Annual Report 2010Broad-based growth results in record year
The 2010 financial year will go down as the most successful in HUBER+SUHNER’s corporate history to date. This success is broadly based in all three dimensions of the strategy: the three divisions achieved significantly higher net sales and generated double-digit margins in terms of operating profit (EBIT) across the board. All three main markets grew, and the three geographical regions recorded growth rates in the double-digit range.
Compared with the previous year, HUBER+SUHNER’s net sales rose overall by 26.7% to CHF 799.5 million. The positive impact of the increased copper price (+3.5%) was able to compensate for the negative impact of the strong Swiss franc (–3.4%) on net sales. Order intake grew even faster than net sales, rising by 30.2% to CHF 846.5 million. The operating profit achieved a new record with an increase of 91.3% to CHF 101.8 million, corresponding to an EBIT margin of 12.7%. Net income grew strongly, rising by 63.4% to CHF 79.0 million. Financial performance was impaired by negative currency effects, which we were able to limit by means of consistent financial hedging and a forced sourcing in foreign currencies. Current assets rose sharply as the result of the rapid growth, and investments increased compared with the previous year. Nevertheless, HUBER+SUHNER generated a positive free cash flow of CHF 32.9 million. Net liquidity amounted to CHF 205.8 million at the end of the year. Employee numbers also reflected the trend of growth. The number of permanent employees rose worldwide by 470 to 4 062. In addition, more than 500 temporary members of staff were employed. At the end of the reporting period, 1 506 people were employed in Switzerland (previous year: 1 470).
Annual Report 2010:
