Komax Group - Extremely successful 2011
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Komax Holding AG /
Komax Group - Extremely successful 2011
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Komax further increased its revenues, operating profit and Group profit after
taxes in 2011. With an equity ratio of 68%, Komax is also on a very healthy
financial footing. The Board of Directors and Group management are cautiously
optimistic in their outlook for 2012. The Group is set to achieve another good
result in 2012.
The year 2011 was an extraordinarily successful one for the Komax Group. We
surpassed the previous year's already very good results once more and achieved
new records in revenues as well as operating profit and Group profit after
taxes. Revenues rose 9.2% to CHF 371.4 million. In local currencies the increase
was higher still at 16.1%. Operating profit (EBIT) came to CHF 47.5 million. The
previous year's EBIT margin saw a further increase of 4.2 percentage points to
12.8%, despite the -1.1 percentage point impact of currency effects. Group
profit after taxes (EAT) rose 120.9% to CHF 39.3 million. Earnings per share
also increased accordingly reaching CHF 11.68. Operating cash flow rose to
CHF 54.9 million (+50.7%).
The Komax Group continued to stand on a very firm financial foundation in 2011.
Shareholders' equity was CHF 247.0 million (2010: CHF 212.5 million), for an
equity ratio of 68.3%. Net cash amounted to CHF 5.6 million.
Successful business units
Komax Wire saw further gains in demand for automation solutions in the year
under review, especially on the part of customers in the automotive industry.
The household appliance market was stable. In control cabinet production, a
continuing move toward greater automation led to steady growth. In solar cables,
by contrast, demand cooled noticeably during the year under review, due mainly
to a cyclical contraction in the photovoltaic industry. Overall, the Wire
business unit's net sales grew 12.0% to CHF 217.8 million, while EBIT was a
strong CHF 57.1 million (+19.3%).
Although Komax Solar was affected by the challenges facing the photovoltaic
industry, especially in the second half of the year, its net sales grew 11.8% in
the year under review to CHF 70.8 million. Since the business unit invoices
primarily in US dollars, local-currency growth was even higher. Following
healthy operating income in the first half, deteriorating circumstances
culminated in whole-year EBIT of CHF -3.4 million, a 42.0% improvement over the
prior year.
Komax Medtech's main sales markets were vigorous for lengthy periods in 2011.
Demand for self-medication devices and for inkjet printer cartridge assembly
equipment was robust. Komax Medtech aimed for profitability over growth and
increasingly focused on projects involving repeat business. Net sales reached
CHF 83.8 million (2010: CHF 82.7 million). Following the previous year's
operating loss, the business unit achieved a respectable EBIT of CHF 3.8 million
for the year under review. The EBIT margin of 4.6% is within striking distance
of the mid-term target of 5%.
Strengthening market position and organization
Komax strengthened its market position and enhanced its organizational
efficiency once more in financial year 2011. The marketing and distribution
structure of the different business units underwent expansion, especially in
Asia. And we further optimized operating processes in each of the business
units. Komax Wire entered into closer collaboration with Germany's SLE quality
engineering, in which it acquired a 30% stake. This is allowing Komax Wire to
expand its product range by adding solutions for the increasingly important
infotainment and quality control application areas. Komax Jinchen, a joint
venture with a Chinese partner in which Komax holds a majority interest,
commenced operations in May. The venture adds laminators to Komax Solar's
product range and enables it to meet the needs of the Chinese market in
particular.
Innovation
In all business units Komax systematically invested in innovations to optimize
the existing product range or in new developments. In the 2011 financial year,
the Group spent CHF 23.5 million on research and development and employed 134
people in R&D.
Outlook
Komax Group
Macroeconomic uncertainties continue to dominate economic developments and thus
to impinge on the activities of our three business units. Visibility is poor and
it is still generally difficult to predict how the situation will unfold.
Komax Wire, Komax Solar and Komax Medtech provide solutions and services for
structural growth markets. Hence, the long-term prospects remain favorable.
Moreover, Komax remains cautiously optimistic about 2012. From our current
perspective, we expect that the Group will also achieve a sound result this
year.
Komax Wire
The ever more extensive equipment installed in vehicles, new vehicle models and
drive concepts, higher production volumes and the increasing automation of
operating processes in all the application areas served by Komax Wire will
continue to underpin the industry's investment in automation solutions for the
production of wire harnesses.
Visibility in this area still only extends to around two to three months into
the future. Taking into account all the information available, we expect Komax
Wire's net sales for the first half of 2012 to be in the area of the previous
year's figure.
Komax Solar
There is no doubt that solar will remain an attractive market in the longer
term. However, 2012 will be a very difficult year for the entire industry. When
the market will pick up again is unclear. Most analysts do not expect the next
upturn before mid-2012, and possibly not until the end of the year. What is
certain, on the other hand, is that the Chinese market will continue to play a
leading role going forward.
Komax Solar will position itself in line with the prevailing conditions and
prepare for the anticipated recovery. And with its well-established presence in
the Chinese market, it is in an excellent position. According to our present
knowledge, we anticipate a substantial deterioration in net sales and an
operational loss in 2012.
Komax Medtech
Komax Medtech is finding that some customers are delaying investment decisions
due to the ongoing uncertainties regarding developments in the world economy.
Then again, a large number of customers have already announced projects that
they plan to invest in as of the second half of 2012. Several of these projects
are likely to generate repeat business. Komax Medtech is looking to build on the
success of the previous year and achieve another positive operating result in
2012.
Higher dividend proposed
At the General Meeting, the Board of Directors will propose an increase in the
distribution from the capital contribution reserves from CHF 2.00 to CHF 4.00
per share. This reflects confidence in future business performance and the
strength of the company. The dividend yield on the date of the Board resolution
was an attractive 4.8%. For natural persons in Switzerland who hold shares as
part of their personal assets, this distribution from the capital contribution
reserve will be tax-free.
Elections to the Board of Directors
The Board of Directors proposes the re-election of Leo Steiner and Hans Caspar
von der Crone for a further three-year term of office. Leo Steiner and Hans
Caspar von der Crone have been members of the Board of Directors since 1997;
their current three-year terms of office end this year.
Furthermore the Board of Directors proposes the new election of Kurt Haerri to
the Board of Directors as a new member for a three-year term of office. Kurt
Haerri (born 1962) is Senior Vice President, Head Global High-Rise Business and
leads the Top Range Division, a worldwide competence- and profit centre for
high-rise elevators of Schindler Elevators Ltd. Kurt Haerri holds a degree as a
Mechanical Engineer of the Lucerne University of Applied Sciences and graduated
at the University of St. Gallen as an Executive MBA HSG. He has been working at
Schindler since 1987, from 1996 to 2003 in China. Since 2006, Kurt Haerri is the
President of the Swiss-Chinese Chamber of Commerce. In addition he is a lecturer
at the Swiss Federal Technical Institute ETH Zurich.
The Board of Directors is confident that Kurt Haerri's extensive background in
industry, his international outlook and profound understanding of Asia make him
the ideal person to help shape Komax's future success as a Board member.
Financial calendar
Annual General Meeting 3 May 2012
Dividend payment 10 May 2012
Half-year results 2012 21 August 2012
First information on the year 2012 15 January 2013
Annual media conference/analysts' presentation 2012 19 March 2013
Annual General Meeting 3 May 2013
For further information, please contact:
Marco Knuchel phone +41 41 455 06 16
Head Investor Relations/Corporate Communications fax +41 41 450 10 24
www.komaxgroup.com marco.knuchel(at)komaxgroup.com
The Komax Group is 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. It
employs a workforce of around 1100 people. Alongside production facilities in
Switzerland, France, the United States, Malaysia and China, Komax also provides
sales and service support via subsidiaries and independent agents in around 60
countries.
Appendix
Key figures of the Komax Group
+----------------------------------+------------+------------+----------+
| Consolidated balance sheet | 31.12.2011 | 31.12.2010 | +/- in % |
+----------------------------------+------------+------------+----------+
| | TCHF | TCHF | |
+----------------------------------+------------+------------+----------+
| Total assets | 361,448 | 318,698 | 13.4 |
+----------------------------------+------------+------------+----------+
| Net cash | 5,604 | 12,026 | -53.4 |
+----------------------------------+------------+------------+----------+
| Shareholders' equity[1] | 246,994 | 212,523 | 16.2 |
| | | | |
| in % of total assets | 68.3 | 66.7 | -- |
+----------------------------------+------------+------------+----------+
+----------------------------------+------------+------------+----------+
| Consolidated income statement | 2011 | 2010 | +/- in % |
+----------------------------------+------------+------------+----------+
| | TCHF | TCHF | |
+----------------------------------+------------+------------+----------+
| Revenues[2] | 371,424 | 340,172 | 9.2 |
+----------------------------------+------------+------------+----------+
| Operating cash flow (EBITD) | 54,906 | 36,443 | 50.7 |
| in % of revenues | | | |
| | 14.8 | 10.7 | -- |
+----------------------------------+------------+------------+----------+
| Operating profit / loss (EBIT) | 47,536 | 29,110 | 63.3 |
| in % of revenues | | | |
| | 12.8 | 8.6 | -- |
+----------------------------------+------------+------------+----------+
| Earnings after tax (EAT) | 39,280 | 17,780 | 120.9 |
| in % of revenues | | | |
| | 10.6 | 5.2 | -- |
+----------------------------------+------------+------------+----------+
| Free cash flow | -61 | 19,500 | -100.3 |
+----------------------------------+------------+------------+----------+
+----------------------------------+------------+------------+----------+
| Research & development | 23,526 | 20,511 | 14.7 |
| in % of revenues | | | |
| | 6.3 | 6.0 | -- |
+----------------------------------+------------+------------+----------+
+----------------------------------+------------+------------+----------+
| Information by segment | Wire | Solar | Medtech |
+----------------------------------+------------+------------+----------+
| 2011 | TCHF | TCHF | TCHF |
+----------------------------------+------------+------------+----------+
| Order intake | 232,319 | 63,742 | 84 371 |
+----------------------------------+------------+------------+----------+
| Net sales | 217,792 | 70,791 | 83 778 |
+----------------------------------+------------+------------+----------+
| EBIT | 57,073 | -3,439 | 3 840 |
+----------------------------------+------------+------------+----------+
| 2010 | | | |
+----------------------------------+------------+------------+----------+
| Order intake | 211,083 | 72,092 | 73 827 |
+----------------------------------+------------+------------+----------+
| Net sales | 194,455 | 63,306 | 82 691 |
+----------------------------------+------------+------------+----------+
| EBIT | 47,840 | -5,932 | -4 434 |
+----------------------------------+------------+------------+----------+
+----------------------------------+------------+------------+----------+
| | 2011 | 2010 | +/- in % |
+----------------------------------+------------+------------+----------+
| Headcount 31.12. | 1,140 | 1,023 | 11.4 |
+----------------------------------+------------+------------+----------+
| Revenues per employee[3] in TCHF | 343 | 333 | 3.0 |
+----------------------------------+------------+------------+----------+
[1] Equity attributable to equity holders of the parent company.
[2] Revenues: Net sales + other operating income.
[3] Calculated on the basis of average headcount.
+--------------------------------------+-----------+-----------+
| Key share data | 2011 | 2010 |
+--------------------------------------+-----------+-----------+
| Share capital 31.12. in TCHF | 340 | 340 |
+--------------------------------------+-----------+-----------+
| Number of shares 31.12. | 3,400,880 | 3,400,880 |
+--------------------------------------+-----------+-----------+
| Par value per share in CHF | 0.10 | 0.10 |
+--------------------------------------+-----------+-----------+
| Market capitalization 31.12. in TCHF | 233,811 | 346,890 |
+--------------------------------------+-----------+-----------+
| Basic earnings per share in CHF | 11.68 | 5.31 |
+--------------------------------------+-----------+-----------+
| P/E (price earnings ratio) 31.12. | 5.9 | 19.5 |
+--------------------------------------+-----------+-----------+
You can obtain further information on our website www.komaxgroup.com. The
complete annual report can be downloaded at:
http://www.komaxgroup.com/home/company/investors-holding/ann-report-holding.htm
The media release can be downloaded from the following link:
Media release (PDF):
http://hugin.info/100418/R/1595494/502404.pdf
Annual Report 2011:
http://hugin.info/100418/R/1595494/502405.pdf
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other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Komax Holding AG via Thomson Reuters ONE
[HUG#1595494]
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Datum: 20.03.2012 - 07:03 Uhr
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News-ID 126278
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