Kathleen: Here's a breakdown of NH's exposures by region:
Net Sales (in millions of dollars) 1997 1996 1995
Europe 2,290 2,469 2,162
North America 2,278 1,916 1,873
Brazil 296 185 249
Rest of World 934 904 719
Total 5,798 5,474 5,003
As Percentage of the Total
Europe 39.5 45.1 43.2
North America 39.3 35.0 37.4
Brazil 5.1 3.4 5.0
Rest of World 16.1 16.5 14.4
Southeast Asia accounts for less than 3% of revenues
They have enough of a presence in developing markets to be aware of and take advantage of opportunities in the aftermath of this crunch, but not so much exposure to be badly hurt IMO. They are 80% positioned in the strongest economic regions.
So while they may go lower as you mention due to the perception that they are exposed - the truth is the exposure is minimal.
Regards,
Bob |
