Half Year 2024 OC Oerlikon Corporation AG Pfaeffikon Earnings Call Transcript
Key Points
- OC Oerlikon Corp AG, Pfaffikon (XSWX:OERL) achieved robust orders and strong profitability despite a difficult economic environment.
- Operational EBITDA margin was 16.3% in Q2, demonstrating diligent cost management.
- Surface solutions division saw a 230 basis point improvement in margins, driven by strong pricing, innovation, and cost discipline.
- Polymer processing solutions division achieved a 2% year-over-year improvement in orders, indicating a positive market outlook.
- First-half cash flow from operating activities was CHF105 million, representing a strong improvement compared to the previous year.
- Group sales decreased by 10% at constant FX to CHF616 million, driven by lower filament orders.
- Operational EBITDA margin was slightly lower than last year, reflecting the challenging market conditions.
- Luxury market momentum remains low, primarily due to weakness in the Chinese end market and geopolitical uncertainties.
- Nonfilament business saw delays in investment decisions from customers, impacting order intake.
- Operational ROCE was 5%, indicating a transitorily depressed level due to the current filament downturn.
Good morning, ladies and gentlemen, and welcome to Oerlikon's Q2 results call. With me in the call, I have Philipp Müller, CFO of Oerlikon. Philipp will start the call through a presentation, providing an update on our end markets, financials, and outlook. We will then follow up with Q&A.
With that, I would like to open our presentation and hand over to Philipp. The floor is yours.
Thank you, Stephan. Good morning, everyone, and welcome to our second-quarter results presentation. In Q2, we continued to execute on our strategic priorities of driving efficiency and innovation. We achieved robust orders and strong profitability in a difficult economic environment, as industrial production and consumer spending continue to be subdued.
Following a strong start to the year, we will raise our full-year margin guidance. In addition, we are driving forward
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