XML 49 R29.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Schedule 1-Condensed Financial Information of Registrant Orthofix International N.V. | 12 Months Ended
--- | ---
Dec. 31, 2011
Schedule 1-Condensed Financial Information of Registrant Orthofix International N.V. |
Schedule 1-Condensed Financial Information of Registrant Orthofix International N.V. |
Schedule 1—Condensed Financial Information of Registrant Orthofix International N.V. Condensed Balance Sheets (unaudited)
(US$ in thousands) |  | December 31, 2011 |  | December 31, 2010 |
Assets |  |  |  |  |
Current assets: |  |  |  |  |
Cash and cash equivalents |  | $ | 19,433 |  | $ | 2,882 |
Prepaid expenses and other current assets |  | 487 |  | 489 |
Total current assets |  | 19,920 |  | 3,371 |
Other long term assets |  | 61 |  | 113 |
Investments in and amounts due from subsidiaries and affiliates |  | 307,202 |  | 307,397 |
Total assets |  | $ | 327,183 |  | $ | 310,881 |
Liabilities and shareholder’s equity |  |  |  |  |
Current liabilities |  | $ | 3,900 |  | $ | 1,879 |
Long-term liabilities |  | 8,112 |  | 8,111 |
Shareholder’s equity: |  |  |  |  |
Common stock |  | 1,846 |  | 1,772 |
Additional paid in capital |  | 214,310 |  | 195,402 |
Accumulated earnings |  | 97,254 |  | 98,327 |
Accumulated other comprehensive income |  | 1,761 |  | 5,390 |
|  | 315,171 |  | 300,891 |
Total liabilities and shareholder’s equity |  | $ | 327,183 |  | $ | 310,881 |
See accompanying notes to condensed financial statements. Condensed Statements of Operations (unaudited)
(US$ in thousands) |  | Year Ended December 31, 2011 |  | Year Ended December 31, 2010 |  | Year Ended December 31, 2009 |
(Expenses) income: |  |  |  |  |  |  |
General and administrative |  | $ | (11,503 | ) | $ | (13,146 | ) | $ | (10,444 | )
Equity in earnings of investments in subsidiaries and affiliates |  | 11,111 |  | 59,620 |  | 36,592 |
Other, net |  | 7 |  | (390 | ) | 301 |
Income (loss) before income taxes |  | (385 | ) | 46,084 |  | 26,449 |
Income tax expense |  | (688 | ) | (1,876 | ) | (1,977 | )
Net income (loss) |  | $ | (1,073 | ) | $ | 44,208 |  | $ | 24,472 |
See accompanying notes to condensed financial statements. Condensed Statement of Cash Flows
(US$ in thousands) |  | Year Ended December 31, 2011 |  | Year Ended December 31, 2010 |  | Year Ended December 31, 2009 |
Net income (loss) |  | $ | (1,073 | ) | $ | 44,208 |  | $ | 24,472 |
Equity in earnings of investments in subsidiaries and affiliates |  | (11,111 | ) | (59,620 | ) | (36,592 | )
Cash used in other operating activities |  | (1,779 | ) | 7,497 |  | 3,574 |
Net cash used in operating activities |  | (13,963 | ) | (7,915 | ) | (8,546 | )
Cash flows from investing activities: |  |  |  |  |  |  |
Distributions and amounts received from subsidiaries |  | 5,875 |  | 21,597 |  | 13,237 |
Capital expenditures |  | — |  | (5 | ) | (114 | )
Net cash provided by investing activities |  | 5,875 |  | 21,592 |  | 13,123 |
Cash flows from financing activities: |  |  |  |  |  |  |
Net proceeds from issuance of common stock |  | 20,113 |  | 7,854 |  | 70 |
Contributions to subsidiaries and affiliates |  | 2,789 |  | (21,274 | ) | (4,672 | )
Repurchase of equity |  | — |  | — |  | (220 | )
Tax benefit on exercise of stock options |  | 1,737 |  | 2,222 |  | 25 |
Net cash provided by financing activities |  | 24,639 |  | (11,198 | ) | (4,797 | )
Net increase (decrease) in cash and cash equivalents |  | 16,551 |  | 2,479 |  | (220 | )
Cash and cash equivalents at the beginning of the year |  | 2,882 |  | 403 |  | 623 |
Cash and cash equivalents at the end of the year |  | $ | 19,433 |  | $ | 2,882 |  | $ | 403 |
See accompanying notes to condensed financial statements. Notes to Condensed Financial Statements (unaudited) 1. Background and basis of presentation These condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule 1 of Regulation S-X, as the restricted net assets of Orthofix Holdings, Inc. and its subsidiaries exceed 25% of the consolidated net assets of Orthofix International N.V. and its subsidiaries (the “Company”). This information should be read in conjunction with the Company’s consolidated financial statements included elsewhere in this filing. 2. Restricted net assets of subsidiaries Certain of the Company’s subsidiaries have restrictions, with an effective date of August 30, 2010, on their ability to pay dividends or make intercompany loans and advances pursuant to their financing arrangements. The amount of restricted net assets the Company’s subsidiaries held at December 31, 2011 and 2010 was approximately $186.0 million and $178.5 million, respectively. Such restrictions are on net assets of Orthofix Holdings, Inc. and its subsidiaries. 3. Commitments, contingencies and long-term obligations For a discussion of the Company’s commitments, contingencies and long term obligations under its senior secured credit facility, see Note 8, Note 11 and Note 15 of the Company’s consolidated financial statements. 4. Dividends from subsidiaries Cash dividends received by Orthofix International N.V. from its consolidated subsidiaries accounted for by the equity method were $5.9 million, $21.6 million and $13.2 million for the years ended December 31, 2011, 2010 and 2009, respectively.

X
- Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 9 -Section 06 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 7 -Section 05 -Paragraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6921628&loc=d3e5283-111683 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration