EQS-News: Report on Schaffner Holding AG by Research Dynamics: Guidance Update
Dienstag, 20.09.2016 17:35 von DGAP
EQS Group-News: Research Dynamics / Schlagwort(e): Research Update
Report on Schaffner Holding AG by Research Dynamics: Guidance Update
20.09.2016 / 17:31
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This report is published by Research Dynamics, an independent research
boutique
Acquisition target omitted, organic growth guidance confirmed under
"Strategy 2020"
Management maintains Strategy 2020 targets
In a statement issued today, Schaffner confirmed its organic growth and
operational targets under its "Strategy 2020", but omitted the potential
impact of possible acquisitions from its strategic guidance. The company
sees the current market environment as too difficult to plan for a suitable
acquisition. We mentioned in our Management change update in July 2016 that
the company's current acquisition strategy was looking increasingly
unlikely. Thus, we mostly expected the current announcement.
Earlier the company had targeted achieving net sales CHF400mn in 2020
supported by acquisitions in PM and EMC divisions. This included organic
growth of more than 5% for the company, driven by >3% organic growth in EMC
division, >7% in PM division and >5% in AM division. This organic growth
target has been maintained along with EBIT margin target of 8%.
For fiscal 2015/16, the company expects to achieve net sales of more than
CHF180mn, unchanged from its investor day update, which is about 11% lower
than the CHF201.8mn net sales witnessed in fiscal 2014/15. A 5% compounded
organic growth till fiscal 2019/20 would result in net sales of CHF230mn.
An EBIT margin of 8%, translates into a EBIT of CHF18.4mn, a CAGR of nearly
16% from 2014/15.
Switch from IFRS to Swiss GAAP FER
In August, Schaffner announced that the company's Board of Directors has
decided to switch from the International Financial Reporting Standard
(IFRS) to Swiss GAAP FER (FER). The company's consolidated financial
statements will be converted with retroactive effect as of the beginning of
the financial year on 1 October 2015. As part of the conversion, the
goodwill and intangible assets from acquisitions will be offset against
shareholders' equity and pension obligations will be revalued. As the table
below shows, the company would have reported a profit of CHF0.5mn under the
FER accounting method in H1 2015/16, compared to a loss of CHF0.3mn under
the IFRS method. The key financial figures under the FER for H1 2015/16 are
below.
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Zusatzmaterial zur Meldung:
Dokument: http://n.eqs.com/c/fncls.ssp?u=AYKDXCEIPR
Dokumenttitel: Schaffner Guidance Update 20. Sept 2016
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Ende der Medienmitteilung
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503727 20.09.2016