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Home ⁄ News and Media ⁄ Report from the Board of Management
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Report of the Directors and Executive Committee |
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The economic environment of the SFS Group in 2011 was characterized by various developments which had both a positive and a negative impact on the trend of business.
The following factors in particular had a considerable influence:
- the ongoing, sustained appreciation in the exchangevalue of the Swiss franc
- the strong recovery of global sales and production figures in the automotive industry
- the financial crisis in government budgets, which led to uncertainty and a marked slowdown in economic growth in Europe
- strong demand in the construction and building supplies industry in the Swiss market
Excluding currency translation effects and changes in the scope of consolidation, sales by
the SFS Group increased by 5.5 %. However, the unfavorable exchange rate trend for SFS resulted in a 2.3 % decline in sales revenues.
Key figures from the consolidated income statement of the SFS Group
| Mio. CHF | 2011 | 2010 * | Change |
| Sales | 1'068,1 | 1'092,9 | -2.3% |
EBITDA
% of total revenue | 188,7 | 208,3 | -9.4% |
EBIT (operating profi t)
% of total revenue | 114,1
10,6 | 125,8
11,5 | -9.3% |
| Net income | 85,4 | 97,8 | -12,6% |
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* without the Steel & Metals division
SFS intec
Sales by SFS intec were especially affected by the unfavorable currency trend referred to above, since SFS intec books more than 97 % of its revenues outside Switzerland in the local currencies of the relevant markets. At constant exchange rates, SFS intec achieved growth of 7.3 % in the 2011 financial year.
The Fastening Systems Division and GESIPA each posted sales growth of over 10 % in local currencies.
The Aircraft Components Business Unit secured significant new orders for the installation of passenger compartment interiors in the Airbus A350 XWB. Depending on the success of this aircraft type, this is potentially the largest order yet concluded by SFS intec to date.
SFS intec attained a high level of innovation performance. A large number of orders to develop and manufacture new parts were secured in the components supply business. The Fastening Systems Division successfully launched new systems solutions which made significant contributions to sales growth in the 2011 financial year.
SFS unimarket
Sustained high output figures in the construction industry and the exporting successes of Swiss manufacturers of machinery and systems resulted in strong demand for SFS unimarket’s trading products and services, at least in the first half of the year under review.
SFS unimarket posted encouraging increases in sales volumes in all sectors of the business. Exchange rate trends reduced purchase prices considerably in some cases. SFS unimarket passed on these currency benefits promptly to customers. Currency-related price reductions added up to an annualized
figure in the double-digit millions and curbed sales growth.
SFS unimarket posted a substantial increase in profitability overall. Its innovative systems solutions, the expansion of the services offering and considerable productivity gains contributed to this outcome.
SFS Locher
The Steel & Metals Division, which reported sales revenues of some 100 million Swiss francs in the previous year, was spun off from SFS Locher and merged with Stürm AG to form the stürmsfs Group with locations in Switzerland, Austria and Slovakia. Stürm Holding AG and SFS Handels Holding AG each own 50 % of this company.
The leaner SFS Locher now focuses on supplying construction companies with construction tools, other building supply products as well as fabricated reinforcing steel and reinforcing systems. It operated in a healthy market environment and considerably expanded sales volumes. As a result of the general steep decline in prices for reinforcing steel, revenue growth lagged considerably behind volume growth in tonnes.
SFS services
SFS services is the group’s in-house service provider in the fields of HR management (including personnel training/development and basic vocational training), IT services (including operating and development), finance, accounting and controlling, as well as planning and organization of infrastructure projects. With its services and expertise combined with advantages of scale, SFS services contributes directly to the competitiveness of SFS Group units operating in the marketplace.
Thanks
We wish to thank our customers and suppliers for their cooperative partnership with our company.
Our sincere thanks go also to all employees in more than 20 countries, who do their utmost with passion and a high level of commitment to meet the needs of our customers and assure the success of our corporate group.
On behalf of the Board of Directors and the Executive Committee
Heinrich Spoerry
SFS intec
SFS intec has made a name for itself as a global development partner, manufacturer and supplier of precision cold formed components, special fasteners and mechanical fastening elements. By focusing on selected customer groups it can align its products and services with their needs
 | 2011 | 2010 | Change |
| Sales (million Sfr.) | 720 | 749 | -3.9% |
| Number of employees (FTE) | 3'302 | 3'200 | |
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SFS unimarket
SFS unimarket is a leading national supplier of fasteners, special components, tools, architectural hardware and chemical/technical products in Switzerland and neighboring countries
| 2011 | 2010 | Change |
| Sales (million Sfr.) | 293 | 292 | 0.6% |
| Number of employees (FTE) | 577 | 574 | 0.5% |
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SFS Locher
SFS Locher is the expert and dependable supply partner for construction tools and building supply products as well as innovative reinforcement solutions, with 4 sites in Switzerland
| 2011 | 2010 | Change |
| Sales (million Sfr.) | 73 | 70 | 5.0% |
| Number of employees (FTE) | 96 | 93 | 3.2% |
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SFS services
SFS services is the in-house business partner for the three operating companies of the SFS Group. The bundling of administrative processes in this Shared Service Center ensures a high level of effi ciency and quality
| 2011 | 2010 | Change |
| Sales (million Sfr.) | 38 | 36 | 4.1% |
| Number of employees (FTE) | 142 | 142 | |
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