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HOCHDORF Holding AG — Earnings Release 2011
Aug 18, 2011
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Earnings Release
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News Details
Ad-hoc | 18 August 2011 17:31
HOCHDORF Holding AG: Half-year results with increased turnover and profits
HOCHDORF Holding AG / Key word(s): Half Year Results
18.08.2011 17:31
Release of an ad hoc announcement pursuant to Art. 72 KR
Hochdorf, 19 August 2011 - The HOCHDORF Group processed 256.1 million kg of
milk and whey in the first six months of the year. At CHF 179.9 million,
the gross turnover is around 12 per cent higher than the previous year's
value of CHF 160.6 million. The operational result is positive on the EBIT
level at CHF 2.4 million and the pure profit at concern level stands at CHF
14.9 million.
The HOCHDORF Group processed more milk and whey than ever before in the
months between January and June, with a record of 256.1 million kg of milk
(+11.9% compared to the prev. year). The biggest increases in milk and whey
production were at the Swiss sites at Hochdorf and Sulgen.
A positive overall result
There were slight increases in the amounts produced and processed. In the
first six months of the year, the Group produced 50,058 tons in volume
(prev. year 49,071 t) and sold 48,772 tons of products (prev. year 48,712
t). These sales gave HOCHDORF a gross turnover of CHF 179.9 million (+12.0%
compared to the prev. year). The EBITDA and the EBIT are lower than the
previous year's values. The Group produced an EBITDA of CHF 8.7 million
(-17.7% compared to the prev. year's CHF 10.6 million). The EBIT was 2.4
million, 51.7% lower than the previous year's value (CHF 5.0 million). At
CHF 15.2 million, the ordinary result is significantly higher than the
previous year's value of CHF 2.8 million. This value was influenced by the
sale of HOCHDORF Nutribake AG as of 1 April 2011. The Group has achieved a
company result at concern level of CHF 14.9 million (prev. year CHF 2.8
million).
At CHF 5.0 million (2.8% of the net sales revenue), the 'earned capital'
cash flow is 46% lower than the previous year's value of CHF 9.3 million.
The sale of Nutribake and the issue of a conversion loan meant, that liquid
assets reached a value of CHF 35.3 million. This is matched by values for
'cash flow from investment activities' (CHF 14.3 million) and 'cash flow
from financing activities' (CHF 30.0 million), higher than the previous
year's values (CHF -12.3 million and CHF 5.2 million).
Higher equity
The Group's balance sheet total increased since the beginning of the year
by around 15% to CHF 292.6 million (CHF 254.5 million (31.12.2010)). The
Group held equity of over CHF 141 million (48.2%) as of 30 June 2011. This
means that there was a relative decrease in the equity share from 51.0%
(31.12.2010) to 48.2%. Since the beginning of the year, the equity has
increased in absolute terms by CHF 11.1 million.
The operational result is offset by exceptional costs totalling around CHF
5.0 million. CHF 4.0 million of this is attributable to unsatisfactory
production in the area of infant formula, the strong Swiss franc, the costs
involved in switching to the SIX Swiss Exchange and in issuing the
conversion loan, as well as other consultancy expenses. A margin loss is
also included in the CHF 4.0 million because the higher milk procurement
prices could only be passed on to our industrial and international
customers later, if at all. A variety of factors led to stock depreciation
of approximately CHF 1.0 million.
Outlook
As announced in the press release of 22 June 2011, the positive start to
the year was put into perspective by the months of April and May. Imminent
projects and the planned reduction in inventory mean we expect company
profits for the entire business year of 2011 that are in the region of the
CHF 13 to 17 million, as previously intimated.
HOCHDORF Group key figures as of 30.06.2011 (consolidated and unchecked)
1.1.11 - 1.1.10 - Cha-
CHF (thousands) 30.06.11 30.06.10 nge
Processed milk, cream and whey amounts
in kg (millions) 256.1 228.8 +11.9%
Quantities produced (including cream)
in tons 50'058 49'071 +2.0%
Quantities sold (tons) 48'772 48'712 +0.1%
Gross sales revenue 179'870 160'642 +12.0%
Export share 30.3% 19.4%
Earnings before interest, taxes,
depreciation and amortization (EBITDA) 8'733 10'605 -17.7%
as % of production revenue 4.6 6.4
Earnings before interest and taxes (EBIT) 2'392 4'957 -51.7%
as % of production revenue 1.3 3.0
Profit from ordinary activities after tax 15'191 2'817 +439.3%
Net profit 14'860 2'758 +438.7%
Staffing levels at 30.06. 354 379 -6.6%
Gross turnover per employee 508 424 +19.9%
30.06.2011 31.12.2010
Balance sheet total 292'626 254'537 +15.0%
of which equity capital 141'016 129'855 +8.6%
as a % of the balance sheet total 48.2 51.0
For the complete half-year report, see: www.hochdorf.com --> Media
Information and Explaination of the Issuer to this News:
The HOCHDORF Group, with headquarters in the town of Hochdorf in the canton
of Lucerne, is one of Switzerland's leading companies in the food sector
and in 2010 generated consolidated gross sales of CHF 351.5 million (CHF
346.3 million in 2009) with a workforce of 377 (status as at: 31.12.2010)
at three sites (Hochdorf/LU; Sulgen/TG; Medeikiai/ Lithuania). HOCHDORF
develops, produces and markets functional ingredients as well as dairy and
cereal-based speciality products for the food industry and the trade
worldwide. HOCHDORF's products, which are extracted from natural raw
materials such as milk, or wheat germs, have been making a contribution
towards the health and well-being of infants right up to senior citizens
since 1895. The products are sold in approx. 80 countries.
Christoph Hug, Corporate Communications, HOCHDORF group
Tel: 041 914 65 62 / 079 859 19 23, [email protected]
18.08.2011 News transmitted by EquityStory AG.
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Language: English
Company: HOCHDORF Holding AG
Siedereistrasse 9
6281 Hochdorf
Switzerland
Phone: +41 41 914 65 65
Fax: +41 41 914 66 66
E-mail: [email protected]
Internet: www.hochdorf.com
ISIN: CH0024666528
Swiss Security Number:
Listed: SIX
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