Bruno Piatti AG

International building products supplier AFG Arbonia-Forster-Holding AG, based in Arbon (Canton Thurgau), achieved record sales and a good operating result for the last financial year despite the ongoing deterioration of the economic environment in the second half of the year. Total revenues increased by 6.7% to CHF 1570.6 million (previous year CHF 1471.5 million). This is the first time the revenue figure has exceeded one and a half billion francs, despite the fact that demand was clearly in decline, especially in the 4th quarter. After adjusting for acquisition and negative currency effects, like-for-like growth came to 2.1%. Operating earnings (EBIT) reached CHF 86.6 million (CHF 95.5 million), giving an EBIT margin of 5.5% (6.5%). This fall is mainly due to impairment of goodwill and intangible assets. Cash flow from business operations went up to CHF 96.1 million (CHF 72.1 million), while group profit fell to CHF 48.1 million (CHF 55.6 million) despite the lower tax bill resulting from lower EBIT, unfavorable exchange rate movements and higher, but planned, interest costs.