Stepped-up marketing efforts, rigorous cost management and an internal efficiency drive all contributed to the Feintool Group's positive development.
Its traditional Fineblanking/Forming segment, which accounts for 62% of sales, saw business improve again on the previous year. Sales rose 18% to CHF 147.8 million (up from CHF 125.4 million) while EBIT improved significantly from CHF 6.6 to CHF 12.0 million (81%). Investments in the modernization of the Lyss Technology Center and components manufacturing activities in the United States already began to have a positive impact.
The Automation segment, which accounts for 22% of sales, posted sales of CHF 51.0 million (prior year: CHF 52.9 million). The turnaround program initiated in the previous year is already having a noticeable impact: leaner cost structures, more efficient internal processes and better integration into the Feintool Group have already paid off. The Automation segment reported a rise of CHF 3.7 million in EBIT from CHF -1.2 million in the previous year to CHF 2.5 million in the reporting period.
The Plastic/Metal Components segment was able to expand its already strong market position. Its sales (which account for 16% of the Group total) rose 2% to CHF 37.9 million (up from CHF 37.1 million). EBIT soared by 64% from CHF 0.9 to CHF 1.5 million. The new manufacturing location in Lamphun (Thailand) became a strategic gateway to the Asian markets.
Expansion projects on track
The turnaround projects in USA and in the Automation segment are progressing to plan and will soon be completed. The strategic expansion projects, such as the new production facilities in Tennessee (USA), Tokoname (Japan) and Lamphun (Thailand), the first-time development and manufacture of a press in Japan and the renewal of the press pool in the USA are all on track.
Key figures in target range
Total assets amounted to CHF 419.2 million as at 31 March 2005, marking a slight increase in relation to 30 September 2004 (CHF 403.3 million). Current assets rose slightly, due on the one hand to the higher sales and on the other hand to the large volume of orders in hand. Short-term bank debt increased by around CHF 12 million in relation to 30.9.2004. Shareholders' equity is equivalent to about 28% of total assets. Cash flow in the first six months of 2004-05 totalled CHF 18.7 million compared to CHF 13.1 million the previous year. The bulk of these funds are invested in the net current assets.
The weakness of the US dollar and Japanese yen compared with the year-back period had a slightly dampening effect on the otherwise positive sales and earnings figures reported by the systems business. The components manufacturing business, which has its own local production facilities, is scarcely affected by these exchange rate movements.
Good prospects for the current financial year
Owing to the higher order intake and an order book that was significantly larger at the beginning of the reporting period than a year earlier, considerably improved operating results and net profit are forecast for the entire financial year (1.10.2004 - 30.9.2005).
|
Key figures (CHF millions) |
1st half 04/05 |
1st half 03/04 |
Change % |
|
|
|
|
|
|
Consolidated sales |
235.2 |
214.4 |
10 |
|
|
|
|
|
|
EBITDA |
21.6 |
16.3 |
32 |
|
|
|
|
|
|
EBITA |
12.0 |
6.3 |
92 |
|
|
|
|
|
|
Operating result (EBIT) |
12.0 |
5.4 |
125 |
|
|
|
|
|
|
Net profit |
4.2 |
0.1 |
|
|
|
|
|
|
|
Cash flow |
18.7 |
13.1 |
43 |
|
|
|
|
|
|
Total assets |
419.2 |
393.7 |
6 |
|
|
|
|
|
|
Shareholders' equity |
116.5 |
109.5 |
6 |
|
|
|
|
|
|
Net debt |
152.3 |
151.6 |
0 |
|
|
|
|
|
|
Number of employees (31.3.) |
1687 |
1784 |
-5 |
|
(Apprentices |
86 |
85) |
|
You will also find a PDF version of the semiannual report at www.feintool.com - go to Investor Relations.
For further information, please contact:
Reto Hartmann, CEO and Reto Welte, CFO
Phone +41 (0)32 387 51 11, Fax +41 (0)32 387 57 81
The media release including tables can be downloaded from the following link:
