Mikron Holding AG
Mikron Holding AG: Mikron increased sales and improved EBIT
Mikron Holding AG / Key word(s): Half Year Results 19.07.2013 07:00 Release of an ad hoc announcement pursuant to Art. 53 KR --------------------------------------------------------------------------- Mikron Group - Media release: Semiannual results for 2013 Mikron increased sales and improved EBIT Biel, 19 July 2013, 7.00 a.m. - In the first half of 2013, the Mikron Group managed to increase sales by 11% to CHF 119.6 million (first half of 2012: CHF 107.8 million) while improving EBIT by CHF 1.9 million (first half of 2012: CHF 0.5 million) to CHF 2.4 million. The group continues to anticipate sales for the full 2013 year at a level similar to the previous year, although the EBIT margin is likely to be lower. In the first half of 2013, the Mikron Group recorded an order intake of CHF 117.1 million. Although this is higher than in the second half of 2012, it is also well below the figure recorded in the first half of 2012 (CHF 135.2 million, -13%). The automotive industry and the pharma and medical devices industries continue to play a dominant role in the business mix with a 35% and 42% share respectively (first half of 2012: 54% and 15% respectively). Overall, the Mikron Group increased sales by 11% to CHF 119.6 million in the first half of 2013 (first half of 2012: CHF 107.8 million). While the Automation business segment recorded a year-on-year rise in sales of 31%, the Machining segment posted a fall of 2% - a repercussion of the decline in the order intake from the third quarter of 2012 onwards. In view of the uncertain market environment, the two Swiss production sites of the Machining business segment in Agno exhibited particularly pleasing profitability. By contrast, substantial additional costs on individual customer projects led to disappointing results in the Automation business segment. Management already has responded with various measures. Overall, the Mikron Group recorded EBIT of CHF 2.4 million in the first half of 2013 (first half of 2012: CHF 0.5 million). This is equivalent to a margin of 2.0% (first half of 2012: 0.5%). Mikron Automation The markets of the Automation business segment revealed very different developments. From a geographic perspective, key market Germany slowed noticeably, whereas new stimuli were evident in the US and in Asia, particularly China. Overall, Mikron Automation generated an order intake of CHF 73.0 million (first half of 2012: CHF 63.6 million), which resulted in an order backlog of CHF 77.5 million (first half of 2012: CHF 68.3 million). Sales came in at CHF 54.5 million (first half of 2012: CHF 41.5 million). Capacity utilization was accordingly good at all sites. The fact that the positive sales development is not reflected in earnings is attributable to various challenging customer projects that involved a number of new applications. This resulted in significant additional costs. Moreover, an impairment of CHF 1.5 million of intangibles weighed on earnings. Mikron Machining Despite a significantly lower order backlog and a smaller order intake than in the first half of 2012, the Machining business segment enjoyed high capacity utilization in the first half of 2013. Thanks to the increase in demand from the US in the service and tools business, Mikron Machining was able to offset a proportion of the missing orders from Germany. Sales to Asian customers were satisfying overall, even though the demand for machines from the writing instruments industry was low. Overall, Mikron Machining generated an order intake of CHF 44.2 million (first half of 2012: CHF 71.7 million) and sales of CHF 65.2 million (first half of 2012: CHF 66.3 million). The relatively low order backlog at the beginning of the year has declined further to CHF 30.5 million. This is 55% lower than at the end of the first half of 2012. All locations of the Machining business segment enjoyed a satisfactory degree of capacity utilization overall. However, there have been a number of strong fluctuations and the trend is downwards. The measures initiated last year to adjust short-term and medium-term capacity have proved effective and allowed to achieve pleasing profitability. Outlook It remains difficult to predict the development of individual markets in the second half of the year. This is particularly true of investment activity in the automotive industry. Promising sales discussions are well advanced in both business segments. Overall, Mikron is anticipating a stable economic situation in Europe and slight growth in both the US and Asia. Where the Automation business segment is concerned, the strong order backlog leads us to expect higher capacity utilization, stronger sales, and improved earnings. As a result of the lower order backlog, the Machining business segment will not be able to build on the strong quarters of the recent past. However, ongoing negotiations for various projects make Mikron confident that the order situation will improve in the second half of 2013. Overall, the Group is anticipating sales for the full 2013 year to match those of the previous year, with a decline in the EBIT margin. Key figures for the Mikron Group in the first half year 2013 1.1.- 1.1.- 30.6.13 30.6.12 +/- CHF million, except number of employees and shareholders' equity ratio Order intake 117,1 135,2 -13,4% - Machining 44,2 71,7 -38,4% - Automation 73,0 63,6 14,8% Net sales 119,6 107,8 10,9% - Machining 65,2 66,3 -1,7% - Automation 54,5 41,5 31,3% Order backlog 108,0 136,3 -20,8% - Machining 30,5 68,0 -55,1% - Automation 77,5 68,3 13,5% EBIT 2,4 0,5 380% Profit 1,6 0,6 166,7% Operating cash flow 4,5 3,4 32,4% 30.6.13 31.12.12 Number of employees 1111 1093 1,6% - Machining 527 535 -1,5% - Automation 581 554 4,9% Balance sheet total 234,3 231,1 1,4% Shareholders' equity ratio 65,0% 66,2% -1,2% --------------------------------------------------------------------------- Information and Explaination of the Issuer to this News: Brief profile of the Mikron Group The Mikron Group markets machining and automation solutions, enabling customers around the world to master their precision manufacturing processes. Rooted in a culture of Swiss innovation, Mikron is a leading supplier to the automotive, medical devices, pharmaceutical, consumer goods, writing instruments and watch-making industries. The two divisions, Mikron Automation and Mikron Machining, are based in Boudry and Agno, Switzerland, with additional production facilities in Germany, Singapore, China and the United States. The Mikron Group employs approximately 1100 people who work to provide Mikron customers with an experience that reflects over 100 years of leadership in high-performance and high-precision production. Mikron Holding AG is listed on SIX Swiss Exchange (MIKN). Contact Mikron Management AG, Martin Blom, Chief Financial Officer Phone +41 62 916 69 60, ir.mma@mikron.com Download Media Release www.mikron.com/news Publication of semiannual results for 2013 The semiannual results will be published at the same time as this media release in the form of the 2013 Semiannual Report: www.mikron.com/reports. Investor Relations Calendar of Events 23 January 2014, 7.00 a.m. - Media release: Preliminary volume figures for 2013 10 March 2014, 7.00 a.m. - Media release: Publication of the 2013 Annual Report 10 March 2014, 10.00 a.m. - Results press conference, ConventionPoint, SIX Swiss Exchange, Zurich 8 April 2014 - Annual General Meeting 2014, Biel Except for the historical information contained herein, the statements in this media release are forward-looking statements that involve risks and uncertainties. Mikron(R) is a trademark of Mikron Holding AG, Biel (Switzerland). 19.07.2013 News transmitted by EQS Group AG. The issuer is responsible for the contents of the release. EquityStory publishes regulatory releases, media releases on the capital market and press releases. The EquityStory Group distributes authentic and real-time financial news for over 1'300 listed companies. The Swiss news archive can be found at www.equitystory.ch/news ---------------------------------------------------------------------------
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