Media release - half-year results of Komax Group
(Thomson Reuters ONE) -
Komax Holding AG /
Media release - half-year results of Komax Group
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Good first-half results
The Komax Group generated another set of good results in the first half of
2015. Consolidated sales grew by 2.0% to CHF 175.0 million. Operating profit
(EBIT) came to CHF 21.4 million (previous year: CHF 22.5 million) and Group
profit after taxes rose by 43.4% to CHF 11.8 million. Another good result is
expected for the 2015 financial year.
In the first half of 2015, the Komax Group achieved an order intake of CHF
193.9 million (previous year: CHF 176.2 million). Consolidated revenues
increased by 2.0% to CHF 175.0 million (previous year: CHF 171.6 million).
Internal growth was 4.7% and the currency impact amounted to -2.7%. Operating
profit (EBIT) came to CHF 21.4 million (previous year: CHF 22.5 million). The
EBIT margin was 12.3%. The currency effect here was -1.9 percentage points. The
removal of the cap on the minimum euro-franc exchange rate also left its mark on
the financial result, with one-off, non-cash currency losses on loans pushing
financial expenses to CHF 6.2 million (previous year: CHF 1.0 million). Since
the result from discontinued operations was significantly better than in the
previous year, Group profit after taxes (EAT) nevertheless went up by more than
43% to CHF 11.8 million (previous year: CHF 8.3 million).
The Komax Group stands on a very firm financial footing. As at 30 June 2015,
shareholders' equity totalled CHF 268.1 million (31 December 2014: CHF 284.2
million). Accordingly, the equity ratio amounted to 70.7%. Free cash flow stood
at CHF 8.8 million (previous year: CHF 10.0 million), while net cash was CHF
16.2 million (31 December 2014: CHF 29.2 million).
Komax Wire
In the first six months, Komax Wire benefited from the continuing good demand
for automation solutions, which was buoyed by the healthy state of the
automotive industry and the trend to drive forward the automation of wire
harness production. Global presence, good connections with all leading wire
harness manufacturers around the world and good access to local customers also
contributed to this success, more than compensating for fluctuations related to
the investment cycle. Broad geographical diversification also helped make up for
volatile demand in the individual regions and lessen the pressure caused by the
strength of the Swiss franc.
In the first half of 2015, the Europe and Africa regions achieved growth in the
course of further signs of recovery. Business development in North America was
particularly pleasing, too. By contrast, Asia was temporarily unable to match
the previous year's results. The Swiss sites also turned in an impressive
performance, further improving their already excellent results thanks to
economies of scale and the successful implementation of efficiency enhancement
programmes. SLE quality engineering is making very gratifying progress, and in
partnership with Laselec there are interesting, forward-looking projects
underway.
In the first half of 2015, order intake reached CHF 165.5 million (previous
year: CHF 144.6 million), while net sales increased by 5.0% to CHF 146.9 million
(previous year: CHF 139.9 million). Internal growth amounted to around 10% and
the book-to-bill ratio was 1.13. EBIT increased by 4.7% to CHF 28.0 million
(previous year: CHF 26.7 million).
Komax Medtech
After a rocky start to the year, order intake at Komax Medtech picked up
significantly during the second quarter. Nevertheless, the volatile nature of
the order intake and the resulting imbalance in capacity utilization weighed on
the results. In addition, the factory at La Chaux-de-Fonds was hit by the
strength of the Swiss franc, which has put the site at a competitive
disadvantage compared with its foreign competitors. The restructuring announced
in March in response to these new circumstances has now been completed. However,
it will not start to pay off until 2016.
Order intake amounted to CHF 28.4 million (previous year: CHF 31.6 million),
while net sales came in at CHF 28.1 million (previous year: CHF 31.9 million).
EBIT declined to CHF -1.8 million (previous year: CHF 0.3 million).
Outlook
We find ourselves in a volatile and uncertain environment. However, the Komax
Group is well prepared to deal with this situation thanks to its innovative
strength and pronounced customer focus. Nevertheless, the strength of the Swiss
franc presents a challenge. We believe we can largely offset the negative
effects in the medium term by intensifying the measures aimed at further
increasing productivity and efficiency. We will continue to seize any
opportunities to further the company's development.
From today's standpoint, we envisage another good result for the Komax Group in
2015.
For Komax Wire, we are not expecting any substantial changes to the market
environment in the second half, and are thus anticipating continued strong
performance.
At Komax Medtech, we are expecting a higher order intake and improved results in
the second half of the year.
The evaluation of the strategic options open to the Komax Group that was
announced in March is progressing on schedule.
Financial calendar
First information on the year 2015 19 January 2016
Annual media conference / analysts' presentation of 2015 22 March 2016
financial statements
Annual General Meeting 12 May 2016
Half-year results 2016 23 August 2016
For further information, please contact:
Marco Knuchel Phone +41 41 455 06 16
Head Investor Relations / Corporate marco.knuchel(at)komaxgroup.com
Communications
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 and systems for the assembly of self-
medication instruments, Komax helps its customers implement economical and safe
manufacturing processes, especially in the automotive supply and pharmaceutical
sectors. The Komax Group employs around 1 550 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 %
2015 2014
+----------+----------+--------+
| TCHF| TCHF| |
+-------------------------------------------+----------+----------+--------+
|Order intake | 193 914| 176 186| 10.1|
+-------------------------------------------+----------+----------+--------+
|Revenues(1) | 175 014| 171 573| 2.0|
+-------------------------------------------+----------+----------+--------+
|EBITD | 26 341| 27 291| -3.5|
| | | | |
| in % of revenues | 15.1| 15.9| |
+-------------------------------------------+----------+----------+--------+
|Operating profit (EBIT) | 21 440| 22 539| -4.9|
| | | | |
| in % of revenues | 12.3| 13.1| |
+-------------------------------------------+----------+----------+--------+
|Group profit after taxes from continuing | 13 068| 20 982| -37.7|
|operations | | | |
| | | | |
| in % of revenues | 7.5| 12.2| |
+-------------------------------------------+----------+----------+--------+
|Result from discontinued operations | -1 229| -12 728| -90.3|
+-------------------------------------------+----------+----------+--------+
|Group profit after taxes (EAT) | 11 839| 8 254| 43.4|
| | | | |
| in % of revenues | 6.8| 4.8| |
+-------------------------------------------+----------+----------+--------+
|Free cash flow | 8 791| 10 023| -12.3|
+-------------------------------------------+----------+----------+--------+
30.6.2015 31.12.2014
+-------------------------------------------+----------+----------+--------+
|Total assets | 379 034| 388 052| -2.3|
+-------------------------------------------+----------+----------+--------+
|Shareholders' equity(2) | 268 101| 284 168| -5.7|
| | | | |
| as % of total assets | 70.7| 73.2| |
+-------------------------------------------+----------+----------+--------+
|Net cash | 16 160| 29 211| -44.7|
+-------------------------------------------+----------+----------+--------+
+-------------------------------------------+----------+----------+--------+
|Headcount | 1 559| 1 498| 4.1|
+-------------------------------------------+----------+----------+--------+
+------------------------------------------------------+----------+--------+
|Segment information | Wire| Medtech|
+------------------------------------------------------+----------+--------+
|First half 2015 | TCHF| TCHF|
+------------------------------------------------------+----------+--------+
|Order intake | 165 508| 28 406|
+------------------------------------------------------+----------+--------+
|Net sales | 146 938| 28 146|
+------------------------------------------------------+----------+--------+
|EBIT | 27 990| -1 832|
+------------------------------------------------------+----------+--------+
|First half 2014 | | |
+------------------------------------------------------+----------+--------+
|Order intake | 144 560| 31 626|
+------------------------------------------------------+----------+--------+
|Net sales | 139 916| 31 925|
+------------------------------------------------------+----------+--------+
|EBIT | 26 737| 263|
+------------------------------------------------------+----------+--------+
(1) Revenues: Net sales revenues + other operating income.
(2) Share of shareholders' equity attributable to the shareholders of the parent
company.
Further information can be found on our website www.komaxgroup.com.
The complete Half-Year Report 2015 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:
Short report (PDF):
http://hugin.info/100418/R/1946146/705956.pdf
Media release (PDF):
http://hugin.info/100418/R/1946146/705955.pdf
Report (PDF):
http://hugin.info/100418/R/1946146/705957.pdf
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Komax Holding AG via GlobeNewswire
[HUG#1946146]
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Datum: 18.08.2015 - 06:50 Uhr
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News-ID 414261
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