Slide 1: Presentation of the Results for the First Half of 2012
Zurich, 23 August 2012 Presentation of the Results for the First Half of 2012 Ronald Fehlmann, CEO Markus Portmann, CFO Technology with Passion Half-Year Report 2012 Agenda COMET Group at a glance Review HY 1 2012 Business Areas Geographical Development Financial Results Outlook 2012 Questions
Slide 2: COMET Group profile
Half-Year Report 2012 COMET Group profile Headquarters in Flamatt (CH) Leading global provider of high-quality systems, components and services in industrial x-ray, plasma control and e-beam technologies 12 subsidiaries / branch offices worldwide 99% of sales realized outside Switzerland SIX S
Slide 3: HY1 2012: COMET Group on track
Half-Year Report 2012 HY1 2012: COMET Group on track HY1 2012 in line with expectations CHF 104.1m sales, 10.6% EBITDA margin Strategic initiatives on plan Improved profitability in Systems business Design & market share wins with new products Acquired Stolberg business running as planne
Slide 4: Systems division: Profitability up, robust incoming orders
Half-Year Report 2012 Agenda COMET Group at a glance Review HY1 2012 Business Areas Geographical Development Financial Results Outlook 2012 Questions & Answers Technology with Passion 23.08.2012 ¦ 7 Half-Year Report 2012 Systems division: Profitability up, robust incoming orders Slow start i
Slide 5: Modules & Components: IXT surpasses strong HY1 2011
Half-Year Report 2012 Modules & Components: IXT surpasses strong HY1 2011 Industrial X-Ray (IXT) +5.2% growth in local currencies thanks to design and market share wins with High energy Low energy E-beam Profitability further improved E-beam on track Market leadership in core business
Slide 6: Modules & Components: Stolberg business as planned
Half-Year Report 2012 Modules & Components: Stolberg business as planned Plasma Control Technologies Sales decline of -13.4% in local currencies vs. HY1 2011 Semiconductor market down in Q2 Flat panel and solar: surplus capacity and the postponement of projects Market share gains outside sem
Slide 7: US: Positive sales development in NDT market; Europe: Successful HF generator business
Half-Year Report 2012 US: Positive sales development in NDT market Industrial X-Ray (+17%) North Acquisition of several smaller NDT America accounts +3.7% X-Ray Systems (+27%) Sales increase thanks to orders in aerospace (Turbine blades) and Feinfocus applications Plasma Control (-5%) Decline of sal
Slide 8: Asia: Overcapacities in flat panel and solar markets
Half-Year Report 2012 Asia: Overcapacities in flat panel and solar markets Industrial X-Ray (+/-0) Sales on par with previous year Asia -20.4% X-Ray Systems (-16%) Sales decline vs. HY1 2011 which was especially strong in tires and wheels Plasma Control (-34%) Downturn of LCD , solar and (partly) se
Slide 9: Net sales growth in Industrial X-Ray
Half-Year Report 2012 Agenda COMET Group at a glance Review HY1 2012 Business Areas Geographical Development Financial Results Outlook 2012 Questions & Answers Technology with Passion 23.08.2012 ¦ 17 Half-Year Report 2012 Net sales growth in Industrial X-Ray Net sales in Growth millions of CHF
Slide 10: Net sales growth in the USA
Half-Year Report 2012 Net sales growth in the USA Net sales in Growth millions of CHF HY ’12 HY ’11 CHF in % LC* in % Europe 28.5 32.3 - 11.8 - 8.0 USA 35.3 34.0 + 3.7 + 1.5 Asia 36.9 46.4 - 20.4 - 21.5 RoW 3.4 4.1 - 16.2 - 13.0 COMET Group 104.1 116.8 - 10.9 - 10.8 * LC at constant average exchange
Slide 11: Net exposure of CHF 32m to USD in HY1 2012
Half-Year Report 2012 Net exposure of CHF 32m to USD in HY1 2012 110 EBIT 5 100 USD Net 18 Activities to mitigate the net 90 50 Exposure (17%) exposure include 32m 80 (48%) 10 Sourcing in USD / EUR, 70 exchange rate clauses CHF millions USD 60 Other Increase efficiency 50 38 (processes, automati
Slide 12: Reasonable half-year result in a challenging environment
Half-Year Report 2012 M&C division: Lower revenues in combination with ongoing investments in R&D and marketing reduces margins at short term Net sales (Decrease -5.8%; -5.9% in LC*) EBITDA 15.0 66.3 12.3 62.5 60.0 12.0 8.6 CHF million 45.0 9.0 CHF million 30.0 6.0 15.0 3.0 0.0 0.0 HY1 2011 HY1 2012
Slide 13: Net income HY1 2012 backed by lower finance expenses
Half-Year Report 2012 Net income HY1 2012 backed by lower finance expenses 6.0 5.4 Operating income of CHF 4.6m (PY CHF 9.4m) 4.0 Net financing expenses CHF CHF millions 0.8m (PY CHF 4.1m) 2.7 Income tax expense CHF 2.0 1.1m (PY tax expense of CHF 0.0m) 0.0 HY1 2011 HY1 2012 Technology with Pa
Slide 14: Income taxes on expected level; Strong free cash flow
Half-Year Report 2012 Income taxes on expected level Applying the local tax rates to the actual EBT of CHF 3.8 would lead to a tax expense of CHF 1.0m Total income tax expense reported sums up to CHF 1.1m (PY tax expense of CHF 0.0m). The difference to the expected tax expense can be explained a
Slide 15: Ongoing sound balance sheet ratios
Half-Year Report 2012 Ongoing sound balance sheet ratios In millions of CHF June 30, 2012 Dec. 31, 2011 Current assets 97.1 46.9% 92.6 44.4% Non-current assets 110.1 53.1% 115.8 55.6% Total assets 207.3 100.0% 208.4 100.0% Liabilities 90.3 43.6% 89.1 42.8% Equity 117.0 56.4% 119.3 57.2% Total Liabil
Slide 16: Capital expenditures in HY1 2012 as planned
Half-Year Report 2012 Capital expenditures in HY1 2012 as planned Non-current assets decreased by CHF 5.7m or 5% Tangible and intangible assets decreased by CHF 5.4m Compared to prior year-end property, plant and equipment and intangible assets decreased by CHF 5.4m Cash capital expenditures as
Slide 17: Ongoing stable equity ratio, improved net debt
Half-Year Report 2012 Ongoing stable equity ratio, improved net debt *) Mio. CHF Net debt vs. Equity 140.0 80.0% 119.3 117.0 70.0% 120.0 112.5 57.2% 56.4% 60.0% 100.0 53.8% 50.0% 80.0 40.0% 60.0 27.1% 30.0% 22.3% 40.0 21.2% 41.9 20.0% 32.1 33.5 20.0 10.0% 0.0 0.0% June 30, 2011 December 31, 2011 Jun
Slide 18: COMET Group 2012: Guidance confirmed
Half-Year Report 2012 Agenda COMET Group at a glance Review HY 1 2012 Busines Areas Geographical Development Financial Results Outlook 2012 Questions & Answers Technology with Passion 23.08.2012 ¦ 35 Outlook Results 2012 Half-Year FYReport 2011 2012 COMET Group 2012: Guidance confirmed The COM
Slide 19: Outlook 2012: Net sales and EBITDA on 2011 level expected
Outlook 2012 Outlook 2012: Net sales and EBITDA on 2011 level expected Sales HY2 2012E Systems Systems Significant increase in sales vs. HY1 expected due to High backlog (+39% vs. HY1 2011) and Incoming orders on a continuously strong level Further improvement on profitability (EBITDA leve
Slide 20: Financial calendar for the COMET Group
Half-Year Report 2012 Agenda COMET Group at a glance Review HY 1 2012 Busines Areas Geographical Development Financial Results Outlook 2012 Questions & Answers Technology with Passion 23.08.2012 ¦ 39 Half-Year Report 2012 Financial calendar for the COMET Group November 14, 2012 Investor Day in
Slide 21: Disclaimer; Thank you for your attention
Half-Year Report 2012 Disclaimer This document contains forward-looking statements about COMET that may be subject to uncertainty and risk. Readers should therefore be aware that such statements may deviate from actual future outcomes or events. Forward-looking statements in this document are projec