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BAUWERK GROUP: Net result slightly improved in a challenging environment

·9-min read

Bauwerk Boen AG / Key word(s): Half Year Results

29-Sep-2020 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.

 

Press Release

BAUWERK GROUP: Net result slightly improved in a challenging environment

The currency-adjusted turnover of the Bauwerk Group in the first half of 2020 was 7.5% below the prior-year period. The 10% drop in volume mainly reflects the effects out of the Covid-19 pandemic. Due to further improvements in material efficiency and productivity the gross margin as well as the operating margins could be improved, EBITDA to 10.5% and EBIT to 5.9%, this despite the decline in sales. The company result of CHF 4.7 million is 2% above the prior-year period.

St. Margrethen, 29 September 2020 - Consolidated net turnover of the Bauwerk Group declined by 12.3% to CHF 128.3 million in the first half of 2020 (prior-year: CHF 146.2 million). Adjusted for significant negative exchange rate impacts when applying the previous year's exchange rate, the reduction amounted to -7.5%. Thanks to the improvements in efficiency in production which were implemented in recent years and further cost-saving measures that were immediately introduced, the key earning figures were improved despite the decline in sales. In the first half of 2020 the operating result EBITDA amounted to CHF 13.4 million which results in an EBITDA margin of 10.5% (9.8% in the prior-year period).

New name of the group
The Bauwerk Group sells its products under the well-known brands Bauwerk Parkett and Boen. The market development is designed for the respective sales channel and the geographic markets. As of September 1, 2020, the group was renamed to BAUWERK GROUP. The proven market presence of the two brands Bauwerk and Boen will be continued.

Efficiency further improved
The international pandemic situation in the first half of the year was inconsistent, as individual markets were completely in lockdown, while construction activity was still possible in others. Overall, the volume sold in the first half of 2020 fell by around 10% to 4.1 million square meters. Despite the decline in volume and sales, the group managed to maintain or even improve margins. Further improvements in productivity and efficiencies in the factories, relaxation in the material procurement markets, significant saving measures in other operating expenses and, last but not least, compensation contributions for short-time-work contributed significantly to this positive development. The operating result EBITDA was CHF 13.4 million, compared to CHF 14.3 million in the prior-year period, resulting in an EBITDA margin of 10.5% (9.8% in the prior-year). Adjusted for negative currency effects, the adjusted operating result EBITDA was CHF 14.7 million, corresponding to an EBITDA margin of 10.9% (prior-year period 10.2%). The operating result after depreciation EBIT amounted to CHF 7.6 million or 5.9% of net sales, compared to CHF 8.1 million or 5.5% EBIT margin in the prior-year. Adjusted for the mentioned currency effects, EBIT was CHF 8.6 million or 6.4% of net sales (prior-year 5.9%). The company result for the first half of 2020 amounted to CHF 4.7 million and was 2% above the prior-year period (CHF 4.6 million).

Solid financing
The balance sheet and financial ratios of Bauwerk Group as of 30 June 2020 remain solid. The equity ratio as of the balance sheet date, including the subordinated shareholder loans, was 43.2% (42.9% as of 30 June 2019). Compared to the previous year, financial liabilities were reduced by around CHF 8.7 million. The subordinated shareholder loan was also reduced by CHF 9.8 million.

Outlook 2020
Due to the continuing uncertainties regarding the speed of the economic recovery and the resulting lack of visibility in the individual markets, the Bauwerk Group is not giving an outlook for the second half of the year. However, the group is confident that with the effect out of the efficiency measures further improvements in productivity and increase in earnings is possible as soon as the volume stabilizes

 

 

 

 

Contact
Peter Schmitter, CFO Bauwerk Group
Email: peter.schmitter@bauwerk-group.com, Telefon +41 71 747 72 94


About Bauwerk Group
Bauwerk Group is Europe's leading developer, manufacturer and supplier of parquet flooring in the premium segment as well as the second-largest market participant in wood flooring. With sold volumes of over 8.7 million square meters annually, the Group offers a complementary portfolio of two- and three-layer parquets as well as wooden sports flooring under the two brands Bauwerk and Boen. The key markets Switzerland, Norway and Germany as well as Austria, the UK, France, China and the US are being served by local subsidiaries. Administrative headquarters of the Group are located in St. Margrethen, Switzerland. The production locations are currently concentrated in St. Margrethen and Kietaviškės, Lithuania and Đurđevac/Croatia. During the financial year 2019, the Bauwerk Group generated a net turnover of CHF 281 million and employed around 1'600 people.

 

Legal information

The economic projections and predictions contained in this information relate to future facts. Such projections and predictions are subject to risks, uncertainties and changes which cannot be foreseen and which are beyond the control of Bauwerk Group. Bauwerk Group is therefore not in a position to make any representations as to the accuracy of economic projections and predictions or their impact on the financial situation of Bauwerk Group or the market in the securities of Bauwerk Group.

THIS INFORMATION DOES NOT CONSTITUTE AN ADVICE ON INVESTMENT NOR A RECOMMENDATION OR INVITATION FOR PURCHASING, HOLDING OR SELLING ANY SECURITIES AND IT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES. IT IS NOT INTENDED FOR PERSONS SUBJECT TO LEGISLATION THAT PROHIBITS ITS DISTRIBUTION OR MAKES ITS DISTRIBUTION CONTINGENT UPON AN APPROVAL AND IT IS NOT BEING ISSUED IN COUNTRIES WHERE THE PUBLIC DISSEMINATION OF THE INFORMATION CONTAINED HEREIN MAY BE RESTRICTED OR PROHIBITED BY LAW. IN PARTICULAR, THIS INFORMATION IS NOT BEING ISSUED IN THE UNITED STATES OF AMERICA AND SHOULD NOT BE DISTRIBUTED TO U.S. PERSONS OR PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES. ANY NON-COMPLIANCE WITH SUCH RESTRICTIONS MAY RESULT IN AN INFRINGEMENT OF U.S. SECURITIES LAWS. SECURITIES OF BAUWERK PARKETT AG AND OF BAUWERK BOEN AG ("COMPANIES") ARE NOT BEING PUBLICLY OFFERED OUTSIDE OF SWITZERLAND. IN PARTICULAR, THE SECURITIES OF THE COMPANIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO OR FOR THE ACCOUNT OF U.S. PERSONS EXCEPT IN AN "OFFSHORE TRANSACTION" IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. THIS DOCUMENT DOES NOT CONSTITUTE A PROSPECTUS ACCORDING TO ART. 652A OR ART. 1156 OF THE SWISS CODE OF OBLIGATIONS OR ART. 27 ET SEQ. OF THE SIX SWISS EXCHANGE LISTING RULES.

This document is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "Relevant Persons"). The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this information or any of its contents.

 


Additional features:


File: BAUWERK GROUP: Net result slightly improved in a challenging environment

End of ad hoc announcement

Consolidated Income Statement

 

 

 

in 1000 CHF

2020

2019

Change.

 

Jan-Jun

Jan-Jun

in %

 

 

 

 

Net turnover

128'253

146'205

-12.3

Material and goods

-59'731

-69'082

 

Personnel costs

-30'820

-33'009

 

Other operating costs

-24'500

-29'714

 

Other revenues

1'169

715

 

Other expenditures (incl. restructurings)

-956

-740

 

Operating results before depreciation and amortisation (EBITDA)

13'415

14'375

-6.7

EBITDA in % of net turnover

10.5%

9.8%

 

 

 

 

 

Depreciation

-5'850

-6'325

 

Operating result (EBIT)

7'565

8'050

-6.0

EBIT in % of net turnover

5.9%

5.5%

 

 

 

 

 

Financial results

-2'020

-2'200

 

Extraordinary / non-recurring expenses

-45

-450

 

Result before taxes (EBT)

5'500

5'400

1.9

EBT in % of net turnover

4.3%

3.7%

 

 

 

 

 

Taxes

-820

-800

 

Net income

4'680

4'600

1.7

Net income in % of net turnover

3.6%

3.1%

 

Consolidated Balance Sheet

30 Jun 2020

in %

30 Jun 2019

in %

Change

in %

in 1000 CHF

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

21'802

 

5'873

 

 

 

Other current assets

128'292

 

148'230

 

 

 

Current assets

150'094

58.3

154'103

56.6

-4'009

-2.6

 

 

 

 

 

 

 

Financial assets

1'747

 

2'249

 

 

 

Tangible fixed and intangible assets

105'498

 

115'866

 

 

 

Non-current assets

107'245

41.7

118'115

43.4

-10'870

-9.2

 

 

 

 

 

 

 

Total assets

257'339

100.0

272'218

100.0

-14'879

-5.5

 

 

 

 

 

 

 

Equity and liabilities

 

 

 

 

 

 

Financial liabilities

96'219

 

104'921

 

 

 

Other current liabilities

38'941

 

38'714

 

 

 

Other non-current liabilities

10'950

 

11'899

 

 

 

Total liabilities

146'110

56.8

155'534

57.1

-9'424

-6.1

 

 

 

 

 

 

 

Shareholder loan

27'500

10.7

37'308

13.7

-9'808

-26.3

 

 

 

 

 

 

 

Share capital

76'394

 

76'394

 

 

 

Capital reserves

14'062

 

14'062

 

 

 

Retained earnings (incl. currency
translation differences)

-6'727

 

-11'080

 

 

 

Total equity

83'729

32.5

79'376

29.2

4'353

5.5

 

 

 

 

 

 

 

Total equity and liabilities

257'339

100.0

272'218

100.0

-14'879

-5.5

Consolidated Income Statement

 

 

 

in 1000 CHF

2020

2019

Change.

 

Jan-Jun

Jan-Jun

in %

 

 

 

 

Net turnover

128'253

146'205

-12.3

Material and goods

-59'731

-69'082

 

Personnel costs

-30'820

-33'009

 

Other operating costs

-24'500

-29'714

 

Other revenues

1'169

715

 

Other expenditures (incl. restructurings)

-956

-740

 

Operating results before depreciation and amortisation (EBITDA)

13'415

14'375

-6.7

EBITDA in % of net turnover

10.5%

9.8%

 

 

 

 

 

Depreciation

-5'850

-6'325

 

Operating result (EBIT)

7'565

8'050

-6.0

EBIT in % of net turnover

5.9%

5.5%

 

 

 

 

 

Financial results

-2'020

-2'200

 

Extraordinary / non-recurring expenses

-45

-450

 

Result before taxes (EBT)

5'500

5'400

1.9

EBT in % of net turnover

4.3%

3.7%

 

 

 

 

 

Taxes

-820

-800

 

Net income

4'680

4'600

1.7

Net income in % of net turnover

3.6%

3.1%

 

Consolidated Balance Sheet

30 Jun 2020

in %

30 Jun 2019

in %

Change

in %

in 1000 CHF

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

21'802

 

5'873

 

 

 

Other current assets

128'292

 

148'230

 

 

 

Current assets

150'094

58.3

154'103

56.6

-4'009

-2.6

 

 

 

 

 

 

 

Financial assets

1'747

 

2'249

 

 

 

Tangible fixed and intangible assets

105'498

 

115'866

 

 

 

Non-current assets

107'245

41.7

118'115

43.4

-10'870

-9.2

 

 

 

 

 

 

 

Total assets

257'339

100.0

272'218

100.0

-14'879

-5.5

 

 

 

 

 

 

 

Equity and liabilities

 

 

 

 

 

 

Financial liabilities

96'219

 

104'921

 

 

 

Other current liabilities

38'941

 

38'714

 

 

 

Other non-current liabilities

10'950

 

11'899

 

 

 

Total liabilities

146'110

56.8

155'534

57.1

-9'424

-6.1

 

 

 

 

 

 

 

Shareholder loan

27'500

10.7

37'308

13.7

-9'808

-26.3

 

 

 

 

 

 

 

Share capital

76'394

 

76'394

 

 

 

Capital reserves

14'062

 

14'062

 

 

 

Retained earnings (incl. currency
translation differences)

-6'727

 

-11'080

 

 

 

Total equity

83'729

32.5

79'376

29.2

4'353

5.5

 

 

 

 

 

 

 

Total equity and liabilities

257'339

100.0

272'218

100.0

-14'879

-5.5

Language:

English

Company:

Bauwerk Boen AG

Neudorfstrasse 49

9430 St. Margrethen

Switzerland

Phone:

+41 71 7477474

Fax:

+41 71 7477423

E-mail:

info@bauwerk-group.com

Internet:

www.bauwerk-group.com

ISIN:

CH0410370016

Listed:

SIX Swiss Exchange

EQS News ID:

1134453


 

End of Announcement

EQS Group News Service

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