Ad hoc announcement pursuant to Art. 53 LR

Tornos amends forecast for 2019 financial year

• Encouraging performance in medical and dental technology as well as in the electronics industry
• Uncertainty in the automotive industry continues to weigh on order intake
• Customer projects delayed

   

In terms of visitor numbers the key industry trade fair EMO 2019 was very successful for the Tornos Group. The newly launched products SwissNano 7 and SwissDECO in particular met with considerable interest. However, in light of the global economic and geopolitical situation customers were very cautious regarding major investments. A number of customer projects were delayed so that no noteworthy orders from this trade fair will impact sales in the 2019 financial year.

Whereas the second-half business trend for Tornos remained at a good level in the medical and dental technology segment as well as in the electronics industry, uncertainty in the automotive industry was still clearly tangible.

Moreover, goods on hand have increased as a result of the substantial decline in orders. Related to this are calculated valuation allowance costs. These factors will probably mean that Tornos will generate lower profitability in 2019 than in the previous year.

Tornos will announce further details on January 21, 2020, when it publishes its net sales and order intake.