After two years of falling results, all three segments posted strong sales and earnings growth. In particular, EBIT increased by CHF 13.3 million following the write-back in the last financial year of CHF 7.2 million of provisions no longer required. By restructuring Automation and the business in the USA, Feintool created a sound basis for sustained sales growth.
The number of employees remained stable at 1777 (excluding the 95 apprentices).
At the Annual General Meeting, the Board of Directors will propose payment of a dividend of CHF 4 per registered share with a par value of CHF 50.
With order intake and backlog significantly higher, Feintool is starting the new financial year with bright prospects and a good chance of achieving further growth.
Fineblanking/Forming increased sales sharply by 8.9%, from CHF 246.1 million in 2002-2003 to CHF 268.0 million. It thus contributed 58.9% (59.9% in 2002-2003) of consolidated sales and EBIT of CHF 14.4 million (CHF 14.4 million in 2002-2003) following the write-back in the previous year of around CHF 3.8 million of provisions no longer required.
In the presses and systems market, Feintool managed to convince customers to increase investment in its latest technology. For both the premium brand Feintool and the second brand Schmid, order intake was excellent, almost doubling over the previous year. At the Lyss technology centre, targeted investments reduced throughput times and increased output.
The European, US and Japanese component manufacturing facilities continued to grow sales year-on-year. However, a combination of operational problems and sharply increased steel prices in the USA eroded the result. In Japan, preparations for the opening of a second facility are at a very advanced stage.
Automation increased sales by 11.5% to CHF 109.4 million, thus contributing 24.0% (23.9% in 2002-2003) of consolidated sales and EBIT of CHF 0.4 million (CHF -1.8 million in 2002-2003). The innovative modutec system was well received in the systems market. Restructuring at the Amberg site will not have a positive impact until the coming financial year. The Afag assembly components business and the BalTec riveting machine business can look back on a successful financial year thanks to targeted restructuring and a distinctive market presence.
Plastic/Metal Components increased sales by a marked 16.2%, from CHF 66.5 million to CHF 77.3 million, thus contributing 17% of consolidated sales (16.2% in 2002-2003) and EBIT of CHF 3.4 million (year-back figure: CHF 0.3 million). This success was the result of higher call-ups under existing contracts, interesting new start-ups and internal capacity improvements at the main factory in Biberist, at the Nashville factory and at the new production facility in Lamphun, Thailand.
Sharp rise in free cash flow
The consolidated cash flow statement shows cash flows from operating activities totalling CHF 37.6 million compared to CHF 14.6 million in 2002-2003. The figure was much improved, as the operating result (impacting liquidity) rose sharply by around CHF 10 million and net current assets fell sharply by around CHF 12 million against a backdrop of rising sales.
Solid balance sheet structures
At CHF 403.3 million, total assets were slightly lower year-on-year. Equity rose from CHF 108.7 million to CHF 117.5 million, and the equity ratio improved accordingly from 26.4% in 2002-2003 to 29.1%. The Feintool Group's net borrowing fell sharply from CHF 152.8 million in 2002-2003 to CHF 130.8 million.
|
Key figures (CHF m) |
03/04 |
02/03 |
Change in % |
|
|
|
|
|
|
Consolidated sales |
452.2 |
408.9 |
+ 10.6 |
|
|
|
|
|
|
EBITDA |
37.3 |
30.6 |
+ 21.9 |
|
|
|
|
|
|
Operating result (EBIT) |
14.8 |
8.0 |
+ 85.0 |
|
|
|
|
|
|
Net profit |
1.6 |
- 0.7 |
|
|
|
|
|
|
|
Free cash flow |
22.5 |
3.0 |
+ 750 |
|
|
|
|
|
|
Total assets |
403.3 |
411.6 |
- 2.0 |
|
|
|
|
|
|
Net current assets |
75.3 |
88.6 |
- 15.0 |
|
|
|
|
|
|
Shareholders' equity |
117.5 |
108.7 |
+ 8.1 |
|
|
|
|
|
|
Net borrowing |
130.8 |
152.8 |
- 14.4 |
|
|
|
|
|
|
Order backlog |
167.0 |
132.2 |
+ 26.3 |
|
|
|
|
|
|
Number of employees (30.9) |
1777 |
1769 |
(excl. 95 apprentices) |
|
|
|
|
|
Feintool is a leading technology and systems provider in fineblanking/forming and automation. It is also a supplier of metal and plastic components.
Feintool operates globally at the company's own facilities in Switzerland (head office in Lyss), Germany, France, Italy, Great Britain, the United States, Japan, China and Thailand, where around 1870 employees are committed to customer satisfaction.
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:
