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Following the collapse of sales by 35% in 2009 and a major restructuring plan, Georg Fischer broke even in the 2nd half of 2009 and achieved organic growth in the 1st half of 2010. Massive operational leverage now appears . Long cycle segments are taking over and the share still benefits from residual potential in view of the 2011 ratios.
Georg Fischer felt the impact of the severe downturn in manufacturing and industrial investment as early as mid-2008. 2009 sales collapsed by 35%: the group implemented a vast restructuring plan and was back to break-even in the second half of 2009. Substantial operational leverage will be available once volumes recover and the balance sheet has returned to normal. We are changing our rating from PLUS-R to PLUS.
2009 results published by Georg Fischer reflect the good implementation of its restructuring plan. The break-even point has been reduced to CHF 2.9 billion and operational balance was achieved in the 2nd half despite a historical downturn in sales. The group will once again generate a positive net result in 2010 and a return in 2012 to the 2005 sales figure would be sufficient to achieve the operating margin target set by the management. The net debt has been reduced and refinanced: the balance sheet is no longer at risk. We are giving this share a PLUS code.
We met the CEO and CFO of GF. Restructuring is in line and the break-even point has been lowered to a greater extent than we had been expecting. The management is robust and remains cautious over the recovery of volumes in 2010 despite sharply higher sales on the automobile side in the past two months. Debt restructuring has been completed and free cash flow will be distinctly positive in the second half. Cash flow is assured and the risk of a capital increase has been set aside. Finally, the medium term strategy places greater emphasis on piping.
Georg Fischer felt the impact of the severe downturn in manufacturing and industrial investment in 2008. Automobile manufacturing hit rock bottom at the start of 2009 and industrial investment should recover in 2010. The group has implemented a vast restructuring plan which will provide massive operational leverage, seriously underestimated by the market.
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