Komax Group: Business in the first half of 2011
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Komax Holding AG /
Komax Group: Business in the first half of 2011
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Strong operating performance from all business units - operating profit and
Group profit after taxes doubled
Komax was able to improve its results further in the first half of 2011. Net
sales amounted to CHF 183.6 million, corresponding to a 16.7% increase. On a
currency-adjusted basis, growth was as high as 23.5%. The operating profit
(EBIT) rose by 117.7% to CHF 26.7 million, while the EBIT margin came in at a
high 14.5%. Group profit after taxes (EAT) amounted to CHF 17.0 million, an
increase of 98.9% on the first half of 2010. Komax is expecting a very good
result for the full year 2011 too.
The three business units - Wire, Solar and Medtech - benefited from the healthy
order level at the start of the year and from a strong order entry in the first
six months of the 2011 financial year. New orders for the first half of 2011
came in at CHF 210.7 million (previous year: CHF 168.5 million). Net sales
amounted to CHF 183.6 million (previous year: CHF 157.3 million). This equates
to growth of 16.7%, or as much as 23.5% on a currency-adjusted basis. The
operating profit (EBIT) increased to CHF 26.7 million, more than double the
equivalent figure for the previous year (CHF 12.3 million). Here the currency
impact was less pronounced at -1.4%, as a relatively large proportion of costs
can be generated abroad. The EBIT margin was at a high 14.5%. Group profit after
taxes (EAT) reached CHF 17.0 million (previous year: CHF 8.6 million).
Komax's financial situation continues to be very robust. The equity ratio stood
at 64.3% as of 30 June 2011.
Wire business unit
Growth continued at an impressive rate in the Wire business unit. Despite a
number of disadvantageous competitive parameters caused by Switzerland being the
main production location, Komax Wire was able to consolidate its already strong
market position. The very pleasing result was attributable to broad-based
geographic demand, an advantageous product mix, further efficiency improvements
and a greater sourcing of materials abroad. Net sales amounted to CHF 103.2
million, while the operating profit (EBIT) came in at CHF 26.8 million. This
represents a substantial improvement of 21.3% at net sales level and 41.0% for
the operating profit (EBIT) on the Wire business unit's very good results of the
previous year.
Solar business unit
The Solar business unit also recorded substantial growth. Net sales amounted to
CHF 43.9 million (previous year: CHF 28.3 million), while the operating profit
(EBIT) was CHF 2.4 million (previous year: CHF -3.3 million). The downsizing of
the thin-film business and its strict focus on repeat orders, together with the
concentration of activities in the crystalline technology business at the York
site in the US, led to highly positive results. The satisfying result was driven
in particular by the high level of new orders at the start of the year and a
very strong order intake in the first quarter, particularly from Asia. As the
half-year progressed, however, a sharp slowdown in the order intake became
apparent. This can be attributed to the excess capacity that is becoming evident
in the solar industry, as well as to further cutbacks in feed-in tariffs that
have been announced, particularly in the two main markets for solar modules,
Germany and Italy. Since the start of the second quarter, these factors have
caused market participants to exercise greater investment restraint, a
development that directly affects Komax Solar as a supplier of equipment.
Medtech business unit
The Medtech business unit also recorded a very positive development, although it
continues to labour under a competitive handicap vis-à-vis its foreign
competitors due to the strong Swiss franc. After a difficult second half of
2010, in which it recorded a negative operating profit (EBIT), profitability
improved sharply in the first half of 2011. This was assisted by the segment's
more efficient structure following the recent reorganization, as well as by an
increased share of repeat orders as a proportion of the total order volume. Net
sales came in at CHF 38.6 million (previous year: CHF 45.0 million), while the
operating profit (EBIT) ran to CHF 1.8 million (previous year: CHF 0.8 million).
Outlook
The current economic environment is fraught with uncertainty. However, Komax is
anticipating a very good result for the full 2011 financial year too.
The Wire business unit is expected to continue to benefit from robust and broad-
based demand. For the 2011 financial year as a whole, we are expecting both net
sales and the operating profit (EBIT) to be on a high level.
The commercial environment confronting the Solar business unit is becoming
increasingly challenging. However, thanks to the healthy level of orders at the
end of the first half of 2011, Komax is nonetheless expecting this segment to
increase net sales and report a positive operating profit (EBIT) for the 2011
financial year.
From today's standpoint, the prerequisites for a successful business year for
the Medtech business unit appear to be in place. Thanks to the clear focus on
projects with follow-up potential, this segment is increasingly acquiring orders
that have repeat character. Following a negative result in 2010, we are
expecting Komax Medtech to report a positive operating profit (EBIT) for the
2011 financial year.
Financial calendar
Preliminary results 2011: 17 January 2012
Annual media conference/analysts' presentation 2011: 20 March 2012
Annual General Meeting: 3 May 2012
Half-year results 2012: 21 August 2012
As a leading manufacturer of wire processing machines, machines for the
production of modules for the photovoltaics market and machine systems for the
manufacture of inhalers and insulin delivery or injection systems, the Komax
Group employs a workforce of around 1,000 people. Alongside production
facilities in Switzerland, France, the United States, Malaysia and China, Komax
also provides sales and service support functions via subsidiaries and
independent agents in over 50 countries.
Key figures of the Komax Group
+-------------------------------------------------+----------+----------+------+
|Consolidated balance sheet |30.06.2011|31.12.2010|Change|
+-------------------------------------------------+----------+----------+------+
| | CHF 1,000| CHF 1,000| %|
+-------------------------------------------------+----------+----------+------+
|Current assets | 224,117| 211,536| 5.9|
+-------------------------------------------------+----------+----------+------+
|Non-current assets | 108,660| 107,162| 1.4|
+-------------------------------------------------+----------+----------+------+
|Total assets | 332,777| 318,698| 4.4|
+-------------------------------------------------+----------+----------+------+
|Current liabilities | 65,709| 59,260| 10.9|
+-------------------------------------------------+----------+----------+------+
|Non-current liabilities | 51,944| 46,915| 10.7|
+-------------------------------------------------+----------+----------+------+
|Equity attributable to equity holders of the | 214,129| 212,523| 0.8|
|parent | | | |
+-------------------------------------------------+----------+----------+------+
+--------------------------------+-----------------+-----------------+--------+
| Consolidated income statement | 1(st) half 2011 | 1(st) half 2010 | Change |
+--------------------------------+-----------------+-----------------+--------+
| | CHF 1,000 | CHF 1,000 | % |
+--------------------------------+-----------------+-----------------+--------+
| Order income | 210,700 | 168,496 | 25.0 |
+--------------------------------+-----------------+-----------------+--------+
| Net sales | 183,615 | 157,288 | 16.7 |
+--------------------------------+-----------------+-----------------+--------+
| Other operating income | 1,251 | 392 | 219.1 |
+--------------------------------+-----------------+-----------------+--------+
| Gross profit | 101,604 | 84,149 | 20.7 |
+--------------------------------+-----------------+-----------------+--------+
| Operating profit (EBDIT) | 30,224 | 15,963 | 89.3 |
+--------------------------------+-----------------+-----------------+--------+
| Operating profit (EBIT) | 26,690 | 12,260 | 117.7 |
+--------------------------------+-----------------+-----------------+--------+
| Financial result | -3,380 | -994 | -240.0 |
+--------------------------------+-----------------+-----------------+--------+
| Group profit after taxes (EAT) | 17,030 | 8,563 | 98.9 |
+--------------------------------+-----------------+-----------------+--------+
+--------------------+-----------+-----------+-----------+
| Operating segments | Wire | Solar | Medtech |
+--------------------+-----------+-----------+-----------+
| 1(st) half 2011 | CHF 1,000 | CHF 1,000 | CHF 1,000 |
+--------------------+-----------+-----------+-----------+
| Order income | 109,765 | 53,365 | 47,570 |
+--------------------+-----------+-----------+-----------+
| Net sales [1] | 103,204 | 43,874 | 38,578 |
+--------------------+-----------+-----------+-----------+
| EBIT | 26,802 | 2,367 | 1,755 |
+--------------------+-----------+-----------+-----------+
| 1(st) half 2010 | | | |
+--------------------+-----------+-----------+-----------+
| Order income | 102,523 | 30,088 | 35,885 |
+--------------------+-----------+-----------+-----------+
| Net sales [1] | 85,111 | 28,341 | 44,991 |
+--------------------+-----------+-----------+-----------+
| EBIT | 19,011 | -3,296 | 746 |
+--------------------+-----------+-----------+-----------+
[1] inclusive revenues from other segments
+------------------------------------+---------------+---------------+------+
|Consolidated cash flow statement |1(st) half 2011|1(st) half 2010|Change|
+------------------------------------+---------------+---------------+------+
| | CHF 1,000| CHF 1,000| %|
+------------------------------------+---------------+---------------+------+
|Cash flow from operating activities | -4,356| -2,301| 89.3|
+------------------------------------+---------------+---------------+------+
|Cash flow from investing activities | -6,010| -703| 754.9|
+------------------------------------+---------------+---------------+------+
|Free cash flow | -10,366| -3,004| 245.1|
+------------------------------------+---------------+---------------+------+
|Cash flow from financing activities | 638| 2,257| -71.7|
+------------------------------------+---------------+---------------+------+
|Dividends paid [2] | -6,753| 0| -|
+------------------------------------+---------------+---------------+------+
|Increase (+) / decrease (-) in funds| -12,778| -1,568| 714.9|
+------------------------------------+---------------+---------------+------+
Funds = cash and cash equivalents (including time deposits with a term of up to
3 months)
[2] Payout from capital contribution reserves of CHF 2.00 per registered share
paid in May 2011
+------------------------------------+---------+---------------+---------------+
|Other key figures | |1(st) half 2011|1(st) half 2010|
+------------------------------------+---------+---------------+---------------+
|Gross profit in % of net sales | %| 55.3| 53.5|
+------------------------------------+---------+---------------+---------------+
|Cash flow (EBDIT) in % of net sales | %| 16.5| 10.1|
+------------------------------------+---------+---------------+---------------+
|Operating profit (EBIT) in % of net | %| 14.5| 7.8|
|sales | | | |
+------------------------------------+---------+---------------+---------------+
|Group profit (EAT) in % of net sales| %| 9.3| 5.4|
+------------------------------------+---------+---------------+---------------+
|Net indebtedness (-) / Net cash (+) |CHF 1,000| -6,497| 12,026|
|as of 30.06.2011 / 31.12.2010 | | | |
+------------------------------------+---------+---------------+---------------+
|Headcount as of 30.06.11 / | No.| 1,081| 1,023|
|31.12.2010 | | | |
+------------------------------------+---------+---------------+---------------+
You can obtain further information on our website www.komaxgroup.com. The
complete half-year report 2011 can be downloaded at:
http://www.komaxgroup.com/home/company/investors-holding/halfyear-report-
holding.htm
For more information, please contact
Marco Knuchel Tel. +41 41 455 06 16
Head Investor Relations and Corporate Fax +41 41 450 10 24
Communications
www.komaxgroup.com marco.knuchel(at)komaxgroup.com
The media release can be downloaded from the following link:
--- End of Message ---
Komax Holding AG
Industriestrasse 6 Dierikon-LU Switzerland
WKN: 1070215 ;ISIN: CH0010702154;
Half-Year Report 2011:
http://hugin.info/100418/R/1540286/470931.pdf
Media release (PDF):
http://hugin.info/100418/R/1540286/470930.pdf
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Source: Komax Holding AG via Thomson Reuters ONE
[HUG#1540286]
Unternehmensinformation / Kurzprofil:
Datum: 23.08.2011 - 07:01 Uhr
Sprache: Deutsch
News-ID 58034
Anzahl Zeichen: 16547
contact information:
Town:
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Kategorie:
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