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20.07.2023 07:00:31 - Zehnder Group achieved solid sales and EBIT again in the first half of 2023; adjusted outlook for the 2023 financial year
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Zehnder Group AG / Key word(s): Profit Warning
Zehnder Group achieved solid sales and EBIT again in the first half of 2023; adjusted outlook for the 2023 financial
year
20-Jul-2023 / 06:59 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
Six-month report 2023:
. Sales of EUR 407.0 million (+2%)
. Operating result (EBIT) of EUR 37.5 million (+2%)
Outlook 2023 financial year:
. Sales expected between EUR 780 million and EUR 820 million
(previously: further sales growth for 2023)
. EBIT margin of around 8% of sales expected
(previously: EBIT margin comparable to that of 2022)
Graenichen (CH), 20 July 2023: The Zehnder Group (SIX: ZEHN), a leading international provider of complete solutions
for a comfortable, energy-efficient and healthy indoor climate, increased its sales by 2% to EUR 407.0 million in the
first half of 2023 (preliminary). The Group's operating result (EBIT) rose by 2% to EUR 37.5 million (preliminary). The
corresponding EBIT margin of 9.2% is at the level of the previous year. An improvement in the supply chain situation in
the ventilation segment together with targeted cost savings and structural adjustments could counterbalance the volume
decline in radiators. The Group's net income amounted to EUR 27.7 million (previous year: EUR 29.4 million) in the
first half of 2023.
Better supply capability drives ventilation sales; significant volume decline for radiators
The better component availability led to improved delivery capability, particularly in residential ventilation.
Consequently, production volumes of ventilation units were increased, and the backlog of orders accumulated due to a
lack of components was largely reduced. At the same time, higher interest rates and the persistently high level of
inflation over recent months have led to a drop in planning permits granted for new buildings in numerous European
countries. Weakening purchasing power due to increased financing costs and persistently high levels of inflation have
also led to a decline in demand for radiators. This development had a negative impact on the renovation business and
led to a significant overall decline in volumes in the radiator segment.
Outlook for the full year 2023
Due to the current economic situation, the Zehnder Group expects that high levels of inflation and rising interest
rates will continue to affect the number of planning permits granted for new buildings and renovation projects for
customers. It is currently difficult to gauge when the new building and renovation business will recover. Against this
background, the Zehnder Group continues to expect a challenging market development and currently does not expect any
significant sales growth in the second half of 2023. Consequently, Zehnder Group expects sales for the full year 2023
between EUR 780 million and
EUR 820 million (previous outlook 2023: further sales growth for 2023), and an EBIT margin of around 8% of sales
(previous outlook 2023: EBIT margin comparable to that of 2022).
In the long term, growth prospects remain positive, particularly in the ventilation segment. New building regulations
for better insulated buildings, the increasing demand for energy-saving and efficient climate control solutions, and
the desire for healthy indoor air quality, together with the still low penetration rates in various countries, are
fueling growth - especially in the ventilation segment. Therefore, the medium-term targets of average annual sales
growth of 5% and an EBIT margin of 9% to 11% remain unchanged.
The complete six-month report 2023 will be published on 28 July 2023 and will be found on our website under the
following link:
www.zehndergroup.com/de/investor-relations/berichte-und-praesentationen
Next dates to note
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Contact
René Grieder Member of the Group Executive Committee, CFO Zehnder Group AG, 5722 Gränichen (Switzerland) T +41 62 855 15 21, rene.grieder@zehndergroup.com Alexander Kamb Senior Manager Investor Relations & Communications Zehnder Group AG, 5722 Gränichen (CH) T +41 62 855 15 36, alexander.kamb@zehndergroup.com This media release is published in German and English. The German version is binding. For further information about the Zehnder Group, please visit www.zehndergroup.com.
Company profile
Zehnder Group provides worldwide leading solutions for a comfortable, energy-efficient and healthy indoor climate. The products and services of the Group include heating, cooling, indoor ventilation and air cleaning. The Group develops and manufactures its products at its own factories in Europe, China and North America. In the financial year of 2022, the Zehnder Group had about 4'000 employees and achieved sales of EUR 812 million. The company is listed on the SIX Swiss Exchange (symbol: ZEHN, number: 27 653 461). The unlisted registered shares B are held directly or indirectly by the Zehnder family and persons closely associated with them.
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End of Inside Information
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Moortalstrasse 1
5722 Gränichen
Switzerland
End of Announcement EQS News Service
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1684051 20-Jul-2023 CET/CEST
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1684051&application_name=news
END) Dow Jones Newswires
July 20, 2023 01:00 ET (05:00 GMT)
Zehnder Group AG / Key word(s): Profit Warning
Zehnder Group achieved solid sales and EBIT again in the first half of 2023; adjusted outlook for the 2023 financial
year
20-Jul-2023 / 06:59 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
Six-month report 2023:
. Sales of EUR 407.0 million (+2%)
. Operating result (EBIT) of EUR 37.5 million (+2%)
Outlook 2023 financial year:
. Sales expected between EUR 780 million and EUR 820 million
(previously: further sales growth for 2023)
. EBIT margin of around 8% of sales expected
(previously: EBIT margin comparable to that of 2022)
Graenichen (CH), 20 July 2023: The Zehnder Group (SIX: ZEHN), a leading international provider of complete solutions
for a comfortable, energy-efficient and healthy indoor climate, increased its sales by 2% to EUR 407.0 million in the
first half of 2023 (preliminary). The Group's operating result (EBIT) rose by 2% to EUR 37.5 million (preliminary). The
corresponding EBIT margin of 9.2% is at the level of the previous year. An improvement in the supply chain situation in
the ventilation segment together with targeted cost savings and structural adjustments could counterbalance the volume
decline in radiators. The Group's net income amounted to EUR 27.7 million (previous year: EUR 29.4 million) in the
first half of 2023.
Better supply capability drives ventilation sales; significant volume decline for radiators
The better component availability led to improved delivery capability, particularly in residential ventilation.
Consequently, production volumes of ventilation units were increased, and the backlog of orders accumulated due to a
lack of components was largely reduced. At the same time, higher interest rates and the persistently high level of
inflation over recent months have led to a drop in planning permits granted for new buildings in numerous European
countries. Weakening purchasing power due to increased financing costs and persistently high levels of inflation have
also led to a decline in demand for radiators. This development had a negative impact on the renovation business and
led to a significant overall decline in volumes in the radiator segment.
Outlook for the full year 2023
Due to the current economic situation, the Zehnder Group expects that high levels of inflation and rising interest
rates will continue to affect the number of planning permits granted for new buildings and renovation projects for
customers. It is currently difficult to gauge when the new building and renovation business will recover. Against this
background, the Zehnder Group continues to expect a challenging market development and currently does not expect any
significant sales growth in the second half of 2023. Consequently, Zehnder Group expects sales for the full year 2023
between EUR 780 million and
EUR 820 million (previous outlook 2023: further sales growth for 2023), and an EBIT margin of around 8% of sales
(previous outlook 2023: EBIT margin comparable to that of 2022).
In the long term, growth prospects remain positive, particularly in the ventilation segment. New building regulations
for better insulated buildings, the increasing demand for energy-saving and efficient climate control solutions, and
the desire for healthy indoor air quality, together with the still low penetration rates in various countries, are
fueling growth - especially in the ventilation segment. Therefore, the medium-term targets of average annual sales
growth of 5% and an EBIT margin of 9% to 11% remain unchanged.
The complete six-month report 2023 will be published on 28 July 2023 and will be found on our website under the
following link:
www.zehndergroup.com/de/investor-relations/berichte-und-praesentationen
Next dates to note
Six-month Report 2023 28 July 2023 Sales announcement 2023 19 January 2024 Annual Report 2023 and Media/Analyst Conference 2024 28 February 2024 Annual General Meeting 2024 11 April 2024 Six-month Report 2024 26 July 2024
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Contact
René Grieder Member of the Group Executive Committee, CFO Zehnder Group AG, 5722 Gränichen (Switzerland) T +41 62 855 15 21, rene.grieder@zehndergroup.com Alexander Kamb Senior Manager Investor Relations & Communications Zehnder Group AG, 5722 Gränichen (CH) T +41 62 855 15 36, alexander.kamb@zehndergroup.com This media release is published in German and English. The German version is binding. For further information about the Zehnder Group, please visit www.zehndergroup.com.
Company profile
Zehnder Group provides worldwide leading solutions for a comfortable, energy-efficient and healthy indoor climate. The products and services of the Group include heating, cooling, indoor ventilation and air cleaning. The Group develops and manufactures its products at its own factories in Europe, China and North America. In the financial year of 2022, the Zehnder Group had about 4'000 employees and achieved sales of EUR 812 million. The company is listed on the SIX Swiss Exchange (symbol: ZEHN, number: 27 653 461). The unlisted registered shares B are held directly or indirectly by the Zehnder family and persons closely associated with them.
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End of Inside Information
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Language: English Company: Zehnder Group AG
Moortalstrasse 1
5722 Gränichen
Switzerland
Phone: +41 62 855 15 21 E-mail: investor-relations@zehndergroup.com Internet: www.zehndergroup.com ISIN: CH0276534614 Listed: SIX Swiss Exchange EQS News ID: 1684051
End of Announcement EQS News Service
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1684051 20-Jul-2023 CET/CEST
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1684051&application_name=news
END) Dow Jones Newswires
July 20, 2023 01:00 ET (05:00 GMT)
