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Course of business 2023

As expected, the global economic environment deteriorated significantly in 2023. In Europe, in particular, higher energy costs, persistently high core inflation and higher interest rates put lasting pressure on purchasing power and the consumer mood. In Germany, Europe's leading industrial nation, the manufacturing industry slumped. Since COVID-19, the Chinese real estate crisis has had a sustained negative effect on consumer confidence. The chip shortage in the global automotive industry has now been resolved and back-log orders have been completed. Lower order intake and higher interest rates triggered inventory reductions across all supply chains. The Swiss Franc became stronger supported by moderate Swiss inflation rates and its role as a "safe haven".

In this weak market environment, EMS consistently focused on increasing market penetration with specialties and innovations. Planned new business was achieved successfully. Net sales in local currencies were increased in all markets outside Europe.

Consolidated net sales in Swiss Francs amounted to CHF 2,189 million (2,442) which is -10.4% below previous year and, adjusted for currency influences, -4.6% below previous year. Weaker foreign currencies reduced net sales in Swiss Francs.

Net operating income (EBIT) closed at CHF 493 million (611) which is -19.4% below previous year due to the negative economic and currency effects. The net operating income before depreciation (EBITDA) amounted to CHF 542 million (661).