As a reminder, 2008 started with an excellent backlog. During the first half-year, the order entries, although below the 2007 level, were in line with expectations. Since September 2008, the order intake declined sharply in all product lines and all geographic areas; a situation never experienced before. The consolidated turnover for the full year 2008 amounts to CHF 1.633 billion, a decrease of CHF 111 million or -6.4% compared to the record year 2007. This evolution is due to the following elements:
|
| |
in million CHF |
% |
| Decrease in volume |
-123 |
-7.1 |
| Increase due to the change in scope of consolidation |
93 |
5.3 |
| Exchange rate variance |
-81 |
-4.6 |
| Decrease in turnover |
-111 |
-6.4 | |
The Group Net Profit reached CHF 55.9 million, representing a decrease of 56.9% compared to the record year 2007. Excluding the one-time costs and revenues (underlying Net Profit), the Net Profit would have amounted to CHF 74.9 million, close to the underlying Net Profit reached in 2006.
|
| in million CHF |
2008 |
One-time events |
Underlying 2008 |
2007 restated |
| Turnover |
1'633.2 |
0.0 |
1'633.2 |
1'743.6 |
| Operating Profit |
86.0 |
25.7 |
111.7 |
177.4 |
| Income Taxes |
-21.0 |
-6.7 |
-27.7 |
-47.8 |
| Net Profit |
55.9 |
19.0 |
74.9 |
129.8 | |
The Operating Profit evolution emphasizes the difficult year for the folding carton sector and, to a lesser degree, for the corrugated board industry. The Business Area Flexible Materials was impacted by the integration of Fischer & Krecke for the last 9 months. After neutralizing this element, it reaches a positive underlying Operating Profit.
|
| in million CHF |
Folding Carton |
Corrugated Board |
Flexible Materials |
| 2008 |
2007 |
2008 |
2007 |
2008 |
2007 |
| Turnover |
628.5 |
763.4 |
596.5 |
636.7 |
400.1 |
328.9 |
| Operating Profit (loss) |
49.7 |
111.7 |
47.2 |
58.4 |
(9.4) |
7.3 |
| Underlying Operating Profit |
61.1 |
111.7 |
50.3 |
58.4 |
1.3 |
7.3 | |
In light of the current economic uncertainties, and taking into account the special payout to shareholders of CHF 250 million in 2008, the Board of Directors will propose to the Annual General Meeting of 6 May 2009 to refrain from a dividend payout.
|
Outlook 2009
2009 started with low backlogs for the Business Areas Folding Carton and Corrugated Board. The Business Area Flexible Materials began 2009 with a backlog similar to the one at the beginning of 2008. The order bookings at the beginning of 2009 remain at the low levels already experienced since September 2008. An important organic volume decrease in turnover is expected for the full year. This evolution and the costs related to the measures that have been and are being implemented will lead to a net loss for the year 2009. The Group is taking all necessary measures to adapt its capacities to this severe economic crisis and to return as soon as possible to the profitability levels of the past years.
|
Change in the Group Management
Due to differences of opinion regarding the timing of implementation of the succession at the head of Bobst Group, Mr. Andreas Koopmann, Chief Executive Officer, has expressed the wish to step back from his function and to dedicate his time to other activities, which has been accepted. As a consequence, it has been agreed that he will leave the Group after the Annual General Meeting on 6 May 2009.
M. Jean-Pascal Bobst, member of the Group Executive Committee, will take over the responsibility as Chief Executive Officer on 7 May 2009.
The Board of Directors thanks Mr. Andreas Koopmann for his commitment and important contribution during his many years in the Group, and particularly during the last 14 years at its head.
M. Jean-Pascal Bobst (1965), mechanical engineer HES, Swiss national, worked for several years in Berlin. He joined Bobst Group in 1994 and held various management positions in the United States and in Switzerland. Since March 2006, he is responsible for Technology, Supply, Production and Logistics in the Group Executive Committee. Mr. Bobst is also member of several Boards of Directors within the Group and Chairman of the Board of Directors of JBF Finance SA, the main shareholder of Bobst Group SA.
|
Changes in the Board of Directors
Mr. Luc Bonnard, who became a member of the Board in 1987 and served many years as Vice-Chairman, will resign from the Board as of the date of the Annual General Meeting 2009.
Mr. Bonnard’s long and fruitful activity in the Board and his commitment to the Group and to JBF Finance SA and its shareholder families were outstanding. The Board regrets his decision and thanks him for his invaluable contributions over the years.
The mandates of Messrs Hans-Rudolf Widmer and Michael W.O. Garrett are coming to an end. The two Gentlemen have agreed to present themselves for re-election. The Board of Directors will also propose one new member: Mr. Alain Guttmann, member of various Boards, among which JBF Finance SA. The curriculum vitae of Mr. Guttmann will be included in the invitation to the Annual General Meeting and will be presented at this meeting.
|
Today’s Information Meeting
A conference for financial analysts and the media will take place today, 31 March 2009, at 10.30 a.m. in Prilly. The Financial Statements 2008 will be available on the Group’s website from 07.30 a.m., and the presentation from 10.30 a.m.
|
Bobst Group SA, Lausanne/Prilly, March 31, 2009
|
Inquiries
Media Relations: Phone +41 21 621 2622
Investor Relations: Phone +41 21 621 2560 or mail to investors@bobstgroup.com
|
 Financial Statements 2008 |
| Presentation for financial analysts and the media |
| Forthcoming Releases in 2009 |
|
