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Schaffner Holding AG

Schaffner Group first-half results 2006/2007 - Double-digit growth in continuing business thanks to power quality

Luterbach (ots)

In its continuing operations, the Schaffner
Group increased net sales of components for optimizing energy
utilization and increasing the operating reliability of electrical
and electronic systems in the first six months of fiscal 2006/2007 by
18.6% year on year to CHF 79.2 million (first half 2005/2006: CHF
66.8 million). Adjusted for currency effects, the rise in sales
amounted to 16.8%. At the same time, order intake increased by 28.3%
to CHF 92.6 million (CHF 72.2 million). The book-to-bill ratio for
the first six months of the current fiscal year came to 1.17. The
decline in EBIT to CHF 3.5 million - EBIT margin: 4.4% - (CHF 5.0
million - EBIT margin: 7.4%) can be attributed mainly to a weak first
quarter in the automotive business, start-up costs for new products
in Shanghai and a rise in the cost of materials that could only be
offset by price increases with a certain time lag in the first half
of the year. As a consequence, the net profit from continuing
operations slipped back to CHF 2.0 million (CHF 3.8 million).
Schaffner's management expects the results for the full year
2006/2007 to show a year-on-year increase in net sales from
continuing operations and an EBIT margin of around 6%.
Including its discontinued operations - the EMC test systems
business sold at the end of November 2006 and the last test systems
activity, Cable & ElectroEmulation, sold at the end of April 2007 -
the Schaffner Group generated accumulated net sales of CHF 92.4
million (CHF 91.0 million) and increased the net profit to CHF 1.1
million (CHF 0.8 million). Accumulated order intake amounted to CHF
105.0 million (CHF 96.5 million).
Continuing operations
The positive sales growth for components for optimizing energy
utilization and increasing the operating reliability of electrical
and electronic systems has a broad base. Schaffner is global market
leader for EMC components, a market segment that is experiencing
disproportionate growth in Asia. Since the integration of Jacke
Transformatoren GmbH, Schaffner has also ranked as one of the leading
manufacturers worldwide of power quality components and is the only
company operating globally that offers EMC and power quality
competence from a single source. This, in addition to market growth,
has resulted in a significant increase in sales in the area of power
quality. Schaffner's power quality technology is used in a range of
applications including the conversion and regeneration of electricity
in solar and wind energy production. It is also used in rail
technology. In combination with electronic motor controls, the
company's products enable the energy consumed in electric drives to
be reduced by a substantial amount. Shortly after the integration of
Jacke Transformatoren GmbH, the manufacture of power quality
components also commenced in the Schaffner plants in China and
Hungary and production volume was increased considerably in order to
meet the needs of the rapidly growing market for power quality
solutions and globally active customers. The geographic breakdown of
sales shows the international structure of the Schaffner Group:
Europe accounted for the lion's share of sales with 74%, the US
contributed 9% and 17% was achieved in the dynamic Asia/Pacific
market.
Discontinued operations
Following the sale of the EMC test systems business line within
the framework of an MBO at the end of November 2006 to an investor
group headed by Johannes Schmid, the former Head of Test Systems
Division, the divestment of the Test Systems operations was completed
at the end of April 2007 with the sale of the last business line,
Cable & ElectroEmulation, to the present management team as part of
another MBO. Discontinued operations generated net sales of CHF 13.2
million (CHF 24.2 million) in the first six months of fiscal
2006/2007, as well as a net profit of CHF -0.9 million (CHF - 3.1
million).
Outlook
In view of the prevailing economic conditions, for the 2006/2007
fiscal year the Schaffner Group expects to achieve a further
sustained increase in sales year on year as well as an EBIT margin of
around 6%. The increase in profitability required to realize this in
the second half of the year will result from the rise in the cost of
materials, which has now been passed on to the market, a marked
increase in profitability in the automotive business as a result of
an upturn in sales and lower manufacturing costs for the part of
power quality component manufacturing that has been transferred to
Hungary.
The detailed 2006/2007 Interim Report is available at
www.schaffner.ch
Calendar
July 12, 2007    Publication of third quarter 2006/2007
                 net sales and order intake
November 2, 20   Publication of fourth quarter 2006/2007
                 net sales and order intake
December 6, 2007 Publication of Annual Report 2006/2007
January 16, 2008 Annual General Meeting of Shareholders
Schaffner - safety for electronic systems
Schaffner is the international leader in electromagnetic
compatibility (EMC) and power quality (PQ), focusing on high-growth
sectors such as aerospace, automotive industry, building automation,
consumer goods, industrial electronics, medical technology, power
supplies, renewable energy, transportation and telecommunications.
Schaffner develops, produces, and markets standard and
customer-specific components and modules. Schaffner continually
strives to secure and expand its leading position through a program
of innovation, customer-focused logistics, cost-efficient practices
and a constant drive for quality.
This media information including the key figures can be downloaded
as PDF from:
http://www.newsbox.ch/public/11355/att/12335_medieninformatione.pdf

Contact:

Alexander Hagemann
Chief Executive Officer
Tel.: +41/32/681'66'06
E-mail: alexander.hagemann@schaffner.com

Martin Zwyssig
Chief Financial Officer
E-mail: martin.zwyssig@schaffner.com
Schaffner Holding AG, CH-4542 Luterbach
Tel.: +41/32'681'66'26
Fax: +41/32'681'66'30
Internet: http://www.schaffner.ch

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  • 27.03.2007 – 05:30

    Schaffner completes sale of Test Systems business

    Concentration on the global market for EMC and power quality components Luterbach (ots) - The Schaffner Group (SWX Swiss Exchange: SAHN) has signed an agreement for the sale of its Cable & ElectroEmulation business (net sales 2005/2006 approx. CHF 15 million) to the existing management. This completes the divestment of its Test Systems business. As part of the management buyout, the existing management will take over ...