The Siegfried Group reports sales of CHF 367.8 million for the 2012 financial year, representing growth of 12.1% in terms of Swiss francs, or 10.0% in local currencies. Earnings before interest, taxes and depreciation (EBITDA) amounted to CHF 45.4 million (+ 24.1%), corresponding to an EBITDA margin of 12.3%. Earnings before interest and taxes (EBIT) grew by 43.5% to CHF 17.9 million, representing an EBIT margin of 4.9% barely below target.

Operating cash flow of CHF 54.3 million (+ 85.1%) emphasizes the good state of the company. Net current assets of CHF 136.1 million remained at a low level. Return on capital employed (ROCE) of 19.4% shows that a good performance can be achieved with tied-up funds. Moreover, on the cut-off date Siegfried held net cash of CHF 25.8 million, or CHF 46.2 million when taking into consideration treasury stock. The equity ratio is reported at 66.3%.

The resulting net profit for the year under review amounts to CHF 20.9 million. This item includes a positive fiscal effect of CHF 5.7 million which, to a large degree, reflects the capitalization of losses carried forward in the United States. In view of the good results and the sound financial situation, the Board of Directors will propose to the Shareholders' Meeting a pay-out of CHF 1.20 per share from reserves from capital contributions.

Rudolf Hanko, CEO: "The continuation of positive trend shows that Siegfried is on the right track. Continued progress in implementing strategy has created the conditions for sustained growth of sales and profitability."

Consistent implementation of strategy

In 2012, Siegfried consistently strengthened its market position by improving cost structure, expanding capacity, bolstering business with finished dosage forms and widening its technological base. In June 2012, Siegfried acquired Alliance Medical Products (AMP), which is specialized in the sterile filling of drugs. In the seven months of inclusion in the Siegfried Group, AMP contributed CHF 11 million to sales. The company's integration is moving forward according to schedule.

Furthermore, Siegfried acquired the rights for a property in an industrial park in Nantong, southern China, where the company will begin construction of a production plant in the current year.

In Zofingen, Siegfried put into operation a suite for the development of high potency drugs, and plans for the modernization of parts of the production facility have made significant progress. Moreover, the exchange of land put into effect in 2012 will facilitate the future expansion of the location.