Cham Paper Group Holding AG
- WKN: 884785
- ISIN: CH0001931853
- Land: Schweiz
Nachricht vom 17.08.2012 | 07:00
Cham Paper Group Holding AG: Progress in the transformation process
Cham Paper Group Holding AG / Key word(s): Half Year Results 17.08.2012 07:00 Release of an ad hoc announcement pursuant to Art. 53 KR --------------------------------------------------------------------------- - Return to profitability: EBIT CHF 2.7m, Net profit CHF 0.2m - Group transformation process making good progress - Sustained profitable growth in core products - Orderly withdrawal from the Industrial Release sector (CCK) - Commune of Cham supporting a planned transformation of the paper mill site The Cham Paper Group achieved a net turnover of CHF 155m in the first half of 2012, down 9.4% on the previous year. This decline is in line with the expectations that formed part of the group transformation that got underway at the end of 2011. The fact that the Group has now achieved an operating income of CHF 2.7m and a net profit of 0.2m means that the comprehensive reorganisation of the Group can be achieved above the break-even point, in line with objectives. In Cham, the controlled exit from the Industrial Release area was completed as planned and the first of the two paper machines was taken out of service at the end of June. In the remaining Consumer Goods and Digital Imaging sectors, demand is continuing to develop well. The first half of 2012 was extremely demanding for the management and employees at the Cham Paper Group. The company, which is currently undergoing a transformation process, had to fulfil numerous demands at the same time, particularly at the Cham site - planning for and carrying out a socially responsible reduction in personnel, an orderly withdrawal from the Industrial Release sector markets, preparing the relocation of entire product groups (specifically the inner liners) to Carmignano, the evaluation of raw paper suppliers for the products that are still to be coated in Cham, as well as the intensification of development and marketing activities, in particular for the market launch of the new 'BARnamic' product family of speciality papers. Finally, the Group was able to secure the support of the Commune of Cham and the canton of Zug in planning the transformation of the paper mill site in an attractive new area of the town. Orderly withdrawal from the Industrial Release area For the first half of 2012, sales volumes for silicone-base paper for release liners in graphical applications for adhesive tape and stickers, in which the Cham Paper Group is withdrawing from the production and distribution of the CCK Clay Coated Kraft area, stood at around 7% below the previous year (turnover of -12%). Mutually satisfactory solutions were found for all customers. For those who had not found new suppliers as of July 2012, reserves were produced to guarantee contractually agreed deliveries until 2013. Paper Machine 4 in Cham, which was used to manufacture these products, was finally taken out of service as planned on 25 June. Consumer Goods still developing well The Consumer Goods product area is continuing to provide a solid basis within the Group. The volumes sold experienced an increase of one percent despite a streamlining of the portfolio. The packaging solutions and tobacco papers are of a high standard and still form the benchmark in the industry. The launch of 'BARnamic' and the success we aspire to achieve with this product family is vitally important to confirm that Cham Paper Group has been successful in its development activities. With the new barrier-papers from the 'BARnamic' family, which are produced in Switzerland, the Cham Paper Group may have a unique selling point for some time to come. Naturally, it is expected to take several years before we see demand for large volumes of these innovative papers, however. Digital Imaging significantly expand services The still small yet high-margin division of digital imaging is marked by continued success, especially in Transjet paper for textile sublimation printing. The sales of this flagship product increased again by 15% in the first half of the year. This is also a growing demand for consultancy services in this particular area. To provide customer service in textile printing, the Group maintains an application technology department in Cham, which underwent a purposeful expansion in the first half of the year. A range of printers, ink systems, software solutions, transfer presses and calendars are available to realistically replicate customer processes and to assist in process optimisation. Structured personnel reduction In February, management and its social partners in Cham approved a comprehensive social plan that set out the framework conditions for a socially responsible reduction of headcount in Cham from almost 320 at the end of 2011 to around 100 by the beginning of 2014. The support measures on offer, such as job centres and training opportunities, were appreciated and have been actively used. By the end of the period, a total of 115 employees were affected, nearly one third of whom had fortunately found a new job prior to receiving their notice. Strong balance sheet and more profound net current assets Net current assets have decreased year on year by CHF 23.5 million to CHF 76.4 million, not least thanks to lower inventories. At the same time, the group generated a positive free cash flow of CHF 4.4 million (previous year CHF 12.0 million) in the first half of the year. For the warehouses in Industrial Release, fixed purchase contracts exist with each customer. With the decommissioning of the first paper machine and the outflow from the warehouses, the net current assets will be reduced significantly in the second half of the year. Net debt was further reduced in the period under review to CHF 21.2 million. For some of the credit agreements, better conditions were also achieved. By the end of the period, the Group had a cash position of CHF 47.6 million, with a healthy equity ratio of 39.5% as of 30 June 2012. New additions to the management structure As of 1 September 2012, Marcello Di Giacomo will be taking over the leadership of the Carmignano site and will become a member of the Cham Paper Group's board of directors. Mr Di Giacomo joins us from Kimberly-Clark, where he managed a site in Italy. He has a profound knowledge of the paper industry and a track record in corporate management acquired in his earlier activity in various European countries. Over the next 18 months, the Carmignano site will become the most important production facility in the Cham Paper Group and the backbone of an efficiency-oriented production and logistics platform in the eurozone. CEO Peter Studer, who has led the company temporarily since 1 December 2011, will also take on the additional role of Group Sales Director from 1 September. He will replace Christine Arnet, who has been responsible for Sales for the last 15 months and will be pursuing a new direction outside of the company. The Sales division is to be reorganised in order to reflect the differing orientations of the sites in Italy and Switzerland, as well as the innovation centre in Cham. Important intermediate step in the rezoning of the premises at Cham On 12 June 2012, Cham town council voted unanimously in favour of the Cham Paper Group's application to rezone the paper mill site to create a new district of the town to live and work. In addition to a broad overhaul of the basic principles, a vision with set targets is to be created and approved. Eventually, the Commune of Cham and the Cham Paper Group will jointly hold a competition as part of an urban development study brief. The necessary planning resources will then be created and submitted in a referendum to the people of Cham. In August 2012, the Board of Directors assigned management the task of planning a new innovation and coating centre, located away from the current company site, in or around Cham. Forecast The restructuring process within the Cham Paper Group remains a challenge and will continue to place demands on the company for some time. The persistence of the debt crisis and its consequences for the economy confirm that we are adopting the right approach. From a current perspective, we are well on schedule to complete the realignment of our paper activities by the end of 2013. We anticipate a continued positive development of demand for our core products and in this transitional phase a stable result for the whole financial year. For the full semi-annual report (German only), please go to our website: www.cham-group.com, Investor Relations/Financial Reports. Please note: Today, 17 August 2012, at 11:00 CEST, there will be an analyst conference call (conference ID: 4558999) with CEO Peter Studer and CFO Patrick Schmid to discuss the half-year results. To take part, call +41 22 592 73 12. --------------------------------------------------------------------------- Information and Explaination of the Issuer to this News: For further information please contact Media and IR office Cham Paper Group Holding AG c/o Dynamics Group Edwin van der Geest / Philippe Blangey Email firstname.lastname@example.org and/or email@example.com Phone +41 43 268 32 32 Swiss Security Number / ISIN / Ticker Registered Share Cham Paper Group Holding AG 193 185 / CH0001931853 / CPGN Cham Paper Group Cham Paper Group is a leading manufacturer of coated speciality papers. The Group generates value added for its customers by providing finishing-based functional capabilities. Founded in 1657, at its three locations in Switzerland and Italy the company develops and manufactures speciality papers for use in the consumer goods, Industrial Release and Digital Imaging sectors. The consumer goods sector encompasses papers for flexible packaging and base papers for label printing in the food, non-food, tobacco, beverage and pharmaceutical industries. In the Industrial Release sector, Cham Paper Group supplies silicone-base papers for release liners used in graphical applications and for adhesive tapes and labels. The company also supplies base papers for process liners used in industrial casting and laminating process applications. Facestock papers for the self-adhesive industry round off the range. In addition to large-format inkjet papers for indoor and outdoor applications, the Digital Imaging sector also includes sublimation papers for digital textile printing. Cham Paper Group has benefited from the trend for sustainable products and is well established on the market thanks to the company's technological innovation. Cham Paper Group (stock exchange symbol: CPGN) is listed on the SIX Swiss Exchange as an independent company. 17.08.2012 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: Cham Paper Group Holding AG Fabrikstrasse 6330 Cham Switzerland Phone: +41 41 785 33 33 Fax: +41 41 785 31 50 E-mail: firstname.lastname@example.org Internet: www.cham-group.com ISIN: CH0001931853 Swiss Security Number: - Listed: SIX End of Announcement EquityStory News-Service ---------------------------------------------------------------------------
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