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Schaffner Holding AG

Schaffner Group: Positive result despite extraordinary costs

Luterbach (ots)

Letter of intent concerning the sale of the Test Systems sub-unit
Power Electronic ready for signature
The Schaffner Group recorded net sales of CHF
166.8 million (2003/2004: CHF 175.4 million) in fiscal 2004/2005 in
an extremely demanding environment. Order intake was CHF 173.8
million (CHF 176.3 million), and the book-to-bill ratio improved to
1.04 (1.01). EBIT was CHF 3.1 million (CHF 5.9 million),
corresponding to an EBIT margin of 1.9% (3.4%). The net profit was
CHF 0.3 million (CHF 2.3 million). Profitability was affected by the
fall of 2.6 percentage points in the gross margin and extraordinary
costs of around CHF 1.0 million in connection with preparations for
the divestment of the Test Systems Division. The further significant
drop of around CHF 4 million in overhead costs was a positive
development. It will be recommended to the 10th Annual General
Meeting of Shareholders that no dividend be paid. In addition, Hans
Hess (1955), former CEO and Delegate of the Board of Directors of
Leica Geosystems, will be put forward for election as an additional
member of the Board of Directors of Schaffner Holding AG.
The Schaffner Group further optimized its capital structure in the
year under review. Inventories were reduced by CHF 3.7 million,
meaning that the Schaffner Group has reduced its inventories by a
total of CHF 12.8 million since 2001. Net debt was also further
reduced to CHF 38.2 million (CHF 41.0 million), and the gearing
improved to 0.83 (0.89). Cash flow from investing activities remained
constant, while free cash flow increased significantly, up CHF 2.1
million to CHF 5.8 million (CHF 3.7 million).
Solid industrial electronics
The sales contribution made by the automotive sector stabilized at
12% (12%) in the last fiscal year. New products going into production
will help ensure that the sector continues to develop in line with
strategy and delivers double-digit growth rates. In terms of sales,
the largest sector in the year under review was once again industrial
electronics with 35% (34%). The contribution made by the
telecommunications segment rose by 2 percentage points to 18% (16%).
In addition to the three key revenue drivers, the Schaffner Group
continues to enjoy a solid, broad-based reach in terms of both sector
coverage and customer base. In particular, the medical technology
area generated 8% (7%) of sales. In a geographical split, Asia
contributed 19% (20%) to Group sales. 68% (69%) of sales were
generated in Europe and 13% (11%) in the Americas.
Rising order intake for Components
The Components Division recorded net sales of CHF 122.7 million
(CHF 122.9 million) in the last fiscal year, accounting for 74% of
consolidated Group sales. Order intake rose by 3.6% on a
currency-adjusted basis to CHF 127.8 million (CHF 124.6 million),
while the book-to-bill ratio improved to 1.04 (1.01). EBIT for the
Components Division was CHF 7.6 million (CHF 12.8 million). The
Components Division recorded above-average order intake of CHF 35.3
million in the first quarter of fiscal 2004/2005. Orders tailed off
dramatically at the start of the second quarter, however, primarily
due to the fact that major resellers adopted a wait-and-see attitude
following the introduction of the new RoHS (Restrictions of the use
of certain Hazardous Substances) safety regulations. Demand began to
pick up in July 2005 and steadily gained pace up to the end of the
fiscal year, and order intake for the fourth quarter exceeded the
comparable year-back figure by 22%. Asian 'me-too' providers also
entered the market for the first time with massive price reductions
on standard components. Despite the flexible production capability,
the effect on profitability was not absorbed immediately, leading to
a reduction in the profit margin. This trend affected all providers
in the components market, but Schaffner recorded the smallest
relative drop in profitability.
Reorganization of Test Systems produces first results
The Test Systems Division was not able to repeat the performance
of the previous year due to the streamlining of its product range,
posting net sales of CHF 44.1 million (CHF 52.5 million). Order
intake for the division was CHF 46.0 million (CHF 51.7 million), thus
improving the book-to-bill ratio to 1.04 (0.99). Despite considerable
extraordinary costs in connection with the divestment, Test Systems
managed to reduce its operating loss by 36% year-on-year. The
division recorded an EBIT figure of CHF -4.4 million (CHF -6.9
million) for fiscal 2004/2005. In the year under review, Test Systems
was divided into five largely autonomous business lines backed up by
an overarching marketing and support unit. This optimization made it
possible to further reduce costs while at the same time increasing
efficiency. The most successful developments were next-generation
products such as the NSG 438 30kV ESD generator, the modular Modula
testing platform, and two innovative immunity test systems for the
automotive industry. Another particularly pleasing development was
Schaffner Test Systems' largest single order to date, which was
received from the USA in the fourth quarter of the fiscal year. The
US subsidiary of a global product testing group ordered measurement
and testing equipment worth a total of USD 1.3 million.
Successful start to the new fiscal year
In the first few months of fiscal 2005/2006, which began on
October 1, 2005, Schaffner Components has been able to renew its
framework agreements with existing customers. The division has also
concluded a particularly pleasing annual agreement worth EUR 1.1
million with another global customer from the telecommunications
sector. With this success Schaffner Components has significantly
strengthened its already commanding position as a supplier to the
telecommunications industry, thanks primarily to its powerful, global
organization. With the planned new focus on the components market,
the Schaffner Group intends to pool its resources in the
international market for standard and customer-specific components as
well as solutions to ensure the reliable, interference-free
functioning of electrical and electronic devices. This step will
support further cost reductions and create a stronger base for a
return to profitable growth.
Letter of intent concerning the sale of the Test Systems sub-unit
Power Electronic ready for signature
As part of the planned divestment of Schaffner's test systems
activities, a letter of intent concerning the sale of the Power
Electronic sub-unit, which is domiciled in Ireland, to a US investor
group is now ready for signature. The transaction is scheduled to be
completed in the first half of the current fiscal year.
Schaffner Holding AG's full Annual Report 2004/2005 is available at
www.schaffner.com.
For further information:
Fritz Gantert
President & Chief Executive Officer
Tel. +41 32 681 66 02 
fritz.gantert@schaffner.com
Martin Zwyssig
Executive Vice President & Chief Financial Officer
Tel. +41 32 681 66 08 
martin.zwyssig@schaffner.com
Schaffner Holding AG, CH-4542 Luterbach
Tel. +41 32 681 66 26
Fax +41 32 681 66 30
www.schaffner.com

Plus de actualités: Schaffner Holding AG
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  • 15.09.2005 – 05:30

    Schaffner Group records rising order volume for Test Systems

    Luterbach (ots) - Components also enjoys marked improvement in orders The Schaffner Group (SXW Swiss Exchange: SAHN) received a number of orders early in the fourth quarter of its fiscal year for test systems to measure EMC emissions and interference resistance. The largest single order - worth a total of USD 1.3 million (CHF 1.6 million) - came from the US subsidiary of a global product testing group. The new orders ...

  • 08.07.2005 – 05:30

    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 ...