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OC Oerlikon / Key word(s): Quarter Results

03-May-2022 / 06:31 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.

Strong Profitable Growth Continued in First Quarter

  • Group order intake significantly increased by 23% year-over-year; book-to-bill well
    above 1, driven by both divisions.

  • Group sales increased by 23% year-over-year to CHF 698 million.
    Group operational EBITDA increased by 31% compared to the prior year, leading to an operational EBITDA margin of 17%.

  • Confirming full-year guidance.

Key Figures of the Oerlikon Group as of March 31, 2022 (in CHF million)

Q1 2022

Q1 2021

Order intake

790

643

23.0%

Order backlog

818

678

20.5%

Sales

698

568

22.9%

Operational EBITDA1

119

91

31.0%

Operational EBITDA margin1

17.0%

15.9%

110 bps

Operational EBIT1

63

41

54.0%

Operational EBIT margin1

9.1%

7.3%

180 bps

1 For the reconciliation of operational and unadjusted figures, please see tables I and II on page 2 of this media release.

Pfäffikon, Schwyz, Switzerland - May 3, 2022 - 'We achieved strong growth in both top line and profitability in the first quarter, continuing our growth trajectory and confirming our strategy to deliver sustainable profitable growth,' said Roland Fischer, CEO Oerlikon Group.

'Polymer Processing Solutions recorded another very strong quarter, with orders and sales growth, driven by both filament and non-filament businesses. Surface Solutions saw an increase in sales in general industries and aerospace, while supply chain shortages continued to impact some markets,' added Fischer.

'We are pleased to have published our 2021 Sustainability Report at the end of the first quarter, highlighting the sustainability progress in our operations toward our 2030 targets and many examples of how we support customers to improve their climate footprint and efficiency,' concluded Fischer.

Strong First-Quarter Performance

Group orders increased by 23.0% to CHF 790 million. Group sales improved globally by 22.9% to CHF 698 million, driven by both divisions. At constant exchange rates, Group sales increased by 25.5%.

Group operational first quarter EBITDA was CHF 119 million, or 17.0% of sales, representing a year-over-year improvement of 110 basis points (bps). The margin improvement was attributed to sustained cost control and positive operating leverage. First quarter operational EBIT was CHF 63 million, or 9.1% of sales (Q1 2021: CHF 41 million; 7.3%).

Group first quarter EBITDA was CHF 112 million, or 16.1% of sales (Q1 2021: CHF 88 million, 15.4%), and EBIT was CHF 57 million, or 8.2% of sales (Q1 2021: CHF 38 million, 6.7%). The reconciliation of the operational and unadjusted figures can be seen in the tables below.

Table I: Reconciliation of Q1 2022 Operational EBITDA and EBITDA1

In CHF million

Q1 2022

Q1 2021

Operational EBITDA

119

91

Expenses from restructuring

-1

-1

Expenses related to discontinued activities

-2

-

Expenses related to acquisition and integration costs

-4

-2

EBITDA

112

88

Table II: Reconciliation of Q1 2022 Operational EBIT and EBIT1

In CHF million

Q1 2022

Q1 2021

Operational EBIT

63

41

Expenses from restructuring

-1

-1

Expenses related to discontinued activities

-2

-

Impairment charges

-

0

Expenses related to acquisition and integration costs

-4

-2

EBIT

57

38

1 All amounts (including totals and subtotals) have been rounded according to normal commercial practice. Thus, addition of the figures presented can result in rounding differences.

Division Overview

Surface Solutions Division

Key Figures of the Surface Solutions Division as of March 31, 2022 (in CHF million)

Q1 2022

Q1 2021

Order intake

376

327

14.8%

Order backlog

224

150

49.4%

Sales (to third parties)

328

304

7.8%

Operational EBITDA

59

54

8.9%

Operational EBITDA margin

17.8%

17.7%

10 bps

The division increased order intake by 15% and sales by 8%, attributed to higher demand in general industries and a slight recovery in aerospace in the US. The book-to-bill ratio was higher than 1.1, reflecting the ongoing demand in the longer-cycle business. At constant exchange rates, division sales increased by 10.4%.

Operational EBITDA improved by 8.9% to CHF 59 million, or 17.8% of sales, compared to CHF 54 million, or 17.7% of sales in Q1 2021. Positive operating leverage and cost control were largely offset by temporary shortages in some high-margin businesses. Operational EBIT was CHF 21 million, or 6.2% of sales (Q1 2021: CHF 15 million, or 4.8% of sales).

First quarter EBITDA was CHF 56 million, or 17.0% of sales, compared to CHF 53 million, or 17.5% of sales in the previous year. EBIT was CHF 18 million, or 5.4% of sales (Q1 2021: CHF 14 million, or 4.6% of sales).

Polymer Processing Solutions Division

Key Figures of the Polymer Processing Solutions Division as of March 31, 2022 (in CHF million)

Q1 2022

Q1 2021

Order intake

415

315

31.5%

Order backlog

593

528

12.3%

Sales (to third parties)

369

263

40.4%

Operational EBITDA

58

33

77.8%

Operational EBITDA margin

15.7%

12.4%

330 bps

The division delivered another strong quarterly performance. Order intake increased by 31.5% to CHF 415 million. Sales significantly increased by 40% to CHF 369 million year-over-year across all regions. Growth was driven by filament and non-filament end markets and includes a 15% sales contribution from Oerlikon HRSflow, which was acquired in 2021. At constant exchange rates, sales increased by 42.9%.

Operational EBITDA notably improved by 78% to CHF 58 million, or 15.7% of sales, compared to CHF 33 million, or 12.4% of sales, in Q1 2021. Margin improvement was driven by positive operating leverage, cost control and the INglass acquisition. Operational EBIT was CHF 44 million, or 12.0% of sales (Q1 2021: CHF 24 million, or 9.3% of sales). EBITDA was CHF 58 million, or 15.7% of sales (Q1 2021: CHF 33 million, 12.4%). EBIT was CHF 44 million, or 12.0% of sales (Q1 2021: CHF 24 million, or 9.3% of sales).

Additional Information

Oerlikon will present its results during a conference call today beginning at 10:30 CEST. To participate, please click on this link to join the webcast.

To ask questions in the Q&A session, please dial in.

Country

Local toll call numbers

Switzerland

+41 58 310 50 00

UK

+44 207 107 06 13

USA

+1 631 570 56 13

The media release, including a full set of tables, can be found at www.oerlikon.com/pressreleases and www.oerlikon.com/ir.

About Oerlikon

Oerlikon (SIX: OERL) is a global innovation powerhouse for surface engineering, polymer processing and additive manufacturing. The Group's solutions and comprehensive services, together with its advanced materials, improve and maximize the performance, function, design and sustainability of its customers' products and manufacturing processes in key industries. Pioneering technology for decades, everything Oerlikon invents and does is guided by its passion to support customers' goals and foster a sustainable world. Headquartered in Pfäffikon, Switzerland, the Group operates its business in two Divisions - Surface Solutions and Polymer Processing Solutions. It has a global footprint of more than 11 800 employees at 207 locations in 38 countries and generated sales of CHF 2.65 billion in 2021.

For further information, please contact:

Sara Vermeulen Anastasi
Head of Group Communications

Tel.: +41 58 360 98 52

sara.vermeulen@oerlikon.com
www.oerlikon.com

Stephan Gick
Head of Investor Relations

Tel: +41 58 360 98 50

stephan.gick@oerlikon.com
www.oerlikon.com

Disclaimer
OC Oerlikon Corporation AG, Pfäffikon together with its affiliates, hereinafter referred to as 'Oerlikon', has made great efforts to include accurate and up-to-date information in this document. However, Oerlikon makes no representation or warranties, expressed or implied, as to the truth, accuracy or completeness of the information provided in this document. Neither Oerlikon nor any of its directors, officers, employees or advisors, nor any other person connected or otherwise associated with Oerlikon, shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this document.

The contents of this document, including all statements made therein, are based on estimates, assumptions and other information currently available to the management of Oerlikon. This document contains certain statements related to the future business and financial performance or future events involving Oerlikon that may constitute forward-looking statements. The forward-looking statements contained herein could be substantially impacted by risks, influences and other factors, many of which are not foreseeable at present and/or are beyond Oerlikon's control, so that the actual results, including Oerlikon's financial results and operational results, may vary materially from and differ from those, expressly or implicitly, provided in the forward-looking statements, be they anticipated, expected or projected. Oerlikon does not give any assurance, representation or warranty, expressed or implied, that such forward-looking statements will be realized. Oerlikon is under no obligation to, and explicitly disclaims any obligation to, update or otherwise review its forward-looking statements, whether as a result of new information, future events or otherwise.

This document, including any and all information contained therein, is not intended as, and may not be construed as, an offer or solicitation by Oerlikon for the purchase or disposal of, trading or any transaction in any Oerlikon securities. Investors must not rely on this information for investment decisions and are solely responsible for forming their own investment decisions


End of ad hoc announcement

Language:

English

Company:

OC Oerlikon

Churerstrasse 120

CH - 8808 Pfäffikon SZ

Switzerland

Phone:

+41 58 360 96 96

Fax:

+41 58 360 91 96

E-mail:

info@oerlikon.com

Internet:

www.oerlikon.com

ISIN:

CH0000816824

Valor:

863037

Listed:

Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Basic Board), Munich, Stuttgart; SIX Swiss Exchange

EQS News ID:

1341619


 

End of Announcement

EQS News Service

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