AI assistant
HOCHDORF Holding AG — Earnings Release 2010
Apr 13, 2011
897_rns_2011-04-13_2a958595-ded6-4917-bc28-464b6b47cc60.html
Earnings Release
Open in viewerOpens in your device viewer
News Details
Ad-hoc | 13 April 2011 07:40
2010 annual statement of accounts of the HOCHDORF Holding AG: A successful turnaround and increasing internationalisation
HOCHDORF Holding AG / Key word(s): Final Results
13.04.2011 07:40
Release of an ad hoc announcement pursuant to Art. 72 KR
The HOCHDORF Group has made a good showing in business year 2010 - a year
that was challenging both politically and economically. It is now turning a
profit again following a year of negative company results (CHF +4.1 million
net profit; previous year CHF -5.1 million). Operational results have also
improved. The group increased its EBIT by 20 per cent to CHF 4.1 million
(previous year CHF 3.4 million; +19.8%). To further increase the
internationalisation process, the board of directors is requesting that the
annual general meeting approves conditional share capital amounting to a
maximum of CHF 4.5 million for a conversion loan. The planned capital
market transaction will be synchronised with the change from the BXBerne
Exchange to the SIX Swiss Exchange (Segment Domestic Standard).
The HOCHDORF Group achieved a gross turnover of CHF 351.4 million (previous
year CHF 346.3 million; +1.5%) and processed a total of 410.5 million kg of
milk and whey (previous year 320.4 million kg; +28.1%). In Switzerland, the
processed milk quantity increased by just +1.7% from 320.4 to 325.9 million
kg. In addition to this milk quantity, HOCHDORF also dried 13 million kg of
whey. Approximately 71.6 million kg of milk was processed by the plant
taken over by the HOCHDORF Group in Lithuania. HOCHDORF also achieved
record results in terms of sales volume, selling 94,657 tonnes of products
in total. The group was able to show substantial increases in the EBITDA
(CHF 16 million; previous year CHF 13.9 million) and the EBIT (CHF 4.1
million; previous year CHF 3.4 million) in both absolute and relative terms
(in % of the production revenue).
A satisfactory overall result
Compared to company losses of CHF 5.1 million in the previous year, the
HOCHDORF Group turned a profit in the 2010 business year amounting to CHF
4.1 million. 'These figures prove that we are on the right track,' says a
delighted Damian Henzi, CEO of the HOCHDORF Group. This level of revenue
was achieved despite extraordinary costs, such as, for instance, currency
influences, a reduction in the funds previously available from the
'Schoggi' law and running in costs for the new spray tower line, as well as
additional amortisation, amounting to CHF 5.3 million in total.
Good results - a team effort
The entire HOCHDORF Group had a hand in the positive business results. As
of 1 January 2010, HOCHDORF Swiss Milk AG took on a 30% holding in the milk
plant UAB MGL Baltija in Medeikiai (Lithuania). Since there will be a 100
per cent takeover of the plant by 1 January 2014, it has already been
completely incorporated into the accounts. As of 1 January 2011, HOCHDORF
Swiss Milk AG increased its share to 45%.
The baby foods business area showed very positive development. HOCHDORF
Nutricare AG achieved a 70 per cent growth in turnover and is already
selling HOCHDORF baby foods in over 20 countries. HOCHDORF Nutrifood AG has
developed an innovative baby food for a Swiss customer with milk fat, as
well as rapeseed oil, sunflower oil and linseed oil. This product is to be
seen as a response to increasing consumer resistance to the frequently-used
palm oil. HOCHDORF Nutribake AG achieved its growth primarily in the bakery
products industry and less in bakery sales. Nonetheless it still managed a
slight increase in market share in the continually shrinking bakery sales
area.
Forecast for 2011
'In the current business year, we are investing heavily in increased and
more regular capacity utilisation at our existing plants in Hochdorf,
Sulgen and Medeikiai,' explains Damian Henzi. 'We will also continue to
pursue the optimisation and restructuring measures introduced two years
ago,' he adds. It is in this context that the baby foods business will be
incorporated into HOCHDORF Nutricare AG as of 1 July 2011. HOCHDORF
Nutricare AG and HOCHDORF Nutrifood AG are currently selling and developing
baby foods. Henzi also says that the group will continue with its
internationalisation process in the current business year. He is convinced
that many markets could be conquered with 'Made in Switzerland' quality
products and the HOCHDORF high level of service.
A request will be made to the annual general meeting on Friday 13 May 2011
to retain the dividend of CHF 3.0 per share. The dividend payment is to be
taken entirely from the capital investments whereby there is no withholding
tax deduction and the revenue is tax free for individuals who are resident
in Switzerland.
Capital increase via conversion loan to be requested
The board of directors is also requesting the creation of conditional share
capital amounting to a maximum of CHF 4.5 million at the annual general
meeting. 'The board of directors is convinced that HOCHDORF Holding AG will
have to show greater flexibility in fundraising in the coming years,' says
Hans-Rudolf Schurter, Chairman of the Board of Directors, explaining the
decision to create conditional share capital for a conversion loan. This
capital is intended to encourage further internationalisation and
facilitate loan repayments. 'HOCHDORF Holding Ltd. has interesting and
concrete joint venture enquiries from Asian and Sout American partners',
adds Schurter. The planned capital market transaction will be synchronised
with the change from the BXBerne Exchange to the SIX Swiss Exchange
(Segment Domestic Standard).
HOCHDORF Group key figures 2010
CHF (thousands) 2010 2009 Change
Gross sales revenue 351,447 346,276 +1.5%
EBIDTA 16,001 13,853 +15.5%
as % of production revenue 4.7 4.4
EBIT 4,096 3'419 +19.8%
as % of production revenue 1.2 1.1
Net profit 4'137 -5,069 n.a.
as % of production revenue 1.2 n.a.
Investments in fixed assets 18,803 44,664 -57.9%
as % of production revenue 5.5 13.6
Staffing levels at 31.12. 377 349 +8.0%
Gross turnover per employee 932 992 -6.0%
Processed milk, cream and whey amounts
in kg millions) 410.5 320.4 +28.1%
Quantities produced (including cream) in
tonnes 90,159 76,434 +18.0%
Quantities sold (tonnes) 94,657 82,589 +14.6%
31.12.20 31.12.20
10 09
Balance sheet total 254,537 240,565 +5.8%
of which equity capital 129,855 130,827
as a % of the balance sheet total 51.0 54.4
Contact: Christoph Hug, Corporate Communications, HOCHDORF Group
Tel: 041 914 65 62 / 079 859 19 23, [email protected]
Information and Explaination of the Issuer to this News:
The HOCHDORF Group, based in Hochdorf, achieved a consolidated gross
turnover of CHF 351.4 million in 2010. It is one of the leading foodstuff
companies in Switzerland, employing 351 full-time staff as of 31.12.10.
Made from natural ingredients such as milk and wheat germ, HOCHDORF
products have been contributing to our health and wellbeing since 1895 -
from babies to senior citizens. Our customers include the food industry,
the retail industry and bakeries. Our products are sold in around 80
countries. The HOCHDORF Group's shares are traded on the Berne stock
exchange and are distributed among approximately 1,200
shareholders.
Christoph Hug, Corporate Communications, HOCHDORF Group,
Tel: 041 914 65 62 / 079 859 19 23, [email protected]
13.04.2011 News transmitted by EquityStory AG.
The issuer is responsible for the contents of the release.
EquityStory publishes regulatory releases, media releases on the capital
market and press releases.
The EquityStory Group distributes authentic and real-time financial news
for over 1'300 listed companies.
The Swiss news archive can be found at www.equitystory.ch/news
Language: English
Company: HOCHDORF Holding AG
Siedereistrasse 9
6281 Hochdorf
Schweiz
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: BX
End of Announcement EquityStory News-Service