As a reminder, 2009 started with a weak backlog. During the first half-year, the order entries remained at the very low level experienced since September 2008. During the second half-year, a slight increase in order intake was noticed. Sales were influenced by this evolution.
In 2009, the Bobst Group consolidated sales amount to CHF 1.055 billion, representing a decrease of CHF 578 million or -35.4% compared to 2008. This evolution is due to the following elements:
|
| |
in million CHF |
% |
| Decrease in volume |
-566 |
-34.7 |
| Increase due to the change in scope of consolidation |
25 |
1.5 |
| Exchange rate variance |
-37 |
-2.2 |
| Decrease in turnover |
-578 |
-35.4 | |
The Group 2009 Net Result reached CHF -160.7 million. It was impacted by transformation and one-time costs that significantly influenced the Group results:
|
| |
in million CHF |
| - Personnel restructuring costs |
49.1 |
| - Impairment and exceptional losses on assets |
11.4 |
| - Other costs |
8.6 |
| Net impact on Operating Result |
69.1 |
| Calculated tax impact |
-14.9 |
| Net impact on Net Result |
54.2 | |
The Group Operating Result declines from a profit of CHF 86.0 million in 2008 to a loss of CHF 175.2 million in the reporting year. Without the transformation and one time costs influence, the underlying Operating Result would amount to CHF -106.1 million in 2009 compared to the underlying Operating Profit of CHF 111.7 million in 2008.
All three Business Areas were affected by the difficult year.
|
| in million CHF |
Folding Carton |
Corrugated Board |
Flexible Materials |
| 2009 |
2008 |
2009 |
2008 |
2009 |
2008 |
| Turnover |
459.3 |
628.5 |
326.0 |
596.5 |
265.8 |
400.1 |
| Operating (Loss)/Profit |
(73.2) |
49.7 |
(70.5) |
47.2 |
(29.9) |
(9.4) |
| Underlying Operating (Loss)/Profit |
(40.0) |
61.1 |
(48.4) |
50.3 |
(16.3) |
1.3 | |
In light of the Consolidated Loss realized in 2009, the Board of Directors will propose to the Annual General Meeting of 28 April 2010 to refrain from a dividend payout.
|
Outlook 2010
2010 started with a slightly stronger backlog than the one at the beginning of 2009, which generates a better utilization of the Group production capacities for the first months of the year. At the present level of order intake, the Group should reach a turnover of about CHF 1.25 billion in 2010. Considering the increase in volume as well as the impact of the transformation program, a significant improvement is expected in the Operating and Net Results compared to 2009. The Group transformation program is progressing according to plan.
|
Consolidation of operations in the Lausanne area
Swiss production site confirmed as Center of Excellence
The Board of Directors accepted the consolidation of the Lausanne area’s operations in one single site in Mex. As a reminder, this consolidation will give to the Swiss operations the opportunity to achieve operational excellence trough lean production flows, with the objective to increase outsourcing possibilities whenever necessary. The foreseen investment approximates CHF 180 million, including CHF 110 million for building and CHF 70 million for production equipment as well as for infrastructures. The project should be completed by the end of 2012.
|
Changes in the Board of Directors
The mandates of Mrs. Maia Wentland Forte, Mr. Charles Gebhard and Mr. Ulf Berg will come to an end at the date of the next Annual General Meeting of 28 April 2010.
The Board of Directors has taken note that Mrs. Maia Wentland, member of the Board since 2006, will not present herself for re-election. The Board of Directors thanks her for her valuable contribution over the years.
In agreement with the Board of Directors, Mr. Charles Gebhard (69) will present himself for re-election for another term of three years. Thus, the Board of Directors accepts an exception to the rule which states an age limit of 70 for its members.
Mr. Ulf Berg presents himself for re-election for another mandate of three years.
|
Today’s Information Meeting
A conference for financial analysts and the media will take place today, 30 March 2010, at 10.15 a.m. in Mex. The Financial Statements 2009 will be available on the Group’s website from 06.30 a.m., and the presentation from 10.15 a.m.
|
Bobst Group SA, Lausanne/Prilly, March 30, 2010
|
Inquiries
Media Relations: Phone +41 21 621 2622
Investor Relations: Phone +41 21 621 2560 or mail to investors@bobstgroup.com
|
 Financial Statements 2009 |
| Presentation for financial analysts and the media |
| Forthcoming Releases in 2010 |
|
