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Course of business 2023

Already at the beginning of the year, EMS prepared for weaker market development. The proven strategy of concentration on specialties, in the main business area of High Performance Polymers, will be continued without change, and development and expansion projects for new business with profitable specialties pushed ahead. Planned new business was realized successfully and net sales in local currencies 0.5% higher than in the previous year were achieved. New products and solutions providing cost and energy savings were realized together with customers, in particular in the automotive industry, and introduced into the market. The secondary business area of Specialty Chemicals, mainly active in Europe, suffered on the other hand, a drop in net sales of -21.3% compared to previous year.

Due to its strong position with specialties and decisive action, EMS was able to achieve an EBITDA margin of substantial 25.9% (27.5%), despite lower sales volumes and unfavorable foreign currencies. Development activities for future business were not limited, but on the contrary, even expanded. Net operating income (EBIT) realized in the first half-year closed at CHF 280 million (324) and the EBIT margin reached 23.7% (25.2%). The operating cash flow (EBITDA) amounted to CHF 306 Mio. (354).

With its innovative specialties, EMS has consistently generated high result margins and a strong free cash flow. Accordingly, EMS has high liquidity stock and a pleasing equity ratio. EMS holds no financial debt and is therefore, not affected by the ongoing rise in interest rates. In the first half-year of 2023, net liquidity increased by CHF 200 million to reach a total of CHF 636 million. EMS considers itself accordingly in good shape to quickly and flexibly take further advantage of opportunities in the market.