Schweiter Technologies: Figures for 2011
(Thomson Reuters ONE) -
Schweiter Technologies /
Schweiter Technologies: Figures for 2011
. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement.
Solid operating result in a difficult environment - high cash position -
attractive dividend proposal
Horgen, March 8, 2012 - In 2011, orders received amounted to CHF 857.7 million
(2010: 960.9). Net revenues reached CHF 785.6 million (2010: 932.1). This
represents a decrease of 16% (-6% after adjustment for currency effects). SSM
Textile Machinery suffered amid the downturn on the two core markets of China
and India, but reported an impressive result overall. Ismeca Semiconductor was
also impacted by a significant downturn in the semiconductor industry, but
nonetheless achieved a positive result in the 2nd half. 3A Composites posted
good results in the architecture and display segments, while the result achieved
in the core materials market was adversely affected in the second half of the
year by the strong downturn in China's wind power sector.
The Group's consolidated EBITDA totaled CHF 88.4 million (2010: 100.3),
corresponding to a return on sales of 11%. Net income amounted to CHF 47.5
million (1H 2010: 49.6). At 3A Composites, substantial headcount adjustments,
other operational improvements, early adoption of IAS 19 revised and the switch
to a defined contributions scheme in connection with the change in pension fund
reduced personnel costs as well as pension obligations and improved EBIT/EBITDA
by around CHF 27 million and net income by CHF 22 million. Restructuring costs
impacted the result by approximately CHF 5 million.
At the end of 2011, the Group reported liquidity totaling CHF 296 million and an
equity ratio of 74%. A proposal will be put to the Annual General Meeting on May
9, 2012 that a repayment (exempt from withholding tax) of CHF 12 per bearer
share be made from reserves from capital contributions and that bonus shares be
distributed from capital contribution reserves at a ratio of 18:1 - the shares
will be distributed from treasury holdings. Provided liquidity is not required
for larger acquisitions in 2012, a dividend payment of a similar magnitude is
envisaged in 2013.
Rolf-D. Schoemezler will be stepping down from the Board of Directors on grounds
of age upon expiry of the present term of office in May 2012. He joined the
Schweiter Group in 1987 as CEO of SSM Textile Machinery and has been a member of
the Board of Directors since 1993. The other members will be standing for re-
election for a further term of office.
Schweiter Technologies is holding its annual results press conference today at
the Hotel Marriott, Neumühlequai 42, in Zurich, beginning 11.00 a.m.
Key figures
2011 2010
Schweiter Technologies Group (in CHF millions) (restated) Change
--------------------------------------------------------------------------------
Orders received 857.7 960.9 -15%
Net revenues 785.6 932.1 -16%
EBITDA 88.4 100.3 -12%
EBIT 59.7 67.8 -12%
Net income 47.5 49.6 -4%
--------------------------------------------------------------------------------
Information by division (in CHF million)
--------------------------------------------------------------------------------
SSM Textile Machinery
--------------------------------------------------------------------------------
Orders received 73.5 90.4 -19%
Net revenues 72.9 85.9 -15%
EBITDA 8.8 13.0 -32%
EBIT 8.3 12.6 -34%
--------------------------------------------------------------------------------
Ismeca Semiconductor
--------------------------------------------------------------------------------
Orders received 76.1 136.4 -44%
Net revenues 87.6 126.3 -31%
EBITDA 6.2 20.8 -70%
EBIT 5.2 19.8 -74%
--------------------------------------------------------------------------------
3A Composites
--------------------------------------------------------------------------------
Orders received 708.1 734.1 -4%
Net revenues 624.7 719.5 -13%
EBITDA 75.1 66.9 12%
EBIT 47.9 35.8 34%
SSM Textile Machinery
Net revenues came to CHF 72.9 million (2010: -15%/-12% after currency
adjustment), while EBITDA amounted to CHF 8.8 million (-32%), representing a
healthy margin of 12% (15%).
At the beginning of the year, the previous year's positive market environment
already started showing the first signs of slowing down in the core Asian
markets of India and China. This situation became more accentuated in the second
half of the year. Rising cotton prices and more challenging project financing
conditions in China dampened the investment climate. This contrasted with
better-than-expected trends in Bangladesh and Turkey. The opening up of
attractive new markets in eastern Europe continued in 2011.
The rise in cotton prices favored investment in the processing of synthetic
fibers, an area in which SSM is excellently positioned with products in the air
texturing segment. At the end of the year, this attractive area of business was
further strengthened by the acquisition of Giudici. The company is a leader in
false twist texturizing technology, a system for processing ultra-fine nylon
yarn and similar materials. Giudici's yarn texturizing technology complements
SSM Textile Machinery's existing air-texturizing knowhow.
Product innovations unveiled at the ITMA in Barcelona and brought to market
underline the company's technology leadership. High quality, flexibility and
efficiency at all production sites guarantee enduring competitiveness and
profitability.
Ismeca Semiconductor
After a record year in 2010, the semiconductor industry experienced a noticeable
downturn in the second half. Although net revenues declined by nearly one third
to CHF 87.6 million (-31% / -20%), EBITDA came to CHF 6.2 million (-70%).
Despite significantly lower volumes, Ismeca continued to post positive EBITDA in
the 2nd six months of the year and was able to go some way toward smoothing the
cycles in the semiconductor industry thanks to sound growth in revenues in the
LED segment and the expansion of the spare parts and consumables business. In
addition, the improved gross margins and shifts in costs to Asia had a lasting
impact on earning power and are resulting in increased profitability across
cycles.
Ismeca maintained its strong presence in the key markets of China, Taiwan and
the Philippines and further consolidated its position in the developing Korean
market, thereby creating additional sales opportunities in the traditional semi-
conductor and LED market.
The HB LED market will continue to enjoy substantial growth in the future -
innovations in the LED sector for optical and electrical testing and a new
generation of turret machines underscore the technology leadership.
More than 80% of all products are now manufactured in Asia. The decision taken
at the end of 2011 to relocate more business operations to Asia in response to
currency factors further reduces the company's cost base. As a result, the
company's headquarters in La Chaux-de-Fonds are concentrating even more on
development, innovation and prototype construction.
3A Composites
A temporary but significant decline in the wind power market in China led to a
weaker 2nd half for 3A Composites despite Architecture's very solid performance
in Europe. Overall, this resulted in net revenues of CHF 624.7 million (-13% /
-3%) and EBITDA of CHF 75.1 million (+12%).
Overall, Core Materials defended its market lead. However, sales in other
countries were not sufficient to offset the temporary decline in volumes in
China. Overcapacity and high pressure on costs resulted in increased
competition, which had a negative impact on the margin. However, over the longer
term, lower costs in the value chain are making wind farms more attractive, and
3A Composites stands to benefit from this more than most. Its leading market
position is strengthened by a joint venture concluded with the largest local
manufacturer of structural foams coupled with its dominant position in balsa
wood.
The marine market, which declined sharply during the financial crisis, showed a
slight recovery in the US. However, the market as a whole is only slowly
approaching its original level.
Overall, the Architecture business developed very well in Europe despite weak
conditions in the construction sector in the south. Eastern Europe showed pent-
up demand with very positive growth rates. The market in the US recovered
slightly. New regulations led to a pleasing trend in demand for certified fire-
resistant products. In the Middle East, additional market share was gained,
although margins remained low. In China, revenues increased significantly thanks
to good market coverage and the launch of modular wall components and acoustic
ceiling solutions. This represented a successful expansion of the product range
in the direction of higher value creation.
Markets relevant to the Display unit developed in sync with the general economic
situation. While demand in Northern and Central Europe increased sharply,
Southern Europe saw a decline in advertising activities. The main drivers behind
the nonetheless gratifying increase in revenues were new, particularly light and
rigid products for customer-specific surfaces. In the US, the retail market
developed somewhat sluggishly. The growing trend toward digital printing is
opening up opportunities for additional high-value 3A Composites products.
Outlook
All divisions began the new year at roughly the same level as the previous year.
SSM Textile Machinery and Ismeca Semiconductor are expected to see business pick
up in the second half of the year. At 3A Composites, extensive restructuring
measures and organizational adjustments led to significantly leaner structures
and a reduced cost base. These measures mark the successful completion of the
integration of the Composites activities into the Schweiter Group. The full
impact of these cost savings will be felt from 2012 onward.
The Chinese wind power market is expected to return to attractive growth in the
second half of 2012 at the earliest. In the architecture market, Asia in general
and China in particular offer attractive growth opportunities. In Europe, the
focus is on innovations and high-value products. There is a close correlation
between the trend of business in the US and future economic developments.
Schweiter Technologies AG, Neugasse 10, CH - 8812 Horgen, Switzerland
Telefon +41 44 718 33 03 Fax +41 44 718 34 51info(at)schweiter.com
www.schweiter.com
Please find the Media release in the PDF attached:
Media release (PDF):
http://hugin.info/100347/R/1591969/500479.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Schweiter Technologies via Thomson Reuters ONE
[HUG#1591969]
Unternehmensinformation / Kurzprofil:
Datum: 08.03.2012 - 06:01 Uhr
Sprache: Deutsch
News-ID 122946
Anzahl Zeichen: 13693
contact information:
Town:
Horgen
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 161 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Schweiter Technologies: Figures for 2011"
steht unter der journalistisch-redaktionellen Verantwortung von
Schweiter Technologies (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
