Figures for 2010
(Thomson Reuters ONE) -
Schweiter Technologies /
Figures for 2010
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Good operating results in all divisions - High cash holding - Intact outlook for
2011
Horgen, March 11, 2011 - In 2010, new orders amounted to CHF 960.9 million
(2009: 175.2). Net revenues reached CHF 932.1 million (2009: 129.9). All
divisions posted good operating results. Both SSM Textile Machinery and Ismeca
Semiconductor benefited from a significant improvement in the state of the
industry. Both divisions ended the year as a whole with a high level of income.
The composite materials business of 3A Composites, which was consolidated for
12 months for the first time, posted a solid result despite sluggish conditions
in the industry and higher raw material prices.
The Group's consolidated EBITDA totaled CHF 99.9 million (2009: -16.2). Net
income came to CHF 51.0 million (2009: -20.4). A low tax charge partially
compensated for exchange rate losses.
At the end of 2010, the Group reported liquidity totaling CHF 275 million and
approximately 5% treasury stocks. The equity ratio stood at more than 70%. A
withholding tax-exempt repayment of reserves from capital contributions of
CHF 10.00 per bearer share will be proposed at the Annual General Meeting on May
12, 2011.
Schweiter Technologies is holding its annual results press conference today at
the Hotel Marriott, Neumühlequai 42, in Zurich, beginning 11.00 a.m.
Key figures
Total Total Change
Schweiter Technologies Group (in CHF
millions) 2010 2009
--------------------------------------------------------------------------------
Orders received 960.9 175.2 +448%
Net revenues 932.1 129.9 +618%
EBITDA 99.9 -16.2 -
EBIT 67.4 -20.4 -
Net income 51.0 -20.4 -
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Information by division (in CHF million)
--------------------------------------------------------------------------------
SSM Textile Machinery
--------------------------------------------------------------------------------
Orders received 90.4 47.9 89%
Net revenues 85.9 37.3 130%
EBITDA 13.3 -6.9 -
EBIT 12.9 -7.3 -
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Ismeca Semiconductor
--------------------------------------------------------------------------------
Orders received 136.4 54.2 152%
Net revenues 126.3 45.9 175%
EBITDA 20.8 -7.1 -
EBIT 19.8 -8.2 -
--------------------------------------------------------------------------------
3A Composites 1)
--------------------------------------------------------------------------------
Orders received 734.1 73.1 -
Net revenues 719.5 46.2 -
EBITDA 66.0 -0.9 -
EBIT 34.8 -3.6 -
--------------------------------------------------------------------------------
1) Figures for 1 month (December 2009)
SSM Textile Machinery
2010 saw a marked recovery compared with the previous year. At CHF 85.9 million,
net revenues more than doubled compared with the previous year. The operating
result reached CHF 12.9 million after a loss of CHF -7.3 million the previous
year.
2010 saw a steady continuation of the recovery in the market environment which
had begun toward the end of 2009. In Asia in particular individual markets, such
as China, Taiwan and Bangladesh improved faster than expected, while the upturn
in India only started in the second half of the year. The almost two-year long
investment backlog led to high pent-up demand which benefited SSM considerably.
Overall, the textile heavyweights China, India and Bangladesh contributed around
50% to total revenues.
In Europe, Turkey recovered only slowly, while further attractive new markets
were opened in eastern Europe, although still of secondary significance in
absolute terms.
Systematic investment in product innovations with a view to the ITMA in
Barcelona continued, as did further moves to relocate capacity to our own plant
in China. Three complete product lines, accounting for roughly one third of
total sales are now being manufactured entirely in China.
Ismeca Semiconductor
2010 also witnessed a strong recovery in the semiconductor industry. Net
revenues of CHF 126.3 million showed a nearly threefold increase compared with
the previous year (CHF 45.9 million). At CHF 19.8 million, EBIT improved
markedly after the previous year's loss of CHF -8.2 million.
Asia enjoyed strong growth, accounting for more than 90% of revenues. In
addition to China, the expansion of our leading positions in Taiwan and the
Philippines also contributed to the high revenues.
Steadily continuing investment in innovation and the focus on systematic key
account management led to timely launches of new products tailored to market
needs. Ismeca currently offers the broadest range of functions and services in
the semiconductor back-end market.
In 2010 we also entered into a strategic alliance with a test equipment
manufacturer which met with a very positive market reception.
More than 70% of production has now been relocated to Malaysia and the division
has a further site in Suzhou, China, resulting in substantial improvements in
margins and less dependence on the US dollar. In future too, the parent company
in La Chaux-de-Fonds will continue to concentrate on innovation and special
machines.
3A Composites
The composite materials business 3A Composites, which was taken over from the
Rio Tinto Group at the end of 2009, was consolidated for 12 months for the first
time and posted a solid result despite overall subdued conditions in the
industry and higher raw material prices. In the second half of the year in
particular, these factors depressed the operating margin and can only be offset
with price increases and productivity improvements after a certain time lag. Net
revenues increased by around 8% (+15% after currency adjustment) to CHF 720
million on an EBITDA margin of 9.2%.
In the wind power segment, there were positive developments in the Chinese
market, where 3A Composites' position among local OEMs remains as strong as
ever. In Europe and the US, the market fell short of expectations.
The marine market, which declined sharply during the course of the financial
crisis, showed no significant recovery during the year under review and
stagnated at a low level.
In the display business, the markets in the US and Europe recovered in the first
half of the year, mainly as sales partners replenished inventories. The recovery
did not continue in the second half of the year. As expected, demand in the
cyclical architectural wall coatings market was subdued. Architecture in Asia
showed gratifying growth at a low level.
In connection with the expansion of our product range, a new display production
facility was commissioned in India for the manufacture of composite panels for
digital printing applications. Investment in the production of new types of
composite panels, destined mainly for the European display market, also
continued, as did technological developments for fire-resistant cladding panels.
These investments will be completed in 2011 and improve our competitive position
in the target markets in question.
To strengthen profitability, a core materials processing site in the US was
closed and the balsa wood operations were relocated to Ecuador.
Various measures designed to streamline structures and increase efficiency were
implemented which will have a positive impact on profitability from mid-2011
onward.
Outlook
Textile Machinery and Semiconductors began the new year with well-filled order
books. Even if the cycle has peaked, 2011 should be a good year. In the case of
Composites, 2011 shows no signs of any great swings in market conditions, either
upward or downward. On the one hand, cost savings and efficiency gains are
having a positive impact on the result, while on the other hand profitability is
being impaired by continuing rises in raw materials prices (oil, aluminum) and
currency effects. Furthermore, the costs of initiated restructuring projects
will depress the 2011 result by CHF 5 to 10 million.
The Group's balance sheet shows equity of CHF 639 million (73%). The cash
position amounts to CHF 275 million, and in addition approximately 5% treasury
stock is being held.
The main strategic focus is on channeling the available liquidity into
investments which create shareholder value.
Schweiter Technologies AG, Neugasse 10, CH - 8812 Horgen, Switzerland
Telefon +41 44 718 33 03 Fax +41 44 718 34 51info(at)schweiter.com
www.schweiter.com
Please find the Media release in the PDF attached:
--- End of Message ---
Schweiter Technologies
Neugasse 10 Horgen Switzerland
Media release (PDF):
http://hugin.info/100347/R/1496008/431880.pdf
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Source: Schweiter Technologies via Thomson Reuters ONE
[HUG#1496008]
Unternehmensinformation / Kurzprofil:
Datum: 11.03.2011 - 06:01 Uhr
Sprache: Deutsch
News-ID 52354
Anzahl Zeichen: 11885
contact information:
Town:
Horgen
Kategorie:
Business News
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