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| Results first half-year 2008 and outlook second half of 2008 |
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First half-year 2008: |
Strong market interest in the Group’s new product developments presented at Drupa (World exhibition for the Business Areas Folding Carton and Flexible Materials) |
| Successful closing of the acquisition of the German company Fischer & Krecke active in the Flexible Materials |
| 6.4% of organic sales growth |
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Second half-year 2008: |
Uncertain evolution of the economic situation |
| Full-year turnover estimated to be similar to 2007 |
Confirmed lower operating profit for the full year 2008 as compared to the record reached in 2007 | |
The consolidated turnover amounted to CHF 761.8m, a strong increase of 7.0% or CHF 49.8m compared to the first half-year 2007 despite a significant negative influence of exchange rates. This evolution is due to the following elements: |
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millions of CHF |
% |
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Evolution of volume and price |
45.3 |
6.4 |
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Change in the scope of consolidation |
37.2 |
5.2 |
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Evolution of exchange rates |
-32.7 |
-4.6 |
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Total |
49.8 |
7.0 |
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The turnover for the Business Area Folding Carton even surpassed (+0.5%) the very strong first half of 2007. The Business Area Corrugated Board was able to progress by 2.4%, and Flexible Materials by a very significant 35.4%. This latter progression was mainly due to the acquisition of the Fischer & Krecke Group (the turnover increase without it amounted to +4%).
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30 June 2008 |
30 June 2007 |
Evolution |
| millions of CHF |
millions of CHF |
in % |
| Folding Carton |
315.3 |
313.7 |
0.5 |
| Corrugated Board |
282.3 |
275.6 |
2.4 |
| Flexible Materials |
160.1 |
118.2 |
35.4 |
| Others |
4.1 |
4.5 |
-8.9 |
| Total |
761.8 |
712.0 |
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| Operating profit |
The operating profit reached CHF 35.3m, representing 4.6% of sales (2007: CHF 47.3m or 6.6% of sales). The operating profit by Business Area showed a decrease of 22.3% for Folding Carton, mainly due to exchange rate effects and to the one-time Drupa costs, and an increase of 24.4% for Corrugated Board. During this first half-year, the operating result of the Business Area Flexible Materials decreased by CHF 9.3m and amounted to CHF -14.6m. This Business Area already bore part of the one-time integration costs of the Fischer & Krecke Group and the Drupa costs. In addition, the profitability was affected in the first half-year by an unfavorable product-mix which is expected to improve over the full year. The evolution of the Group operating profit also reflects the willingness to continue investing in large competitiveness improvement projects. |
| Net profit |
The net profit amounted to CHF 26.7m, representing 3.5% of turnover (2007: CHF 34.5m or 4.9%). |
| Outlook for the second half-year of 2008 |
The next six months will continue to be influenced by the uncertain evolution of the economic situation. Thus, a precise forecast remains difficult to establish.
The backlog, although below the level reached at the end of June 2007, ensures an overall good utilization of the Group’s production capacities for the remainder of the year.
As of today, at constant exchange rates and including the acquisition of Fischer & Krecke, the turnover is estimated to be similar to 2007.
The Group will continue to drive important competitiveness improvement projects even through more uncertain times. These investments, the one-time Drupa costs, changes in the product mix as well as increasing material and component costs will result in a lower operating profit for the full year 2008 as compared to the record reached in 2007. |
Download Half-Year Report 2008 |
Forthcoming Events
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Bobst Group SA, Lausanne/Prilly, 2 September 2008 |
| Teleconference |
A teleconference for financial analysts and the media will take place today, 2 September 2008, at 15.30 CET. The taped recording will be available on our website from 3 September 2008 onwards.
Play or Download Teleconference
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| Inquiries |
Media Relations: Phone +41 21 621 2622 Investor Relations: Phone +41 21 621 2560 or mail to investors@bobstgroup.com
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