Ad hoc release pursuant to Art. 53 LR
BAUWERK GROUP: Half-year accounts 2021 with significantly better result
The currency-adjusted turnover of the Bauwerk Group in the first half of 2021 was 17.1% above the prior-year period and thus more than offset the pandemic-related decline in the previous year. Due to the very good and regionally broad-based demand, sales were fortunately also around 5% above the pre-pandemic period of 2019. Despite the increasing influence of higher material prices, it was possible to increase the profitability of the operating margin EBITDA by 300 basis points. The company result of CHF 11.2 million was also significantly higher than in the same period of the prior year (H1 2020: CHF 4.7 million).
St. Margrethen, 29 September 2021 - The consolidated net turnover of the Bauwerk Group increased by 19.9% to CHF 153.8 million in the first half of 2021 (prior-year: CHF 128.3 million). Adjusted for currency effects (using the previous year's exchange rate), the increase was 17.1%.
High sales despite difficult procurement market
The shortage of raw materials, restrictions in the supply chain and the associated high increases in raw material prices have presented the Bauwerk Group with major challenges in the first half of 2021. Nevertheless, it managed to increase the volume sold in the first half of 2021 by 12% to 4.7 million square meters.
Increased profitability
Together with the continued productivity and efficiency improvements in the plants, consistent fixed cost management and the adjustments to sales prices, necessary due to the material price increases, the Bauwerk Group significantly increased its profitability. The operating result EBITDA was CHF 20.8 million, compared to CHF 13.4 million in the prior-year period, resulting in an EBITDA margin of 13.5% (10.5% in the prior-year). The company result for the first half of 2021 was CHF 11.2 million, 139% higher than in the same period of the prior year (CHF 4.7 million).
Solid financing
The balance sheet and financial ratios of Bauwerk Group as of 30 June 2021 remain solid. The equity ratio as of the balance sheet date, including the subordinated shareholder loans, was 43.9% (43.2% as of 30 June 2020). Compared to the prior-year, financial liabilities were reduced by around CHF 4.6 million. The subordinated shareholder loan was also reduced by CHF 19.65 million.
Outlook 2021
Due to the current tense situation on the procurement markets and related uncertainties regarding the development of material prices, Bauwerk Group is not giving an outlook for the whole year. However, the efficiency measures implemented in recent years and the adjustments to sales prices in the current year should make it possible to compensate, at least partially, for the significant pressure on margins due to higher material prices. Bauwerk Group is confident that it can continue to achieve solid results in the medium term thanks to its good setup and market position.
Consolidated Income Statement |
|
|
|
in 1000 CHF |
2021 |
2020 |
Change. |
|
Jan-Jun |
Jan-Jun |
in % |
|
|
|
|
Net turnover |
153'824 |
128'253 |
19.9 |
Material and goods |
-71'947 |
-59'731 |
|
Personnel costs |
-33'433 |
-30'820 |
|
Other operating costs |
-27'243 |
-24'500 |
|
Other revenues |
251 |
1'169 |
|
Other expenditures (incl. restructurings) |
-652 |
-956 |
|
Operating results before depreciation and amortisation (EBITDA) |
20'800 |
13'415 |
55.1 |
EBITDA in % of net turnover |
13.5% |
10.5% |
|
|
|
|
|
Depreciation |
-5'700 |
-5'850 |
|
Operating result (EBIT) |
15'100 |
7'565 |
99.6 |
EBIT in % of net turnover |
9.8% |
5.9% |
|
|
|
|
|
Financial results |
-1'325 |
-2'020 |
|
Extraordinary / non-recurring expenses |
-180 |
-45 |
|
Result before taxes (EBT) |
13'595 |
5'500 |
147.2 |
EBT in % of net turnover |
8.8% |
4.3% |
|
|
|
|
|
Taxes |
-2'395 |
-820 |
|
Net income |
11'200 |
4'680 |
139.3 |
Net income in % of net turnover |
7.3% |
3.6% |
|
Consolidated Balance Sheet |
30 Jun 2021 |
in % |
30 Jun 2020 |
in % |
Change |
in % |
in 1000 CHF |
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
34'368 |
|
21'802 |
|
|
|
Other current assets |
126'522 |
|
128'292 |
|
|
|
Current assets |
160'890 |
60.4 |
150'094 |
58.3 |
10'796 |
7.2 |
|
|
|
|
|
|
|
Financial assets |
2'431 |
|
1'747 |
|
|
|
Tangible fixed and intangible assets |
103'040 |
|
105'498 |
|
|
|
Non-current assets |
105'471 |
39.6 |
107'245 |
41.7 |
-1'774 |
-1.7 |
|
|
|
|
|
|
|
Total assets |
266'361 |
100.0 |
257'339 |
100.0 |
9'022 |
3.5 |
|
|
|
|
|
|
|
Equity and liabilities |
|
|
|
|
|
|
Financial liabilities |
91'640 |
|
96'219 |
|
|
|
Other current liabilities |
47'058 |
|
38'941 |
|
|
|
Other non-current liabilities |
10'724 |
|
10'950 |
|
|
|
Total liabilities |
149'422 |
56.1 |
146'110 |
56.8 |
3'312 |
2.3 |
|
|
|
|
|
|
|
Shareholder loan |
7'850 |
2.9 |
27'500 |
10.7 |
-19'650 |
-71.5 |
|
|
|
|
|
|
|
Share capital |
76'394 |
|
76'394 |
|
|
|
Capital reserves |
14'062 |
|
14'062 |
|
|
|
Retained earnings (incl. currency
translation differences) |
18'633 |
|
-6'727 |
|
|
|
Total equity |
109'089 |
41.0 |
83'729 |
32.5 |
25'360 |
30.3 |
|
|
|
|
|
|
|
Total equity and liabilities |
266'361 |
100.0 |
257'339 |
100.0 |
9'022 |
3.5 |
Contact
Peter Schmitter, CFO Bauwerk Group
Email: peter.schmitter@bauwerk-group.com, Telefon +41 71 747 72 94
About Bauwerk Group
Bauwerk Group is Europe's leading developer, manufacturer and supplier of parquet flooring in the premium segment as well as the second-largest market participant in wood flooring. With sold volumes of over 8.2 million square meters annually, the Group offers a complementary portfolio of two- and three-layer parquets as well as wooden sports flooring under the two brands Bauwerk and Boen. The key markets Switzerland, Norway and Germany as well as Austria, the UK, France, China and the US are being served by local subsidiaries. Administrative headquarters of the Group are located in St. Margrethen, Switzerland. The production locations are currently concentrated in St. Margrethen and Kietaviškės, Lithuania and Đurđevac/Croatia. During the financial year 2020, the Bauwerk Group generated a net turnover of CHF 261 million and employed around 1,600 people.
Legal information
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