Komax technology leader in global niche markets

Transcription

1 Komax technology leader in global niche markets Helvea Swiss Equities Conference 14 January 2016 / Helvea Swiss Equities Conference / 1 Agenda Overview on Komax Group Komax Wire innovative solutions covering all aspects of wire processing Komax Medtech efficient systems for the manufacture of self-medication solutions Conclusion 14 January 2016 / Helvea Swiss Equities Conference / 2

2 Komax Group in a nutshell Established 1975 Global presence A leading manufacturer of innovative and high-quality solutions for the wire-processing industry particularly for the automotive industry Systems for the manufacture of self-medication solutions for the pharmaceutical sector High level of innovation technology and market leader Revenues 2014 CHF 360 million and around 1500 employees Highly profitable and sound financing 14 January 2016 / Helvea Swiss Equities Conference / 3 Strategy geared to long-term profitable growth Business Unit Revenues growth target EBIT margin target Acquisitions Business Unit Wire 3 to 5% ~20% selective Business Unit Medtech -- ~5% -- The evaluation of the strategic options open to the Komax Group that was announced in March is progressing on schedule. Targets implemented in March 2011, time horizon 5 years. Komax Medtech is in systems business, i.e. it mainly manufactures complex, customer specific systems. In this business, targeted selection of the projects to be acquired is more important than growth per se. 14 January 2016 / Helvea Swiss Equities Conference / 4

3 Two business units, focused on niche markets in automation Komax Wire solutions for wire processing and testing of wire harnesses and modules Machines Customized solutions (Value Added Engineering) Software Services Komax Wire 84% in % of Group revenues Komax Medtech solutions for self-medication Systems Validation Services Komax Medtech 16% 14 January 2016 / Helvea Swiss Equities Conference / 5 Key figures in TCHF 2014 H H internal growth acquisitions +/- currencies Total Order intake 367' ' ' % Revenues 363' ' ' % 0.0% -2.7% 2.0% Book-to-Bill EBIT 48'102 22'539 21' % in % of revenues 13.2% 13.1% 12.3% -1.9pp Result from discontinued operations -15'917-12'728-1' % EAT 27'743 8'254 11' % in % of revenues 7.6% 4.8% 6.8% Free cash flow 14'412 10'023 8' % Net cash 29'211 20'768 16' % 14 January 2016 / Helvea Swiss Equities Conference / 6

4 Distribution of net sales by segment, region and industry 2014 H H by segment Komax Wire 81% 82% 84% Komax Medtech 19% k.a. 18% 16% by region Switzerland 3% 3% 2% Europe 46% 52% 48% Africa 9% 8% 8% North/South America 19% 18% 23% Asia 23% 19% 19% by segment Automotive 63% 71% 70% Medtech 17% 19% 15% Others 17% 10% 15% 14 January 2016 / Helvea Swiss Equities Conference / 7 Agenda Overview on Komax Group Komax Wire innovative solutions covering all aspects of wire processing Komax Medtech efficient systems for the manufacture of self-medication solutions Conclusion 14 January 2016 / Helvea Swiss Equities Conference / 8

5 Komax Wire profitable growth Margin 19.1% 19.0% Net sales by region 19% Asia 2% Switzerland in CHF million Net sales EBIT 21% North/ South America 10% Africa 48% Europe H H Continued healthy state of the automotive industry Unchanged trend to drive forward the automation of wire harness production Increase in order intake and net sales of 14.5 and 5.0% respectively Internal growth in net sales of around 10% Unchanged EBIT margin Change from previous year -5% 0% 5% 10% 15% 20% Switzerland Europe Africa North/ South America Asia 14 January 2016 / Helvea Swiss Equities Conference / 9 Automotive is the most important market in wire-processing megatrends support the business of Komax Wire Environmental awareness/ climate change Emissions-free vehicle goal Safety From crash survival to crash avoidance Connected car Integrated information systems control complex information flows inside and outside the vehicle Affordable cars Cost efficiency through platform strategies Beneficial for Komax Wire «Electrification» leads to strong growth of number of wires per vehicle Greater degree of standardization simplifies automation in wire-processing Increasing complexity of wiring harnesses which need automated processing Increasing quality requirements which also need automated processing growing importance of quality assurance and «end of the line testing» Numbers of cars produced and sold grow continuously 14 January 2016 / Helvea Swiss Equities Conference / 10

6 The number of wires globally processed for cars is set to grow Number of wires from vehicle production + CAGR of around 3% CAGR of around 2.5% Increasing number of vehicles produced CAGR E: ~2.5% Trends such as: Environmental awareness/climate change Connected car Safety Affordable car more than double underlying volume growth Source: IHS 2014 Light Vehicle Production Forecast, Komax estimates. 14 January 2016 / Helvea Swiss Equities Conference / 11 Above average growth in the past despite headwind resulting from adverse currency effects Komax Wire vs. automotive industry 1997 to 2014 Basis Komax Wire net sales 1, CAGR 97 14: 4.3% Global car production volumes, CAGR 97 14: 2.7% Additional growth drivers support the business: Advance in new markets other than the automotive industry New concepts for automation/innovation Synergies from acquisitions (TSK, MCM and SLE) Growing base of installed machines Need for renewal Spare parts and service business 1 Reported, excluding FX effects. 14 January 2016 / Helvea Swiss Equities Conference / 12

7 Komax Wire covers the most capital intensive parts of the value chain Komax Wire is market leader Technological leadership High level of innovation Global presence Comprehensive product range complete solution provider Others Market share 1 Komax Wire Komax Wire systems 1 Relative competitive position: Komax Wire s market share is almost twice that of its nearest competitor. 14 January 2016 / Helvea Swiss Equities Conference / 13 and offers a broad product range from a single hand Komax Wire a universal contact partner for whatever wire-processing challenge Standard machines and customer-specific solutions Accessories including quality monitoring tools and networking solutions Test systems Products of partners Unique network with partners 14 January 2016 / Helvea Swiss Equities Conference / 14

8 Market position continuously strengthened through acquisitions Strategic priorities of Komax Wire Company Products/solutions Solutions along the value chain TSK Group Harness test systems Module test systems Innovative production concepts Increase global reach Develop non-automotive markets MCM Cosmic SLE quality engineering Thonauer Group Laselec (20%) Entry-segment machines and coaxial cable processing applications Equipment for processing coaxial cables and four-wire lines Crimp force monitoring systems Micrograph laboratories Unique distribution channel in East-European markets Local skills in customerspecific application development Laser-assisted cable stripping and marking solutions Currently used primarily in the aerospace industry Intelligent layout boards 14 January 2016 / Helvea Swiss Equities Conference / 15 Thonauer Group an ideal fit for Komax Wire's service and distribution network Unique distribution channel in central and eastern Europe, one of the fastest growing areas globally Service and distribution network in seven countries Revenues of ~ 20 million, 50 employees Extensive experience as a solutions provider Local engineering capacity 14 January 2016 / Helvea Swiss Equities Conference / 16

9 Improving expertise in selected non-automotive segments supports success in core market Safety Light weight Emission reduction Multimedia Connected cars Small batch sizes E-mobility 14 January 2016 / Helvea Swiss Equities Conference / 17 A structured innovation process Internal and external sources for innovation INTERNAL SOURCES Know how and competencies VALUE ADDING PRODUCT DEVELOPMENT KOMAX SOLUTIONS Around 145 employees in R&D plus additional 130 people for the engineering of customer-specific applications Optimization of the innovation process to better bridge interfaces Stringent IP Management Expenses for pure R&D around 8% of revenues EXTERNAL SOURCES Customer needs and technological trends 14 January 2016 / Helvea Swiss Equities Conference / 18

10 leads to value-creating solutions Direct Inkjet Interface direct control through machine software New Gamma 263 S successor model providing an increased efficiency Spark Tester entry-level model rugged and reliable high production output small footprint short untwisted cables twisted conductors New Kappa 331 integrated rotating blades module modularly designed quick change over coaxial wires customer proximity complete solutions improving skills production control easy to install easy to learn traceability optimized distribution of processes Value Added Business Ethernet Conductors in Automotive Services ongoing expansion of offering komaxacademy komaxdirect Electrical Cabinet cost reduction reduction production time quality enhancement Manufacturing Execution Systems 14 January 2016 / Helvea Swiss Equities Conference / 19 New Alpha 550 and 530 set the benchmark in wire processing again Best in class productivity High machine speed for the best unit cost performance Fastest conversion for maximum production output First-time-right: perfectly synchronized machine processes with excellent CPK results Powerful and flexible Robust and reliable processing of wire cross sections ranging from 0.13 to 6 mm flexible machine configuration to produce special and complex applications Ready for the future Most modern, forward-looking machine technology for highest requirements Integrated automatic conductor detection (ACD) for superb quality stripping Equipped for future requirements thanks to quality monitoring and gentle wire processing 14 January 2016 / Helvea Swiss Equities Conference / 20

11 Global presence offers great advantages Global product portfolio locally adapted Quick response and short delivery times Geographic diversification In terms of economic cycles Currencies Regional autonomy Siting decision of OEMs and tier1-suppliers respectively Strong position in Asia 14 January 2016 / Helvea Swiss Equities Conference / 21 Large installed machine base generates additional services and spare parts business Installed base around machines Spare parts and service business Machine replacements Service organization around 150 employees globally komaxdirect komaxacademy Komax machines installed. 14 January 2016 / Helvea Swiss Equities Conference / 22

12 Agenda Overview on Komax Group Komax Wire innovative solutions covering all aspects of wire processing Komax Medtech efficient systems for the manufacture of self-medication solutions Conclusion 14 January 2016 / Helvea Swiss Equities Conference / 23 Komax Medtech pick up in order intake during the second quarter Net sales by region 15% Asia 4% Switzerland in CHF million Net sales EBIT 36% North/ South America 45% Europe H H Rocky start to year Strong Swiss franc is a competitive disadvantage Restructuring in La Chaux-de-Fonds completed Positive perspectives for projects Change from previous year -80% -40% 0% 40% 80% 120% 160% Switzerland Europe North/ South America Asia 14 January 2016 / Helvea Swiss Equities Conference / 24

13 Komax Medtech a structured approach from the concept to high volume production One of the leading players in its niche markets Focus on self-medication and on projects providing repeat potential Restructuring of La Chaux-de-Fonds site completed 14 January 2016 / Helvea Swiss Equities Conference / 25 Focus on self-medication and repeat business, and Self-medication point of care (T&D) injection inhalation DC fertility pens pumps syringes PMDI DPI BAI Komax Medtech product portfolio T&D: test and diagnostics; DC: disposal cartridge; PMDI: pressurized metered dose inhaler; DPI: dry powder inhaler; BAI: breath actuated inhaler 14 January 2016 / Helvea Swiss Equities Conference / 26

14 in addition new markets in assembly automation are going to be developed Use of existing standards Modules and standardized interfaces Multiplication of existing processes Use of existing platforms KSL (linear platform) and KSD (rotary platform) For prototypes and small lots Focus on large customer projects with repeat potential Customer support from prototyping and low-volume-lines to multiple high-volume-lines For instance, assembly of printer cartridges for HP 14 January 2016 / Helvea Swiss Equities Conference / 27 Agenda Overview on Komax Group Komax Wire innovative solutions covering all aspects of wire processing Komax Medtech efficient systems for the manufacture of self-medication solutions Conclusion 14 January 2016 / Helvea Swiss Equities Conference / 28

15 Conclusion High level of innovation undisputed technology and market leader Global mega trends support growth strategy Other than automotive markets provide additional opportunities Unmatched operational performance Highly profitable and sound financing Strategic options for the medtech business are under review 14 January 2016 / Helvea Swiss Equities Conference / 29 Contact/Financial calendar Contact Marco Knuchel Industriestrasse Dierikon Switzerland Phone marco.knuchel@komaxgroup.com Financial calendar First Information on the year January 2016 Annual media conference/ analysts presentation 2015 results 22 March 2016 Annual General Meeting 12 May 2016 Half-year results August January 2016 / Helvea Swiss Equities Conference / 30

16 Disclaimer This presentation contains forward-looking statements in relation to Komax which are based on current assumptions and expectations. Unforeseeable events and developments could cause actual results to differ materially from those anticipated. Examples include: changes in the economic and legal environment, the outcome of legal disputes, exchange rate fluctuations, unexpected market behaviour on the part of our competitors, negative publicity and the departure of members of management. The forward-looking statements are pure assumptions, made on the basis of information that is currently available. 14 January 2016 / Helvea Swiss Equities Conference / 31 Komax technology leader in global niche markets Helvea Swiss Equities Conference 14 January 2016 / Helvea Swiss Equities Conference / 32