Key figures EMS Group: Annual Results 2023

(Ad hoc announcement pursuant to Art. 53 LR)

 

- Successful new business with innovative specialties

- Global economy significantly slowed

- Subdued consumer mood in the main markets

- Weaker foreign currencies hamper result development in Swiss Francs

- Large-scale sales offensive with innovations for disproportional growth

1. Summary

The EMS Group, with its companies combined in the EMS-CHEMIE HOLDING AG and globally active in the business areas High Performance Polymers and Specialty Chemicals, achieved net sales amounting to CHF 2,189 million (2,442) and a net operating income of CHF 493 million (611) in 2023. Net income reached CHF 461 million (535). Successfully realized new business was not able to make up for the general restraint shown by consumers and companies or the effect of weaker foreign currencies to the Swiss Franc.

As expected, the global economic environment deteriorated significantly in 2023. In Europe, in particular, higher energy costs, persistently high core inflation and higher interest rates put lasting pressure on purchasing power and the consumer mood. In Germany, Europe's leading industrial nation, the manufacturing industry slumped. Since COVID-19, the Chinese real estate crisis has had a sustained negative effect on consumer confidence. The chip shortage in the global automotive industry has now been resolved and back-log orders have been completed. Lower order intake and higher interest rates triggered inventory reductions across all supply chains. The Swiss Franc became stronger supported by moderate Swiss inflation rates and its role as a "safe haven".

In this weak market environment, EMS consistently focused on increasing market penetration with specialties and innovations. Planned new business was achieved successfully. Net sales in local currencies were increased in all markets outside Europe.

Consolidated net sales in Swiss Francs amounted to CHF 2,189 million (2,442) which is -10.4% below previous year and, adjusted for currency influences, -4.6% below previous year. Weaker foreign currencies reduced net sales in Swiss Francs.

Net operating income (EBIT) closed at CHF 493 million (611) which is -19.4% below previous year due to the negative economic and currency effects. The net operating income before depreciation (EBITDA) amounted to CHF 542 million (661).

Net profit closed at CHF 461 million (535). Earnings per share amounted to CHF 19.56 (22.75).