Carlo Gavazzi posts solid results for 2009/10
(Thomson Reuters ONE) -
Carlo Gavazzi Holding AG / Carlo Gavazzi posts solid results for 2009/10 processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Net income at previous year's level - Sales increase in second half
Steinhausen, June 24, 2010 - Zug-based electronics group Carlo Gavazzi has
posted good results for the financial year despite a difficult market
environment. The group's net income reached the previous year's level of CHF 8
million. The share price increased by 66.7%. The Board of Directors is proposing
a dividend of CHF 5 per bearer share.
Carlo Gavazzi achieved sales of CHF 150 million (previous year CHF 175 million;
- 11% in local currency) for the financial year to 31st March 2010. Sales were
12% higher in the second half of the year than in the first semester. Thanks to
productivity gains and changes to the client mix, the gross profit margin
improved again, from 52.4% to 54.5%. EBIT reached CHF 13.0 million (previous
year CHF 16.2 million), while the EBIT margin remained practically the same as
the previous year at 8.7%. The financial year closed with a net income of CHF
8.0 million in line with last year's result, mainly thanks to a strong increase
in the second semester.
With its net cash position improving to CHF 44.4 million (previous year CHF
29.7 million), and an equity ratio of 69.3%, Carlo Gavazzi has a very sound
financial structure.
The company's share price rose 66.7% during the reporting period. The Board of
Directors is proposing a dividend of CHF 5 per bearer share to the AGM.
New sales offices and subsidiaries in China and Mexico
Sales declined in Europe and even more in the USA, especially in the first half
of the year. Incoming orders began to recover in the second half-year in both
areas. In November 2009 Gavazzi opened a new subsidiary in Mexico, which began
operations in the final quarter of the financial year.
Asia-Pacific had a very positive business development, with sales increasing by
20% on the back of growth in all key countries. Two sales offices were opened in
Wuhan and Guangzhou in order to strengthen geographical coverage in China.
Growth in energy management - declining performance in industrial automation and
building automation
While sales of the traditional product range decreased 20% on average, sales of
energy management products rose by around 40%. Within the company's priority
markets, the renewable energy sector experienced particularly good sales growth.
By contrast, the current decline in demand for real estate affected performance
in the building automation sector.
The industrial automation sector was also impacted by the difficult economic
environment, with sales in this area decreasing by around 20%.
Although the future development of the automation market remains uncertain,
initial signs of recovery in the energy management sector have been evident
since the end of 2009, suggesting that sustained growth can be expected.
Growth strategy
Gavazzi is making major endeavours to developing new products, including new
solutions for building automation, e.g. door and lift controls, as well as
developing new markets, e.g. renewable energy. The company is also confident
that its efforts to develop new markets in Latin America and Asia will be
successful. The strong financial basis also allows Carlo Gavazzi to screen
possible acquisitions on a regular basis. The aim of any acquisition would be to
strengthen the potential of Gavazzi's product portfolio through new growth and
additional earnings.
The company expects the positive performance of the second half to continue in
the new financial year.
Acknowledgments
The Zug based company was founded in 1931 and was recently hailed as one of 100
best family controlled companies in Switzerland.
Felix Stöcklin, Head of Corporate Communications, has decided to retire
effective 31st December, 2010. The company wishes him a wonderful and serene
future and thanks him for his life-long lasting support to Carlo Gavazzi over
the past 35 years.
Consolidated key figures
+---------------------------------------------------------------+
| Income statement 2009/10 2008/09 % |
| |
| |
| |
| Bookings 152.7 172.7 -11.6 |
| |
| Operating revenue 149.9 174.9 -14.4 |
| |
| EBIT 13.0 16.2 -19.8 |
| |
| EBIT margin 8.7 9.3 - |
| |
| Earnings from ongoing operations 8.0 12.2 -34.4 |
| |
| Loss from discontinued operations - -4.2 - |
| |
| Net income 8.0 8.0 - |
| |
| Cash flow 13.0 17.9 -27.4 |
| |
| |
| |
| Balance sheet (as at 31 March) 2010 2009 |
| |
| |
| |
| Net working capital 30.8 43.2 -28.7 |
| |
| Shareholders' equity 107.9 106.9 +0.9 |
| |
| Total assets 155.6 156.4 -0.5 |
| |
| Equity as % of assets 69.3% 68.4% - |
+---------------------------------------------------------------+
For further information
If you have any questions, please contact:
Felix Stöcklin
Head of Corporate Communications
Carlo Gavazzi Holding AG
Phone: +41 41 747 45 26
E-mail:felix.stoecklin(at)carlogavazzi.ch
The press release can be downloaded from the following link:
[HUG#1426774]
--- End of Message ---
Carlo Gavazzi Holding AG
PO Box 152 Steinhausen null
ISIN: CH0011003594;
Press release (PDF): http://hugin.info/100205/R/1426774/374598.pdf
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Source: Carlo Gavazzi Holding AG via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 24.06.2010 - 06:45 Uhr
Sprache: Deutsch
News-ID 22946
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contact information:
Town:
Steinhausen
Kategorie:
Business News
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