07-Aug-2020 / 06:45 CET/CEST
Launch of an advert hoc announcement pursuant to Artwork. 53 KR
The issuer is solely liable for the content material of this announcement.
Half-year monetary statements 2020
Implementation of working and strategic priorities within the difficult pandemic atmosphere
– Web income CHF 576.2 million, -16.2percent1)
– Working end result (EBIT) CHF 49.9 million, incl. CHF 48.1 million divestment achieve
– Group end result CHF 46.6 million and earnings per class A share CHF 21.96
– Pandemic with multilayered impacts – focused countermeasures
– Progress made with implementation of focus technique
Key figures – Group
CHF m H1 2020 H1 2019 Change Web income 576.2 770.1 -25.2% on a comparable basis1 -16.2% Whole income 594.2 787.7 -24.6% Working end result (EBIT) 49.9 90.5 -44.9% adjusted2 1.eight 59.9 -97.zero% as a % of complete revenue2 zero.three% 7.6% -730 bp Group end result 46.6 78.2 -40.Four% as a % of complete income 7.eight% 9.9% -210 bp Minority pursuits 1.2 6.Four -80.9% Free money stream from working actions -40.2 -10.zero 302.eight% Money, money equivalents and securities 238.2 389.9 -38.9% Whole property 1,155.Four 1,345.9 -14.2% Shareholders’ fairness 834.zero 958.6 -13.zero% as a % of complete property 72.2% 71.2% 100 bp Web working property (NOA) 570.three 542.9 5.zero% Return on internet working property (RONOA)2 zero.6% 17.three% -1,670 bp Variety of staff at year-end Four,928 5,zero14 -1.7% Earnings per class A share, in CHF 21.96 34.76 -36.eight%
1 Comparable, i.e. at fixed alternate charges and adjusted for adjustments within the scope of consolidation.
2 2020 excluding achieve on disposal of CHF 48.1 million from the disposal of the Schmid Rhyner enterprise unit and 2019 excluding achieve on disposal of CHF 30.6 million from the disposal of the Glass Processing phase.
Zurich, August 7, 2020 – Conzzeta’s half-year 2020 outcomes are strongly impacted by each, the results of the coronavirus pandemic and the divestitures of the Glass Processing phase on the finish of March 2019 and the Schmid Rhyner enterprise unit on the finish of February 2020. The disposals resulted in a lack of contributions to income and earnings in addition to in divestment beneficial properties of CHF 30.6 million within the first half of 2019 and CHF 48.1 million within the first half of 2020. On a comparable foundation, i.e. adjusted for the adjustments within the scope of consolidation and at fixed alternate charges, the Group’s internet income within the first half of 2020 was 16.2% under the earlier yr. The adversarial results of adjustments within the scope of consolidation amounted to CHF 38.9 million and people from foreign money results to CHF 30.three million.
Relying on their space of exercise and enterprise mannequin, Conzzeta’s enterprise items have been affected in numerous methods by the pandemic with its widespread lockdowns, interrupted provide chains, and international journey restrictions. Within the Bystronic and FoamPartner enterprise items, numerous manufacturing services needed to briefly droop operations. At Bystronic, the order backlog mitigated the adversarial affect on income and outcomes, regardless that it was already considerably decrease initially of the reporting interval in comparison with the earlier yr because of the weakening of the funding cycle in 2019. By the use of operational enhancements, FoamPartner was capable of partially mitigate its dependency on enterprise within the automotive phase, which has been notably challenged not solely because the outbreak of the pandemic. At Mammut, nonetheless, it was not potential to stop a major widening of the loss within the seasonally weaker first half of the yr because of the virtually full closure of the proportionally dominant bodily gross sales channels for round 40 days, the complicated provide chains within the outside enterprise and the extra expense attributable to the pandemic. Because of the numerous change in buyer conduct throughout the disaster, Mammut achieved a 93% income improve in its personal on-line enterprise.
The measures initiated by the Group in March beneath the heading “Money, Value, Complexity” to mitigate the financial penalties embrace a value financial savings program with a contribution to the working results of round CHF 40 million by the top of 2020. Because of preliminary financial savings and excluding the divestment beneficial properties, the adjusted working end result for the reporting interval amounted to CHF 1.eight million (earlier yr: CHF 59.9 million), with an EBIT margin of zero.three% (earlier yr: 7.6%). The Group end result for the primary half of 2020 was CHF 46.6 million (CHF 78.2 million), with minority pursuits of CHF 1.2 million (CHF 6.Four million). The earnings per class A registered share have been CHF 21.96 and as such 36.eight% down on the earlier yr.
The money influx from the disposal of the Schmid Rhyner enterprise unit was CHF 71.2 million. The Group retained its necessary initiatives due to its intensive liquid property and excessive capital base. Investments in property, plant and tools and intangible property amounted to CHF 20.2 million (CHF 18.6 million). Primarily because of the decrease degree of enterprise exercise because of the pandemic on the one hand and to prudent procurement planning to make sure skill to ship and to delayed deliveries on the opposite, free working money stream of CHF -40.2 million was under the earlier yr (CHF -10.zero million). After the distribution of an unchanged abnormal dividend for the 2019 monetary yr and extra money from the disposal of Schmid Rhyner totaling CHF 86.eight million, Conzzeta held money and money equivalents of CHF 238.2 million at mid-year with an fairness ratio of 72.2%.
Based on Michael Willome, Conzzeta Group CEO: “We glance again on an especially difficult first half to the yr, wherein we needed to take fast and decisive measures to safeguard our liquidity and outcomes on the one hand. Nonetheless, on the opposite, we are actually eager to capitalize on the alternatives for the longer term that always come up from such a disaster. As well as, we went forward with the strategic core initiatives, the sale of Schmid Rhyner, FoamPartner and Mammut in addition to the additional growth of Bystronic, in keeping with plan. With the commissioning of the brand new Bystronic meeting plant in Chicago, USA, and the brand new FoamPartner changing heart in Duderstadt, Germany, we achieved necessary milestones within the first half of the yr even beneath troublesome circumstances. We additionally made progress at Mammut, amongst different issues with the accelerated implementation of the digitalization technique, which takes account of adjusting buyer conduct and gives actual added worth. Underneath the key phrase “rightsizing,” we’ll take the chance to deal with structural measures for sustainable and worthwhile enterprise growth. This can be a matter of adjusting the price base to the foreseeable protracted restoration of the economic system. On the identical time, the allocation of sources out there should be prioritized much more clearly. We count on the restoration of enterprise actions noticed because the lifting of the lockdowns to proceed into the second half of the yr. In China, Bystronic’s order consumption and FoamPartner’s internet income in June have been up on the earlier yr.”
Developments and outlook: In relation to the introduced strategic concentrate on Bystronic, the preparations for the additional divestitures have now been concluded. Concrete discussions are presently being held on the sale of FoamPartner. With regard to Mammut, the market can be approached within the second half of the yr, topic to the pandemic state of affairs. The presentation of Bystronic’s revised technique is deliberate for the fourth quarter. Conzzeta is anticipating a progressive restoration of enterprise actions within the second half of the yr regardless of continued uncertainties, together with the social impacts of the pandemic, the longer term course of world commerce disputes, and the end result of the upcoming presidential election within the USA. The order backlog at Bystronic at mid-year was 17.three% under the extent on the finish of 2019, which can have an adversarial affect on the accounts within the second half of the yr, regardless of the improved order consumption in direction of the top of the primary half. Because of this, and in view of the uncertainties talked about above, Conzzeta confirms its expectation for the 2020 monetary yr of an working end result (together with the achieve on the sale of Schmid Rhyner) within the mid-double-digit CHF million vary, with considerably decrease internet income in comparison with the earlier yr.
Key figures – Segments
CHF m H1 2020 H1 2019 Change Sheet Metallic Processing Order consumption 340.2 450.6 -24.5% on a comparable basis1 -20.zero% Web income 372.6 448.6 -16.9% on a comparable basis1 -12.zero% Whole income 391.three 461.9 -15.three% Working end result (EBIT) 27.9 57.eight -51.eight% as a % of complete income 7.1% 12.5% -540 bp Chemical Specialties (discontinued phase) Web income 122.eight 181.Four -32.three% on a comparable basis1 -20.2% Whole income 122.1 180.2 -32.2% Working end result (EBIT) 49.eight eight.6 477.9% adjusted2 1.7 eight.6 -80.1% as a % of complete income 1.Four% Four.eight% -340 bp Out of doors (discontinued phase) Web income 80.9 117.9 -31.Four% on a comparable basis1 -29.1% Whole income 80.9 117.9 -31.Four% Working end result (EBIT) -23.three -5.three 340.5% as a % of complete income -28.eight% -Four.5% -2,430 bp
1 At fixed alternate charges and adjusted for adjustments within the scope of consolidation.
2 2020 excluding divestment achieve of CHF 48.1 million from the sale of the Schmid Rhyner enterprise unit.
The Sheet Metallic Processing phase (Bystronic) generated internet income of CHF 372.6 million (earlier yr: CHF 448.6 million). On a comparable foundation, internet income was down 12.zero% on the earlier yr. The brand new machine enterprise particularly was notably affected by the pandemic throughout all product areas, initially in China, later in most different necessary gross sales areas. In April, order consumption plummeted by greater than 40% because of journey restrictions and enterprise shutdowns. The resumption of financial exercise introduced a transparent restoration in direction of the top of the reporting interval. Order consumption in June was down slightly below 5% on the earlier yr. With elevated margin stress, order consumption for the primary half of the yr was CHF 340.2 million, down by 24.5% on the earlier yr, or by 20.zero% taking foreign money results into consideration. The order ebook as of mid-year reached CHF 200.three million, in contrast with CHF 254.Four million as of the top of June 2019. The working end result amounted to CHF 27.9 million (CHF 57.eight million), yielding an EBIT margin of seven.1% (12.5%).
Bystronic’s personal manufacturing was additionally affected by enterprise shutdowns at staggered occasions. Crops in China, Europe and America needed to be briefly closed down. Regardless of the adversarial atmosphere, it was potential to assemble the primary laser chopping techniques within the new US manufacturing web site in April. The opening of the related expertise heart for buyer demonstrations to convey the technological capabilities is deliberate for the second half of the yr, which is able to considerably strengthen Bystronic’s place within the North American market. The groundbreaking for a brand new expertise heart in Korea likewise occurred throughout the reporting interval. Varied product improvements have been additionally launched. Within the “Slicing” product phase, these included techniques with even larger efficiency and choices for processing further sheet metallic codecs. Extra automation options for manufacturing cells have been launched within the “Bending” product phase, together with high-performance programming software program.
With a view to mitigate the affect of journey restrictions, appreciable efforts have been made to remain near the market with new digital choices. These included digital product demonstrations and coaching, additionally to indicate clients the advantages of accessible efficiency-enhancing techniques and automation options. Within the context of sustainable growth, an evaluation of the local weather affect of enterprise actions was initiated for the Niederönz web site in an effort to additional enhance power effectivity and ecological sustainability throughout your entire worth chain in cooperation with suppliers and clients.
The Chemical Specialties phase (FoamPartner and Schmid Rhyner) generated internet income of CHF 122.eight million (earlier yr CHF 181.Four million). On a comparable foundation, internet income was down 20.2% on the earlier yr. A divestment achieve of CHF 48.1 million resulted from the disposal of the Schmid Rhyner enterprise unit as per the top of February 2020. With out this one-off impact, the working end result amounted to CHF 1.7 million (CHF eight.6 million) with an EBIT margin of 1.Four% (Four.eight%). The FoamPartner enterprise unit additionally needed to briefly shut down numerous manufacturing websites in China, Europe and the USA because of the pandemic. Revenue in all market segments and areas was down on the earlier yr regardless of further income with cleansing and hygiene merchandise and merchandise for medical-related makes use of. Manufacturing shutdowns within the automotive trade had a very adversarial affect. The mobility market phase’s share of income (excluding the divested Schmid Rhyner enterprise unit) amounted to 48% as of mid-year 2020 following the disproportionate 35.2% decline in income within the first half of the yr, in contrast with 55% on the finish of 2019.
In the course of the reporting interval, progress was made within the implementation of ongoing effectivity measures, innovation initiatives and modernization of administration processes. The brand new changing heart with further capability in Duderstadt was commissioned on time in April and the Stadtallendorf web site was closed as of June 30. Each, the manufacturing and storage areas, have been prolonged on the Changzhou web site in China in an effort to considerably enhance logistics processes and allow future progress. With RegiSeal(R) e-Thermo, a brand new answer for electrical mobility was offered that reduces power consumption and extends the vary of the autos due to improved insulation. An additional innovation for automobile interiors is the OBoNature(TM) product household. Manufactured from sustainable uncooked supplies, which allows an environment friendly and resource-friendly processing whereas on the identical time creating an improved inside local weather.
Underneath the key phrases “Planet, Folks, Efficiency,” FoamPartner is making ready the formalization of a complete sustainability idea, which can be communicated within the second half of the yr and can function a foundation for the additional growth of enterprise actions and sharpening of the market presence. Within the first half of the yr, the continued modernization of administration processes included enterprise excellence packages at numerous websites, akin to for the development of fabric yield and additional digitalization. IT techniques for improved useful resource planning and buyer administration have been additionally launched.
The Out of doors phase (Mammut) generated internet income of CHF 80.9 million (earlier yr: CHF 117.9 million). On a comparable foundation, internet income was down 29.1% on the earlier yr. The working end result within the seasonally weaker first half of the yr was CHF -23.three million (CHF -5.three million). The offline gross sales channel with specialist retailers and monobrand shops, which dominates by way of share of income, remained virtually fully closed for round 40 days within the first half of the yr, whereas internet income within the digital channels elevated considerably. The supply of a lot of the summer time assortment was delayed till mid-Could because of the closed shops. Due to the non permanent interruptions within the manufacturing of the winter assortment, this too needed to be re-planned to a big extent with appreciable effort.
Within the context of Mammut’s technique and to mitigate the affect of the pandemic, numerous measures have been launched within the reporting interval. These embrace an additional organizational growth step to strengthen organizational tasks and streamline central processes. With new general tasks for “Model & Shopper” and “Merchandise”, the goal is to speed up the enlargement of the direct-to-consumer enterprise, to sharpen the market presence throughout all channels and to make basic enhancements within the provide chain. As well as, the additional focusing of the product portfolio and the optimization of Mammut’s worldwide presence are deliberate, whereby preliminary restructuring prices of CHF 1.6 million have been incurred within the first half of the yr. The measures are meant to adapt the group
to present challenges and altering market necessities and to structurally enhance profitability.
In dealing with the pandemic, as a part of the sustainability technique WE CARE, care was taken to guard the suppliers by, amongst different issues, not canceling any orders for which manufacturing had already began or been accomplished. The “Shut the Loop” mission to recycle climbing ropes was launched in collaboration with a local weather safety group in an effort to preserve pure sources in outside sports activities. Within the reporting interval, the brand new function assertion “To create a world moved by mountains” arose from Mammut’s long-standing systematic concern with the social and environmental facets of its personal enterprise actions. It’s because, along with making certain sufficient profitability, sustainable administration that features all stakeholders is turning into extra necessary for Mammut’s personal future viability.
Additional info will be discovered at www.conzzeta.com.
Half-year report on-line: report.conzzeta.com/h2020.
Michael Stäheli, Head Investor Relations & Company Communications;
Tel. +41 44 468 24 49; email@example.com
Conzzeta is a diversified Swiss group of corporations. It stands for innovation, market orientation and an entrepreneurial strategy. About 5,000 staff at greater than 60 places worldwide work within the Sheet Metallic Processing, Foam Supplies and Out of doors segments. In December 2019, Conzzeta introduced a strategic concentrate on the Sheet Metallic Processing phase and the sale of all its different actions. Conzzeta AG is listed on the SIX Swiss Alternate (SIX:CON).