Komax Holding AG : Half-year results of Komax Group

             Komax Holding AG : Half-year results of Komax Group

Komax Holding AG / Half-year results of Komax Group . Processed and
transmitted by Thomson Reuters ONE. The issuer is solely responsible for the
content of this announcement.

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:
CHF0.9 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

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@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.


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:

The media release can be downloaded from the following link:

Report (PDF)
Media release (PDF)
Short report (PDF)


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Source: Komax Holding AG via Thomson Reuters ONE

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Komax Holding AG
Industriestrasse 6 Dierikon-LU Switzerland

WKN: 1070215 ;ISIN: CH0010702154;
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