Results for first half of 2012 financial year: Feintool continues positive trend in first-half 2012
(Thomson Reuters ONE) -
Feintool International Holding AG /
Results for first half of 2012 financial year: Feintool continues positive trend
in first-half 2012
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The issuer is solely responsible for the content of this announcement.
Feintool successfully maintained its position against a challenging global
economic backdrop. The long-term strategy of concentrating on fineblanking and
forming, coupled with expansion in Asia and innovation-led projects, was
systematically continued. In the 1 January to 30 June 2012 period, Feintool
increased its net sales by 10.5 percent on a year-on-year basis to more than CHF
196 million. Operating profit (EBIT) rose CHF 5.1 million in the same period to
CHF 13.8 million. This corresponds to growth of 58 percent and an EBIT margin of
7.0 percent.
One-time effects from the disposal of IMA Automation Berlin GmbH on 31 March
2012 and the purchase of Herzing + Schroth, which was completed on 31 May 2012,
contributed CHF 2.3 million to the result. With chipless-forming specialist
Herzing + Schroth, Feintool continues to expand its capabilities in the core
business of Forming. As a result of the acquisition, headcount increased to
1,848 at the end of June 2012.
Double-digit growth in the US and Japan
Sales at System Parts, which includes Herzing + Schroth, increased by 15.3
percent in the first half of 2012 to nearly CHF 133 million. The parts business
for automotive manufacturers in Asia - most notably Japan - developed
particularly dynamically. The approximately 70 percent increase in first-half
sales in that region was partly attributable to the recovery process following
last year's Fukushima natural and nuclear disaster. With the opening of its
third factory, Feintool is continuing its organic growth trajectory in Japan.
Business also developed very dynamically in the US, where sales grew 16.5
percent between January and the end of June 2012. Although Feintool technology
is used largely in the medium to upper vehicle segment, which has proved
significantly more robust in the face of the euro crisis, a slight - to some
extent currency-related - drop in European sales was impossible to avoid.
In the first half of the year, the capital goods segment of Fineblanking
Technology benefited above all from the very good level of orders received in
the previous year. The drop in sales of nearly one quarter to around CHF 46
million was largely a consequence of the noticeably smaller proportion of press
deliveries for the in-house System Parts segment. The crucial third-party
business declined by 5.5 percent.
Automation technology, the company's third pillar, reaped the benefits of its
successful market positioning in first-half 2012. Despite the disposal of IMA
Berlin, sales grew more than 14 percent to CHF 26.4 million.
Large orders backlog; slight decline in orders received
The orders backlog of the Feintool Group amounted to CHF 227 million as at 30
June this year, representing a year-on-year gain of 31.7 percent. Stripping out
the effects of the purchase of Herzing + Schroth and disposal of IMA Berlin, the
orders backlog grew by 5.2 percent. This figure was negatively affected by
currency fluctuations. Orders received dropped by 7.9 percent to CHF 202.6
million. After adjustment for currencies, the decline was 5.9 percent. Customers
are in some cases holding back on investment or reducing order volumes in view
of the ongoing uncertainty over the future development of the world economy.
Increased operating profit; new long-term financing
The increase in sales and higher productivity offset higher indirect costs,
which were also in preparation for future sales. Overall, there was an operating
profit (EBIT) of CHF 13.8 million as compared to CHF 8.7 million in the previous
year. This result represents a profit margin of 7.0 percent. All regions and
segments operated at a profit. The net result for the period under review - due
to higher taxes - amounted to CHF 7.2 million; this compares with CHF 6.6
million in the previous year.
Following the acquisition of Herzing + Schroth, net debt rose to CHF 76.9
million in the reporting period. On 28 June 2012, Feintool signed a CHF 120
million five-year syndicated loan agreement with eight banks. The new credit
line was used firstly to repay existing loans but will also serve to finance
future growth.
Shareholders' equity came to CHF 137.7 million as at 30 June 2012. As a result
of the acquisition, the equity ratio fell to 35.1 percent
Optimistic outlook despite troubled backdrop
The outlook for business remains cautiously positive: Feintool is the sole
global provider in fineblanking and forming. These are ideal technologies for
benefiting from the megatrends in the automotive industry: producing high
precision and high quality in large unit numbers cost-effectively. For the
current fiscal year of 2012, Feintool expects consolidated sales of CHF 400 to
450 million and an EBIT margin of between four and six percent.
Key financial figures in brief
+----------------------------------+---------+--------------+--------------+
|Figures in CHF |Change in| 30.06.2012| 30.06.11|
| | percent|in CHF million|in CHF million|
+----------------------------------+---------+--------------+--------------+
|Net sales(1) | 10.5| 196.1| 177.4|
+----------------------------------+---------+--------------+--------------+
|EBITDA(1) | 41.9| 22.5| 15.9|
+----------------------------------+---------+--------------+--------------+
|Operating profit (EBIT)( 1) | 57.8| 13.8| 8.7|
+----------------------------------+---------+--------------+--------------+
|Net income(1) | 9.4| 7.2| 6.6|
+----------------------------------+---------+--------------+--------------+
|Free cash flow | | -8.8| 12.8|
+----------------------------------+---------+--------------+--------------+
|Total assets | 20.4| 392.7| 326.2|
+----------------------------------+---------+--------------+--------------+
|Shareholders' equity | 6.5| 137.7| 129.3|
+----------------------------------+---------+--------------+--------------+
|Sales(1) | | | |
+----------------------------------+---------+--------------+--------------+
|- Fineblanking Technology segment | -24.6| 46.5| 61.6|
+----------------------------------+---------+--------------+--------------+
|- System Parts segment | 15.3| 132.6| 115.0|
+----------------------------------+---------+--------------+--------------+
|- Automation segment | 14.2| 26.4| 23.1|
+----------------------------------+---------+--------------+--------------+
|Total Feintool Group, consolidated| 10.5| 196.1| 177.4|
+----------------------------------+---------+--------------+--------------+
|Orders received(1) | | | |
+----------------------------------+---------+--------------+--------------+
|- Fineblanking Technology segment | -4.3| 56.6| 59.1|
+----------------------------------+---------+--------------+--------------+
|- System Parts segment | 6.3| 134.7| 126.7|
+----------------------------------+---------+--------------+--------------+
|- Automation segment | -36.6| 24.2| 38.1|
+----------------------------------+---------+--------------+--------------+
|Total Feintool Group, consolidated| -7.9| 202.6| 219.8|
+----------------------------------+---------+--------------+--------------+
|Orders backlog(1) | | | |
+----------------------------------+---------+--------------+--------------+
|- Fineblanking Technology segment | 11.8| 51.3| 45.9|
+----------------------------------+---------+--------------+--------------+
|- System Parts segment | 64.1| 154.1| 93.9|
+----------------------------------+---------+--------------+--------------+
|- Automation segment | -8.4| 33.4| 36.5|
+----------------------------------+---------+--------------+--------------+
|Total Feintool Group, consolidated| 31.7| 227.0| 172.3|
+----------------------------------+---------+--------------+--------------+
(1 )Continuing business
For detailed information on Feintool's results for the first half of 2012,
please visit www.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 57 or e-mailing karin.labhart(at)feintool.com.
Feintool International Holding AG
Industriering 8
3250 Lyss
Switzerland
Phone +41 32 387 51 11
feintool-fim(at)feintool.com
www.feintool.com
Media Spokesperson
Karin Labhart
Phone +41 32 387 51 57
Mobile +41 79 609 22 02
karin.labhart(at)feintool.com
The press release can be downloaded from the following link:
Press Release (PDF):
http://hugin.info/100443/R/1634864/525011.pdf
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originality of the information contained therein.
Source: Feintool International Holding AG via Thomson Reuters ONE
[HUG#1634864]
Unternehmensinformation / Kurzprofil:
Datum: 21.08.2012 - 07:00 Uhr
Sprache: Deutsch
News-ID 176060
Anzahl Zeichen: 11021
contact information:
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Kategorie:
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