SCHINDLER HOLDING AG 
Schindler Management Ltd.
Global Communications & Branding
Ad hoc announcement pursuant to Art. 53 LR
Key fgures as of September 30, 2023
Press release
October 19, 2023
On track to deliver
- Order intake and revenue: growth despite challenging construction markets
- Operating proft Q3: EBIT margin 10.3%, adjusted EBIT margin 11.1%, signifcant year-on-year increase
- Net proft and earnings per share: signifcantly up
- Cash fow from operating activities: year-on-year uptake driven by improved operational performance
- Balanced global footprint limiting exposure to China's construction downturn
- Strong foreign exchange headwinds
- Sharpened outlook for full year 2023
In the frst nine months of 2023, both order intake and revenue increased in local currencies
by 1.7% and 8.5% respectively to CHF 8 595 million and CHF 8 534 million despite a challenging market environment. Operating proft increased by 44.1% to CHF 892 million, corresponding
to an EBIT margin of 10.5%. Net proft substantially improved to CHF 691 million, corresponding to a net proft margin of 8.1%. Cash fow from operating activities increased by 92.6% to
CHF 724 million.
"Our focus on strategic choices continues to pay off. We're on track to deliver on our commitment to grow sustainably and proftably despite tough market conditions and intensifying foreign exchange impact," said Silvio Napoli, Schindler's Chairman and CEO.
Order intake and order backlog
Order intake reached CHF 8 595 million in the frst nine months of 2023 (previous year: CHF 8 967 million), corresponding to a year-on-year reduction of 4.1%, or an increase of 1.7% in local currencies. All regions recorded low single-digit growth amidst increasingly challenging construction markets. New Installations declined, though less than the overall market. Modernization grew marginally, while Service continued to grow across all regions. Intensifying foreign exchange headwinds had an impact of CHF -525 million. The order intake margin continued to grow.
In the third quarter of 2023, order intake amounted to CHF 2 657 million (third quarter of 2022: CHF 2 740 million), corresponding to a decline of 3.0%, or an increase of 3.8% in local currencies.
As of September 30, 2023, order backlog amounted to CHF 9 322 million, remaining in local currencies
at the same level as at the end of 2022. The order backlog margin increased year-on-year and remained stable compared to the previous quarter.
Schindler Group - Key figures as of September 30, 2023 | Page | 1 |
Schindler Management Ltd.
Global Communications & Branding
Revenue
In the frst nine months of 2023, revenue increased by 2.7% to CHF 8 534 million (previous year: CHF 8 310 million), equivalent to an increase of 8.5% in local currencies. Foreign currency headwinds had a signifcant impact of CHF -480 million. All regions and product lines recorded growth driven by strong backlog execution. Revenue growth remained solid in the EMEA and Americas regions, while China's growth stalled in the third quarter due to a slowdown in construction activities and a higher comparable base. Asia-Pacifc without China continued to record solid growth.
In the third quarter of 2023, revenue decreased by 5.2% to CHF 2 812 million (previous year: CHF 2 965 million), corresponding to an increase of 0.9% in local currencies.
Operating proft (EBIT)
In the frst nine months of 2023, operating proft increased to CHF 892 million (previous year: CHF 655 million), driven by operational efciency gains, supply chain recovery, and positive pricing effects. The strengthening Swiss franc's impact amounted to CHF -52 million. The EBIT margin reached 10.5% (previous year: 7.9%). EBIT adjusted reached CHF 917 million with a margin of 10.7% (previous year: CHF 738 million; 8.9%).
In the third quarter of 2023, operating proft amounted to CHF 290 million (previous year: CHF 252 million). The
EBIT margin was 10.3% (previous year: 8.5%). The adjusted EBIT margin reached 11.1% (previous year: 9.2%).
Net proft and cash fow from operating activities
In the frst nine months of 2023, net proft increased by 43.7% to CHF 691 million (previous year: CHF 481 million) and the net proft margin was 8.1%. Earnings per share increased by 44.3% to CHF 5.96.
Cash fow from operating activities reached CHF 724 million (previous year: CHF 376 million), corresponding to an increase of 92.6%, mainly driven by improved profts and lower net working capital requirements.
Sharpened outlook for 2023
For the full year 2023, barring unexpected events, Schindler expects revenue growth between 6% and 8% in local currencies, for a net proft between CHF 880 million and CHF 910 million.
For further information:
Nicole Wesch, Head Global Communications & Branding
Tel. +41 41 445 50 90, nicole.wesch@schindler.com
Marco Knuchel, Head Investor Relations
Tel. +41 41 445 30 61, marco.knuchel@schindler.com
group.schindler.com
Dial-in details for today's conference call at 10:00 am CET are available at: group.schindler.com/en/investor-relations/events.html
Schindler Group - Key figures as of September 30, 2023 | Page | 2 |
Schindler Management Ltd.
Global Communications & Branding
Key fgures
January to September
In CHF million | 2023 | 2022 | Δ % | |||
Order intake | 8 595 | 8 967 | -4.1 | |||
Revenue | 8 534 | 8 310 | 2.7 | |||
Operating proft (EBIT) | 892 | 655 | 36.2 | |||
in % | 10.5 | 7.9 | ||||
Operating proft (EBIT), adjusted | 917 | 1 | 738 | 2 | 24.3 | |
in % | 10.7 | 8.9 | ||||
Financing and investing activities | -3 | -30 | ||||
Proft before taxes | 889 | 625 | 42.2 | |||
Income taxes | 198 | 144 | ||||
Net proft | 691 | 481 | 43.7 | |||
Earnings per share and participation certifcate in CHF | 5.96 | 4.13 | 44.3 | |||
Cash fow from operating activities | 724 | 376 | 92.6 | |||
Investments in property, plant, and equipment | 62 | 80 | -22.5 | |||
30.09.2023 | 31.12.2022 | |||||
Order backlog | 9 322 | 9 551 | -2.4 | |||
Number of employees | 70 296 | 69 998 | 0.4 |
- Adjusted for Top Speed 23 costs (CHF 29 million), restructuring costs (CHF 13 million), real estate gains (CHF -32 million), and expenses for BuildingMinds (CHF 15 million)
- Adjusted for Top Speed 23 costs (CHF 43 million), restructuring costs (CHF 23 million), and expenses for BuildingMinds (CHF 17 million)
- % local currencies
1.7
8.5
44.1
31.6
0.0
Schindler Group - Key figures as of September 30, 2023 | Page | 3 |
Schindler Management Ltd.
Global Communications & Branding
3rd quarter: July to September
Δ % local | ||||||||
In CHF million | 2023 | 2022 | Δ % | currencies | ||||
Order intake | 2 657 | 2 740 | -3.0 | 3.8 | ||||
Revenue | 2 812 | 2 965 | -5.2 | 0.9 | ||||
Operating proft (EBIT) | 290 | 252 | 15.1 | 21.8 | ||||
in % | 10.3 | 8.5 | ||||||
Operating proft (EBIT), adjusted | 311 | 1 | 272 | 2 | 14.3 | 21.0 | ||
in % | 11.1 | 9.2 | ||||||
Financing and investing activities | 3 | -11 | ||||||
Proft before taxes | 293 | 241 | 21.6 | |||||
Income taxes | 65 | 56 | ||||||
Net proft | 228 | 185 | 23.2 | |||||
Earnings per share and participation certifcate in CHF | 1.97 | 1.59 | 23.9 | |||||
Cash fow from operating activities | 203 | 77 | 163.6 | |||||
Investments in property, plant, and equipment | 20 | 22 | -9.1 | |||||
30.09.2023 | 30.09.2022 | |||||||
Order backlog | 9 322 | 9 929 | -6.1 | -1.3 | ||||
Number of employees | 70 296 | 69 951 | 0.5 |
- Adjusted for Top Speed 23 costs (CHF 10 million), restructuring costs (CHF 6 million), and expenses for BuildingMinds (CHF 5 million)
- Adjusted for Top Speed 23 costs (CHF 12 million), restructuring costs (CHF 3 million), and expenses for BuildingMinds (CHF 5 million)
Balance sheet
In CHF million | 30.09.2023 | % | 31.12.2022 | % | 30.09.2022 | % | ||||||
Cash and cash equivalents | 2 210 | 19.4 | 2 153 | 18.2 | 2 095 | 17.9 | ||||||
Other current assets | 5 559 | 49.0 | 5 956 | 50.5 | 5 948 | 50.8 | ||||||
Total current assets | 7 769 | 68.4 | 8 109 | 68.7 | 8 043 | 68.7 | ||||||
Non-current assets | 3 595 | 31.6 | 3 699 | 31.3 | 3 663 | 31.3 | ||||||
Total assets | 11 364 | 100.0 | 11 808 | 100.0 | 11 706 | 100.0 | ||||||
Current liabilities | 5 578 | 49.1 | 6 252 | 53.0 | 6 250 | 53.4 | ||||||
Non-current liabilities | 1 149 | 10.1 | 1 111 | 9.4 | 1 185 | 10.1 | ||||||
Total liabilities | 6 727 | 59.2 | 7 363 | 62.4 | 7 435 | 63.5 | ||||||
Equity | 4 637 | 40.8 | 4 445 | 37.6 | 4 271 | 36.5 | ||||||
Total liabilities and equity | 11 364 | 100.0 | 11 808 | 100.0 | 11 706 | 100.0 | ||||||
Schindler Group - Key figures as of September 30, 2023 | Page | 4 |
Schindler Management Ltd.
Global Communications & Branding
Exchange rates
2023 | 2022 | |||||||||||
Closing rate | Average rate | Closing rate | Average rate | |||||||||
September 30 | September 30 | December 31 | September 30 | |||||||||
Eurozone | EUR | 1 | 0.97 | 0.98 | 0.98 | 1.01 | ||||||
USA | USD | 1 | 0.91 | 0.91 | 0.92 | 0.95 | ||||||
Brazil | BRL | 100 | 18.17 | 18.04 | 17.46 | 18.45 | ||||||
China | CNY | 100 | 12.52 | 12.87 | 13.28 | 14.35 | ||||||
India | INR | 100 | 1.10 | 1.10 | 1.12 | 1.23 | ||||||
Non-GAAP measures
The key fgures comprise certain non-GAAP measures that are not defned by International Financial Reporting Standards (IFRS). The Group's defnitions of these non-GAAP items are available at: group.schindler.com - Investors - Results - Non-GAAP measures (group.schindler.com/en/investor-relations/results/defnition-on-non-gaap-items.html).
Schindler Group - Key figures as of September 30, 2023 | Page | 5 |
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Schindler Holding Ltd. published this content on 19 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 October 2023 04:42:33 UTC.
