Feintool reports good earnings in short year
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Feintool International Holding AG /
Feintool reports good earnings in short year
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Feintool Group result for abridged 2011 financial year
The international technology company continued to see its business develop well
in the abridged financial year (1 October to 31 December 2011): Compared to the
same period of the previous year*, orders received rose 4.6 percent to CHF
100.0 million and sales were up 11.2 percent at CHF 101.2 million. All segments
and regions recorded positive EBIT, which totalled CHF 5.1 million for the
group.
In the abridged 2011 financial year, the Feintool Group benefited from the
automotive industry's successful development. As reported in the media release
dated 24 January 2012, orders received rose overall from CHF 95.6 million in the
prior-year period to CHF 100.0 million. The orders backlog came to CHF 186.2
million (up 28.5% from the prior-year period). Fineblanking Technology, the
Group's presses business, reported a secure workload through to mid-year, and
the orders backlog in the Automation segment was even sufficient for the rest of
2012. Feintool generated sales of CHF 101.2 million (+11.2%). Excluding currency
effects, Group sales rose by a total of 15.9 percent.
Operations healthy
In the abridged financial year, all segments and regions returned a positive
operating result; at Group level, the result also includes one-off expenses of
CHF 0.8 million incurred by the change of accounting period. EBIT for the
Feintool Group was CHF 5.1 million. The System Parts components business
increased its EBIT to CHF 3.7 million, even after factoring in the start-up
costs for the new production plant in China. EBIT generated by Fineblanking
Technology rose to CHF 2.8 million thanks to very good capacity utilization. IMA
Automation closed the abridged financial year with a good EBIT margin of 8.4
percent, or CHF 1.4 million.
Solid financial position
The equity ratio reached the expected level at 39.6 percent for the abridged
financial year. This figure was reduced by 6.6 percentage points due to the
first-time recognition of actuarial pension fund losses in accordance with the
International Financial Reporting Standards (IFRS). Net debt decreased to CHF
36.3 million as at 31 December 2011 owing mainly to the sale of the former
Mühlemann production building in Biberist, Switzerland, in December 2011.
Cautiously optimistic outlook
The outlook in some sections of industry is subdued at present. However,
Feintool anticipates only a slight normalization of business in the sector and
remains optimistic despite the nervousness prevailing in the financial markets.
For the new financial year, Feintool is still predicting sales of CHF 350-390
million and an EBIT margin of 4-6 percent.
* comparison with 4th quarter of 2010; continuing business only
Key figures at a glance
+----------------------------------+---------------------+---------------------+
|Figures in CHF | Abridged 2011| 4th quarter of 2010|
| | financial year| financial year|
| |(01.10. - 31.12.2011)|(01.10. - 31.12.2010)|
| | in CHF m| in CHF m|
+----------------------------------+---------------------+---------------------+
|Statement of comprehensive income | | |
+----------------------------------+---------------------+---------------------+
|Sales - Feintool Group | 101.2| 91.0|
+----------------------------------+---------------------+---------------------+
|Gross profit | 35.3| 30.0|
+----------------------------------+---------------------+---------------------+
|Operating profit (EBIT) | 5.1| 3.4|
+----------------------------------+---------------------+---------------------+
|Earnings before taxes | 4.0| 1,2|
+----------------------------------+---------------------+---------------------+
|Income taxes | -1.8| -0.4|
+----------------------------------+---------------------+---------------------+
|Net income from continuing | 2.2| 0.8|
|operations | | |
+----------------------------------+---------------------+---------------------+
|Net income from discontinued | 0.4| 0.7|
|operations | | |
+----------------------------------+---------------------+---------------------+
|Net income of the Feintool Group | 2.6| 1.5|
+----------------------------------+---------------------+---------------------+
|Balance sheet | 31.12.2011| 30.09.2011|
+----------------------------------+---------------------+---------------------+
|Non-current assets | 163.1| 160.1|
+----------------------------------+---------------------+---------------------+
|Current assets | 163.1| 167.4|
+----------------------------------+---------------------+---------------------+
|Equity | 129.3| 122.2|
+----------------------------------+---------------------+---------------------+
|Non-current liabilities | 51.0| 47.4|
+----------------------------------+---------------------+---------------------+
|Current liabilities | 145.9| 157.9|
+----------------------------------+---------------------+---------------------+
|Cash and cash equivalents | 30.6| 24.3|
+----------------------------------+---------------------+---------------------+
|Miscellaneous | | |
+----------------------------------+---------------------+---------------------+
|Orders received | 100.0| 95.6|
+----------------------------------+---------------------+---------------------+
|Orders backlog | 186.2| 144.9|
+----------------------------------+---------------------+---------------------+
|Cash flows from operating | -6.2| 1.3|
|activities | | |
+----------------------------------+---------------------+---------------------+
|Depreciation and impairments | 3.9| 4.1|
+----------------------------------+---------------------+---------------------+
|Investment in property, plant and | -4.9| -2.2|
|equipment | | |
+----------------------------------+---------------------+---------------------+
|Number of employees (excl. | 1,326| 1,468|
|apprentices) | | |
+----------------------------------+---------------------+---------------------+
|Ratios | | |
+----------------------------------+---------------------+---------------------+
|Sales growth | 11.2%| |
+----------------------------------+---------------------+---------------------+
|Sales growth in local currencies | 15.9%| |
+----------------------------------+---------------------+---------------------+
|Gross margin | 34.8%| 32.9%|
+----------------------------------+---------------------+---------------------+
|Operating expenses/sales | 12.8%| 10.9%|
+----------------------------------+---------------------+---------------------+
|EBITDA margin | 8.9%| 8.0%|
+----------------------------------+---------------------+---------------------+
|EBIT margin | 5.0%| 3.7%|
+----------------------------------+---------------------+---------------------+
|Earnings margin (continuing | 2.2%| 0.9%|
|operations) | | |
+----------------------------------+---------------------+---------------------+
|Equity/assets | 39.6%| 37.3%|
+----------------------------------+---------------------+---------------------+
Detailed information on Feintool's abridged financial year 2011 can be found in
the report for the abridged financial year at
http://www.feintool.com/en/investors/publications.
For more information, please contact Karin Labhart, Media Spokesperson, at any
time by calling +41 (0)32 387 51 63 or e-mailingkarin.labhart(at)feintool.com.
Feintool International Holding AG
Industriering 8, CH-3250 Lyss
Phone +41 (0)32 387 51 11
Fax +41 (0)32 387 57 81
feintool-fim(at)feintool.com
www.feintool.com
Company profile
As world market leader in fineblanking technology, Feintool is the only global
supplier to offer its customers the entire process of fineblanking - from
engineering through to machines featuring state-of-the-art press technology,
plus tool design and the mass production of fineblanked components. Besides its
core technology of fineblanking/forming, Feintool also offers reliable assembly
equipment with its IMA brand. Headquartered in Lyss, Switzerland, the company
employs over 1,300 staff worldwide. Feintool offers around 70 trainees a step up
into the working world, with apprenticeships mainly for general mechanics,
design engineers and commercial staff.
The press release can be downloaded from the following link:
Press Release (PDF):
http://hugin.info/100443/R/1589399/499096.pdf
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Feintool International Holding AG via Thomson Reuters ONE
[HUG#1589399]
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Datum: 28.02.2012 - 01:00 Uhr
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