EANS-Adhoc: Mikron Holding AG Semiannual financial statements 2011
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22.07.2011
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This media release can be downloaded as a PDF file: www.mikron.com/news
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Mikron Group - Media Release
Semiannual financial statements 2011
Striking increase in orders and sales - Currency effects depress results
Biel, 22 July 2011, 7.00 a.m. - Compared to the same period of the previous
year the Mikron Group reported substantially higher order intake, sales and
order backlog in the first half of 2011. The productivity gains achieved by
Mikron in the past twelve months are also encouraging. After posting a loss in
the same period of the previous year the group thus again reported a positive
EBIT figure. In the absence of the unfavorable currency trend the Mikron Group
would have made considerably greater progress in terms of earnings in the first
half of 2011.
Compared to the same period last year the Mikron Group posted a 16 percent
increase in order intake to CHF 127.4 million, a 29 percent increase in sales
to CHF 104.2 million and an increase of 40 percent in order backlog to CHF
109.8 million. Expressed in customers´ local currencies, these growth rates
were approximately a further 10 percent higher. Both Mikron Machining and
Mikron Automation contributed to the striking growth in volumes. In
geographical terms the rise in the Mikron Group´s order intake was especially
strong in its main market of Europe (+8 percent) and in Switzerland. The
development of the Swiss franc relative to the euro and the US dollar left
clear traces on results. Nevertheless, the Group reported an increase in EBIT
from CHF -0.3 million to CHF 3.9 million and in net earnings from CHF -2.0
million to CHF 2.6 million.
Mikron Machining
Mikron Machining operated in a basically good business environment in the first
half of 2011. Sales markets, which had already recovered strongly toward the
end of 2010, gained further momentum and the division considerably exceeded
expectations by booking new orders worth CHF 87.4 million (prior year: CHF 58.0
million; +51 percent). Sales revenues were broad-based, reaching a good overall
level of CHF 59.6 million in the first half of 2011 (prior year: CHF 47.0
million; +27 percent). Capacity at Mikron Machining was very well utilized in
the first half of 2011 and was systematically expanded. The considerable
improvement in EBIT to CHF 2.6 million in the first six months of 2011 (prior
year: CHF 0.2 million) was in line with expectations. Currency effects had a
negative impact. They were partially offset by improvements in productivity and
stringent cost management.
Mikron Automation
The features dominating Mikron Automation´s business environment in the first
half of 2011 were the strong Swiss franc and differing trends in the individual
sales markets. The expected increase in order intake could not be achieved in
these circumstances. The competitiveness of the division´s principal location
in Switzerland was severely affected in Germany, its main sales market, by the
massive appreciation of the Swiss franc versus the euro and the US dollar.
While investment behavior in the pharmaceutical and medical industries remained
relatively stable under increased price pressure, the automotive component
supply industry in Europe again invested vigorously in new facilities.
Order intake of CHF 40.3 million in the first six months of 2011 was lower than
the previous year´s good figure (CHF 52.8 million; -24 percent) and below
expectations. Despite the adverse currency impact, sales of CHF 44.9 million in
the first half of 2011 were well ahead of the figure for the same period of the
previous year (CHF 34.5 million; +30 percent), which had still borne traces of
the crisis.
EBIT of CHF 0.1 million (prior year: CHF -1.0 million) was well short of
expectations. Mikron Automation was unable to offset in full the massive and
rapid appreciation of the Swiss franc by transferring purchases into the euro
region and taking various steps to cut costs and enhance efficiency.
Outlook
Developments in the second half of 2011 are difficult to forecast. With net
financial assets and an equity ratio of 67.7 percent, Mikron is soundly
financed. Despite the currency situation, the Board of Directors and Group
Management are standing by their target of achieving sales just over CHF 200
million and an EBIT margin of 3 to 4 percent for the 2011 financial year as a
whole.
Key figures of the Mikron Group for the first half of 2011
in CHF million, except equity ratio and number of employees
2011 2010 +/-
restated
Order intake 127.4 110.2 15.6%
- Machining 87.4 58.0 50.7%
- Automation 40.3 52.8 -23.7%
Sales 104.2 81.0 28.6%
- Machining 59.6 47.0 26.8%
- Automation 44.9 34.5 30.1%
Order backlog 109.8 78.3 40.2%
- Machining 67.5 31.4 115.0%
- Automation 42.4 46.9 -9.6%
EBIT 3.9 -0.3
- Machining 2.6 0.2
- Automation 0.1 -1.0
- Corporate 1.2 0.5
Net earnings 2.6 -2.0
Cash flow
- From operating
activities 0.8 -1.5
- Free cash flow -7.1 -1.2
Equity ratio 67.7% 68.2%
Number of employees 938 866 8.3%
- Machining 497 453 9.7%
- Automation 435 406 7.1%
Publication of Semiannual financial statements 2011
The semiannual financial statements will be published at the same time as this
media release to form the Semiannual Report 2011: www.mikron.com/reports
Investor Relations Calendar
26 January 2012 07.00 a.m. Media release: Volume 2011
12 March 2012 07.00 a.m. Media release: Publication of the
2011 Annual Report
12 March 2012 10.00 a.m. Results press conference:
ConventionPoint, SIX Swiss Exchange,
Zurich
17 April 2012 Annual General Meeting 2012, Biel
Except for the historical information contained herein, the statements in this
media release are forward-looking statements that involve risks and
uncertainties.
Mikron® is a trademark of Mikron Holding AG, Biel (Switzerland)
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Mikron Holding AG
Mühlebrücke 2
CH-2502 Biel
Phone +41 32 321 72 00
Fax +41 32 321 72 01
www.mikron.com
end of ad-hoc-announcement
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Brief profile of the Mikron Group:
The Mikron Group operates worldwide as a leading niche supplier of production
and automation solutions for the manufacture of high-precision products up to
hand-size in large quantities. Its main markets are the automotive component
supply industry, the pharmaceutical and medical industries, the writing
instrument industry, and the electronics and watchmaking industries. Mikrons
customers benefit from more than 100 years of experience in the manufacture of
customized production solutions. Its powerful and reliable machines, systems and
tools fulfill the highest standards in terms of precision, economy and
flexibility. A comprehensive range of services rounds off Mikrons market
offering. The Mikron Groups operations are divided into the two divisions
Mikron Machining and Mikron Automation. The Group employs a workforce of almost
950, the majority of them at its two main sites in Agno (Switzerland) and Boudry
(Switzerland). Further manufacturing facilities are located in Rottweil
(Germany), Denver (USA), Singapore and Shanghai (China).
Further inquiry note:
Mikron Management AG, Martin Blom, Chief Financial Officer
Phone +41 62 916 69 60, ir.mma@mikron.com
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issuer: Mikron Holding AG
Mühlebrücke 2
CH-2502 Biel
phone: +41 32 321 72 00
FAX: +41 32 321 72 01
mail: mho@mikron.com
WWW: www.mikron.com
sector: Machine Manufacturing
ISIN: CH0003390066
indexes: SPI, SPIEX, SPI ex SLI
stockmarkets: Domestic Standard: SIX Swiss Exchange
language: English