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Schaffner Holding AG

Schaffner Group records marked increase in earnings

Luterbach (ots)

Dividend proposal CHF 2 per share ( three-year framework agreement
worth CHF 14 million for Components
The Schaffner Group recorded net sales of CHF
175.4 million (fiscal 2002/2003: CHF 163.4 million) in fiscal
2003/2004, up 7.4% (5.9% after adjustment for currency effects) on
the year-back figure. EBIT grew by 24% to CHF 5.9 million (CHF 4.8
million), with the net result rising to CHF 2.3 million, a
significant improvement on the previous year's figure of CHF -8.3
million (CHF 1.3 million on a comparative basis before reappraisals).
Net debt was further reduced to CHF 41.0 million (CHF 46.2 million),
and the balance-sheet structure was strengthened once again with a
gearing of 0.89. The Schaffner Group has made a solid start to the
new fiscal year. The Components business has concluded a three-year
framework agreement worth around CHF 14 million with a longstanding
customer, while Test Systems has increased its offer volume
year-on-year on a comparative basis. At the Annual General Meeting of
Shareholders on January 12, 2005, shareholders will be asked to
approve a dividend of CHF 2 per share. Having reached the statutory
age limit, Alex Oechslin is to step down from the Board of Directors.
His successor as Chairman will be Leo Steiner (Chief Executive
Officer Komax Group).
Strong growth in Components
In fiscal 2003/2004, some 70% or CHF 122.9 million (CHF 109.3
million) of group sales were generated by the high-margin Components
business and CHF 52.5 million (CHF 54.1 million) by Test Systems.
Consolidated order intake was up 5.1% year-on-year at CHF 176.3
million (CHF 167.7 million). Broken down according to business,
Components recorded a 12.1% rise in order intake to CHF 124.6 million
(CHF 111.1 million), while Test Systems posted a fall of 8.6% to CHF
51.7 million (CHF 56.6 million). The group's book-to-bill ratio at
the end of fiscal 2003/2004 was 1.01.
Automotive and Asia are the two dynamic growth drivers
The sector split reveals a further increase in the contribution
made by the automotive sector, which generated 12% (10%) of sales.
With a 34% (37%) share of sales, industrial electronics was the
biggest contributor, while the telecommunications sector accounted
for 16% (15%) of sales. In addition to these three key drivers, the
Schaffner Group continues to enjoy a solid, broad-based reach in
terms of both sector coverage and customer base, in particular in the
area of medical technology. In geographical terms, with an increase
of over 60% in sales the growth region of Asia clearly exceeded its
objectives and contributed 20% (14%) to group sales. 69% (73%) of
sales were generated in Europe and 11% (13%) in the Americas. Given
the still huge potential of the Asian market, the Schaffner Group
tripled production capacity in its Shanghai branch in August 2004.
Proposal for a dividend of CHF 2 per share
The Schaffner Group returned to profit in fiscal 2003/2004. With
this in mind, the Board of Directors of Schaffner Holding AG will
submit a proposal to the 9th Annual General Meeting of Shareholders
on January 12, 2005 to pay a dividend of CHF 2 per registered share
(with a par value of CHF 50).
Changes in the Board of Directors and the Group Management
Alex Oechslin is to step down from the Board of Directors at the
2005 Annual General Meeting of Shareholders, having reached the
statutory age limit. The Board of Directors has designated the
current Board member Leo Steiner to succeed him as Chairman. Peter
Leuthold will also leave the Board of Directors at the 2005 Annual
General Meeting of Shareholders. Richard Müller, who has been a
member of Schaffner's Group Management for 22 years, latterly as
Executive Vice President, Head of Business Development, is to retire
at the end of January 2005.
Major order confirms solid start to the new fiscal year
With order intake up significantly on the year-back level, the
Schaffner Group has made a solid start to the new fiscal year. The
Components business has concluded a three-year framework agreement
worth around CHF 14 million with a longstanding major customer in the
industrial electronics sector, while in Test Systems the offer volume
after the first two months of the fiscal year is up on the
comparative year-back figure. The dynamic growth trend in Asia is
continuing, and Schaffner has established itself as a global player
in the automotive sector following its entry to the US market. With
innovative, new products in both its areas of activity and the
restructuring program now completed, Schaffner is ideally placed to
achieve its desired margin and growth targets over the long term.

Contact:

Fritz Gantert
President & Chief Executive Officer
Tel. +41/32/681'66'02
E-Mail: fgantert@schaffner.com

Martin Zwyssig
Executive Vice President & Chief Financial Officer
Tel. +41/32/681/66'08
E-Mail: mzwyssig@schaffner.com

Schaffner Holding AG
CH-4542 Luterbach
Tel. +41/32/681'66'26
Fax: +41/32/681'66'30
E-Mail: www.schaffner.com

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