A strong second half for Komax in 2021: high order intake, substantial growth in revenues and significant improvement in EBIT
Media Release
Ad hoc announcement pursuant to Art. 53 LR
After a challenging year in 2020, the Komax Group recovered step by step over 2021,
helping customers sustainably increase the degree of automation in wire
processing thanks to innovative solutions. Order intake was 39.7% higher than
in the previous year, at CHF 482.4 million (2020: CHF 345.3 million), while
revenues were up by around 28% at approximately CHF 420 million (2020:
CHF 327.6 million). An improved product mix coupled with rigorous cost
discipline increased the EBIT margin to approximately 10.5% (2020: 3.4%).
The emerging uptrend recorded by the Komax Group in the first half of 2021 continued steadily through the last six months of the year. This is reflected in the high order intake of CHF 253.3 million in the second half (first half 2021: CHF 229.1 million). The order intake for full-year 2021 was CHF 482.4 million (2020: CHF 345.3 million), only some CHF 14 million less than the record result achieved in 2018. Order intake was impacted positively by customers’ desire to sustainably increase the degree of automation in wire processing.
The difficulties experienced with supply chains presented a major challenge in 2021. Thanks to the Komax Group’s skillful handling of this challenge, which generally enabled it to provide the accustomed level of reliability on deliveries, revenues amounted to approximately CHF 420 million (2020: CHF 327.6 million). At approximately CHF 235 million, revenues in the second half of the year were thus higher than in the first six months (CHF 183.3 million), when a number of orders were only received in the second quarter and had thus not yet worked through into the revenue figures by the end of June 2021. Overall, revenues are on a par with 2019 (CHF 417.8 million), which is in line with the forecast issued by the Komax Group in mid-August. The book-to-bill ratio is around 1.15, meaning that the Komax Group has started 2022 with strong order books.
The Komax Group improved the EBIT margin significantly in the second half of the year, resulting in an EBIT margin of approximately 10.5% for 2021 (first half 2021: 7.7%). The margin is thus substantially higher than in the two previous years (2020: 3.4%, 2019: 5.8%). The main contributory factors here were the changed product mix, the cost-cutting measures implemented in 2020, and the lower level of outlays for travel, trade fairs, etc. due to the coronavirus pandemic. In addition, some parts of the workforce were still on short-time working in the first quarter of 2021 in particular, which similarly helped lower the cost base. With regard to products, there was a further increase in the need for volume-based machines (crimp-to-crimp), which had a positive impact on profitability.
The Komax Group will publish the detailed financial statements for 2021 on 15 March 2022.
