After 9 months of its 2012/13 financial year (31 January 2013), the Infranor Group, a specialist in robotic automation systems, has improved its profitability by obtaining the same profit (0.6 million CHF) as a year previously despite a reduction in sales of nearly 10 per cent to 31 million CHF (34.2 million CHF). The Group saw a significant increase in its activities in China and the United States, and is anticipating closing its 2012/13 financial year on 30 April next with a net profit of 1.0 million CHF, an improvement on the December 2012 forecast (0.8 million CHF).



Sustained activity in Asia and the United States

Reflecting the slowdown observed during 2012, European companies - and more particularly those located in the south - saw a drop in orders received of nearly 6 per cent compared to those received for the same period a year earlier. Orders from South-East Asia and the United States increased by 5 per cent, with total orders received amounting to 31.8 million CHF, down 4 per cent compared to 31 January 2012 (33.1 million CHF). Consolidated sales (31.0 million CHF) followed the same trend, namely falling by 9.6 per cent (34.2 million CHF).

In general, the trend towards the short-term - often initiated by market unpredictability - remains in place after 9 months. One encouraging sign is that customers - Chinese, North American and European alike - that are manufacturers of capital goods are investing constantly in new, promising projects, for which Infranor's know-how makes it a preferred partner.  

The gross margin improved considerably to 59.3 per cent (57.4 per cent for the 2011/12 financial year) following the reorganisation of product assembly procedures on the one hand, and a more favourable product mix on the other. Because of the drop in sales, the EBIT margin fell to 5.1 per cent with regard to sales (6.6 per cent 12 months before), but following a reduction in financial expenses, the cumulative net profit as at 31 January rose to 0.6 million CHF (0.5 million CHF a year previously).

As at 31 January 2013, total assets amounted to 29.0 million CHF (30.7 million CHF at 30 April 2012). This drop can be explained, on the assets side, by a 1.5 million CHF reduction in trade receivables, and on the liabilities side, by the repayment of 1.7 million CHF in financial liabilities.

Encouraging prospects for the full financial year

In light of its orders on hand for delivery before 30 April 2013 and the current maintenance of the rate of orders received, the Infranor Group projects sales of around 41,5 million CHF (46.4 million CHF at 30 April 2012) and (subject to exchange rate fluctuations) that it will achieve a profit after taxes of 1.0 million CHF (1.1 million CHF a year earlier).

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