Half-year results of Komax Group
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Komax Holding AG /
Half-year results of Komax Group
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Successful first half of 2013
Thanks to the continued strong performance of Komax Wire, a stabilization of the
situation at Komax Solar, and a sharp improvement in profitability at Komax
Medtech, all the key figures of the Komax Group have improved significantly.
Order intake rose by 45.2% to CHF 198.2 million, while revenues increased by
17.8% to CHF 167.7 million. EBIT came in at CHF 18.7 million (11.1% of
revenues), more than double the prior-year equivalent.
Consolidated revenues of the Komax Group amounted to CHF 167.7 million in the
first half of 2013 (previous year: CHF 142.3 million). Of the overall increase
of 17.8%, acquisitions accounted for 12.1%, and currency influences 0.6%.
Internal growth amounted to 5.1%. Operating profit (EBIT) considerably increased
by 114.6% to CHF 18.7 million (previous year: CHF 8.7 million). The EBIT margin
came in at 11.1% (previous year: 6.1%). Currency influences here amounted to
+0.2 percentage points. Group profit after taxes (EAT) increased to CHF 15.7
million (previous year: CHF 8.7 million).
The Komax Group remains on a very solid financial footing. On the balance sheet
date, shareholders' equity amounted to CHF 251.5 million (31. December 2012: CHF
236.1 million), while the equity ratio stood at 69.8% (31. December
2012: 65.7%). Free cash flow came in at CHF 12.0 million (previous year: CHF
17.2 million). Net cash increased to CHF 9.2 million (31. December 2012: CHF 0.9
million).
Another strong performance from Komax Wire
Thanks to an outstanding market positioning globally and healthy end customer
markets overall, Komax Wire continues to operate successfully. Sluggish demand
from the European automotive industry and its suppliers domiciled in North
Africa was more than offset by healthy growth rates in Asia, North America and
South America. Furthermore, the remaining end customer markets - such as the
domestic appliance, electronics and telecommunication industries - are
developing robustly when viewed from a global perspective. The integration of
the companies acquired in 2012 is proceeding according to plan. Order intake
amounted to CHF 131.9 million (previous year: CHF 106.7 million), or CHF 114.6
million when adjusted for acquisitions. Net sales totalled CHF 126.7 million
(previous year: CHF 105.9 million), or CHF 109.5 million when adjusted for
acquisitions. Internal growth here amounted to around 3%. EBIT came in at CHF
26.2 million (previous year: CHF 26.6 million). At 20.7%, the EBIT margin
broadly mirrored that of the second half of 2012. Five months of the latter
period contained the comparatively lower-margin business of TSK Group, which was
consolidated for the first time in August 2012.
Stabilization at Komax Solar
The situation at Komax Solar has stabilized at a very low level. Although the
crisis gripping the photovoltaics industry is unlikely to ease in the near term,
we are assuming that the trough has now been reached. Against this difficult
backdrop, Komax Solar succeeded in winning numerous important orders, despite
the small number of industry projects put out to tender. It thus managed to
consolidate its position as a leading supplier of stringer systems. Order intake
increased sharply to CHF 13.7 million (previous year: CHF 4.3 million), while
net sales amounted to CHF 11.0 million (previous year: CHF 5.8 million). Thanks
to this increase and the sharply reduced cost base, the loss at EBIT level was
more than halved to CHF -4.0 million (previous year: CHF -10.2 million).
Significant improvement in result at Komax Medtech
At Komax Medtech, the market situation largely normalized in 2013. Whereas the
previous year was dominated by low levels of investment among our clients, a
large number of anticipated orders were placed in the period under review. Order
intake doubled to CHF 52.7 million (previous year: CHF 25.5 million). At CHF
30.4 million, net sales broadly matched the previous year's equivalent (previous
year: CHF 31.0 million). The relatively high proportion of repeat orders,
combined with the impact of measures initiated in 2012 to further increase
efficiency, led to a significant improvement in the result. EBIT showed an
encouraging rise to CHF 0.5 million (previous year: CHF -3.1 million).
Outlook
The fundamental drivers of the businesses of Komax remain intact. The focus of
activities therefore lies on implementation of the strategic initiatives
designed to boost the profitable growth of Komax Wire and improve the income
situation at the other two business units. On the basis of the very pleasing
half-year result, the Komax Group will deliver a significantly better result for
2013 than for the previous year.
The end customer markets of Komax Wire remain in robust shape overall. In view
of that, and based on all the other data currently available, we are expecting
net sales for the second half of 2013 to broadly mirror that achieved in the
first half of the year.
The situation of Komax Medtech has improved sharply compared to the previous
year. This business unit has entered the second half of 2013 with a strong order
book, and the prospects for winning further projects look highly promising.
Given these positive parameters, we are expecting an improvement in net sales in
the second half of the year compared to the first semester, as well as a further
improvement of operating profit.
By contrast, the crisis in the solar industry is unlikely to ease off in the
near term. We are therefore anticipating another negative operating result for
this business unit in the second half of 2013.
Financial calendar
First information on the year 2013 21 January 2014
Annual media conference/analysts' presentation 2013 26 March 2014
Annual General Meeting 7 May 2014
Half-year results 2014 19 August 2014
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 global technology company that focuses on markets in the
automation sector. As a leading manufacturer of innovative and high-quality
solutions for the wire processing industry, for the production of modules for
the photovoltaics market and for systems for the manufacture of self-medication
solutions, Komax helps its customers implement economical and safe manufacturing
processes, especially in the automotive supply, solar panel and pharmaceutical
sectors. The Komax Group employs around 1 350 people worldwide and provides
sales and service support via subsidiaries and independent agents in around 60
countries.
Appendix
Key figures of the Komax Group
First half First half +/- in %
2013 2012 (1))
+------------+----------------+
| TCHF | TCHF |
+--------------------------------+------------+----------------+----------+
| Revenues (2)) | 167 666 | 142 278 | 17.8 |
+--------------------------------+------------+----------------+----------+
| Operating cash flow (EBITD) | 23 871 | 12 521 | 90.6 |
| in % of revenues | | | |
| | 14.2 | 8.8 | |
+--------------------------------+------------+----------------+----------+
| Operating profit (EBIT) | 18 665 | 8 697 | 114.6 |
| in % of revenues | | | |
| | 11.1 | 6.1 | |
+--------------------------------+------------+----------------+----------+
| Group profit after taxes (EAT) | 15 708 | 8 740 | 79.7 |
| in % of revenues | | | |
| | 9.4 | 6.1 | |
+--------------------------------+------------+----------------+----------+
| Free cash flow | 12 041 | 17 169 | -29.9 |
+--------------------------------+------------+----------------+----------+
30.6.2013 31.12.2012(1))
+------------+----------------+
| TCHF | TCHF |
+--------------------------------+------------+----------------+----------+
| Total assets | 360 341 | 359 533 | 0.2 |
+--------------------------------+------------+----------------+----------+
| Shareholders' equity(3)) | 251 486 | 236 111 | 7.1 |
| | | | |
| in % of total assets | 69.8 | 65.7 | |
+--------------------------------+------------+----------------+----------+
| Net cash | 9 150 | 938 | n.s. |
+--------------------------------+------------+----------------+----------+
+--------------------------------+------------+----------------+----------+
| Headcount | 1 335 | 1 330 | 0.4 |
+--------------------------------+------------+----------------+----------+
Information by segment Wire Solar Medtech
+--------------------------------+------------+----------------+----------+
| First half 2013 | TCHF | TCHF | TCHF |
+--------------------------------+------------+----------------+----------+
| Order intake | 131 863 | 13 688 | 52 673 |
+--------------------------------+------------+----------------+----------+
| Net sales | 126 651 | 10 971 | 30 420 |
+--------------------------------+------------+----------------+----------+
| EBIT | 26 155 | -3 986 | 517 |
+--------------------------------+------------+----------------+----------+
+--------------------------------+------------+----------------+----------+
| First half 2012 | TCHF | TCHF | TCHF |
+--------------------------------+------------+----------------+----------+
| Order intake | 106 662 | 4 337 | 25 509 |
+--------------------------------+------------+----------------+----------+
| Net sales | 105 873 | 5 781 | 31 014 |
+--------------------------------+------------+----------------+----------+
| EBIT | 26 614 | -10 192 | -3 079 |
+--------------------------------+------------+----------------+----------+
(1)) Prior-year figures restated owing to application of IAS 19 (revised).
(2)) Revenues: Net sales + other operating income.
(3)) Equity attributable to equity holders of the parent company.
You can obtain further information on our website www.komaxgroup.com. The
complete half-year report 2013 can be downloaded at:
http://www.komaxgroup.com/en/Investors/Reports-and-presentations/Financial-
reports/
The media release can be downloaded from the following link:
Report (PDF):
http://hugin.info/100418/R/1723693/574528.pdf
Short report (PDF):
http://hugin.info/100418/R/1723693/574527.pdf
Media release (PDF):
http://hugin.info/100418/R/1723693/574478.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#1723693]
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Datum: 20.08.2013 - 07:02 Uhr
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News-ID 289090
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