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Order and sales volumes remain low
Volume figures as at end of third quarter 2009
The situation in Mikron's markets and business environment remained virtually unchanged in the third quarter and the description given at mid-year still applies. A large proportion of the enquiries and orders currently being received relate to customer products and applications that are driven by a technical development process, or to the launch of new customer products. Enquiries relating to the expansion of existing production capacity have been less common.
The Machining segment appeared to bottom out in the 2nd quarter of 2009. However, it is still too early to speak of a reversal of the trend. For the last 12 months now, orders and sales in this segment have been around 50% lower than their long-term average. The short-time working programme at the main production site in Agno will have to remain in place for the time being.
In the Automation segment, order volumes over the last 12 months have come in at almost 40% under their long-term average. Medical/Personal Care, the market segment with the strongest sales, remains relatively robust. Nevertheless, the order backlog has declined markedly over the last few months. In response to this, the main production site in Boudry has been preparing for the introduction of short-time working since mid-year: After the handover of various major projects at mid-year, staff are now being systematically encouraged to use up leave and overtime balances.
New accounting policy
The Mikron Group has decided to change the underlying standard for its accounting and reporting from IFRS (International Financial Reporting Standards) to Swiss GAAP FER with retroactive effect from 1 January 2009. Mikron regards Swiss GAAP FER as the more appropriate standard for internationally active SMEs. The consolidated financial statements will continue to be of high quality and based on the "true and fair view" principle. The changeover has only a minor impact on shareholders' equity and net earnings.
Investor Relations Calendar of Events
15.03.2010 Media release: 2009 annual results
Annual Media Conference
27.04.2010 Annual General Meeting 2010
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