EANS-Adhoc: Mikron Holding AG
Semiannual financial statements 2011
22.07.2011 – 07:03
-------------------------------------------------------------------------------- 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. -------------------------------------------------------------------------------- 22.07.2011 -------------------------------------------------------------------------------- This media release can be downloaded as a PDF file: www.mikron.com/news -------------------------------------------------------------------------------- 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) ----------------------- 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 ================================================================================ 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 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