| | Methodology/Excerpt INTRODUCTION & METHODOLOGY WHAT DOES THIS REPORT COVER? With the globalization of markets, greater foreign competition, and the reduction of entry barriers, it becomes all the more important to benchmark a company’s financial indicators against other firms on a worldwide basis. This report reflects to two inescapable trends: (1) a return to fundamentals, and (2) globalization. World stock markets have recently witnessed a return to fundamental financial analysis. Sound management as opposed to “hype” will in the long run generate shareholder value. This philosophy has lead to a greater emphasis on financial fundamentals and benchmarking. Not benchmarking in a traditional sense, but benchmarking at the global level as markets become all the more international and firms create transnational and global strategies. How does a firm's asset structure vary compared to global benchmarks? Does it hold more cash and other short term assets, or does it concentrate its assets in physical plant and equipment? On the liability side, does a company have a higher percent of payables compared to the benchmarks, or does it hold a higher concentration of long-term debt? The structure of the income statement is more telling. Does the firm have a relatively higher costs of goods sold, operating costs, or income taxes compared to its global benchmarks? Are their returns on equity higher? Are profit margins greater? Are inventories held longer? While these are the classic questions raised in most graduate MBA courses on managerial finance, in a globalizing economy the method to answer these questions may not be simple. If we consider that an industry spans multiple countries, continents and currencies, how can one perform benchmarking? This report does so by going beyond traditional analyses by considering companies competing in the same or similar industrial classification at a global level. Doing so, however, is not an obvious task. First, one needs to find firms competing in the same sector, but not necessarily competing directly with the company in local markets. These firms should not be perceived, therefore, to be direct competitors to the company in question, but simply those that have been classified by various sources (e.g. EDGAR or similar foreign filings), as competing to serve customers in the same link of the value chain, or broad industrial classification, as identified by SIC, NAICS or similar codes. Second, given the international nature of the task, one needs to control for exchange rate volatility. Finally, one needs use reasonably comparable financial line items or standards. The goal of this report is to save the reader time. It is designed to assist consultants, financial managers, strategic planners, and corporate officers in gauging indicators of a company’s financial structure compared to firms competing or participating in the same economic sector, at the global level. Vickers plc, is it financially competitive? There is no absolute answer to this question. This report is not about whether a particular company or industry has performed well or poorly in the past or will do so in the future. Such conclusions are left to the reader. Vickers plc neither sponsored nor endorsed the analysis that follows. METHODOLOGY This report analyzes deviations between Vickers plc (LONDON, United Kingdom) and international industrial benchmarks. Based on the methodology described below, the following chapters report a common-size statement or vertical analysis of Vickers plc vis-à-vis global benchmarks. In contrast to this report, most vertical analyses focus on benchmarking against domestic ratios, often published by government agencies or commercial sources (e.g. Value Line, Dun and Bradstreet, and Standard & Poor’s). This type of analysis is commonly conducted by creditors, prospective investors, chief financial officers, lenders, and a corporation’s strategic management team. For those unfamiliar with this type of analysis, frequently taught in graduate schools of business, the reader is recommended Jae K. Shim and Joel G. Siegel’s recent book titled Financial Management. In their discussion of financial statement analysis and ratios, Skim and Siegel (p. 42-43), describe common-size statement (vertical analysis) as follows: A common-size statement is one that shows each item in percentage terms. Preparation of common-size statements is known as vertical analysis, in which a material financial statement item is used as a base value and all other accounts on the financial statement are compared to it. In the balance sheet, for example, total assets equal 100 percent, and each individual asset is stated as a percentage of total assets. Similarly, total liabilities and stockholders’ equity are assigned a value of 100 percent and each liability or equity account is then stated as a percentage of total liabilities and stockholders’ equity, respectively. … For the income statement, a value of 100 percent is assigned to net sales, and all other revenues and expense accounts are related to it. It is possible to see at a glance how each dollar of sales is distributed among various costs, expenses, and profits. The authors suggest that vertical analyses involve industry-based comparisons. Such a comparison “allows you to answer the question, ‘How does a business fare in the industry?’ You must compare the company’s ratios to… industry norms.” (p. 43-44) In this report, I calculate an industry norm by looking at firms at the global level, as opposed to a local level. In what follows, I will describe the seven-stage methodology used in performing this analysis. Each stage should be seen as a working assumption behind the numbers presented in later chapters. Stage 1. Industry Classification. This stage begins by classifying the company into an industry. For this, I have relied on a combination of the North American Industry Classification System (NAICS pronounced “Nakes”), a relatively new system for classifying business establishments, and the older Standard Industrial Classification (SIC) system. Adopted in 1997, NAICS codes are the new industry classification codes used by statistical agencies of the United States. NAICS was developed jointly by the U.S., Canada, and Mexico to provide comparability in statistics about business activity across North America. After 60 years of service, the outdated SIC system was retired on October 1, 2000, leaving only the NAICS codes for official use. The NAICS classification system adds some 350 new industries and represents a revision to over 60% of the previous SIC industries. Despite its official retirement, the SIC system is still commonly used (and often reported in firm’s financial statements). For most companies in the world, classification within either the new NAICS or older SIC systems is a rather straight forward exercise. For some, however, it can be problematic. This is true for several reasons. The first being that the SIC or NAICS classification systems are rather broad for many product and industry categories (a firm’s products or services may be only a minor aspect of the classification’s definition). The second is that some firms’ activities span multiple codes. Finally, it is possible that a firm is classified by one source using its SIC code, and by another using its NAICS code, and by a third using both. Furthermore, some sources do not report either code, but instead use qualitative statements of the firm’s activities. Nevertheless, if one wishes to pursue a vertical analysis, some classification needs to take place which selects a peer group. In making this classification, one can rely on a number of sources. In some countries, firms must “self” classify in official periodic reports (e.g. annular reports, 10Ks, etc.) to public authorities (such as the Securities and Exchange Commission). These reports are then open for public scrutiny (e.g. EDGAR filings). In other cases, commercial data vendors or private research firms provide SIC/NAICS codes for specific companies. These include:
It is interesting to note that commercial vendors often report different qualitative descriptions and industrial classifications from one to another. These descriptions and classifications may also be different from those reported by the firm itself. Anyone hoping to perform a benchmarking study, therefore, has to make a judgment call across these various sources in order to determine a reasonable classification. In this report, I have decided a meta-analytic process, by combining various sources (including linking a classification’s keywords to qualitative descriptions of the firm’s product line). In cases of inconsistency, the most recent or globally comparable available is chosen. Again, the overall goal is to classify firms, which either produce similar products, offer similar services, or are in the same stage of the value chain for a particular industrial classification. In the case of this report, the SIC code selected is: 35 which is defined as “Industrial and Commercial Machinery and Computer Equipment”. This classification should be seen as a working assumption. In order to obtain a more detailed discussion of this classification, the reader is referred to the web sites developed by the U.S. Census Bureau: http://www.census.gov/epcd/www/naics.html. Basic definitions and descriptions are provided at: http://www.census.gov/epcd/www/drnaics.htm#q1. A full correspondence table between SIC and NAICS codes, and detailed definitions are given at http://www.census.gov/epcd/www/naicstab.htm. Stage 2. Firm-level Data Collection. A global search is conducted across over 20,000 companies in over 40 major economies for those that (1) may be included in the classification from Stage 1, and (2) report financials (balance sheet and income statements). It should be noted that the public-domain financials can be either historic or projections. It should also be noted that even historic figures can be modified in the future and often represent “estimates” of performance. Stage 3. Standardization. Once collected, public domain financial figures of firms identified in Stage 2 are standardize into comparable categories (assets, liabilities, and income). From there, we eliminate all currency effects by standardizing within each category (creating ratios). In order to maintain comparability over time and across companies and countries, vertical analysis is used. In the case of a firm’s assets, I treat the total assets as equaling 100, irrespective of the value of the local currency. All other assets are then calculated as a percent of total assets. In this way, the structure of the firm’s assets can be easily interpreted and compared with international benchmarks. For liabilities, total liabilities and equity are indexed to equal to 100. For the income statement, total revenue is indexed to equal 100, and all other figures are calculated as a percent of these figures. Stage 4. Filtering. Not all the firms selected in Stage 2 or the ratios calculated in Stage 3 are used for the global benchmarks, as a number of companies are purposely dropped from the analysis, even though they may fall within the classification. This is justified by the “outlier” phenomenon that plagues such analysis. The problem lies in that any given company in the benchmarking pool may be facing some exceptional event or may be organized in an exceptional way so as to make its ratios vastly different from others in the same classification. By including such firms, the global benchmarks can be overly skewed. In many countries, firms are organized into holding groups. These groups nominally have very few employees (e.g. 4 to 25 employees), but have extremely large assets, liabilities, or revenues. As such, the inclusion or exclusion of firms having this form of management can affect the ratios and benchmarks reported. Likewise, some firms have no net sales, no assets, no liabilities, or ratios. Others have ratios that appear implausible for a normal or viable company. In order to not allow these firms to affect the global benchmarks, I have attempted to choose only those firms with reasonable financials. Finally, in some countries, detailed financials are not available or are not comparable to either the company in question or the global norm (e.g. various forms of depreciation). In this case, only those which exist and are comparable are reported. The details, therefore, that comprise a given ratio or set of ratios may not be reported. This may lead to the addition of several ratios, not summing to the whole. Stage 5. Calculation of Global Norms. Once the filtering process has eliminated outliers, a final list of companies included in the global averages is compiled. In this report, the following companies are included (country of headquarters in parentheses, exchanges, and ticker symbols); again this list should be seen as a working assumption: Company (Country) | Exchange | Ticker | A. Friedr. Flender AG (Germany) | | FFL | AAON, Inc. (USA) | NAS | AAON | Acer Sertek Inc. (Taiwan) | TAI | | Adaptec Inc. (USA) | NAS | ADPT | Adi Corp (Taiwan) | OTH | T2304 | Adval Tech Holding AG (Switzerland) | ZHR | ADVN | Ag-Chem Equipment Co., Inc. (USA) | NAS | AGCH | AGIE Charmilles Holding AG (Switzerland) | GVA, OTH, ZHR | AGIN | Aichi Corporation (Japan) | TYO, OTH | 6345 | Aida Engineering Ltd (Japan) | OSA, TYO, OTH | 6118 | Airflow Streamlines P.L.C. (United Kingdom) | LON | ARFL | Akasaka Diesels Ltd. (Japan) | TYO | 6022 | Aktiebolaget SKF (Sweden) | GVA, LON, PAR, STO, | SKF-B | Alamo Group Inc. (USA) | NYSE | ALG | Allweiler AG (Germany) | FRA, OTH | AWP3 | Alstom (France) | PAR | ALS | Amada Co Ltd (Japan) | NAS, OSA, TYO | 6113 | Amano Corporation (Japan) | OSA, TYO | 6436 | Amatsuji Steel Ball Mfg. Co., Ltd. (Japan) | OSA, TYO | 6475 | American Standard Companies Inc. (USA) | NYSE | ASD | Ametek Inc (USA) | NYSE, BSE, MSE, PBW, | AME | Anest Iwata Corp. (Japan) | OSA, TYO | 6381 | Apic Yamada Corporation (Japan) | TYO, OTH | 6300 | Apple Computer Inc. (USA) | NAS | AAPL | Asahi Diamond Industrial Co., Ltd. (Japan) | TYO | 6140 | ASM International N.V. (Netherlands) | VIE | ASMIF | ASM Lithography Holding NV(ASML). ASM Lithography (Netherlands) | AMS, OTH | ASML | Astec Industries Incorporated (USA) | NAS | ASTE | Asyst Technologies Inc. (USA) | NAS | ASYT | Atlas Copco AB (publ) (Sweden) | DUS, FRA, STO, OTH | ATCO-A | Atle AB (Sweden) | | ATLE | ATMI Inc (USA) | NAS | ATMI | Austria Haustechnik AG (Austria) | VIE | AHT | Axcelis Technologies, Inc. (USA) | NAS | ACLS | Axsys Technologies, Inc. (USA) | NAS | AXYS | Axxicon Group n.v. (Netherlands) | | AXXIC | Babcock-BSH AG (Germany) | DUS | BTT | Baker Hughes Inc (USA) | NYSE, BSE | BHI | Barmag AG (Germany) | DUS, FRA | BRG | BDAG Balcke-Duerr AG (BDAG) (Germany) | | DWR | Bearing Man Limited (South Africa) | JNB | BRM | Beiren Printing Machinery (China) | HKG | | Belimo Holding AG (Switzerland) | ZHR | BEAN | BHA Group (USA) | NAS | BHAG | Black & Decker Corporation (The) (USA) | NYSE, BSE, CIN, MSE, | BDK | Bobst S.A. (Switzerland) | GVA, OTH, ZHR | BOB | BOWE SYSTEC AG (Germany) | FRA, OTH | BSY | Briggs & Stratton Corp. (USA) | NYSE, BSE, MSE, PBW | BGG | Brooke Industrial Holdings PLC (United Kingdom) | LON | BIH | Brooks Automation, Inc. (USA) | NAS | BRKS | Brother Industries Ltd (Japan) | OSA, TYO, OTH | 6448 | Brunswick Corporation (USA) | NYSE, BSE, CIN, MSE, | BC | BT Industries AB (Sweden) | | BTI | BWT AG (Austria) | VIE | BWT | Cal-Comp Electronics (Thailand) (Thailand) | BAN | | Cannon N.T.C. Inc. (Japan) | TYO | 6431 | Canon Electronics Inc. (Japan) | TYO | 7739 | Canon Inc. (Japan) | NAS, FRA, OSA, TYO, | 7751 | Cascade Corporation (USA) | NYSE | CAE | Caterpillar Inc. (USA) | NYSE, BSE, CIN, MSE, | CAT | Century Corp. (South Korea) | SEO | 06750 | Changchai Co. Ltd. (China) | SZN | CH2570 | Charter PLC (United Kingdom) | LON | CHTR | Citra Tubindo Tbk. P.T. (Indonesia) | JAK | CTBN | Clarcor Incorporated (USA) | NYSE | CLC | CNIM - Constructions Industrielles de la Mediterranee (France) | PAR | COM | Columbus McKinnon Corporation (USA) | NAS | CMCO | Compagnie de Fives-Lille SA (France) | PAR | BK | Compal Electronics Inc. (Taiwan) | TAI | T2324 | Compaq Computer Corporation (USA) | NYSE, BSE, MSE, PCS | CPQ | Conzzeta Holding AG (Switzerland) | HEL, ZHR | CZH | Cooper Cameron Corpn (USA) | NYSE | CAM | Cummins Engine Co. Inc. (USA) | NYSE, BSE, MSE, PCS | CUM | CUNO Incorporated (USA) | NAS | CUNO | Daedong Industrial Co. Ltd. (South Korea) | SEO | 00490 | Daido Metal Co., Ltd. (Japan) | OTH | 7245 | Daifuku Co Ltd (Japan) | OSA, TYO, OTH | 6383 | Daihatsu Diesel Mfg. Co., Ltd. (Japan) | OSA | 6023 | Daikin Industries Ltd (Japan) | OSA, TYO, OTH | 6367 | Daiwa Industries Ltd. (Japan) | OSA, TYO | 6459 | Danieli & C. Officine Meccaniche S.p.A. (Italy) | ISE | DAN | De Dietrich & Cie (France) | | DI | Deere & Co (USA) | NYSE, BSE, CIN, MSE, | DE | Dell Computer Corporation (USA) | NAS | DELL | Delta Electronics (Thailand) Public Company Limited (Thailand) | BAN | DELTA | Deutz Aktiengesellschaft (Germany) | BRU, DUS, FRA, PAR, | DEZ | Diebold Inc (USA) | NYSE, BSE, MSE, PCS | DBD | Dijet Industrial Co., Ltd. (Japan) | OSA, TYO, OTH | 6138 | Disco Corporation (Japan) | OTH | 6146 | D-Link Corporation (Taiwan) | TAI | T2332 | DMW Corporation (Japan) | TYO | 6365 | Domino Printing Sciences plc (United Kingdom) | LON | DNO | Domnick Hunter Group plc (United Kingdom) | LON | DKH | Donaldson Co, Incorporated (USA) | NYSE, BSE, MSE | DCI | Dong Yang Elevator Co., Ltd. (South Korea) | SEO | 04510 | Dongfang Electrical Machinery Company Limited (China) | HKG | | Dril-Quip Inc (USA) | NYSE | DRQ | Duerr AG (Germany) | FRA, OTH | DUE | Durkopp Adler AG (Germany) | DUS, FRA, OTH | DKA | Dynamics Research Corporation (USA) | BSE, NAS | DRCO | Ebara Corporation (Japan) | OSA, TYO, OTH | 6361 | Electronic For Imaging Incorporated (USA) | NAS | EFII | Emak SPA (Italy) | ISE | EM | EMC Corporation (USA) | NYSE | EMC | Empresa Brasileira de Compressores SA - Embraco (Brazil) | RIO, SOP | EO4 | Enerflex Systems Ltd (Canada) | TOR, OTH | EFX | ENERGIEKONTOR AG (Germany) | DUS | | Ergodata SA (Greece) | ATH | ERGO | European Semiconductor Equipment Center Holdings A.G. (Switzerland) | OTH, ZHR | ESE | EX-CELL-O Holding A.G. (Germany) | FRA | EXC | Exel Industries (France) | PAR | EXE | Extreme Networks, Inc. (USA) | NAS | EXTR | FAG Kugelfischer Georg Schafer Aktiengesellschaft (Germany) | FRA | FAG | Fansteel Inc. (USA) | NYSE, MSE | FNL | Fanuc Limited (Japan) | TYO | 6954 | Fedders Corporation (USA) | NYSE, BSE, MSE, PBW, | FJC | Feintool International Holding (Switzerland) | OTH | FTON | Fenner PLC (United Kingdom) | LON | FENR | Fibermark, Inc. (USA) | NYSE | FMK | First International Computer Inc. (Taiwan) | TAI | T2319 | Flanders Corporation (USA) | NAS | FLDR | Flow International Corporation (USA) | NAS | FLOW | Flowserve Corporation (USA) | NYSE | FLS | Fuji Machine Mfg. Co., Ltd. (Japan) | OTH | 6134 | Fuji Oozx Inc. (Japan) | TYO | 7299 | Fuji Seiko Limited (Japan) | OTH | 6142 | Fujimak Corporation (Japan) | TYO | 5965 | Fujitsu Kiden Ltd. (Japan) | TYO | 6945 | Fujitsu Limited (Japan) | FRA, GVA, LON, OSA, | 6702 | Fukusima Industries Corp. (Japan) | OSA | 6420 | Furukawa Co., Ltd. (Japan) | OSA, TYO, OTH | 5715 | Gardner Denver Incorporated (USA) | NYSE | GDI | Gateway Incorporated (USA) | NYSE | GTW | GEA AG (Germany) | DUS, FRA, OTH | GEA3 | Gehl Co (USA) | NAS | GEHL | Gencor Industries, Inc. (USA) | ASE | GCRX | General Binding Corporation (USA) | NAS | GBND | Genicom Corporation (USA) | OTC | GECM | GESCO Industrieholding AG (GESCO) (Germany) | DUS, FRA, OTH | GSC | Gildemeister Aktiengesellschaft (Germany) | DUS, FRA | GIL | Glory Ltd. (Japan) | OSA | 6457 | Gorman-Rupp Co (USA) | ASE | GRC | Grant Prideco, Inc. (USA) | NYSE | GRP | Greiffenberger AG (Germany) | OTH | GRF | Grupo Duro-Felguera, S.A. (Spain) | MAD | MDF | GVC Corporation (Taiwan) | TAI | T2322 | Hans Einhell AG (Germany) | FRA, OTH | EIN3 | Hardinge Inc (USA) | NAS | HDNG | Heidelberger Druckmaschinen AG (Germany) | DUS, FRA, OTH | HDD | Hewlett-Packard Company (USA) | NYSE, BSE, CIN, MSE, | HWP | Hilti AG (Switzerland) | ZHR | HILP | Hitachi Construction Machinery Co., Ltd. (Japan) | OSA, TYO | 6305 | Hitachi Kiden Kogyo, Ltd. (Japan) | OSA | 6354 | Hitachi Seiki Co., Ltd. (Japan) | OSA, TYO, OTH | 6106 | Hitachi Tool Engineering, Ltd. (Japan) | OSA, TYO | 5963 | Hitachi Zosen Corporation (Japan) | OSA, TYO, OTH | 7004 | Hitachi, Ltd. (Japan) | NYSE, NAS, AMS, FRA, | 6501 | Hosokawa Micron Corporation (Japan) | OSA, TYO | 6277 | Howa Machinery, Ltd. (Japan) | OSA, TYO, OTH | 6203 | Husky Injection Molding Systems Ltd. (Canada) | TOR | HKY | Hydril Company (USA) | NAS | HYDL | Idex Corporation (USA) | NYSE, MSE, PBW | IEX | Illinois Tool Works Incorporated (USA) | NYSE, BSE, MSE | ITW | IMI plc (United Kingdom) | LON | IMI | Indus Holding AG (Germany) | DUS | INH | Industria Macchine Automatiche Spa (Italy) | ISE | IMA | INGENICO - Compagnie Industrielle et Financiere D'Ingenieri (France) | PAR | ING | Ingersoll-Rand (India) Limited (India) | BOM | | Ingersoll-Rand Company (USA) | NYSE, BSE, MSE, PBW, | IR | Interland, Inc. (USA) | NAS | INLD | International Business Machines Corporation (USA) | NYSE, BSE, CIN, MSE, | IBM | Interroll Holding AG (Switzerland) | OTH | INRN | Invensys PLC (United Kingdom) | LON | ISYS | Investment A.B. Latour (publ) (Sweden) | STO | LATO-B | I-O Data Device, Inc. (Japan) | TYO | 6916 | Iomega Corporation (USA) | NYSE | IOM | Ionics, Incorporated (USA) | NYSE | ION | Iro AB (Sweden) | | IRO | Iseki & Co., Ltd. (Japan) | OSA, TYO, OTH | 6310 | Ishikawajima Transport Machinery Co., Ltd. (Japan) | TYO | 6321 | ITT Industries Incorporated (USA) | NYSE, BSE, CIN, MSE, | ITT | Japan Digital Laboratory Co., Ltd. (Japan) | TYO | 6935 | Jenoptik AG (Germany) | DUS, FRA, OTH | JEN | Jidosha Buhin Kogyo Co., Ltd. (Japan) | TYO | 7233 | Jingwei Textile Machinery Company Limited (China) | HKG | | JLG Industries, Inc. (USA) | NYSE | JLG | JOH. Friedrich Behrens AG (Germany) | OTH | JFB | Johnson Electric Holdings Limited (Hong Kong) | HKG | 179 | Joseph Voegele AG (Germany) | FRA | JVO | JOT Automation group (Finland) | HEL | JOT1V | Juki Corporation (Japan) | OSA, TYO | 6440 | Jungheinrich AG (Germany) | DUS, FRA, OTH | JUN3 | Kadant, Inc. (USA) | ASE | KAI | Kalmar Industries AB (Sweden) | | KIND | Kanefusa Corporation (Japan) | OTH | 5984 | Karolin Machine Tool AB (Sweden) | STO | KMT | Kaydon Corporation (USA) | NYSE | KDN | Keihin Corporation (Japan) | TYO | 7251 | Kennametal Hertel AG (Germany) | FRA, OTH | HEF3 | Kennametal Incorporated (USA) | NYSE, BSE, MSE | KMT | Key Technology, Inc. (USA) | NAS | KTEC | Key Tronic Corporation (USA) | NAS | KTCC | Keyang Electric Machinery Co. Ltd. (South Korea) | SEO | 12200 | KHS Maschinen und Anlagenbau AG (Germany) | | KHS | Kinpo Electronics, Inc. (Taiwan) | TAI | T2312 | Kioritz Corporation (Japan) | OSA, TYO, OTH | 6313 | Koenig & Bauer AG (Germany) | DUS | SKB | Komatsu Forklift Co., Ltd. (Japan) | TYO, OTH | 7225 | Komatsu Ltd. (Japan) | NAS, FRA, OSA, TYO, | 6301 | Komatsu Zenoah Co. (Japan) | OSA, TYO, OTH | 7204 | Komax Holding AG (Switzerland) | OTH | | Komori Corporation (Japan) | OSA, TYO | 6349 | Kontron embedded computers AG (Germany) | DUS | KBC | Koyo Seiko Co Ltd (Japan) | OSA, TYO, OTH | 6473 | Krones Aktiengesellschaft Hermann Kronseder Maschinenfabrik | FRA, OTH | KRN3 | KSB Aktiengesellschaft (Germany) | DUS, FRA, OTH | KSB | Kueppersbusch AG (Germany) | DUS, FRA, OTH | KBU | Kulicke & Soffa Industries, Incorporated (USA) | NAS | KLIC | Kurita Water Industries Ltd (Japan) | OSA, TYO | 6370 | Kuroda Precision Industries Ltd. (Japan) | OSA, TYO | 7726 | Kverneland ASA (Norway) | OSL | KVE | Kyro Oyj Abp (Finland) | HEL | KYR1V | Kyushu Matsushita Electric Co Ltd (Japan) | OSA, TYO, OTH | 6782 | L.S. Starrett Company (USA) | NYSE, BSE, MSE | SCX | Lafe Technologies Ltd (Singapore) | SIN, OTH | | Lancer Corporation (USA) | ASE | LAN | Larsen & Toubro Limited (India) | OTH | LATO | Legris Industries Societe Anonyme (France) | PAR | LEG | Lennox International Incorporated (USA) | NYSE | LII | Lexmark International, Incorporated (USA) | NYSE | LXK | Linde Aktiengesellschaft (Germany) | DUS, FRA, GVA, OTH, | LIN | Lindsay Manufacturing Co. (USA) | NYSE | LNN | Lintec Computer AG (Germany) | DUS, OTH | LIC | Lufkin Industries Inc. (USA) | NAS | LUFK | Maezawa Industries, Inc. (Japan) | TYO | 6489 | Makino Milling Machine Co Ltd (Japan) | OSA, TYO | 6135 | Makita Corporation (Japan) | AMS, OSA, TYO, OTH | 6586 | Man Roland Druckmaschinen AG (Germany) | FRA | ROL | Manitou BF S.A. (France) | PAR | MTU | Manufacturers' Services Limited (USA) | NYSE | MSV | Maruyama Manufacturing Company Incorporated (Japan) | TYO | 6316 | Matsushita Seiko Co., Ltd. (Japan) | OSA, TYO, OTH | 6587 | Max Co., Ltd. (Japan) | OSA, TYO, OTH | 6454 | Maxdata AG (Germany) | DUS, FRA, OTH | MXA | McClain Industries, Inc. (USA) | NAS | MCCL | McDATA Corporation (USA) | NAS | MCDT | McLeod Russel Holdings Plc (United Kingdom) | LON | MCR | Messer igm AG (Austria) | VIE | IRS | Mestek Inc (USA) | NYSE, BSE, MSE, PBW | MCC | Metrologic Instruments, Inc. (USA) | NAS | MTLG | Metso Corporation (Finland) | HEL | MEO1V | Mezogep Autoipari es Gepgyarto Rt (Hungary) | BUD | | MFRI, Inc. (USA) | NAS | MFRI | Michael Weinig A.G. (Germany) | FRA, OTH | WNG | Micros Systems, Inc. (USA) | NAS | MCRS | Micro-Star International Co (Taiwan) | TAI | | Microtek International Inc. (Taiwan) | TAI | T2305 | MicroTouch Systems, Inc. (USA) | NAS | | Mikron Holding AG Biel (Switzerland) | OTH, ZHR | MIKN | Milacron Incorporated (USA) | NYSE, BSE, CIN, MSE, | MZ | Minolta Company Limited (Japan) | DUS, FRA, OSA, TYO, | 7753 | Mitac International Corporation (Taiwan) | TAI | T2315 | Mitsubishi Heavy Industries, Ltd. (Japan) | OSA, TYO, OTH | 7011 | Mitsubishi Kakoki Kaisha, Ltd. (Japan) | OSA, TYO | 6331 | Mitsui Engineering & Shipbuilding Company Limited (Japan) | OSA, TYO, OTH | 7003 | Mitsumi Electric Co., Ltd. (Japan) | FRA, OSA, TYO | 6767 | Moenus Textilmaschinen AG (Germany) | DUS, FRA | MOE9 | Molins PLC (United Kingdom) | LON | MLIN | Mori Seiki Co., Ltd (Japan) | OSA, TYO | 6141 | Muehlbauer Holding AG & Co. KGAA (Germany) | DUS, OTH | MUB | Muller-Weingarten A.G. (Germany) | OTH | MWE | Nacco Industries Incorporated (USA) | NYSE, BSE, MSE, PBW | NC | Nachi-Fujikoshi Corporation (Japan) | OSA, TYO, OTH | 6474 | Nakano Refrigerators Co., Ltd. (Japan) | OTH | 6411 | Natco Group Inc. (USA) | NYSE | NTG | National Instruments Corporation (USA) | NAS | NATI | National-Oilwell Incorporated (USA) | NYSE | NOI | NCR Japan, Ltd. (Japan) | | 6953 | NEC Corporation (Japan) | AMS, FRA, GVA, LON, | 6701 | Network Appliance Inc. (USA) | NAS | NTAP | Nidec-Shimpo Corporation (Japan) | OSA | 6398 | Nikko Co., Ltd. (Japan) | OSA, TYO | 6306 | Nippei Toyama Corporation (Japan) | OSA, TYO | 6130 | Nippon Thompson Co., Ltd. (Japan) | OSA, TYO | 6480 | Nippon Yusoki Co., Ltd. (Japan) | OSA, TYO | 7105 | Nissan Diesel Motor Co., Ltd. (Japan) | TYO | 7210 | Nissei Corp (Japan) | OTH | 6271 | Nissei Plastic Industrial Co., Ltd. (Japan) | OTH | 6293 | Nittan Valve Co., Ltd. (Japan) | TYO | 6493 | NN, Inc. (USA) | NAS | NNBR | Nordson Corporation (USA) | NAS | NDSN | Norelco Centreline Holdings Ltd. (Singapore) | SIN | | NSC Groupe Societe Anonyme (France) | OTH | 6452 | NSK Ltd. (Japan) | OSA, TYO, OTH | 6471 | O&K - Orenstein & Koppel A.G. (Germany) | DUS, FRA, OTH | OKO | O.Y.L. Industries Berhad (Malaysia) | KUL | | Oiles Corporation (Japan) | TYO | 6282 | Oki Electric Industry Company, Limited (Japan) | OSA, TYO | 6703 | OKK Corporation (Japan) | OSA, TYO | 6205 | Okuma & Howa Machinery Ltd. (Japan) | OSA, TYO, OTH | 6214 | Onex Corpn (Canada) | MON, TOR | OCX | OPTIMUS SA (Poland) | WAR | OPTIMUSB | Organo Corporation (Japan) | TYO | 6368 | Osaka Diamond Industrial Co., Ltd. (Japan) | OTH | 6126 | OSG Corporation (Japan) | TYO, OTH | 6136 | Osmonics, Inc. (USA) | NYSE | OSM | Palfinger Aktiengesellschaft (Austria) | VIE | PAL | Pall Corporation (USA) | NYSE, BSE, PCS | PLL | Partek AB (Finland) | HEL | PAR1S | Paul Mueller Company (USA) | NAS | MUEL | Pentair, Incorporated (USA) | NYSE | PNR | Pfeiffer Vacuum Technology AG (Germany) | DUS | PFV | Picanol NV (Belgium) | BRU | PIC | Pinguely Haulotte (France) | PAR | PIG | Pitney Bowes Inc. (USA) | NYSE, BSE, MSE, PBW, | PBI | Powell Duffryn Plc (United Kingdom) | | PDUF | Precia (France) | OTH | 6083 | Printronix, Inc. (USA) | NAS | PTNX | Psion Plc (United Kingdom) | LON | PON | Qingling Motors Co., Ltd. (China) | HKG, OTH | | Quanta Computer, Inc. (Taiwan) | TAI | T2382 | Quantum Corporation (USA) | NYSE | DSS | R. STAHL AG (Germany) | DUS, FRA, OTH | RSL1 | Rational AG (Germany) | FRA | RAA | Raute Oyj (Finland) | HEL | RUTAV | Regal-Beloit Corporation (USA) | MSE, ASE | RBC | Renold Plc (United Kingdom) | LON | RNO | Rheinmetall AG (Germany) | DUS, FRA | RHM3 | Rheon Automatic Machinery Co., Ltd. (Japan) | TYO | 6272 | Rieter Holding AG (Switzerland) | GVA, ZHR | RIEN | Rieter Ingolstadt Spinnereimaschinenbau A.G. (Germany) | DUS, FRA, OTH | RIS | Robbins & Myers, Inc. (USA) | NYSE | RBN | Rohwedder AG (Germany) | DUS | RWD | Rolls-Royce plc (United Kingdom) | TOR, LON | RR | RSA Security Incorporated (USA) | NAS | RSAS | Ryobi Limited (Japan) | FRA, OSA, TYO, OTH | 5851 | Sam Wha Electronics (South Korea) | SEO | 11230 | Sanden Corporation (Japan) | FRA, TYO | 6444 | Sandvik AB (publ) (Sweden) | LON, STO | SAND-B | Sartorius AG (Germany) | FRA, OTH | SRT | Sauer-Danfoss Incorporated (USA) | NYSE | SHS | Saurer Limited (Switzerland) | OTH | SAUN | Schindler Aufzuge & Fahrtreppen (Austria) | VIE | SCH | Schindler Holding AG (Switzerland) | OTH, ZHR | SCHN | Schlatter Holding A.G. (Switzerland) | GVA, ZHR | STRN | Schoeller-Bleckmann Oilfield Equip. AG (Austria) | FRA, OTH | | Schuler AG (Germany) | FRA | SCU3 | Schumag AG (Germany) | DUS, FRA, OTH | SCM | Scintilla AG (Switzerland) | GVA | SCI | Scjweiter Technologies A.G. (Switzerland) | ZHR | SWTQ | Scribona AB (Sweden) | STO | SCRI-B | Seco Tools AB (Sweden) | STO | SECO-B | Seibu Electric & Machinery Co., Ltd. (Japan) | OSA | 6144 | Seirei Industry Co., Ltd. (Japan) | TYO | 6311 | Semitool Inc. (USA) | NAS | SMTL | Senior PLC (United Kingdom) | LON | SNR | Shandong Chenming Paper Holdings Limited (China) | HKG | | Shanghai Diesel Engine Company Limited (China) | SHG | 900920 | Shanghai Highly Group Co., Ltd. (China) | SHG | 900910 | Shanghai Light Industry Machinery Co., Ltd. (China) | SHG | | Shibaura Mechatronics Corporation (Japan) | TYO | 6590 | Shibuya Kogyo Co., Ltd. (Japan) | TYO, OTH | 6340 | Shin Nippon Machinery Co., Ltd (Japan) | TYO | 6350 | Shin-Daiwa Kogyo Co., Ltd. (Japan) | OSA, OTH | 6320 | Shinko Pantec Co., Ltd. (Japan) | OSA | 6299 | ShinMaywa Industries, Ltd. (Japan) | OSA, TYO | 7224 | Sidel SA (France) | PAR | SID | Siltek Limited (South Africa) | JNB | STK | Sindo Ricoh Co., Ltd. (South Korea) | SEO | 29530 | Sintokogio, Ltd. (Japan) | OSA, TYO, OTH | 6339 | Skanditek Industrifoervaltnings AB (Sweden) | STO | STEK | SKF Bearings India Limited (India) | OTH | SKF | SMC Corporation (Japan) | TYO | 6273 | Smith International, Inc. (USA) | NYSE, BSE, MSE, PBW, | SII | Societe des Forges Stephanoises (France) | OTH | 6135 | Spirax-Sarco Engineering plc (United Kingdom) | LON | SPX | Standex International Corporation (USA) | NYSE, BSE, MSE, PBW | SXI | Star Micronics Co Ltd (Japan) | OTH | 7718 | Starrag-Heckert-Holding AG (Switzerland) | OTH | STGN | Storage Technology Corporation (USA) | NYSE, BSE, MSE, PBW | STK | Suess MicroTec AG (Germany) | DUS, FRA, OTH | SMH | Sumitomo Heavy Industries Ltd. (Japan) | FRA, OSA, TYO, OTH | 6302 | Sun Microsystems Incorporated (USA) | MSE, NAS | SUNW | Svedala Industri AB (publ) (Sweden) | STO | SVDA | Swisslog Holding AG (Switzerland) | GVA, OTH, ZHR | SLOG | Syltone Plc (United Kingdom) | LON | SYLT | Symbol Technologies, Inc (USA) | NYSE, MSE, PBW | SBL | Synnex Technology Internationsl Corporation (Taiwan) | TAI | T2347 | TA Triumph-Adler AG (Germany) | OTH | TWN | Tadano, Ltd. (Japan) | OSA, TYO | 6395 | Tadiran Appliances Ltd (Israel) | | TADI | Taian Electric Co Ltd (Taiwan) | TAI | T1510 | Takuma Co Ltd (Japan) | OSA, TYO | 6013 | TB Wood's Corporation (USA) | NAS | TBWC | TCM Corporation (Japan) | OSA, TYO, OTH | 6374 | Teac Corporation (Japan) | OSA, TYO, OTH | 6803 | technotrans AG (Germany) | DUS | TTR | Techtronic Industries Company Limited (Hong Kong) | HKG | 669 | Tecumseh Products Co (USA) | NAS | TECUB | Teijin Seiki Co., Ltd. (Japan) | OSA, TYO, OTH | 6212 | Teikoku Piston Ring Co., Ltd. (Japan) | TYO | 6463 | Teleflex Lionel Dupont SA (France) | PAR | TLD | Tennant Company (USA) | NYSE | TNC | Terex Corpn (USA) | NYSE | TEX | The 600 Group Public Ltd. Co. (United Kingdom) | LON | SIXH | The Alumasc Group Plc (United Kingdom) | LON | ALU | The Japan Steel Works Ltd. (Japan) | OSA, TYO, OTH | 5631 | The Laird Group Public Limited Company (United Kingdom) | LON | LARD | The Manitowoc Company Inc. (USA) | NYSE | MTW | The Middleby Corporation (USA) | NAS | MIDD | The Oilgear Company manufactures (USA) | NAS | OLGR | The Timken Co (USA) | NYSE, BSE, MSE, PBW | TKR | The Weir Group PLC (United Kingdom) | LON | WEIR | THK Co., Ltd. (Japan) | TYO | 6481 | Thomas Industries Inc (USA) | NYSE, MSE | TII | TI Group Plc (United Kingdom) | LON | TI | Tibbett & Britten Group plc (United Kingdom) | LON | TBG | Tokyo Electron Limited (Japan) | TYO | 8035 | Tokyo Kikai Seisakusho, Ltd. (Japan) | OSA, TYO | 6335 | Tokyo Seimitsu Co., Ltd. (Japan) | TYO | 7729 | Tomra Systems AS (Norway) | OSL | TOM | Toolex International NV (Netherlands) | AMS | TLXI | Torishima Pump Mfg. Co., Ltd. (Japan) | OSA, TYO | 6363 | Toro Co (USA) | NYSE, MSE, PBW | TTC | Toshiba Corporation (Japan) | AMS, DUS, FRA, GVA, | 6502 | Toshiba Machine Co., Ltd. (Japan) | OSA, TYO | 6104 | Toshiba TEC corporation (Japan) | FRA, TYO | 6588 | Toshiba Tungaloy Co., Ltd. (Japan) | TYO | 6139 | Trigem Computer, Inc. (South Korea) | SEO | 14900 | Trinity Industrial Corporation (Japan) | TYO | 6382 | Trio-Tech International (USA) | ASE | TRT | Tsubaki Nakashima Co., Ltd. (Japan) | OSA, TYO | 6477 | Tsubakimoto Chain Company (Japan) | OSA, TYO, OTH | 6371 | Tsudakoma Corporation (Japan) | OSA, TYO | 6217 | Tsugami Corporation (Japan) | OSA, TYO, OTH | 6101 | Tsukishima Kikai Co., Ltd. (Japan) | OSA, TYO | 6332 | Tsurumi Manufacturing Co., Ltd (Japan) | OSA, TYO | 6351 | Turbon AG (Germany) | DUS | TUR | Turnit Ab (Sweden) | OSL | TURN-B | Twin Disc, Incorporated (USA) | NYSE, MSE | TDI | Umeco Plc (United Kingdom) | LON | UMC | Union Tool Co. (Japan) | TYO, OTH | 6278 | United Dominion Industries Limited (Canada) | NYSE, MON, TOR | UDI | Unitor ASA (Norway) | LON, OSL, OTH | UTO | Unova Inc (USA) | NYSE | UNA | Varco International Incorporated (USA) | NYSE | VRC | Vestas Wind Systems AS (Denmark) | CPH | VWS | Voith Paper A.G. (Austria) | OTH | VOS | Voltas Limited (India) | BOM | | Wabash National Corporation (USA) | NYSE | WNC | Walter AG (Germany) | FRA, OTH | WAT | Wanderer-Werke AG (Germany) | DUS, FRA, OTH | WAN | Wartsila NSD India Ltd. (India) | OTH, BOM | | Wartsila Oyj (Finland) | HEL, LON, OTH | METBS | WashTec AG (Germany) |
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