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Saurer publishes summary of most important results

Mar '07
In line with the obligation of ad hoc publicity rules Saurer publishes a summary of its most important results. The annual report will be published concurrently with the annual report of OC Oerlikon on March 27, 2007.

Saurer successfully started implementing its growth program. As already published in January, order intake is 39% above the previous year's value, adjusted for acquisitions and currency effects +19%. The increased order intake was not reflected proportionally in sales.

Low order backlog at the beginning of 2006, longer lead times for complete plants, as well as supply bottlenecks – all this led to a lower sales increase of only 21% (adjusted for acquisitions and currency effects +3%). This in turn led to the highest level of order backlog ever reached at the year end.

The longer lead times as well as pressure on margins in the chemical fiber business leading to an operating loss at Barmag and Neumag, impacted on the operating result (EBITA), as did the integration of the new acquisitions, which is still in progress.

There were also significant costs for relocation and expansion in China and India. Nevertheless, EBITA before non-recurring items increased to EUR 114m compared to EUR 98m in the previous year. Due to high nonrecurring expenses of EUR 29m, profit for the period decreased by 5% to EUR 54m.

Return on capital employed (after tax) was 11.8% (previous year 14.0%). This figure includes all non-recurring expenses except the costs incurred to represent the interests of all the shareholders against the demands of Laxey Partners and the costs in connection with the takeover by OC Oerlikon (in total EUR 13m). The cash flow from operating activities increased from EUR 71m to EUR 83m.

Click here to view table:

Saurer Management AG

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