Results for 2013: Stable sales in challenging markets

Gränichen, Switzerland, 7 March 2014 – Zehnder Group, which operates internationally in the indoor climate sector (radiators and ventilation), reported sales of EUR 522.4 million in 2013, on par with 2012. Adjusted for currency effects, sales revenues were 1% above the 2012 level. While sales in the radiator segment receded (-1%), the ventilation segment continued to grow (+1%), raising its contribution to group-wide sales to 34% (2012: 33%).

A large amount of resources was deployed to implement strategic projects in the areas of process improvement, information technology and product development, as well as to cultivate new markets. This reduced EBIT to EUR 32.3 million, which was 16% below the 2012 level, corresponding to 6.2 percent of sales, and included a one-off positive effect of EUR 9.2 million from the sale of a property in China. Net profit fell by 32% to EUR 18.2 million. The Board of Directors will recommend to the General Meeting of Shareholders the payment of a dividend of CHF 0.55 per bearer share.

The Group Executive Committee expects stable sales for the radiator segment in Europe in 2014. The ventilation business is likely to continue to grow, albeit at a low rate. In North America and China, Group management expects growth to be in the mid-single-digit range in 2014. Overall, the Group Executive Committee is forecasting a modest improvement in operating profit for 2014.

René Grieder
Moortalstrasse 1
5722 Gränichen

Chief Financial Officer

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