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Bystronic AG: Enhanced profitability in the first half of 2023

Bystronic AG / Key word(s): Half Year Results
Bystronic AG: Enhanced profitability in the first half of 2023

21-Jul-2023 / 06:30 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.


 
Enhanced profitability in the first half of 2023
 
  • Operating result (EBIT) doubled to CHF 25.3 million
  • Sales growth of 10% at constant exchange rates
  • Customer restraint led to a drop in order intake
 
 KPIs
 
CHF million
H1 2023H1 2022in %in %
c.e.r.1
 
 Order intake420.9536.1(21.5%)(16.3%) 
 Net sales468.3453.23.3%9.7% 
 Order backlog354.1515.2   
 Operating result (EBIT)25.310.5   
 in % of net sales5.42.3   
 Net result19.87.0   
 Earnings per class A registered share in CHF9.553.37   
 Operating free cash flow(34.4)(52.5)   
 RONOA2 in %12.56.6   
 Number of employees as of reporting date3,5413,636   
1 at constant exchange rates
2 Return on net operating assets
 

Zurich, July 21, 2023 — In the first half of 2023, Bystronic achieved a solid performance. Thanks to the realization of the high order backlog and improved component availability, sales at constant exchange rates grew significantly by 9.7% to a total of CHF 468.3 million. Certain assemblies such as electronic components and control modules continue to be subject to supply constraints and their availability is only gradually improving. The sales development in the two largest regions was very satisfactory: The Americas region posted a strong double-digit growth and the EMEA region also made gains. Sales slowed down in the APAC and China regions.

The operating result (EBIT) doubled to CHF 25.3 million (H1 2022: CHF 10.5 million). The EBIT margin stood at 5.4% compared to 2.3% in the previous year. On the one hand, the higher sales volume contributed to the significant profitability enhancement, while on the other hand, the price increases implemented as well as the operating cost-saving measures made an impact.

At the end of the first half of 2023, Bystronic maintained a high order backlog of CHF 354.1 million compared to CHF 413.0 million at the end of 2022 and CHF 515.2 million at the end of the first half of 2022. The ongoing normalization of the order backlog allows the lead time for customers to be reduced.

As in the second half of 2022, customers adopted a cautious approach in the first six months of the 2023 financial year. As expected, in the context of the overall economic slowdown, demand weakened in all regions. In addition, adverse exchange rate effects had a negative impact. At CHF 420.9 million, order intake stood around 22% below the strong first half of 2022.

Alex Waser, CEO of Bystronic, says: “The improved availability of components has enabled us to meet the demand from many customers and to successfully bring projects to conclusion. The necessary price increases and cost-saving measures are taking effect, allowing us to significantly enhance our profitability. In spite of the cautious market sentiment, our strong market position and growing service business give rise to optimism for the second half of the year.”

 

Outlook

For the full year 2023, Bystronic confirms its outlook and continues to expect a weaker order intake in its machine business due to the economic slowdown, but a growing service business, and a higher operating result with a slight decline in sales.

 

Conference

CEO Alex Waser and CFO Beat Neukom will present the results today, July 21, 2023 at 11:00 a.m. CET during an English-language conference call and audio webcast. The webcast is available here or under the “Presentations” section on our website: https://ir.bystronic.com/en/publications/presentations/

Numbers to dial in to the conference call:
Switzerland / Europe: +41 58 310 50 00
United Kingdom: +44 207 107 06 13
United States: +1 631 570 56 13

 

Appendix

The complete Half-Year Report 2023 can be downloaded from our website:
https://ir.bystronic.com/en/publications/financial-reports/

 

Calendar

EventDate
9M Trading UpdateOctober 13, 2023
Publication of full-year results as per December 31, 2023February 29, 2024
3M Trading UpdateApril 15, 2024
Bystronic Annual General MeetingApril 17, 2024
Publication of half-year results as per June 30, 2024July 19, 2024
9M Trading UpdateOctober 16, 2024

 

For queries:

Investor Relations
Beat Neukom
Chief Financial Officer   
Telephone +41 62 956 40 79   
investor@bystronic.com

Media Relations
Michael Präger
Chief Communications & ESG Officer
Mobile +41 79 870 01 43
michael.praeger@bystronic.com

 

About Bystronic

Bystronic (SIX: BYS) is a leading global technology company in the field of sheet metal processing. The focus is on the automation of the complete material and data flow of the cutting and bending process chain. The intelligent networking of laser cutting systems and press brakes based on innovative automation, software, and service solutions is key to achieving the comprehensive digitalization of the sheet metal processing industry.

Bystronic’s operational headquarters are located in Niederönz (Switzerland). Additional development and production sites are located in Sulgen (Switzerland), Gotha (Germany), Cazzago San Martino and San Giuliano Milanese (Italy), Tianjin, Shanghai, and Shenzhen (China), and Hoffman Estates (USA). We are active with our own sales and service companies in more than 30 countries and are represented by agents in numerous other countries.

 

Disclaimer

This media release has been published in English and German. Should the German translation differ from the English original, the wording of the German version shall prevail. This media release contains forward-looking statements, which are subject to uncertainty and risks. Actual future results may differ materially from those expressed in or implied by these statements. Some of these uncertainties and risks relate to factors that are beyond Bystronic’s ability to control or predict precisely, such as, in particular, future market conditions, currency fluctuations, or the behavior of other market participants, suppliers, and transport companies, as well as possible effects of the war in Ukraine and the associated sanctions. Readers are cautioned not to put undue reliance on forward-looking statements, since these relate only to the date of this communication. Bystronic disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or any other factors.


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File: Enhanced profitability in the first half of 2023

End of Inside Information
Language:English
Company:Bystronic AG
Giesshübelstrasse 45
8045 Zürich
Switzerland
Phone:+41 79 637 46 33
E-mail:investor@bystronic.com
Internet:ir.bystronic.com
ISIN:CH0244017502
Valor:A117LR
Listed:SIX Swiss Exchange
EQS News ID:1684727

 
End of AnnouncementEQS News Service

1684727  21-Jul-2023 CET/CEST

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