Schweiter Technologies: Figures for 2014
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Schweiter Technologies: Figures for 2014
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Dynamic growth and above-average increase in earnings
Horgen, March 16, 2015 - Schweiter Technologies had a good financial year in
both the composite material and textile machinery businesses. Group orders
received totaled CHF 800.0 million in 2014 (2013: 706.1), representing an
increase of 13%. Net revenues increased 12% to CHF 765.6 million (2013:
686.2). 3A Composites posted good results in the Architecture and Display
business areas, while the Core Materials business area improved significantly
and delivered a respectable result. SSM Textile Machinery reported a record
result on high revenues.
EBITDA came to CHF 81.7 million (2013: 68.7), corresponding to a return on sales
of just under 11%. Despite one-off positive effects in 2013 (including a real
estate sale), EBITDA increased by a disproportionately large 19%. Net income
amounted to CHF 45.5 million (2013: 30.2); partly positively influenced by
exchange rate gains.
Cash flow from operating activity came to CHF 43 million. Liquidity amounted to
more than CHF 300 million and the equity ratio was 72%. An unchanged
distribution of CHF 40 per bearer share will be proposed at the Annual General
Meeting on May 6, 2015.
Schweiter Technologies is holding its annual media conference today at Hotel
Marriott, Neumühlequai 42, in Zurich, at 11.00 a.m.
Key figures
Schweiter Technologies Group (in CHF millions) 2014 2013 + / -
------------------------------------------------------------------------
Orders received 800.0 706.1 13%
Net revenues 765.6 686.2 12%
EBITDA 81.7 68.7 19%
as a % of net revenues 10.7% 10.0%
EBIT 57.5 45.5 26%
Profit for the year 45.5 30.2 51%
Information by division (in CHF millions)
------------------------------------------------------------------------
3A Composites
Orders received 710.7 627.9 13%
Net revenues 677.2 612.0 11%
EBITDA 70.1 57.6 22%
as a % of net revenues 10.4% 9.4%
EBIT 47.1 35.5 33%
------------------------------------------------------------------------
SSM Textile Machinery
Orders received 89.3 78.2 14%
Net revenues 87.9 73.7 19%
EBITDA 14.6 8.0 83%
as a % of net revenues 16.6% 10.9%
EBIT 13.4 6.8 97%
3A Composites
3A Composites can look back on a very solid financial year. The Display,
Architecture and Core Materials business areas enjoyed double-digit growth. The
marked growth was driven primarily by increases in market share thanks to a
competitive product program. Sales also benefited from innovations and
distribution operations covering all areas. Revenues in the transportation
business were adversely affected by the postponement or non-implementation of
certain projects.
EBITDA accordingly came to CHF 70.1 million (2013: 57.6). The increase stems
from a combination of the very positive trend in the Display and Architecture
businesses in Europe, and the sustained growth momentum of the Architecture
business in Asia. Moreover, Core Materials made a particularly large
contribution to the improved result thanks to an increase in revenues and
improved business conditions in China.
Architecture
Construction activity in Europe has held up at a good level in those countries
that have stronger economies, despite a lack of major growth impetus. The mild
winter with an early start to construction operations already led to high
capacity utilization at the beginning of the year. The rest of the year was
marked by sustained high demand for the new 3AC coatings. Revenues in Europe
increased significantly - particularly in the core markets of Central Western
Europe (Germany, UK, France, Switzerland, Austria).
In the American market, the growing number of new projects for commercial and
institutional buildings fuelled a revival of the market for ALUCOBOND® façades.
The new colors and surfaces of the 3AC products were very well received by the
market. The share of fire-certified products is continuing to grow.
In the Middle East and Asia-Pacific, overall growth was once again encouraging.
However, the environment in the individual regions presented a mixed and
challenging picture. In the Middle East, business was heavily dependent on major
projects, some of which were subject to delays.
In India, it was a question of awaiting the outcome of the elections, with many
in the market hoping that the change of government would usher in a positive
trend. The architecture market made somewhat lackluster progress owing to
overcapacity. The acquisition of 3AC in Pune at the end of 2013 led to an
expansion of the product range and contributed to cost reductions in the main
product lines.
The growth spurt in China continued into 2014. Overall, the last three years
have seen a doubling in the volume of business in China.
Display
The display business, which is very dependent on the general economic climate,
performed well in both Europe and the USA. The strong trend towards large-format
digital printing technology is pushing up demand for 3AC's rigid, lightweight
and high-quality composite display panels. As in 2013, 3AC was able to
strengthen its market position and gain market share in what remained a fairly
weak European market. Growth was driven by 3AC's competitive product range, its
strong dealer network and frequent inclusion of the products in users'
specifications. The acquisition of Foamalite in mid-2012 had a very positive
impact - 3AC now also has an attractive range of transparent panels, which has
been significantly strengthened by the recently announced acquisition of the
Polycasa Group.
Core Materials
There was a renewed increase in global demand among wind energy customers,
though with large regional disparities. The Core Materials business performed
well, with significant increases in revenues and earnings reported in both the
wind and non-wind segments.
The declining total cost of wind turbines for power generation and distribution
was crucial to growth in North America and Asia. The trend towards larger wind
farms and longer rotor blades is continuing and has been conducive to general
growth in the business. The Chinese market continued to recover. In future, it
is to be expected that up to 50% of all wind turbines will be manufactured in
Asia.
Despite a selective growth strategy in China, the Core Materials business was
able to increase its global market share. With its strong brands, AIREX® and
BALTEK®, 3AC remains a preferred partner for leading wind turbine manufacturers.
The recovery in the traditional marine market is making the most progress in the
United States, where it reached the same level as before the 2008/2009 crisis.
By contrast, there was not yet any sign of a marked improvement in Europe or
Asia.
Transportation
Due to projects that were postponed by customers or never implemented, revenues
in the two main lines of business, rail vehicles and buses fell short of high
expectations. Overall, however, there was a year-on-year increase in orders
received.
In the buses segment, the postponed introduction of emissions standards in key
markets such as the UK had a negative impact on the launch of new-generation
vehicles with 3AC components.
In the rail vehicles segment, a large number of new orders were secured from
major rolling stock manufacturers.
SSM Textile Machinery
With net revenues of CHF 87.9 million, EBITDA came to CHF 14.6 million. The very
positive result was mainly driven by high demand in the man-made fibers segment,
where SSM benefited from the accelerated development of products specializing in
this sector. In addition to the main Asian markets, China and India, key orders
were also secured in Taiwan. Europe performed well, mainly thanks to Turkey,
while North America now for the first time saw a return to significantly higher
volumes of investment projects.
Outlook
Both divisions have begun the new year with solid levels of order backlog. Local
production operations mean that most locations generate revenues and costs in
the same currency, thus limiting negative exchange rate effects. Only about 10%
of total costs are incurred in Swiss francs. However, translation of foreign
revenues and earnings into Swiss francs results in a negative exchange rate
effect.
For further information:
Martin Klöti, Chief Financial Officer
Tel. +41 44 718 33 03, fax +41 44 718 34 51, martin.kloeti(at)schweiter.com
Schweiter Technologies AG, Neugasse 10, CH - 8810 Horgen, Switzerland
Telefon +41 44 718 33 03 Fax +41 44 718 34 51 info(at)schweiter.com
www.schweiter.com
Please find the Media release in the PDF attached:
Media release (PDF):
http://hugin.info/100347/R/1903488/676918.pdf
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Source: Schweiter Technologies via GlobeNewswire
[HUG#1903488]
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Datum: 16.03.2015 - 06:00 Uhr
Sprache: Deutsch
News-ID 378542
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