Komax Group: Business in the first half of 2009
(Thomson Reuters ONE) - Huge decline in sales and new ordersThe Komax Group generated sales of CHF 101.2 million in the firsthalf of 2009, a fall of 40.6 percent on the previous year's figure ofCHF 170.2 million. For the first time ever, the six-monthconsolidated result is negative at CHF -11.0 million (previous year:CHF 14.5 million). Komax also expects to report another, albeitsmaller, loss in the second half. The equity ratio stands at around70 percent.Due to the exceptionally difficult economic environment, the KomaxGroup ended the first half of 2009 with a loss of CHF -11.0 million(previous year: profit of CHF 14.5 million). Sales fell by a dramatic40.6 percent to CHF 101.2 million (previous year: CHF 170.2 million).This translated into a negative EBIT of CHF -13.0 million (previousyear: CHF 20.1 million).Orders in the first half of 2009 fell 61 percent year-on-year fromCHF 209.7 million to CHF 82.7 million. The fall was most pronouncedin the Wire segment and is attributable to the collapse of theautomotive market.The equity ratio remains at a respectable 69.6 percent.Market situationThe Komax Group's business environment remained extremely challengingin the first half of 2009. Many customers postponed investments innew machines due to the persistently uncertain economic outlook andthe limited availability of credit.As there are no signs of a recovery in the important automotivemarket, sales by the Wire segment fell by 66 percent to CHF 45.3million (previous year: CHF 132.5 million). There was a correspondingdisproportionate fall in the segment's EBIT to CHF -4.6 million(previous year: CHF 28.2 million). The sales slump is impactingstrongly on all regions. The best performer was Asia, with a declineof 15 percent. Only niche-market and non-automotive products wereable to maintain their ground.The Solar segment is still receiving a healthy stream of enquiriesfor project work, although very few projects are actually coming tofruition due the financial constraints on customers and theirprojects. First-half sales in the Solar segment increased slightly toCHF 22.5 million (previous year: CHF 22.1 million). However, a shiftin the product mix combined with high product development costsresulted in a negative EBIT of CHF -3.4 million (previous year: CHF-0.2 million). Geographically, the Chinese market is performing best,thanks to the Chinese government's heavy investment in local solarprojects. Germany is emerging clearly as the strongest Europeanmarket, due mainly to the sharp decline in business in Spain.The Medtech segment remains attractive since it is less sensitive tocyclical trends. Sales in the first half rose substantially to CHF33.7 million (previous year: CHF 17.4 million). This resulted in apositive EBIT of CHF 0.5 million (previous year: CHF -3.2 million)despite the postponement of acceptance of a major project. Therecently launched Pilot platform, which can be expanded to suitproject progress, is proving particularly popular among customers.Response to the situationThe large-scale cost reduction programmes that have already beenintroduced will be systematically continued or even expanded so as tobring about an improvement in the situation during the second half ofthe year. The first-half financial statements already includerestructuring costs of CHF 1.0 million.With recovery in the automotive-related business areas no more thanvery hesitant, Komax is planning a further cost-reduction programmeto adjust structures and capacities to market trends. This willprobably involve further headcount reductions in theautomotive-related business areas in Switzerland and abroad by theend of the year.Research and developmentDevelopment activities in all segments remain at a high level andhave even been expanded in the Solar segment. Thanks to itstechnology leadership in the individual segments and its highlyinnovative products, Komax is well positioned to gain additionalmarket share and emerge from the crisis strengthened.OutlookIt is still very difficult to issue accurate guidance. In view of themarket environment, the Komax Group expects to report a loss for thesecond half of 2009 too. However, the steps that have been taken toreduce costs should ensure that the loss is lower than in the firsthalf.The Wire segment has stabilized, although sales and orders remainlow. The recovery is very likely to be slow. However, rigorous costmanagement and an across-the-board reduction in fixed costs will havea positive impact in the second half.In the Solar segment, the liquidity crunch still shows no lastingsigns of slackening and making it easier for customers to obtaincredit. Even state economic stimulus plans are having a meagreimpact. The steps that have been taken to strengthen the Komax Solarbrand, the expansion of the distribution network and the launch ofnew products in the second half make Komax confident of reapingsubstantial benefits from any recovery in the Solar segment.Medtech continues to develop well and the segment is provingresilient to cyclical trends. Komax continues to receive a largenumber of customer enquiries for new projects. Overall new ordershave risen by 35 percent year-on-year.New three-segment reportingAs of the 2009 financial year the Komax Group has three businessunits: Wire, Solar and Medtech. The Wire segment comprises thedevelopment, production, distribution and maintenance of wireprocessing machines used primarily for wire production in theautomotive and electronics industries. The development andmanufacturing of systems for the assembly of mechanical andelectronic components in the automotive and electronics sector alsoforms part of this segment. The Solar segment develops and producesmachinery and customer-specific process solutions for themanufacturing of photovoltaic modules. Medtech includes the designand production of assembly systems for the medical technologyindustry as well as the manufacturing of assembly lines for inkjetcartridges.Background information on the Komax GroupWith a market share of around 40 percent, Komax is a world leader instandard wire-processing machines. The company also focuses on thephotovoltaics and medical technology growth markets.As a machinery producer, Komax is global leader in crimp-to-crimpmachines for the wire-processing market. In addition to this, theKomax portfolio of products and services ranges from wire cutting andstripping machines all the way to systems for the fully automatedmanufacture of complete wire harnesses.In the photovoltaics field, Komax is a worldwide supplier of machinesfor the production of crystalline and thin-film modules. Continuousinnovation has enabled Komax to expand its product portfoliosignificantly in recent years.In the medical technology sector, Komax produces, for example,machine systems for the manufacture of inhalers and insulin deliveryor injection systems. In this field, too, Komax is among the world'sleading suppliers.The Komax Group operates production facilities in Switzerland,France, the United States, Malaysia and China. Finally, Komax offersprofessional service back-up in over 50 countries.Key figures of the Komax Group+--------------------------------------------------------------+| Consolidated balance sheet | 30.6.2009 | 31.12.2008 | Change ||----------------------------+-----------+------------+--------|| | CHF 1,000 | CHF 1,000 | % ||----------------------------+-----------+------------+--------|| Current assets | 184,816 | 213,689 | -13.5 ||----------------------------+-----------+------------+--------|| Non-current assets | 114,964 | 108,397 | 6.1 ||----------------------------+-----------+------------+--------|| Total assets | 299,780 | 322,086 | -6.9 ||----------------------------+-----------+------------+--------|| Current liabilities | 66,951 | 91,471 | -26.8 ||----------------------------+-----------+------------+--------|| Non-current liabilities | 24,065 | 8,517 | 182.6 ||----------------------------+-----------+------------+--------|| Shareholders' equity | 208,764 | 222,098 | -6.0 |+--------------------------------------------------------------++-------------------------------------------------------------------+| Consolidated income statement | 1st half | 1st half | Change || | 2009 | 2008 | ||---------------------------------+-----------+-----------+---------|| | CHF 1,000 | CHF 1,000 | % ||---------------------------------+-----------+-----------+---------|| Order intake | 82,688 | 209,680 | -60.6 ||---------------------------------+-----------+-----------+---------|| Net sales | 99,767 | 170,034 | -41.3 ||---------------------------------+-----------+-----------+---------|| Other operating income | 3,264 | 200 | 1,532.0 ||---------------------------------+-----------+-----------+---------|| Gross profit | 60,298 | 100,201 | -39.8 ||---------------------------------+-----------+-----------+---------|| Operating loss / profit (EBDIT) | -9,003 | 24,096 | -137.4 ||---------------------------------+-----------+-----------+---------|| Operating loss / profit (EBIT) | -12,990 | 20,141 | -164.5 ||---------------------------------+-----------+-----------+---------|| Financial result | -793 | -1,494 | -46.9 ||---------------------------------+-----------+-----------+---------|| Group loss / profit after taxes | -11,001 | 14,526 | -175.7 || (EAT) | | | |+-------------------------------------------------------------------++-------------------------------------------------------------------+| Operating Segments | Wire | Solar | Medtech ||-------------------------------+-----------+-----------+-----------|| First half 2009 | CHF 1,000 | CHF 1,000 | CHF 1,000 ||-------------------------------+-----------+-----------+-----------|| Order income | 35,671 | 15,078 | 31,939 ||-------------------------------+-----------+-----------+-----------|| Revenues from external | 45,120 | 21,317 | 33,321 || customers | | | ||-------------------------------+-----------+-----------+-----------|| EBIT | -4,644 | -3,424 | 470 ||-------------------------------+-----------+-----------+-----------|| First half 2008 | | | ||-------------------------------+-----------+-----------+-----------|| Revenues from external | 132,283 | 20,655 | 17,021 || customers | | | ||-------------------------------+-----------+-----------+-----------|| EBIT | 28,180 | -249 | -3,240 |+-------------------------------------------------------------------++-------------------------------------------------------------------+| Consolidated cash flow | 1st half 2009 | 1st half 2008 | Change || statement | | | ||--------------------------+---------------+---------------+--------|| | CHF 1,000 | CHF 1,000 | % ||--------------------------+---------------+---------------+--------|| Cash flow from operating | -13,171 | 13,900 | -194.8 || activities | | | ||--------------------------+---------------+---------------+--------|| Cash flow from investing | -9,443 | -2,088 | 352.3 || activities | | | ||--------------------------+---------------+---------------+--------|| Free cash flow | -22,614 | 11,812 | -291.4 ||--------------------------+---------------+---------------+--------|| Cash flow from financing | 7,860 | 3,554 | 121.2 || activities | | | ||--------------------------+---------------+---------------+--------|| Dividend paid1) | -6,639 | -21,718 | -69.4 ||--------------------------+---------------+---------------+--------|| Increase (+) / Decrease | -13,825 | 13,387 | -203.3 || (-) in funds | | | |+-------------------------------------------------------------------+Funds = cash and cash equivalents (including time deposits with aterm of up to three months)1) Dividends of CHF 6.50 per share paid in May 2008 and CHF 2.00 pershare paid in May 2009+-------------------------------------------------------------------+| Key figures | | 2009 | 2008 ||-------------------------------------+-----------+--------+--------|| Net indebtedness (-) / Net assets | CHF 1,000 | -8,405 | 19,683 || (+) 30.6.2009 / 31.12.2008 | | | ||-------------------------------------+-----------+--------+--------|| Gross profit 1st half in % of net | % | 59.6 | 58.9 || sales | | | ||-------------------------------------+-----------+--------+--------|| Cash flow (EBDIT) 1st half in % of | % | -9.0 | 14.2 || net sales | | | ||-------------------------------------+-----------+--------+--------|| Operating loss / profit (EBIT) 1st | % | -13.0 | 11.8 || half in % of net sales | | | ||-------------------------------------+-----------+--------+--------|| Group loss / profit (EAT) 1st half | % | -11.0 | 8.5 || in % of net sales | | | ||-------------------------------------+-----------+--------+--------|| Headcount as of 30.6.2009 / | No. | 967 | 1,138 || 31.12.2008 | | | |+-------------------------------------------------------------------+The complete financial statements for the first half 2009 can bedownloaded from the Internet at www.komaxgroup.com or ordered byphone.Contact:Komax Holding AG Direct dial +41 41 455 06 16Dominik Slappnig, Investor Relations Fax +41 41 450 10 24andCorporate Communicationwww.komaxgroup.com dominik.slappnig(at)komaxgroup.comThe Media Release can be downloaded from the following link:http://hugin.info/100418/R/1336773/318230.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 25.08.2009 - 07:01 Uhr
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