Carlo Gavazzi: challenging market environment
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ Steinhausen, November 20, 2009 - Due to the difficult marketconditions, operating revenue of the Zug-based electronics groupdeclined by 25.3% from CHF 94.5 million to CHF 70.6 million in thefirst semester of the current financial year ended September 30,2009. In Euros, the percentage decrease amounted to 20.6%. The grossprofit margin increased by 1.6 percentage points from 52.4% to 54.0%thanks to enhanced manufacturing efficiency and operationalimprovements while operating expenses decreased by 11.7% in Swissfrancs. Nonetheless, EBIT decreased by 65.3% to CHF 3.3 million andnet income declined by 78.1% to CHF 1.6 million.Equity decreased from CHF 106.9 million at April 1, 2009, to CHF104.2 million, now representing 71.6% of total assets compared with68.3% at the beginning of the period, evidencing the group'sfinancial solidity. The net cash position improved from CHF 29.7million at April 1, 2009, to CHF 33.5 million (including the effectfrom the disposal of the Computing Solutions Business Unit). TheCarlo Gavazzi share price increased by 67% from CHF 90 at thebeginning of the period to reach CHF 150 at the end of the reportingperiod, clearly outpacing the representative SPI Extra index whichrose by 37%.The first semester of the current financial year was characterized bythe ongoing contraction of demand in the markets Carlo Gavazziserves. However, the company strengthened its ability and flexibilityto cope with the adverse and volatile market conditions by loweringits break-even point, by implementing cost-cutting programs and bystrengthening its product-portfolio.The cautious capital spending by customers in the first six month isexpected to continue also in the second semester of the financialyear. The lean and efficient structures in place will allow the groupto strongly benefit from the increased market demand once itmaterializes. Consequently, Carlo Gavazzi looks forward to the growthof operating revenue and net income in the second semester of thefinancial year.Please click on the link below to access the full 2009 Interim Reportof the Carlo Gavazzi Group.http://www.carlogavazzi.com/en/investors/interim-report.htmlAbout Carlo Gavazzi:Carlo Gavazzi is a publicly quoted international electronics group(SIX: GAV) with activities in the design and marketing of electroniccontrol components for factory and building automation.Please visit our website: www.carlogavazzi.comFor further information please contact:Felix StöcklinHead of Corporate CommunicationsCarlo Gavazzi Holding AGPhone +41 41 747 45 26E-Mail felix.stoecklin(at)carlogavazzi.chThe press release can be downloaded from the following link:http://hugin.info/100205/R/1356226/329470.pdf --- End of Message ---Carlo Gavazzi Holding AGSumpfstrasse 32 Steinhausen WKN: 869279; ISIN: CH0011003594; Index: SPI, SPIEX, SSCI;Listed: Main Market in SIX Swiss Exchange;
Datum: 20.11.2009 - 06:45 Uhr
Sprache: Deutsch
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