Media information 2022

 

• Revenue from sale of goods in local currency increases by 18.7%, reaching CHF 104.7 million (+13.1% in Swiss Francs vs. 1st half 2021/22)
• Strong sales growth in Europe and the Americas
• EBIT grows from CHF 15.9 million to CHF 19.5 million
• Net profit for the half-year reaches CHF 13.8 million (previous year: CHF 11.2 million)
• Solid equity ratio of 68.4%

Steinhausen, November 24, 2022 – During the first half of the 2022/23 financial year, the overall business performance of Carlo Gavazzi continued to benefit from the economic recovery from the coronavirus pandemic in Europe and the Americas.

The Group’s revenue from sale of goods in local currency increased by 18.7 % and bookings were up by 16.1 %. In Swiss Francs, revenue from sale of goods increased by 13.1 % to CHF 104.7 million (CHF 92.6 million in the first semester of the 2021/22 business year). Revenue from sale of goods in local currency increased double-digit in Europe and the Americas and decreased slightly in Asia-Pacific.

Bookings in Swiss Francs increased by 10.0 % to CHF 133.1 million (CHF 121.0 million in 2021/22), resulting in a book-to-bill ratio of 1.27 on September 30, 2022. Gross profit increased by CHF 3.9 million to CHF 53.8 million (CHF 49.9 million in 2021/22) resulting in a gross profit margin of 51.3 % (53.8 % in 2021/22).

Operating expenses in the current period increased by CHF 0.4 million from CHF 33.9 million in the previous first half year to CHF 34.3 million. The expense increase of 1.2 % was substantially below the increase of 13.1 % in revenue from sale of goods thereby further enhancing profitability.

As a result, operating profit (EBIT) increased by 22.6 % from CHF 15.9 million to CHF 19.5 million Group. Group profit for the half-year increased by CHF 2.6 million to CHF 13.8 million (CHF 11.2 million in 2021/22).

At September 30, 2022, the total equity attributable to owners of the Group amounted to CHF 117.7 million, giving an equity ratio of 68.4 %.

Double-digit growth in Europe and the Americas
Revenue from sale of goods registered a robust growth rate compared to the same period of last year, thanks to increased demand in all product categories and industries.

In Europe, revenue from sale of goods was 26.2 % up in local currency on the same period of last year. Business development was successful throughout Germany, Austria and Switzerland (DACH), Nordic, and Southern European countries due to activities and initiatives especially in decarbonized applications within the building and industrial automation industries.

Revenue from sale of goods in the Americas grew by 11.4 % in local currency compared to the previous year impacted by a very good growth in the USA thanks to the strong evolution of the distribution network coupled with activities across the industrial automation markets.

In Asia-Pacific revenue from sale of goods decreased by 4.5 % in local currency, mainly due to a weakening economy in China triggered by both the lingering effects of the Covid-19 pandemic as well as recurring global geopolitical tensions.

The geographical share of revenue outside Europe was 34.2 %, with revenue from sale of goods in the Americas and Asia-Pacific accounting for 19.5 % and 14.7 %, respectively.

Strong demand for energy solutions
Revenue from sale of goods in strategic industries in local currencies increased 15.8 % versus the same period of last year. The growth was mainly led by multiple industrial automation industries and the electrification market.

Overall, revenue from sale of goods of Sensors was in line with the same period of last year, while capacitive sensors grew by more than 3 % thanks to special opportunities with strategic OEM customers in the Plastic & Rubber as well as Food & Beverage industries.

Controls product revenue from sale of goods was up 38.2 % mainly due to an impressive 67.2 % increase in the energy product line, particularly driven by ongoing strong demand for energy management and energy efficiency solutions.

Revenue from sale of goods of Switches products grew by 13 % compared to the previous year. Solid-state relays registered a strong growth rate, up 20 % compared to the previous year, confirming the strategic approach in relation to connected products and Internet of Things solutions with mindful innovation into industrial automation applications.

Outlook
The Company’s approach to specific strategic industries will keep generating growth opportunities, however, external factors such as supply chain issues, new restrictions because of the coronavirus pandemic or a potential recession should be kept in mind. Therefore, we could see a progressive slowdown of growth during the second half of the fiscal year in comparison to the strong growth rate achieved during the first half. While we expect China and the rest of Asia-Pacific to face further challenges in their recovery attempts, Europe will remain the Group’s main growth driver during the second half of the year and the Americas are expected to continue to have sustained growth.

Carlo Gavazzi Group continues to focus on strengthening its sales organization, increasing the penetration of its product portfolio in specific market areas, broadening market reach with new product releases for the Internet of Things, adapting its supply chain to maintain the business continuity of its customers and leveraging digitalization as a global enabler of its ambition.

Consolidated key figures (CHF million)

Income statement	1. HY 2022/23	1. HY 2021/22	%
Bookings	133.1	121.0	+10.0
Revenue from sale of goods	104.7	92.6	+13.1
EBITDA	22.3	18.9	+18.0
EBIT	19.5	15.9	+22.6
Group profit for the half-year	13.8	11.2	+23.2
Balance sheet	30.9.2022	31.3.2022
Total equity attributable to owners of the Group	117.7	116.2	+1.3
Net working capital	45.5	32.4	+40.4
Net cash position	54.9	66.8	-17.8

Interim Report
The complete interim report can be downloaded from
http://www.carlogavazzi.com/en/investors/interim-report.html

About Carlo Gavazzi: 
Carlo Gavazzi is a publicly listed international electronics group (SIX: GAV) with activities in the design and marketing of electronic control components for factory and building automation. 
Please visit our website: www.carlogavazzi.com 

For further information, please contact:  
Rolf Schläpfer 
Hirzel.Neef.Schmid.Konsulenten 
Phone +41 43 344 42 42 
E-mail rolf.schlaepfer@konsulenten.ch

 

 

• Revenue from sale of goods grow more than 23%, reaching CHF 183.4 million (2020/21: CHF 148.2 million)
• Bookings grow 48.2 % solid book-to-bill ratio of 1.27
• Operating profit (EBIT) rises 79.2% to CHF 31.0 million (CHF 17.3 million in 2020/21)
• EBIT margin increases another 5.3 percentage points to 16.9 % (11.6 % in 2020/21; 7.3% in 2019/20)
• Group net profit for the year grows 81.8% to CHF 22.0 million (CHF 12.1 million in 2020/21)
• Board of Directors proposes dividend of CHF 12.00 per bearer share
• Daniel Hirschi proposed as new Chairman of the Board of Directors to replace Valeria Gavazzi who does not stand for re-election
• Vittorio Rossi (Group CEO) and Yolanta de Cacqueray (former CFO Landis & Gyr Switzerland) proposed as new Members of the Board of Directors besides Daniel Hirschi, Stefano Premoli Trovati and Federico Foglia
• Yolanta de Cacqueray proposed as representative of the bearer shareholders
• Jean-Marc Theolier appointed Group CEO as of AGM 2022

Steinhausen, June 23, 2022 – In 2021/22, following recovery from the coronavirus pandemic and its negative consequences for the global economy, Carlo Gavazzi achieved one of the best years in the Company’s history with revenue, EBIT and net profit growing by double digit rates.

Revenue from sale of goods grew in line with the sharp increase in bookings, and the Group’s very sound financial position was once again strengthened. On the back of solid sales in key markets and ongoing launches of new products, the Group’s revenue from sale of goods increased by 23.2 % in local currency while bookings grew by 47.6 %. Revenue from sale of goods in Swiss Francs grew by 23.8 % to CHF 183.4 million (CHF 148.2 million in 2020/21) while bookings increased by 48.2 % to CHF 232.1 million (CHF 156.6 million in 2020/21), resulting in a book-to-bill ratio of 1.27 on March 31, 2022.

Gross profit increased by CHF 19.0 million to CHF 98.6 million (CHF 79.6 million in 2020/21) while the gross margin remained constant at 53.7 %. Thanks to continued cost control, operating expenses increased less proportionately than revenue from sale of goods from CHF 61.6 million in the previous year to CHF 67.7 million notwithstanding the continuing investments in R&D. In addition, the Group continued to invest during the year in the ongoing development of the new ERP system which went live for Europe in December 2021.

Operating profit (EBIT) increased to CHF 31.0 million, compared to CHF 17.3 million in the previous year (+79.2 % versus 2020/21). The EBIT margin increased 5.3 percentage points to 16.9 % (11.6 % in 2020/21). After considering financial expense of CHF 0.6 million and income taxes of CHF 8.4 million, the Group net profit for the year amounted to CHF 22.0 million (CHF 12.1 million in 2020/21), an increase of 81.8 %.

At March 31, 2022, total equity attributable to the owners of the Group stood at CHF 116.2 million (CHF 106.2 million in 2020/21), giving an equity ratio of 68.7 % (2020/21: 68.2 %) with a net cash position of CHF 66.8 million.

Having assessed the results, the Board of Directors will propose to the Annual Shareholders’ Meeting that the Company pays a dividend of CHF 12.00 per bearer share and CHF 2.40 per registered share for the reporting period, corresponding to a dividend yield of 4.3%.

Double-digit growth rates in all regions

Sales grew at a very high rate across all three geographical regions in local currency.
In Europe, sales and marketing activities in both building and industrial automation markets produced a robust growth of 24.7 % versus the previous year.
In the Americas, sales increased by 26.2 % in local currency compared to the previous year, driven by very positive business developments with distributors mainly in the industrial automation markets.
Increasing demand for building automation products was the main driver for the 12.6 % year-on-year increase in sales in Asia-Pacific where growth in local currency was achieved throughout the entire area.
Concerning the geographical distribution of revenue, sales outside Europe reached 32.9 %, with the Americas and Asia-Pacific accounting for 18.8 % and 14.1 %, respectively.

Controls and Solid-state-relays drive sales

Controls, the Group’s largest product line, increased revenue from sale of goods by a strong 31.7 % above the previous year. In particular, energy management products grew by more than 48 % versus the previous year driven by the new emerging needs coming from the most innovative energy efficiency applications and also thanks to the introduction of a new series of energy analyzers for energy storage or electric vehicle charging applications. Furthermore, sales of monitoring relay products increased by more than 10 % due to the improved penetration and development into the distribution channels, particularly in the Americas region.

Sensors performed above the previous year. A positive contribution came from both capacitive and inductive sensors, where revenue from sale of goods increased by more than 17 % in respect of the previous year. Regarding capacitive sensors, the growth was primarily due to the IO Link family of products which guarantee high-performance and maximum flexibility. The growth in inductive sensors was mostly due to a new series which provides a robust solution for safety detection on mobile equipment increasing the Group’s presence in industrial markets.

Solid-state-relays achieved a remarkable growth in revenue from sale of goods (+33 % compared to the previous year) thanks to digital solid-state-relays developments in heating application where precise temperature control is crucial to guarantee the quality of the end product. Motor controls also increased at a strong rate reaching a growth of more than 11 % compared to last year. This performance was predominantly due to a new compact self-learning soft starter that provides customers with a more advanced product offering in the Heating, Ventilation and Air Condition (HVAC) market segment, primarily for Heat pumps and commercial refrigeration cabinet applications.

Priority markets performed once again better than the rest, with an increase in revenue from sale of goods of more than 42 % in Energy markets and more than 53 % in the Food and Beverage market.

The strong 2021 /22 business year coincides with the last full business year of Vittorio Rossi as Group CEO. The Board of Directors wishes to thank Vittorio Rossi for his commitment and successful work for the Group over many years.

Strategy

The Group’s growth strategy is based on developing new and enhanced products to accelerate the penetration and development in specific global industries specifically around decarbonized applications. Furthermore, the Group is focused on continuous improvement of its business model, by embracing operational excellence and improving its agility to address critical post-Covid-19 market expectations, including global supply chain and geopolitical constraints.
The main initiatives include the optimization and duplication of production capabilities, the new global ERP system with enhanced supply chain capabilities, increased value-innovation in our product development including digital initiatives across the board.
Although challenges will persist world-wide in the foreseeable future, our ability to adapt to changing conditions while increasing our global presence will generate the continuing favorable outcome. Increased investment in selected markets will prove beneficial to our sales compound annual growth rates during the next three to five years term.

New leadership team focused on expediting growth

After more than 12 years as Chairman, Valeria Gavazzi has decided that she will not stand for re-election as Chairman and Member of the Board of Directors at the AGM 2022 in order to spend more time with her family, who continues to firmly stand behind the majority stake of Carlo Gavazzi.

The Board of Directors proposes to the AGM the following elections:

• Daniel Hirschi, currently member of the Board of Directors and representative of the bearer shareholders, as Chairman of the Board of Directors
• Stefano Premoli Trovati as Member of the Board of Directors (as before)
• Federico Foglia as Member of the Board of Directors (as before)
• Vittorio Rossi, current Group CEO, as Member of the Board of Directors (new)
• Yolanta de Cacqueray, former CFO Landis & Gyr Switzerland, as Member of the Board of Directors and representative of the bearer shareholders (new)

Further, the Board of Directors appointed Jean-Marc Theolier, President and CEO of Carlo Gavazzi Americas and Global Sales & Marketing Director, as Group CEO, replacing Vittorio Rossi as of July 26, 2022 (date of AGM).

Carlo Gavazzi would like to thank Valeria Gavazzi for her tireless and outstanding contribution to the success of the Group and wishes the new leadership team all the best in their efforts to continue building a successful future for the Group.

 

Consolidated key figures (CHF million)

Income Statement	2021/22	2020/21	%
Bookings	232.1	156.6	48.2
Revenue from sale of goods	183.4	148.2	23.8
EBITDA	36.9	23.2	59.1
EBIT	31.0	17.3	79.2
EBIT margin	16.9%	11.6%
Group net profit for the year	22.0	12.1	81.8
Balance Sheet (as at 31 March)	2022	2021
Net working capital	32.4	26.9	20.4
Total equity attributable to owners of the Group	116.2	106.2	9.4
Total assets	169.1	155.7	8.6
Equity ratio	68.7%	68.2%

For some figures Carlo Gavazzi Group uses alternative performance measures (APMs) which are not defined in accordance with International Financial Reporting Standards (IFRS).
The respective definitions can be found at:
https://www.carlogavazzi.com/en/investors/alternative-performance-measures-apm.html

The complete annual report 2021/22 can be downloaded from the website at:
Carlo Gavazzi Annual Report 2021/22.

 

About Carlo Gavazzi: 
Carlo Gavazzi is a publicly listed international electronics group (SIX: GAV) with activities in the design and marketing of electronic control components for factory and building automation. 
Please visit our website: www.carlogavazzi.com 

For further information please contact:  
Rolf Schläpfer 
Hirzel.Neef.Schmid.Konsulenten 
Phone +41 43 344 42 42 
E-mail rolf.schlaepfer@konsulenten.ch

 

Steinhausen, April 27, 2022 – Carlo Gavazzi Holding AG announced today that the Board of Directors has appointed Tobias Bissig as new Group CFO. He will assume his position on November 1, 2022, at the latest and will replace Anthony Goldstein who will retire after 40 years of services with the Group. Anthony Goldstein will remain with the Group during a transition period in order to assure a smooth handover.

Tobias Bissig, 1980, Swiss citizen, has more than 16 years of experience in finance and accounting with renowned companies in Europe, Asia and US. After obtaining his Master’s degree from University of St. Gallen (HSG) he worked in various controller functions at ABB in Switzerland, the USA, Taiwan and the Middle East. In 2014, he joined Schindler where he held various finance leadership positions with increasing responsibility. Since 2019, Tobias Bissig has been Chief Financial Officer of Schindler UK & Ireland.

Anthony Goldstein joined Carlo Gavazzi in 1982 as head of Group Reporting. He later became Group Controller and Secretary of the Board of Directors before being appointed Group CFO in 2007.

The Board of Directors of Carlo Gavazzi warmly thanks Anthony Goldstein for his many years of loyal and highly professional service and wishes all the best to his successor Tobias Bissig.

About Carlo Gavazzi: 
Carlo Gavazzi is a publicly listed international electronics group (SIX: GAV) with activities in the design and marketing of electronic control components for factory and building automation. 
Please visit our website: www.carlogavazzi.com 

For further information, please contact:  
Rolf Schläpfer 
Hirzel.Neef.Schmid.Konsulenten 
Phone +41 43 344 42 42 
E-mail rolf.schlaepfer@konsulenten.ch

 

Steinhausen, April 13, 2022 – On March 15, 2022 Carlo Gavazzi Holding AG published expected preliminary key figures for the business year 2021/22. On the basis of the recent significantly positive March closings, Carlo Gavazzi Holding AG updates the preliminary results for the 2021/22 business year. These figures still need to be audited.

In the period between April 1, 2021, and March 31, 2022, the Group expects a total operating revenue of approx. CHF 183 million (same period of previous business year: CHF 148.2 million), an EBIT of approx. CHF 31 million (previous year: CHF 17.3 million) and a net income of approx. CHF 22 million (previous year: CHF 12.1 million).

Carlo Gavazzi will announce the detailed full year audited figures on June 23, 2022.

About Carlo Gavazzi: 
Carlo Gavazzi is a publicly listed international electronics group (SIX: GAV) with activities in the design and marketing of electronic control components for factory and building automation. 
Please visit our website: www.carlogavazzi.com 

For further information, please contact:  
Rolf Schläpfer 
Hirzel.Neef.Schmid.Konsulenten 
Phone +41 43 344 42 42 
E-mail rolf.schlaepfer@konsulenten.ch

 

Steinhausen, March 15, 2022 – Carlo Gavazzi Holding AG informs today about the preliminary unaudited results for the 2021/22 business year.

In the period between April 1, 2021, and March 31, 2022, the Group expects to achieve total operating revenue of around CHF 177 million (same period of previous business year: CHF 148.2 million).

Due to significantly lower operating expenses, EBIT is expected to increase to around CHF 26 million (previous year: CHF 17.3 million) and net income to around CHF 18 million (previous year: CHF 12.1 million).

Carlo Gavazzi will announce detailed full year figures on June 23, 2022.

About Carlo Gavazzi: 
Carlo Gavazzi is a publicly listed international electronics group (SIX: GAV) with activities in the design and marketing of electronic control components for factory and building automation. 
Please visit our website: www.carlogavazzi.com 

For further information, please contact:  
Rolf Schläpfer 
Hirzel.Neef.Schmid.Konsulenten 
Phone +41 43 344 42 42 
E-mail rolf.schlaepfer@konsulenten.ch