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Schaffner Group focuses on global components business
Luterbach (ots) - The Schaffner Group (SWX Swiss Exchange: SAHN) will focus on the global business with components and modules for ensuring the efficient functioning of electrical and electronic devices. All resources are systematically geared towards the Components business, which is profitable over the long term and has to date accounted for two-thirds of group sales on average. The business has potential for ongoing internal and external growth as well as offering sustainable earnings increases. After carefully weighing up all the options, the Board of Directors of Schaffner Holding AG has decided to seek an adequate industrial buyer for its Test Systems business. A new owner should ensure the successful further development of the Test Systems activities which the Schaffner Group has restructured and realigned over the past few years. Of the Group's 2,000 full-time equivalents, approximately 10% are currently in the Test Systems business, with 10 of these in Switzerland. Other key locations are Germany, the UK, China, Japan, and the USA.
Margins stabilized in third quarter
In the third quarter of 2004/2005, Schaffner Group's net sales totalled CHF 41.8 million (3Q 2003/2004: CHF 43.1 million). The consolidated order intake stood at CHF 42.4 million (CHF 45.7 million). The Components business posted net sales of CHF 30.3 million (CHF 32.5 million) and order intake of CHF 30.7 million (CHF 31.4 million). In the Test Systems business net sales was CHF 11.5 million (CHF 10.6 million) in the third quarter and order intake was CHF 11.7 million (CHF 14.4 million). After nine months, the Group's cumulative net sales had fallen 6.4% year-on-year to CHF 121.1 million (2003/2004: CHF 129.3 million), largely due to the cautious market situation, and so order intake was down 6.2% to CHF 130.8 million (CHF 139.4 million) accordingly. The book-to-bill-ratio after three quarters stood at 1.08. Components cumulative net sales was CHF 88.8 million (CHF 92.1 million). Order intake was CHF 97.2 million, down from CHF 99.5 million. Test Systems posted cumulative sales of CHF 32.3 million (CHF 37.2 million) and order intake of CHF 33.6 million (CHF 39.9 million) after nine months. During the past three months, structures and costs have been systematically brought more into line with the changing demand. The margins in the Components business have been stabilized and even expanded slightly for the Test Systems business.
Cost of selling Test Systems business primarily accrues to fiscal year 2004/2005
The Board of Directors and Management are pushing ahead with the sale of the Test Systems business. As matters stand, a substantial proportion of the extraordinary costs from the sale is expected to accrue to the current financial year and may influence the financial statements for 2004/2005.
This media information is available at www.schaffner.com
ots Originaltext: Schaffner Holding AG
President & Chief Executive Officer
Executive Vice President & Chief Financial Officer
Schaffner Holding AG, CH-4542 Luterbach