Results for first half of 2010/11 financial year: Further increase in orders received and sales at Feintool
(Thomson Reuters ONE) -
Feintool International Holding AG /
Results for first half of 2010/11 financial year: Further increase in orders
received and sales at Feintool
. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement.
The first half of financial year 2010/11 proved both successful and eventful for
Feintool. The devastating earthquake in Japan had little impact on the Group's
two Japanese production sites. Artemis Beteiligungen III AG, owned by Feintool
shareholder Michael Pieper, issued a public tender offer to acquire 81.2% of
Feintool's share capital. By selling off the riveting machine builder BalTec AG
in March, Feintool took a further step towards focusing its portfolio.
Feintool's business performed well. Orders received were up 12% at CHF 213.1
million. With sales having risen by 14% to CHF 197.5 million, the technology
group posted operating income (EBIT) of CHF 5.3 million.
In the first six months of the 2010/11 financial year, Feintool benefited from
the gratifying development of its core markets - notably the booming global
automotive industry. As a result, business thrived in all Feintool segments.
This was reflected above all in the level of orders received, but also in the
larger backlog of orders and in sales.
Positive trend in business
Group sales came to CHF 197.5 million. The 14.3% rise from a year ago
underscored the positive trend in business. After adjustment for currencies, the
increase comes to an even more impressive 21.7%. In the reporting year, Feintool
sold 60% of its products in Europe (3.8% in Switzerland), 22% in the USA and
18% in Asia. The higher gross profit, combined with controlled growth in costs
(due to increased volumes) and lower depreciation resulted in an operating
profit (EBIT) of CHF 5.3 million for the first six months of the current
financial year. Orders received came to CHF 213.1 million, a year-on-year
increase of 12.2%. In local currency terms, the growth was even higher (20.3%).
The orders backlog stood at CHF 158.8 million as at 31 March 2011. This was CHF
5.5 million or 3.6% above the figure at the end of the last financial year.
Earthquake in Japan
With bated breath, the world awaited the effects of the devastating earthquake
in Japan on 11 March 2011. Fortunately, none of the 100 or so Feintool employees
or their family members was injured. While output at the production site in
Tokoname near Nagoya was not impaired, the initial problems at the Atsugi site
near Tokyo were quickly overcome thanks to the employees' great flexibility. The
earthquake had hardly any overall effect on business performance in the first
half of the year. Since April, however, customer requests have been far lower
than expected.
Public tender offer by Artemis
The period under review saw Artemis Beteiligungen III AG, which is controlled by
Michael Pieper, make a public tender offer for Feintool's shares. The media
release issued on 24 May 2011, stating that 81.2% of the Feintool shares
tendered to Artemis had been transferred and paid for by 31 May 2011, marked the
completion of this transaction. Michael Pieper has confirmed the Feintool
Group's strategic direction, as well as the make-up of its Board of Directors
and management.
In this context, the founding family decided to tender its entire package of
about 30% of the shares. This marks the end of an era at Feintool. The Board of
Directors and management acknowledge with great respect this far-reaching
decision by the founder and his family and wish to thank them for their very
valuable and important cooperation over the years. Following this decision,
Monika Löffel-Boesch stepped down as a director on 7 April.
Riveting machine builder BalTec sold
The portfolio underwent strategic streamlining in the first half of the year. In
March 2011, Feintool sold BalTec to a group of Swiss investors. All 50 employees
were rehired. The sale of BalTec enables Feintool to concentrate more closely on
developing its core competencies.
Segments successful on the market
All segments have reported a sound business trend. The systems provider
Fineblanking Technology, for example, saw new orders increase by over 50%, and
is thus going into the second half with a healthy level of orders. European
customers in particular increased their capital expenditures, exhibiting a trend
towards complex all-in systems. The newly launched range of servo presses more
than met our expectations. Orders in hand are already sufficient to secure the
annual production capacity available at our centre of excellence in Jona,
Switzerland. Most of our components series-manufacturing plants enjoyed good
levels of capacity utilization in the first half of the year. Currency shifts
brought about a slight downturn in orders received. Restructuring measures in
North America are starting to yield results, while the establishment of the
plant in Taicang (China) is making progress. The Automation segment also
displayed an encouraging level of new orders. At its IMA Berlin site in
particular, it has scored considerable success with the manufacture and sale of
specialized photovoltaic equipment. In the automation components business area,
Afag's sales of handling technology increased once again to a high level.
Good prospects for the full year
Owing to promising capacity utilization in all segments, Feintool confirms its
forecasts for sales of CHF 390-410 million and EBIT of CHF 12-16 million in
financial 2010/11 as a whole. The fall-off in orders from Japanese customers
owing to the repercussion of the earthquake cannot be assessed at present.
Key financial figures in brief
+------------------------------------+-------------+------------+------------+
| Figures in CHF | Change in % | 31.03.2011 | 31.03.2010 |
| | | in CHF m | in CHF m |
+------------------------------------+-------------+------------+------------+
| Net sales[1] | 14.3 | 197.5 | 172.8 |
+------------------------------------+-------------+------------+------------+
| EBITDA[1] | 11.1 | 13.3 | 11.9 |
+------------------------------------+-------------+------------+------------+
| Operating profit (EBIT)[1] | 115.3 | 5.3 | 2.5 |
+------------------------------------+-------------+------------+------------+
| Net income[1] | - | 1.1 | -4.2 |
+------------------------------------+-------------+------------+------------+
| Free cash flow | - | -8.0 | -9.9 |
+------------------------------------+-------------+------------+------------+
| Net income | - | 315.2 | 350.7 |
+------------------------------------+-------------+------------+------------+
| Equity ratio | - | 42.0 | 39.5 |
+------------------------------------+-------------+------------+------------+
| Sales[1] | | | |
+------------------------------------+-------------+------------+------------+
| - Fineblanking Technology segment | 92.5 | 59.9 | 31.1 |
+------------------------------------+-------------+------------+------------+
| - System Parts segment | 7.2 | 118.9 | 110.9 |
+------------------------------------+-------------+------------+------------+
| - Automation segment | 7.2 | 36.1 | 33.7 |
+------------------------------------+-------------+------------+------------+
| Total Feintool Group, consolidated | 14.3 | 197.5 | 172.8 |
+------------------------------------+-------------+------------+------------+
| Orders received[1] | | | |
+------------------------------------+-------------+------------+------------+
| - Fineblanking Technology segment | 51.4 | 60.8 | 40.1 |
+------------------------------------+-------------+------------+------------+
| - System Parts segment | -2.5 | 122.5 | 125.6 |
+------------------------------------+-------------+------------+------------+
| - Automation segment | 32.2 | 46.5 | 35.2 |
+------------------------------------+-------------+------------+------------+
| Total Feintool Group, consolidated | 12.2 | 213.1 | 189.8 |
+------------------------------------+-------------+------------+------------+
| Orders backlog[1] | | | |
+------------------------------------+-------------+------------+------------+
| - Fineblanking Technology segment | 47.6 | 30.9 | 21.0 |
+------------------------------------+-------------+------------+------------+
| - System Parts segment | 6.3 | 89.4 | 84.1 |
+------------------------------------+-------------+------------+------------+
| - Automation segment | 84.8 | 38.5 | 20.8 |
+------------------------------------+-------------+------------+------------+
| Total Feintool Group, consolidated | 26.2 | 158.8 | 125.9 |
+------------------------------------+-------------+------------+------------+
( )
[1] Continuing business
For detailed information on Feintool's results for the first half of 2010/11,
please visitwww.feintool.com/en/investors/publications. Further information may
be obtained from Karin Labhart, Media Spokesperson, at any time by calling +41
(0)32 387 51 63 or e-mailing karin.labhart(at)feintool.com.
Feintool International Holding AG
Industriering 8, CH-3250 Lyss
Phone +41 (0)32 387 51 11
Fax +41 (0)32 387 57 81
feintool-fim(at)feintool.com
www.feintool.com
--- End of Message ---
Feintool International Holding AG
Industriering 8 Lyss Schweiz
ISIN: CH0009320091;
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Datum: 25.05.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 54957
Anzahl Zeichen: 11734
contact information:
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