In comparison with the previous year, revenue was up by 21.4% to CHF 1'150.6 million in 2022 (previous year: CHF 947.6 million, continuing operations). Adjusted for negative currency effects of CHF 23.7 million and the revenues of QSR and Xinhui of CHF 127.9 million, which were consolidated for the first time, this corresponds to organic growth of 10.4%. Around one third of the growth comes from the price increases implemented. The two business areas made different contributions to the revenue growth. Despite the strong decline in revenues for COVID components, Healthcare Solutions recorded organic growth of 13.0%. In Industrial Solutions, organic revenue growth amounted to 7.5%. While the Connectors, General Industry and Food & Beverage business units posted double-digit growth, Mobility was held back by the fall in vehicle production, especially in the first half of the year.
10.4%
Organic growth
Organic growth
The Board of Directors proposes to the Annual General Meeting a cash dividend of CHF 3.20 per bearer share (previous year CHF 4.20) and CHF 0.64 per registered share (previous year CHF 0.84). With total dividends of CHF 54.4 million and a payout ratio of 51.9%, Datwyler maintains a balance between dividend payments and strengthening the balance sheet.
Last year's reported net result of CHF 194.0 million included an exceptional contribution of CHF 70.3 million from operations and from the divestment of online distributor Reichelt.
Proposal of a cash dividend of CHF 3.20 per bearer share
Through its takeover of QSR, Datwyler became a leading global supplier of system-critical seal solutions for electrical connector seals for a wide range of industries at the start of May 2022. Several megatrends such as electrification, connectivity, the Internet of Things and Industry 4.0 offer attractive growth opportunities for QSR's seals and components. The acquisition of QSR has strengthened Datwyler’s market positions in North America and Asia and reduced its dependence on the European market due to QSR’s pro forma annual revenue of CHF 168.5 million and its workforce of some 1'500 employees. QSR is the ideal fit for Datwyler in terms of strategy, core competencies and culture. This has also become evident in the integration work, which is going according to plan and has already led to several cross-selling projects with the Mobility business unit.
At the beginning of March 2022, Datwyler completed the takeover of the Chinese company Yantai Xinhui Packing, which has around 200 employees and generates an annual revenue of over CHF 15 million. With Xinhui, we now have our own local plant that provides us direct access to the fast-growing Chinese healthcare market. The integration work is going to plan despite the pandemic. The process of upgrading the production standard and the product portfolio to higher-quality components is on track. With the help of Xinhui’s customer contacts and sales organization, we were already able to substantially increase healthcare revenue in China in the year under review.
Sustainability and operational excellence now an Executive Management function
Outlook 2023
Encouraging order book – many uncertainties
Datwyler has made a successful start to the new year, with good performance in all business units, solid demand and an encouraging order book. At the same time, however, the numerous geopolitical and macroeconomic uncertainties such as the war in Ukraine, the course of the pandemic in China, rising input costs and a possible economic downturn call for caution. In this context, Datwyler is aiming to improve its operating result in 2023.
Investment and acquisition
cycle completed
cycle completed
Global megatrends, long-term growth drivers and high barriers to entry create profitable growth potential. At the same time, we generate over 70% of revenue in markets that are low cyclical but are nevertheless growing. In the near future, our focus will be on achieving organic growth by scaling the business model and production capacities and on strengthening the balance sheet.
On behalf of the Board of Directors and the Executive Management
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Dätwyler Holding Inc.
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T +41 41 875 11 00, F +41 41 875 12 28
info@datwyler.com, www.datwyler.com
Consulting and support for sustainability report: Sustainserv, Inc.
Disclaimer
The Annual Report contains forward-looking statements. These statements reflect the Group's current assessment of market conditions, economic developments and future events. However, these forward-looking statements are subject to economic, regulatory and political risks, uncertainties, assumptions and other factors over which Datwyler has no control. Unforeseen events could therefore cause actual developments and report to differ materially from those anticipated and from the information published in this report. To that extent, all forward-looking statements contained in this report are qualified in their entirety and Datwyler cannot guarantee that they will prove to be correct. Datwyler is under no obligation, and assumes no liability, to update any such forward-looking statements. This document is neither an offer nor a solicitation to buy or sell Datwyler securities.
This Annual Report is available in English and German. The German version is binding.
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