Feintool International Holding AG: Successful business year 2010/2011

30 november 2011 Feintool International Holding AG / Feintool International Holding AG: Successful business year 2010/2011 . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement. Feintool Group's business results for 2010/11 The international technology company Feintool reports a successful financial year. Group-wide, the order situation developed well: orders received rose by 8%* to CHF 415 million and the orders backlog by 26% to CHF 188 million. At CHF 360 million, sales exceeded the previous year's figure by 7%. Despite currency influences, Feintool increased its operating profit (EBIT) twenty-fold to CHF 17.0 million. In light of the positive net income of CHF 12.1 million, a dividend of CHF 4.00 per share will be proposed at the Annual General Meeting. The focus on its core business, innovations as well as the high sales volumes of premium automotive manufacturers have had a significantly positive impact on financial year 2010/11. In the parts and investment goods areas, the order situation was pleasing: orders received rose 7.6% to CHF 415.2 million and the orders backlog was up 26.1% to CHF 188.0 million. Feintool generated sales of CHF 360.2 million, which represents a rise of 6.6%; on a currency adjusted basis, the increase even comes to 16.3%. All segments recorded strong growth figures. Thanks to higher sales, the improved gross margin and increased efficiency, an operating profit (EBIT) of CHF 17.0 million was posted. This is twenty times the year-ago figure of CHF 0.8 million. In the second half of the financial year, all segments and regions posted positive EBIT figures. Massively reduced financial costs totalling CHF 4.5 million and - owing to one- off effects - low tax expenses resulted in a net profit for continuing operations of CHF 12.1 million. The impact of the currency crisis left its mark on the consolidated financial statements, but is largely confined to the conversion of the foreign subsidiaries' statements into the Swiss franc-denominated consolidated financial statements. Since these currencies were highly volatile at times, losses in operating profit were incurred by the Swiss operations in particular. However, as production at our sites in the USA, Japan and Germany is largely destined for the respective home market, the Group is now benefiting from internationally broad-based added value. On a currency adjusted basis, sales would have been CHF 32.9 million higher. Total assets decreased by 0.6% to CHF 323.5 million. With shareholders' equity at CHF 143.8 million, the equity ratio rose by 2.5% to 44.4%. Cash flows from operating activities showed a strong inflow of CHF 25.3 million. The 2.2 million increase in net working capital had a minimal influence on this development. In the year under review, Feintool launched a CHF 30.3 million investment programme, which was twice as high as the depreciation on operating investments. On the other hand, several companies and areas of business were sold, which gave rise to a cash inflow of CHF 16.1 million. Free cash flow of CHF 12.1 million was generated, thus permitting a 16.9% year-on-year reduction in net debt to CHF 41.9 million. Events after the end of the reporting period: sale of property On 28 November 2011, Feintool sold its property in Biberist, Canton of Solothurn, to a Swiss real estate fund for the sum of CHF 17 million. The proceeds will be used entirely to repay bank loans. High demand for fineblanking systems The Fineblanking Technology segment again increased its order intake to CHF 128.8 million. The orders backlog of CHF 40.4 million in the long-term press and tools business equates to a full workload up to the middle of the 2012 calendar year. At CHF 109.8 million, sales rose by a substantial 58%. The operating profit of CHF 10.1 million, which represented a ten-fold increase, was particularly pleasing. Persistently high order volumes in the series parts business The parts business of the System Parts segment remained strong - in spite of the negative influence of the natural and nuclear disaster in Japan. Orders received amounted to CHF 252.9 million and sales came in at CHF 230.0 million. In local currency, this represents growth of 9.9%. At CHF 13.3 million, operating profit was virtually double that of the previous year - despite the development cost of the new production plant in China. This was also helped by the fact that the business in the USA was profitable again for the first time in years. Record order situation for assembly automation At CHF 66.9 million, orders received in IMA Automation also showed a very encouraging development, which resulted in a record volume of orders in hand of CHF 43.4 million, corresponding to one year's output. Due to lengthy lead times, the rise in orders in hand only had a limited impact on sales. These increased by 16.3% to CHF 46.8 million. IMA Automation ended the fiscal year with an EBIT margin of 7.8%, which is impressive by sector standards. In view of the good performance in 2010/11, the Board of Directors will be proposing a dividend of CHF 4.00 per share at the Annual General Meeting on 24 January. Good basis for 2012 Incoming orders, which have been at a consistently high level over the last few months, as well as the healthy volume of orders in hand, provide a good basis for 2012. As of 31 December 2011, Feintool will adjust its financial year to the calendar year. For the abridged year running from 1 October to 31 December 2011, we expect the level of business to remain similar to that in the two preceding quarters. For the 2012 calendar year, we anticipate consolidated sales of CHF 350-390 million and an operating profit margin of between 4 and 6%. Detailed information on Feintool's results for 2010/2011 can be found in the Annual Report athttp://www.feintool.com/en/investors/publications.html. Further information may be obtained from Karin Labhart, Head of Corporate Communications, at any time by calling +41 (0)32 387 51 63 or e-mailing karin.labhart@feintool.com. Key financial figures in brief +----------------------------------------------+---------+---------+-----------+ |  |30.09.11*|30.09.10*| | |Figures in CHF |in CHF m |in CHF m |Change in %| |  | | | | +----------------------------------------------+---------+---------+-----------+ |Sales - Feintool Group |360.2 |337.9 |6.6 | +----------------------------------------------+---------+---------+-----------+ |Sales - Fineblanking Technology segment |109.8 |69.5 |58 | +----------------------------------------------+---------+---------+-----------+ |Sales - System Parts segment |230.0 |233.1 |-1.3 | +----------------------------------------------+---------+---------+-----------+ |Sales - Automation segment |46.8 |40.2 |16.4 | +----------------------------------------------+---------+---------+-----------+ |Earnings before interest, tax, depreciation |31.7 |22.8 |  | |and amortization (EBITDA) | | | | +----------------------------------------------+---------+---------+-----------+ |Operating profit (EBIT) |17.0 |0.8 |  | +----------------------------------------------+---------+---------+-----------+ |EBIT - Fineblanking Technology segment |10.1 |0.8 |  | +----------------------------------------------+---------+---------+-----------+ |EBIT - System Parts segment |13.3 |6.9 |  | +----------------------------------------------+---------+---------+-----------+ |EBIT - Automation segment |3.7 |2.8 |  | +----------------------------------------------+---------+---------+-----------+ |Net income from continuing operations |12.1 |-11.9 |  | +----------------------------------------------+---------+---------+-----------+ |Net income from discontinued operations |11.7 |-2.2 |  | +----------------------------------------------+---------+---------+-----------+ |Total assets |323.5 |325.6 |-0.6 | +----------------------------------------------+---------+---------+-----------+ |Equity |143.8 |136.4 |5.4 | +----------------------------------------------+---------+---------+-----------+ |Net debt |41.9 |50.4 |-16.9 | +----------------------------------------------+---------+---------+-----------+ |Orders received - Feintool Group |415.2 |385.9 |7.6 | +----------------------------------------------+---------+---------+-----------+ |Orders received - Fineblanking Technology |128.8 |103.3 |24.7 | |segment | | | | +----------------------------------------------+---------+---------+-----------+ |Orders received - System Parts segment |252.9 |259.3 |-2.5 | +----------------------------------------------+---------+---------+-----------+ |Orders received - Automation segment |66.9 |45.1 |48.3 | +----------------------------------------------+---------+---------+-----------+ |Orders backlog - Feintool Group |188.0 |149.1 |26.1 | +----------------------------------------------+---------+---------+-----------+ |Orders backlog - Fineblanking Technology |40.4 |31.1 |30.0 | |segment | | | | +----------------------------------------------+---------+---------+-----------+ |Orders backlog - System Parts segment |104.1 |91.7 |13.5 | +----------------------------------------------+---------+---------+-----------+ |Orders backlog - Automation segment |43.4 |26.3 |65.0 | +----------------------------------------------+---------+---------+-----------+ * all figures refer to continuing operations (excluding the Afag and BalTec companies and Mühlemann AG) Feintool International Holding AG Industriering 8, CH-3250 Lyss Phone +41 (0)32 387 51 11 Fax +41 (0)32 387 57 81 feintool-fim@feintool.com www.feintool.com Media spokesperson Karin Labhart Phone +41 (0)32 387 51 63 Fax +41 (0)32 387 54 16 Mobile  +41 (0)79 609 22 02 karin.labhart@feintool.com The press release can be downloaded from the following link: --- End of Message --- Feintool International Holding AG Industriering 8 Lyss Schweiz ISIN: CH0009320091; Press Release (PDF): http://hugin.info/100443/R/1567504/486993.pdf This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Feintool International Holding AG via Thomson Reuters ONE [HUG#1567504]