© Komax Business | August 24, 2017

Order intakefor Komax up by over 22%

In the first half of 2017, the Komax Group increased order intake to CHF 224.4 million, thus exceeding the previous year's result by 22.2 percent.
Since Komax was not yet able to deliver a large number of the orders it had produced, the consolidated revenues of CHF 194.7 million is almost unchanged from the previous year (–0.8%). Prior-year revenues included CHF 19.2 million in revenues posted by the Medtech business unit, which was sold in April 2016. Profitability was squeezed by the strong growth, newly rolled-out products and the changed product mix. The operating profit (EBIT) came to CHF 25.4 million (–16.5%) and Group profit after taxes (EAT) to CHF 18.6 million (–18.7%).

The Komax Group significantly improved order intake in the first six months of 2017. It amounted to CHF 224.4 million, or 22.2 percent above the prior-year figure (CHF 183.6 million). Consolidated revenues came in at CHF 194.7 million, which is almost the same as the previous year (CHF 196.4 million). Komax changed its accounting standard from IFRS to Swiss GAAP FER this year. As a result, the prior-year figures contain the results of the former Medtech business unit, which Komax sold after the first quarter of 2016. Excluding the Medtech business unit figures, internal growth in the first six months of 2017 amounted to 8.7 percent.

The book-to-bill ratio stands at a high 1.15, as a number of orders already completed by Ko- max could not yet be delivered and therefore cannot yet be classified under revenues. This is true of both larger systems and of serial production machines manufactured in Switzerland for the fast-growing Asian market.

Operating profit (EBIT) came to CHF 25.4 million (previous year: CHF 30.5 million), while the EBIT margin amounted to 13.1 percent (previous year: 15.5%). Higher depreciations, the introduction of the new ERP system, and the sharp rise in headcount – the latter being attributable to higher revenues, acquisitions, and investment in market expansion – had an impact on the cost side. Foreign currencies had an impact of –0.9 percent on revenues and –0.4 percentage points on EBIT. Extraordinary expenses were higher than in the prior year, as Komax made a value adjustment of CHF 1.9 million to the loan granted to an associated company. This duly weighed on Group profit after taxes (EAT), which came in at CHF 18.6 million (previous year: CHF 22.9 million).

Commenting on the positive market environment, Matijas Meyer, CEO Komax Group, said that the need for automation solutions is continuing to rise and that “our clients are keen to switch manual activities to machines." In the first six months of 2017, this market dynamism was particularly notable in the Asia-Pacific region and in Europe (incl. Africa), as is evident in significant rises in net sales (excl. Medtech business unit) of +5.5 percent and +15.8 percent respectively. By contrast, net sales fell short of the expectations in North/South America (–5.8%). Here customers have been showing investment restraint for a number of months now. In the first six months of 2017, we discontinued unprofitable activities in the US and reduced headcount accordingly.

CHF 1 = EUR 0.87721 (August 24, 2017)
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