The Komax Group in the 2010 financial year
(Thomson Reuters ONE) -
Komax Holding AG /
The Komax Group in the 2010 financial year
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The issuer is solely responsible for the content of this announcement.
Strong increase in revenues and significant improvement in profitability
Revenues came to CHF 340.2 million, which represents an increase of 61%. The
operating profit (EBIT) amounted to CHF 29.1 million (2009: CHF -22.7 million),
while the EBIT margin came in at 8.6%. Weighed down by non-recurring tax effects
and higher financial expenses - the result of the strong Swiss franc - Group
profit after taxes (EAT) amounted to CHF 17.8 million. The equity ratio stood at
67% at year-end. On the balance sheet date the Group had net cash of CHF 12.0
million, putting it on a very solid financial footing. The Board of Directors
and senior management expect a good result for the first half of 2011. The
payment of a dividend of CHF 2.00 from capital contribution reserves will be
proposed to the General Meeting.
The markets relevant to our business performed pleasingly in the reporting year.
Against this backdrop, Komax was able to increase revenues significantly and
achieve much improved profitability. Order intake totalled CHF 357.0 million
(2009: CHF 220.6 million). Revenues increased 61 percent to CHF 340.2 million
(2009: CHF 211.5 million). The operating profit (EBIT) amounted to CHF 29.1
million (2009: CHF -22.7 million), while the EBIT margin came in at 8.6 percent.
Weighed down by the financial result and non-recurring tax effects, Group profit
after taxes (EAT) increased to CHF 17.8 million (2009: CHF -19.8 million). As at
the balance sheet date, the Group had an equity ratio of 67 percent and net cash
of CHF 12.0 million, putting it on a very solid financial footing.
The largest contribution to growth in absolute terms came from the Wire business
unit. It benefited from its strong market position, the upturn in the automotive
industry and the business of its suppliers, which began investing in additional
production equipment during 2010 in anticipation of the economic recovery. The
Wire business unit's net sales amounted to CHF 194.5 million in the 2010
financial year (2009: CHF 91.9 million), while the operating result (EBIT) came
in at CHF 47.8 million (2009: CHF
-3.0 million).
In the Solar business unit, the crystalline and thin-film businesses presented
contrasting pictures. While demand in the crystalline area developed pleasingly,
it was weak in the thin-film business. Net sales by the Solar business unit
totalled CHF 63.3 million in the 2010 financial year (2009: CHF 45.9 million),
while the operating profit (EBIT) amounted to CHF -5.9 million (2009: CHF -5.5
million), weighed down by the thin-film business, the associated restructuring
costs and development expenses. The crystalline area, which is the main activity
of the Solar business unit, posted a substantially positive operating result.
For the Medtech business unit, 2010 was a challenging year characterized by
strong seasonality and project delays. In addition, the strength of the Swiss
franc put Swiss manufacturers at a disadvantage in the price-sensitive
competition for international business. Against this background Komax Medtech
succeeded in generating impressive growth of 10.2%,with net sales of CHF 82.7
million (2009: CHF 75.0 million), but the operating result (EBIT) of CHF -4.4
million (2009: CHF -2.3 million) fell short of our expectations. It is our
stated objective to ensure the Medtech business unit ends up in the profit zone
sustainably. The first steps to achieve this goal have already been initiated.
Outlook
The markets relevant to Komax's business have largely recovered and appear to
have returned to a growth trajectory. Substantial government deficits and
uncertainties with respect to the development of individual foreign currencies
are the greatest challenges for the further development of the economy, which
makes it difficult to anticipate the medium-term future. However, our strong
market position, innovative product portfolio, market-oriented organization and
motivated management team and workforce mean that we are ideally equipped to
tackle these challenges, and we look to the future with confidence.
The exceptional growth in net sales for the Wire business unit in 2010 was
partly driven by pent-up demand on the part of automotive suppliers, in
particular in the second half of the year. This is unlikely to recur in the same
form in 2011. Taking the baseline situation corrected for the estimated pent-up
demand as a starting point, Komax is anticipating moderate growth, and is
expecting net sales and operating profit for the first half of 2011 that are on
a par with the year-back period.
The collaboration agreement with Yingkou Jinchen signed at the start of 2011
adds laminators for further market segments to Komax Solar's product range,
while also bringing better access to the rapidly growing Chinese solar market.
The business unit got off to a good start in 2011, and Komax expects the trend
to continue during the first six months of the year. Following the restructuring
of the organization, and with a strong focus on the high-growth crystalline
business in 2010, Komax expects the Solar business unit's result for the first
half of 2011 to be significantly improved on the first half of 2010.
Komax Medtech began 2011 with a strong order book. Conversations with customers
lead us to expect increased demand for the business unit's systems. Moreover,
the organizational adjustments initiated in 2010 have enhanced the business
unit's flexibility. We expect the share of repeat orders to rise in relation to
overall order volume, which will substantially improve profitability.
In view of the new order figures and the current order backlog, Komax
anticipates a result for the first six months of 2011 that is above the
equivalent figure for 2010.
In the medium term, the Komax Group intends to further expand the business of
the Wire business unit, and to make substantial and sustainable advances in the
two other business units.
Dividend from capital contribution reserves
The Board of Directors would like the company's shareholders to benefit from the
pleasing development of its business, and will propose to the General Meeting
that a dividend of CHF 2.00 per share is paid from the capital contribution
reserve. For natural persons in Switzerland who hold shares as part of their
private assets, this distribution is tax-free.
Re-elections to the Board of Directors
The Board of Directors is proposing to the Annual General Meeting of 5 May 2011
that Max Koch and Daniel Hirschi be re-elected for a further three-year term of
office. Max Koch has been a member of the Board of Directors since 1997, Daniel
Hirschi since 2005; their current three-year terms of office end this year.
This media release can be downloaded in German and English at
www.komaxgroup.com. More key figures can be found in the appendix or on the
website.
For more information, please contact:
Marco Knuchel Tel. +41 41 455 06 16
Head Investor Relations & Corporate Communications Fax +41 41 450 10 24
www.komaxgroup.com marco.knuchel(at)komaxgroup.com
As a leading manufacturer of wire processing machines, machines for the
production of crystalline and thin-film modules for the photovoltaic market and
machine systems for the manufacture of inhalers and insulin delivery or
injection systems, the Komax Group employs a workforce of around 1,000 people.
Alongside production facilities in Switzerland, France, the United States,
Malaysia and China, Komax also provides sales and service support functions via
subsidiaries and independent agents in over 50 countries.
Appendix
Key figures of the Komax Group
+-------------------------------------+------------+------------+--------------+
| Consolidated balance sheet | 31.12.2010 | 31.12.2009 | Change |
+-------------------------------------+------------+------------+--------------+
| | CHF 1,000 | CHF 1,000 | % |
+-------------------------------------+------------+------------+--------------+
| Total assets | 318,698 | 290,855 | 9.6 |
+-------------------------------------+------------+------------+--------------+
| Net cash (+) / Net indebtedness (-) | 12,026 | -6,270 | 291.8 |
+-------------------------------------+------------+------------+--------------+
| Shareholders' equity | 212,523 | 199,899 | 6.3 |
+-------------------------------------+------------+------------+--------------+
| in % of total assets | 66.7 | 68.7 | -- |
+-------------------------------------+------------+------------+--------------+
| | | | |
+-------------------------------------+------------+------------+--------------+
| Consolidated income statement | 2010 | 2009 | Change |
+-------------------------------------+------------+------------+--------------+
| | CHF 1,000 | CHF 1,000 | % |
+-------------------------------------+------------+------------+--------------+
| Revenues | 340,172 | 211,504 | 60.8 |
+-------------------------------------+------------+------------+--------------+
| Operating cash flow (EBITD) | 36,443 | -14,504 | 351.3 |
| in % of revenues +------------+------------+--------------+
| | 10.7 | -6.9 | -- |
+-------------------------------------+------------+------------+--------------+
| Operating profit (EBIT) / loss | 29,110 | -22,672 | 228.4 |
| in % of revenues +------------+------------+--------------+
| | 8.6 | -10.7 | -- |
+-------------------------------------+------------+------------+--------------+
| Free cash flow | 19,500 | -21,513 | 190.6 |
+-------------------------------------+------------+------------+--------------+
| Earnings after tax (EAT) | 17,780 | -19,835 | 189.6 |
| in % of revenues +------------+------------+--------------+
| | 5.2 | -9.4 | -- |
+-------------------------------------+------------+------------+--------------+
| | | | |
+-------------------------------------+------------+------------+--------------+
| Research & development | 20,511 | 20,101 | 2.0 |
| in % of revenues +------------+------------+--------------+
| | 6.0 | 9.5 | -- |
+-------------------------------------+------------+------------+--------------+
| | | | |
+-------------------------------------+------------+------------+--------------+
| Operating segments | Wire([1]) | Solar | Medtech([1]) |
+-------------------------------------+------------+------------+--------------+
| 2010 | CHF 1,000 | CHF 1,000 | CHF 1,000 |
+-------------------------------------+------------+------------+--------------+
| Total net sales | 194,455 | 63,306 | 82,691 |
+-------------------------------------+------------+------------+--------------+
| EBIT | 47,840 | -5,932 | -4,434 |
+-------------------------------------+------------+------------+--------------+
| 2009 | | | |
+-------------------------------------+------------+------------+--------------+
| Total net sales | 91,895 | 45,925 | 75,046 |
+-------------------------------------+------------+------------+--------------+
| EBIT | -2,961 | -5,541 | -2,281 |
+-------------------------------------+------------+------------+--------------+
| | | | |
+-------------------------------------+------------+------------+--------------+
| | 2010 | 2009 | Change % |
+-------------------------------------+------------+------------+--------------+
| Headcount 31.12. | | | |
| (number of employees) | 1,023 | 987 | 3.6 |
+-------------------------------------+------------+------------+--------------+
| Revenues per employee (CHF 1,000) | 333 | 209 | 59.3 |
+-------------------------------------+------------+------------+--------------+
| Net value added per employee | | | |
| (CHF 1,000) | 127 | 79 | 60.8 |
+-------------------------------------+------------+------------+--------------+
| | | | |
+-------------------------------------+------------+------------+--------------+
| Key share data | 2010 | 2009 | |
+-------------------------------------+------------+------------+--------------+
| Share capital 31.12. | 340 | 339 | |
| (CHF 1,000) | | | |
+-------------------------------------+------------+------------+--------------+
| Number of shares 31.12. | 3,400,880 | 3,387,520 | |
+-------------------------------------+------------+------------+--------------+
| Par value per share (CHF) | 0.10 | 0.10 | |
+-------------------------------------+------------+------------+--------------+
| Market capitalization 31.12. | 346,890 | 243,901 | |
| (CHF 1,000) | | | |
+-------------------------------------+------------+------------+--------------+
| Basic earnings per share (CHF) | 5.31 | -5.97 | |
+-------------------------------------+------------+------------+--------------+
| P/E (price earnings ratio) 31.12.) | 19.5 | -12.1 | |
+-------------------------------------+------------+------------+--------------+
([1]) 2009 adjusted, please refer to the notes in the Annual Report 2010.
The media release can be downloaded from the following link:
--- End of Message ---
Komax Holding AG
Industriestrasse 6 Dierikon-LU Switzerland
WKN: 1070215 ;ISIN: CH0010702154;
Media release (PDF):
http://hugin.info/100418/R/1498703/434246.pdf
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Source: Komax Holding AG via Thomson Reuters ONE
[HUG#1498703]
Unternehmensinformation / Kurzprofil:
Datum: 22.03.2011 - 07:01 Uhr
Sprache: Deutsch
News-ID 52627
Anzahl Zeichen: 17206
contact information:
Town:
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Kategorie:
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