Komax Holding AG: Half-year results of Komax Group
Komax Holding AG / Half-year results of Komax Group . Processed and
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responsible for the content of this announcement.
Strong first half for 2014
The Komax Group once again generated strong results in the first half of 2014.
Consolidated revenues, adjusted for Komax Solar, rose by 8.6% to CHF 171.6
million. Operating income (EBIT) from continuing operations stood at CHF 22.5
million (previous year: CHF 22.7 million). Group profit after taxes from
continuing operations increased by 6.7% to CHF 21.0 million. Komax is once
again anticipating solid results for the 2014 financial year.
In the first half of 2014, the Komax Group achieved an order intake of CHF
176.2 million (previous year: CHF 184.5 million). Comparable consolidated
revenues rose to CHF 171.6 million (previous year: CHF 157.9 million). Of the
overall increase of 8.6%, acquisitions accounted for 4.7%, and currency
effects for -2.0%. Internal growth was 5.9%. Operating profit (EBIT) from
continuing operations reached CHF 22.5 million (previous year: CHF 22.7
million). The EBIT margin came in at 13.1%. Group profit after taxes (EAT)
fell to CHF 8.3 million (previous year: CHF 15.7 million) due to one-time,
mainly non-cash expenditures of around CHF 8 million in connection with the
Group's withdrawal from the solar business.
The Komax Group stands on a very firm financial foundation. As at 30 June
2014, shareholders' equity totalled CHF 261.8 million (31.12.2013: CHF 264.0
million) for an equity ratio of 71.9%. Free cash flow came in at CHF 10.0
million (previous year: CHF 12.0 million) and net cash amounted to CHF 20.8
million (31.12.2013: CHF 22.6 million).
Komax Wire still strong
The demand for automation solutions in the markets served by Komax Wire
remained as strong as ever in the first half of 2014. Its key market - the
automotive industry - in particular remained in very good shape. Komax Wire
also benefited from the ever strengthening trend towards further automation in
the field of wire processing. Another positive area was the growth in sales of
testing systems by the TSK Group. The collaboration with SLE quality
engineering, a majority share of which was acquired as of 1 January 2014, is
progressing well and in line with expectations.
In the first half of 2014, we were able to further boost sales in the booming
Asia region. The European and African regions also saw high growth within the
context of a slowly emerging recovery. However, the North/South America region
has thus far not been able to build on the strong performance of the previous
In the first half of this year, order intake reached CHF 144.6 million
(previous year: CHF 131.9 million) and net sales rose to CHF 139.9 million
(previous year: CHF 127.7 million). Internal growth in net sales amounted to
more than 6%. EBIT came in at CHF 26.7 million (previous year: CHF 26.1
million). Despite the first-time consolidation of SLE quality engineering, the
EBIT margin came to a pleasing 19.1%.
Komax Medtech net sales and EBIT match previous year's level
After a strong start at the beginning of the year, business at Komax Medtech
tailed off towards the end of the first half: announced capacity expansion
plans relating to the assembly of medical products were increasingly delayed.
Starting in the second quarter of 2014, order intake at the La Chaux-de-Fonds
site took an unsatisfactory turn which could not be offset by the robust
performances of the US and Malaysian sites.
Order intake came in at CHF 31.6 million (previous year: CHF 52.7 million) and
net sales amounted to CHF 31.9 million (previous year: CHF 30.4 million).
Despite the relatively low capacity utilization at La Chaux-de-Fonds, Komax
Medtech achieved an EBIT of CHF 0.3 million (previous year: CHF 0.5 million).
Management buyout for Komax Solar
In the second half of 2014, the Komax Solar business will be sold to the Komax
Solar management team within the context of a management buyout (MBO). The MBO
will be structured as an asset deal. Komax will hold a minority interest in
the new company. Consequently, the Komax Solar disclosures in the half-year
financial statements are being included in summary form below EBIT as "result
from discontinued operations" in accordance with IFRS 5. The previous year's
figures have been revised accordingly.
The "result from discontinued operations" came to CHF -12.7 million for the
first half of 2014 (previous year: CHF -4.0 million). This primarily includes
non-cash expenditures for value adjustments for technology, goodwill and
current assets in the order of CHF 8 million.
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. On the basis of the information currently available, we are
expecting net sales in the second half of 2014 to be broadly on a par with the
However, the economic climate for Komax Medtech has taken a turn for the
worse. The business unit's success in 2014 now depends substantially on more
orders being booked in La Chaux-de-Fonds.
The Group's solar activities will be taken over by the present management team
in the second half of the year. Until the definitive handover of the solar
business, we are expecting a further negative contribution to the results in
the second half.
First information on the year 2014 20 January 2015
Annual media conference/analysts' 24 March 2015
Annual General Meeting 8 May 2015
Half-year results 2015 18 August 2015
For more information, please contact:
Marco Knuchel Phone +41 41 455 06 16
Head Investor Relations / Corporate email@example.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 and systems for the manufacture of
self-medication solutions, Komax helps its customers implement economical and
safe manufacturing processes, especially in the automotive supply and
pharmaceutical sectors. The Komax Group employs around 1 500 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 %
Order intake 176 186 184 536 -4.5
Revenues^2) 171 573 157 917 8.6
Operating cash 27 291 27 227 0.2
in % of 15.9 17.2
Operating 22 539 22 696 -0.7
in % of 13.1 14.4
Group profit 20 982 19 665 6.7
from continued 12.2 12.5
in % of
Result from -12 728 -3 957 221.7
Group profit 8 254 15 708 -47.5
in % of
Free cash flow 10 023 12 041 -16.8
Total assets 363 913 357 591 1.8
Shareholders' 261 793 263 985 -0.8
in % of 71.9 73.8
Net cash 20 768 22 616 -8.2
Headcount 1 493 1 381 8.1
Information by Wire Medtech
First half 2014 TCHF TCHF
Order intake 144 560 31 626
Net sales 139 916 31 925
EBIT 26 737 263
Order intake 131 863 52 673
Net sales 127 650 30 420
EBIT 26 141 517
^1) Prior-year figures of income statement restated owing to application of
^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 2014 can be downloaded at:
The media release can be downloaded from the following link:
Short report (PDF)
Media release (PDF)
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.
Source: Komax Holding AG via Globenewswire
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Komax Holding AG
Industriestrasse 6 Dierikon-LU Switzerland
WKN: 1070215 ;ISIN: CH0010702154;
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