EQS-News: Report on Schaffner Holding AG by Research Dynamics: Guidance Update
20.09.2016 (www.4investors.de) -
EQS Group-News: Research Dynamics / Schlagwort(e): Research Update
Report on Schaffner Holding AG by Research Dynamics: Guidance Update
20.09.2016 / 17:31
This report is published by Research Dynamics, an independent research boutiqueAcquisition 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.
Zusatzmaterial zur Meldung:Dokument: http://n.eqs.com/c/fncls.ssp?u=AYKDXCEIPRDokumenttitel: Schaffner Guidance Update 20. Sept 2016
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