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The Group's total income for the year under review came to CHF 247.0 million, some CHF 31.8 million below the prior-year figure (CHF 278.8 million). This 11.4% decline is due primarily to the loss of revenues from companies in Mexico and China that were sold or wound up in 2013 and to ongoing streamlining of the product portfolio. The Components segment accounted for some 66% of total income (2013: 70%) while the Molds segment made up the remaining 34% (30%).
Due to the above-mentioned reasons, the Adval Tech Group's EBITDA for the year under review fell by 9.3% to CHF 23.3 million (2013: CHF 25.7 million).
Adval Tech boosted EBIT by 35% to CHF 8.9 million (2013: CHF 6.5 million). Both segments contributed to this positive trend. In the Components segment, the plastic components business of the companies in China and Malaysia accounted for much of the improvement. In the Molds segment, FOBOHA Switzerland achieved a very encouraging result.
Given the profit figure of CHF 1.9 million (2013: CHF ‑22.0 million), Adval Tech met its goal of achieving a turnaround in net result.
Segment results
In the Components segment (metal and plastics), total income of CHF 164.4 million were roughly CHF 29.0 million below the prior-year figure of CHF 193.7 million. The setbacks are primarily attributable to the sale of the two companies in China and Mexico, the closure of a plant in China and ongoing product portfolio streamlining in China and Hungary (metal components). At the Uetendorf and Niederwangen sites in Switzerland several products made for the automotive industry reached the end of their life cycle. Although EBITDA declined from CHF 11.7 million to CHF 10.2 million, the EBITDA margin rose from 6.0% to 6.2%.
2014 was a good year for the Molds segment. In the American market the segment encountered considerable pent-up demand, especially during the first half. Total income of CHF 86.1 million fell slightly short of the previous year's record of CHF 89.7 million (CHF ‑3.6 million). EBITDA for the segment fell from CHF 12.1 million to CHF 11.0 million. The segment's EBITDA margin of 12.7% was almost as good as the previous year's 13.5%.
Action required on account of the exchange rate situation
As a result of the current exchange rate situation, the Board of Directors and the Group Executive Management decided at their meeting yesterday to temporarily increase the weekly working hours at the Swiss sites to 45 hours. This measure will be implemented at the sites in question in consultation with the employee representatives as of April 1, 2015 and will be reviewed quarterly. The Group Executive Management also decided to forego part of the variable remuneration for the 2014 financial year. Furthermore, despite the improved earnings, the Group Executive Management decided spontaneously not to increase its own salaries this year, regardless of the current exchange rate situation.
Adval Tech will provide detailed information on the annual financial statements and an initial review of the Group’s development in the current year at its press conference in Zurich on Tuesday, April 28, 2015. The Annual General Meeting of Adval Tech Holding Ltd will be held on Thursday, May 21, 2015.
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Key figures
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2014
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2013
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Change
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|
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absolute
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in %
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Total income (CHF millions)
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247.0
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278.8
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-31.8
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-11%
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Net turnover (CHF millions)
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240.0
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269.0
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-29.0
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-11%
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EBITDA (CHF millions)
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23.3
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25.7
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-2.4
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-9%
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EBIT (CHF millions)
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8.9
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6.5
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2.4
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35%
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Profit (+) / loss (-) (CHF millions)
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1.9
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-22.0
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23.9
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n.a.
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Free cash flow (CHF millions)
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2.8
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37.8*
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-35.0
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n.a.
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Number of employees on December 31
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1603
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1720
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-117
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-7%
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*includes cash inflows from sales of companies and the sale of properties not required for operational purposes
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