Bucher Half-Year Report 2023

Another increase in return on net operating assets: The return on net operating assets (RONOA) was 30.2%, significantly above the long-term target of 20% and therefore far above the cost of capital of 8%. This further increase in RONOA compared to the prior-year period is attributable to the significant sales growth and the related increase in operating profit. Average net operating assets rose compared to the prior-year period due to volume-related factors and projects that allow further growth. The main focus was on the construction projects of Bucher Hydraulics and Bucher Automation in Germany as well as Bucher Emhart Glass in Malaysia. In addition, the Group
made further investments in strengthening its IT infrastructure and security. The seasonal increase in net working capital, higher investments and payment of the dividend had a negative impact on free cash flow. Net liquidity was correspondingly lower and will increase again by the end of the year. The equity ratio grew to 59%.

In the course of the first half-year, demand for our products and services weakened after the exceptionally dynamic first half of 2022, and the order intake decreased by 15.7%. Once again, we were able to increase net sales significantly, as a result of price increases and an expansion of production capacity