November 22, 2011
Stable net income of CHF 7 million in first half of 2011/12 business year
Steinhausen, November 22, 2011 – Zug-based electronics group Carlo Gavazzi reports operating revenues of CHF 74.0 million and a net income of CHF 7.1 million for the first half of the 2011/12 financial year. Sales in CHF terms were substantially lower due to the -10.7% currency effect. Following the reduction of feed-in tariffs in various European countries, demand for renewable energy products was significantly lower, contributing a further 7.8% to the decline. Revenues from the renewable energy markets had been particularly strong in the first half of the previous year. Operating revenues for all other product lines worldwide and in all regions outside Europe remained stable or increased by single or double-digit rates versus the first half of 2010/11. Without the renewable energy business, the overall book-to-bill ratio reached 100.7% (98.4% including renewable energy).
September 13, 2011
Carlo Gavazzi Holding receives Swiss Equity Award
- 2011-09-13-EN-Press-Release-Carlo-Gavazzi.pdf (PDF – 84 KB)
Zurich, September 13, 2011 - Carlo Gavazzi Holding AG today received the Swiss Equity Award as the best Swiss small and mid cap enterprise. The award is granted based on the votes of 300 professional financial analysts and investors as well as the share performance over the last 12 months. Gavazzi shares have increased 36% during the last year while the Swiss Performance Index SPI decreased by 10% over the same time period. Gavazzi also received most analysts' and investors' votes. Walter Meier AG was ranked second, followed by StarragHeckert AG.
Photo (from left to right): Vittorio Rossi, CEO Automation Components and Valeria Gavazzi, Chairman of Gavazzi Holding AG receive the award from Björn Cern, editor-in-chief of SwissEquity magazine.
July 28, 2011
Carlo Gavazzi shareholders’ meeting – All agenda points approved
- 2011-07-28-EN-Press-Release-Carlo-Gavazzi.pdf (PDF – 93 KB)
Steinhausen, July, 28 2011 – At today’s annual shareholders’ meeting of Carlo Gavazzi Holding AG, the five Directors Valeria Gavazzi, Giovanni Bertola, Federico Foglia, Stefano Premoli Trovati and Daniel Hirschi were re-elected for another period of one year. As proposed by the board, Valeria Gavazzi was elected chairman and Daniel Hirschi was elected as representative of the bearer shareholders in the board of directors.
All other items of the agenda were also approved by the shareholders.
Subsequently, the board appointed Daniel Hirschi chairman of the Compensation Committee.
July 6, 2011
Carlo Gavazzi issues Annual Report and Invitation to the Annual General Meeting
- 2011-07-06-EN-Press-Release-Carlo-Gavazzi.pdf (PDF – 92 KB)
Steinhausen, July, 6 2011 – The electronic group Carlo Gavazzi Holding AG has issued its Annual Report 2010/11 as well as the invitation and the agenda for the Annual General Meeting 2011, to take place on July 28th, 2011, 10:30 a.m., at the Parkhotel in Zug. The board of directors of Carlo Gavazzi Holding AG proposes the re-election of its members for another one-year term. As for the key figures for the business year 2010/11, Carlo Gavazzi Holding AG refers to its press release of June 28, 2011.
June 28, 2011
On its 80th anniversary Carlo Gavazzi proposes jubilee dividend while posting very strong 2010/11 results
- 2011-06-28-EN-Press-Release-Carlo-Gavazzi.pdf (PDF – 112 KB)
Steinhausen, June 28, 2011 – Zug-based electronic group Carlo Gavazzi reports for the full year 2010/11 a marked growth of operating revenue, EBIT and net income as sales increased in all market segments and regions worldwide. Gavazzi proposes to the shareholders' meeting an ordinary dividend of CHF 10 and a jubilee dividend of CHF 15 per bearer share.
In the business year 2010/11, Carlo Gavazzi's operating revenues increased to CHF 181.9 million (versus CHF 149.6 million in the previous year, +21.6% versus 2009/10), whereas revenues in local currencies grew by 36%. The growth in local currencies was particularly marked in industrial automation (+50%) and in the field of renewable energy (+150%). Sales in building automation went up by 12%. Bookings grew from CHF 152.7 million to CHF 185.6 million.
Thanks to strict cost management, earnings grew significantly faster than revenues: EBITDA increased from CHF 16.6 million to CHF 35.7 million (+115%) and EBIT reached CHF 31.8 million (2009/10: CHF 12.7 million; +150%). Net income (net profit after tax) grew 195% from CHF 7.7 million to CHF 22.7 million.
On March 31, 2011, Carlo Gavazzi's net cash position amounted to CHF 55.1 million (CHF 44.4 million on March 31, 2010). The company's equity ratio increased further to 67.1%.
The result, reported in Swiss Francs, was achieved despite substantial currency fluctuations as the weakening of both the Euro and the US Dollar impacted the consolidated figures.
The board of directors proposes to the annual shareholders' meeting the payment of an ordinary dividend of CHF 10 per bearer share and CHF 2 per registered share. 20% of the ordinary dividend (CHF 2 per bearer share, CHF 0.40 per registered share) will be paid from reserve for capital contribution which is exempt from Swiss withholding tax. On the occasion of the Company's 80th anniversary the Board proposes to distribute an additional jubilee dividend of CHF 15 per bearer share and CHF 3 per registered share, resulting in a total dividend of CHF 25 and CHF 5 respectively.
Double digit increase in all regions
Sales in Europe grew by roughly 30% in local currencies. This increase was achieved thanks to a solid development in industrial automation and an extraordinary growth in renewable energy, particularly in countries like Germany or Italy where renewable energy is primarily subsidized. Sales in building automation increased around 11% in comparison to last year.
In North America (Canada, USA, Mexico), revenues increased by 20% (in USD). The increase was driven by intensified marketing and sales activities in the industrial production markets in the US. The newly founded sales company in Mexico has now built up an efficient distribution network and the first full year sales are encouraging.
The strongest growth was achieved in the Asia-Pacific region. The dynamic markets in key countries such as China and Taiwan as well as the continued strengthening of Carlo Gavazzi's distribution network in this region led to an increase in revenues of more than 40% (in USD). Asia-Pacific represents now close to 10% of the Group's total revenues.
Strong growth in renewable energy and industrial automation
Carlo Gavazzi has clearly defined priority segments such as building automation (heating, air conditioning, doors and entrances, lifts and elevators), industrial automation (particularly food and beverage and plastic materials machinery) as well as renewable and conventional energy. Growth in these segments was significantly above average confirming the effectiveness of segment selection and related development initiatives.
The industrial automation segment recorded a 50% growth versus last year thanks to the introduction of new products such as solid state relays as well as capacitive and inductive sensors.
Growth of building automation reached 12%. Lower construction and real estate development activities in a number of European countries were compensated by strong sales in smart energy offerings driven by a trend to improve efficiency in existing buildings.
An exceptional sales increase of around 150% was achieved in the renewable energy market. Subsidies for such applications in a number of European countries like Italy or Germany contributed to the high demand in the 2010/11 reporting period.
Outlook: Targeting balanced growth
The outstanding 2010/11 figures are the result of a combination of recovering economies, subsidized market segments, new product offerings and strict cost control. Going forward, the development of the world economies and the major currencies are expected to become even less predictable. As a result of increased constraints of state budgets, the environment regarding subsidies for renewable energy applications is expected to be very volatile.
Given these circumstances it is difficult to establish reliable predictions. Nonetheless the Group's goal for the 2011/12 business year is to achieve a result similar to this year.
Strengthening and enlarging R&D activities
Carlo Gavazzi is committed to developing new products worldwide. As part of this continuous effort the Company focuses on strengthening and enlarging its R&D activities and product management in Asia in order to improve time to market and better fulfill regional requirements.
New platforms of inductive and photoelectric sensors - with improved measurement accuracy and repeatability - will drive further the penetration in the industrial automation markets across all regions.
The introduction of the new modular Universal Web Platform UWP - with integrated management, data logging and web communication features - will drive sales in the areas of energy efficiency and building automation.
Consolidated key figures
|Balance sheet (as at 31 March)||2011||2010|
|Net working capital||29.8||28.8||+3.5|
|Equity as % of assets||67.1%||65.4%|
For further information
If you have any questions, please contact:
Phone: +41 43 344 42 42
June 15, 2011
Carlo Gavazzi 2010/11 result significantly stronger than anticipated
- 2011-06-15-EN-Press-Release-Carlo-Gavazzi.pdf (PDF – 20 KB)
Steinhausen, June 15, 2011 – The Zug-based electronic group Carlo Gavazzi anticipated in its interim report an improvement compared with the previous year. The Group can confirm that the 2010/11 results have considerably exceeded expectations.
Supported by a fast recovering world economy and due to exceptionally strong sales in both the industrial automation and renewable energy markets, the Group achieved operating revenues of CHF 181.9 million (+21.6% v. previous business year 2009/10).
EBITDA reached CHF 35.7 million (+115%) and EBIT grew to CHF 31.8 million (+150%). NPAT increased by 195% from CHF 7.7 million to CHF 22.7 million.
The reporting of these figures is based on the SIX Swiss Exchange Directive on Ad hoc Publicity. Carlo Gavazzi will disclose detailed figures on June 28, 2011, the day of its annual Media and Analyst Meeting.