Changeover of Financial Reporting to IFRS / Complete Takeover of China Activities
SCHMOLZ+BICKENBACH AG intends to change its financial reporting to the International Financial Reporting Standards (IFRS) in the current financial year. This will make the Group financial statements, which were formerly drawn up in accordance with Swiss GAAP FER standards, even more transparent and internationally comparable for the capital market. For the Group financial statements as at December 31, 2008, it is planned to publish complete IFRS financial statements, including the necessary prior year's figures and reconciliation calculations. The half-year financial statements 2008 will again be prepared on the basis of the present Swiss GAAP FER financial reporting standards. For information purposes, in the half-year report we shall additionally publish the figures of the balance sheet and income statement as at June 30, 2008, based on the IFRS standards, and accompany them with explanations of significant changeover situations and effects.
We can also report that SCHMOLZ+BICKENBACH AG, Emmenbrücke, through its subsidiary company SCHMOLZ+BICKENBACH International GmbH, Düsseldorf, has acquired the remaining 10% of SCHMOLZ+BICKENBACH China Holdings Ltd., Hong Kong, from the former owner. SCHMOLZ+BICKENBACH AG thus becomes the sole owner of this company. In the same connection, the share in the five processing and distribution companies in China has been increased from formerly 90% to 100%. These companies, with approximately 1000 employees, own plants for processing steels as well as for heat treatment. The main focus of their activities is on the sale of tool steels, stainless long products, and high-grade engineering steels. Thomas Habeler, for-merly head of our subsidiary in South Africa, has taken over as CEO. The companies are now being strategically realigned. Corresponding investment projects have started. From the companies we want to serve demanding markets in China and other countries in this strongly growing economic region, and offer our globally active customers the desired service.
Contact persons for further information are:
Benedikt Niemeyer, CEO, phone +41 41 209 50 40
Marcel Imhof, COO, phone +41 41 209 51 82
Axel Euchner, CFO, phone +41 41 209 50 35