16.08.2011

Positive performance-painful foreign exchange impact

Press Release

The strong appreciation of the Swiss franc had a severe impact on performance in the first half of 2011.

Schindler recorded a 4.8% increase in orders received and a 5.7% rise in operating revenue in local currencies. When converted into Swiss francs, however, orders received declined by 6.5% and operating revenue fell by 5.7%.

Net profit grew by 4.1% to CHF 353 million (first half of 2010: CHF 339 million). Excluding the accounting gain resulting from the revaluation of ALSO-Actebis, net profit from continuing operations totaled CHF 318 million (first half of 2010: CHF 327 million).

The elevators and escalators business generated an EBIT margin of 12.0%, thus maintaining the same level of profitability as in the first half of 2010 (12.1%).