- Like-for-like sales in local currencies on previous year’s
level (–4% in CHF at
CHF 1 802 million)
- EBIT at CHF 128 million (–3%)
- Operational margin improved to 7.1% and 7.7% before currency related one-offs
- GF Automotive to start production in the US
- GF Machining Solutions to enter the 3D printing business
First half-year figures were affected by the Swiss franc appreciation which shaved 7% off the top line. Adjusted for currency effects, acquisitions and divestments, sales were on previous year’s level.
The operating result (EBIT) stood at CHF 128 million and excluding one-offs at CHF 138 million, 5% above previous year. The one-offs consist of the EBIT impact of the Swiss franc appreciation on the balance sheet in January 2015 (CHF 10 million). The return on sales (ROS) increased to 7.1% and 7.7% before currency related one-offs. All three divisions continued to generate double-digit ROICs, well above their cost of capital, thus each clearly generating value.
Net profit reached CHF 80 million, below previous year in which land parcel sales brought additional income. Free cash flow stood at a seasonally low of CHF –24 million, but CHF 40 million above June 2014. A substantially positive free cash flow is expected for the full year.