July 18, 2019 / 5:17 AM / a month ago

BRIEF-Georg Fischer H1 Net Profit Down At 101 Million Francs

July 18 (Reuters) - GEORG FISCHER AG:

* GF PIPING SYSTEMS INCREASES STRONG PRIOR-YEAR PERFORMANCE - SWIFT ACTIONS TO ADDRESS AUTOMOTIVE DROP

* H1 SALES DECREASE 5.5% ORGANICALLY TO CHF 1’915 MILLION

* H1 EBIT MARGIN BEFORE ONE-OFF ITEMS OF 8%

* IMPLEMENTATION OF STRATEGY 2020 IS FULLY ON TRACK

* FOR YEAR AS A WHOLE, GF EXPECTS FREE CASH FLOW BEFORE ACQUISITIONS TO BE IN LINE WITH OUR PUBLISHED RANGE OF CHF 150 TO 200 MILLION

* NET PROFIT AFTER MINORITIES AND ONE-OFF ITEMS WAS CHF 101 MILLION COMPARED TO CHF 150 MILLION IN FIRST SEMESTER OF 2018

* BARRING UNFORESEEN CIRCUMSTANCES, GF EXPECTS TO ACHIEVE FOR 2019 AN EBIT MARGIN BEFORE ONE-OFF ITEMS OF ABOUT 8% AND AN ROIC BETWEEN 14% AND 18%

* FOR 2020, GF CONTINUES TO TARGET OBJECTIVES THAT WERE REVISED UPWARDS IN 2018 OF 9-10% ROS AND 20-24% ROIC

* GF MACHINING SOLUTIONS HAS A SOLID ORDER BOOK, WHICH SHOULD LEAD TO A STRONGER SECOND HALF-YEAR Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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