November 28, 2003
» Both business units show significant performance improvements | June 19, 2003
» Press and Financial analysts' meeting 2002/03, Zurich | April 10, 2003
» Gavazzi strengthens its presence in the UK | March 28, 2003
» Change in Management |
November 28, 2003 - Both business units show significant performance improvements
Steinhausen, November 28, 2003 - In the first six months of the current financial year ended September 30, 2003, the Zug based electronics group returned to profit and reached an operating revenue on the same level of the previous year period of CHF 98.4 million (+1.4% in local currency). Thanks to operational improvements, the gross margin increased by 4.4 percentage points to reach 39.2% and pre-tax profits grew by CHF 5.0 million to CHF 0.8 million. Net income reached CHF 0.5 million after a loss of CHF 2.9 million in the previous half-year period.
Both core businesses improved their results significantly. Despite the contracting market demand, Automation Components increased operating revenue by 3% and continued to gain market share. Operating profit grew by 37.5% thanks to efficiency improvements in manufacturing. Electronic Packaging, traditionally dependent on the telecom sector, increased operating revenue in local currency by 4.3%. Thanks to restructuring measures enacted earlier, operating profit improved by CHF 4.6 million to reach the planned operating break-even.
The first signs of a moderate economic growth are visible. However, a sustained improvement of market demand is not forecasted for the remainder of the current financial year. Nevertheless, the group expects operating revenue and net income to grow over-proportionally in the second half-year compared with the first six months. |
June 19, 2003 - Press and Financial analysts' meeting 2002/03, Zurich
 » Press information |
April 10, 2003 - Gavazzi strengthens its presence in the UK
Steinhausen, April 10, 2003 - Carlo Gavazzi, the Zug-based electronics group, announces the acquisition of Ralcom Automation Ltd., located in Reading, Berkshire, GB. Ralcom, founded in 1982, is a well-established distributor providing controls and automation solutions to industrial OEMs in the United Kingdom. Through this acquisition, Carlo Gavazzi will increase its sales volume in this market by more than 50%.
This expansion step is in line with Automation Components Business Unit's strategic objective to strengthen its market presence in selected territories. Ralcom?s broad customer portfolio and professional marketing expertise offer considerable synergies with Carlo Gavazzi's current sales organisation.
This transaction, the value of which is not disclosed, will become effective May 1, |
March 28, 2003 - Change in Management
Steinhausen, March 28, 2003 - The concentration of Carlo Gavazzi on two focused electronic businesses introduced last summer has produced positive impacts. In order to better adopt the management structure to the recent organisational change, the board of directors has decided to implement the following changes. The present CEO and chairman of the board, Enzo Urbani, will as vice-chairman assume new tasks. Werner S. Welti was elected to succeed him as chairman of the board. The CEO-position will not be filled. The two autonomous business units will report directly to the board of directors in future. Furthermore, company management confirms the attainment of the year-end results (closing March 31) along the lines forecasted in the interim report.
Werner S. Welti, who has long-standing links with the group as a member of the board, takes over as chairman with immediate effect. During his tenure as CEO of Carlo Gavazzi (1991-1997), he successfully positioned the group in the market with new products and services.
It is one year since Carlo Gavazzi focussed on the two business units, Automation Components and Electronic Packaging. This new structure has produced a positive impact in the currently adverse economic environment, as there is a balancing effect in the consolidated results of the group due to the different industrial cycles of the two units.
The Carlo Gavazzi Group confirms that the year-end result (closing March 31, 2003) is expected to be in line with the forecast communicated in the interim report in November 2002. Following the reported loss of CHF 2.9 million for the first half-year, a break-even result should at least be achieved for the second six months. |
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