In Q3 2003, the group achieved a considerable result. This was due both to the good result posted by SSM Textile Machinery and the stabilization of business at Ismeca Automation and Ismeca Semiconductor.
The Group's liquidity rose to CHF 54 million, and the net cash position advanced to CHF 25 million, an increase of CHF 19 million compared to the beginning of the year. Short and long term interest-bearing liabilities now amount to less than CHF 30 million.
SSM Textile Machinery
SSM Textile Machinery's steady progress continued in Q3 2003. Key factors were the gratifying order volume from Turkey and a recovery in China. The operating profit margin came to over 15%. Another good result is expected for the final quarter of the year.
Satis Vacuum
The volume of orders received from the USA was good, unlike European orders, which failed to meet expectations. Despite a lower amount of orders received compared to the first half-year, the sales level of the first two quarters was maintained, but fell well short of the previous year's figure. The renewed increase in the operating profit margin to 13% on the other hand was gratifying. We expect a good overall result for 2003.
Ismeca Automation
Thanks to a solid order intake, Ismeca Automation had orders worth over CHF 25 million on its books at the end of September. Improved sales figures contributed to the break-even achieved in the quarter under review. A positive result is anticipated for the final quarter of the year. Nevertheless, the full year is expected to close with a loss.
Ismeca Semiconductor
Ismeca Semiconductor's orders received and sales in Q3 were on a par with the figures for the previous quarters. The on-going cost cutting and capacity adjustment programs had a positive impact on the Q3 figures. And as no further value adjustments were called for, only a minor loss was incurred. The improvement is expected to continue in the last three months of the year. Although new orders have been on the rise over the last two months, there is still no clear indication of a sustained recovery.
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