Slide 1: Presentation of Results for the First Half of 2013
20.08.2013 Zurich, 22 August 2013 Presentation of Results for the First Half of 2013 Ronald Fehlmann, CEO Markus Portmann, CFO Technology with Passion Agenda 1 COMET Group at a Glance R. Fehlmann 2 Review HY 1, 2013 Business Segments 3 Geographical Evolution 4 Financial Results M. Portmann 5 Outlook
Slide 2: COMET Group at a glance
20.08.2013 Group at a glance COMET Group at a glance Leading global provider of high-quality Headquarters in Flamatt (CH) systems, components and services in industrial x-ray, radio frequency and e-beam technologies. 12 subsidiaries / branch offices worldwide CHF 214.4m sales* 99% of sales fro
Slide 3: HY1 2013: COMET Group on track
20.08.2013 Review HY1 2013 HY1 2013: COMET Group on track HY1 2013 in line with prior year and expectations CHF 106.0m sales, 9.2% EBITDA margin Strategy implementation on track Further improved gross margin in systems business Intensified market development and sales activities Market-o
Slide 4: HY1 2013 business segment overview
20.08.2013 Business Segments HY1 2013 business segment overview Net Sales 52.2m 33.3m 31.0m in CHF (HY1 2012: 51.5m) (HY1 2012: 35.0m) (HY1 2012: 27.5m) 4.2% 8.7% 18.6% EBITDA (HY1 2012: 7.6%) (HY1 2012: 7.2%) (HY1 2012: 22.3%) HY Results 2013 | 22.08.2013 7 X-Ray & ebeam Technologies XET: Solid gro
Slide 5: XET: ebeam according to plan; PCT: On track with winning market shares
20.08.2013 X-Ray & ebeam Technologies XET: ebeam according to plan ebeam now a separate business unit New dedicated team staffed and up & running to answer the needs for Tetra Pak rollout to open up new fields of application in further industries Tetra Pack rollout according to schedule (I
Slide 6: IXS: Weak start, strong back-log, gross margin up
20.08.2013 X-Ray Systems IXS: Weak start, strong back-log, gross margin up + 0.6%* sales growth vs. HY1 2012 below expectations due to weak start and missing large orders for customized systems mainly in the US Gross margin profitability further improved increased share of higher margin products
Slide 7: Well balanced sales split; USA: Missing systems sales
20.08.2013 Geographical Evolution and Sales Split Well balanced sales split Growth in all regions except USA Net sales growth vs. HY1 2012 Geographical distribution of net sales 4% Europe USA Asia 30% +10%* -9%* +3%* 36% CHF 106.0m 30% RoW +8%* Europe USA Asia RoW *Local currencies HY Results 2013 |
Slide 8: Asia: Broad market approach bearing fruits; Europe: Solid growth
20.08.2013 Geographical Evolution Asia: Broad market approach bearing fruits, increased demand for RF matchboxes X-Ray & ebeam Technologies (+36%*) Strong growth, particularly in China, driven by intensified and broader marketing approach +3%* Plasma Control Technologies (+7%*) Increased demand
Slide 9: Higher net sales driven by higher local sales volumes
20.08.2013 Agenda 1 COMET Group at a Glance R. Fehlmann 2 Review HY 1, 2013 Business Segments 3 Geographical Evolution 4 Financial Results M. Portmann 5 Outlook 2013 R. Fehlmann 6 Questions & Answers all HY Results 2013 | 22.08.2013 17 Higher net sales driven by higher local sales volumes supported
Slide 10: Currency exposure and X-Ray Systems net sales and EBITDA
20.08.2013 Net exposure of CHF 25m to USD for HY 2013 110 Weaker CHF had a positive 4.3 EBIT impact on Sales and EBIT 100 Net Exposure 19.0 90 CHF 25m to USD Net sales: The positive net 44.6 80 11.5 impact of the weaker Swiss 70 franc amounted to CHF1.0m USD (EUR CHF +0.9m; 60 10.9 Other USD CHF
Slide 11: XET and PCT net sales and EBITDA
20.08.2013 X-Ray & ebeam Technologies XET: Increase in net sales at a high EBITDA margin level; investment in ebeam business Net sales (Increase 12.6%; 11.1% in LC*) EBITDA 35.0 8 25 22.3% 30.0 7 31.0 18.6% 20 6 25.0 27.5 6.1 5.8 CHF millions 5 15 CHF millions 20.0 4 % 15.0 3 10 10.0 2 5 5.0 1 0 0 0
Slide 12: Growing sales, strong new orders and improved gross profit margin
20.08.2013 Growing sales, strong new order and improved gross profit margin in a challenging market environment HY Change in thousands of CHF 2013 2012 Absolut in% Incoming Orders 131'452 113'595 17'857 16% Net sales 106'046 104'082 1'964 2% Cost of sales -64'424 -63'488 -937 Gross profit 41'622 40'
Slide 13: Financing items improved due to lower interest-bearing debt
20.08.2013 Financing items improved due to lower interest-bearing debt and favorable currency exchange rates Net financing items amounted to an expense of CHF 0.3m (PY CHF 0.8m), reflecting the following factors: Interest expenses were CHF 0.9m (PY CHF 1.0m) related mainly to senior debt and mortg
Slide 14: Working capital increase leading to temporary negative FCF
20.08.2013 Working capital increase related to expected growth in HY2 2013 is leading to a temporary negative FCF CF provided by CF used in Free Cash CF used in operating activities investing activities Cash Flow financing activities 0.5 MCHF -3.8 MCHF = -3.3 MCHF -3.2 MCHF 30 a) Cash as per 1.1.201
Slide 15: Stable average working capital ratios
20.08.2013 Stable average working capital ratios Working capital ratios compared to HY1, 2012 Net working capital increased by CHF 6.5m or 12% driven by the expected revenue increase in HY2 Monthly average net working capital in % of net sales reached 26.7% (PY 26.8%) reflecting our efforts to o
Slide 16: Impact of implementation of IAS 19 revised
20.08.2013 Impact of implementation of IAS 19 revised Restatement 2012 – no material impact Impact on results HY1 2012: no restatement – P&L figures remain as published at the time FY 2012: Net income reduced by CHF 0.2m (EPS CHF 0.32) Impact on equity driven by lower pension asset June 30,
Slide 17: Improved net debt and increased equity ratio
20.08.2013 Improved net debt and increased equity ratio Net debt vs. equity Mio. CHF 140.0 120.8 120.0 116.1 115.8 60.0% 57.7% 58.3% 100.0 56.3% 80.0 40.0% 60.0 40.0 33.5 20.0% 29.8 25.9 20.0 0.0 0.0% June 30, 2012 December 31, 2012 June 30, 2013 Net Debt Equity Equity in % Increase of the equity
Slide 18: Outlook 2013 confirmed
20.08.2013 Outlook Outlook 2013 confirmed For 2013 Board of Directors and Management confirm: CHF 230-250 million sales 12% to 14% EBITDA margin HY2 2013 expected with significantly stronger development vs. HY1 2013 and vs. strong HY2 2012 Continuing high demand from semiconductor industry
Slide 19: Coming up next: Investor Day 14 November 2013
20.08.2013 Coming up next Investor Day: 14. November 2013 in Flamatt „Growth through innovative technologies“ What is our state of progress? How are we doing with the vigorous marketing of our innovative technologies and products? Under the theme of “Growth through innovative technologies”, we cordi
Slide 20: Financial calendar and Disclaimer
20.08.2013 Financial calendar for the COMET Group November 14, 2013 Investor Day in Flamatt March 20, 2014 Publication of 2013 annual financial statements HY Results 2013 | 22.08.2013 39 Disclaimer This document contains forward-looking statements about COMET that may be subject to uncertainty and r