January 29, 2020 / 6:08 AM / 2 months ago

BRIEF-Rieter Holding FY Sales Down 29% To CHF 760 Million

Jan 29 (Reuters) - Rieter Holding AG:

* FY SALES WERE SIGNIFICANTLY DOWN ON THE PREVIOUS YEAR, FALLING BY 29% TO CHF 760 MILLION

* FIRST HALF OF 2020 EXPECTED TO BE SIGNIFICANTLY LOWER THAN PREVIOUS YEAR IN TERMS OF SALES AND EARNINGS

* FY ORDER INTAKE UP 7% ON PREVIOUS YEAR; ORDER INTAKE AMOUNTING TO CHF 401.6 MILLION BOOKED IN FOURTH QUARTER 2019 (4TH QUARTER 2018: CHF 119.0 MILLION)

* FY EBIT MARGIN OF AROUND 11% AND NET PROFIT OF AROUND 7% OF SALES ANTICIPATED, NON-RECURRING PROFIT CONTRIBUTION FROM SALE OF REAL ESTATE IN INGOLSTADT (GERMANY)

* PLANNING FURTHER MEASURES TO ADJUST CAPACITIES DUE TO STRUCTURAL CHANGES IN THE MARKET SITUATION

* IN BUSINESS GROUP MACHINES & SYSTEMS, ASSEMBLY OF MACHINES TO BE DISCONTINUED AT THE WINTERTHUR LOCATION

* THIS IS EXPECTED TO AFFECT 87 JOBS OUT OF A TOTAL OF 980 JOBS IN SWITZERLAND

* FOR IMPLEMENTATION OF THE ADJUSTMENT MEASURES, SEES NON-RECURRING EXPENSES OF APPROXIMATELY THE SAME AMOUNT IN 2020

* IN BUSINESS GROUP COMPONENTS, TOTAL OF 90 JOBS LIKELY TO BE LOST AT THE LOCATIONS SUESSEN, GERSTHOFEN, BOSKOVICE AND ENSCHEDE

* AIMS TO CUT RUNNING COSTS BY AROUND CHF 15 MILLION FROM 2021 Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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