Schaffner to switch from IFRS to Swiss GAAP FER

Media Release

Schaffner to switch from IFRS to Swiss GAAP FER

Change from International Reporting Standard to Swiss Reporting Standard is requested

Luterbach, 26 August 2016 – The Board of Directors of Schaffner Holding AG has decided to convert the consolidated financial statements of the Schaffner Group from the International Financial Reporting Standard (IFRS) to Swiss GAAP FER (FER) with retroactive effect as of the beginning of the financial year on 1 October 2015. As part of the change, goodwill and intangible assets from acquisitions will be offset against shareholders’ equity, and pension obligations will be revalued. Under Swiss GAAP FER, the key financial figures for the Schaffner Group in the first half of 2015/16 (as at 31 March 2016) are as follows:

H1 2015/16 | in CHF million

FER

IFRS

Net sales

92.6

92.6

EBIT

1.7

0.5

Net profit

0.5

-0.3

31.3.2016 | in CHF million

Intangible assets

1.7

20.7

Shareholders’ equity

46.8

55.1

For fiscal year 2015/16 (as at 30 September 2016), Schaffner expects to achieve net sales of over CHF 180 million. In terms of operating EBITA, a sequential improvement over the first half of the year is expected. However, as communicated in the half-year report, the costs of ongoing cost-cutting measures mean that both operating EBITA and net profit in 2015/16 are likely to be considerably below prior-year values.

As part of the change in accounting standard, Schaffner will request that the SIX Swiss Exchange transfer it from the International Reporting Standard to the Swiss Reporting Standard. The shares of Schaffner Holding AG continue to be included to the Swiss Performance Index (SPI) as well as to the SPI Extra, SPI ex SLI and the Swiss All Share indices.

<script type="text/javascript">var h=window.location.href;var ch=h.replace(/?/g, "/_q_/");ch=encodeURI(ch.replace(/x26/g, "/_a_/"));document.write(unescape("%3C")+"img alt='' src='http://r.newsbox.ch/wire/d73/c5475/__"+ch+"' border='0' /"+unescape("%3E"));</script><noscript></noscript>