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 shareholders.
Schweiter Technologies Group (in CHF millions)
H1 2013 |
|
H1 2012 |
| change
| |
|
|
|
|
|
|
Net revenues | 338.9 |
| 340.0 |
| 0% |
EBITDA before special effects | 35.1 |
| 36.1 | 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% |
1) 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 results.
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.
Outlook
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.
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