Key Figures of the Oerlikon Group as of March 31, 2023 (in CHF million)

Order intake

681

790

-13.9%

Sales

735

698

5.4%

Operational EBITDA1

116

120

-3.8%

Operational EBITDA margin1

15.8%

17.3%

-150 bps

Operational EBIT1

63

66

-4.7%

Operational EBIT margin1

8.6%

9.5%

-90 bps

1 For the reconciliation of operational and unadjusted figures, please see tables I and II on page 2 of this media release.

Pfaeffikon, Schwyz, Switzerland – May 3, 2023 – “We delivered a first-quarter performance in line with our expectations and are on track with our strategy execution,” said Michael Suess, Executive Chairman, Oerlikon. “We expect to see positive effects from pricing measures and previously announced cost actions throughout 2023 to strengthen margins.”

“With Riri, we diversified our surface solutions business into the luxury segment. We will continue to execute on our mid-term growth strategy, focusing on diversification, profitability and sustainability,” added Michael Suess.

First Quarter In Line With Expectations
Group orders decreased by 13.9% (9.7% FX adjusted) to CHF 681 million. Group sales improved by 5.4% to CHF 735 million, driven by Surface Solutions. At constant exchange rates, Group sales increased by 10.7%.

Group operational first quarter EBITDA was CHF 116 million, or 15.8% of sales, representing a year-over-year decrease of 150 basis points (bps), attributed to mix effects and higher input costs. Q1 2022 operational EBITDA was CHF 120 million, or 17.3% of sales. First quarter 2023 operational EBIT was CHF 63 million, or 8.6% of sales (Q1 2022: CHF 66 million; 9.5%).

Group first quarter EBITDA was CHF 114 million, or 15.5% of sales (Q1 2022: CHF 112 million, 16.1%), and EBIT was CHF 60 million, or 8.1% of sales (Q1 2022: CHF 57 million, 8.2%). The reconciliation of the operational and unadjusted figures can be seen in the tables below.

Table I: Reconciliation of Q1 2023 Operational EBITDA and EBITDA1

In CHF million

Q1 2023

Q1 2022

Operational EBITDA

116

120

Expenses from restructuring

0

-1

Expenses related to discontinued activities2

-1

-4

Expenses related to acquisition and integration costs

-1

-4

EBITDA

114

112

Table II: Reconciliation of Q1 2023 Operational EBIT and EBIT1

In CHF million

Q1 2023

Q1 2022

Operational EBIT

63

66

Expenses from restructuring

0

-1

Impairment charges

0

0

Expenses related to discontinued activities2

-2

-5

Expenses related to acquisition and integration costs

-1

-4

EBIT

60

57

1 All amounts (including totals and subtotals) have been rounded according to normal commercial practice. Thus, an addition of the figures presented can result in rounding differences. 2 Includes costs from discontinued operations (Russia and inline ePD). Q1 2022 restated due to the termination of the inline ePD business.

Division Overview

Surface Solutions Division

Key Figures of the Surface Solutions Division as of March 31, 2023 (in CHF million)

Order intake

382

376

1.8%

Sales (to third parties)

369

328

12.5%

Operational EBITDA

59

61

-3.4%

Operational EBITDA margin

15.8%

18.4%

-260 bps

The division increased order intake by 1.8% (6.3% FX adjusted) to CHF 382 million and sales by 12.5% (17.5% FX adjusted), attributed to tooling, general industries, aerospace and energy.

Operational EBITDA decreased by 3.4% to CHF 59 million, or 15.8% of sales, compared to CHF 61 million, or 18.4% of sales in Q1 2022, due to higher input costs and higher proportion of equipment and materials sales. Operational EBIT was CHF 23 million, or 6.2% of sales (Q1 2022: CHF 23 million, or 7.0% of sales). EBITDA was CHF 58 million, or 15.6% of sales, compared to CHF 56 million, or 17.0% of sales in the previous year. EBIT was CHF 21 million, or 5.6% of sales (Q1 2022: CHF 18 million, or 5.4% of sales).

Polymer Processing Solutions Division

Key Figures of the Polymer Processing Solutions Division as of March 31, 2023 (in CHF million)

Order intake

298

415

-28.0%

Sales (to third parties)

366

369

-1.0%

Operational EBITDA

55

58

-5.2%

Operational EBITDA margin

15.1%

15.7%

-60 bps

The division saw the anticipated decrease in orders, driven mainly by filament demand in China. Order intake declined by 28.0% (24.1% FX adjusted) to CHF 298 million. Sales declined by 1% to CHF 366 million year-over-year. At constant exchange rates, sales increased by 4.6%, supported by deliveries from the strong order book in the previous years.

Operational EBITDA decreased by 5.2% to CHF 55 million, or 15.1% of sales, compared to CHF 58 million, or 15.7% of sales, in Q1 2022. Margin was impacted by mix effects and higher input costs. Operational EBIT was CHF 42 million, or 11.3% of sales (Q1 2022: CHF 44 million, or 12.0% of sales). EBITDA was CHF 55 million, or 15.1% of sales (Q1 2022: CHF 58 million, 15.7%). EBIT was CHF 41 million, or 11.3% of sales (Q1 2022: CHF 44 million, or 12.0% of sales).

Oerlikon will present its results during a conference call today beginning at 10:30 CEST. To participate, please click on this link to join the webcast.

To ask questions in the Q&A session, please dial in.

Country 

Local toll call numbers

Switzerland

+41 58 310 50 00

UK

+44 207 107 06 13

USA

+1 631 570 56 13

The media release, including a full set of tables, can be found at www.oerlikon.com/pressreleases and www.oerlikon.com/ir.