Schindler Management Ltd.
Global Communications & Branding
Ad hoc announcement pursuant to Art. 53 LR
Key fgures as of March 31, 2023
Press release
April 20, 2023
Staying the course
- New installation markets: weakening trend globally; uncertainty persists
- Order intake: decrease in New Installation refecting weakening global markets; growth in Service
- Revenue: growth across all regions and product lines
- Operating proft: year-on-year improvement, both in absolute and relative terms
- EBIT and net proft: rebound supplemented by one-off real estate gain of CHF 26 million
- Change to the Group Executive Committee: CTO succession
In the frst quarter of 2023, revenue increased by 6.2% to CHF 2 796 million, while order intake decreased by 8.7% to CHF 2 889 million. Operating proft reached CHF 282 million, corresponding to an EBIT margin of 10.1% (EBIT adjusted 9.7%). Net proft amounted to CHF 212 million,
or CHF 186 million excluding the real estate gain, and cash fow from operating activities reached CHF 281 million.
"Real estate and construction industries are being affected by site delays and by the uncertainty in global capital markets, despite the continued strong demand in the residential segment. Notwithstanding the challenging environment, Schindler achieved revenue growth across all regions and product lines," said Silvio Napoli, Schindler's Chairman and CEO. "We continue to make progress on the disciplined execution of our strategic priorities."
Order intake and order backlog
Order intake decreased by 8.7% to CHF 2 889 million (previous year: CHF 3 164 million), corresponding to -5.0% in local currencies. All regions contracted due to slowing New Installations and Modernization, while order intake margins continued to recover. The Service business remained very robust and continued to grow.
As of March 31, 2023, order backlog decreased by 5.3% to CHF 9 640 million (previous year: CHF 10 175 million). In local currencies, the order backlog growth was almost fat at -0.2%.
Revenue
Revenue increased by 6.2%, equivalent to CHF 2 796 million (previous year: CHF 2 632 million), and by +10.0% in local currencies. All regions recorded growth in local currencies.
Schindler Group - Key figures as of March 31, 2023 | Page | 1 |
Schindler Management Ltd.
Global Communications & Branding
Operating proft (EBIT)
Operating proft increased to CHF 282 million (previous year: CHF 211 million), supplemented by a one-off gain from the land sale of our former factory in Suzhou, China, resulting in a capital gain of CHF 26 million. The EBIT margin reached 10.1% (previous year: 8.0%).
EBIT adjusted (EBIT before real estate gain, restructuring costs, Top Speed 23 program, and BuildingMinds) increased by 15.3% to CHF 272 million (previous year: CHF 236 million) for an adjusted EBIT margin of 9.7%, resulting in a year-on-year operational improvement of 0.7 percentage points.
Net proft and cash fow from operating activities
Net proft reached CHF 212 million compared to the previous year's result of CHF 144 million. Excluding the real estate gain, net proft totaled CHF 186 million, equivalent to a year-on-year improvement of 29.2%.
Cash fow from operating activities totaled CHF 281 million (previous year: CHF 286 million), resulting from higher net working capital requirements that could not be fully offset by improved operating proft.
Outlook for 2023
Despite the uncertainty surrounding markets, Schindler's revenue outlook for 2023 remains unchanged. As in previous years, net proft guidance will be provided with the publication of the half-year results.
Change to the Group Executive Committee
The Board of Directors has appointed Donato Carparelli, currently Head Global Product Governance, as Chief Technology Ofcer (CTO) on the Group Executive Committee, effective May 1, 2023. He will succeed Karl-Heinz Bauer who will retire after eight years on the Group Executive Committee.
As of May 1, 2023, the Group Executive Committee will be composed of the following members: Silvio Napoli (Chairman and CEO), Paolo Compagna (COO and Deputy CEO), Julio Arce (Europe South), Matteo Attrovio (CIO), Donato Carparelli (CTO), Carla De Geyseleer (CFO), Meinolf Pohle (Europe North), Robert Seakins (Asia-Pacifc), Tobias B. Staehelin (Human Resources), and Daryoush Ziai (China and Escalators).
Positive conclusion of derivative lawsuit in the Republic of Korea
On March 30, 2023, after almost ten years of litigation through all instances, the Supreme Court of the Republic of Korea issued a fnal verdict in favor of Schindler's shareholder derivative lawsuit against a number of Board members of Hyundai Elevator. Schindler welcomes this landmark court ruling that duly afrms the legitimate rights of all Hyundai Elevator shareholders.
For further information:
Nicole Wesch, Head Global Communications & Branding
Tel. +41 41 445 50 90, nicole.wesch@schindler.com
Marco Knuchel, Head Investor Relations
Tel. +41 41 445 30 61, marco.knuchel@schindler.com
group.schindler.com
Dial-in details for today's conference call at 10:00am CET are available at: group.schindler.com/en/investor-relations/events.html.
Schindler Group - Key figures as of March 31, 2023 | Page | 2 |
Schindler Management Ltd.
Global Communications & Branding
Key fgures
1st quarter: January to March
In CHF million | 2023 | 2022 | Δ % | |||
Order intake | 2 889 | 3 164 | -8.7 | |||
Revenue | 2 796 | 2 632 | 6.2 | |||
Operating proft (EBIT) | 282 | 211 | 33.6 | |||
in % | 10.1 | 8.0 | ||||
Operating proft (EBIT), adjusted | 272 | 1 | 236 | 2 | 15.3 | |
in % | 9.7 | 9.0 | ||||
Financing and investing activities | -8 | -23 | ||||
Proft before taxes | 274 | 188 | 45.7 | |||
Income taxes | 62 | 44 | ||||
Net proft | 212 | 144 | 47.2 | |||
Earnings per share and participation certifcate in CHF | 1.84 | 1.24 | 48.4 | |||
Cash fow from operating activities | 281 | 286 | -1.7 | |||
Investments in property, plant, and equipment | 19 | 24 | -20.8 | |||
31.03.2023 | 31.03.2022 | |||||
Order backlog | 9 640 | 10 175 | -5.3 | |||
Number of employees | 69 755 | 69 308 | 0.6 |
- Adjusted for Top Speed 23 costs (CHF 9 million), restructuring costs (CHF 2 million), real estate gains (CHF -26 million), and expenses for BuildingMinds (CHF 5 million)
- Adjusted for Top Speed 23 costs (CHF 16 million), restructuring costs (CHF 3 million), and expenses for BuildingMinds (CHF 6 million)
- % local currencies
-5.0
10.0
39.8
20.8
-0.2
Balance sheet
In CHF million | 31.03.2023 | % | 31.12.2022 | % | 31.03.2022 | % | ||||||
Cash and cash equivalents | 2 390 | 19.4 | 2 153 | 18.2 | 2 648 | 22.2 | ||||||
Other current assets | 6 199 | 50.5 | 5 956 | 50.5 | 5 356 | 45.0 | ||||||
Total current assets | 8 589 | 69.9 | 8 109 | 68.7 | 8 004 | 67.2 | ||||||
Non-current assets | 3 705 | 30.1 | 3 699 | 31.3 | 3 910 | 32.8 | ||||||
Total assets | 12 294 | 100.0 | 11 808 | 100.0 | 11 914 | 100.0 | ||||||
Current liabilities | 6 940 | 56.5 | 6 252 | 53.0 | 6 150 | 51.6 | ||||||
Non-current liabilities | 1 124 | 9.1 | 1 111 | 9.4 | 1 598 | 13.4 | ||||||
Total liabilities | 8 064 | 65.6 | 7 363 | 62.4 | 7 748 | 65.0 | ||||||
Equity | 4 230 | 34.4 | 4 445 | 37.6 | 4 166 | 35.0 | ||||||
Total liabilities and equity | 12 294 | 100.0 | 11 808 | 100.0 | 11 914 | 100.0 | ||||||
Schindler Group - Key figures as of March 31, 2023 | Page | 3 |
Schindler Management Ltd.
Global Communications & Branding
Exchange rates
Eurozone | EUR | 1 |
USA | USD | 1 |
Brazil | BRL | 100 |
China | CNY | 100 |
India | INR | 100 |
2023 | 2022 | ||||||
Closing rate | Average rate | Closing rate | Average rate | ||||
March 31 | March 31 | December 31 | March 31 | ||||
1.00 | 0.99 | 0.98 | 1.03 | ||||
0.91 | 0.93 | 0.92 | 0.92 | ||||
17.94 | 17.86 | 17.46 | 17.69 | ||||
13.32 | 13.45 | 13.28 | 14.56 | ||||
1.11 | 1.12 | 1.12 | 1.23 | ||||
Non-GAAP measures
The key fgures comprise certain non-GAAP measures that are not defned by International Financial Reporting Standards (IFRS). The Group's defnitions of these non-GAAP items are available at: group.schindler.com - Investors - Results - Non-GAAP defnitions (group.schindler.com/en/investor-relations/results/defnition-on-non-gaap-items.html).
Schindler Group - Key figures as of March 31, 2023 | Page | 4 |
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Schindler Holding Ltd. published this content on 20 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 April 2023 04:33:03 UTC.