Mikron Holding AG

EQS-Adhoc: Mikron Holding AG: Strong Swiss franc and volatile order intake hold back Mikron

EQS Group-Ad-hoc: Mikron Holding AG / Key word(s): Half Year Results
Mikron Holding AG: Strong Swiss franc and volatile order intake hold
back Mikron

23.07.2015 / 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.


Media release on semiannual results 2015

Strong Swiss franc and volatile order intake hold back Mikron

Biel, July 23, 2015, 7 a.m. - The strength of the Swiss franc, volatile
order intake, and resulting uneven capacity utilization at individual sites
held back the Mikron Group's performance in the first half of 2015. The
Group reported an EBIT loss of CHF -2.7 million and a fall in net sales of
10% to CHF 107.8 million (first half of 2014: CHF 119.4 million). For the
2015 financial year, the Mikron Group now expects net sales slightly below
the prior-year figure and EBIT just in positive territory.

In the first half of 2015, the Mikron Group recorded order intake of CHF
118.3 million, representing a decline of 15% compared to the figure
reported in the first half of 2014 (CHF 139.2 million). Adjusted for
currency effects, the decline would have amounted to 10%. As anticipated,
the Automation business segment was unable to reach the very high year-back
figure and reported a decrease of 35%. By contrast, the Machining business
segment recorded an increase of 19% - compared, however, against the very
low figure for the corresponding prior-year period. The Mikron Group
reported a 10% decrease in net sales from CHF 119.4 million in the first
half of 2014 to CHF 107.8 million in the first six months of 2015. Assuming
no change in exchange rates, net sales would have been around CHF 9.2
million higher. Both business segments generated lower net sales than in
the corresponding year-back period: Mikron Automation CHF 55.1 million
(-3%) and Mikron Machining CHF 52.7 million (-16%). As at the end of June
2015, the Mikron Group has an order backlog of CHF 124.1 million (8% lower
than at the end of June 2014). It is still distributed very unevenly over
the different sites.

The Mikron Group reported an EBIT loss of CHF -2.7 million for the first
half of the year. Mikron Automation posted an EBIT loss of CHF -0.4
million, and Mikron Machining CHF -3.8 million. Factoring out the negative
impact of exchange rate developments, the Group would have achieved the
anticipated balanced result and - despite a decline in net sales - the
Automation business segment would have increased profitability.

Mikron Automation
In the first half of 2015, Mikron Automation's US sales market continued to
perform positively. In Europe, on the other hand, pressure on margins
increased - especially as a result of the decision by the Swiss National
Bank to discontinue the minimum exchange rate against the euro. The
business segment also came under intense pressure from competitors, mostly
those from Germany. As expected, Mikron Automation was unable to repeat the
previous year's exceptionally high order intake (CHF 86.9 million),
reporting CHF 56.1 million for the first half of 2015. The order backlog
level remained good at CHF 69.9 million (first half of 2014: CHF 89.9
million). As a number of projects were in an early or advanced development
stage, sales fell to CHF 55.1 million in the first half of 2015 (first half
of 2014: CHF 56.9 million). Factoring out the currency-related value
adjustments on work in progress, the business segment would have achieved
positive EBIT of CHF 0.8 million (previous year CHF -0.2 million).

Mikron Machining
Mikron Machining's business performance was again very mixed in the first
half of 2015: While demand for tools and spare parts was still solid, the
business segment faced a decline in the machinery business in the second
quarter. Despite an encouraging, relatively steady flow of requests for
quotes from customers, above all new orders for linear transfer machines
manufactured in Germany remained well below expectations. Mikron Machining
increased order intake from the low CHF 52.6 million seen in the first half
of 2014 to CHF 62.5 million in the first six months of 2015. The business
segment increased order backlog from CHF 46.3 million to CHF 54.1 million,
although some orders will not generate sales revenue until 2016 or later.
Net sales fell from CHF 63.1 million to CHF 52.7 million. Under the impact
of the strong Swiss franc and due to the substantial decrease in net sales,
profitability was also negative.

In the second half of 2015, the Mikron Group expects to continue facing a
challenging, uncertain and - particularly regarding order intake in the
machinery business - volatile situation. The Swiss companies in
particular will remain exposed to huge pressure on margins. Continuing
stable demand for tools and services give Mikron grounds for optimism, as
do the ongoing negotiations with existing and new customers on numerous
projects. The situation of Mikron Automation in the US is also pleasing. On
the whole, Mikron anticipates an increase in sales that will return the
Group to the profit zone. Nonetheless, Mikron has to revise its
expectations for full year 2015 downwards and is now projecting net sales
slightly below the prior-year figure and EBIT that will unfortunately only
just make positive territory.

Key figures for the Mikron Group in the first half year 2015

                                                1.1.-        1.1.-
                                              30.6.15      30.6.14      +/-
CHF million (except number of employees
and equity ratio)
Order intake                                    118.3        139.2   -15.0%
- Machining                                      62.5         52.6    18.8%
- Automation                                     56.1         86.9   -35.4%
Net sales                                       107.8        119.4    -9.7%
- Machining                                      52.7         63.1   -16.5%
- Automation                                     55.1         56.9    -3.2%
Order backlog                                   124.1        135.6    -8.5%
- Machining                                      54.1         46.3    16.8%
- Automation                                     69.9         89.9   -22.2%
EBIT                                             -2.7          2.4      n/a
Profit for the year                              -3.9          1.4      n/a
Operating cash flow                              -2.4          2.6      n/a
                                              30.6.15     31.12.14      +/-
Number of employees                             1,172        1,162     0.9%
- Machining                                       583          565     3.2%
- Automation                                      585          592    -1.2%
Balance sheet total                             229.3        237.3    -3.4%
Equity ratio                                    65.0%        65.5%    -0.5%

End of ad hoc announcement


23.07.2015 News transmitted by EQS Schweiz AG. www.eqs.com - news
archive: http://switzerland.eqs.com/de/News

The issuer is responsible for the contents of the release.


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 1,200
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).

Mikron Management AG, Martin Blom, CFO Mikron Group
Phone +41 62 916 69 60, ir.mma@mikron.com

Download Media Release

Investor Relations Calendar of Events
8 March 2016, 07.00 a.m. - Media release: Publication of the 2015 Annual
8 March 2016, 10.00 a.m. - Media and analysts conference
12 April 2016, 04.00 p.m. - Annual General Meeting 2016

Mikron(R) is a trademark of Mikron Holding AG, Biel (Switzerland).


379729 23.07.2015

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