Schweiter Technologies: First half of 2012 - Clear increase in profitability for composite materials and 12% EBITDA margin
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Schweiter Technologies: First half of 2012 - Clear increase in profitability for
composite materials and 12% EBITDA margin
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Horgen, August 17, 2012 - Group net revenues amounted to CHF 378.0 million in
the first half of 2012 (1H 2011: 425.0 million), which represents a decline of
11%. SSM Textile Machinery was just able to maintain revenues at the same level
as the previous year, while Ismeca Semiconductor experienced a marked sector-
cyclical decline compared with its high year-back result. 3A Composites posted
high revenues in Architecture and Display, whereas the price war in the wind
segment put pressure on revenues and margins in Core Materials. Despite this,
this segment too made a clear positive contribution to profits.
The Group posted EBITDA of CHF 45.0 million (1H 2011: 46.3 million*), which
corresponds to approximately 12% of net sales. EBIT came to CHF 30.5 million
(1H 2011: 31.5 million*) and net income to CHF 24.6 million (1H 2011: 20.3
million*). Cash flow from operating activity improved by over CHF 20 million
against the previous year. The cash position stood at CHF 286 million (1H
2011: 249 million).
change
Schweiter Technologies Group (in H1 2011 H1 2011 12 - 11
CHF m) H1 2012 restated reported* ( ) restated
-------------------------------------------------------------------------------
Net revenues 378.0 425.0 425.0 -11%
EBITDA 45.0 50.9 46.3 -12%
as % of net revenues 11.9% 12.0% 10.9%
EBIT 30.5 36.1 31.5 -16%
Net income 24.6 23.1 20.3 6%
* Previous year's figures as published, before restatement owing to the early
introduction of IAS 19 revised
In a challenging sector environment, SSM Textile Machinery reported new orders
amounting to CHF 35.5 million (1H 2011: 40.1 million) resulting in net revenues
of CHF 38.7 million (1H 2011: 39.3 million). This corresponds to a slight
decrease of 2%.
Key markets such as India and China suffered from a decline in consumer demand
from Europe and the US, which was reflected in cautious investment activity on
the part of customers.
The operating result (EBIT) amounted to CHF 3.1 million (1H 2011: 5.2 million*),
which corresponds to a net profit ratio of 8%. The lower result in comparison
with the year-back period is primarily due to the lower operating profit. By
contrast, margins were maintained despite price pressure. Start-up and
integration costs for the company acquired in Italy depressed the result by
approximately CHF 1 million.
Ismeca Semiconductor reported new orders amounting to CHF 45.1 million (1H
2011: 50.9 million). The decline compared with the previous year's high figure
is due to the sluggish state of the sector at the beginning of the year. Net
revenues were correspondingly lower at CHF 38.0 million (1H 2011: 50.8 million).
Cutting-edge products with good margins delivered a positive operating result
(EBIT) of CHF 1.6 million (1H 2011: 4.8 million*) despite lower revenues.
3A Composites recorded new orders amounting to CHF 309.1 million (1H 2011:
389.3 million). Just under half of the decline is attributable to a multi-year
contract won the previous year by the automotive business in Altenrhein, which
has since been divested. Net revenues amounted to CHF 301.0 million (1H
2011: 334.7 million), which represents a decline of 10%. This resulted in an
EBITDA of CHF 40.1 million (1H 2011: 36.7 million*), corresponding to a
significant improvement in the net profit ratio to more than 13% (1H 2011:
11%). EBIT came to CHF 26.6 million (1H 2011: 22.6 million*), The gratifying
result was achieved despite unfavorable conditions in the wind energy sector,
where competitive and cost pressure among wind farm manufacturers, particularly
in China, led to heightened price competition in the core materials segment. In
the US and Europe, the market progressed at roughly the same level as the
previous year. The marine market continued to show signs of recovering.
Despite uncertainties surrounding the future direction of the economy, the
cyclical Display business made further encouraging progress in both the US and
Europe.
Architecture posted solid revenues and results in Europe and Asia. In Europe,
business was good in Germany in particular, while demand in southern Europe
contracted appreciably. In China, business in the high-end façade cladding units
segment continued to make very gratifying headway.
The adjustment of a medical plan in the US improved the result by just under CHF
3 million.
In June, Display took over a leading PVC foam sheet and PET plastic manufacturer
in Ireland. On the other hand, as part of the drive toward focusing on the core
operations of lightweight components for mass transportation and industry, the
automotive business was divested, which means the absence of revenues in the
region of CHF 5 million per year.
The former industrial estate in Neuhausen (RhyTech site) is being re-opened
under a site development scheme and is to be used for a range of purposes
(workplace, housing, encounters). Over 230 apartments are to be built on an area
of 26,000 m2. A study was commissioned and an architecture competition
organized. A panel of expert judges selected the winning project, which is to be
realized over the coming years.
Outlook
During the second half of the year, SSM Textile Machinery is expected to witness
a slowdown in business owing to a reticence on the part of customers to make
major investments, while Ismeca Semiconductor should fare better in the 2nd half
despite low visibility.
Developments in the wind power segment going forward will be a key factor in the
performance of 3A Composites' core materials business. The second half of the
year remains challenging and will be weaker owing to the muted prospects for
wind power in China. The outlook for Architecture and Display remains positive
thanks to a fall in the price of raw materials and a solid order intake.
Overall, the Group is expecting a weaker 2nd half in terms of revenues and
result.
A media conference on the results for the first half of 2012 for analysts, media
representatives and investors will take place at 9:00 a.m. CET today at the
Marriott Hotel, Neumühlequai 42, 8035 Zurich.
For further information:
Martin Klöti, Head of Management Services
Tel. +41 44 718 33 03, fax +41 44 718 34 51, martin.kloeti(at)schweiter.com
The results for the first half of 2012 can be downloaded from the following
link:
Semi-Annual Report 2012 (PDF) :
http://hugin.info/100347/R/1634476/524779.pdf
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originality of the information contained therein.
Source: Schweiter Technologies via Thomson Reuters ONE
[HUG#1634476]
Unternehmensinformation / Kurzprofil:
Datum: 17.08.2012 - 06:00 Uhr
Sprache: Deutsch
News-ID 175466
Anzahl Zeichen: 8437
contact information:
Town:
Horgen
Kategorie:
Business News
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