Amid positive economic developments worldwide, sales went up 20% during the first semester of 2018 to CHF 2’396 million compared to the same period of 2017. All three divisions did contribute to the increase. Free of acquisitions and currency effects organic growth stood at 12%. Following another semester of operating margin expansion, the operating result grew 24% to CHF 208 million. All three divisions increased their operating result (EBIT), most significantly GF Piping Systems and GF Machining Solutions. The operating margin or return on sales (ROS) improved from 8.4% to 8.7% and the return on invested capital (ROIC) went from 19.2% to 21.2%. Net profit after minorities increased by 27% to CHF 150 million. Seasonality-driven free cash flow before acquisitions stood at CHF −55 million, compared to CHF −30 million during the same period of 2017. For the whole year, we continue to expect a figure in line with our published CHF 150−200 million goal. Earnings per share reached CHF 37 against CHF 29 in the first semester 2017.

The portfolio of GF Automotive has been enriched with the acquisition of Precicast Industrial Holding SA (Switzerland), a leading precision casting specialist in the promising aerospace and gas turbine field. As a consequence, the division has been renamed GF Casting Solutions. The long-term financing of the Corporation has also been further strengthened and strategic flexibility increased with the emission of a 10-year, CHF 200 million straight bond with a 1.05% coupon.

Key figures as of 30 June 2018

CHF Million(s)

 

Corporation

GF Piping Systems

GF Casting Solutions

GF Machining Solutions

2018 2017
2018 2017 2018 2017 2018 2017
Order intake 2,406 2,067 981 851 875 709 551 508
Sales 2,396 1,992 947 826 924 723 525 444
Sales growth % 20.3 6.9 14.6 10.1 27.8 5.5 18.2 3.7
Organic growth % 11.9 8.4 11.1 11.6 11.3 7.6 14.2 4.3
EBITDA 282 238 142 125 97 83 49 34
EBIT 208 168 115 97 60 53 42 28
Net proft after minorities 150 118            
Free cash flow before acquistions/divestitures -55 -30            
Return on sales (EBIT margin) % 8.7 8.4 12.1 11.7 6.5 7.3 8.0 6.3
Invested capital (IC) 1,728 1,472 801 748 597 442 290 284
Return on invested capital (ROIC) % 21.2 19.2 25.6 22.1 20.7 22.4 24.7 14.9
Number of employees 16,864 14'918 6,793 6,517 6,636 5,100 3,350 3,146

Contact

Daniel Bösiger

Head of Corporate Controlling / Investor Relations

Georg Fischer AG

Amsler-Laffon-Strasse 9

8201 Schaffhausen

Switzerland

Beat Römer

Head of Corporate Communications

Georg Fischer Ltd

Amsler-Laffon-Strasse 9

8201 Schaffhausen

Switzerland