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Schaffner Holding AG

The Schaffner Group in the first half of fiscal 2004/2005 - Economic slowdown affects business trend

Luterbach (ots)

The Schaffner Group (SWX Swiss Exchange: SAHN)
posted net sales of CHF 79.3 million in the first six months of
fiscal 2004/2005 (first half 2003/2004: CHF 86.2 million). EBITA and
EBIT both amounted to CHF 0.4 million (down from CHF 3.6 million and
CHF 2.6 million, respectively). After deducting the negative
financial result of CHF -1.2 million (CHF -1.6 million) and tax
expense of CHF -0.4 million (CHF -0.4 million), the Schaffner Group's
net loss for the first half of fiscal 2004/2005 amounted to CHF -1.2
million (net profit of CHF 0.5 million). Rigorous cost management
meant that administrative expense was reduced by 23.5% to CHF 9.0
million (CHF 11.7 million), while the overhead cost block decreased
by about 11% to CHF 29.3 million (CHF 32.9 million). Order intake
totaled CHF 88.4 million, down from CHF 93.6 million, but the
Schaffner Group's book-to-bill ratio after six months was promising
at 1.11.
Economic developments in recent months have served to heighten the
pressure on prices for electrical and electronic components. While
net sales were down by roughly 8%, the cost of goods sold was
unchanged year-on-year at CHF 49.6 million. At the same time, rising
raw materials prices and more stringent safety requirements such as
the 'Restriction of the use of certain hazardous substances' (RoHS)
have driven up production costs, whereas there is only limited scope
for the market to accept price increases at present. The interim
results also reflect the cooling off on the technology markets that
started in mid-2004, which was further amplified by the seasonal
weakness in orders during the first calendar quarter of 2005.
Furthermore, exchange rates relative to the key trading currencies -
in particular the US dollar - had a negative impact. Although efforts
to streamline the product range in Test Systems business and focus on
products with greater profit and growth potential additionally
weighed on sales, these efforts have already enhanced results in Test
Systems business.
The automotive sector performed in line with the Group's strategy
in the first half of 2004/2005, with two new customers won for
Schaffner's immobilizer system components (one in Korea, the other in
China). Following preliminary investments in the current fiscal year,
the first sales are expected in fiscal 2005/2006. Mass production of
Schaffner components for use in tire pressure monitoring systems
(TPMS) will also begin in the first quarter of the next fiscal year
for a large US manufacturer. Another positive development was the
signing of a three-year agreement worth approximately CHF 14 million
between the Components business and a long-standing customer in the
industrial electronics sector.
In terms of sectors, 37% of Group sales were generated in
industrial electronics (first half 2003/2004: 36%), 17% (19%) in
telecommunications, and 13% (11%) in automotive. Remaining sales were
spread across several minor sectors, including IT, medical
technology, armaments, and power supply. Broken down geographically,
72% (73%) of sales were generated in Europe, 18% (17%) in the
Asia-Pacific market, and 10% (10%) in the US.
The analysis of the Test Systems business that was announced in
January and involved external specialists was completed as planned.
The various scenarios are currently being reviewed in detail. In view
of the renewed deterioration in market visibility, attempting to
forecast the business trend going forward is extremely difficult at
present and makes little sense. However, the Schaffner Group
management team is confident that the traditionally stronger second
half of the fiscal year will bring improvements in both sales and
orders.
The Interim Report 2004/2005 is available at www.schaffner.com

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
4542 Luterbach
Tel.: +41/32/681'66'26
Fax: +41/32/681'66'30
Internet: www.schaffner.com

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