#Spinning

2024-01-25

Rieter announced solid sales in the financial year 2023 despite challenging market environment

The Rieter Group closed the financial year 2023 with slightly lower sales than in the previous year. According to the first, unaudited figures, total sales of CHF 1 418.6 million were achieved, which is around 6% down on the previous year (2022: CHF 1 510.9 million). In line with expectations, the order intake of CHF 541.8 million was considerably below the previous year (2022: CHF 1 157.3 million). Rieter expects a positive EBIT margin of around 7% for the full year 2023 (2022: 2.1%).

Sales of CHF 1 418.6 million in the financial year 2023
Order intake of CHF 541.8 million in the financial year 2023; order backlog of around CHF 650 million as of December 31, 2023
EBIT margin of around 7% expected for the full year 2023 at the upper end of the guidance
Market remains challenging

Sales by business group

The Business Group Machines & Systems recorded sales of CHF 965.0 million, a decrease of 7% compared to the previous year (2022: CHF 1 034.7 million). In the Business Group Components, sales fell to CHF 266.2 million, down 12% from the previous year (2022: CHF 303.5 million). The Business Group After Sales recorded sales of CHF 187.4 million, 9% higher than the previous year (2022: CHF 172.7 million).

Order intake

In line with expectations, the order intake of CHF 541.8 million in 2023 was considerably below the previous year (2022: CHF 1 157.3 million). As already reported, the market situation is characterized by investment restraint due to geopolitical uncertainties, higher financing costs and consumer reticence in important markets. While Rieter recorded higher demand in the second half of 2023, project commitments have not yet been able to materialize.

Order backlog

At the end of 2023, the company had an order backlog of around CHF 650 million (December 31, 2022: CHF 1 540 million).

EBIT margin

Thanks to the measures taken under the “Next Level” performance program, Rieter improved profitability in the second half of 2023 and expects a positive EBIT margin of around 7% for the full year 2023 (2022: 2.1%). This puts it at the upper end of the guidance of between 5-7% defined in October 2023 and it is mainly attributable to a better operating performance.

Results press conference 2024

Rieter will provide further details on the financial year on March 13, 2024. The Group will also publish its Annual Report 2023 and hold an annual results press conference.

Annual General Meeting of April 17, 2024

The next Annual General Meeting of Rieter Holding Ltd will take place on Wednesday, April 17, 2024. Proposals regarding the agenda must be submitted in writing to Rieter Holding Ltd, Office of the Company Secretary, Klosterstrasse 32, CH-8406 Winterthur, Switzerland, by no later than February 23, 2024, accompanied by information concerning the relevant motions and evidence of the necessary shareholdings (with a par value of CHF 0.5 million as stipulated by §9 of the Articles of Association).

Market remains challenging

Rieter is operating in a challenging market environment due to the economic and geopolitical conditions as well as the continuing weak demand. There are initial signs of a market recovery visible for the financial year 2024. Rieter will present an outlook for the financial year 2024 at the annual results press conference on March 13, 2024.

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