The Komax Group in the 2009 financial year
(Thomson Reuters ONE) -
Komax Holding AG / The Komax Group in the 2009 financial year processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Challenging year of recession, return to profitability in 2010
Komax has posted a year-on-year decline in sales of 38 percent and a loss of CHF
-19.8 million for the 2009 financial year. The company is nonetheless expecting
to return to profit for the first half of 2010.
The last business year proved very difficult for the Komax Group. During the
recession of 2009, we were confronted with a massive drop in sales and - for the
first time in the company's his-tory - ended the year on a loss.
Our annual sales fell by around 38 percent, from CHF 342.7 million (2008) to CHF
211.5 million (2009). Hardest hit was the Wire business unit, with its many
automotive industry customers. However, sales in the Solar area, which had been
experiencing strong growth, also fell. Only the non-cyclical Medtech business
unit recorded good sales growth in 2009.
The Wire and Solar business units showed signs of a strong revival over the
course of the fourth quarter of 2009. In the second half of 2009, new orders at
Group level stood at 70 percent above the low value recorded for the first half.
The order intake figure for the year as a whole came in at CHF 220.6 million
(previous year: CHF 380.0 million).
Despite prompt implementation of cost-saving measures, we were unable to avoid a
negative operating result for the Group of CHF -22.7 million. The markets
relevant to our business stabilized in the fourth quarter of 2009, and we were
able to achieve a positive operating result in this last quarter of the year.
Group earnings after tax stood at CHF -19.8 million (previous year: CHF 23.2
million).
Financial key figures
At the end of 2009, the Komax Group had shareholders' equity of CHF 199.9
million, thus maintaining a very respectable equity ratio of 68.7 percent.
Although the Group reported a loss after tax of CHF 19.8 million for the
financial year, its equity ratio remained virtually unchanged. This is explained
by the marked balance sheet contraction from CHF 322 million to CHF 291 million
at the end of 2009. The undiluted loss per share thus amounts to CHF -5.97, as
opposed to earnings per share of CHF 6.99 in the previous year. The Board of
Directors will therefore propose to the General Meeting that no divi¬dend be
paid out for 2009.
Wire business unit
The Komax Group produces machines for wire-processing (crimping, for example)
and wire harness production. The end markets for its wire-processing systems are
the automotive industry, the household appliances market and the electronics
market. In the first half of 2009, automotive-related activity was virtually
non-existent. Later on in the year, the situation improved somewhat. Customers
supplying the household appliances and electronics markets were generally less
hard hit by the downturn.
Solar business unit
For the solar industry, Komax produces machines for manufacturing both
crystalline and thin-film solar modules. Thanks to a wide range of innovations
and a recovery in the market, especially in China, the Komax Solar business unit
put in a very pleasing performance in the second half of the year. However, this
did not apply to the thin-film area, which accounted for around 20 percent of
Komax's solar sales in 2009. The Group made anti-cyclical investments in this
sub-segment in 2009 and brought new products to market at great development
expense.
Medtech business unit
In the area of medical technology, Komax produces machines and systems for
assembling insulin delivery systems, inhalers and syringes. Despite tensions
gripping the global economy, sales in this segment ended last year on a
satisfactory note, even though a return to profit eluded us. We acquired several
new customers and established ourselves as one of the leading providers in this
market. The low level of profitability is attributable to high extraordinary
expenses of around CHF 2 million associated with a single project. Other factors
which weighed on our result were the establishment at Rotkreuz of a Medtech
centre of excellence for the German-speaking market and delays in the sourcing
of parts from suppliers towards the end of the year.
Development and basic engineering
Despite a difficult economic environment in the year under review, the company
continued to press ahead with the development of new products. In 2009, Komax
once again invested substantially in development and basic engineering, spending
CHF 20.1 million in this area (2008: CHF 25.2 million).
Productronica for the Wire segment, where Komax presented 10 new products, was
just one of countless trade fair appearances for Komax, while the Solar segment
presented another 10 new machines and products to clients at a key trade fair in
Hamburg. In Rotkreuz, Komax has now built up a German-speaking hub for medical
technology alongside the photovoltaics centre of excellence for the development
of process solutions in the thin-film area.
Strategy
The global recession and tough market environment forced us to adopt a series of
restructuring measures - but we always did so with an eye to being ready as soon
as economic recovery brought new market opportunities.
The strategic reorganization, in which the Solar and Medtech business areas
were established as complementary areas to our wire-processing activities, was
completed in 2009 with the roll-out of the three business units. Innovation,
customer focus and operational efficiency are the drivers behind our success in
all business areas. Our goal is to achieve long-term organic growth in these
three core business areas while gaining entry to new market segments and
consolidating existing positions by means of complementary acquisitions.
Change in Group Management
Claudio Meisser, CTO and Josef Zumstein (Deputy Head of Wire division) retire.
The new Executive Committee consists of Beat Kälin, CEO and Head of Wire
division, Andreas Wolfisberg, CFO, Walter Nehls (Head of Solar division) and
Serge Peguiron (Head of Medical Technology division).
Outlook
The upturn in Komax's key markets seems to be persisting. Indeed, Komax is
expecting to report a profit for the first half of 2010. If this recovery
continues, we anticipate a return to growth and a positive result for 2010 as a
whole.
Market conditions have improved substantially in the Wire segment. Based on the
extremely pleasing inflow of new orders in the first few months of 2010, we
anticipate marked growth over the course of the year.
We also expect to see a recovery in the solar market in 2010. Many governments
now have significant alternative energy development programmes either at the
planning stage or already in place. From 2010, the number of solar modules being
installed worldwide - and therefore the need for leading-edge production
equipment - is likely to start growing again. Komax Solar is well placed to
share in this growth.
Komax Medtech has entered 2010 with a cautiously optimistic outlook. The unit
has a healthy number of orders on the books. Overall demand in the
self-medication sector looks set to continue to grow in Europe, Asia and North
America.
This media release can be downloaded in German or English at www.komaxgroup.com
on the website.
Komax Holding AG Direct line +41 79 236 52 64
Dominik Slappnig Fax +41 41 450 10 24
Investor Relations and Corporate dominik.slappnig(at)komaxgroup.com
Communications
www.komaxgroup.com
Appendix
Key figures of the Komax Group
+----------------------------------------------+----------+----------+---------+
|Consolidated balance sheet |31.12.2009|31.12.2008| Change|
+----------------------------------------------+----------+----------+---------+
| | CHF 1,000| CHF 1,000| %|
+----------------------------------------------+----------+----------+---------+
|Total assets | 290,855| 322,086| -9.7|
+----------------------------------------------+----------+----------+---------+
|Net indebtedness (-) / Net cash (+) | -6,270| 19,683| -131.9|
+----------------------------------------------+----------+----------+---------+
|Shareholders' equity | 199,899| 222,098| -10.0|
+----------------------------------------------+----------+----------+---------+
|as % of total assets | 68.7| 69.0| --|
+----------------------------------------------+----------+----------+---------+
| | | | |
+----------------------------------------------+----------+----------+---------+
|Consolidated income statement | 2009| 2008| Change|
+----------------------------------------------+----------+----------+---------+
| | CHF 1,000| CHF 1,000| %|
+----------------------------------------------+----------+----------+---------+
|Revenues | 211,504| 342,733| -38.3|
+----------------------------------------------+----------+----------+---------+
|Operating cash flow (EBITD) | -14,504| 39,091| -137.1|
| as % of revenues +----------+----------+---------+
| | -6.9| 11.4| --|
+----------------------------------------------+----------+----------+---------+
|Operating profit (EBIT) | -22,672| 31,119| -172.9|
| as % of revenues +----------+----------+---------+
| | -10.7| 9.1| --|
+----------------------------------------------+----------+----------+---------+
|Free cash flow | -21,513| 21,717| -199.1|
+----------------------------------------------+----------+----------+---------+
|Group profit after tax (EAT) | -19,835| 23,226| -185.4|
| as % of revenues +----------+----------+---------+
| | -9.4| 6.8| --|
+----------------------------------------------+----------+----------+---------+
| | | | |
+----------------------------------------------+----------+----------+---------+
|Research & development | 20,101| 25,248| -20.4|
| as % of revenues +----------+----------+---------+
| | 9.5| 7.4| --|
+----------------------------------------------+----------+----------+---------+
| | | | |
+----------------------------------------------+----------+----------+---------+
|Operating Segments | Wire| Solar| Medtech|
+----------------------------------------------+----------+----------+---------+
|2009 | CHF 1,000| CHF 1,000|CHF 1,000|
+----------------------------------------------+----------+----------+---------+
|Total net sales | 100,189| 45,925| 66,752|
+----------------------------------------------+----------+----------+---------+
|EBIT | -4,237| -5,541| -1,005|
+----------------------------------------------+----------+----------+---------+
|2008 | | | |
+----------------------------------------------+----------+----------+---------+
|Total net sales | 245,453| 52,910| 49,145|
+----------------------------------------------+----------+----------+---------+
|EBIT | 37,691| 6,503| -4,728|
+----------------------------------------------+----------+----------+---------+
| | | | |
+----------------------------------------------+----------+----------+---------+
| | 2009| 2008| Change %|
+----------------------------------------------+----------+----------+---------+
|Headcount (at year-end) | | | |
|(number of employees) | 987| 1,138| -13.3|
+----------------------------------------------+----------+----------+---------+
|Net sales per employee (CHF 1,000) | 209| 309| -32.4|
+----------------------------------------------+----------+----------+---------+
|Net value added per employee (CHF 1,000) | | | |
| | 79| 130| -39.2|
+----------------------------------------------+----------+----------+---------+
| | | | |
+----------------------------------------------+----------+----------+---------+
|Key share figures | 2009| 2008| |
+----------------------------------------------+----------+----------+---------+
|Share capital as at 31 Dec. | 339| 339| |
|(CHF 1,000) | | | |
+----------------------------------------------+----------+----------+---------+
|Number of shares as at 31 Dec. (units) | 3,387,520| 3,387,520| |
+----------------------------------------------+----------+----------+---------+
|Par value per share (CHF) | 0.10| 0.10| |
+----------------------------------------------+----------+----------+---------+
|Stock market capitalization as at 31 Dec. (CHF| 243,901| 182,587| |
|1,000) | | | |
+----------------------------------------------+----------+----------+---------+
|Basic earnings per share (CHF) | -5.97| 6.99| |
+----------------------------------------------+----------+----------+---------+
|P/E | | | |
|(price/earnings ratio) as at 31 Dec. | -12.1| 7.7| |
+----------------------------------------------+----------+----------+---------+
Appendix
Brief profile of the Komax Group: global leader in wire-processing, strong focus
on photovoltaics and medical technology
Komax is the world leader in the wire-processing market (crimp-to-crimp
machines), with a market share of around 40 percent. In addition, the Komax
portfolio of products and services ranges from wirecutting and -stripping
machines all the way to systems for the fully-automated manufacture of complete
wire harnesses.
In the solar field, Komax is a worldwide supplier of machines for the production
of crystalline and thin-film modules. Continuous innovation has enabled Komax to
expand its product portfolio significantly in recent years. Today, the company
covers the entire spectrum, from individual processes such as stringing through
to integration of entire production lines. Its aim is to expand its global
leadership in stringing to the other areas of its product portfolio.
In the medical technology sector, Komax produces, for example, machine systems
for manufacturing inhalers and insulin delivery or injection systems. In this
field too, Komax is among the world's leading suppliers.
The Komax Group operates production facilities in Switzerland, France, the
United States, Malaysia and China. Finally, Komax offers professional service
back-up in over 50 countries. The Group generated revenues of CHF 211.5 million
in 2009, but, for the first time in its history, was unable to avoid a loss for
the year. As at 31 December 2009, Komax employed a workforce of around 1,000
staff worldwide.
This media release can be downloaded in German or English at www.komaxgroup.com
on the website.
Komax Holding AG Direct line +41 79 236 52 64
Dominik Slappnig Fax +41 41 450 10 24
Investor Relations and Corporate dominik.slappnig(at)komaxgroup.com
Communications
www.komaxgroup.com
The media release can be downloaded from the following link:
[HUG#1396925]
--- End of Message ---
Komax Holding AG
Industriestrasse 6 Dierikon-LU Switzerland
WKN: 1070215 ;ISIN: CH0010702154;
Media release (PDF): http://hugin.info/100418/R/1396925/353008.pdf
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 24.03.2010 - 02:02 Uhr
Sprache: Deutsch
News-ID 1011805
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
Dierikon-LU
Phone:
Kategorie:
Business News
Anmerkungen:
Diese Pressemitteilung wurde bisher 180 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"The Komax Group in the 2009 financial year
"
steht unter der journalistisch-redaktionellen Verantwortung von
Komax Holding AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
