Elma Revenue declines by 9.9% in 2009 – Order income on previous year’s level

The revenue adjusted to currency translation effects developed differently in the international subsidiaries compared to the previous year. The revenue in USA (including the acquisition of ACT/Technico) clearly rose by 11.4%, whereas Switzerland (-33.8%), Germany (-18.1%), UK (-29.9%) and France (-10.9%) recorded considerable losses. Israel was able sustain its favorable development and expanded the revenue by 4.9%. Also in China an upward trend could be observed in the last couple of months of the year 2009 although the total revenue of the Chinese subsidiary was down by 7.1% on last year. The sales organization in Singapore has set the course in 2009 and was able to increase the revenue. USA also increased the incoming orders by 27.1% in 2009 – mainly due to the acquisition of ACT/Technico. Adjusted for acquisition effects, however, the orders dropped by 0.2% compared to the previous year. Switzerland had to face a decrease of 25.8%. Also in the other important markets Germany (-21.6%), UK (-17.6%) and France (-13.9%) the order income in local currencies were behind the last year’s results. In Israel (+2.7%), China (+13.6%) as well as Singapore, the incoming orders could be increased adjusted for currency translation effects, whereas a positive tendency could be recorded particularly in the last few months of 2009.

Despite of the difficult economical environment, Elma expects the revenue to consolidate in 2010. The restructuring measures implemented in 2009 will support a performance improvement in all entities of Elma Group. Detailed year end results will be presented at the media and financial analyst’s conference held on April 14, 2010 in Zurich. The company’s Annual Assembly will take place on May 26, 2010.