The ongoing difficult market environment requires far-reaching strategic, operational and financial measures for the repositioning of AFG

  • The mid-year result in 2015 was disappointing: Organic revenues of -4.6%, operating loss (EBIT) before special effects of CHF 2.9 million; stable business in Building Technology and Building Security; Building Envelope with strong headwinds
  • Non-recurring costs and impairments of CHF 122.5 million burdened the mid-year result
  • Continued cost and import pressure on the Swiss market: Planned production relocation to other countries in Europe in both the Building Envelope Division and the Building Technology Division to secure long-term competitiveness in Europe
  • Purchase of the German window manufacturer Wertbau: An important step to become a leading window provider in Europe due to access to the largest European window market, as well as additional state-of-the-art and cost-efficient production capacity in East Germany
  • EgoKiefer remains the leading Swiss window manufacturer: More than 500 employees ensure service, sales, development, project management and the highest level of product quality in Switzerland
  • Financial position strengthened: Planned capital increase of approx. CHF 200 million; gross proceeds are committed by syndicate of banks; banks confirm the credit agreement and temporarily waive agreed covenants
  • Extraordinary General Meeting planned for 11 September 2015 to vote on the ordinary increase in capital 
  • Engagement of the anchor shareholder Michael Pieper and his Artemis Group sustainably reinforced: Commitment to exercise subscription rights pro-rata and full support of the operational and financial restructuring and repositioning measures and the company management
  • Restrained outlook for business year 2015: Restructuring costs for planned production relocation is an additional burden, and will likely lead to a Group net loss of CHF 160 – 190 million 
  • Medium-term goal reflects the results of the planned measures: Planned EBITDA for 2018 of over CHF 100 million creates the basis for the ability to pay dividends


Arbon, Switzerland, 13 August 2015 – the continuing challenging market environment and the continuing strength of the Swiss Franc led in the first half of 2015 to an organic loss in revenues of 4.6% to CHF 425.1 million and an EBIT before special effects of CHF -2.9 million (previous year CHF 8.3 million) at AFG Arbonia-Forster-Holding AG. The Board of Directors plans comprehensive strategic, operational and financial restructuring and repositioning measures. The production capacities in Switzerland shall be reduced significantly and relocated to other countries in Europe. With the purchase of the Eastern German window manufacturer Wertbau, the Building Envelope Division is strengthened, and the basis for a European market leadership is created. In doing so, EgoKiefer remains the leading Swiss window provider ensuring service, sales, development, project management and the highest level of product quality in Switzerland with more than 500 employees. 
The balance sheet of AFG was subject to an impairment test. The corresponding depreciation based on the goodwill, the property, plant and equipment and intangible assets as well as expenses in connection with the production relocation announced in March led in the first half of the year to an non-recurring burden of CHF 122.5 million. In order to create financial flexibility as well as ensure successful implementation of the planned restructuring and repositioning, the Board of Directors will present on 11 September 2015 during an extraordinary general meeting the request to carry out an ordinary increase of capital in the amount of approx. CHF 200 million. The syndicate of banks have underwritten the issuing volume, subject to market conditions. AFG anchor shareholder Michael Pieper and his Artemis Group support the planned measures. They are strengthening their engagement by assuring the complete exercising of the subscription rights available to them as part of the ordinary increase of capital and are considering to increase their stake in AFG. The Board of Directors expects a company net loss after non-recurring expenses of around CHF 160 – 190 million in 2015. As a medium-term goal for 2018, AFG guides towards an expected EBITDA of more than CHF 100 million, and thus, creates the basis for future dividend payments.



Alexander von Witzleben
CEO and Delegate of the Board of Directors

Fabienne Zürcher
Head Corporate Communications
Tel. +41 71 447 45 54


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Key figures 2015 
Factsheet Wertbau (German) 
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