MIKRON HOLDING AG (FRA:MH4N) EQS-Adhoc: Mikron Holding AG: Mikron records positive EBIT
Directive transparence : information réglementée
08/03/2016 07:00
EQS Group-Ad-hoc: Mikron Holding AG / Key word(s): Final Results
Mikron Holding AG: Mikron records positive EBIT
08.03.2016 / 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.
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Media release on Annual Report 2015
Mikron records positive EBIT
Biel, 8 March 2016, 7.00 a.m. - In 2015 the Mikron Group was able to
increase annual order intake from CHF 244.8 million to CHF 264.6 million.
The Group reported a decrease in annual sales from CHF 249.1 million to CHF
228.6 million (-8%). Despite the difficult business climate, the Mikron
Group recorded positive EBIT of CHF 2.5 million (prior year: CHF 4.6
million). While the Automation business segment again achieved a
significant improvement in profitability, the Machining business segment
fell well short of the corresponding figures for the prior year. The Board
of Directors will be proposing to the Annual General Meeting a distribution
from reserves from capital contributions of CHF 0.05 per share (prior year:
CHF 0.05 per share).
The Mikron Group reported order intake of CHF 264.6 million in 2015,
representing a sizeable increase over the prior year (CHF 244.8 million,
+8%). In local currencies, the growth amounted to 9%. The low prior-year
figure for the Machining business segment meant that its increase was
somewhat more pronounced than in the Automation business segment. In both
segments, the growth was generated entirely in the second half of the year.
Considerable differences between the individual sites were also evident
within each of the two segments.
Net sales and capacity utilization
Adjusted for currency, the Mikron Group's annual sales were only around 1%
below the prior-year level. In actual terms, net sales were down by 8% to
CHF 228.6 million in the year under review (prior year: CHF 249.1 million).
Both business segments posted lower figures than in 2014: Mikron Automation
CHF 114.9 million (prior year: CHF 126.8 million, -9%) and Mikron Machining
CHF 113.8 million (prior year: CHF 123.8 million, -8%). The Mikron Group's
capacity utilization rate in the first half of 2015 was generally
unsatisfactory, and even critical at individual sites. It improved
considerably in the course of the second half.
Order backlog
At CHF 142.9 million, the Mikron Group's order backlog at the end of 2015
was 22% higher than the corresponding prior-year figure, with orders in
hand still very unevenly distributed over the sites. Some orders relate to
financially attractive longer-term projects which are not scheduled for
completion in 2016.
Profitability
In 2015, the Mikron Group reported EBIT of CHF 2.5 million, equating to an
EBIT margin of 1.1%. Oneoff, currency exchange effects at the beginning of
the year had a negative impact of just under CHF 2 million on projects in
progress. Even allowing for this one-off effect, the Mikron Group's
profitability is still well short of the strategic targets. Whereas the
EBIT of CHF 4.3 million (prior year: CHF 2.7 million) posted by the
Automation business segment represents a further significant improvement in
profitability, the Machining business segment suffered another setback,
reporting EBIT of -4.3 million (prior year: CHF -0.6 million). This mainly
reflects the significant fluctuations in order intake at a disappointingly
low level and the related capacity utilization problems. The operating
result was impacted not only by an uneven distribution of workload, but
also by lower margins and by additional costs during the final phase of
several customer projects. The strong performance by Mikron Machining's
tool and service business was not sufficient to offset these negative
factors.
Net earnings
Mikron's net earnings for 2015 were CHF 0.9 million, compared to CHF 2.2
million in the prior year. The Board of Directors will be proposing to the
Annual General Meeting a distribution from reserves from capital
contributions of CHF 0.05 per share (prior year: CHF 0.05 per share).
Outlook
The Mikron Group expects the market environment to stay challenging in
2016. The Swiss companies' margins will remain under heavy pressure. The
Group continues to anticipate robust demand for automation solutions in
Europe and the USA from the pharmaceutical, medical devices and consumer
goods industries. The situation in the automotive industry is still very
uncertain. While this market is extremely important for Mikron Machining in
particular, for the Group as a whole it is likely to lose in significance
compared to the pharmaceutical and medical devices industries. Mikron is
projecting an increase in order intake in Asia following efforts to
strengthen the sales organization. The Group is also expecting moderate
growth in demand for tools. Thanks to a good order intake level in the
fourth quarter of 2015, Mikron is looking to the 2016 financial year with
confidence. The Group is expecting a considerable increase in sales and an
improved EBIT margin, and anticipates a much stronger second half of the
year.
Key figures for the Mikron Group in 2015
2015 2014 +/-
CHF million (except number of employees)
Order intake 264.6 244.8 8.1%
- Machining 120.2 110.9 8.4%
- Automation 144.9 134.5 7.7%
Net sales 228.6 249.1 -8.2%
- Machining 113.8 123.8 -8.1%
- Automation 114.9 126.8 -9.4%
Order backlog 142.9 117.4 21.7%
- Machining 43.8 46.9 -6.6%
- Automation 99.5 70.1 41.9%
Number of employees 1,181 1,162 1.6%
- Machining 598 560 6.8%
- Automation 563 582 -3.3%
EBIT 2.5 4.6 -45.7%
- Machining -4.3 -0.6 n.a.
- Automation 4.3 2.7 59.3%
Profit for the year 0.9 2.2 -59.1%
Operating cash flow 15.5 6.7 131.3%
Balance sheet total 243.9 237.3 2.8%
Equity ratio 63.4% 65.5% -0.5%
Publication of annual results for 2015
The annual results will be published at the same time as this media release
in the form of the 2015 Annual Report: www.mikron.com/reports
End of ad hoc announcement
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The issuer is responsible for the contents of the release.
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Information and Explanation of the Issuer to this News:
Brief profile of the Mikron Group
The Mikron Group develops, produces and markets automation and machining
systems that enable extremely precise and productive manufacturing
processes. Rooted in the Swiss culture of innovation, the group is a
globally leading partner to companies in the automotive, medical devices,
pharmaceutical, consumer goods, writing instruments and watchmaking
industries. The two divisions, Mikron Automation and Mikron Machining, are
based in Switzerland (Boudry and Agno). The company has additional
production facilities in Germany, Singapore, China and the US. The 1,200
employees of the Mikron Group can draw on over 100 years of experience in
the production of high-precision systems for large-series product
manufacture. Mikron Holding AG shares are traded on SIX Swiss Exchange
(MIKN).
Contact
Mikron Management AG, Martin Blom, CFO Mikron Group
Phone +41 62 916 69 60, ir.mma@mikron.com
Download Media Release
www.mikron.com/news
Investor Relations Calendar of Events
12 April 2016, 04.00 p.m. - Annual General Meeting 2016
26 July 2016, 07.00 a.m. - Media release: Semiannual results 2016
Except for the historical information contained herein, the statements in
this media release are forward-looking statements that involve risks and
uncertainties.
Mikron(R) is a trademark of Mikron Holding AG, Biel (Switzerland).
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