Half-Year Report at June 30, 2012: Conzzeta maintains level of revenues and results
(Thomson Reuters ONE) -
Conzzeta AG /
Half-Year Report at June 30, 2012: Conzzeta maintains level of revenues and
results
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Zurich, August 15, 2012 - Despite a difficult economic environment during the
first half of 2012, the Conzzeta Group was able to increase net revenues to CHF
528.6 million, a rise of 3.2% (4.5% in local currencies). At CHF 8.6 million,
the operating result is lower than a year ago due to the influence of special
effects totaling CHF 18.9 million. Without these effects, the result is on a par
with the previous year.
Economic uncertainty arising from the debt crisis in Europe continued to
influence market sentiment. In view of the unresolved situation in the eurozone,
Conzzeta's principal market, customers were less willing to invest. The strength
of the Swiss franc continued to put pressure on margins and had a negative
impact on revenues and particularly on the result. An additional factor was the
slowdown in the previously fast-growing Chinese market. However, this decline in
revenue was offset by the performance in the Americas and Eastern Europe, and
Conzzeta's international diversification had a positive overall effect.
The Group performed well in this difficult and unstable business climate,
generating consolidated net revenues of CHF 528.6 million (previous year: CHF
512.1 million) in the first half of 2012. This corresponds to growth of 3.2%, or
4.5% in local currencies.
The operating result (EBIT) for the first half of 2012 was CHF 8.6 million,
corresponding to an EBIT margin of 1.6%. Special effects had a major impact on
the result, as already indicated at the time of publication of the financial
statements and the 2011 annual report: in the first six months of 2012, costs of
CHF 6.2 million were incurred for restructuring the Glass Processing Systems
business unit (Bystronic glass). In addition, the special allocation to the
employee pension funds approved by the Annual General Meeting of Shareholders
resulted in net expenditure of CHF 12.7 million. The operating result before
special costs was CHF 27.5 million (CHF 28.6 million). Group profit - which
includes nonrecurring income from the sale of land - is CHF 12.9 million, lower
than in the first half of 2011 (CHF 21.5 million). Operating free cash flow was
largely unchanged at CHF -3.7 million (CHF -4.2 million). Cash and cash
equivalents were reduced for the payment of the centenary dividend. This had an
impact on the equity ratio, which stands at 73.1% (previous year: 76.4%) and
continues to represent a solid financial basis for the Conzzeta Group.
Business units
The Sheet Metal Processing Systems business unit (Bystronic) generated revenues
of CHF 249.9 million in the first half of 2012, slightly higher at 0.8% than in
the previous year (CHF 248 million). In local currencies, the increase was
2.8%. The business unit felt the effects of the slowdown in China, but also
recorded some successes, for example with BySun, the first laser machine
developed entirely in China. Bystronic continued to build up its offering in
this promising field with two further fiber-laser models. Bystronic performed
particularly well in the NAFTA and Northern European markets, as well as in some
Asian countries.
The Glass Processing Systems business unit (Bystronic glass) reported net
revenues of CHF 62.6 million (previous year: CHF 64.4 million) for the first
half of the year, a decrease of 2.8% or 1% in local currencies. The
restructuring of the business unit is taking place within the planned framework.
The final orders are currently being processed in the architectural glass
segment and as a result no further significant revenues are expected. By
contrast, the automotive glass segment posted significantly higher revenues than
in the same period last year. While business grew in Asian markets, the mood of
uncertainty among customers in Europe was clearly discernible. The previously
announced negotiations between Bystronic glass and its business partner Hegla
were successfully concluded. The two companies are now working together in the
area of distribution, already registering their first joint orders.
The Automation Systems business unit (ixmation) posted revenues of CHF 22
million (previous year: CHF 15.3 million) in the first half of 2012. That
represents year-on-year growth of 44.3% (41.2% in local currencies). Such large
differences due to closing-date effects are not unusual because of the lack of
continuity that characterizes ixmation's project business. Sales in the
automotive engineering segment remained solid. The business unit won new
customers in the medical technology segment as well as in assembly lines for
energy storage systems.
In the Foam Materials business unit (FoamPartner) net revenue rose by 1.7% to
CHF 66.6 million (previous year: CHF 65.4 million). The growth in local
currencies was 3%. Sales in the comfort segment (pillow and mattress cores)
performed well, with gains in international markets offsetting a decline in the
business unit's Swiss home market, where competitors took advantage of the
currency situation. Sales of technical foams were hit by the slowdown in the
European automotive industry, while in Asia demand held up well. FoamPartner
improved the efficiency of its production processes in the first half of 2012,
benefitting from the reduced cost of materials.
Despite a difficult winter, the Sporting Goods business unit (Mammut Sports
Group) increased net revenue to CHF 91.8 million, 7.5% higher than the same
period a year ago (CHF 85.4 million). Adjusted for currency effects and the
acquisition of Snowpulse, the increase was 7.6%. Sales grew in all product
groups, with the strongest performance in the footwear and avalanche protection
segments. In its home market of Switzerland, Mammut continued to feel the
pressure of foreign competition and the effects of consumer tourism to
neighboring eurozone countries. In Europe, Mammut recorded growth in almost all
markets, with Germany performing particularly well. The Asian markets also
continued to develop satisfactorily.
Revenue in the Graphic Coatings business unit (Schmid Rhyner) grew by 10.9%
(10.8% in local currencies) to CHF 25.3 million. Despite the effects of the
recession in Southern Europe and increasing competitive pressure in the
dispersions segment, Schmid Rhyner defended its position well thanks to
innovative products and increased its market share in UV-hardening varnishes.
The new Touch&Feel varnishes met with great interest in the market. Sales of UV
varnishes for food packaging were a particularly bright spot.
The Real Estate business unit (Plazza Immobilien) generated revenue of CHF 9.9
million, 4.3% lower than a year ago (CHF 10.4 million). The property in
Estavayer-le-Lac was sold and the building in Wallisellen is no longer in use
because of the upcoming redevelopment, which reduced rental income. The sale in
Estavayer-le-Lac generated an extraordinary result of CHF 8.5 million. The
construction project in Wallisellen was approved by the municipal assembly in
June; the redevelopment of the site is currently the subject of an architectural
competition.
Trends and outlook
The imponderables of the debt crisis in Europe will have an impact on business
in the second half of 2012, rendering serious forecasting impossible. At the
present exchange rate of the franc to the euro, the margin pressure on products
and services originating in Switzerland remains high. The market situation in
Europe will continue to be affected by this uncertainty in the coming months and
only a definitive solution of the debt crisis will bring a tangible improvement.
Conzzeta therefore expects unstable and difficult conditions, and will have to
respond with flexibility and innovative strength.
The full version of the half-year report with the income statement and balance
sheet can be accessed at www.conzzeta.ch.
For further information please contact:
Christian Thalheimer, Head of Corporate Services
Phone +41 44 468 24 84
media(at)conzzeta.ch
Conzzeta Group is an internationally active Swiss holding company with
approximately 3,500 employees worldwide. Its activities are in the areas of
machinery and systems engineering, foam materials, sporting goods, graphic
coatings and real estate. Conzzeta's shares are listed on the SIX Swiss Exchange
(SWX:CZH).
The Half-Year Report including consolidated income statement and consolidated
balance sheet can be downloaded from the following link:
Press Release Half-Year Report 2012:
http://hugin.info/100413/R/1633799/524410.pdf
Half-Year Report 2012:
http://hugin.info/100413/R/1633799/524412.pdf
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originality of the information contained therein.
Source: Conzzeta AG via Thomson Reuters ONE
[HUG#1633799]
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Datum: 15.08.2012 - 07:01 Uhr
Sprache: Deutsch
News-ID 174705
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