Komax substantially increases order intake, revenues and EBIT in the second half of 2020
Media Release
Ad hoc announcement pursuant to Art. 53 LR
The coronavirus pandemic and associated slump in demand witnessed by the automotive industry posed a significant challenge for the Komax Group in 2020. A massive decline in orders in the first half of the year was followed by a steady improvement in the market situation in the second half. In the last six months of 2020, Komax recorded an order intake of CHF 201.5 million (first half 2020: CHF 143.8 million) and revenues of approximately CHF 180 million (first half 2020: CHF 145.2 million). Thanks to comprehensive cost-cutting measures and a strong fourth quarter, Komax was able to generate positive operating profit (EBIT) in the last six months of the year. The figure for full-year EBIT is at least CHF 10 million (first half 2020: CHF –4.7 million).
A gradual improvement in the market situation which set in mid-year fed through to an unexpectedly high order intake in the fourth quarter. For full-year 2020, Komax recorded an order intake of CHF 345.3 million (first half 2020: CHF 143.8 million, second half 2020: CHF 201.5 million). This represents a decline of 15.5% on the previous year (CHF 408.7 million). With its broad product portfolio and proximity to customers, Komax was able to benefit from the improvements in the investment environment in the second half. As a result, order intake in the second half of 2020 was only CHF 0.5 million lower than in the second half of 2019.
Despite the coronavirus pandemic, Komax was able to continue production at all times during the second half of 2020, with no interruptions to its delivery capacity – a substantial achievement given the circumstances. Production capacities were continually adapted in step with order levels and were thus expanded steadily over the fourth quarter. The attendant rise in order volumes also drove revenues significantly higher than in the first six months of the year. Overall, Komax posted revenues of approximately CHF 325 million (first half 2020: CHF 145.2 million, second half 2020: approximately CHF 180 million), around 22% less than in the previous year (CHF 417.8 million).
Komax saw a substantial rise in EBIT in the second half of 2020, after the negative result recorded in the first six months. The figure for full-year EBIT is at least CHF 10 million (first half 2020: CHF –4.7 million), a result which includes the restructuring costs incurred (CHF 1.6 million). The swift implementation of comprehensive cost-cutting measures and the unexpectedly strong increase in revenues in the fourth quarter both contributed to the substantial rise in EBIT.
The Komax Group will publish the detailed financial statements for 2020 on 16 March 2021.
