Results 2014 and Outlook 2015 24 March 2015 24 March 2015 / Results 2014 and Outlook 2015 / 1 Agenda Results 2014 Operational performance Financial performance Focus and Outlook 2015 Discussion 24 March 2015 / Results 2014 and Outlook 2015 / 2
2014 in brief Profitable growth Revenues increased by 12.2% to CHF 363.3 million, internal growth of 9.5% Operating profit (EBIT) increased to CHF 48.1 million (+11.1%) Strong balance sheet (equity ratio of 73.2%) Distribution increased to CHF 5.00 per share (2013: CHF 4.50) Komax Wire Trend in wire-processing towards automation continues Leading market position further strengthened • Innovation • Marketing and sales EBIT margin remained within target area Komax Medtech Mixed regional business development – North America and Malaysia enjoyed a good year Measures initiated to stabilize profitability were systematically continued Positive EBIT despite insufficient capacity utilization at the Swiss site Komax Solar Management buyout – responsibility was transferred to Xcell Automation Inc. as of 1 st October 2014 24 March 2015 / Results 2014 and Outlook 2015 / 3 Key figures +/- 1 in TCHF 2012 2013 2014 internal acqui- currencies Total growth sitions Order intake 287'922 343'894 367'702 6.9% Revenues 288'216 323'959 363'338 9.5% 4.4% -1.7% 12.2% Book-to-Bill 1.00 1.06 1.01 EBIT 13'617 43'297 48'102 11.1% in % of revenues 4.7% 13.4% 13.2% –0.8pp Result from discontinued n.s. -9'935 -15'917 60.2% operations EAT 9'426 25'129 27'743 10.4% in % of revenues 3.3% 7.8% 7.6% Free cash flow 27'627 24'545 14'412 -41.3% Net cash 938 22'616 29'211 29.2% 2 Distribution per share (in CHF) 2.00 4.50 5.00 11.1% 1 Prior-year figures restated in accordance with Note 10 of the consolidated financial statements. 2 Proposal of the Board of Directors. 24 March 2015 / Results 2014 and Outlook 2015 / 4
Distribution of net sales by segment, region and industry 1 1 2012 2013 2014 by sements Komax Wire 79% 79% 81% Komax Medtech 18% 21% 19% Komax Solar 3% n.s. n.s. k.A. by region Switzerland 2% 2% 3% Europe 40% 47% 46% Africa 9% 7% 9% North/South America 29% 24% 19% Asia 20% 20% 23% by industry Automotive 63% 71% 70% Medtech 17% 19% 15% Others 17% 10% 15% Solar 3% n.s. n.s. 1 Prior-year figures restated in accordance with Note 10 of the consolidated financial statements. 24 March 2015 / Results 2014 and Outlook 2015 / 5 High profitability and rentability EBITD and EBIT in % of revenues RONCE and Net Capital Employed 23.4 Margin 16.7 16.2 15.9 6.5 7.7 13.4 13.2 211.4 199.1 199.2 4.7 57.7 52.6 48.1 43.3 22.2 13.6 1 2012 2013 2014 2012 2013 2014 in CHF million in CHF million EBITD NCE EBIT RONCE in % EBITD in % of revenues EBIT in % of revenues 1 Prior-year figures restated in accordance with Note 10 of the consolidated financial statements. 24 March 2015 / Results 2014 and Outlook 2015 / 6
Komax Wire – strong performance EBIT margin Net sales by region 40 0 24% 18.6% 18.7% Asia 2% 35 0 Switzerland 295.0 30 0 256.2 in CHF million Net sales 25 0 20% EBIT North/ 20 0 South America 15 0 43% 10 0 Europe 55.3 47.6 50 11% Africa 0 1 2013 2014 Change from previous year -40% -20% 0% 20% 40% 60% Switzerland Supported by the dynamics of the automotive industry Europe Increase of order intake and net sales by 12.5 Africa and 15.1% respectively North/ Internal growth of net sales by around 12% South America Asia Broad-based business development 1 Prior-year figures restated in accordance with Note 10 of the consolidated financial statements. 24 March 2015 / Results 2014 and Outlook 2015 / 7 Automotive is the most important market in wire-processing – megatrends support the business of Komax Wire Environmental awareness/ Safety climate change From crash survival to crash avoidance Emissions-free vehicle goal Connected car Affordable car Integrated information systems control Cost efficiency through platform strategies complex information flows inside and outside the vehicle Beneficial for Komax Wire «Electrification» leads to strong growth of number of wires per vehicle Greater degree of standardization simplifies automation in wire-processing Increasing complexity of wiring harnesses which need automated processing Increasing quality requirements which also need automated processing – growing importance of quality assurance and «end of the line testing» Numbers of cars produced and sold grow continuously 24 March 2015 / Results 2014 and Outlook 2015 / 8
The number of wires globally processed for cars is set to grow Increasing number of vehicules produced – CAGR 2014 – 2020E: ~2.5% + CAGR of around 3% Trends such as: • Environmental awareness/climate change • Connected car • Safety • Affordable car Number of wires from vehicle production more than double underlying volume growth CAGR of around 2.5% 2014 2015 2016 2017 2018 2019 2020 Source: IHS 2014 Light Vehicle Production Forecast, Komax estimates. 24 March 2015 / Results 2014 and Outlook 2015 / 9 Above average growth in the past despite headwind resulting from adverse currency effects Komax Wire vs. automotive industry 1997 to 2014 Additional growth drivers support the business: 240 Basis 1997 Advance in new markets other than the 220 automotive industry 200 New concepts for automation/innovation 180 Synergies from acquisitions 160 (TSK, MCM and SLE) 140 Growing base of installed machines 120 • Need for renewal 100 • Spare parts and service business 80 60 40 20 0 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 -20 -40 Komax Wire net sales 1 , CAGR 97–14: 4.3% Global car sales volumes, CAGR 97–14: 2.8% -60 Global car production volumes, CAGR 97–14: 2.7% 1 Reported, excluding FX effects. 24 March 2015 / Results 2014 and Outlook 2015 / 10
Komax Wire covers the most capital intensive parts of the value chain… Market share 1 Komax Wire is market leader Technological leadership High level of innovation Komax Wire Global presence Comprehensive product range – Others complete solution provider Komax Wire systems 1 Relative competitive position: Komax Wire’s market share is almost twice that of its nearest competitor. 24 March 2015 / Results 2014 and Outlook 2015 / 11 …and offers a broad product range from a single hand Komax Wire – a universal contact partner for Unique network with partners whatever wire-processing challenge Standard machines and customer-specific solutions Accessories including quality monitoring tools and networking solutions Test systems Products of partners 24 March 2015 / Results 2014 and Outlook 2015 / 12
Market position continuously strengthened through acquisitions Strategic priorities of Komax Wire Company Products/solutions • Harness test systems TSK Group • Module test systems Growth along the value chain • Entry-segment machines MCM Cosmic and coaxial cable Innovation processing applications • Equipment for processing coaxial SLE quality cables and four-wire lines Global presence engineering • Crimp force monitoring systems • Micrograph laboratories • laser-assisted cable stripping Laselec (20%) Complete solutions/new markets and marking solutions currently used primarily in the aerospace industry • intelligent layout boards for wire harness production 24 March 2015 / Results 2014 and Outlook 2015 / 13 Komax Medtech – a challenging year Net sales by region 6% 14% Switzerland Asia 68.1 68.6 in CHF million Net sales 17% EBIT North/ South America 63% Europe 3.1 1.2 2013 2014 Change from previous year -40% 0% 40% 80% 120% 160% 200% 240% Regional differences in its business – USA and Switzerland Malaysia enjoyed a good year Europe Positive EBIT despite insufficient capacity utilization North/ South America at the La Chaux-de-Fonds site Asia Strong Swiss Franc is a competitive disadvantage 24 March 2015 / Results 2014 and Outlook 2015 / 14
Komax Medtech – a structured approach from the concept to high volume production One of the leading players in its niche markets Focus on self-medication and on projects providing repeat potential Restructuring of La Chaux-de-Fonds site initiated 24 March 2015 / Results 2014 and Outlook 2015 / 15 Agenda Results 2014 Operational performance Financial performance Focus and Outlook 2015 Discussion 24 March 2015 / Results 2014 and Outlook 2015 / 16
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