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Manufacturing orders, contracts, financial reports
News Release from: Tornos Technologies
Edited by the Manufacturingtalk Editorial
Team on 16 November 2006
Swiss CNC auto builder reports good 3rd
quarter
Swiss builder of CNC single- and multi-spindle automatic lathes, Tornos Group, reported a good third quarter and 14.6% rise in new orders - compared same period 2005.
In the third quarter of 2006, Tornos Group booked SFR 51.0 million in new orders (2005: SFR 49.2 million) This brings this year's order intake to SFR 193.0 million, up 14.6% on the previous year (SFR 168.4 million)
This article was originally published on Manufacturingtalk on 11 Jun 2001 at 8.00am (UK)
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* Increase in sales and satisfactory result - gross sales for the third quarter came to SFR 60.1 million (2005: SFR 53.4 million), bringing the cumulative total to SFR 175.0 million as at September 30, up 3.6% on the previous year (SFR 168.9 million).
The group's net profit for the first nine months of the year stands at SFR 10.6 million, down 18.6% compared to the same period of last year (SFR 13.0 mn).
This decline is in line with expectations and mainly attributable to the weak result for the first quarter of 2006 (SFR 2.1 million), resulting from the economic downturn recorded in the second half of 2005.
As at September 30, 2006, net debt came to SFR 12.1 million, while equity of SFR 111.3 million amounted to 60.3% of the balance sheet total of SFR 184.6 million.
* Outlook - the first nine months of the current year were successful, as demonstrated by the 14.6% rise in bookings.
Asia, Switzerland and the medical sector were the most dynamic markets, while Germany and the automotive industry contributed less to growth.
New orders have slackened off slightly in the past two months.
However, it would be premature to say whether this is simply because of the volatile nature of this indicator or one of the earliest signs that the trend is reversing.
This makes it difficult to formulate a forecast for 2007.
If a slight downturn transpires, this could result in a certain decline in activity at the beginning of next year, but would have little impact on the financial results for the fourth quarter of 2006.
The guidance issued previously therefore remains unaltered, with gross sales predicted to be within the range SFR 240 to 250 million and an EBIT margin of 6 to 7%.
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