AIRSPRAY: Strong Net Profit Growth in 2005.ALKMAAR Alkmaar (älk`mär), city (1994 pop. 92,962), North Holland prov., NW Netherlands. It is an important market town with varied industries. , Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. -- Airspray N.V. (PINK SHEETS:AYAKY)(AEX AEX See: Amsterdam Exchange :AIR): --Sales up 29% at EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 46 million (2004: EUR 35.6 million)(a) --Volume up 40% at 173 million dispensers --Net profit after tax EUR 5.6 million, up 29% (2004: EUR 4.3 million) --Proposed dividend of EUR 0.75 per share with a nominal value Nominal Value The stated value of an issued security that remains fixed, as opposed to its market value, which fluctuates. Notes: When referring to fixed-income securities, the nominal value is also the face value. of EUR 0.16, an increase of 21%. --Market launch foaming foam n. 1. a. A mass of bubbles of air or gas in a matrix of liquid film, especially an accumulation of fine, frothy bubbles formed in or on the surface of a liquid, as from agitation or fermentation. b. dishwashing detergent detergent (dētûr`jənt, dĭ–), substance that aids in the removal of dirt. Detergents act mainly on the oily films that trap dirt particles. key driver behind growth --Production capacity increased substantially - second location in the Netherlands Outlook: --For the financial year 2006, we expect net profit growth of at least 10%. Financial results Airspray realised strong growth in sales, volume and profit in 2005. Sales were up 29%, volume rose by 40% and net profit by 29% compared with 2004. The gross margin dropped to 34% (2004: 38%) due to increased raw material costs, the product mix effect and the conscious decision to penetrate in a category in which Airspray was barely active: household products. While the marketing efforts in recent years focused primarily on cosmetics cosmetics, preparations externally applied to change or enhance the beauty of skin, hair, nails, lips, and eyes. The use of body paint for ornamental and religious purposes has been common among primitive peoples from prehistoric times (see body-marking). and personal care, in 2005 Airspray also developed activities in the market for dishwashing detergents, based on a completely new concept. Although margins in this market are somewhat lower than the average margins Airspray realises in the personal care and cosmetics industry, it offers strong growth potential. A considerable proportion of the growth in 2005 was realised in this category. In addition, Airspray's dispensers were also introduced in two other market segments in which the company was barely active: products for pet and baby care. Since successful launches in new categories are often followed by other consumer products manufacturers, these first launches in new categories are of great importance. (a) All financial figures in 2005 are based on IFRS IFRS International Financial Reporting Standard(s) IFRS Inter Frame Relay Service IFRS Indiana Facilities Registry System , 2004 figures have been restated accordingly. Operational costs have developed positively. Both G&A and selling expenses, which together accounted for 16% of turnover in 2004, dropped to 14% of turnover. Operational result was EUR 8.9 million. In 2005, Airspray implemented a new dollar policy to reduce the effect of the dollar on the result, while on the other hand Airspray can benefit from favourable dollar exchange rate fluctuations. Net result was EUR 5.6 million, an increase of 29% compared with 2004. Earnings per share were up 27% at EUR 1.04 (2004: EUR 0.82). In 2005, EUR 3.7 million was invested in the expansion of production capacity, including a new production facility in Alkmaar. Airspray has sufficient room to further expand the production capacity in the Netherlands in the coming years. Airspray further strengthened its balance sheet in 2005. With the exception of the mortgage on the Alkmaar premises premises n. 1) in real estate, land and the improvements on it, a building, store, shop, apartment, or other designated structure. The exact premises may be important in determining if an outbuilding (shed, cabana, detached garage) is insured or whether a person , the company once again did not have to make use of any kind of credit in 2005. Before the payment of dividend, group equity increased to EUR 33,8 million at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2005. This puts the solvency ratio Solvency Ratio One of many ratios used to gauge a company's ability to meet long-term obligations. Notes: Derived by taking a company's net worth and dividing by total assets. See also: Asset, Asset Valuation, Balance Sheet, Fundamental Analysis, Income Statement at 77% at year-end 2005. The return on invested capital was 25% in 2005 (2004: 26%). Taking into account the fact that Airspray expects relatively high investments with regard to moulding activities for 2006, the Stichting Prioriteit Airspray proposes to pay a cash dividend of EUR 0.75 per share (from EUR 0.63 in 2004), which means a pay-out ratio of 72% (from 77% in 2004). Developments in 2005 Airspray saw sales increase in all geographical markets important to the company. The turnover expressed in euros was divided as follows: 62% from North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , 34% from Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and 4% from other regions. The
number of active clients once again increased and the average turnover
per client increased strongly by 26% compared to 2004.A further important development was the launch of various consumer products based on Airspray's dispensers in new categories, including foaming dishwashing detergents which were launched on both the American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of and the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. markets under brands such as Dawn, Fairy fairy, in folklore, one of a variety of supernatural beings endowed with the powers of magic and enchantment. Belief in fairies has existed from earliest times, and literatures all over the world have tales of fairies and their relations with humans. and Dreft Dreft is a popular laundry detergent in the United States, Canada, and other markets. First produced by Procter & Gamble in 1933, it was the first synthetic detergent in the United States. . The market for household products is characterised by high volumes and Airspray is therefore pleased with this new application. Other new applications in which Airspray's dispensers were introduced were baby care products and pet care products. The number of markets in which Airspray is active increases every year, which means the potential total volume also increases every year. The new dispensers added to the range in recent years have been very well received. In the course of 2005, the first shipments were made of the WRT WRT - with regard to, with respect to. 6, a water resistant tabletop T1 version. In 2006, we will introduce the 2cc Symplicity and a completely new foaming concept. Turnover per segment In 2005, the hand soap segment proved the most important to Airspray, with a turnover share of 38% (from 30% in 2004). This application has surpassed the skin care segment, accounting for 27% of turnover (from 36% in 2004), which was the most important market for Airspray in the previous year. A further notable development is the reduction in the turnover share of the hair care segment to 15% (from 20% in 2004). The two segments hair care and skin care did grow in absolute terms (Alg.) such as are known, or which do not contain the unknown quantity. See also: Absolute in 2005. The new household segment is becoming more important as a category and contributed 11% of turnover in 2005. Sun care showed a slight drop to 6% (from 9% in 2004). The segment "other" contributed 3% (from 5% in 2004). Management After seven years as CFO See Chief Financial Officer. at Airspray, Mr. Jan van der Schaaff has announced he has accepted a new opportunity. The Supervisory Board Supervisory board The board of directors that represents stakeholders in the governance of the corporation. and management wish to thank Jan van der Schaaff for his significant contribution to the company and wish him success in his new position. Jan van der Schaaff will remain in his current position until 1 June June: see month. . The search for a successor will commence shortly. Outlook for 2006 In 2005, the company again strengthened its commercial position. The order portfolio and the clear prospect of new projects leads towards positive expectations for the 2006 financial year. Not withstanding the exceptional volume growth in 2005, management expects a growth of at least 10% in both volume and net profit for the 2006 financial year. Airspray profile Airspray is an important producer of high value-added val·ue-add·ed adj. Of or relating to the estimated value that is added to a product or material at each stage of its manufacture or distribution: , innovative dispensers. It is the market leader in mechanical instant foam dispensers and sells its products to manufacturers of consumer products who include multinationals such as Procter
Either of two linked companies, Unilever PLC (based in London) and Unilever NV (based in Rotterdam). They are the holding companies for more than 500 firms worldwide that manufacture and sell soaps, foods, and other products. , Colgate Colgate may refer to:
provision of drugs or medicines as set out properly on a lawful prescription. A prescription can only be filled, the drugs supplied, by a registered pharmacist, veterinarian, dentist or member of the medical profession. solutions to mass production and in worldwide marketing. Airspray now has several dispenser types that all operate without gas propellants. Airspray has been listed on Euronext  Euronext N.V. is a pan-European stock exchange based in Paris[1] Amsterdam Amsterdam, city, NetherlandsAmsterdam (ăm`stərdăm', Dutch ämstərdäm`), city (1994 pop. 724,096), constitutional capital and largest city of the Kingdom of the Netherlands, North Holland prov. since May 1998. In the U.S., the company is traded over-the-counter ("AYAKY").
CONSOLIDATED PROFIT AND LOSS ACCOUNT at December 31
In EUR x 1,000
2005 2004 growth %
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Net sales 45.968 35.641 29%
Cost of sales -30.568 -22.020 39%
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Gross margin 15.400 13.621 13%
Selling expenses -679 -637
G & A expenses -5.870 -5.234
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-6.549 -5.871 12%
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Operational result 8.851 7.750 14%
Financial income/expenses -597 -1.084 -45%
Result before tax 8.254 6.666 24%
Tax -2.686 -2.340(b) 15%
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Net profit 5.568 4.326 29%
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RATIOS
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In EUR.
Earnings per share (ave.) 1.04 0.82
Cash flow per share (ave.) 1.41 1.100
Equity per share 6.20 5.22 (1-1-05)
In %
Gross margin 34% 38%
Operational margin 19% 22%
Number of shares (average) 5.361.974 5.287.842
Number of shares (end) 5.441.667 5.287.842
(b) During 2005 it became evident, that in applying a US tax incentive program for investments through 2004 insufficient future tax consequences were taken into account. The correction in the 2004 P&L was EUR 29.000; the correction in 2004's shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. was EUR 184.000.
CONSOLIDATED BALANCE SHEET (c)
In EUR x 1,000
ASSETS 31/12/2005 01/01/2005
FIXED ASSETS
Intangible fixed assets 3.313 2.565
Tangible fixed assets 19.724 17.512
Financial fixed assets 892 2.046
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23.929 22.123
CURRENT ASSETS
Inventories 5.517 4.052
Receivables
Debtors 10.002 7.353
Taxes and social sec.contr. 1.486 605
Other receivables 705 662
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12.193 8.62
Cash 2.026 1.449
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Total assets 43.665 36.244
======= =======
LIABILITIES 31/12/2005 01/01/2005
Shareholders'equity 33.761 27.623
Provisions 1.415 810
Long-term debts 2.230 2.308
Current liabilities
Trade creditors 4.391 3.488
Taxes and social sec.contr. 438 369
Other liabilities 1.43 1.646
----------- -----------
6.259 5.503
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Total liabilities 43.665 36.244
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(c) Figures could be further adjusted for presentation purposes in relation to the adaption adaption see adaptation. of IFRS
CONSOLIDATED CASH FLOW STATEMENT
in EUR x 1,000
Cash flow from operational activities
2005 2004
Operational result 8.851 7.750
Depreciation/amortisation 1.988 1.639
---------------------------
10.839 9.389
Movements in working capital
Trade accounts receivable -2.649 -1.013
Inventories -1.465 -842
Trade creditors 903 1.303
Other receivables and debts -1.071 105
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-4.282 -447
Other movements
Financial income/expenses -597 -1.084
Tax -2.686 -2.340
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-3.283 -3.424
Cash flow from business operations 3.274 5.518
Cash flow from investment activities
Investment in intangible assets -935 -824
Investment in tangible assets -3.727 -3.557
Desinvestments 1 3
Loan redemption 1.154 598
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Cash flow from investment activities -3.507 -3.780
Cash flow from financing activities
Addition to shareholders'equity (SBP) 146 89
Proceeds from issuance of shares 2.495 -
Dividend paid -3.339 -3.331
Movement in long-term debts -78 -58
Movement in provision 605 256
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Cash flow from financing activities -171 -3.044
Net cash flow -404 -1.306
Exchange rate and conversion difference 981 -762
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Change in cash items 577 -2.068
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CHANGES SHAREHOLDERS' EQUITY 2005
In EUR x 1.000
Shareholders' equity as per 1-1-2005 27.623
Net profit 5.568
Translation difference foreign subsidiary 1.269
Share issue 2.495
Dividend -3.339
Share based payments 145
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Shareholders' equity as per 31-12-2005 33.761
(d) after correction deferred tax USA ad EUR 213 |
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