2022 annual financial statements: The Komax Group posts a record result
2022 was an extraordinary year for the Komax Group: It strengthened its competitiveness over the long term through the combination with Schleuniger. It also posted new record figures for order intake, revenues, and operating profit. Thanks to the combination with Schleuniger and customers’ clear efforts to increase their degree of automation for the long term, the Komax Group is confident about fiscal 2023.
The 2022 reporting year was significantly influenced by a number of factors: the combination of Komax and Schleuniger, the war in Ukraine, and the trend toward greater automation in wire processing. Order intake therefore increased substantially to CHF 678.1 million, a rise of 40.6% on the previous year (2021: CHF 482.4 million). Komax received orders for over CHF 599.7 million, while Schleuniger contributed CHF 78.4 million between its consolidation at the start of September and the end of the financial year. Even without Schleuniger, Komax would have exceeded its previous year’s result by 24.3% and surpassed the previous record order intake (CHF 496.7 million, in 2018) by more than CHF 100 million.
Impact of the war in Ukraine
The difficult supply chain situation in the automotive industry was exacerbated in the spring of 2022 by the war in Ukraine, which is a significant center of wire manufacturing. In order to compensate for reduced Ukrainian production capacity against the backdrop of the war and secure their ability to supply automotive producers reliably, wire harness manufacturers built up substitute capacity in other countries. As a result, the Komax Group received a large number of extraordinary orders in the first half of the year.
Record revenues in a difficult market environment
“The global supply chain situation proved a challenge for the Komax Group, too,” explains Matijas Meyer, CEO Komax Group. “Overall, the Group coped with this challenge very well, but there were nonetheless some delays, and not all orders could be processed within the accustomed timeframe.” The Komax Group posted a record figure for revenues in 2022 of CHF 606.3 million (2021: CHF 421.1 million), an increase of 44.0% on the previous year. Of this amount, Komax contributed CHF 522.2 million, while Schleuniger contributed CHF 84.1 million in the four months of the financial year following its consolidation. Here, too, a record figure would have been posted even without the Schleuniger Group.
Further increase in profitability
The Komax Group also improved its profitability in 2022, which was due in particular to the higher revenues and advantageous product mix associated with orders received in connection with the war in Ukraine. Operating profit (EBIT) rose accordingly by 60.1% for the full year of 2022, to CHF 71.7 million (2021: CHF 44.8 million). Group earnings after taxes (EAT) increased by 70.4% to CHF 51.8 million (2021: CHF 30.4 million). The Schleuniger Group contributed CHF 5.0 million to EBIT and CHF 2.6 million to EAT.
Distribution of CHF 5.50
“As a result of the Group’s success in the 2022 financial year, the Board of Directors is proposing to the Annual General Meeting an increase in the dividend to CHF 5.50 (previous year: CHF 4.50),” says Beat Kälin, Chairman of the Board of Directors. “This equates to a payout ratio of 54.5%. The Komax Group is therefore adhering to its strategic target of distributing 50–60% of EAT to shareholders.” Half of this figure of CHF 5.50 will be distributed from capital contribution reserves, and will therefore be tax-free for natural persons domiciled in Switzerland who hold the shares as part of their private assets.
Changes in 2023
Oliver Blauenstein has been a member of the Executive Committee since 1 January 2023. He is responsible for the Komax Group’s testing activities. His area of responsibility comprises the Komax testing companies (formerly TSK Group) as well as the companies adaptronic and Cirris (see media release dated 14 November 2022).
The Komax Group also acquired WUSTEC with effect from the beginning of 2023. The company has been providing its customers with services in automated wire prefabrication for over 20 years. WUSTEC, headquartered in the Black Forest region of Germany, has a workforce of 30 people. It is currently building a digital platform that will enable small and mid-sized companies active in control cabinet and machine building in particular to source prefabricated wire sets. This acquisition expands the Komax Group’s offering in the growing industrial segment.
The Komax Group started off 2023 with a record order backlog. The Komax Group is confident that the trend towards automation will persist, and hence so, too, the robust demand for the solutions offered by the company. In addition, the Komax Group is expecting the supply chain situation to gradually improve in 2023, which would help the high order backlog to be worked down over the coming months.
Roger Müller has been working for Komax since 2016. Transparent communication with internal and external stakeholders is a key concern for him.