Media information 2014

• Operating revenue in local currency up 1.1% (-0.4% in CHF)
• 3.9% sales increase in Europe, 1.9% in Asia-Pacific
• EBIT reaches CHF 6.3 million (-6.0% vs. previous year)
• Net income grows 14.0% to CHF 4.9 million
• Solid equity ratio of 71.4%

Steinhausen, November 27, 2014 − During the first half of the 2014/15 financial year, Carlo Gavazzi‘s business performance was still impacted by weak growth in global demand. Revenues increased by 1.1% in local currency, whereas operating revenue in Swiss Francs decreased slightly by 0.4% to CHF 70.5 million (first half of 2013/14: CHF 70.8 million). Orders were down 5.2% to CHF 70.6 million (CHF 74.5 million), however, in local currency they only decreased by 3.9%. The book-to-bill ratio was just over one.

Gross profit decreased by CHF 0.7 million to CHF 38.6 million (CHF 39.3 million) and the gross margin was 54.7%, compared to 55.5% in the previous year. The Group continued to implement its strategy of investing in its product portfolio and in the expansion of the sales network in faster growing markets outside Europe. Operating expenses were stable at CHF 32.3 million (CHF 32.5 million). This resulted in operating profit (EBIT) of CHF 6.3 million (-6.0%), compared to CHF 6.7 million in the previous year. Group net income reached CHF 4.9 million (+14.0%) against CHF 4.3 million in the previous year, mainly due to an exchange gain of CHF 0.4 million arising from the weakening of the Euro against the US Dollar.

At September 30, 2014, shareholder‘s equity stood at CHF 90.0 million, giving an equity ratio of 71.4%.

Europe: Sales growth in Germany, France and Spain

Europe recorded an increase in sales of 3.9% compared to the previous year, due to the positive contribution from countries such as Germany, France and Spain.

Sales in Asia-Pacific increased by only 1.9% in local currency. Sales in North America were in line with the previous year. The share of sales outside Europe was approximately 31%.

Controls and Solid state relays record solid increase

Sales in priority markets were 1.2% below the same period of last year. Among the selected priority markets, Food & Beverage and Heating, Ventilation & Air Conditioning (HVAC) grew respectively by 10% and 4% versus the previous year.

Sales of the three biggest product categories were in the same range or above last year. Sensors sales were in the same range as the previous year although photoelectric sensors grew by more than 8% mainly due to sales of new products to OEM customers particularly in Food & Beverage and Doors & Entrance.

Controls products sales were 9% above the same period of last year mainly due to a comprehensive range of energy management (+10%) and monitoring relays (+3%) being sold into building automation and energy efficiency markets by leveraging on penetration of the UWP platform. Sales of solid state relays grew by 5% compared to the previous year, confirming them as a very good value proposition for industrial automation. The enlargement of the offering drove sales of the soft starters range well above last year (+14%) thanks to development in the HVAC and water treatment markets. Fieldbus decreased by 10% due to postponement of certain project-based business such as Car Parking and Building Automation.

Challenging market environment

The global economic situation and the market environment are still complex and volatile; advanced economies are expected to expand gradually, while the rate of growth is slowing down in emerging markets. Considering this scenario, the Group efforts will be directed at further improving the geographic coverage, deploying local marketing initiatives selectively and strengthening R&D.

Carlo Gavazzi continues to aim at adding significant value to the Group through balanced growth across all markets.

Consolidated key fgures (CHF million)

Income statement	1. HY 2014/15	1. HY 2013/14	%
Bookings	70.6	74.5	-5.2
Operating revenue	70.5	70.8	-0.4
EBITDA	8.2	8.6	-4.7
EBIT	6.3	6.7	-6.0
EBIT margin	9.0%	9.4%	-
Net income	4.9	4.3	+14.0
Cash flow	6.8	6.3	+7.9
Additions to fixed assets	2.0	1.3	+53.8
Balance sheet	30.9.2014	31.3.2014
Net working capital	32.6	32.4	+0.6
Net cash position	42.3	46.0	-8.0

Interim Report

The complete interim report can be downloaded from http://www.carlogavazzi.com/en/investors/interim-report.html

About Carlo Gavazzi:

Carlo Gavazzi is a publicly quoted international electronics group (SIX: GAV) with activities in the design and marketing of electronic control components for factory and building automation.

Please visit our website: www.carlogavazzi.com

For further information please contact:

Rolf Schläpfer
Hirzel.Neef.Schmid.Konsulenten
Phone +41 43 344 42 42
E-Mail rolf.schlaepfer@konsulenten.ch

 

Steinhausen, 24 October, 2014 – With great sadness we have to inform you that Giovanni Bertola, long-standing Vice-Chairman and since 2013 Honorary Chairman of Carlo Gavazzi Holding has passed away on 23 October 2014. We lose a dear friend who contributed significantly to the success of our company.

Our thoughts are with Mr. Bertola's family.

 

 

Steinhausen, July 29, 2014 – At today’s annual shareholders’ meeting of Carlo Gavazzi Holding AG the Directors Valeria Gavazzi, Federico Foglia, Stefano Premoli Trovati and Daniel Hirschi as representative of the holders of bearer shares were re-elected for another period of one year. As proposed by the Board, Valeria Gavazzi was confirmed as Chairman.

The shareholders also approved the distribution of an ordinary dividend of CHF 12.00 per bearer share and CHF 2.40 per registered share.

All other items of the agenda were also approved by the shareholders.


About Carlo Gavazzi:
Carlo Gavazzi is a publicly listed international electronics group (SIX: GAV) with activities in the design and marketing of electronic control components for factory and building automation.

Please visit our website: www.carlogavazzi.com


For further information please contact:
Rolf Schläpfer
Hirzel.Neef.Schmid.Konsulenten
Phone +41 43 344 42 42
E-Mail rolf.schlaepfer@konsulenten.ch

 

 

Steinhausen, July 3, 2014 – The electronic group Carlo Gavazzi Holding AG from Zug has issued its Annual Report 2013/14 as well as the invitation and the agenda for the Annual General Meeting 2014, to take place on July 29, 2014, 10:30 a.m., at the Parkhotel in Zug.

As for the key figures for the business year 2013/14, Carlo Gavazzi Holding AG refers to its media release of June 26, 2014.

Full access to the above mentioned documents can be found on the company's website at www.carlogavazzi.com

The annual report 2013/14 is available at:
http://www.carlogavazzi.com/en/investors/annual-report.html

The invitation and agenda for the Annual General Meeting 2014 are available at:
http://www.carlogavazzi.com/en/investors/financial-calendar.html

Documents can also be ordered at the following address:
Carlo Gavazzi Holding AG, rolf.schlaepfer@konsulenten.ch (Phone: +41 43 344 42 42, Fax +41 43 344 42 40).

 

• Operating revenue of CHF 140.6 million (2012/13: CHF 138.3 million)
• New UWP platform leads to 10% sales increase of fieldbus product line
• Dynamic sales growth in Asia-Pacific (+12.4%) and North America (+5.8%) counterbalanced a weaker Europe (-2.3%)
• Solid net income of CHF 11.2 million despite negative currency effects of CHF 1.4 million vs. last year (net income 2012/13: CHF 12.5 million),
• Strong Equity ratio of 72.5%
• Dividend of CHF 12.00 per bearer share proposed to AGM

Steinhausen, June 26, 2014 – In 2013/14, Carlo Gavazzi recorded stable revenues in local currency on the back of solid sales in key markets outside Europe and the successful launch of new products. The Group continued to implement its strategy of investing in its product portfolio and in the expansion of the sales network in fast growing markets outside Europe.

Operating revenue in Swiss Francs increased by 1.7% to CHF 140.6 million (CHF 138.3 million in 2012/13). Orders grew slightly by 0.5% to CHF 141.3 million (CHF 140.6 million in 2012/13), resulting in a book-to-bill ratio of just over one. Gross profit increased by CHF 1.2 million to CHF 78.1 million and the gross margin remained stable at 55.6%. Operating expenses increased by CHF 1.6 million from CHF 60.4 million in the previous year to CHF 62.0 million. This resulted in operating profit (EBIT) of CHF 15.7 million, compared to CHF 15.9 million (-1.3%) in the previous year. Group net income reached CHF 11.2 million (-10.4%) against CHF 12.5 million in the previous year. The main contribution to this decrease was an exchange difference of CHF 1.4 million, due to the strengthening of the Euro against the US Dollar, resulting in an exchange loss of CHF 1.0 million, compared to an exchange gain of CHF 0.4 million last year.

At March 31, 2014, shareholders’ equity stood at CHF 93.2 million, giving an equity ratio of 72.5% with a net cash position of CHF 46.1 million. Having assessed these results, the Board of Directors will propose to the annual shareholders’ meeting that the Company pays a dividend of CHF 12.00 per bearer share and CHF 2.40 per registered share for the reporting period, corresponding to a pay-out ratio of 76.5%.

Sales growth in Asia-Pacific and North America - Southern Europe bottoming out

The ongoing slow-down in Southern Europe seems to have bottomed out. However, the result in Europe recorded a decrease in sales of 2.3% due to general market contraction across distributors and still difficult conditions in the energy related business.

Asia-Pacific increased sales by 12.4% in local currency compared to the previous year, due to solid growth in China (+20.5%), driven by very positive business developments with distributors and OEMs. Sales in North America grew by 5.8% in local currency compared to the previous year due to investment in sales and marketing activities towards distributors and dedicated initiatives in the building and industrial automation markets.

Thanks to dynamic growth, the share of sales outside Europe expanded to 32% of total revenues, from 30% in the same period last year, with the Americas and Asia-Pacific accounting for 18% and 14%, respectively.

Successful launch of UWP platform

The fieldbus product line grew by almost 10% versus the previous year due to the contribution of the UWP platform for home and building control applications. The sensors product line performed slightly better than during the previous year, with the best performers being inductive and magnetic sensors which increased by more than 9% and 7%, respectively, versus the previous year. In particular, inductive sensors grew across all the regions for OEM customers.

The switches product line grew by more than 3% versus last year, driven by the business development of the new solid-state relay RG platform and 3phase-soft starters featured for applications in markets such as Food & Beverage.

The controls product line performed slightly below the previous year. Sales of our products in priority markets, net of renewable energy, performed better than overall sales, confirming the effectiveness of the segment selection and related development initiatives. In particular, the Smart Building market segment, which grew by 9% versus last year, benefited from the deployment of the UWP platform in synergy with energy management. In line with the solid growth of switches products, the Food & Beverage market grew by almost 13% versus last year.

Imminent launch of new products

Introduction of new and enhanced products is a key element in the business development towards new and existing markets and geographic areas. The evolution of the new inductive sensors platform will see two major milestones with the release of the new innovative IP69k sensor dedicated to the Food & Beverage market and the new 3x distance sensors.

Based on the evolution of energy management towards multi-site applications, the introduction of new devices and monitoring software will boost further the penetration of the new UWP platform for energy measurement and analysis. The enhancement of soft starters will address applications for water treatment on a global basis while the new RF solid state relays will target applications such as coffee vending machines in the Food & Beverage market. New development initiatives for commercial buildings and infrastructure will support the penetration in the Building Automation market and, in particular, the evolution of the Dupline platform for car parking will also help to expand our presence in North America.

Continued strengthening of geographic coverage and product portfolio

The global economic situation and market environment are expected to improve gradually, however, with only a modest pickup anticipated in several European countries. Considering the countries served by Carlo Gavazzi and the related different pace of development, an over proportional contribution from outside Europe represents a major driver of business growth. In this respect, the further development of direct business in Taiwan and dedicated initiatives in China will also contribute to a solid sales expansion in the Asia-Pacific region.

The Group’s efforts will continue to be directed at further improving geographic coverage, with local marketing initiatives deployed selectively. In addition, Carlo Gavazzi will continue to strengthen R&D and the Group’s product portfolio. Carlo Gavazzi is convinced that these initiatives will add significant value to the Group in the years to come.

The complete Annual Report 2013/14 of the Carlo Gavazzi Group will be available by July 3, 2014, on: Carlo Gavazzi continues to report solid financial result in 2013/14

 

Consolidated key figures (CHF million)

Income statement	2013/14	2012/13	%
Bookings	141.3	140.6	+0.5
Operating revenue	140.6	138.3	+1.7
EBITDA	19.0	19.3	-1.6
EBIT	15.7	15.9	-1.3
EBIT margin	11.2%	11.5%
Net income	11.2	12.5	-10.4
Cash flow	14.5	15.9	-8.8
Balance sheet (as at 31 March)	2014	2013
Net working capital	32.4	34.6	-6.4
Shareholder's equity	93.2	101.2	-7.9
Total assets	128.6	136.8	-6.0
Equity as % of assets	72.5%	74%

 

About Carlo Gavazzi:

Carlo Gavazzi is a publicly listed international electronics group (SIX: GAV) with activities in the design and marketing of electronic control components for factory and building automation.

Please visit our website: www.carlogavazzi.com

For further information please contact:

Rolf Schläpfer
Hirzel.Neef.Schmid.Konsulenten
Phone +41 43 344 42 42
E-Mail rolf.schlaepfer@konsulenten.ch

 

 

 

Steinhausen, April 11, 2014 – Carlo Gavazzi Inc., the wholly owned U.S. subsidiary of Carlo Gavazzi Holding AG, today announced their partnership with Sauber F1 affiliated driver Simona De Silvestro. Carlo Gavazzi, known worldwide for their high quality precision automation sensors and switching devices, is proud to be sponsoring the only Swiss racer to ever win the prestigious Indy 500 ‘Rookie of the Year’, which was awarded to Simona De Silvestro in 2010.

Swiss-Italian national De Silvestro was the first female in Atlantic Championship series' history to have earned the most wins, pole positions and lead the most laps in a single season. She spent the last four years in the IndyCar Series finishing the 2013 season with nine top-10 finishes. In 2014 De Silvestro signed as an affiliated driver with the Sauber Formula One team.

About Simona De Silvestro
Simona De Silvestro is a Sauber F1 affiliated driver on the road to becoming the first full-time female F1 driver of the modern era in 2015. She was named IndyCar's 2010 Indy 500 'Rookie of the Year' and in October 2013 at the Grand Prix of Houston she earned her first IndyCar podium finishing second.

Please visit her website at: www.SimonaDeSilvestro.com

About Carlo Gavazzi
Carlo Gavazzi is a publicly quoted international electronics group (SIX: GAV) with activities in the design and marketing of electronic control components for factory and building automation.

Please visit our website at: www.carlogavazzi.com