The Sheet Metal Processing segment (Bystronic) generated net revenue of CHF 801.4 million in 2020 (previous year: CHF 936.0 million). At stable exchange rates, revenue declined by 9.4%. Order intake was CHF 777.4 million (CHF 929.4 million), 11.4% lower than the previous year on the same basis, and the order book level at year-end was CHF 206.8 million (CHF 242.3 million). The operating result amounted to CHF 52.3 million (CHF 121.1 million) with an EBIT margin of 6.6% (12.9%). Following an already weaker trend in the sheet metal processing market in 2019, customer demand collapsed in the first half of the year due to the pandemic and the widespread lockdowns. On the production side, there were certain supply bottlenecks and the temporary shutdown of some of our own plants. In the second half of the year, there was a partial recovery in business activity across all regions and product areas, with order intake in the fourth quarter 2.4% higher than in the same quarter of the previous year (8.4% at stable exchange rates). The lower operating result compared with the previous year resulted from the loss of revenue, increased margin pressure as well as expenses in connection with the strategy implementation. Various steps were taken to strengthen Bystronic's market position in the reporting year, consistent with its "Strategy 2025". They included the takeover of Weber Laserservice BV, a longstanding Benelux service partner, and the acquisition of the remaining minority interests in DNE Laser in China. In Korea, construction commenced on a new building with an area of more than 3,000 m^2, which will serve as the headquarters for the local organization and also house a brand experience center for the Asian growth market.

The Chemical Specialties segment (FoamPartner and Schmid Rhyner) generated net revenue of CHF 264.0 million in 2020 (previous year: CHF 346.6 million). Adjusted for changes in the scope of consolidation and at stable exchange rates, revenue declined by 9.0%. A divestment gain of CHF 47.4 million resulted from the sale of the Schmid Rhyner business unit at the end of February 2020. Without this one-off effect, the operating result amounted to CHF 14.8 million (CHF 14.2 million) with an EBIT margin of 5.6% (4.2%). In the first half of the year, the FoamPartner business unit had to temporarily close various production sites in China, Europe and the USA due to the pandemic. As far as customers were concerned, the adverse effects of temporary production shutdowns in the automotive industry were particularly relevant. In the second half of the year, and despite additional challenges due to production disruptions experienced by suppliers of isocyanates and polyols, the business recovered from the mid-year pandemic-induced slump. Revenue continued to increase across the board in all regions and was, at stable exchange rates, 9.8% higher in the fourth quarter than in the fourth quarter of 2019. As part of the Conzzeta Group's strategic transformation, a binding agreement was signed in November 2020 with Recticel, a Belgian polyurethane chemicals specialist based in Brussels and listed on Euronext, to sell the FoamPartner business unit for an enterprise value of CHF 270 million. The transaction is expected to be concluded by the end of the first quarter of 2021, subject to regulatory approval.

The Outdoor segment (Mammut Sports Group) generated net revenue of CHF 218.4 million in 2020 (previous year: CHF 268.4 million). At stable exchange rates, revenue declined by 16.2%. The operating result was CHF -24.5 million (CHF 7.5 million) and mainly reflects the pandemic-related volume losses. It also includes one-off effects in the amount of CHF 11.9 million, mainly associated with organizational measures targeted at strengthening future profitability by reducing the recurring cost base by over CHF 10 million compared to the previous year. In a challenging environment, efforts were stepped up, building on the preparatory work of recent years, to implement the scalable online business models with a stronger end-customer focus. As a result, the B2C business grew by 9.3% in 2020, despite the repeated retail store lockdowns, with a significant revenue increase in the digital channels: Revenue from Mammut's own online store increased by 82.3% to CHF 27.1 million, while revenue from digital marketplaces increased by 55.9% to CHF 13.2 million. Due to the pandemic, collection and sales plans had to be fundamentally revised several times whereby the extensively rejuvenated collection over the past few years proved to be an advantage. The trend towards increased outdoor activities by the population in many sales markets could thus be served with attractive products. Consequently, the business in the continuously dominant sales channel with the wholesale partners for the fall/winter collection 2021 /2022 was about 7% higher than the previous year.

Notes

Conzzeta's results' conference today, with the discussion of the annual results for 2020, an outline of the next transformation steps and the 2021 outlook for Bystronic, will be broadcast here as a webcast from 11.15 am CET on. Participants who wish to participate in the Q&A over the phone are asked to register here 30 minutes prior to the start to receive their personalized dial-in details.

Please note that today Conzzeta sent out other media releases on the strategic transformation and the changes to the Board of Directors.

All media releases sent out today, the results' presentation, the annual report and the summary report can be found here.

Inquiries Michael Stäheli, Head Investor Relations & Corporate Communications; Tel. +41 44 468 24 49; media@conzzeta.com

About Conzzeta Conzzeta is a diversified Swiss group of companies. It stands for innovation, market orientation and entrepreneurship. About 5,000 employees at more than 60 locations worldwide work in the Sheet Metal Processing, Foam Materials and Outdoor business units. In December 2019, Conzzeta announced its strategic focusing on the Sheet Metal Processing business unit and the sale of all its other activities. Conzzeta AG is listed on the SIX Swiss Exchange (CON). ----------------------------------------------------------------------------------------------------------------------- End of ad hoc announcement ----------------------------------------------------------------------------------------------------------------------- 


Language:     English 
Company:      Conzzeta 
              Giesshübelstrasse 45 
              8045 Zürich 
              Switzerland 
Phone:        +41 44 468 24 49 
Fax:          +41 44 468 24 53 
E-mail:       info@conzzeta.com 
Internet:     www.conzzeta.com 
ISIN:         CH0244017502 
Valor:        A117LR 
Listed:       Regulated Unofficial Market in Berlin, Frankfurt, Stuttgart; SIX Swiss Exchange 
EQS News ID:  1175741 
 
End of Announcement EQS Group News Service 
=------------

1175741 16-March-2021 CET/CEST

(END) Dow Jones Newswires

March 16, 2021 01:31 ET (05:31 GMT)