EBIT Margin At Rieter Group Stands At 7.2% In 2023
Profit at the Rieter Group at the EBIT level in financial year 2023 was CHF 101.7 million vis-à-vis CHF 32.2 million in 2022, which represents an EBIT margin of 7.2 percent.
Sales at the Swiss textile technologies manufacturer slipped 6 percent to CHF 1,418.6 million in 2023 as against CHF 1,510.9 million in its earlier year.
The Business Group Machines & Systems recorded sales of CHF 965.0 million, a decrease of 7 percent, while Business Group Components, sales fell to CHF 266.2 million, down 12 percent year on year.
The Business Group After Sales recorded sales of CHF 187.4 million, 9 percent higher than 2022, when it amounted to CHF 172.7 million.
In line with expectations, the order intake at CHF 541.8 million in 2023 was considerably below the earlier year when it stood at CHF1,157.3 million.
At the end of 2023, the company had an order backlog of about CHF 650 million compared to CHF 1,540 million as on December 31, 2022.
Rieter closed the 2023 financial year with a net profit of CHF 74.0 million versus CHF 12.1 million in 2022, a massive surge of 512 percent.
Free cash flow amounted to CHF 118.7 million as against a negative CHF 98.6 million, mainly due to proceeds from the sale of land in Winterthur and operating performance.
Thanks to this positive free cash flow, net debt was significantly reduced to CHF 191.2 million from CHF 285.6 million in 2022.
As of December 31, 2023, Rieter had liquid funds of CHF 135.9 million compared to CHF 176.1 million.
The board of directors proposes to the shareholders the distribution of a dividend of CHF 3.00 per share for 2023, which corresponds to a payout ratio of 18.2 percent.
