Schramberg, April 1st, 2016 - In order to represent the significance of the Asian business more adequately in its financial reporting, SCHWEIZER for the first time has established a consolidated financial statement according to IFRS Standards for the fiscal year 2015.
On the balance sheet, the adoption of IFRS Standards leads to the disclosure of hidden reserves in tangible assets. While balance sheet assets of the individual financial statement amount to 87.7 million euro, balance sheet assets of the consolidated financial statement according to IFRS come up to 119.1 million euro. The increase in assets is reflected by a higher IFRS consolidated equity of 67.5 million euro compared to an equity of 51.5 million euro in the individual financial statement. The IFRS consolidated equity ratio amounts to 56.6% (individual financial statement 58.7%).
The higher value of tangible assets according to IFRS translates into higher yearly depreciations of 3.8 million euro in the income statement. Particularly due to this effect, the consolidated EBIT before special effects amounted to 5.9 million euro. One-time restructuring expenses of 1.1 million euro and negative exchange rate effects between the euro and the US dollar amounting to a total of 1.0 million euro burdened the result. The EBIT after special effects amounted to 3.8 million euro. Profit after tax is anticipated to be 1.5 million euro (individual financial statement 5.5 million euro).
SCHWEIZER continues to expect a strong business with its automotive solutions to reduce CO2-emissions as well as with its solutions for high frequency applications, which form the precondition for autonomous driving. Thanks to these product solutions, the order book climbed to a record level of 149.1 million euro by the end of the year 2015 order, which is an increase of 25% according to the previous year.