Phoenix Mecano on track despite headwinds

Phoenix Mecano Management AG / Key word(s): Half Year Results Phoenix Mecano on track despite headwinds 11-Aug-2022 / 07:01 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. The Phoenix Mecano Group maintained a high level of sales and incoming orders in the first half of 2022 and further improved its result before special items.

Kloten/Stein am Rhein, 11 August 2022. Despite a marked downturn in the global economic environment in the first half of 2022, the Phoenix Mecano Group was able to maintain a high level of sales and incoming orders. Megatrend-driven future markets such as electronic enclosures and products for renewable energy projects generated growth, while the DewertOkin Technology Group's volume business saw weak global demand. Thanks to its high level of in-house added value and proactive warehousing, the Group was largely able to prevent supply chain issues from inhibiting its sales performance. The result was impacted by one-off special items amounting to EUR 5.6 million in connection with irregularities at a US subsidiary. Excluding these special items, the result increased compared with the previous year.

Consolidated gross sales rose from EUR 404.3 million to EUR 410.7 million in the first half of 2022. In organic, local-currency terms, they saw a reduction of 3.1%.

Net sales totalled EUR 406.3 million (previous year: EUR 401.5 million). At EUR 437.7 million, incoming orders remained virtually unchanged from the previous year (EUR 440.3 million). The book-to-bill ratio was 106.6% (previous year: 108.9%).

Excluding the one-off impact of special items, the operating cash flow increased by 7.8% year-on-year, from EUR 35.4 million to EUR 38.1 million, and the operating result by 4.2%, from EUR 24.7 million to EUR 25.7 million. Including special items, the operating cash flow fell to EUR 32.5 million and the operating result to EUR 20.1 million.