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Schaffner Holding AG

The Schaffner Group in fiscal 2006/2007 - Realignment completed - sales and profitability on target

Luterbach (ots)

The Schaffner Group increased net sales for its
continuing operations by 23.6% to CHF 170.3 million in fiscal
2006/2007 (2005/2006: CHF 137.8 million). Adjusted for currency
effects, this amounts to an increase of 20.3%. Order intake increased
by 23.3% over the same period to CHF 174.3 million (CHF 141.4
million), while the book-to-bill ratio was 1.02 (1.03). The net
result for continuing operations increased to CHF 7.6 million (CHF
6.5 million), or CHF 12.27 (CHF 10.44) per registered share (EPS).
Including Test Systems, which was completely discontinued at the end
of April 2007, the Schaffner Group posted net sales of CHF 186.1
million in fiscal 2006/2007 (CHF 184.0 million), while order intake
amounted to CHF 188.0 million (CHF 188.5 million). Overall, net
profit improved to CHF 5.4 million (CHF 3.6 million), which
represents earnings per share (EPS) of CHF 8.77 (CHF 5.76). It will
be proposed to the Annual General Meeting to pay out CHF 3.00 per
registered share within the framework of a nominal capital reduction.
The EBIT from the Schaffner Group's continuing operations remained
constant at CHF 10.2 million (CHF 10.1 million), while the EBIT
margin, at 6.0% (7.4%), was in line with expectations. The decrease
in profitability from operating activities compared with the previous
year was mainly due to a slow first half-year in which an EBIT margin
of 4.2% was posted on account of residual costs from the discontinued
Test Systems Division, a poor first quarter in automotives, start-up
costs for new products in Shanghai and an increase in materials costs
which could only be offset at a later stage. A significant
improvement in EBIT to 7.5% in the second half of the year and the
positive development of the financial result, coupled with a low tax
rate of just over 21%, led to a 16.5% increase in the net result from
continuing operations to CHF 7.6 million (CHF 6.5 million) or CHF
12.27 (CHF 10.44) per registered share (EPS). Discontinued operations
posted net sales of CHF 15.9 million and - owing to divestment
transaction costs and provisions for remaining risks associated with
the discontinued operations - a net result of CHF -2.2 million (CHF
-2.9 million).
Strong growth in the renewable energy and motor drives markets As
well as Schaffner's traditionally strong sales markets such as
industrial electronics and telecommunications, the combination of EMC
and power quality products opens up sustainable growth potential in
rapidly-developing markets such as renewable energy and motor drives,
which together contributed 31% to group sales in fiscal 2006/2007. In
view of the increasing importance of Schaffner components used to
feed energy from renewable sources into power networks, there is a
strong correlation between investment in systems to harness renewable
energy sources such as solar and wind power and the market potential
of the Schaffner Group. As a result of the rigorously implemented
realignment, the automotive products business line also made a
positive contribution to the result for the first time. The breakdown
of sales by geographical region underlines the significance of the
traditionally robust European market and the strong growth in Asian
markets. Thanks to the acquisition of Jacke, Europe contributed
almost three-quarters of total sales. The Asian markets, with organic
sales growth of around a third, contributed 17% to group sales, while
9% came from the USA. In order to be equipped for further organic
growth in China, both production capacity and the workforce (up from
296 to 554 employees) were increased considerably in Shanghai.
Capital structure
The major cash inflows of the last two years from the sale of the
Test Systems Division and the Luterbach properties enabled the Group
to reduce its net debt to CHF 20.6 million (CHF 39.1 million), and
the ratio of net debt to shareholders' equity (gearing) improved to
0.40 (0.77). Cash and cash equivalents rose substantially to CHF 28.8
million (CHF 9.0 million), corresponding to 19.6% (6.4%) of total
assets. The equity ratio remained stable at 35.1% (36.0%).
Appropriation of profit
The Board of Directors of Schaffner Holding AG is proposing to the
Annual General Meeting that the net result for fiscal 2006/2007 be
carried forward and, instead of a dividend, to pay out CHF 3.00 per
registered share within the framework of a nominal capital reduction.
The proposed payout, which is 25% of the net result of continuing
operations, is in line with the long-term payout policy of the
Schaffner Group.
New Chief Financial Officer appointed
Kurt Ledermann (39) has been nominated as the new Chief Financial
Officer of the Schaffner Group. Until Mr Ledermann takes up his
duties sometime in the first half of 2008, Martin Zwyssig will
continue to pursue his managerial role within the Schaffner Group as
Executive Vice President and Chief Financial Officer. Kurt Ledermann
is a Swiss national. He graduated from the Swiss Federal Institute of
Technology Zurich with a master's degree in engineering (dipl. Ing.
ETH) and earned a degree in economics (lic. oec.) from the University
of St. Gallen. Before moving to the Schaffner Group, Mr Ledermann
held the position of Executive Vice President Finance & IT at RUAG
Aerospace. Prior to that he had spent four years as Manager Finance &
Accounting of the Schaffner Group, prior to which he had held various
positions inside the Sika Group.
Outlook
The chosen course of continuously building profitability through
operational excellence will be rigorously pursued going forward.
After increasing its capacity in Shanghai, Schaffner will continue to
focus on growth in the dynamic Asian markets. Based on the current
economic situation, the Schaffner Group aims to achieve organic
growth of 6% to 8% in fiscal 2007/2008 and, thanks to its successful
reorganization, anticipates an EBIT margin of between 7% and 8%. In
view of the strong performance of the business, the Schaffner Group
expects to achieve its target of annual net sales of around CHF 250
million with an average EBIT margin of 10% by fiscal 2010/2011.
Schaffner - energy efficiency and reliability.
Schaffner is the international leader in the fields of
electromagnetic compatibility and power quality and supports with its
components solutions for an efficient and reliable use of electric
energy. With its products and services, the Schaffner Group plays a
key role in promoting technologies that support renewable energies,
ensures the reliable functioning of electronic equipment and systems
in compliance with all major quality and performance standards and
meets the requirements for greater energy efficiency.
The detailed Annual Report 2006/2007 is available at
www.schaffner.com
This media information including the key figures can be downloaded
as PDF from:
http://www.newsbox.ch/public/14380/att/16005_mimpke.pdf

Contact:

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

Dr. Martin Zwyssig
Chief Financial Officer
Tel.: +41/32/681'66'08
E-Mail: martin.zwyssig@schaffner.com

Schaffner Holding AG
4542 Luterbach, Schweiz
Tel: +41/32/681'66'26
Fax: +41/32/681'66'30
Internet: www.schaffner.ch

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