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Feintool posts double-digit growth in sales

Feintool posts double-digit growth in sales

Feintool increased its sales by 15.4 percent year-on-year in the first nine months of the current financial year to CHF 310.5 million. Excluding the effects of the acquisition of forming specialist Herzing + Schroth and the disposal of IMA Automation Berlin, sales growth amounted to 8.7 percent. Due to the weaker economic situation in Europe, orders received fell by 7.4 percent to CHF 297.2 million in the same period. Including the acquisition, orders in hand were up 9.8 percent at CHF 206.5 million.

"Feintool achieved a gratifying increase in sales in the first nine months", said Chairman of the Board of Directors Alexander von Witzleben. "However, it should also be pointed out that the economic situation cooled markedly in the last three months and both the orders received and sales are already falling in some regions. In overall terms, major differences are apparent between the different regions – and in some cases even between individual manufacturers. The air of nervousness on the markets has increased again. Given that many automotive manufacturers have already announced extended plant holidays for the Christmas period, we anticipate a further slowing in the final quarter", von Witzleben added.

Orders received showed a year-on-year decline of 6.6% to CHF 94.6 million in the third quarter of the 2012 financial year. Thanks to the Herzing + Schroth acquisition, the System Parts segment recorded growth of 12.0%. Excluding the effects of the acquisition, orders received were approximately on a par with the previous year. A decline in European business was offset by developments in the other regions.

Slowing economic activity was accompanied by a fall in new orders for the capital goods segments. The Fineblanking Technology segment posted 7.3% fewer orders, or 17.3% after deducting internal orders. The Automation segment suffered a drop of more than 50% – partly owing to the sale of IMA Automation Berlin.

All in all, orders received in the first nine months of the 2012 financial year were thus 7.4% lower than in the same period of the previous year at CHF 297.2 million.

Sales increase thanks to acquisition

Group sales rose 24.9% year-on-year between 1 July and 30 September 2012. The System Parts segment increased its sales by 46.7% to CHF 84.2 million. Excluding the purchase of Herzing + Schroth, the growth in sales was still an impressive 14.6%. European business deteriorated markedly in the last three months, although the decline continued to be offset in the other regions. The Fineblanking Technology segment achieved sales of CHF 26.6 million, thereby surpassing the previous year's figure by 8.6%. Sales in the Automation segment fell 16.5% to CHF 10.1 million. Sales at IMA Automation Amberg – which remains part of Feintool – were largely constant.

All in all, the Feintool Group's sales rose 15.4% year-on-year in the first nine months of the 2012 financial year to CHF 310.5 million. Excluding acquisition effects, this represents an increase of 8.7% .

Orders in hand decline slightly at high level

Since 30 June 2012, the orders backlog has declined by 9.0% to CHF 206.5 million. In the Fineblanking Technology segment, Feintool now has sufficient work in hand for approximately six months. In the Automation segment, the figure is 10 to 12 months.

Subdued outlook for rest of financial year

Although the general economic situation is likely to continue worsening, particularly in Europe, Feintool reiterates its forecast of generating sales of CHF 400–450 million - though now closer to the lower end of this range - and operating profit (EBIT) of 4–6% in the 2012 financial year.

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