Half-year results reflect difficult market development in Europe
20 Agosto 2024 - 11:30PM
UK Regulatory
Half-year results reflect difficult market development in Europe
This is an ad hoc announcement pursuant to Article 53 of the
Listing Rules (LR) of the SIX Exchange Regulation AG
Feintool generated sales of CHF 390.1 million and an
operating result (EBIT) of CHF 0.2 million in the 1st half of 2024.
The currently very demanding market environment in Europe is
leading to low visibility, which is why Feintool has been
suspending its guidance for 2024 - as already communicated on 17
July 2024. The company is reacting with the ‘Level-up 2026!’
efficiency and growth program.
As a leading supplier of high precision parts for the automotive
and industrial sectors, the Feintool Group's performance in its
different target markets varied from region to region in the first
half of 2024.
Feintool recorded strong results in Asia and the United States:
Sales in these regions were significantly higher than in the
prior-year period, increasing by 11% and 16% respectively. In
Europe, business with parts for combustion engines was in line with
expectations overall.
However, the Group faced major challenges in its
electrolamination stamping business in Europe for different
reasons: political uncertainties regarding electromobility
(short-term cancellation of subsidies, particularly in Germany), an
economic slowdown, inflationary pressures and energy prices that
are still high compared to other countries.
These negative effects led to a sharp decline in the sale of
electric vehicles in some markets, while the industrial business
for electric motors saw an unexpected, sharp decline in sales. This
led to overcapacities on the part of car manufacturers, with the
result that individual Battery Electric Vehicle (BEV) programs were
postponed, reduced in volume or even canceled.
In view of these challenges and the unfavorable underlying
conditions, Feintool has responded in two ways: first with cost
reductions and a restructuring program that includes the relocation
of large-volume production from Lyss (Switzerland) to other
Feintool sites, mainly to the Czech site in Most. The second focal
point is a future concept to further expand the Group's high level
of expertise and thus increase innovation and competitiveness.
Expansion in Asia, investments in the USA
Feintool continued its success story in Asia in the first half of
2024. As an important supplier of high-precision parts in Asian
automotive production, we want to consolidate our strategic
position in the region and continue to grow there. Feintool is
therefore expanding into India. Work on the new site in the
metropolitan region of Pune is progressing according to plan. The
ground-breaking ceremony is scheduled for the third quarter of
2024. The start of operations for the production of fineblanked
parts for the subcontinent's rapidly growing automotive industry is
planned for the second half of 2025.
In the USA, signs are pointing to growth. In North America,
Feintool is benefiting from investments in the Nashville site and a
strong market position in fineblanking and forming. We also enjoy
the trust of our US customers in Feintool's innovation and
competitiveness.
Outlook: Sustainably strengthened market position with
an agile portfolio
There is a global need to reduce CO2 emissions and
operate in a climate-neutral way in the future. The transformation
in the automotive industry will progress accordingly. Feintool
develops, builds and distributes technologies for electric and
hydrogen mobility. This makes us one of the world's largest
suppliers of main drives for electric cars and electric commercial
vehicles. Furthermore, we supply our components to the markets for
renewable energy generation of wind and hydropower as well as
industrial electric drives, such as for pumps, machines and
building service systems.
Feintool is well on track for the long-term, with the order book
expecting a life cycle volume of CHF 5.7 billion by the end of the
first half of 2024. However, Feintool does not expect the market
situation to improve significantly in the second half of 2024.
Visibility is currently still low, meaning that no reliable
forecasts can be made. For this reason, Feintool is suspending its
guidance for 2024. The recently launched ‘Level-up 2026!’
efficiency and growth program will sustainably improve
profitability for 2026 in 2024 and 2025, therefore, we will
continue to aim for an EBIT margin of over 6%.
About Feintool
Feintool is an international technology and market leader in
electrolamination stamping, fineblanking, and forming. We
manufacture high-quality precision parts in large volumes from
steel. We supply the automotive industry, energy infrastructure
equipment providers, and all manner of high-end industrial
manufacturers. Feintool's products perfectly complement the
megatrends for green energy generation, storage, and usage.
Our core technologies deliver measurable cost-efficiency,
consistent quality, and improved productivity. Feintool constantly
expands the horizons of its production methods and develops
intelligent solutions, innovative tools, and state-of-the-art
manufacturing processes in line with customer needs.
Founded in 1959 and headquartered in Switzerland, the company
has 18 production sites in Europe, USA, China, Japan and India with
3,200 employees and 85 vocational trainees. Feintool is publicly
listed and majority-owned by the Artemis Group.
Overview of Key Financial Indicators
|
01.01. - 30.06.2024
in CHF Mio. |
01.01. - 30.06.2023
in CHF Mio. |
Change
in % |
Change in local currency
in % |
Net Revenue Feintool-Group |
390.1 |
450.0 |
-13.3 |
-10.8 |
Segment Europe |
241.8 |
321.5 |
-24.8 |
-23.1 |
Segment USA |
105.7 |
91.1 |
16.1 |
18.7 |
Segment Asia |
44.0 |
39.7 |
10.9 |
19.5 |
Earnings before interest, taxes, depreciation and
amortisation (EBITDA) |
27.2 |
40.3 |
-32.4 |
-24.1 |
Operating result (EBIT) |
0.2* |
12.2 |
-98.2 |
-77.2 |
Segment Europe |
-3.6 |
9.7 |
-137.0 |
-116.7 |
Segment USA |
7.9 |
7.4 |
6.7 |
9.2 |
Segment Asia |
3.9 |
1.1 |
270.0 |
305.0 |
Consolidated net profit |
-3.2 |
-21.4 |
85.1 |
-92.8 |
Free Cashflow |
-15.4 |
-0.4 |
|
|
* incl. restructuring costs
|
30.06.2024
in CHF Mio. |
31.12.2023
in CHF Mio. |
Change
in % |
Balance sheet total |
820.1 |
807.8 |
1.5 |
Equity capital |
504.5 |
488.2 |
3.3 |
Net debt |
55.0 |
24.2 |
127.3 |
|
30.06.2024 |
30.06.2023 |
Change
|
Employees |
3 274 |
3 284 |
-10 |
Apprentices |
85 |
92 |
-7 |
|
All information about the financial results can be found in the
Feintool half-year report 2024
https://www.feintool.com/financial-results/ |
|
Feintool International Holding AG
Industriering 8
3250 Lyss
Switzerland
Media spokesperson
Karin Labhart
Phone +41 32 387 51 57
Mobile +41 79 609 22 02
karin.labhart@feintool.com
www.feintool.com
Feintool (LSE:0QLM)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
Feintool (LSE:0QLM)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024