par Interroll Holding AG (isin : CH0006372897)
Solid performance in a challenging year
Interroll Holding AG / Key word(s): Annual Results
Sant'Antonino, Switzerland, March 15, 2024. Despite challenging market conditions, Interroll achieved good profitability margins in 2023. Sales decreased to CHF 556.3 million (-16.3% year-on-year, -11.7% in local currencies). Order intake amounted to CHF 519.7 million (-9.2% year-on-year, -3.9% in local currencies). The result decreased to CHF 66.3 million (previous year: CHF 82.8 million). The result margin was 11.9% (previous year: 12.5%). In 2023, we faced a particularly challenging market environment. However, although we experienced a slowdown, we successfully defended our market position, acquired new customers, and generated good profitability margins. Currency fluctuations had again a negative effect on order intake and sales. The negative effect on order intake was -5.3% (previous year: -3.1%) and on sales -4.6% (previous year: -4.2%). Product group development Consolidated sales for the Drives product group amounted to CHF 171.2 million (previous year: CHF 211.8 million). Consolidated order intake decreased by -10.7% to CHF 161.7 million compared to CHF 181.1 million in the previous year. The Conveyors & Sorters product group generated consolidated sales of CHF 246.5 million, compared to CHF 263.5 million in the previous year. At CHF 211.7 million, order intake was -8.6% below the previous year (CHF 231.7 million). The product group Pallet Handling suffered in sales but reported an increase in order intake. Consolidated sales decreased by -36.9% to CHF 39.5 million (previous year: CHF 62.6 million) and consolidated order intake increased by 6.1% to CHF 51.9 million (previous year: CHF 48.9 million). Heterogenous development in the regions EMEA suffered the most from weaker demand but continues to be the most significant region for Interroll with a share of 52% of total sales. Sales in the Americas amounted to CHF 192.1 million, 13.3% lower than in the previous year (CHF 221.6 million). There was a 2.0% decline in order intake to CHF 177.3 million (previous year: CHF 181.0 million). Interroll's sales in the Asia-Pacific region grew by 24.4% to CHF 74.5 million (previous year: CHF 59.9 million). Order intake increased by 0.7% to CHF 60.9 million (previous year: CHF 60.5 million). The region developed very heterogenous, were China suffered from a strong decrease in order intake (-25.3%) and sales (-24.8%), the remaining Asia-Pacific region grew order intake by 20.5% and sales by 66.1%. Invoicing of a major project received in December 2021 in South Korea (press release December 20, 2021) contributed significantly to the growth. Good profitability margins in a challenging market environment Solid balance sheet and cash flow development Operating cash flow increased by 58.5% to CHF 113.2 million (previous year: CHF 71.4 million) due to strong net working capital reduction. Gross investment amounted to CHF 25.1 million (previous year: CHF 32.5 million). This includes ongoing renewal investment in our production facilities, extensions to our SAP system and lease capitalization under IFRS 16. Due to delays, some investments planned for 2023 will not take place until 2024 or 2025, which resulted in a higher operating cash flow and lower gross capital expenditures. The free cash flow in the reporting year reached a new record of CHF 91.1 million (previous year: CHF 49.2 million). Innovation with customer benefit Share price performance and dividend proposal Due to the very strong balance sheet, a stable dividend of CHF 32.00 per share (previous year: CHF 32.00) will be proposed to the Annual General Meeting on May 3, 2024. Outlook 2024 “We have the right product and solution portfolio in place, and with the organizational changes (CTO/COO), we announced last October, our long-term strategy is even more focused on our customers. As we look ahead, we remain committed to combining our proven technologies and innovative expertise with our firm customer-first mindset. With our product portfolio, international presence, pricing power and breathing production facilities, we are ideally positioned to maximize future growth. All these strengths are in place and ready to help extend our advantage as demand returns in our markets,” says Ingo Steinkrüger, CEO of the Interroll Group. Development of key figures 2019–2023
End of Inside Information |
Language: | English |
Company: | Interroll Holding AG |
Via Gorelle 3 | |
6594 S.Antonino | |
Switzerland | |
Phone: | +41 91 850 25 25 |
Fax: | +41 91 850 25 55 |
E-mail: | investor.relations@interroll.com |
Internet: | www.interroll.com |
ISIN: | CH0006372897 |
Valor: | 637289 |
Listed: | SIX Swiss Exchange |
EQS News ID: | 1859449 |
End of Announcement | EQS News Service |
1859449 15-March-2024 CET/CEST