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Letter to shareholders

July 31, 2012
  • Strong growth dynamics in Switzerland.
  • Positive development in earnings.
  • One-time effects from 2011 influence half-year comparison.

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)

   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.