Interim report
20
22
Cover pictureAt the production site in Johor Bahru, Malaysia, Bucher Emhart Glass employees assemble glass-forming machines which are in use worldwide to produce glass containers.
3
Contents
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Bucher Industries |
|
|
Report to shareholders |
4 |
|
Divisions |
|
|
Kuhn Group |
9 |
|
Bucher Municipal |
10 |
|
Bucher Hydraulics |
11 |
|
Bucher Emhart Glass |
12 |
|
Bucher Specials |
13 |
|
Financial report |
|
|
Financial review |
15 |
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Consolidated financial statements |
18 |
|
Notes to the consolidated financial statements |
22 |
|
Information for investors |
25 |
|
Bucher Industries |
Report to shareholders Interim report 2022 |
4 |
Report to shareholders
Dear Shareholders,
In the first half of 2022, demand for the products and services of Bucher Industries remained at a very high level. Order intake continued to grow, with all divisions except Bucher Hydraulics contributing. Bucher Municipal and Bucher Emhart Glass, in particular, recorded significant increases in orders compared to the prior-year period. Like the entire industrial sector worldwide, the divisions continued to face bottlenecks and delays in the supply chain and logistics, which hampered production. Difficulties in recruiting skilled staff also persisted, especially in the USA. Sales nevertheless grew again, due to higher volumes and price increases. This growth was particularly pronounced
Philip Mosimann,
Chairman of the Board of Directors,
and Jacques Sanche,
Chief Executive Officer
5
at Bucher Emhart Glass. The war between Russia and Ukraine and the strict COVID-19 measures in China led to uncertainties with noticeable consequences for the supply chains. Business activities in Russia were significantly reduced. The Group's order book remained extremely high. The operating profit margin increased slightly compared with the good prior-year period. The reasons for this good margin were strong capacity utilisation, the ability to pass on high material and transport costs, and the continued low cost base. The Group's profit for the period increased significantly.
|
CHF million |
January - June |
Change |
Full year |
|||
|
2022 |
2021 |
% |
%1) |
%2) |
2021 |
|
|
Order intake |
1'881.5 |
1'721.5 |
9.3 |
12.1 |
10.7 |
3'948.3 |
|
Net sales |
1'777.7 |
1'607.8 |
10.6 |
13.4 |
12.4 |
3'176.4 |
|
Order book |
1'900.3 |
1'209.3 |
57.1 |
61.2 |
58.7 |
1'872.7 |
|
Operating profit before depreciation |
||||||
|
and amortisation (EBITDA) |
243.4 |
221.0 |
10.1 |
436.6 |
||
|
% of net sales |
13.7% |
13.7% |
13.7% |
|||
|
Operating profit (EBIT) |
203.2 |
179.3 |
13.3 |
351.9 |
||
|
% of net sales |
11.4% |
11.2% |
11.1% |
|||
|
Profit for the period |
153.9 |
137.9 |
11.6 |
269.2 |
||
|
% of net sales |
8.7% |
8.6% |
8.5% |
|||
|
Earnings per share in CHF |
14.97 |
13.40 |
11.7 |
25.96 |
||
|
Operating free cash flow |
- 162.0 |
- 8.2 |
n.a. |
270.7 |
||
|
Net cash/debt |
281.3 |
328.9 |
- 14.5 |
550.9 |
||
|
Total assets |
2'793.4 |
2'596.2 |
7.6 |
2'768.2 |
||
|
Equity |
1'571.4 |
1'488.5 |
5.6 |
1'532.6 |
||
|
Equity ratio |
56.3% |
57.3% |
55.4% |
|||
|
Return on equity (ROE) |
18.6% |
15.8% |
18.4% |
|||
|
Net operating assets (NOA) average |
1'082.8 |
1'078.5 |
0.4 |
1'052.0 |
||
|
Return on net operating assets (RONOA) after tax |
28.9% |
25.1% |
25.6% |
|||
|
Number of employees at closing date |
14'128 |
13'404 |
5.4 |
4.9 |
13'562 |
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 28.9%, significantly above the long-term target of 20% and thus well above the cost of capital of 8%. This further increase in the return compared with the prior-year period is attributable to the strong growth in sales with the level of net operating assets remaining stable. Compared with the year end, the net operating assets increased markedly as a result of seasonal factors. This increase was exacerbated by difficulties in the supply chain and logistics and had a negative impact on free cash flow. Net cash amounted to CHF 281 million and will increase again by the end of the year. The equity ratio remained practically unchanged at 56%. In this reporting period, the Group continued to invest in projects that will ensure success in the longer term. The main focus was on the IT project of Kuhn Group and on the construction projects of Bucher Hydraulics and Jetter in Germany.
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Bucher Industries AG published this content on 28 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 04:10:28 UTC.
