Zehnder Group, which operates internationally in the indoor climate sector (radiators and ventilation), reported a 2% increase in sales for the 2012 business year to EUR 523.8 million.
Organically and foreign exchange adjusted, sales revenues remained the same as in 2011. Growth in the ventilation business (+4%) was once again higher than in the radiator segment (+0%), with ventilation accounting for 33% of Group sales (2011: 32%).
In line with the strategy there was an increase in investments in innovation, market development and process optimization. In addition, the strong Swiss franc put additional strain on the accounts. As a result, at EUR 38.5 million or 7.3% of sales, the operating EBIT was 25% lower than in 2011. Net income decreased by 35% to EUR 26.8 million. The Board of Directors is proposing to the Annual General Meeting of Shareholders a dividend of CHF 0.90 per bearer share.
The Group Executive Committee expects stable sales for the radiator segment in Europe in 2013. A mid-single-digit earnings growth is expected for the ventilation business in Europe. A comparable level of growth is anticipated in the North American and Chinese markets. The EBIT margin in 2013 is likely to at least reach the 2012 level.