Page 21 - Glass Machinery Plants & Accessories no. 3/2018

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< Net sales in the EMEA segment increased primarily as w
a result of favourable price and mix of product sold,
partially offset by lower volumes and an unfavourable
currency impact.
Net sales in Other were down primarily as a result of
lower sales in China.
The company’s effective tax rate was (20.4)% for 2017,
compared to 63.7% in the year-ago period. The change
in the effective tax rate was driven by several items,
including the non-deductible goodwill impairment
charge, a 2017 charge of USD 6.7 million related to the
revaluation of net deferred tax assets caused by the US
tax reform, low pre-tax income relative to unfavourable
tax adjustments for non-deductible expenses, the timing
and mix of pre-tax income earned in tax jurisdictions
with varying tax rates, and the impact of foreign
exchange losses compared to gains in the prior period.
The company had available capacity of USD 91.9
million under its ABL credit facility at 31 December
2017, with no loans outstanding and cash on hand of
USD 24.7 million. When it comes to
At 31 December 2017, Trade Working Capital, defined
as inventories and accounts receivable less accounts
payable, was USD 199.5 million, an increase of USD service, the sky is
16.0 million from USD 183.5 million at 31 December
2016. The increase was a result of higher inventories
and higher accounts receivable, partially offset by not the limit...
higher accounts payable. USD 7.8 million of the
increase in Trade Working Capital was attributable to
the effect of currency.
The company is anticipating improved global
macroeconomic conditions in 2018. In addition, the
company expects that our industry and competitive
trends will improve, but remain challenged. As such,
outlook for full-year 2018 includes the following:
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to the full-year 2017, on a reported basis
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to USD 55 million
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percent of net sales around 17%
For the first half of 2018, the company projects the GLOBAL SUPPORT TO MAKE
following: THE MOST OF YOUR INVESTMENT
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We’re not in space (yet) but the Tiama team is there for you with
compared to the first half of 2017, on a reported
more than 70 international experts, offering the best in service,
basis
support and training backup. We offer local customer support,
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on-line spare-parts catalogs, a 24/7 hotline and remote trouble-
Jim Burmeister, vice president, chief financial officer,
shooting. Our team also provides excellent training programs which
commented, “We successfully amended and extended
help you make the most of your investment and help you identify
our ABL credit facility during the fourth quarter and
our liquidity remains strong. Over the course of fiscal problems before they happen. So, watch this space to see how our
year 2017, we paid USD 24.4 million on our Term service will help you prepare for Manufacturing Intelligence.
Loan B debt, and plan to continue to prioritize debt
reduction with excess cash flow over the near-term
horizon.”

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