Six-month Report 2024
Management ReportFinancial ReportManagement Report
Dear shareholders,
Construction activity slowed down further in the first half of 2024. Economic and political uncertainties as well as high construction costs once again characterised the general conditions in our most important markets. While sales in the comparative period in the first half of 2023 still benefited significantly from the normalisation in the supply chains and an improved delivery capacity, new construction activities in Europe reached a new low during the first half of 2024. At the same time, political and economic uncertainties also hampered the renovation business. These developments had a negative impact on demand for both ventilation systems and radiators. In this challenging environment, we further pursued our cost reduction measures and portfolio streamlining with the sale of the Climate Ceiling Solutions business. In this way, we managed to partially counteract the current market weakness on the earnings side and keep the operating margin stable before one-off effects compared to the second half of 2023.
There were no general signs of an improvement in construction activity in the construction industry in the first half of the year. We nevertheless observed a stabilisation in different markets, for example in the UK, North America and Spain. Regardless of the current market situation, we are continuing to implement strategic initiatives, focus on our strengths and invest in the future growth of Zehnder Group.
Key figures 1st half-year
1st half-year 2024 | 1st half-year 2023 | Change from prior year in % | ||
Sales | EUR million | 344.7 | 407.0 | –15.3 |
EBITDA before one-off effects 1, 2 | EUR million | 35.3 | 51.2 | –31.1 |
% of sales | 10.2 | 12.6 | ||
EBITDA 1 | EUR million | 25.2 | 49.5 | –49.2 |
% of sales | 7.3 | 12.2 | ||
EBIT before one-off effects 1, 2 | EUR million | 22.6 | 39.2 | –42.5 |
% of sales | 6.6 | 9.6 | ||
EBIT | EUR million | 12.5 | 37.5 | –66.7 |
% of sales | 3.6 | 9.2 | ||
Net profit 3 | EUR million | 7.1 | 27.7 | –74.2 |
% of sales | 2.1 | 6.8 | ||
Cash flow from operating activities | EUR million | 14.3 | 22.3 | –35.9 |
Investments in property, plant and equipment & intangible assets | EUR million | 8.4 | 12.4 | –32.1 |
Depreciation & amortisation | EUR million | 12.7 | 12.0 | 5.9 |
Total assets | EUR million | 489.7 | 537.6 | –8.9 |
Non-current assets | EUR million | 218.6 | 226.9 | –3.6 |
Net liquidity/(net debt) 1 | EUR million | 53.0 | 24.3 | 118.3 |
Total equity | EUR million | 333.2 | 336.0 | –0.8 |
% of total assets | 68.0 | 62.5 | ||
Number of employees | Ø full-time equivalents | 3,529 | 3,865 | –8.7 |
Market closing price registered share A | CHF | 52.80 | 72.40 | –27.1 |
Registered shares A (CHF 0.05 par value) | Units | 9,268,200 | 9,756,000 | –5.0 |
Own shares | Ø Units | 337,334 | 418,771 | –19.4 |
Registered shares B (not listed; CHF 0.01 par value) | Units | 9,900,000 | 9,900,000 | - |
Non-diluted net profit per registered share A 3 | EUR | 0.60 | 2.39 | –74.8 |
Shareholders’ equity per registered share A 3 | EUR | 29.2 | 28.2 | 3.7 |
1For further information please refer to: Alternative performance measures.
2The one-off effects consist of EUR 8.1 million related to the divestment of the Climate Ceiling Solutions business and other European restructuring costs of EUR 2.0 million (previous year: EUR 1.7 million restructuring costs in the radiator segment).
3Excluding minority interests
Company profile
Zehnder Group provides worldwide leading solutions for a comfortable, energy-efficient and healthy indoor climate. The products and services of the Group include heating, cooling, indoor ventilation and air cleaning. The Group develops and manufactures its products at its own factories in Europe, China and North America. In the financial year of 2023, Zehnder Group had about 3,500 employees and achieved sales of EUR 762 million. The company is listed on the SIX Swiss Exchange (symbol: ZEHN, number: 27 653 461). The unlisted registered shares B are held by Graneco AG, which is controlled by the Zehnder families.
Locations
Further information for investors
Contact
Zehnder Group AG
Investor Relations
Moortalstrasse 1
5722 Gränichen (Switzerland)
Phone +41 62 855 1521
investor-relations@zehndergroup.com
www.zehndergroup.com
Registered share A
Valor number | 27 653 461 |
SIX | ZEHN |
Bloomberg | ZEHN SW |
Reuters | ZEHN S |
In accordance with Art. 10 of the Articles of Association, the opting out clause applies.
Registered share B (unlisted)
Valor number | 13 312 654 |
Company calendar
End of business year | 31.12.2024 |
Sales for 2024 | 17.1.2025 |
Annual Report 2024 and Media/Analyst Conference 2025 | 26.2.2025 |
Annual General Meeting 2025 | 3.4.2025 |
Six-month Report 2025 | 25.7.2025 |
This Six-month Report is only available in English. The Management Report is also available in German. The English version is binding.
News are published under www.zehndergroup.com/en/news.
Reports and presentations are published under www.zehndergroup.com/en/investor-relations/reports-and-presentations.