Comet Holding Ag · SIX:COTN

Comet — FY2009 Earnings Presentation

20 slides from Comet's earnings presentation, Apr 1, 2010

1. Slide 1: Presentation of the 2009 Results

   Zurich, 1. April 2010 Presentation of the 2009 Results Hans Hess, Chairman of the Board and Managing Director Markus Portmann, CFO 1. April 2010 | 1 Overview ƒ Introduction to the COMET Group ƒ The Year 2009 ƒ Operational Results ƒ Financial Results ƒ Outlook 2010 ƒ Questions & Answers 1. April 2010

2. Slide 2: Serving different market segments with core technologies

   Serving different market segments with core technologies Markets Food & Semicon Automotive Aerospace Electronics Cargo Broadcast packaging & solar Appli- Sterili- Plasma RF cations Non-destructive testing Security zation excitation modulation X-ray Systems System & service level Value chain CT solut

3. Slide 3: Products and markets

   Products and markets Systems division Modules & Components division YXLON X-Ray Systems Industrial X-Ray Vacuum Capacitors Vacuum capacitors and X-ray modules RF modules Non-destructive testing in OEM customers in OEM customers in ƒ Automotive ƒ Non-destructive testing ƒ Semiconductor, ƒ Aerospace ƒ

4. Slide 4: Review 2009: Successful management of balance sheet and cash flow

   Overview ƒ Introduction to the COMET Group ƒ The Year 2009 ƒ Operational Results ƒ Financial Results ƒ Outlook 2010 ƒ Questions & Answers 1. April 2010 | 7 Review 2009: Successful management of balance sheet and cash flow despite economic downturn EXTERNAL OUTCOME INTERNAL Global economic crisis ƒ D

5. Slide 5: COMET Group 2009 net sales: regional split

   COMET Group 2009 net sales: regional split North America least affected due to upsurge of Vacuum Capacitors in H2 Geographical distribution of net Change in net sales sales CHF 150.8m 1. April 2010 | 9 End user market segment split Change in net sales in % towards 2008 Distribution of net sales CHF

6. Slide 6: Systems division 2009

   Systems division Systems division 2009 ƒ Sales decline in line with markets: ƒ Loss in volume could not be decrease in industrial demand and compensated by reduction of fixed reduced capital spending lead to costs; including special charges pro-forma revenue decline of this led to EBITDA of CHF -8.6

7. Slide 7: Systems division: H1 vs. H2 2009

   Systems division H1 vs. H2 2009: reduced loss in H2 despite sales on H1 level Net sales EBITDA Special charges 100 1 44.7 88.1 H1 2009 H2 2009 2009 90 80 -1 70 CHF million CHF million 60 -3 50 43.4 40 -5 30 -3.6 20 -5.7 -7 10 0 -9 -2.9 H1 2009 H2 2009 2009 -8.6 1. April 2010 | 13 Modules & Component

8. Slide 8: Modules & Components division

   Modules & Components division Net sales down by 29.4%, positive EBITDA despite special charges Net sales EBITDA Special charges 120 111.4 100 20 78.6 15.4 80 CHF million 15 CHF million 60 10 40 6.1 5 20 0 0 -2.3 2008* 2009 2008* 2009 *Restated due to reallocation of generator business -5 1. April 20

9. Slide 9: Consolidated statement of income reflecting impact of economic crisis

   Overview ƒ Introduction to the COMET Group ƒ The Year 2009 ƒ Operational Results ƒ Financial Results ƒ Outlook 2010 ƒ Questions & Answers 1. April 2010 | 17 Consolidated statement of income reflecting impact of economic crisis in millions of CHF 2009 2008 Change Net sales 150.8 222.6 -32.3% Operatin

10. Slide 10: Group net sales decreased by CHF 71.8m or 32.3%

    Group net sales decreased by CHF 71.8m or 32.3% (mainly volume related, currency effects negligible) 250 222.6 +6.3 -32.3 225 -43.4 200 175 CHF million 0.7 -0.5 -2.6 150.8 150 125 Volume Currency effect CHF -69.4m / 31.2% CHF -2.4m / -1.1% 100 31.12.08 Elimination M&C Systems Elimination M&C Systems

11. Slide 11: Special charges recorded 2009

    Special charges recorded 2009 Special charges reduce EBIT by CHF 7.0m and EBITDA by CHF 5.8m Modules & Components division Systems division Total special Relocation and Relocation of Garbsen charges restructuring of Discontinuation of mini- Feinfocus activities to In thousands of CHF generator busin

12. Slide 12: Impact on net income related to net losses

    Impact on net income related to net losses 3 ƒ Net operating loss of CHF 2 1.3 12.7m (PY CHF +8.3m) 1 ƒ Net financing expenses CHF million 2008 CHF 3.3m (PY CHF 4.2m) 0 2009 ƒ Tax income CHF 4.6m (PY -1 CHF 1.4m) -2 -3 -2.8 1. April 2010 | 23 Impact of net financing items on net income for the perio

13. Slide 13: Impact of deferred taxes on the net income of the period

    Impact of deferred taxes on the net income of the period ƒ Applying the local tax rates, the negative EBT of CHF 17.3m would lead to a tax income of CHF 5.8m ƒ Total income tax reported sums up to CHF 4.6m (prior year CHF 1.2m). The difference to the expected tax income can be explained as follows:

14. Slide 14: Positive free cash flow despite high special charges

    Positive free cash flow despite high special charges Cash in Operations Investments Free Cash Flow Financing TCHF + 7‘708 TCHF - 5‘071 TCHF = 2‘637 TCHF - 4‘553 TCHF 40 a) Cash as per 1.1.2009 35 + 11‘856 - 5‘071 b) Net loss of the year 2009 30 - 2‘301 (e) c) Other non-cash 26‘399 - 2‘252 - 12‘730 i

15. Slide 15: Comments on balance sheet (assets part 2)

    Comments on balance sheet (assets part 2) Non-current assets decreased by CHF 7.5m or 5%. ƒ Compared to prior year-end, property, plant and equipment and intangible assets clearly decreased by CHF 7.1m ƒ Non-current assets included depreciation of CHF 6.5m and amortization of CHF 7.1m (including CHF

16. Slide 16: Proposal to pay a reduced dividend for 2009

    Net debt and equity ratio below 2008, but above 2007 Net debt vs. Equity 140.0 60.0% 129.0 126.7 112.4 120.0 50.0% 100.0 47.2% 50.7% 48.9% 40.0% CHF million 80.0 66.4 30.0% 53.2 54.6 60.0 34.0% 20.0% 40.0 32.7% 29.6% 20.0 10.0% 0.0 0.0% December 31, 2007 December 31, 2008 December 31, 2009 Net Debt

17. Slide 17: COMET 2010: sales target of CHF 170m to CHF 180m

    Overview ƒ Introduction to the COMET Group ƒ The Year 2009 ƒ Operational Results ƒ Financial Results ƒ Outlook 2010 ƒ Questions & Answers 1. April 2010 | 33 COMET 2010: sales target of CHF 170m to CHF 180m Division Situation Key themes 2010 Outlook Net sales X-Ray ƒ Overall stabilizing demand ƒ Expa

18. Slide 18: Outlook 2010 and Conclusion

    Outlook 2010 ƒ Robust new orders indicate positive start into 2010, but sustainable recovery to be confirmed during the course of the year ƒ In view of the current market outlook, management: ƒ targets sales of 15% to 20% above 2009 ƒ expects a small profit on net income level 1. April 2010 | 35 Con

19. Slide 19: Disclaimer

    Overview ƒ Introduction to the COMET Group ƒ The Year 2009 ƒ Operational Results ƒ Financial Results ƒ Outlook 2010 ƒ Questions & Answers 1. April 2010 | 37 Disclaimer This document contains forward-looking statements about COMET that may be subject to uncertainty and risk. Readers should therefore

20. Slide 20: Thank you for your attention.

    © 2010 COMET HOLDING AG Thank you for your attention. COMET HOLDING AG Herrengasse 10, CH-3175 Flamatt T +41 31 744 90 00, F +41 31 744 90 90 info@comet.ch, www.comet.ch

Comet Holding — FY2009 Earnings Presentation on 6ix