Schweiter Technologies Group First Half of 2012 - Clear Increase in Profitability for Composite Materials and 12% EBITDA Margin

august 20 2012

Group net revenues amounted to CHF 378.0 million in the first half of 2012, which represents a decline of 11%. SSM Textile Machinery was just able to maintain revenues at the same level as the previous year, while Ismeca Semiconductor experienced a marked sector-cyclical decline compared with its high year-back result. 3A Composites posted high revenues in Architecture and Display, whereas the price war in the wind segment put pressure on revenues and margins in Core Materials. Despite this, this segment too made a clear positive contribution to profits.

The Group posted EBITDA of CHF 45.0 million (1H 2011: 46.3 million), which corresponds to approximately 12% of net sales. EBIT came to CHF 30.5 million (1H 2011: 31.5 million) and net income to CHF 24.6 million (1H 2011: 20.3 million). Cash flow from operating activity improved by over CHF 20 million against the previous year. The cash position stood at CHF 286 million (1H 2011: 249 million).

3A Composites recorded new orders amounting to CHF 309.1 million (1H 2011: 389.3 million). Just under half of the decline is attributable to a multi-year contract won the previous year by the automotive business in Altenrhein, which has since been divested. Net revenues amounted to CHF 301.0 million (1H 2011: 334.7 million), which represents a decline of 10%. This resulted in an EBITDA of CHF 40.1 million (1H 2011: 36.7 million), corresponding to a significant improvement in the net profit ratio to more than 13% (1H 2011: 11%). EBIT came to CHF 26.6 million (1H 2011: 22.6 million), The gratifying result was achieved despite unfavorable conditions in the wind energy sector, where competitive and cost pressure among wind farm manufacturers, particularly in China, led to heightened price competition in the core materials segment. In the US and Europe, the market progressed at roughly the same level as the previous year. The marine market continued to show signs of recovering.

Despite uncertainties surrounding the future direction of the economy, the cyclical Display business made further encouraging progress in both the US and Europe.

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