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08.03.2024 06:31:13 - dpa-AFX: EQS-Adhoc: Orell Füssli Ltd: Orell Füssli significantly increased sales and earnings in 2023 (english)
Orell Füssli Ltd: Orell Füssli significantly increased sales and earnings in
2023
Orell Füssli AG / Key word(s): Annual Results
Orell Füssli Ltd: Orell Füssli significantly increased sales and earnings in
2023
08-March-2024 / 06:30 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Ad hoc announcement pursuant to Art. 53 LR
Orell Füssli significantly increased sales and earnings in 2023
* Increase in revenue by 7% and EBIT by 21%
* Substantial increase of 25% in net profit
* All divisions contributed to growth
* Successful implementation of strategic projects
Zurich, March 8, 2024 - Orell Füssli reported pleasing results in 2023 which
were significantly higher than in the previous year. The group increased
sales to CHF 232.2 million (previous year CHF 217.3 million) and operating
result (EBIT) to CHF 18.1 million (previous year CHF 14.9 million). All
divisions contributed to the higher revenue. EBIT margin improved by 0.9
percentage points to 7.8%. Net profit rose by 25% to CHF 14.6 million
(previous year: CHF 11.7 million). Orell Füssli's shareholders' equity is
solid at CHF 132.1 million. The equity ratio remained nearly unchanged at
74.0% (previous year 74.5%).
The implementation of the growth strategy in the areas of security and
education is well under way and the results show that the Orell Füssli Group
is strategically and operationally well positioned to strengthen and further
expand its leading market position in analog and digital trust services.
Security printing
The Security Printing Division increased sales to CHF 77.2 million in 2023
(previous year: CHF 70.4 million), which was higher than forecasted.
Capacity utilisation in the division was high throughout the year thanks to
a good order backlog. The operating result (EBIT) improved by 9% to CHF 10.6
million (previous year: CHF 9.7 million) due to higher sales, operating
efficiency and despite increased costs for raw materials.
Security Printing was able to win various new international customer
projects last year. Orders were concluded from Paraguay and Madagascar, for
example. The new Swiss driving licence was introduced in 2023, for which
Orell Füssli acted as a general contractor. The division also presented new
innovative concepts at various international conferences, such as a new
design method for digital 3D design of banknotes.
For the first half of 2024 capacity utilisation in the Security Printing
Division is at a good level, but the visibility for the second semester is
currently low due to customer orders still under discussion. However, the
division anticipates a further increase in sales and an EBIT margin slightly
below the previous year's level due to the product mix in the current
backlog.
Industrial Systems (Zeiser)
The Zeiser Division was able to increase sales and EBIT in the 2023
financial year. Sales rose to CHF 21.6 million (previous year CHF 20.9
million) and the operating result (EBIT) to CHF 3.6 million (previous year
CHF 0.9 million). Various efficiency and cost-saving measures helped to
increase the EBIT margin again to well above 15% after a previous year
characterised by low earnings and one-off effects.
In 2023, the division recorded higher investments in new production
equipment by customers, following a noticeable slowdown as a result of the
pandemic and a lack of customer contacts. Incoming orders for new projects
picked up, particularly in the second half of the year, and led to good
capacity utilisation. For example, Zeiser received a significant order for a
digital printing press for tax stamps from a state printer in Africa. The
market launch of the new software solutions for Track & Trace systems is
progressing well and the offering is attracting considerable customer
interest.
The division expects a further increase in demand and good business
development in 2024. In particular, rising customer interest in track &
trace systems should contribute to a positive sales trend in the second half
of the year.
Book Retailing
Orell Füssli Thalia Ltd continued to grow in 2023 and increased sales by
4.7% to CHF 235.0 million (previous year CHF 224.4 million). The
proportionately consolidated sales of the Book Retailing Division of Orell
Füssli Ltd increased to CHF 117.5 million (previous year CHF 112.2 million),
corresponding operating earnings (EBIT) declined to CHF 8.0 million
(previous year CHF 9.3 million) due to higher costs for salaries, rents and
marketing.
In a stagnating Swiss book market, Orell Füssli Thalia expanded its position
as market leader and gained further market share. In 2023 the book retailing
company opened five new shops in attractive locations with high customer
footfall, such as shopping centres, railway stations and central city
locations. As a result, sales in the bricks-and-mortar business
significantly exceeded the previous year's figure. Revenue from online
business even surpassed the record figures from years during the pandemic.
Sales with business customers increased again in the past financial year.
A further expansion of the branch network is planned for 2024 with new
locations in Aarau, Chur and Zug; the Rapunzel bookshop in Liestal was
already acquired in January 2024. The larger footprint will lead to growing
sales in 2024, however the profitability will be slightly lower than in 2023
due to higher operating costs.
Publishers
The Orell Füssli publishing houses with educational media, legal media and
children's books look back on very a positive financial year 2023. Both
sales and EBIT increased significantly compared to the previous year. The
main driver of sales and earnings was the hep Verlag, a leading provider of
Swiss educational media, which Orell Füssli acquired in mid-2022. The
children's book programme with the two well-known children's book series
Globi and Papa Moll had a solid year and almost achieved the objectives.
Orell Füssli legal media continued it's growth trajectory. Among others, a
new commentary on the completely revised Swiss Data Protection Act was
published in the second half of the year.
Digital Credentials
Verifiable digital credentials represent a new and attractive business area
with large international potential for Orell Füssli. At the end of 2023, the
subsidiary Procivis launched the new, decentralised e-ID software solution
Procivis One, which meets the high requirements of companies and government
institutions for digital identities. It was developed in-house and fulfils
the available technical specifications in Switzerland and the EU (eIDAS2).
Procivis One is a pioneering and comprehensive technology for digital
identities and verifiable digital credentials. It enables the implementation
of an e-ID or a mobile driver's licence, but also allows other digital
proofs such as ID cards, diplomas or confirmations to be issued and
verified. With several proof-of-concept projects, various use cases with
well-known companies were successfully tested last year. In 2024, Procivis
One will be actively marketed to authorities and companies in Switzerland
and abroad.
Dividend
Considering the good results, the Board of Directors will propose a dividend
increase from CHF 3.40 to CHF 3.90 per share to the Annual General Meeting
on 7th May 2024. The proposal is in line with Orell Füssli's long-term
dividend policy, which foresees to distribute 60 - 80% of the net profit
attributable to shareholders. The dividend will be paid out following the
approval by the shareholders at the Annual General Meeting.
Outlook 2024
The Orell Füssli Group is aiming for further growth in 2024. In view of the
progress made in the strategy implementation, all divisions plan to grow.
However, increases in costs for salaries, energy and rents as well as
investments in the expansion of the digital business fields will have a
negative impact on profitability. Therefore the EBIT margin is expected to
be slightly lower than in 2023. Due to the seasonal business in book
retailing and publishing as well as to the product mix in the Security
Printing Division's order backlog, earnings in the second half of 2024 will
be significantly better than in the first half of the year.
Key figures Orell Füssli Group in CHF million
1) Proposal of the Board of Directors to the Annual General Meeting on 7th
May 2024
Annual Report 2023
The Annual Report 2023 is available on our website at
www.orellfuessli.com/en/investors. A print copy can be requested by sending
an email to investors@orellfuessli.com.
Agenda
General Assembly 2024: 7th May 2024
Publication Half-Year Results 2024: 26th July 2024
Contact
Orell Füssli Ltd
Tel. +41 44 466 72 94
media@orellfuessli.com
Additional features:
File: https://eqs-cockpit.com/c/fncls.ssp?u=49cedfaabc1a840010a2a004a2e7ebbf
File description: MR-OF Annual Results 2023_EN
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End of Inside Information
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End of Announcement EQS News Service
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1854109 08-March-2024 CET/CEST
2023
Orell Füssli AG / Key word(s): Annual Results
Orell Füssli Ltd: Orell Füssli significantly increased sales and earnings in
2023
08-March-2024 / 06:30 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Ad hoc announcement pursuant to Art. 53 LR
Orell Füssli significantly increased sales and earnings in 2023
* Increase in revenue by 7% and EBIT by 21%
* Substantial increase of 25% in net profit
* All divisions contributed to growth
* Successful implementation of strategic projects
* Board of Directors proposes to AGM to increase the dividend to CHF 3.90
per share
Zurich, March 8, 2024 - Orell Füssli reported pleasing results in 2023 which
were significantly higher than in the previous year. The group increased
sales to CHF 232.2 million (previous year CHF 217.3 million) and operating
result (EBIT) to CHF 18.1 million (previous year CHF 14.9 million). All
divisions contributed to the higher revenue. EBIT margin improved by 0.9
percentage points to 7.8%. Net profit rose by 25% to CHF 14.6 million
(previous year: CHF 11.7 million). Orell Füssli's shareholders' equity is
solid at CHF 132.1 million. The equity ratio remained nearly unchanged at
74.0% (previous year 74.5%).
The implementation of the growth strategy in the areas of security and
education is well under way and the results show that the Orell Füssli Group
is strategically and operationally well positioned to strengthen and further
expand its leading market position in analog and digital trust services.
Security printing
The Security Printing Division increased sales to CHF 77.2 million in 2023
(previous year: CHF 70.4 million), which was higher than forecasted.
Capacity utilisation in the division was high throughout the year thanks to
a good order backlog. The operating result (EBIT) improved by 9% to CHF 10.6
million (previous year: CHF 9.7 million) due to higher sales, operating
efficiency and despite increased costs for raw materials.
Security Printing was able to win various new international customer
projects last year. Orders were concluded from Paraguay and Madagascar, for
example. The new Swiss driving licence was introduced in 2023, for which
Orell Füssli acted as a general contractor. The division also presented new
innovative concepts at various international conferences, such as a new
design method for digital 3D design of banknotes.
For the first half of 2024 capacity utilisation in the Security Printing
Division is at a good level, but the visibility for the second semester is
currently low due to customer orders still under discussion. However, the
division anticipates a further increase in sales and an EBIT margin slightly
below the previous year's level due to the product mix in the current
backlog.
Industrial Systems (Zeiser)
The Zeiser Division was able to increase sales and EBIT in the 2023
financial year. Sales rose to CHF 21.6 million (previous year CHF 20.9
million) and the operating result (EBIT) to CHF 3.6 million (previous year
CHF 0.9 million). Various efficiency and cost-saving measures helped to
increase the EBIT margin again to well above 15% after a previous year
characterised by low earnings and one-off effects.
In 2023, the division recorded higher investments in new production
equipment by customers, following a noticeable slowdown as a result of the
pandemic and a lack of customer contacts. Incoming orders for new projects
picked up, particularly in the second half of the year, and led to good
capacity utilisation. For example, Zeiser received a significant order for a
digital printing press for tax stamps from a state printer in Africa. The
market launch of the new software solutions for Track & Trace systems is
progressing well and the offering is attracting considerable customer
interest.
The division expects a further increase in demand and good business
development in 2024. In particular, rising customer interest in track &
trace systems should contribute to a positive sales trend in the second half
of the year.
Book Retailing
Orell Füssli Thalia Ltd continued to grow in 2023 and increased sales by
4.7% to CHF 235.0 million (previous year CHF 224.4 million). The
proportionately consolidated sales of the Book Retailing Division of Orell
Füssli Ltd increased to CHF 117.5 million (previous year CHF 112.2 million),
corresponding operating earnings (EBIT) declined to CHF 8.0 million
(previous year CHF 9.3 million) due to higher costs for salaries, rents and
marketing.
In a stagnating Swiss book market, Orell Füssli Thalia expanded its position
as market leader and gained further market share. In 2023 the book retailing
company opened five new shops in attractive locations with high customer
footfall, such as shopping centres, railway stations and central city
locations. As a result, sales in the bricks-and-mortar business
significantly exceeded the previous year's figure. Revenue from online
business even surpassed the record figures from years during the pandemic.
Sales with business customers increased again in the past financial year.
A further expansion of the branch network is planned for 2024 with new
locations in Aarau, Chur and Zug; the Rapunzel bookshop in Liestal was
already acquired in January 2024. The larger footprint will lead to growing
sales in 2024, however the profitability will be slightly lower than in 2023
due to higher operating costs.
Publishers
The Orell Füssli publishing houses with educational media, legal media and
children's books look back on very a positive financial year 2023. Both
sales and EBIT increased significantly compared to the previous year. The
main driver of sales and earnings was the hep Verlag, a leading provider of
Swiss educational media, which Orell Füssli acquired in mid-2022. The
children's book programme with the two well-known children's book series
Globi and Papa Moll had a solid year and almost achieved the objectives.
Orell Füssli legal media continued it's growth trajectory. Among others, a
new commentary on the completely revised Swiss Data Protection Act was
published in the second half of the year.
Digital Credentials
Verifiable digital credentials represent a new and attractive business area
with large international potential for Orell Füssli. At the end of 2023, the
subsidiary Procivis launched the new, decentralised e-ID software solution
Procivis One, which meets the high requirements of companies and government
institutions for digital identities. It was developed in-house and fulfils
the available technical specifications in Switzerland and the EU (eIDAS2).
Procivis One is a pioneering and comprehensive technology for digital
identities and verifiable digital credentials. It enables the implementation
of an e-ID or a mobile driver's licence, but also allows other digital
proofs such as ID cards, diplomas or confirmations to be issued and
verified. With several proof-of-concept projects, various use cases with
well-known companies were successfully tested last year. In 2024, Procivis
One will be actively marketed to authorities and companies in Switzerland
and abroad.
Dividend
Considering the good results, the Board of Directors will propose a dividend
increase from CHF 3.40 to CHF 3.90 per share to the Annual General Meeting
on 7th May 2024. The proposal is in line with Orell Füssli's long-term
dividend policy, which foresees to distribute 60 - 80% of the net profit
attributable to shareholders. The dividend will be paid out following the
approval by the shareholders at the Annual General Meeting.
Outlook 2024
The Orell Füssli Group is aiming for further growth in 2024. In view of the
progress made in the strategy implementation, all divisions plan to grow.
However, increases in costs for salaries, energy and rents as well as
investments in the expansion of the digital business fields will have a
negative impact on profitability. Therefore the EBIT margin is expected to
be slightly lower than in 2023. Due to the seasonal business in book
retailing and publishing as well as to the product mix in the Security
Printing Division's order backlog, earnings in the second half of 2024 will
be significantly better than in the first half of the year.
Key figures Orell Füssli Group in CHF million
In CHF million 2023 2022
Revenue from goods and services provided 232.3 217.3
Operating income (EBITDA) 29.8 25.8
Operating result (EBIT) 18.1 14.9
Annual result 14.6 11.7
Annual result after minority interests 12.0 8.5
Equity 132.1 133.7
Minority interest in equity 8.3 11.5
Dividend (in CHF per share)1) 3.90 3.40
Number of employees (FTE) as of 31.12. 665 650
1) Proposal of the Board of Directors to the Annual General Meeting on 7th
May 2024
Annual Report 2023
The Annual Report 2023 is available on our website at
www.orellfuessli.com/en/investors. A print copy can be requested by sending
an email to investors@orellfuessli.com.
Agenda
General Assembly 2024: 7th May 2024
Publication Half-Year Results 2024: 26th July 2024
Contact
Orell Füssli Ltd
Tel. +41 44 466 72 94
media@orellfuessli.com
Orell Füssli is a pioneer in the fields of security and education.
With its expertise in security solutions for the state and citizens
and as a leading Swiss player in the book retailing sector, Orell
Füssli supports its clients with a unique and customised offering.
As a leading systems supplier of security technology and
identification systems and a long-standing partner to governments,
Orell Füssli sets technological standards in both analog and digital
applications. In the area of security printing and serialisation, the
company offers innovative printing processes, equipment and services
for the production and effective protection of banknotes, value
documents and identity documents.
Verifiable digital credentials represent a relevant new business area
with huge international potential and will be developed in the coming
years by Procivis a subsidiary of Orell Füssli.
With its attractive large-format and specialist bookstores, Orell
Füssli offers a true book shopping experience. In the book retailing
segment, Orell Füssli holds a 50% stake in Orell Füssli Thalia AG, an
omnichannel company that provides an extensive offering with 54
branches located in the German-speaking part of Switzerland and
various e-commerce services. Orell Füssli Thalia provides also
logistics and others services for libraries and the corporate sector.
With its publishing houses, Orell Füssli focusses on learning and
legal media as well as books for children.
Orell Füssli was established more than 500 years ago and generates
revenue of some CHF 230 million, with about 660 employees and
locations in five countries. Orell Füssli is listed on the SIX Swiss
Exchange (Security number 342 080; ISIN number CH0003420806).
Additional features:
File: https://eqs-cockpit.com/c/fncls.ssp?u=49cedfaabc1a840010a2a004a2e7ebbf
File description: MR-OF Annual Results 2023_EN
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End of Inside Information
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Language: English
Company: Orell Füssli AG
Dietzingerstrasse 3
8003 Zürich
Switzerland
Fax: 044 466 77 11
E-mail: info@orellfuessli.com
Internet: https://www.orellfuessli.com/
ISIN: CH0003420806
Listed: SIX Swiss Exchange
EQS News ID: 1854109
End of Announcement EQS News Service
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1854109 08-March-2024 CET/CEST
