Half-Year Report at June 30, 2013: Revenue and result at previous year's level
(Thomson Reuters ONE) -
Conzzeta AG /
Half-Year Report at June 30, 2013: Revenue and result at previous year's level
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Zurich, August 14, 2013 - The Conzzeta Group generated net revenues of CHF
537.7 million in the first half of 2013, up 1.7% on the previous year. The
operating result rose to CHF 27.0 million, corresponding to an EBIT margin of
4.8%.
The performance of the Conzzeta AG business units in the first half of 2013
presented a really uneven picture. Although the first three months were
generally rather weak, sales picked up in the second quarter. While Conzzeta's
three machinery and systems engineering units remained at the previous year's
level, the consumer-oriented businesses showed some pleasing areas of growth.
The subdued development of the capital goods market is also due to the economic
situation. Some countries in the eurozone, Conzzeta's most important market, are
in recession, and in China there are doubts whether the economy can keep growing
as it has up to now. Accordingly, customers are showing restraint in their
investment decisions. The decreases in sales at ixmation and Bystronic glass
were the result of deliberate decisions: Bystronic glass closed its
architectural glass cutting segment in 2012, while ixmation tightened up the
criteria for the technical feasibility of order delivery, above all in the US
market. By contrast, the three business units directly or indirectly engaged in
manufacturing consumer products - with Mammut to the fore - made substantial
progress, the strongest growth being generated in Asia.
Consolidated net revenues totaled CHF 537.7 million in the reporting period
(previous year: CHF 528.6 million). This corresponds to a growth rate of 1.7%,
or 0.2% in local currencies, excluding the acquisition effect arising from the
purchase of a Mammut distributor. The operating result (EBIT) for the first half
of 2013 was CHF 27.0 million, on a par with the previous year, despite the fact
that the figure for the same period of 2012 (CHF 8.6 million) was significantly
influenced by special effects of CHF 18.9 million. The EBIT margin was 4.8%.
Group profit came in at CHF 21.6 million, 67.4% higher than in the first half of
2012. This figure contains an extraordinary result of CHF 2.9 million from the
sale of land by Plazza Immobilien. Operational free cash flow amounted to CHF
18.9 million, an improvement on the first half of 2012 (negative CHF 3.7
million). Cash and cash equivalents rose to CHF 363.4 million and the equity
ratio reached 75.1%, higher than the previous year (73.1%). Conzzeta therefore
remains very solidly financed.
Business units
The Sheet Metal Processing Systems business unit (Bystronic) generated net
revenue of CHF 254.6 million in the first half of 2013, a rise of 1.9% on the
same period of last year (CHF 249.9 million). In terms of local currencies
revenues remained unchanged. Following a subdued beginning to the year, business
improved significantly in the second quarter. Sales grew, particularly in the
American markets, as well as in Northern and Central Europe, while there was a
slight downturn in China and a more marked weakening in Southern Europe. Against
a background of technological change, with fiber laser systems taking an
increasing share of the market, Bystronic is maintaining its position. The
number of competitors in this market has risen considerably, increasing the
pressure on prices. New products unveiled at the most recent Euroblech industry
fair met with great interest on the part of customers. Bystronic has been under
new leadership since April of this year, with Alex Waser taking over from Ferdi
Töngi as CEO.
The Glass Processing Systems business unit (Bystronic glass) reported net
revenue of CHF 60.1 million, 3.9% lower than the same period a year ago (CHF
62.6 million), or 5.2% in local currencies. This year-on-year decrease is
attributable to the closure of the architectural glass cutting machinery
segment, which was still contributing to sales in 2012. The segment is now
closed and the restructuring of Bystronic glass completed. Revenues in the
automotive glass machinery business are falling as expected, following the
exceptional high of the previous year. An additional factor is that the largest
competitor enjoys a currency advantage due to the weakness of the yen. In
regional terms, the economic problems in Europe are slowing down the
construction industry, which in turn affects glass manufacturers. As a result,
the market for high-end machines - ordered chiefly by European customers - is
weaker, while mid-range machinery is selling well in China.
The Automation Systems business unit (ixmation) generated net revenue of CHF
15.7 million, a fall of 28.9% (29.9% in local currencies) on the same period of
2012 (CHF 22.0 million). The decrease in revenues was anticipated. As announced
in the Annual Report 2012, ixmation had incurred high costs dealing with
unexpectedly demanding projects. When taking on new orders in future, the
business unit will place a high priority on ensuring that the technological and
contractual requirements are more clearly defined, rendering the risks more
manageable.
In the first half of 2013, the Foam Materials business unit (FoamPartner)
reported net revenue of CHF 69.1 million (previous year: CHF 66.6 million), a
rise of 3.9%, or 2.6% in local currencies. The growth was generated mainly in
the technical foams segment, above all with products for the automotive industry
and for application in sound insulation. Sales of comfort foams in Europe were
weaker, with a low level of demand in the overall market resulting in tougher
competition through predatory pricing. In regional terms, there was market
growth in the USA and above all in Asia, where the newly opened sales office in
Singapore and the FoamPartnerBock joint venture both produced very pleasing
sales figures.
The Sporting Goods business unit (Mammut Sports Group) increased net revenue by
9.2% to CHF 100.3 million (previous year: CHF 91.8 million). In local currencies
and without an acquisition effect from the purchase of the sales operation in
South Korea, the growth amounted to 7.7%. Mammut recorded the biggest increase
in sales in Asia, where the business unit has now established itself in the
Chinese market and the first orders for the 2013/14 winter season have already
been secured. In the European markets, sales in Great Britain developed well,
the home market of Switzerland is recovering, while demand in Germany remained
stable. Mammut is positioning itself systematically as a premium brand, opening
new monobrand stores and setting out conditions for a good working relationship
with retailers, including the offer of expert advice and attractive product
presentation.
In the first half of 2013, the Graphic Coatings business unit (Schmid Rhyner)
posted net revenue of CHF 27.3 million, representing growth of 7.7%. This result
was achieved despite the fact that the business unit streamlined its product
range in the water-based varnish segment. The most significant growth markets
were Poland, the United Arab Emirates and India. Schmid Rhyner is continuing the
strategic development of its business with packaging printers. UV varnishes for
textured surfaces are particularly in demand. To keep pace with growing demand,
the company is currently building a new production building in Adliswil.
The Real Estate business unit (Plazza Immobilien) increased net revenue to CHF
10.3 million, 3.8% higher than the same period a year ago. Although rents for
commercial properties are under pressure, the market for apartments in the low
and medium price range - Plazza's main field of business - is still buoyant. The
projects in Wallisellen and Crissier are running according to plan.
Trends and outlook
Europe continues to suffer the effects of the debt crisis. Certain countries,
particularly in the south, are in recession, and there is no sign of a return to
the levels of business seen in the past. At the same time, the uncertainties in
China remain. Nevertheless, Conzzeta sees potential for long-term growth in the
Asian market as a whole and will continue to strengthen its presence in the
region. Market conditions point to the conclusion that the business performance
in the second half will be similar to that in the same period of last year.
Until the situation stabilizes and a global economic recovery takes hold,
Conzzeta will concentrate on keeping its processes flexible. This should enable
the business units to react more quickly to market pressure, but also to seize
any opportunities arising in the short term.
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 3,600 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:
Half-Year Report 2013:
http://hugin.info/100413/R/1722711/574022.pdf
Press Release Half-Year Report 2013:
http://hugin.info/100413/R/1722711/574040.pdf
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originality of the information contained therein.
Source: Conzzeta AG via Thomson Reuters ONE
[HUG#1722711]
Unternehmensinformation / Kurzprofil:
Datum: 14.08.2013 - 07:00 Uhr
Sprache: Deutsch
News-ID 287480
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