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Rieter able to secure financing, no cap hike needed
Swiss auto parts and textilecompany Rieter (RIEN.S) is optimistic about being able to getcash from banks and does not plan to go for a capital hike, thegroup's head told Reuters on Friday, boosting its shares.
Rieter, which said it will post a net loss in 2008 as theslump in the German auto industry takes its toll, is stillconfident about getting the necessary financing from banksthanks to its solid balance sheet and low debt ratio, HartmutReuter said.
'We are confident that we will be able to secure thefinancing of Rieter both in the short and mid to long-term. Onepillar is loans from the bank. We have also reduced ourinvestment programme,' Rieter said.
The group, which cut 15 percent of its workforce in 2008,said more job losses would be necessary.
'We are currently in talks with workers' representatives andwill shortly reach conclusions in Germany, France and otherwestern countries. The reduction will continue until we areadjusted to match our environment,' he said.
By 1134 GMT, shares in the group, which have lost some 25percent so far this year, had risen 4.88 percent to 135.30 Swissfrancs, outperforming a near flat Swiss mid-cap index .SMIM.
'Management's comments that Rieter has solid financing anddoes not need a capital increase to survive the crisis shouldgive reason for hope,' Zuercher Kantonalbank trading analystClaude Zehnder said.
Earlier on Friday, Rieter posted a slightlybetter-than-expected 17 percent drop in 2008 sales, while ordersslumped 34 percent in local currencies, as demand in the textileand automotive industries dwindled.
'The trend of business at Rieter Textile Systems in 2008 wasdominated by a cyclical downturn on the world market for textilemachinery that had not been experienced by the industry fordecades,' the group said in a statement.
Rival Oerlikon (OERL.VX) issued a string of profit warningslast year due to weakness at its textile unit, while Sika(SIK.S), Clariant (CLN.VX) and Georg Fischer (FIN.S), whichsupply the car industry, have seen demand slump.
Reuter said it was very difficult to say how 2009 woulddevelop, adding that the group had not seen any pick up indemand so far in January.
'The order trend at Rieter is worrying in our eyes andclearly reflects the simultaneous downturn in both theautomotive and the textile market,' said Vontobel analyst FabianHaecki.
'Unfortunately, it seems that there is no recovery on thecards for both divisions in 2009,' Haecki said.
Rieter, which said it will post a net loss in 2008 as theslump in the German auto industry takes its toll, is stillconfident about getting the necessary financing from banksthanks to its solid balance sheet and low debt ratio, HartmutReuter said.
'We are confident that we will be able to secure thefinancing of Rieter both in the short and mid to long-term. Onepillar is loans from the bank. We have also reduced ourinvestment programme,' Rieter said.
The group, which cut 15 percent of its workforce in 2008,said more job losses would be necessary.
'We are currently in talks with workers' representatives andwill shortly reach conclusions in Germany, France and otherwestern countries. The reduction will continue until we areadjusted to match our environment,' he said.
By 1134 GMT, shares in the group, which have lost some 25percent so far this year, had risen 4.88 percent to 135.30 Swissfrancs, outperforming a near flat Swiss mid-cap index .SMIM.
'Management's comments that Rieter has solid financing anddoes not need a capital increase to survive the crisis shouldgive reason for hope,' Zuercher Kantonalbank trading analystClaude Zehnder said.
Earlier on Friday, Rieter posted a slightlybetter-than-expected 17 percent drop in 2008 sales, while ordersslumped 34 percent in local currencies, as demand in the textileand automotive industries dwindled.
'The trend of business at Rieter Textile Systems in 2008 wasdominated by a cyclical downturn on the world market for textilemachinery that had not been experienced by the industry fordecades,' the group said in a statement.
Rival Oerlikon (OERL.VX) issued a string of profit warningslast year due to weakness at its textile unit, while Sika(SIK.S), Clariant (CLN.VX) and Georg Fischer (FIN.S), whichsupply the car industry, have seen demand slump.
Reuter said it was very difficult to say how 2009 woulddevelop, adding that the group had not seen any pick up indemand so far in January.
'The order trend at Rieter is worrying in our eyes andclearly reflects the simultaneous downturn in both theautomotive and the textile market,' said Vontobel analyst FabianHaecki.
'Unfortunately, it seems that there is no recovery on thecards for both divisions in 2009,' Haecki said.
