-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Jz3urz0FnVLgtmj+nG6RGDe6YETwilHEL6tYIIDh7gZq98jVVB+EspFZ62PZ7XVY uLspfliZS9Qhz+EUhUZzpA== 0000895345-04-000802.txt : 20041104 0000895345-04-000802.hdr.sgml : 20041104 20041104162823 ACCESSION NUMBER: 0000895345-04-000802 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041104 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20041104 DATE AS OF CHANGE: 20041104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: METTLER TOLEDO INTERNATIONAL INC/ CENTRAL INDEX KEY: 0001037646 STANDARD INDUSTRIAL CLASSIFICATION: LABORATORY ANALYTICAL INSTRUMENTS [3826] IRS NUMBER: 133668641 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13595 FILM NUMBER: 041119967 BUSINESS ADDRESS: STREET 1: IM LANGACHER P O BOX MT-100 STREET 2: CH 8606 GREIFENSEE CITY: SWITZERLAND STATE: V8 ZIP: 10022 BUSINESS PHONE: 2126445900 MAIL ADDRESS: STREET 1: IM LANGACHER STREET 2: P O BOX MT 100 CH 8606 GREIFENSEE CITY: SWITZERLAND STATE: V8 ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: METTLER TOLEDO INTERNATIONAL INC DATE OF NAME CHANGE: 19971117 FORMER COMPANY: FORMER CONFORMED NAME: MT INVESTORS INC DATE OF NAME CHANGE: 19970411 8-K 1 tp8k.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): November 4, 2004 METTLER-TOLEDO INTERNATIONAL INC. (Exact name of registrant as specified in its charter) Delaware File No. 001-13595 13-3668641 (State of incorporation) (Commission File Number) (IRS Employer Identification No.) Im Langacher, P.O. Box MT-100 CH-8606, Greifensee, Switzerland ------------------------------------------ (Address of principal executive offices) (zip code) Registrant's telephone number, including area code: +41-1-944-2211 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION The following information is furnished pursuant to Item 2.02, "Results of Operations and Financial Condition." The information furnished in this Form 8-K and the Exhibit attached hereto shall not be treated as filed for purposes of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. On November 4, 2004, Mettler-Toledo International Inc. ("Mettler-Toledo") issued a press release (the "Release") setting forth its financial results for the three and nine months ended September 30, 2004. A copy of the Release is furnished hereto as Exhibit 99.1 to this report. NON-GAAP FINANCIAL MEASURES Mettler-Toledo supplements its U.S. GAAP results with non-GAAP financial measures. The principal non-GAAP financial measures Mettler-Toledo uses are Adjusted Operating Income and Free Cash Flow. Adjusted Operating Income Mettler-Toledo defines Adjusted Operating Income as gross profit less research and development, selling, general and administrative expenses and restructuring charges, before amortization, interest, other charges and taxes. The most directly comparable U.S. GAAP financial measure is net earnings. Mettler-Toledo believes that Adjusted Operating Income is important supplemental information for investors. Adjusted Operating Income is used internally as the principal profit measurement by its segments in their reporting to management. Mettler-Toledo uses this measure because it excludes amortization, interest, other charges and taxes, which are not allocated to the segments. On a consolidated basis, Mettler-Toledo also believes Adjusted Operating Income is an important supplemental method of measuring profitability. It is used internally by senior management for measuring profitability and setting performance targets for managers, and has historically been used as one of the means of publicly providing guidance on possible future results. Mettler-Toledo also believes that Adjusted Operating Income is an important performance measure because it provides a measure of comparability to other companies with different capital or legal structures, which accordingly may be subject to disparate interest rates and effective tax rates, and to companies which may incur different amortization expenses or impairment charges related to intangible assets. Adjusted Operating Income is used in addition to and in conjunction with results presented in accordance with U.S. GAAP. Adjusted Operating Income is not intended to represent operating income under U.S. GAAP and should not be considered as an alternative to net earnings as an indicator of Mettler-Toledo's performance because of the following limitations. -2- Limitations of Mettler-Toledo's non-GAAP measure, Adjusted Operating Income Mettler-Toledo's non-GAAP measure, Adjusted Operating Income, has certain material limitations as follows: o It does not include interest expense. Because Mettler-Toledo has borrowed money to finance some of its operations, interest is a necessary and ongoing part of its costs and has assisted Mettler-Toledo in generating revenue. Therefore any measure that excludes interest expense has material limitations. o It does not include taxes. Because payment of taxes is a necessary and ongoing part of Mettler-Toledo's operations, any measure that excludes taxes has material limitations. o It excludes amortization expense and other charges. Because these items are recurring, any measure that excludes them has material limitations. Free Cash Flow Mettler-Toledo defines Free Cash Flow as net cash provided by operating activities less capital expenditures and refinancing fees, before restructuring payments. The most directly comparable U.S. GAAP financial measure is net cash provided by operating activities. Mettler-Toledo believes Free Cash Flow is important supplemental information for investors. It is used internally by senior management for measuring operating cash flow generation and setting performance targets for managers, and has historically been used as one of the means of providing guidance on possible future cash flows. Free Cash Flow is used in addition to and in conjunction with results presented in accordance with U.S. GAAP. Free Cash Flow is not intended to represent net cash provided by operating activities recorded under U.S. GAAP and should not be considered as an alternative to net cash provided by operating activities as an indicator of Mettler-Toledo's performance because of the following limitations. Limitations of Mettler-Toledo's non-GAAP measure, Free Cash Flow Mettler-Toledo's non-GAAP measure, Free Cash Flow, has certain material limitations as follows: o It includes purchases of property, plant and equipment and refinancing fees, which are not considered to be components of net cash provided by operating activities under U.S. GAAP. Therefore any measure that includes purchases of property, plant and equipment and refinancing fees has material limitations. o It excludes restructuring payments, which are considered to be a component of net cash provided by operating activities under U.S. GAAP. Therefore any measure that excludes restructuring payments has material limitations. Adjusted Operating Income and Free Cash Flow should not be relied upon to the exclusion of U.S. GAAP financial measures, but reflect additional measures of comparability and means of viewing aspects of Mettler-Toledo's operations that, when viewed together with its U.S. GAAP results and the accompanying reconciliations to net earnings and net cash provided by operating activities, provide a more complete understanding of factors and trends affecting its business. -3- Because Adjusted Operating Income and Free Cash Flow are not standardized, it may not be possible to compare with other companies' non-GAAP financial measures having the same or similar names. We strongly encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. The Release provides a reconciliation of Adjusted Operating Income and Free Cash Flow to the most comparable financial measures recorded under U.S. GAAP. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS Exhibit No. Description - ----------- ----------- 99.1 Press release, dated November 4, 2004, issued by Mettler-Toledo International Inc. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. METTLER-TOLEDO INTERNATIONAL INC. Dated: November 4, 2004 By: /s/ William P. Donnelly ----------------------------- William P. Donnelly Chief Financial Officer -4- EX-99.1 2 tp8kex99_1.txt EXHIBIT 99.1 METTLER-TOLEDO INTERNATIONAL INC. REPORTS THIRD QUARTER 2004 RESULTS - - SOLID EARNINGS AND CASH FLOW GENERATION - - -- ADDITIONAL $200 MILLION STOCK REPURCHASE PROGRAM AUTHORIZED -- GREIFENSEE, Switzerland and COLUMBUS, Ohio, USA - November 4, 2004 - Mettler-Toledo International Inc. (NYSE: MTD) today announced net earnings of $24.6 million, or $0.54 per share on a diluted basis, for the quarter ended September 30, 2004. This compares with net earnings per share of $0.53 for the third quarter of 2003. Costs related to the previously disclosed investigation included in the third quarter 2004 net earnings amounted to $0.04 per share. Sales for the quarter were $342.0 million, compared with $320.8 million in the prior year. This represents a 7% increase in reported sales, consisting of a 3% increase in local currency sales and a 4% increase due to currency. Adjusted operating income amounted to $40.9 million, compared with $39.8 million last year. Included in adjusted operating income in the current quarter are $2.7 million in investigation costs. Operating cash flow in the quarter increased 20% over the prior year to $47.0 million. Sales for the nine-month period were $1.005 billion, compared with $934.0 million in the prior year. This represents an 8% increase in reported sales, consisting of 3% local currency sales growth and a 5% increase due to currency. For the nine-month period, net earnings per share were $1.57 in 2004, compared with $1.38 in 2003. The 2004 amount includes $0.06 per share in investigation costs. The 2003 amount includes a restructuring charge related to the closure of the Company's French manufacturing facility. Net earnings per share for the 2003 period would have been $0.09 higher without this charge. Adjusted operating income for the nine month period was $120.4 million in 2004 and $107.8 million in 2003. Adjusted operating income in 2004 includes investigation-related costs of $3.9 million and in 2003 includes the restructuring charge of $5.4 million. Operating cash flow for the nine-month period was $121.9 million, versus $78.5 million in the prior period, an increase of 55%. Robert F. Spoerry, Chairman, President and Chief Executive Officer, stated, "We are pleased with our operating performance in the quarter. Local currency sales growth was in line with our expectations and gross margins were strong. Most product lines achieved growth, with our business in China particularly robust. We are also pleased to deliver another quarter of solid cash flow generation." The Board of Directors had previously authorized a $100 million stock repurchase program through the end of 2005 of which the Company has spent $60 million to date. The Company expects to utilize the remainder of the current program by year end. The Company announced that the Board of Directors authorized an additional $200 million in share repurchases through December 31, 2006. Spoerry commented, "Our cash flow generation is excellent, and the expanded share repurchase program reflects our continued confidence in the strength of our franchise. We believe this program will enhance shareholder value and given our strong balance sheet and growing cash flow will not constrain our acquisition strategy." The Company added that repurchases will be made through open market transactions, and the timing will depend on the level of acquisition activity, business and market conditions, stock price, trading restrictions and other factors. Spoerry concluded, "The economic outlook for the next year remains uncertain given the potential impact of higher oil prices and the strength of the recovery in Europe. While this uncertainty remains a concern, we are confident that our strategic initiatives remain well on track. These initiatives include improving the effectiveness of our sales, service and marketing organization; introducing exciting new products; and continuing efforts to improve the efficiency of our supply chain. Based on these growth initiatives and an economic environment similar to today's, we are currently targeting 2005 EPS in the range of $2.65 to $2.75, assuming local currency sales growth of 3% to 5% before acquisitions." The Company noted that the EPS guidance does not reflect proposed accounting changes for equity-based compensation. The Company added that it expects 2004 EPS to be at the high end of the current guidance of $2.35 to $2.40 per share, excluding investigation-related costs. The Company estimates that the remaining costs associated with the investigation will be between $1 million and $2 million through the end of 2004. For the nine months ended September 30, 2004, the Company reported local currency sales growth of 3% in the Americas and 16% in Asia and Rest of World and a 1% decline in local currency sales in Europe. The Company will host a conference call to discuss its third quarter results today (Thursday, November 4) at 5:00 p.m. Eastern Time. To hear a live webcast or replay of the call, visit the investor relations page on the Company's website at www.mt.com. METTLER TOLEDO is a leading global supplier of precision instruments and services. The Company is the world's largest manufacturer and marketer of weighing instruments for use in laboratory, industrial and food retailing applications. The Company also holds top-three market positions in several related analytical instruments and is a leading provider of automated chemistry systems used in drug and chemical compound discovery and development. In addition, the Company is the world's largest manufacturer and marketer of metal detection and other end-of-line inspection systems used in production and packaging and holds a leading position in certain process analytics applications. Additional information about METTLER TOLEDO can be found on the World Wide Web at "www.mt.com." Statements in this discussion which are not historical facts may be considered "forward-looking statements" that involve risks and uncertainties. For a discussion of these risks and uncertainties, which could cause actual events or results to differ from those contained in the forward-looking statements, see Exhibit 99.1 to the Company's Annual Report on Form 10-K for the most recently ended fiscal year. The Company assumes no obligation to update this press release. METTLER-TOLEDO INTERNATIONAL INC. COMPARATIVE FINANCIAL INFORMATION (AMOUNTS IN THOUSANDS EXCEPT SHARE DATA)
THREE months ended THREE months ended September 30, 2004 September 30, 2003 (unaudited) % (unaudited) % Net sales $ 342,048 100.0 (a) $ 320,814 100.0 Cost of sales 176,293 51.5 168,950 52.7 ---------- ------ ------------ ------ Gross profit 165,755 48.5 151,864 47.3 Research and development 20,190 5.9 19,277 6.0 Selling, general and administrative 104,683 30.6 92,783 28.9 ---------- ------ ------------ ----- Adjusted operating income 40,882 12.0 39,804 12.4 Amortization 2,925 0.9 2,909 0.9 Interest expense 2,909 0.8 3,102 1.0 Other charges (income), net (135) (0.0) (753) (0.3) ---------- ----- ------------ ----- Earnings before taxes 35,183 10.3 34,546 10.8 Provision for taxes 10,555 3.1 10,364 3.3 ---------- ------ ------------ ------ Net earnings $ 24,628 7.2 $ 24,182 7.5 ========== ====== ============ ====== Diluted per share amounts: Net earnings $ 0.54 $ 0.53 Weighted average number of common shares 45,520,086 45,568,383
Notes: (a) Net sales in U.S. dollars increased 7% as compared to the same period in 2003, of which 4% was due to currency exchange rate fluctuations. METTLER-TOLEDO INTERNATIONAL INC. CONSOLIDATED STATEMENTS OF OPERATIONS (AMOUNTS IN THOUSANDS EXCEPT SHARE DATA)
AS REPORTED AS REPORTED ----------- ----------- THREE months ended THREE months ended September 30, 2004 September 30, 2003 (unaudited) (unaudited) Net sales $ 342,048 $ 320,814 Cost of sales 176,293 168,950 ---------- ---------- Gross profit 165,755 151,864 Research and development 20,190 19,277 Selling, general and administrative 104,683 92,783 Amortization 2,925 2,909 Interest expense 2,909 3,102 Other charges (income), net (135) (753) ----------- ----------- Earnings before taxes 35,183 34,546 Provision for taxes 10,555 10,364 ---------- ---------- Net earnings $ 24,628 $ 24,182 ========== ========== Basic earnings per common share: Net earnings $ 0.56 $ 0.54 Weighted average number of common shares 44,320,477 44,485,712 Diluted earnings per common share: Net earnings $ 0.54 $ 0.53 Weighted average number of common shares 45,520,086 45,568,383
METTLER-TOLEDO INTERNATIONAL INC. COMPARATIVE FINANCIAL INFORMATION (AMOUNTS IN THOUSANDS EXCEPT SHARE DATA)
NINE months ended NINE months ended September 30, 2004 September 30, 2003 (unaudited) % (unaudited) % Net sales $1,005,249 100.0 (a) $ 933,985 100.0 Cost of sales 521,299 51.9 492,052 52.7 ---------- ----- ---------- ----- Gross profit 483,950 48.1 441,933 47.3 Research and development 61,009 6.0 57,085 6.1 Selling, general and administrative 302,512 30.1 271,596 29.1 Restructuring charge - - 5,444 0.6 (b)(c) ---------- ----- ----------- ----- Adjusted operating income 120,429 12.0 107,808 11.5 Amortization 8,629 0.8 8,576 0.9 Interest expense 9,647 1.0 10,678 1.1 Other charges (income), net (231) (0.0) (1,298) (0.1) ---------- ----- ---------- ----- Earnings before taxes 102,384 10.2 89,852 9.6 Provision for taxes 30,716 3.1 26,955 2.9 ---------- ----- ----------- ----- Net earnings $ 71,668 7.1 $ 62,897 6.7 ========== ====== =========== ===== Diluted per share amounts: Net earnings $ 1.57 $ 1.38 (d) Weighted average number of common shares 45,702,557 45,441,437
Notes: (a) Net sales in U.S. dollars increased 8% as compared to the same period in 2003, of which 5% was due to currency exchange rate fluctuations. (b) Relates to the final union settlement on the facility closure in France. As described in Note 15 in the Company's Annual Report on Form 10-K for the year ended December 31, 2003, in accordance with U.S. GAAP, the Company accrued the minimum contractual payment required by French law in the restructuring charge taken in the second quarter of 2002. (c) In the Consolidated Statements of Operations, the restructuring charge is included in Other charges (income), net. (d) Includes the impact of $0.09 from the restructuring charge, net of tax benefit. METTLER-TOLEDO INTERNATIONAL INC. CONSOLIDATED STATEMENTS OF OPERATIONS (AMOUNTS IN THOUSANDS EXCEPT SHARE DATA)
AS REPORTED AS REPORTED ----------- ----------- NINE months ended NINE months ended September 30, 2004 September 30, 2003 (unaudited) (unaudited) Net sales $ 1,005,249 $ 933,985 Cost of sales 521,299 492,052 ----------- ----------- Gross profit 483,950 441,933 Research and development 61,009 57,085 Selling, general and administrative 302,512 271,596 Amortization 8,629 8,576 Interest expense 9,647 10,678 Other charges (income), net (231) 4,146 (a) ----------- ----------- Earnings before taxes 102,384 89,852 Provision for taxes 30,716 26,955 (b) ----------- ----------- Net earnings $ 71,668 $ 62,897 =========== =========== Basic earnings per common share: Net earnings $ 1.61 $ 1.42 Weighted average number of common shares 44,449,189 44,437,879 Diluted earnings per common share: Net earnings $ 1.57 $ 1.38 Weighted average number of common shares 45,702,557 45,441,437
(a) Includes a restructuring charge of $5,444 ($3,811 after tax) related to the final union settlement on the facility closure in France. As described in Note 15 in the Company's Annual Report on Form 10-K for the year ended December 31, 2003, in accordance with U.S. GAAP, the Company accrued the minimum contractual payment required by French law in the restructuring charge taken in the second quarter of 2002. (b) Includes a tax benefit of $1,633 in respect of (a) above. METTLER-TOLEDO INTERNATIONAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS)
September 30, December 31, 2004 2003 (unaudited) Cash and cash equivalents $ 54,048 $ 45,116 Accounts receivable, net 239,939 249,353 Inventories, net 156,038 151,764 Other current assets and prepaid expenses 59,660 59,304 ------------ ---------- Total current assets 509,685 505,537 Property, plant and equipment, net 224,247 231,512 Goodwill and other intangibles 548,670 548,814 Other non-current assets 100,611 101,413 ------------ ---------- Total assets $ 1,383,213 $1,387,276 ============ ========== Short-term debt $ 9,512 $ 18,277 Accounts payable 60,259 68,243 Accrued and other current liabilities 271,981 241,389 ------------ ---------- Total current liabilities 341,752 327,909 Long-term debt 185,323 223,239 Other non-current liabilities 182,336 182,132 ------------ ---------- Total liabilities 709,411 733,280 Shareholders' equity 673,802 653,996 ------------ ---------- Total liabilities and shareholders' equity $ 1,383,213 $1,387,276 ============ ==========
METTLER-TOLEDO INTERNATIONAL INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (AMOUNTS IN THOUSANDS)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS THREE months ended NINE months ended September 30, September 30, 2004 2003 2004 2003 (unaudited) (unaudited) (unaudited) (unaudited) Cash flow from operating activities: Net earnings $ 24,628 $ 24,182 $ 71,668 $ 62,897 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation 6,728 6,163 19,639 18,852 Amortization 2,925 2,909 8,629 8,576 Other (425) (2,791) (144) (2,619) Increase (decrease) in cash resulting from changes in operating assets and liabilities 13,150 8,600 22,137 (9,252) ---------- ---------- ---------- ---------- Net cash provided by operating activities 47,006 39,063 121,929 78,454 ---------- ---------- ---------- ---------- Cash flows from investing activities: Proceeds from sale of property, plant and equipment 339 1,250 1,715 1,854 Purchase of property, plant and equipment (6,850) (7,040) (17,517) (17,642) Acquisitions (1,296) (1,514) (2,287) (3,486) ---------- ---------- ---------- ---------- Net cash used in investing activities (7,807) (7,304) (18,089) (19,274) ---------- ---------- ---------- ---------- Cash flows from financing activities: Proceeds from borrowings 31,607 14,303 68,345 51,604 Repayments of borrowings (28,183) (47,932) (114,683) (110,622) Proceeds from exercise of stock options 3,993 954 10,899 2,130 Repurchases of common stock (40,523) - (60,095) - ---------- ---------- ---------- ---------- Net cash used in financing activities (33,106) (32,675) (95,534) (56,888) ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash and cash equivalents 342 1,161 626 1,676 ---------- ---------- ---------- ---------- Net increase in cash and cash equivalents 6,435 245 8,932 3,968 Cash and cash equivalents: Beginning of period 47,613 35,150 45,116 31,427 ---------- ---------- ---------- ---------- End of period $ 54,048 $ 35,395 $ 54,048 $ 35,395 ========== ========== ========== ========== RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW Net cash provided by operating activities $ 47,006 $ 39,063 $ 121,929 $ 78,454 Payments in respect of restructuring activities 585 4,606 3,320 13,139 Proceeds from sale of property, plant and equipment 339 1,250 1,715 1,854 Purchase of property, plant and equipment (6,850) (7,040) (17,517) (17,642) Other - (1,204) - (3) --------- ---------- ---------- ---------- Free cash flow $ 41,080 $ 36,675 $ 109,447 $ 75,802 ========== ========== ========== ==========
METTLER-TOLEDO INTERNATIONAL INC. OTHER OPERATING STATISTICS SALES GROWTH BY DESTINATION
3 months ended September 30, 2004 -------------------------------------------------------------- Europe Americas Asia/RoW Total U.S. dollar sales growth 7% 3% 14% 7% Impact of currency exchange rate fluctuations -8% 0% -3% -4% --- -- --- --- Local currency sales growth -1% 3% 11% 3% 9 months ended September 30, 2004 -------------------------------------------------------------- Europe Americas Asia/RoW Total U.S. dollar sales growth 8% 3% 20% 8% Impact of currency exchange rate fluctuations -9% 0% -4% -5% --- -- --- --- Local currency sales growth -1% 3% 16% 3%
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