BUCHER INDUSTRIES AG Interim report
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Cover pictureThe Bucher Xpert 450 IT press can process up to 27 tonnes of grapes into juice at a time and is designed for high-performance wine production plants. Since 2022, Bucher Vaslin has also been offering the optional "Extra-flow" extraction process, allowing the winery to benefit from even faster filling and pressing. For optimum results and to avoid downtime, the pressing process can be monitored
via smartphone.
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Contents
Bucher Industries | |
Divisions | |
Kuhn Group | 9 |
Bucher Municipal | 10 |
Bucher Hydraulics | 11 |
Bucher Emhart Glass | 12 |
Bucher Specials | 13 |
Financial report | |
Financial review | 15 |
Consolidated financial statements | 18 |
Notes to the consolidated financial statements | 22 |
Information for investors | 25 |
Bucher Industries | Report to shareholders Interim report 2023 | 4 |
Report to shareholders
Dear Shareholders,
In the first half of 2023, demand for the products and services of Bucher Industries declined from an extremely high level in line with the general economic slowdown, although it remained good. The Group's order intake declined in all divisions except Bucher Emhart Glass and Bucher Specials, which maintained the level of the prior year. Sales again rose significantly, despite negative currency effects, due to price increases and an expansion of production capacity. The increase in volume was also due to improvements in the supply chain and consequently in production efficiency. The order book decreased compared to the prior year. However, it remained high with a range of more than five months, which
Philip Mosimann,
Chairman of the Board of Directors,
and Jacques Sanche,
Chief Executive Officer
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provides valuable visibility in an increasingly uncertain environment. The operating profit
margin exceeded the prior year's very good level. This was due to strong capacity utilisation
and passing on price increases. It is encouraging that all of the divisions contributed to
this margin increase. The Group's profit for the period also increased significantly.
CHF million | January - June | Change | Full year | |||
2023 | 2022 | % | %1) | %2) | 2022 | |
Order intake | 1'586.5 | 1'881.5 | - 15.7 | - 12.0 | - 12.7 | 3'858.3 |
Net sales | 1'938.8 | 1'777.7 | 9.1 | 13.7 | 12.8 | 3'596.8 |
Order book | 1'681.0 | 1'900.3 | - 11.5 | - 7.7 | - 8.9 | 2'081.2 |
Operating profit before depreciation | ||||||
and amortisation (EBITDA) | 288.3 | 243.4 | 18.4 | 511.0 | ||
% of net sales | 14.9% | 13.7% | 14.2% | |||
Operating profit (EBIT) | 246.4 | 203.2 | 21.3 | 425.2 | ||
% of net sales | 12.7% | 11.4% | 11.8% | |||
Profit for the period | 199.1 | 153.9 | 29.4 | 334.6 | ||
% of net sales | 10.3% | 8.7% | 9.3% | |||
Earnings per share in CHF | 19.35 | 14.97 | 29.3 | 32.36 | ||
Operating free cash flow | - 77.2 | - 162.0 | 52.3 | 68.6 | ||
Net cash/debt | 226.2 | 281.3 | - 19.6 | 457.2 | ||
Total assets | 2'943.5 | 2'793.4 | 5.4 | 2'978.7 | ||
Equity | 1'741.6 | 1'571.4 | 10.8 | 1'701.8 | ||
Equity ratio | 59.2% | 56.3% | 57.1% | |||
Return on equity (ROE) | 22.9% | 18.6% | 20.7% | |||
Net operating assets (NOA) average | 1'287.2 | 1'082.8 | 18.9 | 1'178.1 | ||
Return on net operating assets (RONOA) after tax | 30.2% | 28.9% | 28.6% | |||
Average number of FTEs | 14'920 | 13'948 | 7.0 | 4.0 | 14'053 |
1) Adjusted for currency effects 2) Adjusted for currency and acquisition effects
Another increase in return on net operating assets
The return on net operating assets (RONOA) was 30.2%, significantly above the long-term target of 20% and therefore far above the cost of capital of 8%. This further increase in RONOA compared to the prior-year period is attributable to the significant sales growth and the related increase in operating profit. Average net operating assets rose compared to the prior-year period due to volume-related factors and projects that allow further growth. The main focus was on the construction projects of Bucher Hydraulics and Bucher Automation in Germany as well as Bucher Emhart Glass in Malaysia. In addition, the Group made further investments in strengthening its IT infrastructure and security. The seasonal increase in net working capital, higher investments and payment of the dividend had a negative impact on free cash flow. Net liquidity was correspondingly lower and will increase again by the end of the year. The equity ratio grew to 59%.
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Disclaimer
Bucher Industries AG published this content on 27 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2023 04:01:02 UTC.
