Cash flow fell to CHF 53.8 million (previous year: CHF 77.4 million). The US, Korean, and Hungarian markets developed strongly. Germany remained stable. In China, however, growth slowed as expected due to its strict zero-COVID policies. With 3,341 employees, the company employs 4% more people worldwide than the previous year.
"We owe our record revenue in a challenging and difficult environment to our dedicated employees and our diversification," says Dr. Karl-Walter Braun, majority shareholder and Chairman of the Board of Management of the maxon Group. "Our diverse business model has proven its effectiveness with solutions for industrial automation, aerospace, medical technology, mobility, and the new intralogistics business unit. We are focusing heavily on these markets, where we have and maintain significant know-how," comments Dr. Karl-Walter Braun.
Strong innovative capabilities for exoskeletons, e-bikes, and much more.
maxon's innovative capabilities remain a key driver of its growth: worldwide, the company invested CHF 51.5 million (previous year: CHF 46.9 million) in research and development. "Around 340 R&D employees at 10 development centers around the world ensure that we are constantly evolving and remain innovative," says Eugen Elmiger, Deputy Chairman of the Board of Management and Group CEO. Product ranges were expanded with the ultra-compact EC frameless robotic drives from the DT range with TSX encoders. These are used, for example, in exoskeletons for people with reduced mobility. This is complemented by the modernized Parvalux by maxon gearmotor line and a zub by maxon multi-axis controller, widely used in door drives and intralogistics solutions. The liquid-cooled EC48 servomotor for shock absorber systems in supercars is a completely new product. The entire drivetrain of the BIKEDRIVE AIR electric bicycle system has also been improved. "Furthermore, due to increasing customer demand, the even more powerful and agile BIKEDRIVE AIR S will be launched in 2024," says Elmiger.
Medical technology and industrial automation are key sectors.
In fiscal year 2022, medical technology once again proved to be a major pillar, even though the ventilator market, which experienced enormous growth during the coronavirus crisis, is now saturated. However, this development was offset by increased deliveries to the semiconductor market. This market is driven by shortages in the supply of electronic components. maxon's niche market in the oil and gas industry is also developing very positively.
Global Upheaval Challenges the Supply Chain.
As a result of the war in Ukraine, supply chain issues intensified and remain a major concern for the company. Customers reacted to the global turbulence by ordering significantly larger quantities than the long-term average to replenish their inventories. This reaction, combined with supplier-related bottlenecks and delays, led to delivery shortages that maxon successfully navigated through partial deliveries and a robust purchasing team. In turn, maxon increased its own inventories of critical components, such as semiconductors, magnets, and copper wire, to ensure availability.
Soaring energy prices and high inflation rates also put pressure on maxon and resulted in a sharp increase in purchase prices. These were partially offset by higher prices for the company's products.
New production facility in Bournemouth, UK, nearing completion.
Despite the challenging environment, maxon continues to invest in new facilities and production centers. For example, the new production center for its subsidiary Parvalux in Bournemouth, UK, is nearing completion. The four existing sites of Britain's largest manufacturer of small gearmotors will be merged into the new facility in Bournemouth. "Furthermore, we have strengthened our innovation center in Switzerland, the Robotics Center in Zurich, to address the challenges of digitalization in drive technology and become a digital leader in drive technology for products and services," says Eugen Elmiger, Deputy Chairman of the Board of Management and Group CEO.
Cautiously optimistic outlook.
To date, the order situation for the current fiscal year is developing at a similar level to the previous year. This is positive, but it does not yet indicate an improvement in the situation. It remains uncertain how economic activity in the markets will cool down. "The delivery bottlenecks caused by the COVID-19 pandemic are steadily easing, and suppliers are able to deliver more quickly again. As a result, many customers are now reducing their inventories and maintaining smaller quantities and shorter lead times. This development is also a result of the sharp rise in interest rates. We need to adapt to the situation appropriately," says Dr. Karl-Walter Braun.
