Media information 2013

November 21, 2013

Carlo Gavazzi Group: Solid sales and bookings in the first half of 2013/14 − continued growth outside Europe


  • Stable operating revenue in local currency; in Swiss Francs up 2.3% to CHF 70.8 million (first half 2012/13: CHF 69.2 million)
  • Book-to-bill ratio increases to 1.05
  • North America and Asia-Pacific with 33% of overall sales
  • Stable gross margin of 55.5% (56.2%)
  • Net income of CHF 4.3 million (-24.6%), decrease mainly because of currency effects


Steinhausen, November 21, 2013 – On the back of solid sales in key markets outside Europe and the successful launch of new products, Carlo Gavazzi recorded overall stable revenues in local currency during the first half of the financial year. Operating revenue in Swiss Francs increased by 2.3% to CHF 70.8 million (first half of 2012/13: CHF 69.2 million).

Orders grew 2.5% to CHF 74.5 million (CHF 72.7 million) resulting in a book-to-bill ratio of 1.05.

Gross profit increased by CHF 0.5 million to CHF 39.3 million and the gross margin was 55.5%, compared to 56.2% in the previous year.

The Group continued to implement its strategy of investing in its product portfolio and in the expansion of the sales network in fast growing markets outside Europe. Operating expenses increased by CHF 1.1 million to CHF 32.5 million (CHF 31.4 million). This resulted in operating profit (EBIT) of CHF 6.7 million, compared to CHF 7.4 million (-9.5%) in the previous year.

Group net income reached CHF 4.3 million against CHF 5.7 million (-24.6%) in the previous year. The key reason for this decrease was an exchange difference of CHF 1.1 million, mainly due to the strengthening of the Euro against the US Dollar, resulting in an exchange loss of CHF 0.5 million, compared to an exchange gain of CHF 0.6 million last year.

At September 30, 2013, shareholder‘s equity stood at CHF 87.6 million, giving an equity ratio of 69.9%.

Sales outside Europe now represent one third of total revenues

The on-going recession in Southern Europe mainly affected markets such as Italy and Spain. As a result, sales in Europe decreased by of 5.2%. Asia-Pacific increased sales by 22.3% in local currency compared to the previous year, due to excellent growth in China (+29.1%). Sales in North America grew by 2.1% in local currency compared to the previous year due to very good growth in the USA.

The share of sales outside Europe expanded to more than 33% of total revenues, from 30% in the same period last year, with the Americas and Asia-Pacific accounting for 18% and 15%, respectively.

Successful launch of new UWP platform

Sales in priority markets, net of energy markets, were 3.5% above the same period last year. Food & Beverage, Lifts & Escalators, Smart Building as well as Heating, Ventilation and Air Conditioning (HVAC) each recorded growth rates of around 10% or more versus the previous year.

Due to several initiatives in building and home automation, and car parks, sales of Fieldbuses increased by 20%. In particular, market recognition of the high modularity of the new UWP platform and its interoperability with building management systems boosted balanced penetration worldwide.

Sales of Sensors were in the same range as the previous year, although inductive sensors grew more than 5% by leveraging their stronger feature set and through selective customization for OEM customers in the industrial automation sector. Although sales of efficiency monitoring products for photovoltaic plants more than halved compared with the first semester of 2012/13, Controls products still performed almost in line with the previous year thanks to the comprehensive range of energy management and monitoring relays aimed at both building automation markets and panel builders.

The enlargement of the offering enhanced sales of solid state relays, which confirmed their solid value proposition for industrial automation. Sales of soft starters were in line with last year thanks to growth in the HVAC market. Furthermore, sales of safety relays and signalling devices for railways were 35.4% above the same period last year.

New generation of energy metering devices

The global economic situation and the market environment are still complex; gradual growth is expected in the advanced economies, with the exception of Southern European countries, while the pace of growth is slowing down in emerging markets. Given the sluggish recovery expected across Europe, the Group’s efforts will be directed at further improving geographic coverage, with local marketing initiatives deployed selectively. In addition, Carlo Gavazzi will continue to strengthen R&D and to enlarge its product portfolio. The introduction of the new UWP platform this fall will be followed by the launch of a new generation of energy metering devices in March 2014.

Carlo Gavazzi is convinced that these initiatives will add significant value to the Group in the years to come.

Consolidated key figures (CHF million)

Income statement1. HY 2013/141. HY 2012/13*%
Bookings 74.5 72.7 +2.5
Operating revenue 70.8 69.2 +2.3
EBITDA 8.6 9.3 -7.5
EBIT 6.7 7.4 -9.5
EBIT margin 9.4% 10.8%  
Net income 4.3 5.7 -24.6
Cash flow 6.3 7.6 -17.1
Additions to fixed assets 1.3 1.2 +8.3
Balance sheet 30.9.2013 31.3.2013  
Net working capital 34.7 34.6 +0.3
Net cash position 38.3 52.0 -26.3

*With the application of IAS 19 (revised) the previous year's figures have been restated in accordance with IAS 8.


For further information please contact:

Rolf Schläpfer
Phone +41 43 344 42 42

July 25, 2013

Carlo Gavazzi shareholders’ meeting – All agenda points approved

Steinhausen, July 25, 2013 – At today’s annual shareholders’ meeting of Carlo Gavazzi Holding AG the Directors Valeria Gavazzi, Federico Foglia, Stefano Premoli Trovati and Daniel Hirschi as representative of the holders of bearer shares were re-elected for another period of one year. As proposed by the Board, Valeria Gavazzi was confirmed as Chairman.

The shareholders also approved the distribution of an ordinary dividend of CHF 10.00 per bearer share and CHF 2.00 per registered share as well as an extraordinary dividend of CHF 15.00 per bearer share and CHF 3.00 per registered share.

All other items of the agenda were also approved by the shareholders.

In its session following the shareholders' meeting the Board of Directors appointed former Vice-Chairman Giovanni Bertola, who recently had reached the statutory age limit, as Honorary Chairman. Stefano Premoli Trovati was appointed as Vice-Chairman of the Board of Directors.


For further information please contact:

Rolf Schläpfer
Phone +41 43 344 42 42

July 2, 2013

Carlo Gavazzi issues Annual Report and Invitation to the Annual General Meeting

Steinhausen, July 2, 2013 – The electronic group Carlo Gavazzi Holding AG from Zug has issued its Annual Report 2012/13 as well as the invitation and the agenda for the Annual General Meeting 2013, to take place on July 25, 2013, 10:30 a.m., at the Parkhotel in Zug.

Giovanni Bertola, Vice Chairman of the Board of Directors, has reached the statutory retirement age of 70 years and will therefore not stand for re-election. The Board of Directors would like to thank Mr. Bertola for his important contribution to the success of the Group for many years.

The Board of Directors of Carlo Gavazzi Holding AG proposes the re-election of all other board members for another one-year term.

As for the key figures for the business year 2012/13, Carlo Gavazzi Holding AG refers to its media release of June 27, 2013.

Full access to the above mentioned documents can be found on the company's website at

The annual report 2012/13 is available at:

The invitation and agenda for the Annual General Meeting 2013 are available at:

Documents can also be ordered at the following address:

Carlo Gavazzi Holding AG
Phone: +41 43 344 42 42
Fax: +41 43 344 42 40

June 27, 2013

Carlo Gavazzi reports robust financial result in 2012/13


  • Operating revenue of CHF 138.3 million
    (2011/12: CHF 142.8 million)
  • Strong growth in Asia-Pacific and the Americas
  • Net income reaches CHF 12.6 million – 2nd half outperforms 1st semester
  • Equity ratio increases once again from 72.9% to 74%
  • Ordinary dividend of CHF 10 and extraordinary dividend of CHF 15 per bearer share proposed to AGM


Steinhausen, June 27, 2013 – In 2012/13, Carlo Gavazzi once again achieved a robust financial result. Operating revenue reached CHF 138.3 million (-3.2% vs. previous year). Thanks to strong growth in Asia-Pacific and the Americas, the Group was able to compensate for the effects of the challenging environment in Europe. Bookings increased slightly from CHF 139.6 million to CHF 140.6 million (+0.7%), resulting in a positive book-to-bill ratio of 1.02 as per March 31, 2013.

The Group’s gross margin increased by another 0.5 percentage points from 55.1% to 55.6%, mainly because of the improved manufacturing efficiency. Net income reached CHF 12.6 million, with the second half year outperforming the first one. Cash flow reached CHF 15.9 million (CHF 20.1 million in the previous year).

With shareholders’ equity of CHF 101.2 million, or 74.0% of total assets, at March 31, 2013, and a net cash position of CHF 52.0 million, the Group’s balance sheet remains very solid.

Attractive dividend

Having assessed these results, the Board of Directors will propose to the annual shareholders’ meeting that the Company pays a dividend of CHF 10.00 per bearer share (previous year: CHF 12.00) and CHF 2.00 per registered share (previous year: CHF 2.40) for the reporting period. In view of the Group's strong cash generation capacity and its substantial net cash position the Board of Directors proposes to distribute an additional extraordinary dividend of CHF 15.00 per bearer share and CHF 3.00 per registered share.

Broadening geographical distribution

In 2012/13, Carlo Gavazzi continued to focus its marketing and sales efforts on markets with above-average growth potential, such as Asia-Pacific and the Americas. This helped to balance out the difficult economic conditions in markets such as Italy and Spain. As a result, North America increased its revenue in local currency terms by 1.8% and Asia-Pacific grew 12.5% year-on-year, while Europe dropped by 9.6%.

The Mexican sales company achieved revenue growth of more than 45.0% (45.9% in the previous year) due to the consolidation of its top distribution partners and strong demand from Original Equipment Manufacturers (OEMs) and integrators. In China, sales went up by 15%, driven by promising developments with OEMs and distributors. The geographical distribution of revenue continues to broaden: sales outside Europe expanded from 25% of total revenue last year to 30%, with America and Asia-Pacific accounting for 17% and 13% respectively.

Sensors with stable performance

Overall sales of sensors were practically in line with the previous year (-1.5%). Within this product category, capacitive sensors enjoyed increasing demand, particularly in the heating, ventilation and air conditioning (HVAC) and agriculture markets, resulting in an increase of 10.7%. The switches product line performed slightly below the previous year’s level (-3.5%). Sales of soft starters were stable, partly thanks to demand from building automation markets, particularly in the HVAC segment where these products are specifically designed for chillers with scroll compressors. The fieldbuses and controls product lines were down on the previous year by 15.9% and 10.9% respectively. In particular, the decline in the PV solar farms market affected sales of the relevant efficiency monitoring products (-52.5%). The rest of Carlo Gavazzi’s priority markets grew by more than 4% compared with the previous year thanks to the effective introduction of new products and dedicated initiatives worldwide.

Focus on R&D

The Group's strategy of investing in new and enhanced products has proved successful. The introduction of the UWP platform for home and building control applications will further improve Carlo Gavazzi’s penetration in residential and commercial applications for controlling electrical appliances and environmental parameters. Thanks to its specific capabilities, this new platform will also allow Carlo Gavazzi to strengthen its presence in North America.

The forthcoming enlargement of the capacitive sensor M30 multi-voltage and the new generation M30 ranges will drive the Company’s growth in industrial automation, and foster its leadership in capacitive sensors.

A new generation of energy meters will widen the product offering by providing comprehensive energy measurement solutions for machinery and energy distribution, in both industrial and building automation markets.


Carlo Gavazzi expects that growth prospects will continue to differ significantly from region to region. In all the countries served by Carlo Gavazzi, however, balanced growth across all markets remains a key objective. The Group will continue to focus on developing new products and new niche markets, strengthening R&D and Product Management, streamlining the internal value chain and focusing Marketing and Sales on markets with above-average growth potential.

The complete Annual Report 2012/13 of the Carlo Gavazzi Group will be available by July 4, 2013.

Consolidated key figures (CHF million)

Income statement2012/132011/12%
Bookings 140.6 139.6 +0.7
Operating revenue 138.3 142.8 -3.2
EBITDA 19.3 24.6 -21.5
EBIT 15.9 21.2 -25.0
EBIT margin 11.5% 14.8%  
Net income 12.6 16.8 -25.0
Cash flow 15.9 20.1 -20.9
Balance sheet (as at 31 March)20132012 
Net working capital 34.6 30.9 +12.0
Shareholders' equity 101.2 96.3 +5.1
Total assets 136.8 132.2 +3.5
Equity as % of assets 74.0% 72.9%  


April 5, 2013

Carlo Gavazzi moves into new headquarters

Steinhausen, 3 April, 2013 - Carlo Gavazzi Holding have relocated their headquarters within Steinhausen, Switzerland. The company's new address is as follows:

Sumpfstrasse 3
CH-6312 Steinhausen, Schweiz

Phone number and e-mail remain unchanged:

Tel. +41 41 747 45 25
Fax +41 41 740 45 60