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Schaffner Holding AG

Schaffner Group in the first half of fiscal 2005/2006

Luterbach (ots)

Clear signs of growth and a return to profit
The Schaffner Group increased its net sales by
14.8% to CHF 91.0 million in the first six months of fiscal 2005/2006
(first half 2004/2005: CHF 79.3 million) and achieved a net profit of
CHF 0.8 million (CHF -1.5 million), despite extraordinary costs
related to the divestment of its test systems activities. As a result
of the divestment process and the systematic streamlining of the
organization's structure, 50 jobs were cut worldwide in the first six
months of the year. Order intake increased by 9.2% in the first half
of the fiscal year to CHF 96.5 million (CHF 88.4 million), while the
book-to-bill ratio was a solid 1.06. Schaffner's management expects
the continuing Components unit to achieve profitable mid to high
single-digit sales growth for fiscal 2005/2006 as a whole.
Components
Net sales in the continuing Components Division rose by 14.1% to
CHF 66.8 million (CHF 58.5 million) in the first half of fiscal
2005/2006. New orders totaled CHF 72.2 million (CHF 66.5 million),
giving rise to a book-to-bill ratio of 1.08. EBIT almost doubled
(+93.9%) to CHF 5.0 million (CHF 2.6 million), while the EBIT margin
rose sharply to 7.4% (4.4%). Schaffner Components significantly
increased the net profit to CHF 3.8 million (CHF 1.3 million). After
deducting the net profit of the discontinued Test Systems Division of
CHF -3.1 million (CHF -2.8 million), the consolidated net profit
after six months was CHF 0.8 million (CHF -1.5 million). Schaffner
Components' growth is broadly based and bears witness to Schaffner's
leading position as a provider of products for complex applications
in the global EMC market. In terms of sectors, 42% (46%) of sales in
the first half of 2005/2006 were generated in industrial electronics,
21% (22%) in telecommunications, and 9% (8%) in automotive. The
Medical technology and power supply sectors also performed well,
contributing 9% (5%) and 7% (4%) of Components' sales respectively.
The remaining sales were spread across a number of sectors including
IT, consumer goods and others. Industrial electronics provided strong
growth momentum, with huge potential for new applications in the
power quality area. Schaffner is one of the world's leading producers
in this growth sector. Schaffner power quality solutions are used in
a range of applications including the conversion and recovery of
electricity in solar and wind energy production, and the recovery of
energy from elevators and electric motors. Important growth momentum
is also expected from the machine tools and process automation
sectors, as well as from the transport industry in general. In the
telecommunications sector, an additional annual agreement worth EUR
1.1 million was concluded with a new international customer. The
first deliveries were made in the second quarter. In the automotive
sector, mass production of Schaffner components for use in the tire
pressure monitoring systems (TPMS) of various models produced by a
major US manufacturer got off to a successful start. The geographical
breakdown reflects the global structure of Schaffner Components, with
double-digit growth rates particularly in Germany (+12%) and the US
(+13%), as well as ongoing dynamic development in the Asia-Pacific
market (+23%).
Test Systems
The discontinued Test Systems Division also recorded very
satisfactory growth in the first half of fiscal 2005/2006. Net sales
rose by 16.8% to CHF 24.2 million (CHF 20.8 million). Order intake
was up 11.0% on the year-back figure at CHF 24.3 million (CHF 21.9
million), while the book-to-bill ratio was 1.0. The net profit of CHF
-3.1 million (CHF -2.8 million) includes the loss on the Power
Electronics business line, which has now been sold, and the costs in
connection with the ongoing divestment of test systems activities.
The pleasing rise in demand for Schaffner's measurement and testing
systems despite the ongoing divestment underlines Test Systems' high
level of acceptance in the global EMC market. Against this backdrop,
the large-scale order from a Japanese customer for cable and
electroemulation testing equipment, which is essentially equivalent
to breaking into the Japanese market, and the designation as
preferred supplier for a Japanese automaker, are especially pleasing.
Outlook
After it became clear that the greatest potential value could be
derived by divesting the Test Systems Division not as a single entity
but broken down into its three core technological units, the first
stage was completed with the sale of the Power Electronics business
line to US-based Intepro America, LLC., Santa Ana, California.
Intepro, which markets power electronics test systems in the North
American market, acquired Schaffner Ltd., Limerick, Ireland, and the
corresponding sales and service organizations in the UK and the US at
the end of April 2006. The sale of the Power Electronics business
line will have a positive impact on profitability in the second half
of the fiscal year. Discussions with potential buyers for the two
remaining Test Systems units, EMC and Cable & ElectroEmulation, are
continuing as a matter of priority. As things stand, the Company
still believes that the divestment process can be completed before
the end of the current fiscal year. The new funds generated by the
sale are to be used primarily to ensure the organic growth of the
Schaffner Group and to consolidate technological positions through
further acquisitions, for example in the area of power quality or to
expand market positions outside Europe. With the comparable year-back
figures being clearly exceeded once again in April, particularly in
the components business, Schaffner's management expects the
continuing activity to achieve profitable mid to high single-digit
sales growth for fiscal 2005/2006 as a whole.
This media information including the key figures as well as the
detailed 2005/2006 Interim Report is available at www.schaffner.ch

Contact:

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

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

Schaffner Holding AG, CH-4542 Luterbach
Tel. +41 32 681 66 26
Fax +41 32 681 66 30
www.schaffner.ch

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    Schaffner sells test system business line for power electronics

    Luterbach (ots) - The Schaffner Group (SWX Swiss Exchange: SAHN) is selling the power electronics business line of its test system division to US-based Intepro America, LLC., Santa Ana, California, for an undisclosed sum. Intepro America, LLC., which specializes in the marketing of power electronics test systems in the North American market, is acquiring Schaffner ...

  • 08.12.2005 – 05:30

    Schaffner Group: Positive result despite extraordinary costs

    Letter of intent concerning the sale of the Test Systems sub-unit Power Electronic ready for signature Luterbach (ots) - 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 ...