Komax Holding AG · SIX:KOMN
Komax — H1 2013 Earnings Presentation
23 slides from Komax's earnings presentation, Aug 20, 2013
Slide 1: Half-year results and outlook 2013 / update on Group strategy
THE WAY TO MAKE IT Half-year results and outlook 2013 / update on Group strategy 20 August 2013 20 August 2013 / Half-year results 2013, outlook 2013 and update on Group strategy / 1 Agenda THE WAY TO MAKE IT Half-year results 2013 Outlook 2013 Update on Group strategy Komax Wire Komax Solar Komax M
Slide 2: First half 2013 in brief
First half 2013 in brief THE WAY TO MAKE IT Successful first half of 2013. Key figures of the Komax Group have improved significantly Order intake CHF 198.2 million (previous year: CHF 136.5 million) Revenues CHF 167.7 million (previous year: CHF 142.3 million) EBIT CHF 18.7 million (previous year:
Slide 3: Distribution of net sales by segment and region
Distribution of net sales by segment and region THE WAY TO MAKE IT 2012 H1 2012 H1 2013 by segment Komax Wire 79% 74% 75% Komax Solar 3% 4% 7% Komax Medtech 18% 22% 18% by region Switzerland 2% 3% 2% Europe 40% 39% 44% Africa 9% 9% 6% North/South America 29% 31% 27% Asia 20% 18% 21% 20 August 2013 /
Slide 4: EBIT – more than doubled, gross profit margin further increased
EBIT – more than doubled, gross profit margin further increased THE WAY TO MAKE IT in CHF million Gross profit margin H1 2013: 59.3% -4.5 -1.4 17.7 -1.8 Gross profit margin H1 2012: 57.5% 18.7 8.7 H1 2012 1 Material/net sales Personnel Depreciation Others H1 2013 1 Prior-year figures restated owing
Slide 5: Komax Wire – continuing strong performance
Komax Wire – continuing strong performance THE WAY TO MAKE IT Margin Net sales by region 20 0 25.1% 20.7% 2% 18 0 20% Switzerland Asia 16 0 14 0 in CHF million 38% Net sales 12 0 126.7 Europe EBIT 10 0 105.9 80 32% 60 North/ 40 South America 8% Africa 20 26.6 26.2 0 H1 2012 H1 2013 Change from previ
Slide 6: Komax Medtech – expected orders have arrived
Komax Medtech – expected orders have arrived THE WAY TO MAKE IT Net sales by region 5% Asia 2% 12% Switzerland North/ 31.0 in CHF million South America 30.4 Net sales 81% EBIT Europe -3.1 0.5 H1 2012 H1 2013 Change from previous year -100% -80% -60% -40% -20% 0% 20% 40% 60% Order intake more than do
Slide 7: Outlook
Outlook THE WAY TO MAKE IT 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. O
Slide 8: Strategy Komax Group – Komax pulls out of solar business
Strategy Komax Group – Komax pulls out of solar business THE WAY TO MAKE IT Strategy until August 2013 New strategy Komax Gruppe Komax Group Komax Wire • Wire Processing • Harness and Module Testing Komax Medtech Risk profile of Komax Solar is incompatible with the Group’s objectives Limited synergi
Slide 9: Komax Wire – a highly attractive and profitable business
Komax Wire – a highly attractive and profitable business THE WAY TO MAKE IT Key figures 2008 – H1 2013 Solutions for wire processing and harness and module testing Margin 30 0 24.6% 26.2% 23.1% 20.7% 15.4% 20 .0% 25 0 245.5 228.3 217.8 0.0 % 20 0 194.5 -3.3% -2 0.0 % 15 0 126.7 -4 0.0 % 10 0 91.9 -6
Slide 10: Automotive is the most important market for wire processing
Automotive is the most important market for wire processing THE WAY TO MAKE IT Market segmentation by industry Others Electric devices Automotive Commodities High-speed- data communi- cation Around 60% of overall processed wires are applied in the automotive industry Characteristics of the automotiv
Slide 11: Above-average growth of Komax Wire in the past and future drivers
Above-average growth of Komax Wire in the past and … THE WAY TO MAKE IT Komax Wire vs. automotive industry 1997 - 2012 Basis 1997 160 140 120 Komax Wire net sales, CAGR 97 – 12: 3.6%; 02 – 12: 5.1% 100 Global car sales, CAGR 97 – 12: 2.8%; 02 – 12: 3.4% Global cars produced, CAGR 97 – 12: 2.9%; 02 –
Slide 12: Growth potential beyond automotive; 40% market share
In addition, there is growth potential besides the automotive industry to be unlocked THE WAY TO MAKE IT Market segmentation by industry Further investments to be expected in the future Others Electric devices Automotive Product portfolio Product management Commodities Marketing and sales organizati
Slide 13: Komax Wire sets trends with innovative customer solutions
Komax Wire sets trends with innovative customer solutions which create value THE WAY TO MAKE IT Internal and external sources for innovation Selection of products launched in 2012 INTERNAL SOURCES Know how and competencies TE Smart AEH-LS Komax CAO Applicator VALUE ADDING PRODUCT DEVELOPMENT – mci 7
Slide 14: Global presence offers great advantages
Global presence offers great advantages THE WAY TO MAKE IT Global product portfolio locally adapted Quick response and short delivery times Geographic diversification • Economic cycles Regional autonomy • Siting decision of OEMs and tier1-suppliers respectively Position in Asia strengthened • Shangh
Slide 15: One-stop-shop – broad product range under one roof
One-stop-shop – broad product range under one roof THE WAY TO MAKE IT Komax Wire – universal contact partner for whatever Unique network with partners wire-processing challenge Own developments (standard machines and customer specific solutions) Accessories including e.g. quality monitoring tools an
Slide 16: Komax Solar – focused product portfolio for solar module production
Komax Solar – focused product portfolio of solutions for solar module production THE WAY TO MAKE IT Value chain solar industry Multiple solar cells form a string Stringers and test equipment Multiple strings form a solar module Lay-up and bussing systems, laminators and test equipment 20 August 2013
Slide 17: Solar industry in the crisis
Solar industry in the crisis – no change to be expected short term … THE WAY TO MAKE IT Global PV equipment market collapsed Sharp fall in net sales at Komax Solar in USD million in CHF million 2’500 80 2’000 60 1’500 -86% 40 1’000 20 500 0 0 2010 2011 2012 2013 2002 2004 2006 2008 2010 2012 H1 13 S
Slide 18: Strategy Komax Solar – management of the crisis
Strategy Komax Solar – management of the crisis THE WAY TO MAKE IT Structural adjustments Reduction of product and process costs Secure market position in core markets 20 August 2013 / Half-year results 2013, outlook 2013 and update on Group strategy / 35 Far reaching measurer taken to secure the bu
Slide 19: The crystalline business generated positive results in the past
The crystalline business generated positive results in the past THE WAY TO MAKE IT Reported net sales and EBIT Pro forma net sales and EBIT of focused product range (crystalline business) in CHF million in CHF million exceptions 2008 2009 2010 2011 2012 H1 2013 2008 2009 2010 2011 2012 H1 2013 Net s
Slide 20: Strategy Komax Medtech – profitability is the top priority
Agenda THE WAY TO MAKE IT Half-year results 2013 Outlook 2013 Update on Group strategy Komax Wire Komax Solar Komax Medtech 20 August 2013 / Half-year results 2013, outlook 2013 and update on Group strategy / 39 Strategy Komax Medtech – profitability is the top priority THE WAY TO MAKE IT Profitabil
Slide 21: A structured approach from the concept to high volume production
A structured approach from the concept to high volume production THE WAY TO MAKE IT Value chain Market shares Komax Medtech Others Competitor 1 Competitor 4 Competitor 3 Competitor 2 20 August 2013 / Half-year results 2013, outlook 2013 and update on Group strategy / 41 Focus on self-medication and
Slide 22: Contact/Financial Calendar
… in addition new markets in assembly automation are going to be developed THE WAY TO MAKE IT Use of existing standards • Modules and standardized interfaces • Multiplication of existing processes Use of existing platforms • KSL (linear platform) and KSD (rotary platform) • For prototypes and small
Slide 23: Disclaimer
Disclaimer THE WAY TO MAKE IT This presentation contains forward-looking statements in relation to Komax which are based on current assumptions and expectations. Unforeseeable events and developments could cause actual results to differ materially from those anticipated. Examples include: changes in