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At the Annual General Meeting, Fritz F. Boesch commenced his final
term of office as Chairman of Feintool's Board of Directors.
The ordinary Annual General Meeting of Feintool International Holding
took place this afternoon at the Hotel Weisses Kreuz in Lyss.
Chairman of the Board of Directors Fritz Boesch looked back on a
generally successful business year. The approximately 350
shareholders present (out of a total of 1,987) approved the 2006/07
financial statements and the payment of a dividend of CHF 7.50 per
share. Kurt E. Stirnemann was elected to the Board of Directors for a
term of three years. Feintool founder Fritz F. Boesch announced that
he will be stepping down as Chairman of the Board with effect from
the January 2009 AGM.
No surprises in statutory business
After approving the Feintool Group's consolidated financial
statements and the financial statements of Feintool International
Holding, the meeting decided on the appropriation of the holding
company's disposable profit. The proposal that a dividend of CHF 7.50
per share be distributed was approved. Payment is due on 25 January
2008. Shareholders unanimously granted the Board discharge.
Following the expiry of his term of office, Dr. iur. Thomas Bähler,
Berne, stepped down as a member of the Board to make way for a
representative from industry. In future, he will focus on advising
the Feintool Group on legal matters. Dr. sc. tech. Kurt E.
Stirnemann, Zurich, was elected to the Board of Directors for a term
of three years. Kurt Stirnemann is President and CEO of Georg Fischer
Ltd, Schaffhausen. Ernst & Young were reappointed as Group Auditors
and Statutory Auditors for a further year.
Appointment of new Chairman in preparation
Feintool founder Fritz F. Boesch announced that he will be stepping
down as Chairman of the Board with effect from the January 2009 AGM.
This would coincide both with his 75th birthday and with the
company's golden jubilee. The Board of Directors will choose a
successor during the course of the year and announce the name in due
course.
A successful financial year overall
The Feintool Group can look back on a successful financial year in
overall terms. Sales rose by a further 3.9% to CHF 520.4 million and
- thanks to the two segments Fineblanking/Forming and Automation -
order books had become encouragingly full. The Plastic/Metal
Components segment continued to deliver unsatisfactory results.
However, remedial measures (including the sale of the factory in
Thailand) were initiated. In addition, further alliances are being
examined.
EBIT before impairment expense came to CHF 28.3 million (as against
CHF 28.5 million a year earlier). Owing to impairment charges and
higher taxes, net profit fell 23.7% to CHF 11.9 million (previous
year: CHF 15.6 million). Order intake grew 14.9% to CHF 586.6
million, while orders on hand were up 39.0% at CHF 237.7 million. The
consolidated cash flow statement shows cash flows from operating
activities of CHF 36.6 million (previous year: CHF 38.2 million). Due
to a total investment of CHF 30.7 million in property, plant and
equipment (previous year: CHF 21.7 million), Feintool disclosed a
lower free cash flow than in the previous year (down from CHF 14.4
million to CHF 8.1 million). Headcount rose by 3.4% to 1,801
(previous year: 1,742); as an investment in the future, 107
apprentices are being trained at Feintool (previous year: 91).
Stronger balance sheet structure thanks to improved net debt
situation and higher equity
At CHF 460.4 million, total assets were 7.9% higher than the figure
for the previous year (CHF 426.7 million). Net debt improved by CHF
50.0 million and amounted to 46.0% of shareholders' equity (previous
year: 98.5%). Shareholders' equity increased by CHF 51.2 million to
CHF 191.3 million, bringing the equity ratio up to 41.5% (previous
year: 32.8%). As a result, Feintool now has a more solid balance
sheet structure.
Prospects remain bright
With orders in hand exceeding the previous year's high figure once
again, and due also to greater internal efficiency, Feintool is well
positioned at the start of the 2007-08 financial year. Initial
guidance on the level of business in the first quarter will be issued
on 5 February 2008.
Feintool is a leading technology and systems provider in
fineblanking/forming and assembly automation. It is also a supplier
of metal and plastic components.
Feintool operates globally at the company's own facilities in
Switzerland (head office in Lyss), Germany, France, Italy, Great
Britain, the United States, Japan and China, where around 1900
employees are committed to customer satisfaction.
Further information after the AGM will be obtainable as of about
6 p.m. on +41 (0)79 204 41 13 - Urs Feitknecht, Head of Corporate
Communications
Feintool International Holding
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
Corporate Communications
Urs Feitknecht
Phone +41 (0)32 387 51 63
Mobile 079 204 41 13
Fax +41 (0)32 387 54 16
urs.feitknecht@feintool.com
The media release can be downloaded from the following link:
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Feintool International Holding
Industriering 8 Lyss Schweiz
WKN:
905428; ISIN: CH0009320091 ; Index: SPI, SPIEX, SSCI;
Listed: Main Market in SWX Swiss Exchange;
