Media release - annual financial statements of the Komax Group
(Thomson Reuters ONE) -
Komax Holding AG /
Media release - annual financial statements of the Komax Group
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The issuer is solely responsible for the content of this announcement.
Successful year with high order intake and increased Group profit
2015 was a very successful year despite the strength of the Swiss franc. Komax
Wire once again surpassed the previous year's results. Consolidated revenues
increased to CHF 368.5 million. Operating profit amounted to CHF 46.7 million
while Group profit after taxes rose by 5.3% to CHF 29.2 million. The Board of
Directors and Executive Committee anticipate another good result in 2016. In
view of the very pleasing results, the company's financial strength and the
positive outlook, the Board of Directors is proposing to the Annual General
Meeting an increase in the distribution of 20% to CHF 6.00 per share, of which
CHF 4.50 will be paid out as a dividend and CHF 1.50 distributed from capital
contribution reserves.
The decision by the Swiss National Bank to abandon the minimum euro/franc
exchange rate got 2015 off to a tumultuous start. It forced the entire
organization to analyze the new parameters and then formulate and implement
prompt damage limitation measures. Komax did this very successfully. Despite the
hostile environment, Komax can once again look back on a very successful year.
Moreover, with the decision to transfer the Medtech business unit to a new
owner, we have set a new direction for the Komax Group. As a result, the Komax
Group will concentrate on its core business in the future. This will present
numerous opportunities, which we will seize with the aim of generating further
profitable growth.
Order intake rose by 20.4% to CHF 442.8 million, while consolidated revenues
increased by 1.4% to CHF 368.5 million. Currency influences weighed on growth to
the tune of -3.0%. Operating profit (EBIT) reached CHF 46.7 million (2014: CHF
48.1 million). The EBIT margin was 12.7%. Currency influences here amounted to
-1.5 percentage points. The removal of the cap on the minimum euro-franc
exchange rate also left its mark on the financial result: As a result of one-
off, non-cash currency losses, particularly on loans, financial expenses rose to
CHF 7.7 million (2014: CHF 1.3 million). Group profit after taxes from
continuing operations nevertheless reached CHF 32.1 million (2014: CHF 43.7
million). Result from discontinued operations amounted to CHF -2.9 million
(2014: CHF -15.9 million). This figure essentially comprises non-cash charges
for valuation adjustments. Group profit after taxes reached CHF 29.2 million
(2014: CHF 27.7 million), resulting in an increase in basic earnings per share
to CHF 8.00 (2014: CHF 7.64). The Komax Group remains in extremely robust
financial health. On the balance sheet date, shareholders' equity stood at CHF
283.1 million (2014: CHF 284.2 million) while the equity ratio stood at 71.0%
(2014: 73.2%). Free cash flow amounted to a high CHF 24.5 million (2014: CHF
14.4 million). Net cash increased to CHF 34.4 million (2014: CHF 29.2 million).
Komax Wire
After a very positive first half of the year, momentum picked up further in the
second half. Accordingly, Komax Wire was again able to exceed the previous
year's impressive performance, despite the strength of the franc. The Europe and
North/South America regions generated the strongest growth in 2015. The key
drivers of this pleasing development were the persistently robust health of the
automotive industry and the continuing trend to further automate manual
processes and enhance processing quality in wire processing. In addition, the
preference for higher-quality, complex processing solutions was confirmed. Order
intake increased by 15.1% to CHF 348.4 million. Net sales rose by 6.2% to CHF
313.3 million. Internal growth was more than 10%. EBIT came in at CHF 59.7
million (2014: CHF 55.3 million).
Following the acquisition of a minority stake in Laselec, the takeover of
Thonauer Group, and the establishment of affiliates in Romania and Mexico, Komax
Wire has further strengthened its technological and geographic base. Moreover,
it has redefined the industry benchmark with its new generation of fully
automatic crimping machines. On the operational side, the focus is on delivering
improvements through continuous scrutiny and further optimization of established
processes.
In view of the successes it has achieved, Komax Wire intends to adhere to its
chosen growth-generating course. At the beginning of 2016, it further
consolidated its leading market position by acquiring Ondal Tape Processing and
the business of SLE Electronics USA.
Komax Medtech
After a subdued start to 2015, Komax Medtech witnessed a powerful increase in
its order intake as the year developed, with the cumulative order intake
amounting to an exceptional CHF 94.5 million (2014: CHF 65.1 million). In
addition to repeat business, which in some cases is released over a period of
several years, numerous commercially interesting projects involving existing
applications and processes were acquired from new customers. However, since
these orders were placed relatively late in 2015 and some of them have lead
times of several months, this pleasing development has not yet fed through into
the income statement. Indeed, the volatile development of business had the
effect of weighing on capacity utilization at the business unit's three
locations. Net sales reached CHF 54.7 million (2014: CHF 68.6 million). Given
the relatively high proportion of value creation in Switzerland, Komax Medtech
also suffered from the strength of the Swiss franc. EBIT accordingly amounted to
CHF -2.6 million (2014: CHF 1.2 million).
Outlook
The current macroeconomic environment remains characterized by wide-ranging
uncertainty. Against this backdrop, Komax is focusing on the factors that it can
directly influence itself, and is therefore looking to its clear strengths such
as its innovative drive and customer orientation. Based on these foundations,
Komax will further enhance its profile and continue to seize - after careful
scrutiny - opportunities to further advance the company. From today's
standpoint, another good result is envisaged for 2016.
Komax Wire
Supported by the dynamic momentum of the automotive industry, as well as the
ongoing global trend towards the further automation of manual processes in wire
processing and increased processing quality, we expect demand to remain strong
from today's perspective. Komax Wire has started the year with a strong order
book. Given this backdrop, the business unit can be expected to post another
good result for the first half of 2016.
Komax Medtech
The commercial environment facing Komax Medtech remains challenging. However,
given its strong order book at the start of the year, with its numerous repeat
projects and highly promising orders from new customers, Komax Medtech is
confident that net sales will increase in 2016 on the back of better balanced
capacity utilization and that profitability will increase beyond the target
range.
Distribution increased again
In view of the very pleasing growth in earnings, the comfortable equity base and
the positive outlook, the Board of Directors is proposing to the Annual General
Meeting an increase in the distribution to shareholders from CHF 5.00 to CHF
6.00 per share, of which CHF 1.50 will be distributed from capital contribution
reserves. The payout ratio is therefore 75%. The dividend yield on the date of
the Board resolution stood at an attractive 2.8%. Dividend payments from the
capital contribution reserves are tax-free for natural persons living in
Switzerland who hold shares as part of their private assets.
Relations with our shareholders
By maintaining an intensive dialogue, the Board of Directors builds up an ever-
evolving picture of the multifaceted opinions of shareholders and proxies on
issues of importance to the future of the company. These include the debate
surrounding the controversial issues of voting right restrictions and the
compensation paid to the senior management bodies of companies. The Board of
Directors takes the views put forward by shareholders very seriously, and takes
them into account in its deliberations. Accordingly, the agenda of the upcoming
Annual General Meeting will include a proposal to increase the registration and
voting rights restriction from 5 to 15%, and an advisory vote on the
compensation paid to senior managers last year.
Annual General Meeting on 12 May 2016
Elections
Leo Steiner will not be standing for re-election as Member of the Board at the
next Annual General Meeting. For 24 years, he has shaped Komax's development in
his role as CEO and Member and Chairman of the Board of Directors. The Board of
Directors would like to express its warm thanks to Leo Steiner for his
significant contribution to the company's development, his decisive impact, and
his extremely valuable collaboration over a period of many years. The Chairman
and all other members of the Board of Directors are being proposed for re-
election. Furthermore, the Board of Directors is proposing the re-election of
Daniel Hirschi, Beat Kälin and Roland Siegwart to the Remuneration Committee. In
addition, in its agenda item of 25 February 2016, Veraison SICAV nominates
Andreas Herzog and Gerard van Kesteren as new members of the Board of Directors
and Remuneration Committee.
The Board of Directors has reviewed Veraison's proposal to enlarge the Board of
Directors and elect two additional candidates. It has concluded that the current
composition of the Board optimally meets the needs of the company. It recommends
therefore that this proposal be rejected.
Komax is acknowledged to be the leader in its markets, and achieves outstanding
results in its core business. The five members of the Board of Directors
proposed for re-election have the expertise and experience necessary to
successfully lead the company at a strategic level. Above all, the Board of
Directors also has the financial expertise referred to by Veraison - David Dean
is an expert in accounting and controlling, holding the corresponding federal
diploma, as well as being a certified auditor. Furthermore, he has many years of
experience as CFO of a listed company.
Numbering five members, Komax's Board of Directors is also of a size that is
conducive to the efficient processing of business. With the structure of the
company having been greatly simplified by the sale of the Solar business and the
divestment of Komax Medtech, there is no short-term need for a significantly
larger Board of Directors. However, both the size and composition of the Board
will continue to be carefully reviewed over the next few years, just as they
have been in the past.
At present, the Board of Directors feels an equal obligation to all shareholders
- none of its members has any close relationship with a particular shareholder.
Thanks to this independence and the focus on industrial, technological, and
financial expertise, the Board of Directors has accumulated a strong performance
track record that has resulted in significant value gains for shareholders in
recent years. The Board of Directors is convinced that its current composition
and size of five members optimally meet the needs of the company, and is
therefore recommending that Veraison's proposal be rejected.
Increase in registration and voting rights restriction from 5 to 15%
Following an analysis of Komax's current situation and numerous discussions with
shareholders, the Board of Directors has decided to add a proposal to the agenda
of the Annual General Meeting of 12 May 2016 to increase the registration and
voting rights restriction from 5 to 15%.
The aim of the registration and voting rights restriction is to prevent a
shareholder from acquiring a strong minority holding of less than 33 1/3%, and
thereby gaining de facto control of the company without having to submit a
public offer to the other shareholders and therefore compensate them for this
assumption of control. The Board of Directors has always viewed the registration
and voting rights restriction as an instrument designed to protect the great
majority of shareholders, which is why it is a firm advocate of these
instruments.
The Board of Directors has now re-evaluated Komax's situation and the concerns
of shareholders, and has arrived at the conclusion that the danger of a
shareholder assuming "silent" control of the company only exists for minority
shareholdings of between 15 and 33 1/3%. It has therefore resolved to submit a
proposal to the Annual General Meeting of 12 May 2016 to increase the
registration and voting rights restriction from 5 to 15%. This restriction will
force anyone who wants to gain control of the company to submit a public offer
to all shareholders. As a result, shareholders would benefit from an offer that
would in all likelihood be linked to a "control premium".
The Board of Directors is convinced that increasing the 5% limit to 15%
represents a solution that takes equal account of the interests of all
shareholders. On the one hand, it enables shareholders to acquire holdings with
voting rights in excess of 5%. On the other hand, however, it protects them
against a silent takeover.
Furthermore, the "can clauses" in Section 6 para. 4, and Section 10 para. 3
which have attracted repeated criticism in the past, are to be deleted.
For the other agenda items, please see the invitation to the Annual General
Meeting, which can be found from 30 March 2016 at:
http://www.komaxgroup.com/en/About-Komax/Corporate-Governance/Annual-General-
Meeting/
Financial calendar
Annual General Meeting 12 May 2016
Dividend payment 19 May 2016
First-half results 2016 23 August 2016
First information on 2016 financial year 17 January 2017
Annual media conference/analysts' presentation of 2016
financial statements 21 March 2017
Annual General Meeting 12 May 2017
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 of 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 1 600 people worldwide
and provides sales and service support via subsidiaries and independent agents
in around 60 countries.
Appendix
Key figures of the Komax Group
2015 2014 +/- in %
+----------------+---------+---------+
| TCHF| TCHF| |
+---------------------------------------+----------------+---------+---------+
|Order intake | 442 836| 367 702| 20.4|
+---------------------------------------+----------------+---------+---------+
|Revenues(1) | 368 462| 363 338| 1.4|
+---------------------------------------+----------------+---------+---------+
|EBITD | 56 708| 57 663| -1.7|
| in % of revenues | | | |
| | 15.4| 15.9| |
+---------------------------------------+----------------+---------+---------+
|Operating profit (EBIT) | 46 732| 48 102| -2.8|
| in % of revenues | | | |
| | 12.7| 13.2| |
+---------------------------------------+----------------+---------+---------+
|Group profit after taxes | | | |
|from continuing operations | 32 087| 43 660| -26.5|
| in % of revenues | | | |
| | 8.7| 12.0| |
+---------------------------------------+----------------+---------+---------+
|Group profit after taxes (EAT) | 29 215| 27 743| 5.3|
| in % of revenues | 7.9| 7.6| |
+---------------------------------------+----------------+---------+---------+
|Free cash flow | 24 519| 14 412| 70.1|
+---------------------------------------+----------------+---------+---------+
|Research and development | 26 669| 25 776| 3.5|
| in % of revenues | | | |
| | 7.2| 7.1| |
+---------------------------------------+----------------+---------+---------+
+---------------------------------------+----------------+---------+---------+
|Total assets | 398 967| 388 052| 2.8|
+---------------------------------------+----------------+---------+---------+
|Net cash | 34 365| 29 211| 17.6|
+---------------------------------------+----------------+---------+---------+
|Shareholders' equity(2) | 283 134| 284 168| -0.4|
| | | | |
| as % of total assets | 71.0| 73.2| |
+---------------------------------------+----------------+---------+---------+
+---------------------------------------+----------------+---------+---------+
|Headcount | 1 580| 1 498| 5.5|
+---------------------------------------+----------------+---------+---------+
+--------------------------------------------------------+---------+---------+
|Segment information | Wire| Medtech|
+--------------------------------------------------------+---------+---------+
|2015 | TCHF| TCHF|
+--------------------------------------------------------+---------+---------+
|Order intake | 348 386| 94 450|
+--------------------------------------------------------+---------+---------+
|Net sales | 313 316| 54 681|
+--------------------------------------------------------+---------+---------+
|EBIT | 59 652| -2 589|
+--------------------------------------------------------+---------+---------+
|2014 | | |
+--------------------------------------------------------+---------+---------+
|Order intake | 302 610| 65 092|
+--------------------------------------------------------+---------+---------+
|Net sales | 294 964| 68 640|
+--------------------------------------------------------+---------+---------+
|EBIT | 55 292| 1 200|
+--------------------------------------------------------+---------+---------+
+--------------------------------------------------------+---------+---------+
|Key figures for Komax registered share | 2015| 2014|
+--------------------------------------------------------+---------+---------+
|Share capital as at 31 December in TCHF | 369| 361|
+--------------------------------------------------------+---------+---------+
|Number of shares as at 31 December |3 691 651|3 605 101|
+--------------------------------------------------------+---------+---------+
|Par value per share in CHF | 0.10| 0.10|
+--------------------------------------------------------+---------+---------+
|Market capitalization as at 31 December in CHF million | 719 .5| 520.9|
+--------------------------------------------------------+---------+---------+
|Basic earnings per share in CHF | 8.00| 7.64|
+--------------------------------------------------------+---------+---------+
|P/E (price-earnings ratio) as at 31 December | 24.4| 18.9|
+--------------------------------------------------------+---------+---------+
(1) Revenues: Net sales + 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 2015 Annual Report may be found on the Internet at:
http://www.komaxgroup.com/en/Investors/Reports-and-presentations/Financial-
reports/
The online Annual Report may be found at:
http://ar.komaxgroup.com/en/gb2015/home.html
The media release can be downloaded from the following link:
Media release (PDF):
http://hugin.info/100418/R/1996549/735742.pdf
Annual Report 2015:
http://hugin.info/100418/R/1996549/735799.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1996549]
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Datum: 22.03.2016 - 07:03 Uhr
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