Tel.: +41 (0)52 262 55 00
Fax: +41 (0)52 262 00 51
Page 1/7
New orders amounted to CHF 427.8 mn, an increase of 5.7% (5.0% at constant exchange rates)
over the previous year and a new record high for the company. Both business areas contributed
to this achievement. In the Compressor Systems business (CS), incoming orders rose by 5.2% to CHF 272.7 mn, primarily thanks to orders from customers in the petrochemicals and gas transport and storage markets. The Components, Services & Support (CSS) business area increased its order intake by 6.5% to CHF 155.1 mn.
Sales amounted to CHF 366.7 mn (plus 11.5%, at constant exchange rates plus 10.9%).
As in the previous year, sales were higher in the second half than in the first half due to the com- pressor systems delivery schedules set by our customers. Compressor systems accounted for CHF 215.7 mn (plus 4.7%) of total sales and the service and components business area account- ed for CHF 151.0 mn (plus 22.9%).
Stable earnings powerGross profit grew 11.2% to CHF 136.0 mn during the year under review. The resulting gross profit margin was at the same level as in the prior year and reached 37.1%. Operating profit increased
14.5% to CHF 74.2 mn and the corresponding operating profit margin was virtually unchanged
at 20.2% (19.7% in the previous year). Net income rose by 9.9% to CHF 55.5 mn (previous year CHF 50.5 mn) and reached an impressive 15.1% of sales. Net income per share amounted to CHF 16.62 (previous year CHF 15.22).
Currency situation still tenseThe minimum exchange rate to the euro set by the Swiss National Bank has reduced exchange- rate volatility and increased the accuracy of our planning and forecasting. Due to persisting margin pressure, especially in the compressor systems business, the measures initiated in prior years
Media Release
June 4, 2013
Page 2/7
will be steadfastly maintained. They are focused on further increasing procurement and value creation activities in foreign countries, raising efficiency, developing new products and addressing new application areas.
Breakthrough in maritime dual-fuel engine systemsBurckhardt Compression scored a major success in dual-fuel technology with the receipt of an or- der for a Laby®-GI fuel gas compressor system for two LNG tankers. This marks a major milestone in the company's efforts to position its compressors as a viable solution for an energy-efficient
and environmentally friendly ship propulsion system with gas-driven diesel engines. This order can be viewed as a breakthrough in a market where significant investments will be made in order to comply with more stringent environmental standards.
Further strengthening of balance sheetThe equity ratio rose to 56.8% (previous year 53.3%). The net financial position increased by
CHF 15.4 mn and stood at CHF 150.8 mn as of March 31, 2013.
Headcount reflects organic growth strategyThe number of employees rose by 95 or 9.7% to 1'078 full-time equivalents during the report-
ing year. About half of the new jobs were created in Winterthur while the increase in staff in other
countries reflects the ongoing international expansion of our service and components business.
Share placementBurckhardt Compression Holding AG repurchased 75'317 registered shares from December 15,
2008 to December 16, 2010 within the scope of a share buyback program (2.22% of share capi- tal). On January 18, 2013 these shares were successfully placed with institutional investors in accord with the changed purpose of the buyback program.
Positive outlook for the fiscal year 2013Despite the global debt crisis, especially in Europe, and the associated turmoil, particularly in foreign exchange markets, Burckhardt Compression is confident about the course of business in the current fiscal year. Most of the markets continue to grow, especially the petrochemicals and gas transport and storage markets. From today's standpoint, Burckhardt Compression expects an increase in order intake for both the Compressor Systems and the Components, Services & Support business area. Sales are forecast to be significantly higher compared to the fiscal year under review. The operating profit margin is expected to be near the middle of the long-term
target range of 15% to 20%.
Further increase in the dividendThe Board of Directors will propose a dividend of CHF 9.00 (previous year CHF 7.00) per share at the upcoming annual general meeting, which corresponds to a payout ratio of 54% (previous year
46%) of net income. In view of the company's sound finances and ample cash holdings, the Board
of Directors has increased the targeted payout range from 40%-60% to 50%-70%.
Media Release
June 4, 2013
Page 3/7
Burckhardt Compression is one of the worldwide market leaders in the field of reciprocating compressors and the only manufacturer that offers a complete range of Laby® (labyrinth piston), Process Gas, and Hyper Compressors. The compressors are used to compress, cool or liquefy gases. Burckhardt Compression's customers include multinational companies active in the chemi- cal, petrochemical, refinery, industrial gas and gas transport and storage industries. With the leading compressor technology, the high-quality compressor components and the comprehensive range of services Burckhardt Compression supports its customers in their effort to minimize the
life cycle costs of their reciprocating compressor systems.
Contact:Marcel Pawlicek, CEO Tel.: +41 (0)52 262 55 00
Fax: +41 (0)52 262 00 51 marcel.pawlicek@burckhardtcompression.com www.burckhardtcompression.com
Appendix:• Key figures at a glance
• Consolidated income statement
• Consolidated statement of comprehensive income
• Consolidated balance sheet
• Consolidated cash flow statement
• Key dates in 2013 and 2014
The 2012 annual report has been published on our website at
www.burckhardtcompression.com/financial-reports
Figures at a glanCe | ANNuAl REpORT 20 12 | BuRCkHARDT COMpRESSION 9
Media Release
June 4, 2013
Page 4/7
Figures at a glance
2010 2011 in CHF mn | 201 | 2 | Change 2011/2012 | |||
Order intake: | ||||||
- Compressor Systems (CS) 235.9 259.3 | 272.7 | +5.2% | ||||
- Components, Services & Support (CSS) 126.6 145.6 | 155. | 1 | +6.5% | |||
Total 362.5 404.9 | 427. | 8 | +5.7% | |||
Sales and gross profit: | ||||||
- Compressor Systems Sales 222.5 206.0 | 215 | .7 | +4.7% | |||
Gross profit 51.9 59.2 | 57.6 | -2.7% | ||||
in % of sales 23.3% 28.7% | 26.7 | % | ||||
- Components, Services & Support Sales 133.1 122.9 | 151.0 | +22.9% | ||||
Gross profit 63.7 63.1 | 78. | 4 | +24.2% | |||
in % of sales 47.9% 51.3% | 51.9% | |||||
Total Sales 355.6 328.9 | 366. | 7 | +11.5% | |||
Gross profit 115.6 122.3 | 136.0 | +11.2% | ||||
in % of sales 32.5% 37.2% | 37.1 | % | ||||
Operating income (EBIT) 61.5 64.8 | 74.2 | +14.5% | ||||
in % of sales 17.3% 19.7% | 20.2 | % | ||||
Net income 45.1 50.5 | 55.5 | +9.9% | ||||
in % of sales 12.7% 15.4% | 15.1 | % | ||||
Depreciation and amortization 9.9 10.6 | 11 | .1 | +4.7% | |||
Cash flow: | ||||||
- from operating activities 61.6 74.5 | 36. | 3 | -51.3% | |||
- from investing activities -12.9 -9.2 | -19.3 | |||||
- from financing activities (incl. translation differences) -18.6 -24.2 | -12. | 0 | ||||
Total 30.1 41.1 | 5. | 0 | -87.8% | |||
Balance sheet total 502.4 530.7 | 596.7 | +12.4% | ||||
Non-current assets 156.2 156.6 | 164. | 5 | +5.0% | |||
Current assets 346.2 374.1 | 432.2 | +15.5% | ||||
Shareholders' equity 258.0 282.8 | 339. | 1 | +19.9% | |||
in % of balance sheet total 51.3% 53.3% | 56.8 | % | ||||
Net financial position 95.0 135.4 | 150.8 | +11.4% | ||||
Headcount as per end of fiscal year (full-time equivalents) 917 983 | 1'07 | 8 | +9.7% | |||
Total remuneration non-executive members of the Board of Directors (5 persons) 435.0 422.0 (in TCHF) | 520. | 1 | +23.2% | |||
Total remuneration Executive Board (11 persons in FY 2010 and FY 2011; 3'949.0 3'466.0 12 persons in FY 2012) (in TCHF) | 4'629. | 0 | +33.6% | |||
Share price as per end of fiscal year (in CHF) 289.25 247.50 | 355.25 | |||||
Market capitalization (in CHF mn) 983.5 841.5 | 1'207. | 9 | ||||
Market capitalization/shareholders' equity (ratio) 3.8 3.0 | 3.6 | |||||
Net income per share (in CHF) 13.56 15.22 | 16.6 | 2 | +9.2% | |||
Dividend per share (in CHF) 5.00 7.00 | 9.00 | +28.6% | ||||
Media Release
68 June 4, 2013
Page 5/7
COnSOlIDATeD InCOme STATemenT
in CHF 1'000 | 201 | 2 | 2011 | |||
Sales | 366'67 | 7 | 328'926 | |||
Cost of goods sold | -230'69 | 6 | -206'586 | |||
Gross Profit | 135'981 | 122'340 | ||||
Selling and marketing expenses | -39'44 | 8 | -33'665 | |||
General and administrative expenses | -18'740 | -16'358 | ||||
Research and development expenses | -7'73 | 1 | -8'078 | |||
Other operating income/expenses | 4'13 | 1 | 550 | |||
Operating income | 74'193 | 64'789 | ||||
Finance costs | -1'41 | 9 | -2'356 | |||
Other financial income/expenses | 15 | 7 | 290 | |||
Profit before income tax | 72'931 | 62'723 | ||||
Income tax expenses | -17'40 | 4 | -12'196 | |||
Net income | 55'52 | 7 | 50'527 | |||
Earnings per share for profit attributable to shareholders of Burck- hardt Compression Holding AG (in CHF) | ||||||
- Basic | 16.62 | 15.22 | ||||
- Diluted | 16.6 | 2 | 15.22 | |||
COnSOlIDATeD STATemenT OF COmpReHenSIve InCOme
in CHF 1'000 | 201 | 2 | 2011 | |||
Net income | 55'52 | 7 | 50'527 | |||
Adjustments of financial instruments | 560 | -5'886 | ||||
Tax effect on adjustments of financial instruments | -14 | 3 | 1'338 | |||
Currency translation differences | 274 | -2'425 | ||||
Total comprehensive income for the period | 56'21 | 8 | 43'554 | |||
Media Release
June 4, 201693
Page 6/7
COnSOlIDaTeD BalanCe SHeeT
in CHF 1'000
03/31/2013 03/31/2012
Non-current assets
Intangible assets 28'218 27'620
Property, plant and equipment 134'296 126'908
Derivative financial instruments 13 100
Other receivables 848 850
Deferred tax assets 1'119 1'145
Total 164'494 156'623
Current assets
Inventories 118'189 93'590
Trade and other receivables 123'954 94'726
Derivative financial instruments 90 796
Cash and cash equivalents 189'994 184'965
Total 432'227 374'077
Total assets 596'721 530'700
Equity
Share capital 8'500 8'500
Retained earnings and other reserves 346'884 302'205
Treasury shares -3'230 -14'130
Financial instruments -1'820 -2'237
Currency translation differences -11'265 -11'539
Total 339'069 282'799
Liabilities
Non-current liabilities
Borrowings 34'971 35'947
Derivative financial instruments 814 1'044
Deferred tax liabilities 13'876 11'221
Provisions 13'138 12'335
Total 62'799 60'547
Current liabilities
Borrowings 4'186 13'616
Trade accounts payable 24'302 16'937
Current income tax liabilities 14'570 18'012
Customers' advance payments 96'009 90'563
Derivative financial instruments 3'277 2'475
Other current and accrued liabilities 38'833 35'781
Provisions 13'676 9'970
Total 194'853 187'354
Total 257'652 247'901
Total equity and liabilities 596'721 530'700
Media Release
June 4, 201731
Page 7/7
Consolidated Cash flow statement
in Chf 1'000
2012 2011
Cash flow from operating activities
Net income 55'527 50'527 income tax expenses 17'404 12'196 other financial income/expenses -157 -290 finance costs 1'419 2'356
Operating income 74'193 64'789 depreciation 8'960 8'021 amortization 2'115 2'569
Change in inventories -26'322 2'212
Change in trade receivables -25'795 398
Change in other net current assets 17'919 7'440
Change in provisions 1'031 1'551 other non-monetary items 586 2'580 interest received 171 157 interest paid -1'316 -2'356 income tax paid -15'255 -12'845
Total 36'287 74'516
Cash flow from investing activities
Purchase of property, plant and equipment -16'474 -13'082 sale of property plant and equipment 0 2
Purchase of intangible assets -2'820 -1'348
Purchase of marketable securities 0 -136 sale of marketable securities 27 5'335
Total -19'267 -9'229
Cash flow from financing activities
increase in borrowings 1'832 386
Repayment of borrowings -12'479 -3'319 sales/purchase of treasury shares 21'605 -3'937 dividends paid -23'266 -16'619
Total -12'308 -23'489
Currency translation differences on cash and cash equivalents 317 -671
Net change in cash and cash equivalents 5'029 41'127
Cash and cash equivalents at 04/01/2011 / 04/01/2010 184'965 143'838
Cash and cash equivalents at 03/31/2012 / 03/31/2011 189'994 184'965
Net change in cash and cash equivalents 5'029 41'127
Key dates For 2013 and 2014
June 29, 2013
Annual General meeting
november 5, 2013
Results for the first half of fiscal year 2013 (as per september 30, 2013)
June 10, 2014
Results for fiscal year 2013 (as per march 31, 2014)
July 4, 2014
Annual General meeting
details of these dates, possible changes, the company pro- file, current share prices and contact addresses can be found
distributed by |