EANS-Adhoc: Mikron Holding AG Media release on Annual Report 2011 German
Bundeskartellamt approved the takeover of IMA Automation Berlin GmbH
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12.03.2012
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This media release can be downloaded as a PDF file: www.mikron.com/news
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Media release on Annual Report 2011 / German Bundeskartellamt approved the
takeover of IMA Automation Berlin GmbH
Mikron surpasses goals for 2011 and is cautiously optimistic going forward
Biel, 12 March 2012, 7:00 a.m. The Mikron Group has surpassed its goals for the
2011 financial year by a substantial margin, posting sales of CHF 210.9 million
(previous year: CHF 182.5 million) and EBIT of CHF 9.4 million (previous year:
CHF 3.1 million). Both business segments - Automation and Machining -
contributed to the pronounced growth. Mikron expects a further increase in sales
in 2012, despite the difficult business environment. As announced on 1 February
2012, the Mikron Group acquires IMA Automation Berlin GmbH from the Feintool
Group with retroactive effect from 1 January 2012. Last Friday the German
Bundeskartellamt (competition authority) approved the sale agreed on 31 January
2012.
Thanks to growth in its net sales, improvements in the product mix, a marked
gain in productivity and further progress in risk management, Mikron improved
its EBIT margin to 4.5% of net sales and its profit to CHF 7.1 million (prior
year: CHF 1.6 million). Based on these strong results, the Board of Directors of
the Mikron Group will be proposing a distribution of CHF 0.12 per share to the
Annual General Meeting.
The automotive industry was the key driving force behind the demand for capital
goods worldwide in 2011. In the medical devices and pharmaceuticals industries,
by contrast, the discussions on national over-indebtedness and healthcare
savings resulted in a hesitant approach to investment decisions and significant
price pressure.
Order intake and net sales
The Mikron Group posted an order intake of CHF 225.0 million in 2011 (prior
year: CHF 219.8 million; +2%) and met its target for growth with a 16% increase
in net sales to CHF 210.9 million (prior year: CHF 182.5 million). Order backlog
at the end of the year stood at a healthy
CHF 95.9 million (prior year: CHF 84.2 million; +14%).
While the Machining segment posted stronger than expected growth in its order
intake, which rose by 22% to a pleasing CHF 148.3 million (prior year: CHF 121.2
million), the Automation segment clearly missed the previous year´s excellent
performance (CHF 99.6 million), with order intake for 2011 totaling CHF 77.1
million (-23%). The Automation segment was particularly hard hit by the currency
developments experienced over the course of the year. However, it increased net
sales by 10% to CHF 88.1 million (prior year: CHF 79.9 million).
Earnings performance
Despite the competitive disadvantages imposed by currency developments, Mikron
succeeded overall in meeting its earnings targets for 2011. The Group raised its
earnings before interest and taxes (EBIT) to CHF 9.4 million (prior year: CHF
3.1 million), and its operating result to CHF 7.4 million (prior year: CHF 0.5
million). The main contributor to this positive development was the Machining
segment.
Profit and shareholders´ equity
The Mikron Group´s profit rose from CHF 1.6 million to CHF 7.1 million in 2011.
This corresponds to profit per share of CHF 0.43. The Group´s financial
stability is reflected in its equity ratio of 67.6%.
Cash flow
The Mikron Group succeeded in maintaining a high level of cash and cash
equivalents, including current financial assets in excess of 20% of total assets
in 2011. Mikron is free of net debt: cash and cash equivalents of CHF 50.0
million significantly exceed interest-bearing liabilities of just CHF 15.4
million. In the year under review free cash flow totaled CHF 0.5 million
(without the purchase of the production site for Mikron Tool SA Agno), compared
with CHF 13.0 million in the previous year (excluding changes in financial
assets). Higher net working capital as a result of increased business volume
more than compensated for the sharp improvement in profit.
Outlook
Mikron expects to generate net sales of some CHF 220 million in the 2012
financial year on the back of a good order backlog and positive signals from the
customers. This figure excludes net sales from the recently acquired IMA
Automation Berlin. The higher sales volume and improved productivity should
generate an EBIT margin slightly superior to 2011. However, EBIT is especially
susceptible to any weakening of the euro.
Key figures for the Mikron Group in 2011
2011 2010(restated) +/-
CHF Mio.
Order intake 225.0 219.8 2%
- Machining 148.3 121.2 22%
- Automation 77.1 99.6 -23%
Net sales 210.9 182.5 16%
- Machining 123.3 103.4 19%
- Automation 88.1 79.9 10%
Order backlog 95.9 84.2 14%
- Machining 61.7 37.2 66%
- Automation 34.2 46.6 -27%
Number of employees 972 902 8%
- Machining 512 464 10%
- Automation 455 432 5%
EBIT 9.4 3.1 n.a.
- Machining 7.1 1.4 n.a.
- Automation 0.1 0.0 n.a.
Profit for the year 7.1 1.6 n.a.
Operating cash flow 8.0 14.9 -46%
Balance sheet total 219.1 206.6 6%
Shareholders´ equity 67.6% 68.2% -0.6%
Publication of annual results for 2011
The annual results will be published at the same time as this media release in
the form of the 2011 Annual Report: www.mikron.com/reports
end of ad-hoc-announcement
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Brief profile of the Mikron Group
The Mikron Group is a globally operating, technologically leading supplier of
machining and automation solutions for high-volume and high-precision
production. Its main markets are the automotive component supply industry, the
pharmaceutical and medical devices industries, the writing instrument industry,
and the electronics and watchmaking industries. With over 100 years of
experience, rooted in Swiss innovation and quality culture, the Mikron Group is
a long-term process and technology partner to many industry leaders. 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 1000, the majority of them at its two main sites
in Agno (Switzerland) and Boudry (Switzerland). Further facilities are located
in Rottweil (Germany), Denver (USA), Monroe (USA), Singapore and Shanghai
(China).
Investor Relations Calendar of Events
17 April 2012, 4.00 p.m. Annual General Meeting 2012, Biel
20 July 2012, 7.00 a.m. Media release: Semiannual results 2012
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).
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