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par Bucher Industries AG (isin : CH0002432174)

Sales grow markedly, demand remains at a high level

Bucher Industries AG / Key word(s): Quarter Results/Quarterly / Interim Statement
Sales grow markedly, demand remains at a high level

27-Apr-2023 / 06:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.


Ad hoc announcement
Niederweningen, 27 April 2023 | Ad hoc announcement pursuant to article 53 listing rules

Bucher Industries' markets continued to normalise during the first quarter. Demand decreased but remained at a high level. Sales again increased significantly.

 

Group

 

January – March

Change

Full year

CHF million

2023

2022

%

%1)

%2)

2022

Order intake

854

980

-12.9

-10.1

-10.6

3’858

Net sales

970

830

16.9

20.6

19.8

3’597

Order book

1’933

1’925

0.4

3.5

2.2

2’081

Average number of FTEs

14’886

13’885

7.2

 

4.2

14’053

1) Adjusted for currency effects
2) Adjusted for currency and acquisition effects

 

Demand declined in all divisions in line with the general economic downturn but remained high and above the level of 2019, before the COVID-19 pandemic. Capacity utilisation remained very strong, and sales increased significantly. Negative currency effects were offset by price increases that had already begun in 2022. The situation in the supply chain improved compared to the difficult prior-year period. All of the divisions continued to face shortages of skilled workers as well as substantial wage and cost inflation. The order book remained very strong, covering six months of sales.

 

Kuhn Group

 

January – March

Change

Full year

CHF million

2023

2022

 

%

%1)

2022

Order intake

297

337

 

-11.6

-9.9

1’613

Net sales

440

359

 

22.5

26.0

1’510

Order book

855

844

 

1.3

3.3

1’019

Average number of FTEs

6’205

6’005

 

3.3

 

5’994

1) Adjusted for currency effects

 

Significant increase in sales  Demand for agricultural machinery declined in the first quarter of 2023, however, it remained at a high level in all regions, including Brazil. Higher labour and energy costs as well as rising interest rates and falling prices for agricultural commodities put pressure on farm incomes. Farmers purchased fewer machines. The high order book was reduced due to improvements in the supply chain. Good capacity utilisation, combined with price increases, led to a significant increase in sales, especially in Europe and North America.

 

Bucher Municipal

 

January – March

Change

Full year

CHF million

2023

2022

%

%1)

%2)

2022

Order intake

159

192

-17.2

-13.2

-13.5

619

Net sales

129

116

11.9

16.7

16.0

529

Order book

340

301

12.9

18.2

14.9

310

Average number of FTEs

2’490

2’344

6.2

 

5.4

2’421

1) Adjusted for currency effects
2) Adjusted for currency and acquisition effects

 

Strong order book The division enjoyed a resilient market situation and strong demand during the reporting period, despite its order intake remaining, as expected, below the high of the prior-year period. The market for refuse collection vehicles, winter maintenance equipment as well as services and spare parts developed positively, while demand for sweepers and sewer cleaning vehicles came under pressure. Production volumes increased, especially as a result of the improved availability of truck chassis. This, combined with price increases, led to a pleasing growth in sales. The order book likewise increased again compared to the prior-year period.

 

Bucher Hydraulics

 

January – March

Change

Full year

CHF million

2023

2022

 

%

%1)

2022

Order intake

194

216

 

-10.0

-7.4

764

Net sales

206

200

 

3.3

6.3

756

Order book

298

332

 

-10.2

-7.6

316

Average number of FTEs

2’996

2’873

 

4.3

 

2’921

1) Adjusted for currency effects

 

Downturn in the markets Demand continued to weaken in the hydraulics markets in the first quarter of 2023, although it remained at a high level, and Bucher Hydraulics' order intake declined compared with the prior-year period. In China the downward trend continued. Demand also weakened in North America. In Europe, on the other hand, the picture was mixed. Order intake for agricultural machinery applications remained high; the mobile electric drive technology business developed positively as well. Production capacities remained extremely tight in some units. Sales again exceeded the record high in the prior-year period, despite the declines in China and North America.

 

Bucher Emhart Glass

 

January – March

Change

Full year

CHF million

2023

2022

 

%

%1)

2022

Order intake

124

151

 

-17.7

-14.0

578

Net sales

133

102

 

30.2

36.2

525

Order book

306

325

 

-5.7

-1.4

319

Average number of FTEs

1’640

1’588

 

3.3

 

1’600

1) Adjusted for currency effects

 

Significant increase in sales  Demand at Bucher Emhart Glass declined in all regions except Europe in the first quarter of 2023 but remained at a high level overall. The market became increasingly dynamic in China after the country relaxed its pandemic measures at the end of 2022. The trend toward glass packaging held strong due to ecological concerns. In addition, energy-efficiency considerations are prompting investments in new glass container forming machines. The division's capacity utilisation remained very high due to its strong order book. Its sales accordingly increased significantly, helped especially by its good spare parts business.

 

Bucher Specials

 

January – March

Change

Full year

CHF million

2023

2022

%

%1)

%2)

2022

Order intake

100

102

-1.5

1.0

-3.3

363

Net sales

85

71

20.0

22.8

13.7

347

Order book

168

153

9.9

12.7

2.4

154

Average number of FTEs

1’495

1’017

47.0

 

8.2

1’057

1) Adjusted for currency effects
2) Adjusted for currency and acquisition effects

 

Good market trends overall Bucher Vaslin again reported a good, although declining, performance in its key markets in the first quarter of 2023. Bucher Unipektin's markets and business also performed positively. Bucher Landtechnik had to report weakening business performance. Strong cost inflation had an adverse effect on the Swiss agricultural market. The positive trend continued at Jetter, driven heavily by the dynamic development at Bucher Emhart Glass. Bucher Specials' order intake was slightly below the prior-year period overall. This division's sales also increased again, with the Polish company Bucher Unipektin (formerly B&P Engineering), which has been consolidated since the end of 2022, also contributing. The integration of the company is proceeding according to plan.

 

Outlook for 2023

The Group expects demand to continue to normalise starting from a very high level in the course of this year. The extraordinarily strong order book means that capacities will remain highly utilised in the coming months. Increased personnel and other operating costs can only be absorbed in part through price increases and are therefore likely to intensify pressure on margins. All the divisions are impacted by these challenges but to different degrees. Kuhn Group expects sales and the operating profit margin to be roughly in line with 2022. Bucher Municipal anticipates that sales will grow slightly, and the operating profit margin will recover. Bucher Hydraulics expects similar sales as in 2022 and a slightly lower operating profit margin. Bucher Emhart Glass anticipates that sales will be in line with the very high level of 2022. The operating profit margin should be in the range of the 2021 value. Bucher Specials expects sales to increase, partly as a result of an acquisition made at the end of 2022, and the operating profit margin to be roughly in line with 2022. The Group anticipates that sales will be roughly in line with 2022, with offsetting price and currency effects. The operating profit margin will come under pressure, mainly due to higher personnel costs, and should be slightly below 2022. As a result, the profit for the year is likely to be slightly lower.

 

Contact for investors and financial analysts
Manuela Suter, CFO
T +41 58 750 15 50
ir@bucherindustries.com

Contact for media
Saskia Rusch, Head of Group Communications
T +41 58 750 15 40
media@bucherindustries.com

_________

Simply great machines
Bucher Industries is a global technology group with leading market positions in speciality areas of mechanical and vehicle engineering. The company’s operations include specialised agricultural machinery, municipal vehicles, hydraulic components, manufacturing equipment for the glass container industry, equipment for processing beverages, as well as automation solutions. The company’s shares are traded on the SIX Swiss Exchange (SIX: BUCN). Further information is available at bucherindustries.com.

Additional performance measures: Internally and externally Bucher Industries uses key figures that are not defined by Swiss GAAP FER. The composition and calculation of the individual performance measures are set out here: bucherindustries.com/en/additional-performance-measures.



End of Inside Information
Language:English
Company:Bucher Industries AG
Murzlenstrasse 80
8166 Niederweningen
Switzerland
Phone:+41 58 750 15 00
E-mail:info@bucherindustries.com
Internet:www.bucherindustries.com
ISIN:CH0002432174
Listed:SIX Swiss Exchange
EQS News ID:1618415

 
End of AnnouncementEQS News Service

1618415  27-Apr-2023 CET/CEST

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