Letter to shareholders

In brief

• Sales revenue from continuing operations grew by 10.9% (in CHF); Sales revenue of the Swiss entities increased by 13.5% and decreased slightly in the foreign companies by –0.4% (local currency)
• Share of sales from foreign companies falls to 7.0% of Group sales
• Positive development in earnings (adjusted for one-time effects from the first half year of 2011¹):
  Increase in EBITDA by 23.6% to CHF 32.9 million
  Increase in EBIT by 39.0% to CHF 25.8 million
  Increase in net income by 25.1% to CHF 16.2 million
• Decline in free cash flow by 4.2% to CHF 12.0 million (adjusted for one-time effects from the first half year of 2011¹)

¹    Deconsolidation of  foreign entities and one time effects of CHF 6.8 million in the 1st half 2011 are affecting  the comparability of the current half-year report.