LEM HOLDING SA Full Year Results 2023/24
1 April 2023 to 31 March 2024
Agenda
Welcome | Andreas Hürlimann |
Highlights | Frank Rehfeld |
Business Performance | Frank Rehfeld |
Financial Results | Andrea Borla |
Outlook | Frank Rehfeld |
Sustainability Report | Frank Rehfeld |
Proposal to Shareholders | Andreas Hürlimann |
Full Year Results 2023/24 28.05.2024 2
LEM with solid performance in FY 2023/24
Two different half-year periods in heterogeneous markets
We maintained sales in CHF at prior year level, at constant exchange rates, sales increased by 7.2%
Sales driven mainly by our Track, Renewable Energy and Energy Distribution & High Precision businesses
China challenging due to slow economic growth and declining exports of solar systems; Rest of Asia with strong growth driven by electric and hybrid vehicles; both regions influenced by significantly negative currency effects
EMEA extremely well in all business areas as supply chains normalized; Americas with decent performance in the face of overall subdued investment activity
Gross margin decreased slightly due to higher input cost; continuing investments and build-up costs; the EBIT margin fell to 20.0%; in line with the long-term average
Starting from the previous year's peak, bookings further normalized
LEM benefits from fundamental, environmentally friendly developments in the areas of electrification, renewable energies and e-mobility
Full Year Results 2023/24 28.05.2024 3
New R&D centers and cooperation partner
Customer proximity, local R&D and next generation chips in focus
In China, measures taken to become faster and more agile include focusing on greater customer proximity, strengthening local R&D, and expanding the R&D center in Shanghai alongside the one in Beijing
New R&D center in Sofia, Bulgaria (focus on software development), and in Munich, Germany (semiconductors/ASIC design)
New cooperation partner TDK will supply next- generation sensor elements for our integrated current sensors, whose performance parameters will benefit our customers in the automotive and industrial markets in the long term
With its high investments in R&D, LEM continues to drive innovation to extend its technological leadership
Full Year Results 2023/24 28.05.2024 4
Production network expanded with fifth plant in Penang
Customer proximity, local R&D and next generation chips in focus
To meet our growth needs, LEM expanded its manufacturing capacity with a new facility in Penang, Malaysia
The opening ceremony took place on April 19 in the presence of the Chief Minister of Penang, the Swiss ambassador and business partners
The new site enables LEM to supply the Asian markets as well as the USA and Europe from Asia. It is also well positioned in proximity to semiconductor manufacturers
The facility currently operates three production lines and will significantly expand its capacity in the near future
From around 70 people in April 2024, the headcount will increase to several hundred over the next five years
The fifth plant complements the global network of production facilities in Beijing, Sofia, Geneva, and Tokyo
Full Year Results 2023/24 28.05.2024 5
Agenda
Welcome | Andreas Hürlimann |
Highlights | Frank Rehfeld |
Business Performance | Frank Rehfeld |
Financial Results | Andrea Borla |
Outlook | Frank Rehfeld |
Sustainability Report | Frank Rehfeld |
Proposal to Shareholders | Andreas Hürlimann |
Full Year Results 2023/24 28.05.2024 6
A leading company in electrical measurement
Five | Automation | Automotive | Renewable | Energy Distribution | Track | ||||
Businesses | |||||||||
Energy | & High Precision | ||||||||
FY 2023/24 Sales | 120.0 | 98.6 | 70.8 | 60.9 | 55.5 |
CHF m | |||||
Δ CHF | -11.9% | -2.1% | +5.6% | +2.6% | +29.1% |
Δ constant exchange | -5.5% | +6.8% | +14.8% | +8.2% | +35.4% |
rates |
Full Year Results 2023/24 28.05.2024 7
Sales distribution by business
Growth | |||
Sales | FY 23/24 | Q4 23/24 | |
CHF m | vs 22/23 | vs 22/23 | |
Automation | 120.0 | -11.9% | -25.6% |
Automotive | 98.6 | -2.1% | -15.3% |
Renewable Energy | 70.8 | +5.6% | -19.3% |
Energy Distribution & High Precision | 60.9 | +2.6% | -4.2% |
Track | 55.5 | +29.1% | +9.0% |
TOTAL | 405.8 | -0.1%* | -14.9% |
* +7.2% at constant exchange rates
Balanced Portfolio
Growth led by Track, Renewable Energy & Energy Distribution
Automation development in line with the global economic trend
Renewable Energy business in China impacted by destocking
The positive market environment in Track was supported by equipment upgrades in Europe
Anticipation of industry trends is crucial to optimally position LEM
Full Year Results 2023/24 28.05.2024 8
Automation
Drives, robots, tooling machines, elevators, and HVAC
FY | FY | Q4 | Q4 | |
CHF m | 2023/24 | 2022/23 | 2023/24 | 2022/23 |
Sales | 120.0 | 136.3 | 25.6 | 34.5 |
Significant slowdown in demand after a relatively solid first half of the year
Business driven, among others, by the trend towards sustainable and customer-oriented solutions in manufacturing, especially in EMEA, where LEM is excellently positioned with its products
China with slightly weaker sales due to declining machine exports
Full Year Results 2023/24 28.05.2024 9
Automotive
Battery (EV & CE), motor control, and onboard charging
FY | FY | Q4 | Q4 | |
CHF m | 2023/24 | 2022/23 | 2023/24 | 2022/23 |
Sales | 98.6 | 100.7 | 21.5 | 25.4 |
Business showed moderate growth year-on-year with weaker momentum in the second half of the year
Strong demand for battery management systems, engine control and onboard chargers in EMEA and South Korea
Most important market China below prior-year period, cost initiatives and a Key Account program have resulted in the first intended improvements
Full Year Results 2023/24 28.05.2024 10
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Disclaimer
LEM Holding SA published this content on 28 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 May 2024 05:10:08 UTC.
