InfoVista ReportsSolid Fourth Quarter and Full Fiscal Year Results

July 30, 2010 By Leave a Comment

PARIS–(Business Wire)–
InfoVista (Euronext: IFV, ISIN: FR0004031649), the leading provider of Service
Performance Assurance solutions, today announced financial results for the
fourth quarter and fiscal year, ended June 30, 2010.

Total revenues for the quarter were €12.2 million, compared to €11.5 million in
the fourth quarter last year. On a normalized basis (i.e. excluding Microsoft
license revenues in the prior year), revenues were up 13% from the comparable
quarter last year, with strong license revenue growth year-on-year of 25%.
Operating income was €1.1 million in the fourth quarter, while net income
reached €1.2 million.

For the fiscal year 2010, InfoVista achieved normalized revenue growth of 5%, to
€43 million, and a net income margin of 6%, in line with its objectives for the
year.

Commenting on the Company`s performance, Philippe Ozanian, Chief Executive
Officer, said: “The fast adoption of our new solutions, Vista360, Mobile Pack,
APM (Application Performance Management), and our partnership with Cisco
generated a remarkable fourth quarter license revenue increase of 25% compared
to last year. Twelve consecutive quarters of positive operating margins, a
revamped portfolio of solutions, and fruitful partnerships leave me very
confident that InfoVista is in better shape than ever to take advantage of its
leadership position. Our next fiscal year objectives will seek to accelerate our
recent accomplishments so we look forward to discussing these with the financial
community on September 9th.”

Financial Highlights

Revenues by Region

In thousands Q4 FY10 Q4 FY09 % Change FY 2010 FY2009 % Change FY 2009 % Change
Normalized
EMEA €6,835 €5,882 16% €24,219 €24,027 1% €24,027 1%
Americas 3,943 4,431 -11% 12,427 16,164 -23% 11,973 4%
Asia-Pacific 1,389 1,222 14% 6,354 4,993 27% 4,993 27%
Total €12,167 €11,535 5% €43,000 €45,184 -5% €40,993 5%

* In the Americas, fourth quarter revenues were up 7% on a normalized basis
compared to last year. Recently released products led to a large win with a
US-based mobile wholesale customer, while Cisco PNOC business provided positive
traction.
* EMEA revenues grew by 16% in the fourth quarter. Emerging markets represented
about half of EMEA license revenues, with a large number of repeat deals from
follow-on phases with service providers in Serbia, South Africa and Saudi
Arabia.
* Revenues in Asia-Pacific, up 14%, posted their fourth consecutive quarter of
double-digit growth. New products that address mobile network service providers
lifted license revenues.
* In the fourth quarter, InfoVista derived 40% of total revenues from its
indirect sales channel. The service provider market generated 77% of total
revenues for the quarter.

Operating Expenses

In thousands Q4 2010 Q4 2009 % change FY 2010 FY 2009 % change
Sales & Marketing €4,285 €3,835 12% €15,064 €15,560 -3%
Research & Development 2,616 2,344 12% 9,495 9,723 -2%
General & Administrative 1,410 1,383 2% 5,677 5,717 -1%
Total €8,311 €7,562 10% €30,236 €31,000 -2%

* Gross margin in the fourth quarter was at 78%, compared to 79% for same period
last year.
* Sales & marketing costs represented 35% of total revenues in the fourth
quarter, up 12% from the comparable quarter last year. This increase is a direct
result of additional spending linked to revenue growth for the past quarter.
* Research & development costs represented 21% of revenues in the fourth
quarter, up as compared to the same period last year. Excluding R&D tax credits
in France, the fourth quarter R&D costs were unchanged year on year.
* General & administrative costs stood at €1.4 million in the fourth quarter or
12% of total revenues for the quarter. G&A spending was held flat with continued
cost control.
* As at June 30, 2010, InfoVista had 231 employees.

Income taxes

* InfoVista recorded a net €0.1 million income tax benefit during the fourth
quarter, which included a deferred tax benefit of €0.4 million and an income tax
expense of €0.3 million. According to IFRS accounting rules, InfoVista has
determined that a portion of its more than €10 million deferred tax assets
should be recorded for a €0.4 million benefit in the fourth quarter, as a result
of past trends in positive net result performance as well as the positive
outlook for fiscal year 2011.

Balance Sheet

* Days Sales Outstanding (DSO) stood at 98 days for the fourth quarter, as
compared to 65 days in the comparable quarter last year. This increase in DSO
resulted from exceptionally strong cash collections in the fourth quarter of the
previous fiscal year.
* As at June 30, 2010, the Company`s cash, cash equivalent and short-term
deposits amounted to €25.8 million, as compared to €28.6 million at June 30,
2009 and €23.1 million at March 31, 2010. For the quarter, the €2.7 million cash
generation came primarily from operating activities. For the fiscal year, the
cash consumption of €2.8 million came primarily from its stock buyback program.
* As at June 30, 2010, InfoVista had a total of 18,015,404 and 16,552,447 shares
issued and outstanding, respectively.

Conference call to discuss 2010-11 objectives September 9, 2010

Please go to the investor relation webpage at www.infovista.com to view a video
presentation of InfoVista`s 2010 financial result.

InfoVista will host an investor conference call on September 9, 2010 at 9.00
a.m. (EST) / 2:00 p.m. (UK) / 3:00 p.m. (Continental Europe). The call will be
available by dialing France +33 (0)1 70 99 42 72 North America +1 212 444 0481
and +44 (0)20 7138 0824 in the UK. In each case followed by access code 6958646
A replay will be available shortly after the end of the call at the following
numbers: France: +33 (0)1 74 20 28 00 UK: +44 (0)20 7111 1244 North America: +1
347 366 9565 – all with access code 6958646#.

About InfoVista

InfoVista enables managed service providers, mobile operators, broadband
operators and enterprise IT organizations to ensure the availability and quality
of the services they deliver at the lowest possible cost, empowering these
organizations to successfully make the transformation from infrastructure
providers to service providers. Our customers rely on InfoVista`s proven
solutions for service and infrastructure performance management to successfully
launch new and high performance services, foresee potential service issues
before they impact end users, reduce customer churn, and invest appropriately.
Sample customers include Bell Canada, Bharti, BNP Paribas, Cable & Wireless,
Citigroup, Deutsche Telekom, JP Morgan Chase, KPN International, SFR, T-Mobile,
Telefonica, and Telstra. InfoVista is traded on the Euronext Paris
(FR0004031649) and can be found online at www.infovista.com.

Except for historical information contained herein, the matters discussed in
this news release are “forward looking statements.” These statements involve
risks and uncertainties which could cause actual results to differ materially
from those in such forward-looking statements; including, without limitation,
risks and uncertainties arising from the rapid evolution of our markets,
competition, market acceptance of our products, our dependence upon spending by
the telecommunications industry and our ability to develop and protect new
technologies. For a description of other factors which might affect our actual
results, please see the “Risk Factors” section and other disclosures in
InfoVista’s public filings with the French Autorité des Marchés Financiers.
Readers of this news release are cautioned not to put undue reliance on any
forward-looking statement. The Company undertakes no obligation to publicly
update any forward-looking statements, whether as a result of new information,
future events or otherwise.

The consolidated FY10 accounts are currently being audited and are subject to
approval by the Board of Directors anticipated for September 23, 2010.

INFOVISTA
CONSOLIDATED INCOME STATEMENTS
(In thousands, except for share and per share data)
The table presented below represents the consolidated income statements in accordance with IFRS

For the twelve months ended For the three months ended
June 30, June 30,
2010 2009 2010 2009
(unaudited) (unaudited) (unaudited)
Revenues
License revenues € 15,851 € 20,614 € 5,158 € 4,886
Service revenues 27,149 24,570 7,009 6,648
Total 43,000 45,184 12,167 11,534

Cost of revenues
Cost of licenses 1,284 1,058 274 245
Cost of services 8,698 9,040 2,381 2,197
Total 9,982 10,098 2,655 2,442

Gross profit 33,018 35,086 9,512 9,092

Operating expenses
Sales and marketing expenses 15,063 15,560 4,285 3,835
Research and development expenses 9,495 9,723 2,616 2,344
General and administrative expenses 5,677 5,717 1,410 1,383
Restructuring costs – 1,534 – –
Amortization of acquired intangible assets 457 458 114 114
Total 30,692 32,992 8,425 7,676

Operating profit 2,326 2,094 1,087 1,416

Financial revenues 223 666 40 149
Financial costs (14) (53) (1) (18)
Net foreign currency transaction gains (losses) (53) (144) (70) (161)

Financial profit 156 469 (31) (30)

Profit before income taxes 2,482 2,563 1,056 1,386

Income tax (expense) / benefit (55) (320) 95 (189)

Profit € 2,427 € 2,243 € 1,151 € 1,197

Basic profit per share € 0.14 € 0.13 € 0.07 € 0.07
Diluted profit per share € 0.14 € 0.13 € 0.07 € 0.07

Basic weighted average shares outstanding 16,943,648 17,679,138 16,562,897 17,459,469
Diluted weighted average shares outstanding 17,101,580 17,706,846 16,800,457 17,493,776

INFOVISTA
CONSOLIDATED BALANCE SHEETS
(In thousands)
The table presented below represents the consolidated balance sheets in accordance with IFRS

As of
June 30, June 30,
2010 2009
(unaudited)
ASSETS

Goodwill € 9,268 € 9,268
Other intangible assets, net 1,379 1,941
Tangible assets, net 1,202 1,332
Deferred tax asset 894 –
Other non-current assets 619 867
Total non-current assets 13,362 13,408

Accounts receivables, net 13,207 8,357
Other current assets 2,071 1,376
Short term deposits 11,538 –
Cash and cash equivalents 14,215 28,644
Total current assets 41 031 38 377

Total assets € 54,393 € 51,785

EQUITY
Issued capital € 9,728 € 9,724
Share premium 80,086 79,215
Treasury shares (4,164) (1,075)
Currency translation differences (1,168) (1,620)
Accumulated deficit (47,957) (50,384)
Total equity 36,525 35,860

LIABILITIES
Deferred revenues – non-current 262 320
Other non-current liabilities 270 223
Total non-current liabilities 532 543

Accounts payables 2,904 1,592
Accrued salaries and commissions 2,820 2,244
Accrued social security and payroll taxes 1,932 1,256
Accrued VAT 548 410
Deferred revenues – current 8,716 8,843
Other current liabilities 416 1,037
Total current liabilities 17,336 15,382

Total liabilities and equity € 54,393 € 51,785

Actif – Passif – –
With P&L (1)

InfoVista
David Forlizzi, Chief Financial Officer
+1 703-707-1768
+33 1 64 86 79 52
dforlizzi@infovista.com

Copyright Business Wire 2010

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Husqvarna AB: Interim Report January – June 2010

July 21, 2010 By Leave a Comment

STOCKHOLM–(Business Wire)–
Husqvarna (STO:HUSQB):

Magnus Yngen, President and CEO:
“The year had a slow start due to the late spring in several markets. However,
during the second quarter activities gradually improved with strong sales in
June.

Sales adjusted for changes in exchange rates, acquisitions and divestments
(adjusted sales) were up 5% during the quarter. Europe & Asia/Pacific increased
by 10% and Americas was down 1%. In Americas we were able to compensate most of
the lost low-end listings with strong improvements in other accounts.

End-user demand has increased compared to the preceding season. Performance was
strong in several important markets, especially in Europe. Our estimate is that
we have gained market shares in Europe during the first half of the year. Dealer
sales were up significantly in all markets, demonstrating the strength of our
brand in the market for high-end products. In other important areas such as
Eastern Europe, demand continued to recover and sales picked up substantially.
Construction showed good improvement in sales; the sustained focus on innovation
and market-leading products have resulted in increased market shares.

Operating income adjusted for items affecting comparability, changes in exchange
rates, acquisitions and divestments (adjusted operating income) increased by
34%. Increased sales and production volumes, improved mix as well as continued
cost efficiency gains contributed positively.

Although it seems our industry has passed the bottom of the recession and
end-user demand is on the rise, the trade still remains cautious regarding
inventory management. Lead times are short and shipments are unusually volatile.
Our estimate is that Group shipments in the third quarter will be slightly
higher compared with the third quarter of 2009.”

· Net sales for the second quarter amounted to SEK 11,457m (11,481) and
operating income was SEK 1,319m (1,116). Excluding restructuring charges,
operating income amounted to SEK 1,476m (1,134).

· Adjusted operating income in the second quarter increased 34%.

· Operating margin for the second quarter increased to 11.5% (9.7).

· Higher operating income for Europe & Asia/Pacific and Construction in the
second quarter.

· Net sales for the first half-year amounted to SEK 20,539m (22,633) and
operating income was SEK 2,097m (1,902). Income for the first half-year was SEK
1,471m (1,225), or SEK 2.54 (2.33) per share.

PRESS AND TELEPHONE CONFERENCE
A combined press and telephone conference will be held at 12.00 CET on 20 July
2010 at the Scandic Anglais Hotel, Humlegårdsgatan 23, Stockholm. To participate
in the telephone conference, please call
+46 (0)8 5052 0110 or +44 (0) 20 7162 0077 ten minutes prior to the start of the
conference.

A replay of the telephone conference will be available at www.husqvarna.com/ir.

This interim report comprises information which Husqvarna is required to
disclose under the Securities Markets Act and/or the Financial Instruments
Trading Act. It was released for publication at 08.00 CET on 20 July 2010.

This information was brought to you by Cision http://www.cisionwire.com

Husqvarna
Bernt Ingman, Chief Financial Officer
+46 36 14 65 05
or
Boel Sundvall, SVP Corporate Communications & IR
+46 8 738 70 18
or
Tobias Norrby, Investor Relations Manager
+46 8 738 83 35

Husqvarna Press Hotline, +46 8 738 70 80

Copyright Business Wire 2010

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TREASURIES-Soft in Asia before housing data, Bernanke

July 21, 2010 By Leave a Comment

July 20 (Reuters) – U.S. Treasuries inched down in Asian trade on Tuesday as gains in most stock markets around the region helped curb safe-haven demand for government debt, while investors awaited data on housing starts later in the day.

* But losses in Treasuries were limited, with the two-year note yield hovering near its all-time low of 0.581 percent hit last week as worries that the U.S. economic recovery may be faltering linger.

* “Investors cannot aggressively sell Treasuries as they find it difficult to draw a bright picture of the future economy,” said a senior bond trader at a Japanese brokerage.

* Last week, the Federal Reserve downgraded its economic outlook for hit year but stuck with its prediction of trend to above-trend growth in 2011. Fed Chairman Ben Bernanke will likely detail the Fed’s economic view in a semi-annual testimony before Congress on Wednesday and Thursday.

* Before Bernanke’s testimony, investors will look to housing data at 1230 GMT. Economists expect housing starts to have totalled an annualised 0.58 million in June, down from an annualised 0.593 million in May. [ECI/US]

* Data showed on Monday that U.S. home-builder sentiment fell more than expected in July to its lowest since April 2009 as builders face reluctant home buyers in a weak jobs market with tight credit conditions. [ID:nN19191144]

* September futures on the 10-year Treasury note slipped 2/32 to 122-31/32 TYv1. Ten-year notes fell 3/32 in price to yield 2.973 percent US10YT=RR, up 1 basis point from late U.S. Trade on Monday. The benchmark yield struck a 14-month low of 2.88 percent earlier this month.

* Two-year notes yielded 0.601 percent US2YT=RR, up about 0.5 basis point on the day, while 30-year notes slipped 4/32 in price to yield 3.990 percent US30YT=RR, up 1 basis point.

* The MSCI index of Asia Pacific shares outside Japan .MIAPJ0000PUS rose 1.4 percent. (Reporting by Rika Otsuka; Editing by Joseph Radford)

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Electrolux: President and CEO Hans Stråberg`s Comments on the Second-Quarter Results of 2010

July 20, 2010 By Leave a Comment

We are on track and presenting a record Q2 result

We are on track and can today present a margin of 6.5% for the latest 12-month
period. All business areas show improved profitability. We are selling more
advanced products and are step by step improving our position in the important
premium segment. Cash flow continues to be strong, which has further
strengthened our balance sheet.
STOCKHOLM–(Business Wire)–
We are implementing our strategy, based on innovative products, a strong
Electrolux brand and low production costs. In North America, we have improved
our product mix due to the fact that we have successfully increased sales and
gained market shares under our own strong Electrolux and Frigidaire brands. I am
especially satisfied with the performance in North America considering the fact
that we had extra costs amounting to about SEK 200m in the quarter related to
the re-launch of Frigidaire and the consolidation of the Group`s North American
headquarters to Charlotte.

The US government rebates to stimulate sales of energy-efficient products have
contributed to strong growth, especially in the month of April. I think there is
a learning for other countries on how to reduce energy-consumption in an
efficient way. I also believe we will see a continued growth in North America in
the coming years, as many American consumers need to replace their old
appliances, which are beginning to reach the end of their life cycles.

In Europe as well, we improved our product mix and continued to sell more in the
very important built-in segment. We will continue to introduce new products to
the European market, and in order to secure the success of the product launches,
we will increase marketing investments in the second half of 2010.

The operations in Latin America, Asia Pacific and for Professional Products
succeeded in nearly doubling their earnings compared to the second quarter of
2009. Asia Pacific showed its best result ever, and margin increased to 10%. In
spite of a very tough period, Professional Products reached an operating margin
of 12%. This is also a record.

We continue to generate a very strong cash flow, which has further strengthened
our balance sheet. This gives us opportunities to continue to deliver a strong
return to our shareholders.

Although there is still great uncertainty and many things can happen in the
remaining part of the year, I still think 2010 could be the year we approach our
goal of an operating margin of 6% with continued improved capital efficiency.

Stockholm, July 19, 2010

Hans Stråberg
President and Chief Executive Officer

This information was brought to you by Cision http://www.cisionwire.com

Electrolux
Peter Nyquist, +46 (0)8 738 60 03
Head of Investor Relations and Financial Information

Copyright Business Wire 2010

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Singapore fund assets up 40 pct to $877 bln in 2009

July 10, 2010 By Leave a Comment

July 9 (Reuters) – Total assets managed by fund managers in Singapore rose 40 percent to S$1.21 trillion ($877 billion) last year, above the pre-crisis peak of S$1.17 trillion in 2007, the central bank said on Friday.

Asia Pacific continued to be the main target for investments by Singapore-based managers, accounting for 61 percent of assets under management in 2009, Monetary Authority of Singapore Deputy Managing Director Ong Chong Tee said at an investment forum.

About 51 percent of the funds were invested in stocks, while bonds accounted for 16 percent, the central bank said. (Reporting by Kevin Lim; Editing by Jan Dahinten)

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TREASURIES-Ten-year yield hits 14-mth low as equities slide

June 30, 2010 By Leave a Comment

June 29 (Reuters) – The U.S. benchmark 10-year Treasury yield touched its lowest level since April 2009 on Tuesday, as weakness in regional equities helped spur flight-to-safety buying of government debt.

The 10-year Treasury yield dipped to 2.998 percent US10YT=RR, down about 3 basis points from late U.S. trading on Monday.

Treasuries gained a lift after Asian shares shed earlier gains and turned negative, said a trader for a U.S. financial institution.

“Flow-wise, it’s not too convincing, a little below average,” the trader said, adding that some investors may be reluctant to trade actively ahead of the quarter-end.

Ten-year note futures rose 9.5/32 in price to 122-14/32 TYv1.

In the stock market, MSCI’s broad measure of Asia-Pacific shares outside Japan fell 1.1 percent .MIAPJ0000PUS. (Reporting by Masayuki Kitano; Editing by Chris Gallagher)

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TREASURIES-Ten-year yield hits 14-mth low as equities slide

June 30, 2010 By Leave a Comment

June 29 (Reuters) – The U.S. benchmark 10-year Treasury yield touched its lowest level since April 2009 on Tuesday, as weakness in regional equities helped spur flight-to-safety buying of government debt.

The 10-year Treasury yield dipped to 2.998 percent US10YT=RR, down about 3 basis points from late U.S. trading on Monday.

Treasuries gained a lift after Asian shares shed earlier gains and turned negative, said a trader for a U.S. financial institution.

“Flow-wise, it’s not too convincing, a little below average,” the trader said, adding that some investors may be reluctant to trade actively ahead of the quarter-end.

Ten-year note futures rose 9.5/32 in price to 122-14/32 TYv1.

In the stock market, MSCI’s broad measure of Asia-Pacific shares outside Japan fell 1.1 percent .MIAPJ0000PUS. (Reporting by Masayuki Kitano; Editing by Chris Gallagher)

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LaSalle hires Nomura real estate banker as Asia CIO

June 25, 2010 By Leave a Comment

June 24 (Reuters) – U.S. real estate firm LaSalle Investment Management said it HAS hired Mark Gabbay as chief investment officer for Asia Pacific.

Stocks | Financials

Before joining LaSalle, Gabbay was in Asia for more than 12 years, most recently at Nomura Holdings (8604.T). Before that he worked for Lehman Brothers as managing director and co-head of real estate for Asia Pacific.

LaSalle, a unit of property services firm Jones Lang LaSalle (JLL.N), has $38.3 billion in assets under management. (Reporting by Maggie Lu Yueyang; Editing by Chris Lewis)

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Carlo Gavazzi Holding AG: Carlo Gavazzi posts solid results for 2009/10

June 25, 2010 By Leave a Comment

Carlo Gavazzi Holding AG / Carlo Gavazzi posts solid results for 2009/10 processed and
transmitted by Hugin AS. The issuer is solely responsible for the content of this
announcement.

Net income at previous year’s level – Sales increase in second half

Steinhausen, June 24, 2010 – Zug-based electronics group Carlo Gavazzi has posted good
results for the financial year despite a difficult market environment. The group’s net
income reached the previous year’s level of CHF 8 million. The share price increased by
66.7%. The Board of Directors is proposing a dividend of CHF 5 per bearer share.

Carlo Gavazzi achieved sales of CHF 150 million (previous year CHF 175 million; – 11% in
local currency) for the financial year to 31st March 2010. Sales were 12% higher in the
second half of the year than in the first semester. Thanks to productivity gains and
changes to the client mix, the gross profit margin improved again, from 52.4% to 54.5%.
EBIT reached CHF 13.0 million (previous year CHF 16.2 million), while the EBIT margin
remained practically the same as the previous year at 8.7%. The financial year closed
with a net income of CHF 8.0 million in line with last year’s result, mainly thanks to a
strong increase in the second semester.

With its net cash position improving to CHF 44.4 million (previous year CHF 29.7
million), and an equity ratio of 69.3%, Carlo Gavazzi has a very sound financial
structure.

The company’s share price rose 66.7% during the reporting period. The Board of Directors
is proposing a dividend of CHF 5 per bearer share to the AGM.

New sales offices and subsidiaries in China and Mexico

Sales declined in Europe and even more in the USA, especially in the first half of the
year. Incoming orders began to recover in the second half-year in both areas. In
November 2009 Gavazzi opened a new subsidiary in Mexico, which began operations in the
final quarter of the financial year.

Asia-Pacific had a very positive business development, with sales increasing by 20% on
the back of growth in all key countries. Two sales offices were opened in Wuhan and
Guangzhou in order to strengthen geographical coverage in China.

Growth in energy management – declining performance in industrial automation and
building automation

While sales of the traditional product range decreased 20% on average, sales of energy
management products rose by around 40%. Within the company’s priority markets, the
renewable energy sector experienced particularly good sales growth.
By contrast, the current decline in demand for real estate affected performance in the
building automation sector.

The industrial automation sector was also impacted by the difficult economic
environment, with sales in this area decreasing by around 20%.
Although the future development of the automation market remains uncertain, initial
signs of recovery in the energy management sector have been evident since the end of
2009, suggesting that sustained growth can be expected.

Growth strategy

Gavazzi is making major endeavours to developing new products, including new solutions
for building automation, e.g. door and lift controls, as well as developing new markets,
e.g. renewable energy. The company is also confident that its efforts to develop new
markets in Latin America and Asia will be successful. The strong financial basis also
allows Carlo Gavazzi to screen possible acquisitions on a regular basis. The aim of any
acquisition would be to strengthen the potential of Gavazzi’s product portfolio through
new growth and additional earnings.

The company expects the positive performance of the second half to continue in the new
financial year.

Acknowledgments

The Zug based company was founded in 1931 and was recently hailed as one of 100 best
family controlled companies in Switzerland.

Felix Stöcklin, Head of Corporate Communications, has decided to retire effective 31st
December, 2010. The company wishes him a wonderful and serene future and thanks him for
his life-long lasting support to Carlo Gavazzi over the past 35 years.

Consolidated key figures

Income statement 2009/10 2008/09 %

Bookings 152.7 172.7 -11.6
Operating revenue 149.9 174.9 -14.4
EBIT 13.0 16.2 -19.8
EBIT margin 8.7 9.3 –
Earnings from ongoing operations 8.0 12.2 -34.4
Loss from discontinued operations – -4.2 –
Net income 8.0 8.0 –
Cash flow 13.0 17.9 -27.4

Balance sheet (as at 31 March) 2010 2009

Net working capital 30.8 43.2 -28.7
Shareholders’ equity 107.9 106.9 +0.9
Total assets 155.6 156.4 -0.5
Equity as % of assets 69.3% 68.4% –

69.3%

68.4%

-

For further information
If you have any questions, please contact:
Felix Stöcklin
Head of Corporate Communications
Carlo Gavazzi Holding AG
Phone: +41 41 747 45 26
E-mail: felix.stoecklin@carlogavazzi.ch mailto:felix.stoecklin@carlogavazzi.ch

The press release can be downloaded from the following link:

HUG#1426774

Press release (PDF) http://hugin.info/100205/R/1426774/374598.pdf

— End of Message —

Carlo Gavazzi Holding AG
PO Box 152 Steinhausen null

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Hirco Appoints Additional Non-Executive Director

June 23, 2010 By Leave a Comment

LONDON–(Business Wire)–
Hirco PLC (AIM:HRCO), an investment vehicle for Hiranandani, India`s largest
developer of mixed-use townships and the country`s largest residential builder,
is pleased to announce the appointment of Peter Barge as an additional
non-executive director.

Peter Barge has had a distinguished career in the real estate industry. He had
recently held the positions of Chairman and CEO of Jones Lang LaSalle, Asia
Pacific and Chairman of Jones Lang LaSalle Hotels. He will retire from Jones
Lang LaSalle on 30th June prior to taking up his appointment as non-executive
Director with Hirco.

Peter’s appointment to the board will take effect on 1st July. He will serve on
the remuneration committee and strategy and investment committee and has been
designated to act as the senior non-executive director (as such role is outlined
in the incoming UK Corporate Governance Code).

Commenting on the appointment, Niranjan Hiranandani, Chairman of Hirco Plc said:

“Peter brings a wealth of real estate industry and Asia experience to the board.
He is a well-respected voice in the industry. My colleagues and I look forward
to working with him.”

About Hirco

Hirco PLC is an investment vehicle that invests in India with Hiranandani,
India`s largest developer of prestigious mixed-use townships for the country`s
increasingly affluent middle class. Its modern, large-scale developments -
combining high-quality residential, commercial and retail components with green
space and social and recreational facilities – are strategically located in
suburban areas outside major city centres.

Hirco shares are traded on the London Stock Exchange`s AIM market under the
symbol HRCO. At the time of its admission to trading on AIM in December 2006,
Hirco was the largest-ever real estate investment company IPO on the AIM and
that year`s largest IPO on AIM.

For further information about the Company, please visit www.hircoplc.com.

To view construction progress at Hirco`s Chennai project, please visit

About Peter Barge

An Australian national, Peter Anthony Barge (59) has had a long and varied
career including teaching, consultancy and property management. For the last 20
years he has been associated with Jones Lang LaSalle, starting with the merger
of Transact – a firm founded by Peter – with Jones Lang Wooton (now JLL). He is
a well-respected figure in the real estate industry in Asia. Peter is also the
author of three management books and was the subject of a Harvard Business
School case study. He has won several industry awards, including the Trailblazer
award from the Hotel Investment Conference Asia pacific.

Peter is a director/partner of the following entities:
Barge Investments (Aust) Pty Limited

Past directorships/partnerships in the last five years:
JLL Asia Pacific, JLL Hotels, JLL STK, JLL Australia Pty Limited, IP Group Pty
Limited, Property Look Pty ltd, Sandalwood Pte Ltd, Tatweer Dubai Holdings,
Hero’s Journey Pty Ltd, Jaypoint Pty Ltd, Vengaza Pty Ltd.

There are no further details to be disclosed pursuant to Schedule 2, paragraph
(g) or Rule 17 of the AIM Rules for Companies.

Hirco
Joe DeLuca, +1 610-230-2333
ir@hirco.com
or
Gutenberg Communications
US – Hugh Burnham / Michael Gallo
+1 212-239-8595 / +1 212-239-8594
hugh@gutenbergpr.com / mgallo@gutenbergpr.com
or
UK – Maxine Ambrose, + 44 (0) 7785 280930
maxine@gutenbergpr.com
or
India – Pranav Kumar, +91 98 1007 7898
pranav@gutenbergpr.com

Copyright Business Wire 2010

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Citi names Rahul Shukla head of India corp banking

June 16, 2010 By Leave a Comment

June 15 (Reuters) – Citigroup (C.N) said on Tuesday Rahul Shukla will take over as head of India corporate banking, the unit that manages financing needs of the bank’s corporate clients.

Financials

Shukla, who had joined Citi in 1991 and was most recently heading the bank’s telecom, media and technology practice in the Asia Pacific, will report to Ravi Kapoor, Citi’s global banking head in India. (Reporting by Sumeet Chatterjee; Editing by Unnikrishnan Nair)

Filed Under: International News Tagged With: , , , , , , , , , , , , ,

Investors back buyouts despite weak returns-study

June 14, 2010 By Leave a Comment

LONDON, June 14 (Reuters) – Private equity investors are planning to commit more to the asset class over the next 18 months despite most having seen weak returns from their investments, according to a new study.

Nearly two-thirds of investors plan to accelerate new commitments to private equity funds over the remainder of 2010 and 2011, private equity firm Coller Capital said in its Global Private Equity Barometer, released on Monday. The plans to increase investments come in spite of falling returns. Some 51 percent of investors have made lifetime returns of less than 11 percent from private equity and over 20 percent have made less than 5 percent, the study found.

“There is nothing that suggests investors are not very keen on the industry but for individual firms it opens some tough and challenging discussions ahead,” said Coller chief investment officer Jeremy Coller.

As the downturn intensified, the better private equity managers have risen to the top, while those with poor performing companies and without the operational skills to turn them around have struggled.

One-third of investors said most firms do not have the requisite operational skills, while the remainder said the majority of firms have the talents, the study found.

Two in five North American private equity investors expect to reduce the number of firms they invest in over the next two years as they focus on the top performers. About a fifth of European and Asia-Pacific investors plan to cut the number of funds in which they invest. (Reporting by Simon Meads; editing Karen Foster)

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‘Shark’ says was ‘business decision’ to shift base from Sydney to China

June 4, 2010 By Leave a Comment

Sydney, June 4(ANI): Australia’s richest sportsman Greg Norman has said that the decision to shut his only office in the country, and shift his base to China, was a business decision.

“You have to go where the opportunities are to make a statement. We”re putting our eggs in a basket where there”s going to be tremendous growth,” The Daily Telegraph quoted Norman, as saying.

Norman’s comments came after suggestions that his company no longer saw Australia as its key Asia-Pacific hub.

Greg Norman Golf Course Design shut its Australian office in Sydney with at least three long-serving staff, including golf course architect and a 10-year company veteran Harley Kruse, being made redundant.

He further hit out at suggestions that he was abandoning Australia, and said that he would remain a major taxpayer well into the future.

Norman pointed to his wine and beef joint ventures to show he was a big tax contributor, and said: “We … generate a lot of revenue out of our businesses.”

“We do three million bottles of wine out of Australia, we do 90,000 kilos of beef and we”ve got five golf courses under construction here,” he added. (ANI)

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300,000 Hybrid Trucks and Buses to be on the Road by 2015, Forecasts Pike Research

June 3, 2010 By Leave a Comment

BOULDER, Colo.–(Business Wire)–
Transit buses have long been an important platform for testing new drivetrains
in the heavy-duty vehicle market, but within the past couple of years,
manufacturers have significantly increased their development of hybrid electric
and hydraulic hybrid drivetrains for the medium and heavy-duty truck segments.
These hybrid vehicles promise a reduction in fuel consumption between 5% and 50%
depending on design, which will help reduce costs and emissions, making hybrid
trucks more and more attractive for fleet managers. According to a new report
from Pike Research, the global market for hybrid medium and heavy-duty trucks
and buses will increase from 9,000 vehicles sold in 2010 to more than 100,000
vehicles in 2015. During this five-year period, the cleantech market
intelligence firm forecasts that a total of nearly 300,000 hybrid trucks will be
sold worldwide.

“Fleet managers are actively seeking tools to insulate themselves from growing
fuel costs and increasingly stringent emissions regulations,” says senior
analyst Dave Hurst, “but at the same time they do not want to compromise on
vehicle requirements. Many new hybrid truck designs introduced in the next few
years hold strong potential to strike a balance between efficiency, cost, and
performance.”

Hurst adds that, while North America is currently the leading region for hybrid
trucks, Asia Pacific will take the lead in 2011, driven by growth in both Japan
and China. Pike Research forecasts that the United States will remain the
largest singular market for hybrid trucks and buses between now and 2015,
followed closely by China.

Pike Research`s analysis further indicates that both hybrid and battery electric
vehicles have good potential for the medium and heavy-duty truck classes.
Fleets that need to cover expansive territory while carrying heavy-duty loads
will likely adopt hybrid technology to help contain the costs of the battery.
On the other hand, fleets that have a set delivery or commuter route will likely
gravitate toward battery electric technology. Hurst does not expect to see
significant numbers in the plug-in hybrid truck category, though the greatest
source of interest in plug-in hybrid trucks will be from utility companies.

Pike Research`s study, “Hybrid Trucks and Buses”, analyzes the opportunities and
challenges in the market for hybrid, plug-in hybrid, and battery electric medium
and heavy-duty trucks and buses. The report provides a comprehensive
examination of hybrid and battery technologies, along with key drivers of demand
from medium/heavy-duty truck fleet customers. The report also explores global
government regulations related to diesel emissions and hybrid purchase
incentives. It includes detailed forecasts through 2015 for commercial vehicle
registrations, hybrid, plug-in hybrid, and battery electric medium and
heavy-duty trucks segmented by country and world region, as well as bus fleets
for the United States. Key market players are also profiled. An Executive
Summary of the report is available for free download on the firm`s website.

Pike Research is a market research and consulting firm that provides in-depth
analysis of global clean technology markets. The company`s research methodology
combines supply-side industry analysis, end-user primary research and demand
assessment, and deep examination of technology trends to provide a comprehensive
view of the Smart Energy, Clean Transportation, Clean Industry, Corporate
Sustainability, and Building Efficiency sectors. For more information, visit
www.pikeresearch.com or call +1.303.953.9765.

Pike Research
Matt LeBeau, 303-953-9765
press@pikeresearch.com

Copyright Business Wire 2010

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Greg Norman shuts Sydney office, shifts base to China

May 26, 2010 By Leave a Comment

Sydney, May 26(ANI): Australia’s richest sportsman Greg Norman has shut his only office in the country to shift his base to China.

Greg Norman Golf Course Design shut its Australian office in Sydney with at least three long-serving staff, including golf course architect and a 10-year company veteran Harley Kruse, being made redundant, The Daily Telegraph reports.

The office closure comes just a year after Norman’s chief Australian course architect for 22 years Bob Harrison parted ways with the legendary golfer.

It also signals that Norman’s company no longer sees Australia as its key Asia-Pacific hub. (ANI)

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Asian stocks weak, euro gives ground

May 24, 2010 By Leave a Comment

The euro struggled to hold on to gains on Monday as investors sold into its latest bounce, while Asia stocks fell to hover just above eight-month lows hit on Friday on fears the euro-area debt crisis will hit world growth.

Although Wall Street was firm on Friday, investors in Asia weren’t so bullish.

They sold exporters in Japan to pull the benchmark Nikkei average down to its lowest level in more than five months, taking the view that a strong yen was undermining their earnings prospects. That added to the average’s 6.5 percent fall last week, its worst weekly drop in over a year.

The euro fell to $1.2490 in Asian trade from around $1.2570 in late New York dealings on Friday.

The currency had posted its first weekly gain against the dollar in six weeks last week as investors bought back the currency following its long slide.

Dealers said the health of the European banking sector weighed on the euro, already hurt by worries about the impact of deep public spending cuts in Greece, Spain and Portugal.

At the weekend, the Bank of Spain said it was taking over the running of Spanish savings bank CajaSur after its planned merger with another of the country’s small lenders failed.

The Australian dollar eased as carry trades funded in the single currency continued to be unwound on fears of a global slowdown.

“The euro is still vulnerable structurally as the short covering that we saw last week seems to have run its course,” said Tony Morriss, senior currency strategist at ANZ Bank.

“Also, the unwinding of carry trades that lifted the euro against the Aussie last week could run into some resistance.”

* The MSCI index of Asia-Pacific shares outside of Japan inched down 0.2 percent, hovering just above an eight-month low hit on Friday.

* Japan’s Nikkei average fell 0.5 percent, after earlier falling as much as 0.93 percent to 9,693.07, its lowest since early December.

* The euro rebounded sharply against the high-yielding Aussie last week, hitting three-month highs of A$1.5456, on the back of a huge sell-off by hedge funds. On Monday, the pair was trading at A$1.5188, just above late levels in New York on Friday.

* The Australian dollar fell 1.2 percent against the yen to 74.08 yen .

* The Aussie dollar extended its broad slide after global miner Rio Tinto said it is reviewing all capital spending plans in light of the Australian government’s proposed resource super profits tax.

* Australian stocks rose, buoyed by bargain hunters picking up banks and miners, following a slight recovery on Wall Street. The benchmark S&P/ASX 200 index gained 0.5 percent to 4,328.3, moving away from 10-month lows on Friday.

* Three-month copper on the London Metal Exchange inched up $5 to $6,850, extending gains of more than 3.5 percent from the previous session.

* U.S. crude futures was steady to trade around $70.00 a barrel. An oil price of $65 per barrel is still reasonable for all producers, but a price below that will be a “disadvantage,” the chief executive of Saudi Basic Industries Corporation (SABIC) said on Sunday.

* U.S. benchmark 10-year Treasury notes edged up about 5/32 in price to yield 3.218 percent , down about 3 basis points from late U.S. trading on Friday.

(Additional reporting by Anirban Nag in Sydney; Editing by Neil Fullick)

(For more business news on Reuters Money visit http://www.reutersmoney.in)

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Nomura’s Cortes leaves for Africa safari business

May 6, 2010 By Leave a Comment

HONG KONG, May 5 (Reuters) – Nomura International’s head of loan syndication Asia-Pacific ex-Japan and managing director for fixed income, Jose Cortes, is leaving the bank to concentrate on his safari business in southern Africa, according to sources at the bank.

Financials

The sources said the move had been planned for some time, and that Cortes would be working full-time on his safari business.

A spokeswoman for Nomura’s corporate communications department declined to comment.

Cortes previously enjoyed a short period in semi-retirement when he established the safari business, before returning to the loan markets with Barclays Capital in 2003. He left Barclays, where he was director, head of Asia-Pacific distribution in Barclays’ global loans group, to join Lehman Brothers in 2006.

At Lehman he took on an expanded role, which included loan trading in addition to syndication, but remained involved in his safari business.

Formerly a Chase Manhattan Asia veteran, Cortes left his post as head of loan syndication and distribution, Asia-Pacific, at JP Morgan in 2002

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OneAsia united again after Korean players call off boycott

April 30, 2010 By Leave a Comment

South Korean golfers have called off their threatened boycott of OneAsia tournaments after being assured of more entries for events on the fledgling tour, the Korean Golf Association (KGA) said on Thursday.

The threat of a boycott was a huge embarrassment to the Tour — established last year by the Australian, Chinese and Korean golf bodies — ahead of the first event in South Korea this year, next week’s Maekyung Open.

The players were unhappy that there would be fewer places for local golfers in the three former Korean Tour events that have been added to OneAsia’s 11-tournament schedule, even though the prize money had been doubled to $1 million.

An assurance that a minimum of 60 South Korean golfers would play at the three events and that no more Korea Tour events would be added to the OneAsia Tour had ended the boycott threat on Thursday, the KGA told the Yonhap news agency.

“A total of 74 South Korean golfers including invited players will take part in the Maekyung Open,” a KGA official said.

The news is a massive boost to OneAsia, who have faced fierce resistance from the previously established Asian Tour in their bid to establish an elite platform for Asia-Pacific golfers.

“The resolution of these misunderstandings in Korea have highlighted the need for us to keep the education process of our vision going, and this experience has simply helped strengthen our alliances,” OneAsia chairman Sang Y Chun said in a release.

(Reporting by Nick Mulvenney in Beijing; To query or comment on this story email sportsfeedback@thomsonreuters.com)

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ASIA M&A WATCH-Asian suitors eyed with Palm in play

April 15, 2010 By Leave a Comment

April 14 (Reuters) – Asian companies head a growing list of potential buyers for struggling U.S. smartphone maker Palm Inc (PALM.O), while the battle for Australian miner Macarthur Coal (MCC.AX) continues to rage.

Stocks | Mergers & Acquisitions | Global Markets

For a spreadsheet of major M&A deals involving Asia-Pacific companies, click link.reuters.com/vev67j

(Spreadsheet opens in Internet window)

* If you would like to receive this information by weekly email, please email lincoln.feast@thomsonreuters.com

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Barcap hires Thorkelsson as Asia-Pac equities head

April 15, 2010 By Leave a Comment

HONG KONG, April 14 (Reuters) – Barclays Capital, the investment banking arm of Barclays Bank Plc (BARC.L), has hired former Nomura banker Sigurbjorn ‘Siggi’ Thorkelsson as head of equities for Asia Pacific.

Financials

Thorkelsson will oversee the firm’s equities business across Asia Pacific, focusing on developing a full service equities franchise. Thorkelsson, who will be based in Hong Kong, held a similar title at Nomura. (Reporting by Denny Thomas; editing by Ken Wills)

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