EANS-Adhoc: Mikron Holding AG
Media release on Annual Report 2011
German
Bundeskartellamt approved the takeover of IMA Automation Berlin GmbH
12.03.2012 – 07:02
-------------------------------------------------------------------------------- ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- 12.03.2012 -------------------------------------------------------------------------------- This media release can be downloaded as a PDF file: www.mikron.com/news -------------------------------------------------------------------------------- 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 ================================================================================ 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 Unsubscribe from the newsletter: If you want to unsubscribe from any e-mail communication from Mikron Holding AG, please send an e-mail to: news.mho@mikron.com, subject: REMOVE FROM MAILING LIST end of announcement euro adhoc -------------------------------------------------------------------------------- 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