Rieter: Challenging First Half of 2022 Despite Exceptionally High Order Backlog
• Exceptionally high order backlog and sustained strong demand
• Supply chain bottlenecks, COVID lockdown in China and significant cost increases
• Takeover of winding machine business leads to additional costs
• Sales and earnings adversely impacted in first half-year
• Considerably improved market position
Despite an exceptionally high order backlog and sustained strong demand, Rieter’s business situation in the first half of 2022 is characterized by the well-known supply chain bottlenecks, the repercussions of the COVID lockdown in China and the significant increases in material and transportation costs.
Further costs are added in connection with the takeover of the automatic winding business as of April 1, 2022.
These factors are adversely impacting both sales and earnings.
Rieter expects significantly higher sales in the first half of 2022 compared to the prior-year period (first half of 2021: CHF 400.5 million). Rieter anticipates a loss at the EBIT and net result level in the first half of 2022 (first half of 2021: EBIT CHF 9.0 million, net result: CHF 5.3 million).
The company is working intensively on the implementation of measures to minimize the impact of the supply chain bottlenecks, the COVID lockdown in China and the cost increases. The implemented price increases have a delayed effect, particularly in the machinery business. The integration of the automatic winding business is proceeding according to plan.
As soon as the situation in the sourcing markets has normalized, Rieter will benefit from the exceptionally high order backlog and the considerably improved market position as a result of the takeover of the automatic winding business as well as Accotex and Temco.
Rieter will provide a detailed report on the business results of the first half of 2022 on July 19, 2022.
Forthcoming Dates
• Semi-Annual Report 2022- July 19, 2022
• Investor Update 2022- October 21, 2022
• Publication of sales 2022- January 25, 2023
• Deadline for proposals regarding the agenda of the Annual General Meeting- February 17, 2023
• Results press conference 2023- March 9, 2023
• Annual General Meeting 2023- April 20, 2023
• Semi-Annual Report 2023- July 20, 2023
• Investor Update 2023- October 20, 2023
Contact
Rieter Holding Ltd.
Investor Relations
Kurt Ledermann
Chief Financial Officer
Phone: +41 52 208 70 15
Fax: +41 52 208 70 60
Email: investor@rieter.com
Rieter Management AG
Media Relations
Relindis Wieser
Head Group Communication
Phone: +41 52 208 70 45
Fax: +41 52 208 70 60
Email: media@rieter.com
Website: www.rieter.com