Slide 1: Presentation of the Results 2010
Zürich March 23, 2011 Presentation of the Results 2010 Ronald Fehlmann, CEO Markus Portmann, CFO Technology with Passion Results FY 2010 Overview Introduction to the COMET Group Review FY 2010 Operational Results Financial Results Outlook 2011 Questions & Answers Technology with Passion 23.3.2011 |
Slide 2: COMET Group – Key Facts
Results FY 2010 COMET Group – Key Facts Employees 721 Foundation 1948 Main locations Flamatt (CH) Hamburg (DE) Subsidiaries in Germany Denmark China Japan USA SIX Swiss 2002 (COTN) Exchange Acquisitions Philips Industrial X-ray (2002) Feinfocus (2004) YXLON (2007) Technology with Passion 23.3.2011 |
Slide 3: Close Proximity to our Customers as Key Success Factor
Results FY 2010 Close Proximity to our Customers as Key Success Factor Main locations Subsidiaries Sales & Service locations Technology with Passion 23.3.2011 | 5 Results FY 2010 Differentiation through Excellence in serving our Customers LAM Research Supplier Awards AMEC Supplier Award Technology w
Slide 4: One Company – Two Brands / Products
Results FY 2010 One Company – Two Brands COMET-YXLON Europe Systems Modules & Components Flamatt, CH Division Division Hamburg, Hattingen Copenhagen, DK Industrial Vacuum COMET-YXLON X-Ray Capacitors North America Stamford, CT San Jose, CA Akron, OH COMET-YXLON Asia Yokohama, Japan Shanghai, China B
Slide 5: Target Markets
Results FY 2010 Target Markets Non destructive testing (OEM & end Security (OEM) user) Automotive Cargo (Luggage Aerospace & pallets) Energy Electronics e-beam (OEM) Plasma excitation (OEM) Food & Pharma Chips packaging LCD flat panel sterilization Thin film solar Technology with Passion 23.3.2011 |
Slide 6: COMET Group in 2010: Strong and profitable Growth
Results FY 2010 COMET Group in 2010: Strong and profitable Growth Net sales growth + 44.2% (in CHF) + 51.5% (currency adjusted) EBITDA margin from 3.5% to 13.0% Free cash flow from 5.8m to 14.3m in CHF Equity ratio from 48.9% to 52.0% Technology with Passion 23.3.2011 | 11 Results FY 2010 COMET Grou
Slide 7: Net Sales by Region and Results by Division
Results FY 2010 Still well-balanced geographical diversification despite of strong growth in North America (+81%) and Asia (+70%) Development and Distribution of Net Sales by Region 2009 2010 2% 2% 24% 32% 36% 38% 30% 36% Europe CHF 150.8m North America CHF 217.4m Europe North America Asia Rest of W
Slide 8: Implementation of Strategy is bearing Fruits
Results FY 2010 Implementation of Strategy is bearing Fruits a) Implementation of forward integration to RF match boxes RF generator RF matching network RF plasma chamber Vacuum capacitor Strongest sales growth within Modules & Components division Significant part of division and group sales Increas
Slide 9: Implementation of Strategy is bearing Fruits
Results FY 2010 Implementation of Strategy is bearing Fruits c) New, innovative products and further developments Modules & Components Build-to-spec match boxes Unisolar - product line for solar applications High energy (e.g. 600kV) Low energy (e.g. 75 kV) Vario e-beam Systems New product features a
Slide 10: Implementation of Strategy supported by favorable Market Development
Results FY 2010 Implementation of Strategy supported by favorable Market Development Non destructive testing Security Automotive Aerospace NDT Cargo (Luggage) Components Energy Electronics e-beam Plasma excitation Chips Food&Pharma packaging Flat panels sterilization Net sales Thin film solar 2009 T
Slide 11: Strong Growth returned in 2010; Back to strong Profitability
Results FY 2010 COMET Group: Strong Growth returned in 2010 Organic growth in Net sales (quarterly changes based upon CHF results) 80.0% 67% 60.0% 51% 40.0% 25% 37% 20.0% 7% 0.0% Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 -20.0% -4% -22% -40.0% -30% -40% -38% -60.0% Quartely Change
Slide 12: Net Sales by Business Activity
Results FY 2010 Net sales by Business Activity Net sales in Growth millions of CHF FY ’10 FY ’09 In % LC* in % X-Ray Systems 106.2 88.1 20.6 29.1 Industrial X-Ray 54.7 47.9 14.2 19.7 Vacuum Capacitors 75.5 30.8 145.1 153.9 Elimination Intersegment -19.0 -16.0 Group 217.4 150.8 44.2 51.5 * In local c
Slide 13: Systems Division and Modules & Components Division
Results FY 2010 - Systems Division Increase of net Sales by 20.6% and EBITDA by CHF 7.9m Net sales EBITDA* 120.0 110.0 106.2 4.0 3.5 100.0 88.1 3.0 90.0 80.0 2.0 70.0 CHF million 1.0 60.0 CHF million 0.0 50.0 2009 2010 -1.0 40.0 30.0 -2.0 20.0 -3.0 10.0 -4.0 0.0 2009 2010 -4.4 -5.0 * before special
Slide 14: Back to strong net Income in 2010
Results FY 2010 Back to strong net Income in 2010 Net income 10 7.5 Operating income of CHF 5 16.2m (PY CHF -7.0m before special charges) CHF millions 0 Net financing expenses 2009 2010 CHF 6.3m (PY CHF 3.2m) -5 Income tax expense CHF -10 2.4m (PY tax income of CHF 4.6m) -15 -12.7 Technology with Pa
Slide 15: Impact of income Taxes; Cash flow
Results FY 2010 Impact of income Taxes on the net Income of the Period Applying the local tax rates, the EBT of CHF 9.9m would lead to an expected tax expense of CHF 2.8m Total income tax expense reported sums up to CHF 2.4m (PY tax income of CHF 4.6m). The difference to the expected tax expense of
Slide 16: Improvement on Working Capital Management
Results FY 2010 Sound Balance Sheet Ratios and Decrease of total Assets Amount In millions of CHF FY2010 FY2009 Current assets 99.5 46.3% 100.8 43.9% Non-current assets 115.3 53.7% 128.8 56.1% Total assets 214.8 100.0% 229.6 100.0% Liabilities 103.1 48.0% 117.2 51.1% Equity 111.7 52.0% 112.4 48.9% T
Slide 17: Repayment of Debt and strong Equity Ratio
Results FY 2010 Capital Expenditures increased; significant Translation Effects Non-current assets decreased by CHF 13.5m or 10% Compared to prior year-end property, plant and equipment and intangible assets decreased by CHF 13.3m Non-current assets included depreciation of CHF 6.8m and amortization
Slide 18: Strong Improvement in net Debt; Proposal to pay out Reserves
Results FY 2010 Strong Improvement in net Debt; Increase in Equity Ratio Mio. CHF Net debt vs. Equity 140.0 60.0% 126.7 52.0% 120.0 50.7% 48.9% 112.4 111.7 50.0% 100.0 40.0% 80.0 32.7% 29.6% 28.4% 30.0% 60.0 53.2 54.6 44.4 20.0% 40.0 10.0% 20.0 0.0 0.0% December 31, 2008 December 31, 2009 December 3
Slide 19: We expect positive market economics with different dynamics
Results FY 2010 Overview Introduction to the COMET Group Review FY1 2010 Operational Results Financial Results Outlook 2011 Questions & Answers Technology with Passion 23.3.2011 | 37 Results FY 2010 We expect in general positive market economics but with different dynamics Non destructive testing Se
Slide 20: Outlook 2011: Events in Japan
Outlook 2011 Results FY 2010 Events in Japan: Our Evaluation Highest uncertainty in electronic market Solar market will receive further boost Otherwise minor impact on other markets of the COMET Group expected 8% of Group net sales earned in Japan - subsidiary in Japan not directly affected (occasio
Slide 21: COMET 2011: Single digit Sales Growth expected
Outlook 2011 Results FY 2010 COMET 2011: Single digit Sales Growth expected Outlook Net Sales Key Themes 2011 vs. 2010 Vacuum Introduce new Capacitor Generation for Modules & Capacitors Semi Applications Expand customer base in Asia in all Components Markets Establish RF Generator design and manufac
Slide 22: Disclaimer
Results FY 2010 Overview Introduction to the COMET Group Review FY1 2010 Operational Results Financial Results Outlook 2011 Questions & Answers Technology with Passion 23.3.2011 | 43 Results FY 2010 Disclaimer This document contains forward-looking statements about COMET that may be subject to uncer
Slide 23: Thank you for your attention.
© 2011 COMET HOLDING AG Thank you for your attention. Technology with Passion COMET HOLDING AG Herrengasse 10, CH-3175 Flamatt T +41 31 744 90 00, F +41 31 744 90 90 Technology with info@comet.ch, Passion www.comet.ch 23