The Schaffner Group expects to close fiscal 2010/11 with a sales and operating result largely on a par with the prior fiscal year (2009/10: net sales CHF 188.9 million, EBIT margin 7.9%), assuming currency conditions remain stable in the fourth quarter (July to September). This compares with previous expectations for the current fiscal year of around CHF 200 million in net sales and an EBIT margin of at least 9%.
The revised guidance is primarily due to volatile developments on the foreign exchange markets, most notably the massive 10% appreciation of the Swiss franc against the Schaffner Group's main trading currencies since the start of the second half of 2010/11. Furthermore the recovery of the rail technology and photovoltaic markets in China is progressing more slowly than expected so far.
Luterbach, July 18, 2011
