The international technology company continued to see its business develop well in the abridged financial year (1 October to 31 December 2011): Compared to the same period of the previous year*, orders received rose 4.6 percent to CHF 100.0 million and sales were up 11.2 percent at CHF 101.2 million. All segments and regions recorded positive EBIT, which totalled CHF 5.1 million for the group.
International technology Feintool International continued to see its business develop well in an abridged financial year from the beginning of October to the end of December.
Orders received during the period were 4.6% than in the corresponding three months of 2010 at CHF100.0m while sales were up 11.2% at CHF101.2m.
All segments and regions recorded positive earnings before interest and tax, which totalled CHF5.1m for the group compared with CHF3.4m a year ago.
Net income rose to CHF2.6m - up from CHF1.6m in the fourth quarter of 2010. The orders backlog came to CHF186.2m - up 28.5% from the prior-year period.
Fineblanking Technology, the group's presses business, reported a secure workload through to mid-year, and the orders backlog in the automation segment was even sufficient for the rest of 2012.
Feintool generated sales of CHF101.2m - up 11.2%. Excluding currency effects, group sales rose by 15.9%.
In the abridged 2011 financial year, the Feintool Group benefited from the automotive industry's successful development. As reported in the media release dated 24 January 2012, orders received rose overall from CHF 95.6 million in the prior-year period to CHF 100.0 million. The orders backlog came to CHF 186.2 million (up 28.5% from the prior-year period). Fineblanking Technology, the Group's presses business, reported a secure workload through to mid-year, and the orders backlog in the Automation segment was even sufficient for the rest of 2012. Feintool generated sales of CHF 101.2 million (+11.2%). Excluding currency effects, Group sales rose by a total of 15.9 percent.
Operations healthy
In the abridged financial year, all segments and regions returned a positive operating result; at Group level, the result also includes one-off expenses of CHF 0.8 million incurred by the change of accounting period. EBIT for the Feintool Group was CHF 5.1 million. The System Parts components business increased its EBIT to CHF 3.7 million, even after factoring in the start-up costs for the new production plant in China. EBIT generated by Fineblanking Technology rose to CHF 2.8 million thanks to very good capacity utilization. IMA Automation closed the abridged financial year with a good EBIT margin of 8.4 percent, or CHF 1.4 million.
Solid financial position
The equity ratio reached the expected level at 39.6 percent for the abridged financial year. This figure was reduced by 6.6 percentage points due to the first-time recognition of actuarial pension fund losses in accordance with the International Financial Reporting Standards (IFRS). Net debt decreased to CHF 36.3 million as at 31 December 2011 owing mainly to the sale of the former Mühlemann production building in Biberist, Switzerland, in December 2011.
Cautiously optimistic outlook
The outlook in some sections of industry is subdued at present. However, Feintool anticipates only a slight normalization of business in the sector and remains optimistic despite the nervousness prevailing in the financial markets. For the new financial year, Feintool is still predicting sales of CHF 350-390 million and an EBIT margin of 4-6 percent.
Company profile
As world market leader in fineblanking technology, Feintool is the only global supplier to offer its customers the entire process of fineblanking - from engineering through to machines featuring state-of-the-art press technology, plus tool design and the mass production of fineblanked components. Besides its core technology of fineblanking/forming, Feintool also offers reliable assembly equipment with its IMA brand. Headquartered in Lyss, Switzerland, the company employs over 1,300 staff worldwide. Feintool offers around 70 trainees a step up into the working world, with apprenticeships mainly for general mechanics, design engineers and commercial staff.
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