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| Record profitability for the Group and all three Business Areas - Positive Operating Profit for the Business Area Flexible Materials - Successful achievement of the GO program |
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The Bobst Group 2007 Net Profit reached CHF 138.1m. This amount, compared to the 2006 Net Profit before extraordinary events (the underlying Net profit) of CHF 80.6m, represents an increase of 71.3%.
The Operating Profit benefited from the higher volume as well as from the improvements resulting from the Group Optimization program (GO program) and increased by 64% compared to the underlying 2006 Operating Profit.
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in millions
of CHF |
2007 |
2006 |
Evolution 2007/2006 |
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As
published |
One-
time
events |
Underlying |
As
published |
Underlying |
| Turnover |
1743.6 |
1603.7 |
|
1603.7 |
+8.7% |
+8.7% |
| Operating Profit |
188.1 |
120.1 |
-5.4 |
114.7 |
+56.6% |
+64.0% |
| Income Taxes |
-50.2 |
-16.5 |
-17.3 |
-33.8 |
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| Net Profit |
138.1 |
103.3 |
-22.7 |
80.6 |
+33.7% |
+71.3% | |
As a reminder, the one-time events in 2006 were the sale of real estate (Italy and Spain) no longer operationally required, which created a one-time revenue of CHF 5.4m at Operating Profit level, and special tax effects in Italy and Germany allowing the recognition of net tax credits for CHF 17.3m, thus improving Net Profit.
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In 2007, all three Business Areas of the Group increased their Operating Profit:
The Business Area Folding Carton increased its turnover by 8.5% (2006: 3.1%). Moreover, the excellent profitability already achieved in 2006 was surpassed with an Operating Profit of CHF 119.4m or 15.5% of turnover, an increase of 29.9% compared to 2006.
The Business Area Corrugated Board increased its turnover by 9.9% (2006: +1.7%) and realized a record profitability with an Operating Profit of CHF 61.3m compared to CHF 32.7m in 2006 (+87.5%), representing respectively 9.6% and 5.6% of turnover.
The Business Area Flexible Materials was able to show, for the first time since the integration of the important acquisitions made in 2004, a positive operating profit (CHF 7.4m) through an increase of CHF 11.7m (or of CHF 17.1m compared to the underlying 2006 Operating Loss of CHF 9.7m). The turnover increased by 7.5% compared to 2006 and reached CHF 328.9m.
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| in millions of CHF |
Folding Carton |
Corrugated Board |
Flexible Materials |
| 2007 |
2006 |
2007 |
2006 |
2007 |
2006 |
| Turnover |
769.4 |
709.3 |
636.7 |
579.4 |
328.9 |
306.0 |
| Operating Profit (loss) |
119.4 |
91.9 |
61.3 |
32.7 |
7.4 |
(4.3) | |
The Board of Directors will propose to the Shareholders’ Meeting of 7 May 2008 a dividend of CHF 3.50 (paid in 2007: CHF 1.90). This dividend is in line with the Group’s policy which recommends a payout ratio of around 50% of the consolidated Net Profit after taxes.
As a reminder, the Board of Directors will also propose a share buy-back program for 10% of the share capital through the issue of put options. The objective is to pay out about CHF 250m in 2008, dividend not included.
Regarding the acquisition of the German company Fischer & Krecke mainly active in the flexographic and rotogravure printing equipment for flexible materials, the due diligence is done and the approval of the German merger control authorities has been obtained, but the closing conditions are still under negotiation.
The Board approved the consolidation of all operations in the Lausanne/Switzerland area on the site in Mex as pre-announced in summer 2007. This decision is subject, on the one hand, to receiving regulatory conditions allowing an efficient implementation of the industrial activities and, on the other hand, to rapidly obtaining the permits from the local authorities.
Outlook 2008
The ongoing transformation of the Group initiated with the GO program has allowed to build solid foundations for sustainable success in the years to come. The potential of these changes has already started to show in the 2007 results. Mid- and long term, the Group is confident that the newly published financial goals can be reached despite the fact that they are ambitious.
For 2008, given the uncertainties in the overall world economy, the Group expects a turnover equal to or slightly lower than the one in 2007 at the same exchange rates. 2008 will be influenced by one-time costs such as the world exhibition Drupa 2008, expenses related to the move to Mex, etc. For these reasons, the Operating Profit and the Net Profit are expected to be lower than in the record year 2007.
Today’s Information Meeting
A conference for financial analysts and the media will take place today, 27 March 2008, at 10.15 a.m. in Mex. The Financial Statements 2007 will be available on the Group’s website from 07.30 a.m., and the presentation from 10.15 a.m.
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Bobst Group SA, Lausanne/Prilly, March 27, 2008
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Inquiries
Media Relations: Phone +41 21 621 2622
Investor Relations: Phone +41 21 621 2560 or mail to investors@bobstgroup.com
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 Financial Statements 2007 |
| Presentation for financial analysts and the media |
| Forthcoming Releases in 2008 |
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