- Email: [email protected]
Company Profile
September 2001
Filtration Industry Analyst
Noritake Co Ltd, Japan Profile Noritake Co Ltd's activities focus on industrial products, tableware, electronics, ceramics and engineering. The company's products can be found in homes, businesses and factories throughout Japan, North America, Europe, Oceania and other countries in Asia. Analysis For fiscal year ended 31 March 2000, Noritake's consolidated net sales fell by 4.1% to ¥118 720 million. Operating income rose by about 23% to ¥4245 million, and net income at ¥2269 million was well up from the ¥206 million posted for the previous financial year. Although sales declined, the company was able to improve both operating and net income. By group, sales from the Industrial Products Group decreased by around 2% to ¥49 302 million, while sales recorded by the Electronics, Ceramics, and Engineering Group slipped 1.7% to ¥37 961 million. The Tabletop Group's sales declined by 10% to ¥31 457 million. During fiscal 2000, Noritake spent ¥674 million on research and development. The Electronics, Ceramics and Engineering Group is continuing to reinforce its ongoing development of environment-friendlyenergy, and research is now proceeding in two main area: photo-catalytic ceramic filters that can be used in deodorizing processes, and ceramic membranes for separating gas at high temperatures. The group's new photocatalytic ceramic filters were put into commercial production during fiscal 2001. The ceramic membranes are capable of separating hydrogen gas at 800°C, which will make them suitable for use in certain types of fuel cells. During fiscal 2000 the company embarked on a complete overhaul of its operations. These reforms are intended not merely to
establish business operations and bodies that are more effective, but also to correct distortions and misalignments that have arisen in the past. In response to the increasingly fragmented and specialized market place, the Electronics, Ceramics and Engineering Group was split into three separate business groups - the Ceramics Group, the Electronics Group, and the Environmental Engineering Group. The latter group has a particularly important role to play as the company addresses the environment-relatedbusiness.
Key Figures ('4 million) 1 Noritake Co Ltd
Year ended 31.3 2000
1999
1998
1997
1996
118720
123851
126468
118197
113868
Operating Income
4245
3455
5106
4316
3626
Net Income
2269
206
3074
2258
2065
Total Assets
Net Sales
126 415
129 420
131 760
130 526
134 029
Total Shareholder's Equity
63 519
63 760
66 107
64 318
63 584
Net Income per Share
¥14.10
¥1.28
¥19.10
¥14.03
¥12.83
1 Exceptper sharedata (diluted). Contact Details President and Representative Director: Address:
Takashi Iwasaki 1-36 Noritake-shinmachi 3-chome Nishi-ku Nagoya 451-8501 Japan
Tel: +81 52 561 7113 Fax: +81 52 561 9721 Web: www.noritake.com
Recent Events • In response to the increasingly fragmented and specialized market, on 1 April 2000 the Electronics, Ceramics and Engineering Group was split into three separate business groups - the Ceramics Group, the Electronics Group and the Environmental Engineering Group. • Noritake's photo-catalytic ceramic filters for deodorizing processes were put into commercial production during fiscal 2001.
Ii
Filtration Industry Analyst
September 2001
Whatman plc, UK Profile Whatman plc is an international separations technology business that operates in specialist markets which it terms its Laboratory Filtration, Healthcare and BioScience sectors.
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Analysis For Whatman plc's established businesses - Laboratory Filtration and Healthcare - sales for the year ended 31 December 2000 rose by 13%, compared with 1999's performance. The results were driven by a 20% increase in the company's microfiltration sales and a 17% rise in its healthcare sales. Coupled with an impressive 81% growth in the company's BioScience business, total sales for Whatman's continuing operations rose by 15%. Excluding the effects of exchangerate movements and the full-year effect of 1999's acquisitions, growth was approximately 12%. Regionally, the strongest growth was experienced in Continental Europe and the Asia Pacific region, which achieved growth rates from continuing operations of 18% and 25%, respectively. Sales of Laboratory Filtration products, which account for 62% of continuing business turnover, grew by 11%, and underlying operating profit increased by 27%. Traditional filter papers contributed a commendable 6% increase in Whatman's sales. Healthcare sales rose by a very satisfying 17% compared with 1999's performance. This sector accounts for 34% of continuing business turnover, and operational gearing and restructuring has greatly improved its operating profit. The emphasis on taking the company's enhanced separations media and membranes to a broader customer base appears to be bearing fruit and Whatman is seeing success in all sectors of its healthcare business. Clinical diagnostics and medical filtration, for example, both had a particularly good year, increasing sales by 27% and 26%, respectively. However both were outshone by
BioScience, where sales improved by 81% compared with the previous year, to reach £3.3 million. The company continues to invest aggressively in research and development efforts, and in building its sales and marketing infrastructure. This sector of the company's operations accounts for 4% of continuing business turnover. Whatman launched several new products towards the end of the year. The most important, which is now beginning to make an impact in the market and on results, is its filtration system for purifying DNA from blood.
Key Figures (£ million) t Whatman plc
Year ended 31.12 2000
1999
1998
1997
19962
98.7
106.8
96.3
92.9
92.4
O p e r a t i n g Profit
12.5
11.6
15.9
15.3
12.8
Profit before Taxation
34.0
10.2
15.0
14.6
11.8
Profit Attributable to S h a r e h o l d e r s
24.9
7.6
10.1
9.3
7.2
£0.20
£0.06
£0.08
£0.08
£0.06
Turnover
E a r n i n g s per S h a r e
1 Except per share data (basic). Previous years' earnings per share, dividends per share and share price have been restated to reflect the 5:1 subdivision of shares that took place during the year. 2 Figures for 1996 have been restated to reflect the changes in accounting policies, in respect of long-term incentive plans, and the translation of the results of overseas subsidiary undertakings that were incorporated into the results of 1997.
Contact Details Chief Executive: Address:
David Smith 20/20 Maidstone Kent ME16 0LS UK
Tel: +44 1622 676 670 Fax: +44 1622 677 011 Web: www.whatman.com
Recent Events • During May 2001, Whatman plc completed the acquisition of the fixed assets and inventory of HemaSure Inc. The transaction, originally announced in February 2001, was subject to the approval of HemaSure's shareholders.
6
Filtration Industry Analyst
Noritake Co Ltd, Japan Profile Noritake Co Ltd's activities focus on industrial products, tableware, electronics, ceramics and engineering. The company's products can be found in homes, businesses and factories throughout Japan, North America, Europe, Oceania and other countries in Asia. Analysis For fiscal year ended 31 March 2000, Noritake's consolidated net sales fell by 4.1% to ¥118 720 million. Operating income rose by about 23% to ¥4245 million, and net income at ¥2269 million was well up from the ¥206 million posted for the previous financial year. Although sales declined, the company was able to improve both operating and net income. By group, sales from the Industrial Products Group decreased by around 2% to ¥49 302 million, while sales recorded by the Electronics, Ceramics, and Engineering Group slipped 1.7% to ¥37 961 million. The Tabletop Group's sales declined by 10% to ¥31 457 million. During fiscal 2000, Noritake spent ¥674 million on research and development. The Electronics, Ceramics and Engineering Group is continuing to reinforce its ongoing development of environment-friendlyenergy, and research is now proceeding in two main area: photo-catalytic ceramic filters that can be used in deodorizing processes, and ceramic membranes for separating gas at high temperatures. The group's new photocatalytic ceramic filters were put into commercial production during fiscal 2001. The ceramic membranes are capable of separating hydrogen gas at 800°C, which will make them suitable for use in certain types of fuel cells. During fiscal 2000 the company embarked on a complete overhaul of its operations. These reforms are intended not merely to
establish business operations and bodies that are more effective, but also to correct distortions and misalignments that have arisen in the past. In response to the increasingly fragmented and specialized market place, the Electronics, Ceramics and Engineering Group was split into three separate business groups - the Ceramics Group, the Electronics Group, and the Environmental Engineering Group. The latter group has a particularly important role to play as the company addresses the environment-relatedbusiness.
Key Figures ('4 million) 1 Noritake Co Ltd
Year ended 31.3 2000
1999
1998
1997
1996
118720
123851
126468
118197
113868
Operating Income
4245
3455
5106
4316
3626
Net Income
2269
206
3074
2258
2065
Total Assets
Net Sales
126 415
129 420
131 760
130 526
134 029
Total Shareholder's Equity
63 519
63 760
66 107
64 318
63 584
Net Income per Share
¥14.10
¥1.28
¥19.10
¥14.03
¥12.83
1 Exceptper sharedata (diluted). Contact Details President and Representative Director: Address:
Takashi Iwasaki 1-36 Noritake-shinmachi 3-chome Nishi-ku Nagoya 451-8501 Japan
Tel: +81 52 561 7113 Fax: +81 52 561 9721 Web: www.noritake.com
Recent Events • In response to the increasingly fragmented and specialized market, on 1 April 2000 the Electronics, Ceramics and Engineering Group was split into three separate business groups - the Ceramics Group, the Electronics Group and the Environmental Engineering Group. • Noritake's photo-catalytic ceramic filters for deodorizing processes were put into commercial production during fiscal 2001.
Ii
Filtration Industry Analyst
September 2001
Whatman plc, UK Profile Whatman plc is an international separations technology business that operates in specialist markets which it terms its Laboratory Filtration, Healthcare and BioScience sectors.
© >. Z < ©
Analysis For Whatman plc's established businesses - Laboratory Filtration and Healthcare - sales for the year ended 31 December 2000 rose by 13%, compared with 1999's performance. The results were driven by a 20% increase in the company's microfiltration sales and a 17% rise in its healthcare sales. Coupled with an impressive 81% growth in the company's BioScience business, total sales for Whatman's continuing operations rose by 15%. Excluding the effects of exchangerate movements and the full-year effect of 1999's acquisitions, growth was approximately 12%. Regionally, the strongest growth was experienced in Continental Europe and the Asia Pacific region, which achieved growth rates from continuing operations of 18% and 25%, respectively. Sales of Laboratory Filtration products, which account for 62% of continuing business turnover, grew by 11%, and underlying operating profit increased by 27%. Traditional filter papers contributed a commendable 6% increase in Whatman's sales. Healthcare sales rose by a very satisfying 17% compared with 1999's performance. This sector accounts for 34% of continuing business turnover, and operational gearing and restructuring has greatly improved its operating profit. The emphasis on taking the company's enhanced separations media and membranes to a broader customer base appears to be bearing fruit and Whatman is seeing success in all sectors of its healthcare business. Clinical diagnostics and medical filtration, for example, both had a particularly good year, increasing sales by 27% and 26%, respectively. However both were outshone by
BioScience, where sales improved by 81% compared with the previous year, to reach £3.3 million. The company continues to invest aggressively in research and development efforts, and in building its sales and marketing infrastructure. This sector of the company's operations accounts for 4% of continuing business turnover. Whatman launched several new products towards the end of the year. The most important, which is now beginning to make an impact in the market and on results, is its filtration system for purifying DNA from blood.
Key Figures (£ million) t Whatman plc
Year ended 31.12 2000
1999
1998
1997
19962
98.7
106.8
96.3
92.9
92.4
O p e r a t i n g Profit
12.5
11.6
15.9
15.3
12.8
Profit before Taxation
34.0
10.2
15.0
14.6
11.8
Profit Attributable to S h a r e h o l d e r s
24.9
7.6
10.1
9.3
7.2
£0.20
£0.06
£0.08
£0.08
£0.06
Turnover
E a r n i n g s per S h a r e
1 Except per share data (basic). Previous years' earnings per share, dividends per share and share price have been restated to reflect the 5:1 subdivision of shares that took place during the year. 2 Figures for 1996 have been restated to reflect the changes in accounting policies, in respect of long-term incentive plans, and the translation of the results of overseas subsidiary undertakings that were incorporated into the results of 1997.
Contact Details Chief Executive: Address:
David Smith 20/20 Maidstone Kent ME16 0LS UK
Tel: +44 1622 676 670 Fax: +44 1622 677 011 Web: www.whatman.com
Recent Events • During May 2001, Whatman plc completed the acquisition of the fixed assets and inventory of HemaSure Inc. The transaction, originally announced in February 2001, was subject to the approval of HemaSure's shareholders.
6