Komax Wire - ongoing strong performance
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Komax Holding AG /
Komax Wire - ongoing strong performance
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The issuer is solely responsible for the content of this announcement.
The first half of 2012 was characterized by different developments for the
individual business areas of the Komax Group. Whereas the wire processing
machine business was able to build on the excellent results of the previous
year, the Solar and Medtech segments suffered from difficult commercial
parameters.
In the first half of 2012, Komax felt the repercussions of the ongoing crisis in
the photovoltaics industry and the reticent ordering behaviour of customers in
the Medtech area. As a result, revenues declined by 23.0% to CHF 142.3 million.
Expressed in local currency terms, the decrease was 20.1%. The operating profit
(EBIT) was at CHF 9.0 million (-66.2%), and Group profit after taxes came in at
CHF 9.0 million (previous year: CHF 17.0 million), which equates to a net profit
margin of 6.3%. Free cash flow increased to CHF 17.2 million (previous year: CHF
-10.4 million).
The Komax Group continues to enjoy a very solid financial base. As at 30 June
2012, shareholders' equity totaled CHF 246.0 million (31.12.2011: CHF 247.0
million). Accordingly, the equity ratio amounted to 69.3%. Net cash increased to
CHF 8.3 million (31.12.2011: CHF 5.6 million).
Komax Wire posts excellent result
The demand for wire processing machines developed in a very satisfactory way in
the first half of 2012. Komax Wire essentially continued to benefit from the
generally good health of the automotive industry, which is continuing to invest
significant sums in automation solutions. The Group's other target markets,
namely household appliances, control cabinet manufacturing and electronic
devices, also proved robust. The relatively modest demand from Asia, southern
Europe and Africa was offset by developments in other regions.
The order intake totalled CHF 106.7 million (previous year: CHF 109.8 million),
while net sales stood at CHF 105.9 million (previous year: CHF 103.2 million)
and EBIT came in at CHF 26.6 million (previous year: CHF 26.8 million). In the
first six months of the year, Komax Wire further strengthened its structures in
the production, marketing and sales areas. Despite the additional costs incurred
as a result, the EBIT margin remained largely unchanged at 25.1% (previous year:
26.0%). Thanks to its acquisition of the Japanese company MCM Cosmic KK, Komax
Wire also expanded its product range with smaller and simpler machines, as well
as with machinery for processing coaxial cable, while at the same time securing
better access to Japanese clients.
Komax Solar and Komax Medtech facing a challenging environment
Komax Solar and Komax Medtech suffered from a weakness in demand in their
markets. The photovoltaic industry has been in crisis for more than a year now.
The entire industry is suffering from severe overcapacity problems, while the
market for solar module production equipment has collapsed completely.
Accordingly, Komax Solar's order intake in the first half of 2012 was at just
CHF 4.3 million (previous year: CHF 53.4 million), while net sales declined to
CHF 5.8 million (previous year: CHF 43.9 million). EBIT came in at CHF -10.2
million (previous year: CHF 2.4 million). Komax Solar reacted to the decline in
demand at an early stage, adjusting structures at its York location to the
expected market situation. However, the cost savings achieved through the
headcount reduction of around 70 persons will not feed through into the result
until the second half of 2012. The existing product range has been further
developed, and marketing continues unabated.
The unsatisfactory results posted by Komax Medtech are the result of reticent
investment behaviour on the part of customers, who have been postponing intended
projects, compounded by additional costs incurred on individual projects and by
currency-related margin pressures. The order intake virtually halved to CHF
25.5 million (previous year: CHF 47.6 million). Net sales amounted to CHF 31.0
million (previous year: CHF 38.6 million). EBIT slid into the red and stood at
CHF -3.1 million (previous year: CHF 1.8 million). Komax Medtech responded
immediately, introducing short-time working at its La Chaux-de-Fonds site as of
June. Here too, however, the impact of these measures will only be felt in the
results for the second half of the year.
Komax Wire strengthens market position
On 8 August 2012, Komax concluded an agreement to acquire all the shares of TSK
Prüfsysteme GmbH, Porta Westfalica, Germany. The TSK Group enjoys a leading
position on the global market in the field of test systems and adaptation units
for testing wire harnesses and further electrical and electronic assemblies and
components. The company generates revenues of around CHF 30 million.
Outlook
Due to macroeconomic uncertainties and the latent threat of a global economic
slowdown as a result of the persistent Eurozone crisis and the high indebtedness
of a number of countries, it remains very difficult to make forecasts.
As things stand, the demand situation at Komax Wire remains robust. However,
visibility does not stretch beyond two to three months in this business. Taking
into account all the information currently available, excluding acquisitions, we
anticipate that Komax Wire will achieve net sales similar to the first half of
the year in the second half of 2012.
The commercial parameters confronting Komax Solar remain extremely challenging
for the second half of the year too, and it is still very difficult to predict
precisely when the solar industry will finally emerge from its crisis. Komax
Solar is analyzing the situation continually, and will take further measures to
reduce costs if necessary. The first positive effects of the structural
adjustments already implemented will be felt in the second half of the year.
Komax Medtech's order intake reveals a positive development. On the basis of
this trend, we are expecting an improvement in the result for the second half of
the year compared to the first six months.
Financial calendar
First information on the year 2012 15 January 2013
Annual media conference/analysts' presentation 2012 19 March 2013
Generalversammlung 3 May 2013
Half-year results 2013 20 August 2013
For more information, please contact:
Marco Knuchel Phone+41 41 455 06 16
Head Investor Relations/Corporate Communications 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 1 100 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.
You can obtain further information on our website www.komaxgroup.com. The
complete half-year report 2012 can be downloaded at:
http://www.komaxgroup.com/home/company/investors-holding/halfyear-report-
holding.htm
The media release can be downloaded from the following link:
Half-Year Report 2012:
http://hugin.info/100418/R/1635022/525115.pdf
Media release (PDF):
http://hugin.info/100418/R/1635022/525114.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
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#1635022]
Unternehmensinformation / Kurzprofil:
Datum: 21.08.2012 - 07:01 Uhr
Sprache: Deutsch
News-ID 176061
Anzahl Zeichen: 8968
contact information:
Town:
Dierikon-LU
Kategorie:
Business News
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