2013-08-16 06:03:02 -
Schweiter Technologies /
Schweiter Technologies: 1st half of 2013 - Encouraging result for Composites,
improvement at SSM Textile Machinery
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Horgen, August 16, 2013 - In the first half of 2013, the Group's net revenues
amounted to CHF 338.9 million (1H 2012: 340.0 million). 3A Composites was able
to maintain its revenues at the same level as the previous year. Increases in
Architecture and Display compensated for the lower volume in the wind segment in
the US and China. SSM Textile Machinery posted a sound order intake and a higher
The Group achieved an EBITDA of CHF 35.1 million (1H 2012: 42.9 million), which
corresponds to a net profit ratio of 10.4%. One-time
positive effects during the
previous year meant that earnings were lower by comparison. EBIT came to
CHF 22.5 million (1H 2012: 28.9 million) and net income to CHF 17.3 million (1H
2012: 24.6 million). The cash position stood at CHF 323.6 million (1H
2012: 286.0 million) - after the distribution of approx. CHF 57 million to the
H1 H1 change
2013 2012 13 - 12
Schweiter Technologies Group (in CHF millions)
Net revenues 338.9 340.0 0%
EBITDA before special effects 35.1 36.1  -3%
EBITDA 35.1 42.9 -18%
as % of net revenues 10.4% 12.6%
EBIT 22.5 28.9 -22%
Net income - continuing operations 17.3 22.8 -24%
Net income 17.3 24.6 -30%
 without impact adjustment US medical plan CHF 4.6 million and bargain
purchase Foamalite CHF 2.2 million
In a slightly more promising sector environment, SSM Textile Machinery reported
an encouraging volume of new orders amounting to CHF 39.1 million (1H 2012:
35.5 million). Weak capacity utilization at the beginning of the year resulted
in slightly lower net revenues of CHF 36.7 million. (1H 2012: 38.7 million).
Two of the most important sales markets, India and Turkey, made very pleasing
progress - thanks to currency advantages in the Indian export sector and major
investments in man-made fiber facilities in Turkey. China continued to
experience lower-than-average investment activity. In addition, higher
production costs squeezed the margins of Chinese yarn processors.
EBITDA showed a significant improvement, rising to CHF 4.8 million (1H 2012:
3.6 million). This corresponds to a net profit ratio of 13.1%.
3A Composites recorded orders received amounting to CHF 306.1 million (1H 2012:
309.1 million). Net revenues increased slightly to CHF 301.9 million (1H 2012:
301.0 million). This resulted in an EBITDA of CHF 31.3 million (1H 2011: 40.1
million), corresponding to a net profit ratio of 10.4% (1H 2011: 13%). EBIT came
to CHF 19.2 million (1H 2012: 26.6 million). The relative fall in this figure
was essentially due to the absence of one-time effects in the result during the
previous year. Both Architecture and Display posted pleasing revenues and
Core Materials posted a satisfactory result despite persisting price pressure in
the wind power sector in China and an expected lower volume in the US. At the
same time, the marine market continued to show signs of recovering. An
additional sum of around CHF 2 million was spent on establishing and expanding
sales activities outside the wind sector.
The cyclical Display business made further encouraging progress in both the US
and Europe. Architecture posted consistently positive revenues and results in
Europe and Asia, while business in the US was down slightly on the previous
year. In Europe, Germany in particular saw business make good progress. In
India, and particularly in China, the high-end façade cladding units business is
continuing to enjoy double-digit growth.
In a referendum in Neuhausen, voters approved plans to open up and develop the
town's former industrial estate (RhyTech site). This paves the way for site to
be used for a range of purposes (employment, housing, encounters). Among other
projects, more than 230 new apartments are to be built on an area of 26,000 m².
No revaluation of the corresponding balance sheet position has taken place in
the interim financial statements for 2013.
Given the healthy volume of new orders, SSM Textile Machinery is set to continue
performing well in the second half of the year.
3A Composites is expected to see its overall business performance fall back
slightly in the second half of the year. In 2H 2013, revenues and profit in the
core materials segment are expected to be maintained in Europe and the US, while
declining in China.
The upturn in the US economy should have a positive impact on the Display
business. In Europe, business performance will continue to be shaped by
developments in Germany. As yet there is no sign of a recovery in the countries
of southern Europe. Given its strong market position, the architecture business
in Asia should continue to grow.
A media conference on the results for the first half of 2013 for analysts, media
representatives and investors will take place at 11.00 a.m. today at the
Marriott Hotel, Neumühlequai 42, 8035 Zurich.
For further information:
Martin Klöti, Head of Management Services
Tel. +41 44 718 33 03, fax +41 44 718 34 51, email@example.com
Schweiter Technologies AG, Neugasse 10, CH - 8810 Horgen, Switzerland
Telefon +41 44 718 33 03 Fax +41 44 718 34 51 firstname.lastname@example.org
The results for the first half of 2013 can be downloaded from the following
Semi-Annual Report 2013 (PDF) :
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Source: Schweiter Technologies via Thomson Reuters ONE