2013-03-01 06:13:22 -
Schweiter Technologies /
Schweiter Technologies: Figures for 2012
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Good result with composite materials - High cash flow
Horgen, March 1, 2013 - Schweiter Technologies had a good financial year, in
particular 3A Composites. The Group received orders worth CHF 666.1 million in
2012 (2011: 781.6). Net revenues from continuing operations amounted to
CHF 673.5 million (2011: 698.0), representing a decrease of 4%. 3A Composites
posted good results in the architecture and display segments. The core materials
business also delivered a respectable result despite persistent competitive and
cost pressure in China's wind
power sector. SSM Textile Machinery maintained
revenues approximately at the previous year's level, whereas the result was
lower.
EBITDA stood at CHF 81.1 million (2011: 82.0). This figure was positively
influenced by a CHF 10.6 million (2011: 26.6) decrease in pension obligations
that was recognized in income. Net income came to CHF 60.8 million (2011:
47.5), including income from discontinued operations (Ismeca Semiconductor) of
CHF 20.7 million.
High cash flow from operating activity of around CHF 80 million as well as the
proceeds from the sale of the semiconductor business resulted in liquidity of
over CHF 380 million and an equity ratio of 75% at the end of 2012. A proposal
will be put to the Annual General Meeting on May 8, 2013 that a distribution of
CHF 40 per bearer share be made, CHF 27.80 of which by means of a repayment
(exempt from withholding tax) from reserves from capital contributions and
CHF 12.20 as an ordinary dividend.
Schweiter Technologies is holding its annual results press conference today at
the Hotel Marriott, Neumühlequai 42, in Zurich, beginning 11.00 a.m.
Key figures
2012 2011 Change
Schweiter Technologies Group
(in CHF millions)
--------------------------------------------------------------------------------
Orders received 666.1 781.6 -15%
Net revenues 673.5 698.0 -4%
EBITDA before effect of change
in pension obligations 70.5 55.4 27%
EBITDA 81.1 2) 82.0 2) -1%
EBIT 54.2 2) 54.5 (2)) -1%
Net income from continuing
operations 40.1 (2)) 41.7 2) -4%
Income from discontinued
operations 20.7 5.8
Net income 60.8 47.5 28%
Information by division (in CHF
million)
--------------------------------------------------------------------------------
3A Composites
--------------------------------------------------------------------------------
Orders received 594.5 708.1 -16%
Net revenues 603.8 624.7 -3%
EBITDA before effect of change
in pension obligations 68.8 48.5 42%
EBITDA 76.2 75.1 1%
EBIT 50.4 47.9 5%
--------------------------------------------------------------------------------
SSM Textile Machinery
--------------------------------------------------------------------------------
Orders received
Net revenues 71.6 73.5 -3%
EBITDA before effect of change 69.3 72.9 -5%
in pension obligations 5.2 8.8 -41%
EBITDA 8.4 8.8 -5%
EBIT 7.4 8.3 -11%
--------------------------------------------------------------------------------
(2)) incl. CHF 10.6 million (2011: 26.6) improvement in the result at
EBIT/EBITDA level and CHF 8.6 million (2011: 21.8) at the net income level owing
to a reduction in staff pension obligations (lower conversion rate, headcount
adjustments, early application of IAS 19 revised, and the switch to a defined
contributions scheme in connection with the change in pension fund)
3A Composites
Despite challenging conditions in some markets, 3A Composites can look back on a
good financial year. The decline in orders received is primarily due to a multi-
year contract booked in 2011 by the since divested automotive business as well
as a fall-off in long-term rail contracts.
With net revenues of CHF 603.8 million (-3%), EBITDA before the effect of the
change in pension obligations came to CHF 68.8 million (48.5). Adjusted for
improvements in the result that were attributable to reduced staff pension
obligations, the operating performance was significantly better. Architecture
and display business was solid, with revenues and profitability higher. Despite
a decline in revenues in the face of difficult market conditions in the Chinese
wind power sector, the core materials segment virtually held profitability year-
on-year thanks to a sound performance in Europe and the USA and higher revenues
from non-wind power operations.
Architecture achieved substantial growth in the USA on the back of customized
facade projects. While the sovereign debt crisis put a significant damper on
construction activity in Southern Europe, building activity levels were very
encouraging in Germany and other Central European countries. A stronger regional
presence translated into gains in market share. In the wake of new regulations,
demand for certified fire-resistant products remained buoyant. Increases in
revenues and market share were also registered in the Middle East and the Asia
Pacific region.
The display business, which is very dependent on the general economic climate,
witnessed a gratifying trend in the USA and Europe. New product launches in the
mid-range price and performance segments as well as market realignments in the
competitive environment led to higher revenues. The successful acquisition of an
Irish PVC and PET sheet manufacturer allowed 3A Composites to build on its lead
role in the market.
In the core materials sector, the process of consolidation in the global wind
farm market continued, and with it the pressure on OEMs and their suppliers,
albeit to strongly varying degrees in the individual regions. The USA showed a
solid performance, bolstered by production tax credit (PTC) programs running
until the end of the year. Business in Europe was encouraging, with interesting
growth opportunities in the off-shore market. China performed as expected,
against a backdrop of continuing price and competitive pressure caused by
overcapacity.
The marine market continued its recovery in 2012, even if volumes were not yet
back at the pre-crisis level.
In the transportation segment, 3A Composites enjoys a strong position not only
in core and sheet materials but also in the market for integrated system
solutions for railway vehicles and buses. A novel, heatable sandwich flooring
system is attracting increasing attention in the growth markets of Asia and
South America. In Europe, the successive introduction of new emission standards
has prompted growing interest in lightweight components in road vehicles, which
could in future offset the fall-off in revenues in the rail sector.
SSM Textile Machinery
Net revenues amounted to CHF 69.3 million (-5%) and EBITDA before the effect of
the change in pension obligations was at CHF 5.2 million (8.8), corresponding to
a margin of 8%.
As expected, the slowdown in evidence at the end of 2011 in China and other key
Asian markets continued in the second half of 2012. The synthetic fiber sector
only partly offset the slump on the cotton market. SSM tapped into the fledgling
recoveries in Bangladesh and Turkey to land a number of major orders.
In the area of synthetic fiber processing, SSM is excellently positioned with
products in the air and false twist texturing segments. Although start-up and
integration costs for the acquisition of Giudici depressed the result by
approximately CHF 2 million, numerous orders scheduled for delivery in 2013 were
received in this segment in the 2nd half.
Outlook
Both divisions began the new year at approximately the same level as the
previous year. SSM Textile Machinery is expected to post an improved result with
revenues on a par with 2012.
3A Composites is looking at further growth in the emerging countries. The
display business is heavily dependent on future economic trends in the USA and
Europe. Architecture is likely to see more growth in the USA, while a certain
degree of saturation is foreseeable in Europe.
Europe's wind market will remain stable for the time being, whereas the recently
approved extension of production tax credits in the USA will provide fresh
impetus as of the 2nd half at the earliest. Business is expected to improve in
China in 2013, but for now the Chinese wind power market is unlikely to return
to attractive growth.
For further information:
Martin Klöti, Head of Management Services
Tel. +41 44 718 33 03, fax +41 44 718 34 51, martin.kloeti@schweiter.com
Schweiter Technologies AG, Neugasse 10, CH - 8810 Horgen, Switzerland
Tel +41 44 718 33 03 Fax +41 44 718 34 51
info@schweiter.com
www.schweiter.com
Please find the Media release in the PDF attached:
Media release (PDF):
hugin.info/100347/R/1682031/550085.pdf
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[HUG#1682031]
