Positive business development in the face of a strong Swiss Franc and increasing raw material prices
Positive business development in the face of a strong Swiss Franc and increasing raw material prices
In the first half-year of 2011, the EMS Group, globally active in the business areas Performance Polymers and Fine Chemicals / Engineering and with its companies combined in EMS-CHEMIE HOLDING AG, achieved an increase in net sales of 4.6% (+16.4% in local currencies) and a 1.2% higher net operating income (EBIT) than in the same period of the prior year. Significantly weaker foreign currencies hampered growth of net sales and result in Swiss Francs.
Consolidated net sales amounted to CHF 874 million (836) which is 4.6% higher than in the prior year. Net sales in local currencies increased by 16.4%.
Net operating income (EBIT) amounted to CHF 156 million (154), which is 1.2% above the prior year. EBITDA increased to CHF 183 million (180) and by 1.5% compared to the prior year. The EBIT margin was 17.9% (18.5%), the EBITDA margin 20.9% (21.6%). The unfavourable currency situation for EMS as a Swiss export company and a slightly delayed transfer of higher raw material costs to customers, reduced growth of result in Swiss Francs.
At the Annual General Meeting of EMS-CHEMIE HOLDING AG, the Board of Directors will propose re-election of the current Board Members and Statutory Auditor as well as a dividend of CHF 12.50, of which CHF 6.00 is an anniversary dividend.
EMS anticipates a slowing of the economy and is preparing itself for a more difficult market environment in future. For 2011 however, EMS continues to expect net sales and net operating income (EBIT) to be slightly above those of the previous year.
