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Ascom reports half-year result 2024

AGÊNCIA DE COMUNICAÇÃO Conteúdo de responsabilidade da empresa 6 de agosto de 2024

Ascom Holding AG

Ad hoc announcement pursuant to Art. 53 LR
Baar, Switzerland, August 6, 2024

First half-year 2024 at a glance:

Guidance for fiscal year 2024
Given the slower start of the year and the current market and geopolitical environment, Ascom expects for fiscal year 2024:

Key markets in line with expectations
Ascom generated in H1/2024 a net revenue of CHF 142.1 million, representing a decrease of 2.7% at constant currencies (-5.4% at actual currencies) compared to CHF 150.2 million in H1/2023, which was positively impacted by the catch-up in revenue due to the easing of the chip supply problems.
The best performance was achieved in the key markets DACH, Nordics and the Netherlands, as well as in Italy, while UK and France & Spain markets underperformed.
Revenue split by market segment showed the Healthcare sector accounting for 64% of total revenue, the Enterprise sector developed well and increased to 31%, while the OEM business contributed 5% of total revenue for the first half-year 2024.

Strong order intake in USA & Canada
In the first half-year of 2024, incoming orders were overall in line with the previous year. The total volume of new orders decreased by 0.3% at constant currencies and amounted to CHF 166.1 million, compared to CHF 171.5 million in H1/2023 (-3.1% at actual currencies).
However, incoming orders in the first six months of 2024 were about 13% higher than in the second half-year 2023 (H2/2023: CHF 147.1 million). Robust growth was achieved particularly in USA & Canada and Rest of World with an increase of about 20% compared to H1/2023 in each region.
The book-to-bill ratio remains at healthy 1.17. Order backlog further increased to CHF 311.5 million (31.12.2023: CHF 276.4 million), representing a healthy backlog for conversion in the second half-year 2024 and beyond.

EBITDA margin in line with previous year
Gross profit in the first half-year 2024 amounted to CHF 67.2 million and the gross margin reached 47.3%, the same level as in the previous year (H1/2023: 47.5%). EBITDA came to CHF 10.5 million with an EBITDA margin of 7.4% in line with the previous year (H1/2023: CHF 11.2 million with a margin of 7.5%).
EBIT was at CHF 4.0 million (H1/2023: CHF 6.1 million), mainly due to increased costs of depreciation. As a result, Ascom closed the first half-year of 2024 with a Group profit of CHF 2.9 million (H1/2023: CHF 5.1 million).

Solid balance sheet with equity ratio of 36.7%
On 30 June 2024, cash and cash equivalents amounted to CHF 21.5 million. Ascom generated free cash flow of CHF 2.1 million in the first six months (H1/2023: CHF 12.2 million). The cash flow generation was mainly impacted by the increased dividends of CHF 10.8 million paid-out in the first half-year 2024, and the investment in the refurbishing of Ascoms facility in Gothenburg.
Ascom has outstanding borrowings of CHF 5.0 million, resulting in a net cash position (cash and cash equivalents less borrowings) of CHF 16.5 million (31.12.2023: CHF 24.7 million). As of 30 June 2024, the equity ratio stood at a solid level of 36.7% (H1/2023: 35.7%).

Strategy execution on track
Ascom is delivering upon its strategic plan to

Next to its strategic transformation, Ascom is taking cost measures in 2024 to improve further its efficiency and cost base. This will result in additional run-rate savings in 2025 and beyond.

Guidance and targets for fiscal year 2024
Ascom is on track with its plan to execute its strategy and expects the second half-year 2024 to develop significantly better than the first half-year 2024 as well as the second half-year 2023.
However, taking into account the slower start of the year, as well as the current market and geopolitical environment, Ascom expects for fiscal year 2024 a revenue development in line with the previous year at constant currencies, and an EBITDA margin of 9-10%.

KEY FIGURES HALF-YEAR 2024        

In CHFm., except %
  H1 2024 H1 2023
Incoming orders 166.1 171.5
Order backlog (at the end of the period) 311.5 289.8
Net revenue 142.1 150.2
Gross profit 67.2 71.3
EBIT 4.0 6.1
EBIT margin in % 2.8% 4.1%
EBITDA1 10.5 11.2
EBITDA margin in % 7.4% 7.5%
Group profit 2.9 5.1
Number of employees (FTE) at 30.06. 1433 1368

1EBITDA, earnings before interest, income tax, depreciation, and amortization, see also definition in the 2024 Half-year Report on page 5.

The Half-Year Report 2024 of the Ascom Group and the Half-Year Results Presentation 2024 are available in English on https://www.ascom.com/investors/reports-and-presentations/

The Half-Year Results Conference Webcast 2024 starts on Tuesday, 6 August 2024 at 10.00 a.m. CEST.

The conference can be joined via a live audio webcast with synchronized presentation slides, including Q&A or via conference call, where participants can ask questions after the presentation.

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