178,51414,375,99916,001,16117,826,02119,874,67122,177,53524,765,49427,675,958
0.00%0.00%0.00.00%0.00.00.00.00.00.00.00.0
Operational Results200,94254,5580.00.00.0255,5002.57%452,65464,93813,31013,446(5,020)0.0539,3294.81%Operational Results601,03555,7702,89524,31010,4010.0694,4115.08%29%373,9181,121,754694,411768,7891,031,8101,330,8511,671,2622,055,7422,490,6652,980,536
Income Tax, Trade Tax73,56473,5640.74%164,8134,2530.0390.0169,1051.51%Income Tax, Trade Tax218,2383,7380.04,9100.0226,8851.66%34%112,175336,526226,885229,330307,789396,993498,538613,228742,965889,094
Other Taxes2,2902,2900.02%3,9220.00.00.03,9220.03%Other Taxes3,1130.00.00.03,1130.02%-21%3,1133,1133,1133,1133,1133,1133,1133,113
0.00%00.000.00.00%00.000.00.00%
Annual Profit125,08854,5580.00.00.0179,6461.81%283,91960,68513,31013,407(5,020)0.0366,3013.27%Annual Profit379,68452,0322,89519,40010,4010.0464,4123.40%27%261,743785,228464,412536,346720,908930,7451,169,6121,439,4011,744,5872,088,329
0.00%0.00%0.00.00%0.00.00.00.00.00.00.00.0
Balance Profit125,08854,5580.00.00.0179,6461.81%283,91960,68513,31013,407(5,020)0.0366,3013.27%Balance Profit379,68452,0322,89519,40010,4010.0464,4123.40%27%464,412536,346720,908930,7451,169,6121,439,4011,744,5872,088,329
EBITDA252,79572,8310.00.00.0325,6263.28%525,28137,71313,68520,8390.0756,7116.75%EBITDA661,133164,62640,57024,51228,3330.0919,1746.72%21%386,2551,158,765919,1741,007,6271,258,7621,546,1891,874,6302,249,4022,676,4963,162,657
6.75%6.72%6.72%6.70%7.44%8.12%8.76%9.34%9.88%10.38%
Hofmann Ceramic Group26.59570.73531.460026.59570.73531.4600
Balance SheetHofmann Ceramic GmbhHofmann OHGHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustmentconsolidatedBalance SheetHofmann Ceramic GmbhrestructuredHofmann OHGrestructuredHofmann Ceramic CZrestructuredHofmann Ceramic UKHofmann Ceramic LLC USAAdjustmentconsolidatedconsolidated
200620062006200620062006200620072007200720072007200720072008200920102011201220132014
Fixed AssetsFixed Assets
IntangiblesIntangibles
Software6,99930.00.00.07,002Software4,11930.00.00.04,1224,122
Trade secret3880.00.00.0388Trade secret10.00.00.011
Building133,3980.00.00.0133,398Building7,240128,6281,750,0000.00.00.01,885,868135,868
Machines108,032385,234287,2270.072,623853,116Machines105,905535,609800,000458,6081,000,0000.054,3682,954,4901,154,490
Other Assets86,1901,35373888,28180,6481,15363482,43582,435
Deposits on Long Term Assets36,09636,096Others108,288108,288216,576108,288
201,609518,635323,3231,35373,3610.01,118,282197,913197,913664,2402,550,000566,8961,108,2881,15355,0020.05,143,4931,485,2051,318,4221,151,640984,858818,076651,294484,512317,730
Current Assets0.0Current Assets0.0
Stocks0.0Stocks0.0
Raw Materials & Fuel79,96517,0700.00.097,035Raw Materials & Fuel68,99218,8000.00.087,79287,79296,571108,643122,223137,501154,689174,025195,778
Work in Process24,22944,6310.00.068,860Work in Process38,69078,9230.00.0117,613117,613129,375145,546163,740184,207207,233233,137262,280
Finished goods516,36918,9509,5770.0544,897Finished goods699,32279,41116,5240.0795,257795,257874,783984,1301,107,1471,245,5401,401,2331,576,3871,773,435
620,56380,6529,5770.00.0710,792807,004807,004177,134177,13416,5240.00.01,000,6621,000,6621,100,7291,238,3201,393,1101,567,2481,763,1541,983,5492,231,492
Debtors for goods1,433,96759,40873,5280.0(206,424)1,360,479Debtors for goods1,252,0767,29473,7460.0(85,857)1,247,2591,247,2591,371,9851,543,4831,736,4181,953,4702,197,6542,472,3612,781,406
Loans & Advances101,164283,40123,4250.00.0407,989Loans & Advances703,173654,497654,49727,1490.00.0(1,153,575)885,741231,244231,244231,244231,244231,244231,244231,244231,244
Shares in affliated companies0.00.00.00.037,5000.00.00.0(37,500)0.00.00.00.00.00.00.00.00.0
Investments- others100,0000.00.00.0100,000Investments- others0.00.00.00.00.0
Cash, balances with Bank401,0673,93732,52431,0066,810475,345Cash, balances with Bank412,7505,5285,5283,49756,7584,060488,121482,593890,9641,511,8492,330,2323,427,6054,823,2706,592,7748,693,014
Advance Payments15,6453,3090.00.018,954Advance Payments15,57911,6180.00.027,19727,19727,19727,19727,19727,19727,19727,19727,197
2,051,842287,338118,666104,5346,810(206,424)2,362,7672,421,0782,421,078660,025660,02549,55849,558130,5044,060(1,276,932)2,648,3171,988,2922,521,3903,313,7724,325,0915,639,5167,279,3659,323,57611,732,861
2,672,405287,338199,318114,1116,810(206,424)3,073,5593,228,0823,228,082660,025660,025226,692226,692147,0284,060(1,276,932)3,648,9802,988,9553,622,1184,552,0925,718,2017,206,7649,042,51911,307,12513,964,353
Current Liabilities0.00.00.0Current Liabilities0.00.00.0
Creditors884,46435,313206,42439,3930.0(206,424)959,171Creditors726,2245,7865,786207,81652,6940.0(85,857)912,448906,663997,3291,121,9951,262,2451,420,0251,597,5291,797,2202,021,872
Others430,2882,6360.044806433,774Others801,1872,3402,3404,43758(629,806)180,557178,217196,038220,543248,111279,125314,015353,267397,426
Tax Provisions90,8411,6161,9180.00.094,375Tax Provisions209,9693,3090.00.0213,278213,278229,330307,789396,993498,538613,228742,965889,094
Other Provisions(Vacation, overtime, prov for guarantees)290,2008,30029,8170.00.0328,317Other Provisions(Vacation, overtime, prov for guarantees)305,5007,8007,80041,9240.00.0363,024355,224390,746429,821472,803520,083572,092629,301692,231
0.00.00.00.0Financial Institutions0.00.00.00.00.0
1,695,79447,865238,15939,437806(206,424)1,815,6372,042,8802,042,88015,92615,926257,486257,48652,7530.0(715,663)1,669,3071,653,3821,813,4442,080,1482,380,1522,717,7713,096,8643,522,7534,000,623
Net Current Assets976,612239,473(38,841)74,6746,0040.01,257,922Net Current Assets1,185,2021,185,202644,099644,099(30,794)94,2754,060(561,269)1,979,6731,335,5731,808,6752,471,9443,338,0494,488,9935,945,6557,784,3719,963,730
0.00.00.0
Total Assets1,178,221758,108284,48276,02779,3650.02,376,204Total Assets1,383,1151,383,1151,308,3403,194,099536,1021,108,28895,42859,062(561,269)7,123,1652,820,7783,127,0973,623,5844,322,9075,307,0696,596,9498,268,88310,281,460
CapitalCapital
Subscribed Capital260,00058,6749,51313623,905352,227Subscribed Capital260,00062,48712,33313622,947(37,500)320,403320,403320,403320,403320,403320,403320,403320,403320,403
Capital Reserve221,0110.00.00.0221,011Capital Reserve221,0110.00.00.0221,011221,011221,011221,011221,011221,011221,011221,011221,011
Profit0.00.00.00.0Profit0.00.00.00.00.0
Balance Profit399,9990.075,8910.0475,890Balance Profit754,3350.095,2920.0849,627849,6271,385,9732,106,8813,037,6264,207,2375,646,6397,391,2259,479,554
881,01058,6749,51376,02723,9050.01,049,1291,235,3462,700,00062,4873,500,00012,3331,500,00095,42822,947(37,500)1,391,0411,391,0411,927,3872,648,2953,579,0404,748,6526,188,0537,932,63910,020,968
0.00.00.00.00.00.00.00.00.0
Liabilities0000Liabilities00000
Loan from Hofmann Ceramic Gmbh274,9690274969Loan from Hofmann Ceramic Gmbh523,769523,7690.0(523,769)523,7690.0
Loans Financial Inst/ Equip Loan29721169943400554611052106Term Loans Financial Institutions147,769147,7691,245,8531,245,8530.00.036,1152,823,3601,429,7371199710975289743867558417408896336243260491
Total Liabilities1,178,221758,108284,48276,02779,3660.02,376,204Total Liabilities1,383,1152,847,7691,308,3404,745,853536,102536,10295,42859,062(561,269)4,738,1692,820,7783,127,0973,623,5844,322,9075,307,0696,596,9498,268,88310,281,460
000(0)(0)0.000.00.02,384,996cash(0)0.00.00.00.00.00.00.0
Goodwill1,464,6541,551,754
Hofmann LLC
Hofmann Ceramic LLC
1.46001.46001.4600
Income StatementUSDUSDUSDUSD% of sales% of salesEuroEuroEuro
2,0072,0072007(12)2,00620062006change2,0072,0072007(12)2,006
July12-Dec31Jan1-July11July12-Dec31Jan1-July11
Royalty36,69634,44371,13993,046100.00%100.00%-63.0%25,13423,59148,72563,730
Decrease in Inventory0.00.00%0.00%0.00.00.00.0
36,69634,44371,13993,046100.00%100.00%-63.0%25,13423,59148,72563,730
other Operational Profit0.00.00.00.00.0
Other Net profit0.00.00%0.00%0.00.00.00.0
Profit on sale of assets0.00.00%0.00%0.00.00.00.0
Reduction in liability0.00.00%0.00%0.00.00.00.0
Write back provisions0.00.00%0.00%0.00.00.00.0
Other Income0.00.00%0.00%0.00.00.00.0
0.00.00.00.00.00%0.00%0.00.00.00.0
Total Income36,69634,44371,13993,046100.00%100.00%-63.0%25,13423,59148,72563,730
0.00.0
Material Cost0.00.00%0.00%0.00.00.00.0
Power0.00.00%0.00%0.00.00.00.0
Wages & Salaries/ partners*3,00022,50025,50054,00065.33%58.04%2,05515,41117,46636,986
Old age benefits0.00.00%0.00%0.00.00.00.0
Depreciation10,8619,39220,25330,57427.27%32.86%7,4396,43313,87220,941
Rent,0.00.00%0.00%0.00.00.00.0
Property expenses0.00.00%0.00%0.00.00.00.0
Insurance0.00.00%0.00%0.00.00.00.0
Repairs & upkeep- Machines, software0.00.00%0.00%0.00.00.00.0
Vehicle Expenses4754789536541.39%0.70%325327653448
Travel, advertisement, fairs, gifts3183188470.00%0.91%2180.0218580
Selling freight, commission etc0.00.00%0.00%0.00.00.00.0
Misc operational exp, Rent, Legal etc0.00.00%0.00%0.00.00.00.0
Value adjustments0.00.00%0.00%0.00.00.00.0
Other expenses6102,3903,0007,0506.94%7.58%-66.1%4181,6372,0554,829
Profit/ Loss on exchange rates0.00.00.00.00.0
Other Interest0.00.00%0.00%0.0%0.00.00.00.0
Interest expenses2,1643,7635,9277,18010.93%7.72%1,4822,5774,0604,918
Total expenses17,42838,52355,951100,305111.85%107.80%-61.6%11,93726,38638,32368,702
0.00.0
Operational Results19,268(4,080)15,188(7,259)-11.85%-7.80%-43.8%13,197(2,795)10,403(4,972)
Income Tax, Trade Tax0.00.00%0.00%0.00.00.00.0
Other Taxes0.00.00%0.00%0.00.00.00.0
0.00.00.00.00.00.00.00.0
Annual Profit19,268(4,080)15,188(7,259)-11.85%-7.80%-43.8%13,197(2,795)10,403(4,972)
Balance from prev year0.00.00.00.00.0
Balance Profit19,268(4,080)15,188(7,259)-43.8%13,197(2,795)10,403(4,972)
Hofmann Ceramic LLC1.46001.46001.4600
Balance SheetUSDUSDUSDUSD% of sales% of salesEuroEuroEuro
2,0072,0072007(12)2,00620062006change2,0072,0072007(12)2,006
July12-Dec31Jan1-July11July12-Dec31Jan1-July11
Fixed Assets
Intangibles
Software0.00.00.0
Trade secret0.00.00.0
0.00.00.0
Machines79,378106,03054,3680.072,623
Others9251,0786340.0738
80,303107,10855,0020.073,362
Current Assets
Stocks
Raw Materials & Fuel0.00.00.0
Work in Process0.00.00.0
Finished goods0.00.00.0
0.00.00.00.00.0
Debtors for goods0.00.00.0
Loans & Advances0.00.00.0
0.00.00.0
Investments- others0.00.00.0
Cash, balances with Bank5,9279,9434,0600.06,810
Advance Payments0.00.00.0
5,9279,9434,0600.06,810
5,9279,9434,0600.06,810
Current Liabilities0.00.00.0
Creditors0.00.00.0
Others0.00.00.0
Tax Provisions0.00.00.0
Other Provisions(Vacation, overtime, prov for guarantees)0.00.00.0
Financial Institutions0.00.00.0
0.00.00.00.00.0
Net Current Assets5,9279,9434,0600.06,810
0.00.00.0
Total Assets86,230117,05159,0620.080,172
Capital
Subscribed Capital33,50234,90122,9470.023,905
Capital Reserve0.00.00.0
Profit0.00.00.0
Balance Profit0.00.00.0
33,50234,90122,9470.023,905
0.00.00.0
Liabilities0.00.00.0
Equipment Loan52,72880,97336,1150.055,461
Member Loan1,1770.00.0806
Total Liabilities86,230117,05159,0620.079,366
0.00.00.00.0
Current ratio
Debtors (months)
opagarwal:
opagarwal:
HofmannCZ
Hofmann Ceramic CZupdated 23/4/08updated 23/4/08
CZ Crona per Euro Jan0826.595726.595726.595726.5957
Income StatementCZ Crona '000CZ Crona '000CZ Crona '000CZ Crona '000% of sales% of sales% of saleschangechangeEuroEuroEuroEuro% of sales% of sales% of saleschangechange
Jan-May 082,0072,0062,0052007200620052007 vs 20062006 vs 2005Jan-May 082,0072,0062,0052007200620052007 vs 20062006 vs 2005
Sales turnover12,54334,57328,17829,214100.00%100.00%100.00%22.7%-3.5%471,6181,299,9471,059,4951,098,448100.00%100.00%100.00%22.7%-3.5%
Change in Inventory(2,974)2,5212924917.29%1.04%1.68%(111,823)94,79010,97918,4627.29%1.04%1.68%
9,56937,09428,47029,705107.29%101.04%101.68%30.3%-4.2%359,7951,394,7371,070,4741,116,910107.29%101.04%101.68%30.3%-4.2%
other Operational Revenue192600430.07,21922,5601,617
Other Net profit0.00%0.00%0.00%0.0%0.0%0.00.00.00.00.00%0.00%0.00%0.0%0.0%
Profit on sale of materials987115188372.06%1.84%2.87%3,68526,73419,47731,4712.06%1.84%2.87%
Other Financial revenue1069495002872.74%1.77%0.98%3,98635,68218,80010,7912.74%1.77%0.98%
Write back provisions0.00%0.00%0.00%0.00.00.00.00.00%0.00%0.00%
Trading Income net470.00%0.00%0.16%0.0%-100.0%0.00.00.01,7670.00%0.00%0.16%0.0%-100.0%
2041,8521,6181,2145.36%5.74%4.16%14.5%33.3%7,67069,63560,83745,6465.36%5.74%4.16%14.5%33.3%
Total Income9,77338,94630,08830,919112.65%106.78%105.84%29.4%-2.7%367,4651,464,3721,131,3111,162,556112.65%106.78%105.84%29.4%-2.7%
Raw Material & Fuel6,76222,38317,09917,37964.74%60.68%59.49%43.2%-2.7%254,252841,602642,923653,45164.74%60.68%59.49%43.2%-2.7%
Services1,3493,6382,6533,04210.52%9.42%10.41%50,722136,78999,753114,37910.52%9.42%10.41%
Wages & Salaries4,0268,6366,4836,36224.98%23.01%21.78%33.2%1.9%151,378324,714243,761239,21224.98%23.01%21.78%33.2%1.9%
Old age benefits1,3002,8362,1582,1248.20%7.66%7.27%48,880106,63481,14179,8638.20%7.66%7.27%
Depreciation5103181121.48%1.13%0.38%60.4%183.9%0.019,17611,9574,2111.48%1.13%0.38%60.4%183.9%
Rent, upkeep, Gas, Water0.00%0.00%0.00%0.00.00.00.00.00%0.00%0.00%
Property expenses2338130.10%0.03%0.04%751,2413014890.10%0.03%0.04%
Insurance0.00%0.00%0.00%0.00.00.00.00.00%0.00%0.00%
Repairs & upkeep- Machines, software0.00%0.00%0.00%0.00.00.00.00.00%0.00%0.00%
Vehicle Expenses0.00%0.00%0.00%0.00.00.00.00.00%0.00%0.00%
Travel, advertisement, fairs, gifts0.00%0.00%0.00%0.00.00.00.00.00%0.00%0.00%
Selling freight, commission etc0.00%0.00%0.00%0.00.00.00.00.00%0.00%0.00%
Misc operational exp, Rent, Legal etc0.00%0.00%0.00%0.00.00.00.00.00%0.00%0.00%
Value adjustments0.00%0.00%0.00%0.00.00.00.00.00%0.00%0.00%
Other expenses214341684620.99%2.43%0.21%-50.1%1003.2%8,04612,82225,7182,3310.99%2.43%0.21%-50.1%1003.2%
0.00.00.00.0
Other Interest7(3)-0.01%0.00%0.00%263(113)0.00.0-0.01%0.00%0.00%
Interest expenses2234953313741.43%1.17%1.28%8,38518,61212,44614,0621.43%1.17%1.28%
Total expenses13,88338,86929,73429,468112.43%105.52%100.87%30.7%0.9%522,0021,461,4771,118,0001,107,999112.43%105.52%100.87%30.7%0.9%
Operational Results(4,110)773541,4510.22%1.26%4.97%-78.2%-75.6%(154,536)2,89513,31054,5580.22%1.26%4.97%-78.2%-75.6%
Income Tax, Trade Tax0.00%0.00%0.00%0.00.00.00.00.00%0.00%0.00%
Other Taxes0.00%0.00%0.00%0.00.00.00.00.00%0.00%0.00%
0.00.00.00.00.00.00.00.0
Annual Profit(4,110)773541,4510.22%1.26%4.97%-78.2%-75.6%(154,536)2,89513,31054,5580.22%1.26%4.97%-78.2%-75.6%
Balance from prev year0.00.00.00.0
Balance Profit(4,110)773541,451-78.2%-75.6%(154,536)2,89513,31054,558-78.2%-75.6%
Hofmann Ceramic CZEuro= Cz Koruny26.595726.595726.595726.5957
Balance SheetCZ Crona '000CZ Crona '000CZ Crona '000CZ Crona '000EuroEuroEuroEuro
May 20082,0072,0062,005May 20082,0072,0062,005
Fixed Assets
Intangibles
Software0.00.00.00.0
Trade secret0.00.00.00.0
Machines3,5623,5622,2042,950133,931133,93182,871110,920
Capital WIP8,6398,6355,435324,827324,677204,3560.0
Deposits on Long Term assets2,8802,880960108,288108,28836,0960.0
15,08115,0778,5992,950567,047566,896323,323110,920
Current Assets0.00.00.00.0
Stocks0.00.00.00.0
Raw Materials & Fuel80650045443930,30618,80017,07016,506
Work in Process4152,0991,18789415,60478,92344,63133,614
Finished goods8222,11250450430,90779,41118,95018,950
2,0434,7112,1451,83776,817177,13480,65269,071
Debtors for goods8451941,5801,12331,7727,29459,40842,225
VAT/ Tax receivable70247461643226,39517,82223,16216,243
Prepayments615248723,1249,3252630.0
Investments- others0.00.00.00.0
Cash, balances with Bank893865253013,49732,524940
Deferred Exp281309888110,56611,6183,3093,046
2,4511,3183,1561,66192,15849,557118,66662,454
4,4946,0295,3013,498168,975226,691199,318131,525
Current Liabilities0.00.00.00.0
Creditors7,1105,5275,4904,760267,336207,816206,424178,976
Proposed Dividend117118110684,3994,4374,1362,557
Tax Provisions42988516916,1303,3091,9182,594
Other Provisions(Vacation, overtime, prov for guarantees)8651,11568370532,52441,92425,68126,508
Bank Borrowing907
9,4286,8486,3345,602320,390257,485238,159210,636
Net Current Assets(4,934)(819)(1,033)(2,104)(151,415)(30,794)(38,841)(79,111)
0.00.00.00.0
Total Assets10,14714,2587,566846415,631536,102284,48231,810
Capital
Subscribed Capital1,6521,6521,6522,00262,11562,11562,11575,275
0.00.00.00.0
Profit0.00.00.00.0
Balance Profit(5,432)(1,324)(1,400)(1,754)(204,244)(49,782)(52,640)(65,951)
(3,780)328252248(142,128)12,3339,4759,325
0.00.00.00.0
Liabilities- Long Term0.00.00.00.0
Loan from Hofmann Ceramic Gmbh13,93013,9307,313598523,769523,769274,96922,485
0.00.00.00.0
Total Liabilities10,15014,2587,565846381,641536,102284,44431,810
0.00.00.00.0
Current ratio0.260.190.500.30
Debtors (months)0.810.070.670.46
Assets Gross19,57521,10613,9006,448
Liabilities Gross19,57821,10613,8996,448
(3)0.01,782,4901,782,4901,609,3361,475,645sales values
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CFValue1
For the year ended Dec 31, (Euro '000)200620072008 E2009 E2010 E2011 E2012 ETY
Total Sales / Revenue11,36413,79515,14517,03319,15721,54624,23327,256
YoY Growth21.39%9.78%12.47%12.47%12.47%12.47%12.47%
Total Cost of Goods Sold9,06411,31312,35213,79815,42117,24219,28721,584
% of Revenue79.76%82.01%81.56%81.01%80.50%80.03%79.59%79.19%
Gross Profit2,3002,4822,7933,2353,7364,3044,9465,672
Gross Margin20.24%17.99%18.44%18.99%19.50%19.97%20.41%20.81%
Total SGA Expenses1,6081,6401,7861,9772,1902,4292,6962,996
% of Revenue14.15%11.89%11.79%11.60%11.43%11.27%11.13%10.99%
Operational EBITDA6928421,0081,2591,5461,8752,2492,676
EBITDA Margin6.09%6.10%6.65%7.39%8.07%8.70%9.28%9.82%
Depreciation151166166166166166166166
Operational EBIT5416768421,0931,3801,7092,0832,510
% of Revenue4.90%5.56%6.42%7.20%7.93%8.60%9.21%
Total Other Income and Expense6477
% of Revenue0.56%0.56%0.56%0.56%0.56%0.56%0.56%0.56%
EBIT6057538421,0931,3801,7092,0832,510
Operational EBIT6768421,0931,3801,7092,0832,510
Taxes @
30.00%203252328414513625753
Net Revenue13,79515,14517,03319,15721,54624,23327,256
YoY Growth9.78%12.47%12.47%12.47%12.47%12.47%
EBITDA8421,0081,2591,5461,8752,2492,676
% of Net Revenue6.10%6.65%7.39%8.07%8.70%9.28%9.82%
less: INWI134.98188.82212.39238.91268.73302.29
less: Capex50.0050.0050.0050.0050.0050.00
less: Tax203252328414513625753
FCF6395706928701,0731,3061,571
Risk free rate7.95%RBI Website
Market risk premium10.62%
Beta1.00
Ke (cost of equity)18.57%
Tax rate33.66%
Nominal debt cost11.00%
Kd (Cost of Debt)7.30%
Debt/Capital0.50
Rupee WACC12.93%
Estimated Europe Inflation rate7.00%
Estimated Indian Inflation rate7.00%
Inflation Differential0.00%
Euro WACC12.93%
growth rate long term3.00%
PV of forecast period3,022
TV (Exit EV)13,144
PV of TV7,155
Enterprise Value10,177
Less Net Debt950
Equity Value9,227
9.60%11133
10.60%9717
11.60%8600
12.60%7697
Val_Gmbh
For the year ended Dec 31, (Euro '000)200620072008 E2009 E2010 E2011 E2012 ETY
Total Sales / Revenue13,60215,30217,21519,36721,78824,51127,575
YoY Growth0.00%12.50%12.50%12.50%12.50%12.50%12.50%
Total Cost of Goods Sold13,01714,64416,47518,53420,85123,45726,389
% of Revenue95.70%95.70%95.70%95.70%95.70%95.70%95.70%
Gross Profit5856587408339371,0541,186
Gross Margin4.30%4.30%4.30%4.30%4.30%4.30%4.30%
Total SGA Expenses
% of Revenue0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Operational EBITDA5856587408339371,0541,186
EBITDA Margin4.30%4.30%4.30%4.30%4.30%4.30%4.30%
Depreciation62626262626262
Operational EBIT5235966787718759921,124
% of Revenue3.85%3.90%3.94%3.98%4.02%4.05%4.08%
Total Other Income and Expense10101010101010
% of Revenue0.07%0.07%0.06%0.05%0.05%0.04%0.04%
EBIT5336066887818851,0021,134
Operational EBIT5235966787718759921,124
Taxes @
30.00%157179204231263298337
Net Revenue13,60215,30217,21519,36721,78824,51127,575
YoY Growth12.50%12.50%12.50%12.50%12.50%12.50%
EBITDA5856587408339371,0541,186
% of Net Revenue4.30%4.30%4.30%4.30%4.30%4.30%4.30%
less: INWI170191215242272306
less: Capex252550252525
less: Tax157179204231263298337
FCF428284321336407459517
Risk free rate8.30%RBI Website
Market risk premium8.00%
Beta1.20
Ke17.90%
Tax rate33.66%
Nominal debt cost11.00%
Kd7.30%
Debt/Capital0.50
Rupee WACC12.60%
Estimated Europe Inflation rate3.00%World Economy Report by CMIE Eco Review
Estimated Indian Inflation rate7.00%Consensus Forecast on ISI Emerging Markets Database
Inflation Differential4.00%
Euro WACC8.60%
g3.00%
PV of forecast period1,393
TV (Exit EV)8,202
PV of TV5,430
Enterprise Value6,823
9.60%11133
10.60%9717
11.60%8600
12.60%7697
Val_OHG
For the year ended Dec 31, (Euro '000)200620072008 E2009 E2010 E2011 E2012 ETY
Total Sales / Revenue161161161161161161161
YoY Growth0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Total Cost of Goods Sold0.00.00.00.00.00.00.0
% of Revenue0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Gross Profit161161161161161161161
Gross Margin100.00%100.00%100.00%100.00%100.00%100.00%100.00%
Total SGA Expenses5555555
% of Revenue3.12%3.12%3.12%3.12%3.12%3.12%3.12%
Operational EBITDA156156156156156156156
EBITDA Margin96.88%96.88%96.88%96.88%96.88%96.88%96.88%
Depreciation71717171717171
Operational EBIT85858585858585
% of Revenue52.65%52.65%52.65%52.65%52.65%52.65%52.65%
Total Other Income and Expense
% of Revenue0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIT85858585858585
Operational EBIT85858585858585
Taxes @
30.00%25252525252525
Net Revenue161161161161161161161
YoY Growth0.00%0.00%0.00%0.00%0.00%0.00%
EBITDA156156156156156156156
% of Net Revenue96.88%96.88%96.88%96.88%96.88%96.88%96.88%
less: INWI0.00.00.00.00.00.0
less: Capex
less: Tax25252525252525
FCF130130130130130130130
Risk free rate8.30%RBI Website
Market risk premium8.00%
Beta1.20
Ke17.90%
Tax rate33.66%
Nominal debt cost11.00%
Kd7.30%
Debt/Capital0.50
Rupee WACC12.60%
Estimated Europe Inflation rate3.00%World Economy Report by CMIE Eco Review
Estimated Indian Inflation rate7.00%Consensus Forecast on ISI Emerging Markets Database
Inflation Differential4.00%
Euro WACC8.60%
g3.00%
PV of forecast period512
TV (Exit EV)2,325
PV of TV1,539
Enterprise Value2,051
9.60%11133
10.60%9717
11.60%8600
12.60%7697
Divsn
Hofmann Ceramic GroupHofmann Ceramic GroupHofmann Ceramic GroupHofmann Ceramic LLCHofmann Ceramic Limited, UKHofmann Ceramic CZ
26.59570.73531.460026.59570.73531.4600
Income StatementHofmann Ceramic GmbhHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustmentConsolidated% of salesIncome StatementHofmann Ceramic GmbhHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustmentConsolidated% of salesIncome StatementHofmann Ceramic GmbhHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustmentconsolidated% of salesIncome StatementIncome StatementIncome Statement
estimated2,0052,0052,0052,0052,0052,005200520062006200620062006200620062007adjustmentfinalMfgTrading2007adjustmentfinal20072007200720072007
Sales turnover8,941,7381,098,448(109,448)9,930,738100.00%Sales turnover11,157,3911,059,495226,782(1,231,648)11,212,020100.00%Sales turnover13,602,824(1,782,490)11,820,3344,652,9697,167,3651,299,947482,5431,782,490235,653(1,468,920)13,669,504100.00%Sales turnoverSales turnover
Royalty0.00.00%Royalty63,73063,7300.57%Royalty0.048,69948,6990.36%Royalty
8,941,7381,098,4480.00.0(109,448)9,930,738100.00%11,157,3911,059,495226,78263,730(1,231,648)11,275,750100.57%13,602,824(1,782,490)11,820,3344,652,9697,167,3651,299,947482,5431,782,490235,65348,699(1,468,920)13,718,203100.36%
other Operational Profit1,6171,6170.02%other Operational Profit22,5600.00.022,5600.20%other Operational Profit7,2197,2190.00.07,2190.05%other Operational Profitother Operational Profitother Operational Revenue
Car Use27,78627,7860.28%Car Use34,9320.00.00.034,9320.31%Car Use35,37935,37935,3790.00.00.00.035,3790.26%Other Net profitOther Net profitOther Net profit
Profit on sale of assets/ material31,47131,4710.32%Profit on sale of assets/ material4,98019,4770.00.024,4570.22%Profit on sale of assets6,2456,2456,24526,73426,7340.00.032,9790.24%Profit on sale of assetsProfit on sale of assetsProfit on sale of materials
Tax Refunds/ subsidy1,80010,79112,5910.13%Reduction in liability18,8000.00.018,8000.17%Reduction in liability0.00.08,0098,0090.00.08,0090.06%Reduction in liabilityReduction in liabilityOther Financial revenue
Write back provisions1,7671,7670.02%Write back provisions7,8560.00.00.07,8560.07%Write back provisions3,4383,4383,4380.00.00.00.03,4380.03%Write back provisionsWrite back provisionsWrite back provisions
Other Income/ insurance claims18,39318,3930.19%Other Income/ insurance claims30,7080.09890.031,6960.28%Other Income/ insurance claims30,00530,00530,0050.00.01,3530.031,3580.23%Other IncomeOther IncomeTrading Income net
47,97945,6460.00.00.093,6250.94%78,47660,8379890.00.0140,3011.25%75,0670.075,06775,06741,9620.041,9621,3530.00.0118,3820.87%
Total Income8,989,7171,144,0940.00.0(109,448)10,024,363100.94%Total Income11,235,8661,120,331227,77163,730(1,231,648)11,416,051101.82%Total Income13,677,891(1,782,490)11,895,4014,728,0367,167,3651,341,909482,5431,824,452237,00748,699(1,468,920)13,836,585101.22%Total IncomeTotal IncomeTotal Income
0.00%0.00%0.00.00%
Raw Material & Fuel5,378,649653,451(109,448)5,922,65259.64%Raw Material & Fuel6,418,581642,923172,1530.0(1,231,648)6,002,00953.53%Raw Material & Fuel8,730,099(1,299,947)7,430,1521,936,1005,494,052841,565841,565168,9730.0(1,468,920)8,271,71760.51%Material CostMaterial CostRaw Material & Fuel
(Increase)/ Decrease in Inventory(199,474)(18,462)(217,936)-2.19%(Increase)/ Decrease in Inventory(51,369)(10,979)(62,348)-0.56%(Increase)/ Decrease in Inventory(197,414)(197,414)(197,414)(124,832)(124,832)(322,246)-2.36%
Power & Fuel/ sevices CZ/114,379114,3791.15%Power & Fuel/ sevices CZ/128,45399,7530.00.0228,2062.04%Power & Fuel/ sevices CZ/189,439189,439189,439136,751136,7510.00.0326,1902.39%PowerPowerServices
Temp Wages48,32348,3230.49%Temp Wages76,45576,4550.68%Temp Wages96,77896,77896,7780.096,7780.71%Temp wages
Wages840,746239,2121,079,95810.87%Wages878,133243,7611,121,89410.01%Wages976,834976,834976,834324,714324,7141,301,5489.52%Wages & Salaries/ partnersWages & SalariesWages & Salaries
Salaries885,078885,0788.91%Salaries1,005,35524,48036,9861,066,8219.51%Salaries1,065,663(89,124)976,538618,170358,3685% of trd sales89,12489,12424,48036,9861,127,1298.25%
Old age benefits320,23579,863400,0984.03%Old age benefits397,77981,1412,2790.0481,1994.29%Old age benefits392,488392,488331,56560,923106,634106,6342,2520.0501,3743.67%Old age benefitsOld age benefitsOld age benefits
Depreciation17,8594,21122,0700.22%Depreciation51,75811,95723920,94184,8960.76%Depreciation62,32562,32562,32519,17619,17620320,941102,6450.75%DepreciationDepreciationDepreciation
Rent160,000160,0001.61%Rent150,000150,0001.34%Rent160,500160,500107,05453,4471/3 in trading0.0160,5001.17%
Rent, upkeep, Gas, Water, elec, maint137,515137,5151.38%Rent, upkeep, Gas, Water183,8630.03,3270.0187,1891.67%Rent, upkeep, Gas, Water215,482215,482143,72671,7551/3 in trading0.00.03,5220.0219,0041.60%Rent,Rent,Rent, upkeep, Gas, Water
Property expenses2,3124892,8010.03%Property expenses2,3113010.00.02,6120.02%Property expenses2,3112,3112,3110.01,0901,0900.00.03,4010.02%Property expensesProperty expensesProperty expenses
Insurance39,14539,1450.39%Insurance40,2820.06660.040,9490.37%Insurance46,79746,79731,21415,5830.00.06800.047,4770.35%InsuranceInsuranceInsurance
Repairs & upkeep- Machines, software181,466181,4661.83%Repairs & upkeep- Machines, software272,0770.00.00.0272,0772.43%Repairs & upkeep- Machines, software167,860167,860167,8600.00.00.00.00.0167,8601.23%Repairs & upkeep- Machines, softwareRepairs & upkeep- Machines, softwareRepairs & upkeep- Machines, software
Vehicle Expenses35,66635,6660.36%Vehicle Expenses58,9150.00.00.058,9150.53%Vehicle Expenses107,649107,64971,80235,8471/3 in trading0.00.00.00.0107,6490.79%Vehicle ExpensesVehicle ExpensesVehicle Expenses
Travel, advertisement, fairs, gifts118,851118,8511.20%Travel, advertisement, fairs, gifts141,0130.07,2790.0148,2911.32%Travel, advertisement, fairs, gifts166,722(22,994)143,72895,86747,8621/3 in trading0.022,99422,9949,0110.0175,7341.29%Travel, advertisement, fairs, giftsTravel, advertisement, fairs, giftsTravel, advertisement, fairs, gifts
Selling freight, commission etc509,828509,8285.13%Selling freight, commission etc614,8450.01,5490.0616,3945.50%Selling freight, commission etc661,576(98,037)563,539169,334394,2055.5% of trd sales0.098,03798,0373750.0661,9514.84%Selling freight, commission etcSelling freight, commission etcSelling freight, commission etc
Misc operational exp, Rent, Legal etc182,935182,9351.84%Misc operational exp, Rent, Legal etc216,3780.00.00.0216,3781.93%Misc operational exp, Rent, Legal etc198,220198,22096,443101,7771.42% of trd sales0.00.00.00.0198,2201.45%Misc operational exp, Rent, Legal etcMisc operational exp, Rent, Legal etcMisc operational exp, Rent, Legal etc
Value adjustments/ write off2,1122,1120.02%Value adjustments/ write off12,0570.00.00.012,0570.11%Value adjustments/ write off3,1283,1283,1280.00.00.00.03,1280.02%Value adjustmentsValue adjustmentsValue adjustments
Other expenses2,6502,3314,9810.05%Other expenses4,85025,7186,1815,90542,6540.38%Other expenses32,62632,62632,62612,82212,8225,5875,90556,9400.42%Other expensesOther expensesOther expenses
Profit/ Loss on exchange rates0.00.00%Profit/ Loss on exchange rates10,6070.0(3,828)0.06,7790.06%Profit/ Loss on exchange rates0.00.00.00.0(2,387)0.0(2,387)-0.02%Profit/ Loss on exchange ratesProfit/ Loss on exchange rates
Other Interest(9,116)(9,116)-0.09%Other Interest(10,032)0.00.00.0(10,032)-0.09%Other Interest(36,738)(36,738)(36,738)0.00.00.00.0(36,738)-0.27%Other InterestOther InterestOther Interest
Interest expenses33,99414,06248,0560.48%Interest expenses30,90112,4460.04,91848,2640.43%Interest expenses34,51234,51234,51214,58914,5890.04,91854,0190.40%Interest expensesInterest expensesInterest expenses
Total expenses8,688,7751,089,5360.00.0(109,448)9,668,86397.36%Total expenses10,633,2131,107,021214,32568,750(1,231,648)10,791,66196.25%Total expenses13,076,856(1,510,103)11,566,7545,130,3506,436,4041,332,509210,1561,542,664212,69768,750(1,468,920)13,221,89296.73%Total expensesTotal expensesTotal expenses
0.00%0.00%0.00.00%
Profit before Tax300,94254,5580.00.00.0355,5003.58%Operational Results602,65413,31013,446(5,020)0.0624,3905.57%Operational Results601,035(272,387)328,647(402,314)730,9619,400272,387281,78724,310(20,051)0.0614,6934.50%Operational ResultsOperational ResultsOperational Results
Income Tax, Trade Tax73,56473,5640.74%Income Tax, Trade Tax164,8130.0390.0164,8521.47%Income Tax, Trade Tax218,238218,238218,2380.00.04,9100.0223,1471.63%Income Tax, Trade TaxIncome Tax, Trade TaxIncome Tax, Trade Tax
Other Taxes2,2902,2900.02%Other Taxes3,9220.00.00.03,9220.03%Other Taxes3,1133,1130.00.00.00.03,1130.02%Other TaxesOther TaxesOther Taxes
0.00%00.000.000.00%000.00.000.010.00%
Profit after Tax225,08854,5580.00.00.0279,6462.82%Annual Profit433,91913,31013,407(5,020)0.0455,6164.06%Annual Profit379,684(272,387)107,296(402,314)512,7239,4009,40019,400(20,051)0.0388,4332.84%Annual ProfitAnnual ProfitAnnual Profit
EBITDA352,79572,8310.00.00.0425,6264.29%EBITDA685,31337,71313,68520,8390.0757,5506.76%EBITDA697,871(272,387)425,484(305,477)730,96143,165272,387315,55224,5125,8080.0771,3565.64%
-6.57%10.20%3.32%17.70%10.40%Hofmann Ceramic LLC
26.59570.73531.460026.59570.73531.4600Balance SheetHofmann Ceramic CZ
&L&B Confidential&B&C&D&RPage &P
opagarwal:
opagarwal:
opagarwal:
ownership
Owners/ shareholdersHofmann CERAMIC GmbhHofmann Ceramic Ltd.,UKHofmann Ceramic CZHofmann Ceramic LLCHofmann OHG
Hofmann Ceramic Gmbh
Hartmant Hofmann12500045
Ernst reiner Hofmann12500045
Maik Eichler5000
Thorsten Reuther5000
Ludek Kunes
Martin Kunes (Sr)
Mike White10
Total260000100
% ownership
Hofmann Ceramic Gmbh24.00%100%
Hartmant Hofmann48.08%45.00%30.00%50.00%
Ernst reiner Hofmann48.08%45.00%30.00%50.00%
Maik Eichler1.92%0.00%
Thorsten Reuther1.92%0.00%
Ludek Kunes0.00%0.00%8.00%
Martin Kunes (Sr)0.00%0.00%8.00%
Mike White0.00%10.00%
Total
EBITDA633,59724,51243,16544,235165,000910,509
EV EBITDA multiple8
Enterprise Value5,068,776196,096345,320353,8801,320,0007,284,072
Less Borrowings outside148,76935,152923,5941,107,515
Less Borrowing inter group319,000546,667865,667
Share Value4,601,007196,096(201,347)318,728396,4065,310,890
Add Inter comp Loan given546,667319,000865,667
Total consideration5,147,674196,096(201,347)318,728715,4066,176,557
Allocation of Share value
Hofmann Ceramic Gmbh0.00.0(48,323)318,7280.0270,405
Hartmant Hofmann2,212,02388,243(60,404)0.0198,2032,438,065
Ernst reiner Hofmann2,212,02388,243(60,404)0.0198,2032,438,065
Maik Eichler88,4810.00.00.00.088,481
Thorsten Reuther88,4810.00.00.00.088,481
Ludek Kunes0.00.0(16,108)0.00.0(16,108)
Martin Kunes (Sr)0.00.0(16,108)0.00.0(16,108)
Mike White0.019,6100.00.00.019,610
4,601,007196,096(201,347)318,728396,4065,310,890
Allocation of Share value
Hofmann Ceramic Gmbh0.00.0(48,323)318,7280.0270,405
Hartmant Hofmann2,474,84388,243(60,404)0.0357,7032,860,385
Ernst reiner Hofmann2,474,84388,243(60,404)0.0357,7032,860,385
Maik Eichler98,9940.00.00.00.098,994
Thorsten Reuther98,9940.00.00.00.098,994
Ludek Kunes0.00.0(16,108)0.00.0(16,108)
Martin Kunes (Sr)0.00.0(16,108)0.00.0(16,108)
Mike White0.019,6100.00.00.019,610
0.00.00.00.00.06,176,557
opagarwal:from 1st Jan 2008
personal Tax
ERHHHadditional Tax
OHG Profit1,500,000.001,977,931.03
Tax0.2352352,800.000.42830,731.03477,931.03
1,147,200.001,147,200.00
RepaymentSchl
AccountBankDateOrg Amtinterestfixed untilBal 1/1/08interestRepaymentcl Bal
Euro
Hofmann OHG
610011439Spark Dillbg3/8/9674600.265.00%2/28/0812265.46613.2712265.460.00
620030882Spark Dillbg11/16/07150000.005.35%10/30/12147768.757905.6326894.37120874.38
0.000.00
3450064024VoBa Dill7/22/98306525.075.15%9/30/08277674.9714300.2618399.74259275.23
3450064032VoBa Dill12/20/01486000.004.95%12/31/06191198.359464.3256775.68134422.67
0.000.00
3403048410VoBa Herb9/19/9776693.784.90%11/30/0747404.662322.836240.0041164.66
3403183120VoBa Herb9/19/9776693.784.90%11/30/0747282.002316.826240.0041042.00
3450064008VoBa Herb1/1/07350000.005.15%7/30/16320933.1716528.0628411.94292521.23
0.000.00
169391020Commerzbank11/15/07200000.005.35%200000.0010700.0040000.00160000.00
0.000.00
0.000.00
Hofmann Ceramic Gmbh0.000.00
0.000.00
620030809Spark Dillbg11/16/07200000.005.35%10/30/12147768.757905.6334800.00112968.75
1392296.1172056.81230027.191162268.92
AccountBankDateOrg Amtinterestfixed untilBal 1/1/09interestRepaymentcl Bal
Euro
Hofmann OHG
610011439Spark Dillbg3/8/9674600.265.00%2/28/080.000.000.00
620030882Spark Dillbg11/16/07150000.005.35%10/30/12120874.386466.7828333.2292541.16
0.000.000.00
3450064024VoBa Dill7/22/98306525.075.15%9/30/08259275.2313352.6719347.33239927.91
3450064032VoBa Dill12/20/01486000.004.95%12/31/06134422.676653.9259586.0874836.59
0.000.000.00
3403048410VoBa Herb9/19/9776693.784.90%11/30/0741164.662017.076240.0034924.66
3403183120VoBa Herb9/19/9776693.784.90%11/30/0741042.002011.066240.0034802.00
3450064008VoBa Herb1/1/07350000.005.15%7/30/16292521.2315064.8429875.16262646.07
0.000.000.00
169391020Commerzbank11/15/07200000.005.35%160000.008560.0040000.00120000.00
0.000.000.00
0.000.000.00
Hofmann Ceramic Gmbh0.000.000.00
0.000.000.00
620030809Spark Dillbg11/16/07200000.005.35%10/30/12112968.756043.8334800.0078168.75
60170.17224421.78937847.13
AccountBankDateOrg Amtinterestfixed untilBal 1/1/10interestRepaymentcl Bal
Euro
Hofmann OHG
610011439Spark Dillbg3/8/9674600.265.00%2/28/080.000.000.00
620030882Spark Dillbg11/16/07150000.005.35%10/30/1292541.164950.9529849.0562692.11
0.000.000.00
3450064024VoBa Dill7/22/98306525.075.15%9/30/08239927.9112356.2920343.71219584.19
3450064032VoBa Dill12/20/01486000.004.95%12/31/0674836.593704.4162535.5912301.00
0.000.000.00
3403048410VoBa Herb9/19/9776693.784.90%11/30/0734924.661711.316240.0028684.66
3403183120VoBa Herb9/19/9776693.784.90%11/30/0734802.001705.306240.0028562.00
3450064008VoBa Herb1/1/07350000.005.15%7/30/16262646.0713526.2731413.73231232.34
0.000.000.00
169391020Commerzbank11/15/07200000.005.35%120000.006420.0040000.0080000.00
0.000.000.00
0.000.000.00
Hofmann Ceramic Gmbh0.000.000.00
0.000.000.00
620030809Spark Dillbg11/16/07200000.005.35%10/30/1278168.754182.0334800.0043368.75
48556.56231422.08706425.06
AccountBankDateOrg Amtinterestfixed untilBal 1/1/11interestRepaymentcl Bal
Euro
Hofmann OHG
610011439Spark Dillbg3/8/9674600.265.00%2/28/080.000.000.00
620030882Spark Dillbg11/16/07150000.005.35%10/30/1262692.113354.0331445.9731246.14
0.000.000.00
3450064024VoBa Dill7/22/98306525.075.15%9/30/08219584.1911308.5921391.41198192.78
3450064032VoBa Dill12/20/01486000.004.95%12/31/0612301.00608.9012301.000.00
0.000.000.00
3403048410VoBa Herb9/19/9776693.784.90%11/30/0728684.661405.556240.0022444.66
3403183120VoBa Herb9/19/9776693.784.90%11/30/0728562.001399.546240.0022322.00
3450064008VoBa Herb1/1/07350000.005.15%7/30/16231232.3411908.4733031.53198200.81
0.000.000.00
169391020Commerzbank11/15/07200000.005.35%80000.004280.0040000.0040000.00
0.000.000.00
0.000.000.00
Hofmann Ceramic Gmbh0.000.000.00
0.000.000.00
620030809Spark Dillbg11/16/07200000.005.35%10/30/1243368.752320.2334800.008568.75
36585.29185449.92520975.14
AccountBankDateOrg Amtinterestfixed untilBal 1/1/12interestRepaymentcl Bal
Euro
Hofmann OHG
610011439Spark Dillbg3/8/9674600.265.00%2/28/080.000.000.00
620030882Spark Dillbg11/16/07150000.005.35%10/30/1231246.141671.6731246.14-0.00
0.000.000.00
3450064024VoBa Dill7/22/98306525.075.15%9/30/08198192.7810206.9322493.07175699.71
3450064032VoBa Dill12/20/01486000.004.95%12/31/060.000.000.00
0.000.000.00
3403048410VoBa Herb9/19/9776693.784.90%11/30/0722444.661099.796240.0016204.66
3403183120VoBa Herb9/19/9776693.784.90%11/30/0722322.001093.786240.0016082.00
3450064008VoBa Herb1/1/07350000.005.15%7/30/16198200.8110207.3434732.66163468.15
0.000.000.00
169391020Commerzbank11/15/07200000.005.35%40000.002140.0040000.000.00
0.000.000.00
0.000.000.00
Hofmann Ceramic Gmbh0.000.000.00
0.000.000.00
620030809Spark Dillbg11/16/07200000.005.35%10/30/128568.75458.438568.750.00
26877.93149520.62371454.52
AccountBankDateOrg Amtinterestfixed untilBal 1/1/13interestRepaymentcl Bal
Euro
Hofmann OHG
610011439Spark Dillbg3/8/9674600.265.00%2/28/080.000.000.00
620030882Spark Dillbg11/16/07150000.005.35%10/30/12-0.00-0.00-0.00
0.000.000.00
3450064024VoBa Dill7/22/98306525.075.15%9/30/08175699.719048.5323651.47152048.24
3450064032VoBa Dill12/20/01486000.004.95%12/31/060.000.000.00
0.000.000.00
3403048410VoBa Herb9/19/9776693.784.90%11/30/0716204.66794.036240.009964.66
3403183120VoBa Herb9/19/9776693.784.90%11/30/0716082.00788.026240.009842.00
3450064008VoBa Herb1/1/07350000.005.15%7/30/16163468.158418.6136521.39126946.76
0.000.000.00
169391020Commerzbank11/15/07200000.005.35%0.000.000.00
0.000.000.00
0.000.000.00
Hofmann Ceramic Gmbh0.000.000.00
0.000.000.00
620030809Spark Dillbg11/16/07200000.005.35%10/30/120.000.000.00
19049.1972652.86298801.66
AccountBankDateOrg Amtinterestfixed untilBal 1/1/14interestRepaymentcl Bal
Euro
Hofmann OHG
610011439Spark Dillbg3/8/9674600.265.00%2/28/080.000.000.00
620030882Spark Dillbg11/16/07150000.005.35%10/30/12-0.00-0.00-0.00
0.000.000.00
3450064024VoBa Dill7/22/98306525.075.15%9/30/08152048.247830.4824869.52127178.73
3450064032VoBa Dill12/20/01486000.004.95%12/31/060.000.000.00
0.000.000.00
3403048410VoBa Herb9/19/9776693.784.90%11/30/079964.66488.276240.003724.66
3403183120VoBa Herb9/19/9776693.784.90%11/30/079842.00482.266240.003602.00
3450064008VoBa Herb1/1/07350000.005.15%7/30/16126946.766537.7638402.2488544.52
0.000.000.00
169391020Commerzbank11/15/07200000.005.35%0.000.000.00
0.000.000.00
0.000.000.00
Hofmann Ceramic Gmbh0.000.000.00
0.000.000.00
620030809Spark Dillbg11/16/07200000.005.35%10/30/120.000.000.00
15338.7775751.76223049.90
AccountBankDateOrg Amtinterestfixed untilBal 1/1/15interestRepaymentcl Bal
Euro
Hofmann OHG
610011439Spark Dillbg3/8/9674600.265.00%2/28/080.000.000.00
620030882Spark Dillbg11/16/07150000.005.35%10/30/12-0.00-0.00-0.00
0.000.000.00
3450064024VoBa Dill7/22/98306525.075.15%9/30/08127178.736549.7026150.30101028.43
3450064032VoBa Dill12/20/01486000.004.95%12/31/060.000.000.00
0.000.000.00
3403048410VoBa Herb9/19/9776693.784.90%11/30/073724.66182.513724.660.00
3403183120VoBa Herb9/19/9776693.784.90%11/30/073602.00176.503602.000.00
3450064008VoBa Herb1/1/07350000.005.15%7/30/1688544.524560.0440379.9648164.56
0.000.000.00
169391020Commerzbank11/15/07200000.005.35%0.000.000.00
0.000.000.00
0.000.000.00
Hofmann Ceramic Gmbh0.000.000.00
0.000.000.00
620030809Spark Dillbg11/16/07200000.005.35%10/30/120.000.000.00
11468.7573856.91149192.99
AccountBankDateOrg Amtinterestfixed untilBal 1/1/16interestRepaymentcl Bal
Euro
Hofmann OHG
610011439Spark Dillbg3/8/9674600.265.00%2/28/080.000.000.00
620030882Spark Dillbg11/16/07150000.005.35%10/30/12-0.00-0.00-0.00
0.000.000.00
3450064024VoBa Dill7/22/98306525.075.15%9/30/08101028.435202.9627497.0473531.39
3450064032VoBa Dill12/20/01486000.004.95%12/31/060.000.000.00
0.000.000.00
3403048410VoBa Herb9/19/9776693.784.90%11/30/070.000.000.00
3403183120VoBa Herb9/19/9776693.784.90%11/30/070.000.000.00
3450064008VoBa Herb1/1/07350000.005.15%7/30/1648164.562480.4742459.535705.04
0.000.000.00
169391020Commerzbank11/15/07200000.005.35%0.000.000.00
0.000.000.00
0.000.000.00
Hofmann Ceramic Gmbh0.000.000.00
0.000.000.00
620030809Spark Dillbg11/16/07200000.005.35%10/30/120.000.000.00
7683.4469956.5679236.43
AccountBankDateOrg Amtinterestfixed untilBal 1/1/17interestRepaymentcl Bal
Euro
Hofmann OHG
610011439Spark Dillbg3/8/9674600.265.00%2/28/080.000.000.00
620030882Spark Dillbg11/16/07150000.005.35%10/30/12-0.00-0.00-0.00
0.000.000.00
3450064024VoBa Dill7/22/98306525.075.15%9/30/0873531.393786.8728913.1344618.26
3450064032VoBa Dill12/20/01486000.004.95%12/31/060.000.000.00
0.000.000.00
3403048410VoBa Herb9/19/9776693.784.90%11/30/070.000.000.00
3403183120VoBa Herb9/19/9776693.784.90%11/30/070.000.000.00
3450064008VoBa Herb1/1/07350000.005.15%7/30/165705.04293.815705.04-0.00
0.000.000.00
169391020Commerzbank11/15/07200000.005.35%0.000.000.00
0.000.000.00
0.000.000.00
Hofmann Ceramic Gmbh0.000.000.00
0.000.000.00
620030809Spark Dillbg11/16/07200000.005.35%10/30/120.000.000.00
4080.6834618.1744618.26
AccountBankDateOrg Amtinterestfixed untilBal 1/1/18interestRepaymentcl Bal
Euro
Hofmann OHG
610011439Spark Dillbg3/8/9674600.265.00%2/28/080.000.000.00
620030882Spark Dillbg11/16/07150000.005.35%10/30/12-0.00-0.00-0.00
0.000.000.00
3450064024VoBa Dill7/22/98306525.075.15%9/30/0844618.262297.8430402.1614216.10
3450064032VoBa Dill12/20/01486000.004.95%12/31/060.000.000.00
0.000.000.00
3403048410VoBa Herb9/19/9776693.784.90%11/30/070.000.000.00
3403183120VoBa Herb9/19/9776693.784.90%11/30/070.000.000.00
3450064008VoBa Herb1/1/07350000.005.15%7/30/16-0.00-0.00-0.00
0.000.000.00
169391020Commerzbank11/15/07200000.005.35%0.000.000.00
0.000.000.00
0.000.000.00
Hofmann Ceramic Gmbh0.000.000.00
0.000.000.00
620030809Spark Dillbg11/16/07200000.005.35%10/30/120.000.000.00
2297.8430402.1614216.10
AccountBankDateOrg Amtinterestfixed untilBal 1/1/19interestRepaymentcl Bal
Euro
Hofmann OHG
610011439Spark Dillbg3/8/9674600.265.00%2/28/080.000.000.00
620030882Spark Dillbg11/16/07150000.005.35%10/30/12-0.00-0.00-0.00
0.000.000.00
3450064024VoBa Dill7/22/98306525.075.15%9/30/0814216.10732.1314216.100.00
3450064032VoBa Dill12/20/01486000.004.95%12/31/060.000.000.00
0.000.000.00
3403048410VoBa Herb9/19/9776693.784.90%11/30/070.000.000.00
3403183120VoBa Herb9/19/9776693.784.90%11/30/070.000.000.00
3450064008VoBa Herb1/1/07350000.005.15%7/30/16-0.00-0.00-0.00
0.000.000.00
169391020Commerzbank11/15/07200000.005.35%0.000.000.00
0.000.000.00
0.000.000.00
Hofmann Ceramic Gmbh0.000.000.00
0.000.000.00
620030809Spark Dillbg11/16/07200000.005.35%10/30/120.000.000.00
732.1314216.10-0.00
Loans
stocks
Hofmann Ceramic Gmbh Stocks
6/30/085/31/084/30/083/31/082/29/081/31/0812/31/0712/31/06
Raw Materials
Raw Materials for Filters10324.7216078.4521017.8511000.0011000.0011000.0011619.277139.00
Raw materials82573.6373927.7973531.9546000.0046000.0046000.0046942.8857122.60
Oil & Fuel20908.5125915.6824478.2010000.0010000.0010000.0010430.0015703.25
Finished Goods
Strainer Cores Germany23493.6620825.7823055.9425699.6429191.0024968.0023796.2225672.14
Strainer Cores CZ20938.4725220.1324259.2126111.6929125.0038040.0016666.6523714.37
Grobkeramik Eigene17405.56
Tech Ceramic Germany12836.8317396.1033315.037347.746741.009470.001793.3320025.53
Tech Ceramic Trading20175.497135.848381.2411169.3312361.0011822.002351.81
Extruded/ Celluler Filters36423.9842514.6942276.1629353.7933769.0039679.001971