EQS-News: Semperit with stable revenue and 9% EBITDA increase in Q1 2024

EQS-News: Semperit AG Holding / Key word(s): Quarter Results
Semperit with stable revenue and 9% EBITDA increase in Q1 2024

15.05.2024 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.


Semperit with stable revenue and 9% EBITDA increase in Q1 2024

• Continued operations with revenue of EUR 176.0 million (–0.2%) and
EBITDA of EUR 23.0 million (+9.4%)
• Cost reductions initiated in the previous year already reduced
expenses by
EUR 9.9 million, of which EUR 4.1 million was attributable to Q1 2024
• EBITDA guidance of around EUR 80 million confirmed for the year as a

Vienna, May 15, 2024 – In the first three months of 2024, the Semperit
Group generated stable revenue of EUR 176.0 million (1–3 2023: EUR 176.4
million) while EBITDA increased by 9.4% to EUR 23.0 million. The
cost-cutting programs introduced in 2023 already reduced expenses by a
total of EUR 9.9 million, of which EUR 4.1 million was attributable to the
first quarter of 2024. Earnings after tax improved to EUR 3.6 million (1–3
2023: EUR 0.4 million). Earnings after tax from continued operations were
positive at EUR 5.0 million.

“The market environment remained challenging, but the cost-cutting
measures we introduced at an early stage are taking effect, and our
industrial strategy with investments in our growth and a further increase
in sales excellence is being fully implemented,” says Semperit CEO Karl
Haider. “We thus confirm our guidance and see ourselves well on track to
increase our EBITDA to around EUR 80 million in the full year 2024.”

Semperit has also come a big step closer to the second and final closing
of the sale of the remaining medical business. It was agreed that Semperit
would take over the contract manufacturing of surgical gloves for Harps
for up to five years – i.e. until 2028 – after selling and handing over
the majority of the glove business to Harps in 2023. However, a so-called
co-use agreement was concluded with Harps already at the end of March
2024. This agreement stipulates that Harps can use certain properties at
the Wimpassing production site after the complete purchase of the glove
business. Semperit therefore expects this transaction to be completed
within the next 12 months. In accounting terms, this means that Surgical
Operations is presented as discontinued operations. This had a negative
impact of EUR –1.4 million on the overall result.

Robust financial base

The Semperit Group has a robust balance sheet and financial base with an
equity ratio of 45.1%, net financial debt of EUR 120.2 million and cash
and cash equivalents of EUR 119.9 million. The debt ratio measured by net
financial debt in relation to EBITDA was a conservative 1.6.

Earnings development in Q1 2024 in detail:

The Semperit Group has focused exclusively on industrial customers with
the two divisions Semperit Industrial Applications (SIA) and Semperit
Engineered Applications (SEA) since its reorganization in the previous
year and generated stable revenue of EUR 176.0 million (–0.2%) in the
first three months of 2024. The two divisions performed differently
depending on the market environment and customer sectors. While the
persistently challenging economic situation at SIA (comprising Hoses and
Profiles) led to a decline in sales volumes and thus also a decrease in
revenue by –25.0% to EUR 74.5 million, the SEA division (comprising Form,
Belting and Rico/Liquid Silicone Rubber) benefited primarily from higher
sales volumes. Sales in the SEA division thus rose by 31.7% to EUR 101.5
million, of which
EUR 24.3 million was attributable to Rico.

Total expenses decreased by 3.6% to EUR 156.1 million. Cost of materials
fell by 15.9% to EUR 74.8 million (previous year: EUR 88.9 million). This
is primarily due to easing raw material prices and lower sales volumes in
the SIA division. Personnel expenses increased by 17.2% to EUR 57.8
million (previous year: EUR 49.3 million), primarily as a result of the
Rico takeover. Other effects included inflation-related wage and salary
increases. This increase was partially offset by capacity-related
adjustments to headcount. At EUR 23.5 million, other operating expenses
were 0.9% lower than in the previous year (previous year: EUR 23.7

Cost programs take effect

The cost-cutting programs introduced early in 2023 already reduced
expenses by a total of EUR 9.9 million, of which EUR 4.1 million became
effective in the first quarter of 2024.

EBITDA in continued operations improved to EUR 23.0 million (previous
year: EUR 21.0 million) and the EBITDA margin to 13.0% (previous year:

Regular depreciation and amortization increased to EUR 11.4 million in the
first three months of 2024 (previous year: EUR 7.4 million), primarily as
a result of the acquisition of the Rico Group. EBIT from continued
operations therefore amounted to EUR 11.6 million (previous year: EUR 13.6

The financial result amounted to EUR –3.6 million (previous year: EUR –2.0
million), which was primarily due to a slight increase in bank liabilities
for the financing of growth projects. Tax expenses remained unchanged at
EUR 2.9 million (previous year: EUR 2.9 million).

Earnings after tax from continued operations were positive at EUR 5.0
million (previous year: EUR 8.7 million), while earnings after tax from
discontinued operations amounted to EUR –1.4 million (previous year: EUR
–8.3 million). Overall, earnings after tax (from continued and
discontinued operations) improved to EUR 3.6 million (previous year: EUR
0.4 million). Earnings per share attributable to the shareholders of
Semperit AG Holding thus increased to EUR 0.18 in the first quarter of
2024 (previous year: EUR 0.02).

Free cash flow is the net cash flow adjusted for interest payments that is
available for strategic growth investments, dividends and the repayment of
debt. It amounted to EUR 3.5 million in the first quarter 2024 (previous
year: EUR 6.9 million).


Overview of the main financial figures of the first quarter 2024:

Key figures of the Semperit-Group, in EUR million Q1 2024 Change Q1 2023
Revenue 176.0  –0.2% 176.4
EBITDA 23.0 +9.4% 21.0
EBITDA margin 13.0% +1.2 PP 11.9%
EBIT 11.6  –15.1% 13.6
EBIT margin 6.6% –1.1 PP 7.7%
Earnings after taxes from continued operations 5.0 –42.8% 8.7
Earnings after taxes from discontinued operations –1.4 –83.3% –8.3
Earnings after taxes 3.6  n/a 0.4
Earnings per share (EPS), in EUR 0.18 n/a 0.02
Free cash flow 3.5  –49.3% 6.9


Balance sheet key figures, in EUR million 31.03.2024 Change 31.12.2023
Total assets 950.1 +1.3%  937.9
Equity 428.1 +0.7%  425.3
Equity ratio 45.1% –0.2 PP 45.3%
Net Financial Debt 120.2 4.4% 115.2


Segment key figures, in EUR million   Q1 2024 Change Q1 2023
Division Semperit Industrial Applications Revenue 74.5  –25.0% 99.4
  EBITDA 13.8  –20.9% 17.5
  EBIT 9.4  –27.6% 12.9
Division Semperit Engineered Applications Revenue 101.5 +31.7% 77.1
  EBITDA 15.4 +17.2% 13.1
  EBIT 8.9  –17.4% 10.7


For further details see Semperit’s report on the first quarter of 2024:
[1] https://www.semperitgroup.com/investor-relations/



Bettina Schragl Judit Helenyi
Director Group Communications, IR Director Investor Relations
and     Brands / Spokeswoman  
+43 676 8715 8257 +43 676 8715 8310
[2]bettina.schragl@semperitgroup.com [3]judit.helenyi@semperitgroup.com


About Semperit
 The publicly listed Semperit AG Holding is an internationally oriented
group of companies that develops, produces and sells high-quality
elastomer products and applications for industrial customers in over 100
countries worldwide through its two divisions Semperit Industrial
Applications and Semperit Engineered Applications. With its highly
efficient production and cost leadership, the Semperit Industrial
Applications division focusses on industrial applications in connection
with large-scale production, including hydraulic and industrial hoses as
well as profiles. The Semperit Engineered Applications division comprises
the production of escalator handrails, conveyor belts, cable car rings,
other engineered elastomer products, as well as the Rico Group, and
focuses on customized technical solutions. The traditional Austrian
company was founded in 1824 and is headquartered in Vienna. The Semperit
Group employs around 4,300 people worldwide and has 16 production sites
and numerous sales offices in Europe, Asia, Australia and America. In the
2023 financial year, the Group generated revenue of EUR 721.1 million and
EBITDA of EUR 71.8 million.





15.05.2024 CET/CEST This Corporate News was distributed by EQS Group AG.


Language: English
Company: Semperit AG Holding
Am Belvedere 10
1100 Wien
Phone: +43 1 79 777-310
Fax: +43 1 79 777-602
E-mail: judit.helenyi@semperitgroup.com
Internet: www.semperitgroup.com
ISIN: AT0000785555
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 1903117

End of News EQS News Service

1903117  15.05.2024 CET/CEST


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