Financial Year 2024 Results
Annual Conference | February 6, 2025 | Zurich
Agenda
Highlights and Business Review
Volker Cwielong, CEO
Full-year 2024 Financial Review
Dr. Judith van Walsum, CFO
2025 Market Expectations and Outlook
Volker Cwielong, CEO
Q&A
Highlights and Business Review 2024
Volker Cwielong, CEO
Stabilized operational profitability despite weak markets and launched "ForwardNow" to accelerate growth plan
Restrained demand in four out of five end markets
Operational margins stable despite weak market environment
Attractive new order intake in all regions and businesses
Transformation program in place to accelerate growth
Net sales contracted to CHF 1.108 billion (-3.8%) primarily due to FX impacts, ongoing destocking in Healthcare and weak end markets for Automotive and others. Currency-adjusted decline of 1.4% vs. 2023.
Active pricing and cost management in all regions secured adjusted EBIT margin of 10.7% and robust Free Cash Flow. Investments in R&D, process automation and future innovation consistently pursued.
Exceeded important targets for new business wins in the sectors Health- care, Automotive, Industrial with major share in high-value categories and lined up further business growth in Food&Beverage.
Launched transformation program "ForwardNow" from a position of strength as solid foundation to sustainably accelerate revenue and profitability growth. One-time cost of CHF 37.9 million in 2024.
4 | Datwyler | Annual Results 2024 | 6 February 2025 | © DATWYLER | www.datwyler.com |
Due to various factors, four out of five Datwyler end markets experienced exceptional conditions in 2024
REVENUE 2024 (%)
MARKET
influencing factors
HEALTHCARE
SOLUTIONS
Healthcare
Destocking was still present at most of our customers
INDUSTRIAL
SOLUTIONS
Automotive | Energy | F&B | Industries | |||
Restrained market | Tentative investment | Solid growth in the | Reserved market, | |||
demand and slower | sentiment during the | low to mid single | modest demand in | |||
growth in BEVs | US election year | digit percentage | some regions | |||
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Strong momentum in business development coupled with key successes in achieving strategic milestones
NEW CUSTOMER PROJECTS
SUSTAINABILITY
INNOVATION
- > 60% of projects in healthcare pipeline from high-value categories
- Successful GLP-1 line-up: customer deliveries planned to scale up from Q1/25
> 50% of mobility | | 60% electricity from | | Softpulse entered |
business wins in | renewable sources, | various serial | ||
cars with electrified | 30% reduction of | applications for | ||
powertrains | CO2 emissions | wearable devices | ||
> 30% of connectors | | Joined SBTi initiative | | Successfully scaled |
business wins with | in 2024, achieved | EAP to a pilot serial | ||
applications for high- | highest sustainability | production line for mid | ||
voltage | rating from EcoVadis | volume qualitities |
6 | Datwyler | Annual Results 2024 | 6 February 2025 | © DATWYLER | www.datwyler.com |
Full-Year 2024 Financial Review
Dr. Judith van Walsum, CFO
Net revenues, currency adjusted, at -1.4%
EBIT margin, adjusted for transformation costs, at 10.7%
Profit and Loss Statement in CHFM
FY2024 | FY2023 | Δ in % | ||||||||||||
in CHF M | ACT | ACT | ||||||||||||
1 | Net revenue | 1'107.7 | 1'151.5 | -3.8% | ||||||||||
Costs of goods sold | (869.4) | (911.3) | -4.6% | |||||||||||
2 | Gross profit | 238.3 | 240.2 | -0.8% | ||||||||||
3 | Operating Expenses | (158.1) | (119.8) | 32.0% | ||||||||||
4 | EBIT | 80.2 | 120.4 | -33.4% | ||||||||||
Net finance result | (27.9) | (28.7) | -2.8% | |||||||||||
Earnings before tax (EBT) | 52.3 | 91.7 | -43.0% | |||||||||||
Income tax expenses | (21.2) | (24.9) | -14.9% | |||||||||||
6 | Net result | 31.1 | 66.8 | -53.4% | ||||||||||
in % of net revenue | Δ in pp | |||||||||||||
Gross profit | 21.5% | 20.9% | 0.7pp | |||||||||||
EBIT-margin | 7.2% | 10.5% | -3.2pp | |||||||||||
Adjusted EBIT-margin | 10.7% | 10.5% | 0.2pp | |||||||||||
in CHF | Δ in % | |||||||||||||
Net result per bearer share | 1.83 | 3.93 | -53.4% |
Key highlights
- Net revenue reduction YoY (-1.4% currency adjusted), driven by challenging conditions in 4 out of 5 relevant markets
- Despite top line development, gross profit only marginally impacted due to comparatively lower costs of goods sold
- Increase in Operating Expenses reflects provision and impairments for ForwardNow (CHF 37.9M). Excluding these cost, no significant change vs. prior year Reported EBIT at CHF 80M. EBIT adjusted
-
for extraordinary spend at 118M - broadly in line with prior year. Adjusted EBIT margin increased from 10.5% to 10.7%
Lower financing costs and income tax expenses (in abs. terms) positively - impacted net result, adjusted at CHF 69M
8 | Datwyler | Annual Results 2024 | 6 February 2025 | © DATWYLER | www.datwyler.com |
Revenue unfavorably impacted by challenges in four out of the five end markets, as well as material FX headwinds
Revenue Bridge Full Year 2024 in CHF M | Key highlights |
• Top line significantly impacted by negative | ||||||||
-44 | currency effect due to the strong Swiss | |||||||
1,152 | Franc amounting to CHF 27.4M (-2.4%) | |||||||
• Currency adjusted revenue development at | ||||||||
-27 | -1.4% reflects challenging markets in both | |||||||
Healthcare and Industrial | ||||||||
8 | ||||||||
-17 | • | Price adjustments partially compensated | ||||||
-8 | 1,108 | revenue decline due to lower volumes | ||||||
• 2023 revenues still contained CHF 7.5M | ||||||||
from high-margin components for Covid | ||||||||
vaccinations | ||||||||
Revenue | Foreign Currency | GPI Price | Volume | Covid | Revenue | |||
2023 | Changes CY/PY | 2024 | ||||||
Sales to 3rd | ||||||||
9 | Datwyler | Annual Results 2024 | 6 February 2025 | © DATWYLER | www.datwyler.com |
Reported EBIT down by -38M ForwardNow cost, adjusted EBIT broadly in line with PY despite lower revenues
EBIT Bridge Full Year 2024 in CHF M
LfL: | ||||||||
120.4 | -2 | |||||||
-3.0 | -3.5 | 118.1 | ||||||
-16.4 | 20.6 | |||||||
-37.9 | 37.9 | |||||||
80.2 | ||||||||
EBIT | Foreign | Net | COGS | Net other | GTP | EBIT | Normalization | EBIT |
2023 | Currency | Revenue | OpEx (1) | 2024 | 2024 | |||
reported | adjusted |
Notes: GTP = Group Transformation Program; LfL = Like for Like comparison.
(1) Net other Operating Expenses includes Research and Development (R&D), Marketing and Selling (M&S) and General and Administrative (G&A).
Key highlights
- Operationally, impact of lower revenues offset by comparatively lower costs of goods due to lower volumes, lower material and other costs, and cost saving measures
- One-offcost amounting to CHF 37.9M for ForwardNow global transformation program (GTP) recorded in December
- Reported EBIT at CHF 80.2M (7.2% of revenues). Adjusted for GTP one-off cost, EBIT of CHF 118.1M (10.7% of revenue) broadly in line with last year's CHF 120.4M (10.5% of revenue)
10 Datwyler | Annual Results 2024 | 6 February 2025 | © DATWYLER | www.datwyler.com