- Sales grew by 3% to CHF 1 863 million
- Operating result up 20% to CHF 153 million for an 8.2% EBIT margin
- Net profit up 36% to CHF 109 million
- Strategy 2020 implementation well underway
GF kept in the first semester of 2016 its positive momentum. Sales reached CHF 1 863 million, 3% above the first six months of 2015. Adjusted for currency effects and acquisitions, growth stood at 2%. The operating result increased 20% to CHF 153 million. The operating margin (ROS) reached 8.2% against 7.1% in the same period previous year and the return on invested capital (ROIC) 18.2% compared to 15.2% in the first semester of 2015. Both are in line with our strategy 2020 objectives of a ROS of 8% to 9%, respectively a ROIC of 18% to 22%. All three divisions contributed to the profitability increase, in particular GF Piping Systems.
Net profit reached CHF 109 million, a substantial 36% increase compared to previous year. This owes, besides the increase in operating result, to a large reduction in financial costs.
Free cash flow before acquisitions amounted to CHF 25 million, CHF 55 million above the first semester 2015.
Headcount increased to 14 549 against 14 053 as of June 2015, mainly on account of the high growth at GF Hakan in Turkey as well as the two acquisitions in Indonesia and in the US, consolidated since May 2016.