Record result - revenues and profit high at Optics. Semiconductors reporting clear improvement in profitability.
Horgen, March 7, 2007 - The accounts for 2007 show that orders received by the Group increased 3% to CHF 491.9 million (2006: 477.0 million). Revenues grew 6% to CHF 487.6 million (2006: 461.0 million). Satisloh lifted revenues by a further 11% to CHF 270.0 million. SSM Textile Machinery recorded a slight increase of 2%, while Ismeca Semiconductor posted a minor decline of 3%. Satisloh accounts for 55% of Group revenues.
The Group reported an exceptionally high 49% increase in its operating result (EBIT) to CHF 55.6 million (2006: 37.3 million). Satisloh generated some three quarters of this figure. Ismeca Semiconductor achieved a significant improvement in profitability, above all in the second half, contributing around 10% to the Group's operating result.
This produced a net income of CHF 49.7 million (2006: 33.4 million), representing an increase of almost 50%.
The Group posted year-end liquidity of CHF 134 million. Deduction of interest-bearing liabilities produced a net cash position of CHF 120 million. The equity ratio stood at 63%.
Schweiter Technologies is holding its annual results press conference today at the Hotel Marriott, Neumühlequai 42, in Zurich, beginning 11.00 a.m.
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Key figures
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Total |
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Total |
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Change |
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Schweiter Technologies Group (in CHF millions) |
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2007 |
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2006 |
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Orders received |
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491.9 |
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477.0 |
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+3% |
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Gross revenues |
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487.6 |
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461.0 |
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+6% |
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Operating result |
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55.6 |
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37.3 |
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+49% |
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as % of gross revenues |
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11.4% |
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8.1% |
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Net income |
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49.7 |
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33.4 |
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+49% |
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Segment information by division (in CHF millions) |
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SSM Textile Machinery |
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Orders received |
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107.2 |
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108.4 |
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- 1% |
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Gross revenues |
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106.9 |
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104.8 |
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+ 2% |
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Operating result |
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11.0 |
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12.4 |
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-11% |
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as % of gross revenues |
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10.3% |
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11.8% |
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Satisloh |
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Orders received |
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273.1 |
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254.0 |
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+ 8% |
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Gross revenues |
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270.0 |
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242.3 |
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+11% |
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Operating result |
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42.4 |
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26.0 |
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+63% |
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as % of gross revenues |
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15.7% |
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10.7% |
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Ismeca Semiconductor |
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Orders received |
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111.6 |
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114.6 |
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- 3% |
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Gross revenues |
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110.3 |
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113.5 |
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- 3% |
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Operating result |
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5.2 |
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-0.2 |
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- |
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as % of gross revenues |
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4.7% |
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- |
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SSM Textile Machinery
Revenues remained stable at a high level at SSM Textile Machinery. Turkey and the Indian subcontinent again reported healthy order books, China produced a stable performance. However, the strong export focus of customers in India meant they suffered considerably under the firming of the Indian rupee against the US dollar, which in turn put pressure on revenues and margins. The dyeing spool and rewinding segment posted the strongest revenues. The air texturing and monofilament segments continued to turn in an encouraging performance.
A higher R&D spend on product innovations presented at the ITMA impacted the result above all in the second half, translating into a lower full-year EBIT compared with the previous year.
Satisloh
An EBIT of over CHF 42 million was generated on revenues of CHF 270 million. This corresponds to 11% growth and a 63% increase in EBIT (EBIT margin: 15.7%). The "coating" and "consumables" business segments recorded considerable growth of +39% and +11% respectively. The strong growth seen in the US market continued (+23%). Asia also reported an increase (+19%), while Europe maintained the high year-back volume. In the surface processing segment, the trend toward direct surfacing technology that started in 2005 progressed at a stronger pace. Traditional processing machines are witnessing a decrease of approximately 10% p.a., whereas new production methods are growing at around 15-20% p.a.
Ismeca Semiconductor
Ismeca Semiconductor held revenues at the high year-back level. The division defended its strong position in the back end, in particular in the segment for discretes and simple chips (S0), where higher process speeds are called for. Ismeca improved its share in the LED and lead-less chip markets. In the second half in particular, the relocation of production to Asia was reflected in a significant improvement in profitability (EBIT margin: 8.3%). Half of all machines were produced in Malaysia in 2007. Depreciation of old stocks and remnants of duplication prevented an even better result.
Outlook
All divisions began the new year with solid order books. The general uncertainty about the course of the global economy has, to date, not visibly weakened the Group's performance.
As part of ongoing efforts to concentrate business activities, plans are in place to close SSM Textile Machinery's Wuppertal site in Germany, subject to the approval of the relevant employee committee. The Wuppertal operations are to be integrated fully into the Horgen site. Closure costs will impact the SSM Textile Machinery division's result for 2008 in an amount in the low single-digit million range.
Please find the Annual results for 2007 in the PDF attached.
Schweiter Technologies AG, Neugasse 10, CH - 8812 Horgen, Switzerland
Tel. +41 44 718 33 11 Fax +41 44 718 34 51 info@schweiter.com
