Slide 1: Presentation of the Results 2012
3/13/2013 Zürich March 14, 2013 Presentation of the Results 2012 Ronald Fehlmann, CEO Markus Portmann, CFO Technology with Passion Agenda 1 COMET Group at a Glance 2 Review FY 2012 Key Figures Highlights Market Review Business Review per Division 3 Financial Results 4 Outlook 2013 2015 5 e-beam 6 Qu
Slide 2: COMET Group at a glance
3/13/2013 COMET Group at a glance Headquarters in Flamatt (CH) Leading global provider of high-quality 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 from outside Switzerlan
Slide 3: 2012: Solid result despite weak semicon market
3/13/2013 2012: Solid result despite weak semicon market Net sales in CHF -1% below previous year from 217.0m to 214.4m EBITDA margin -0.7% points below previous year from 12.6% to 11.9% Net income in CHF Significantly below previous year from 10.1m to 5.9m FY Results 2012 | 14.03.2013 5 2012: Healt
Slide 4: 2012: Progress with strategic initiatives
3/13/2013 2012: Progress with strategic initiatives YXLON 9.8% 6.0% 3.0% 2010 2011 2012 Improved profitability Tetra Pak commits itself to in systems division: COMET’s innovative e- EBITDA margin +3.8% beam technology at Anuga 2012 Strategic focus adjusted with the “Focusing growth on strengths“ pro
Slide 5: Market review: Sales growth in core business NDT
3/13/2013 Market review Sales growth in core business NDT Nondestructive Plasma excitation Sterilization testing OEM and end user OEM OEM business business 70% of Group sales* 27% of Group sales** 3% of Group sales +2% -14% x1.9 *incl security and thickness gauging; ** including boradcasting FY Resu
Slide 6: Plasma excitation: Reduced spending; Sterilization: Tetra Pak commitment
3/13/2013 Market review Plasma excitation: Reduced spending Semiconductor market: downswing in demand from the semiconductor market beginning in the second quarter 2012 Solar and Flat panel: stagnation due to deferral of investments; COMET well positioned for upturn FY Results 2012 | 14.03.2013
Slide 7: X-Ray Systems and PCT division results 2012
3/13/2013 Systems division 2012 X-Ray Systems: Initiatives to improve profitability pay off Sales growth by +2.8% fueled by Growth in aerospace with CT systems Portable solutions in Europe and Asia Service business fostered with new products (e.g. software upgrades, maintenance contracts)
Slide 8: Industrial X-Ray: Focus on sales initiatives bearing fruits
3/13/2013 Modules & Components division 2012 Industrial X-Ray: Focus on sales initiatives bearing fruits +9.3% sales growth with new products (high-/ low-energy) new applications (sorting) customized solutions in NDT and security market Design-wins with existing and new customers Growth
Slide 9: Missing semiconductor revenue leads to 1.2% lower net sales
3/13/2013 Missing revenue from semiconductor industry leads to 1.2% lower net sales Net sales in Growth millions of CHF * at constant exchange rates FY ’12 FY ’11 CHF in % LC* in % X-Ray Systems 118.4 115.2 2.8 1.4 Industrial X-Ray 56.1 51.4 9.1 7.6 Plasma Control 58.2 67.7 -13.9 -17.2 Technologies
Slide 10: Lower Group net sales driven by lower sales volumes
3/13/2013 Lower Group net sales driven by lower sales volumes supported by positive currency impacts 220 217.0 -1.2 - 7.8 +1.6 +0.1 +1.6 +3.1 214.4 210 CHF millions 200 Volume effect in local Positive currency currencies effect CHF -7.4m CHF 4.8m 190 180 Net Sales Elimination Division M&C Division E
Slide 11: Division Systems: Profitable growth driven by increased gross profit margin
3/13/2013 Division Systems: Profitable growth driven by increased gross profit margin of 5% Net sales (Increase 2.8%; 1.4% in LC*) EBITDA 130 115.2 118.4 6.9 11.6 120 14 14% 110 12 12% 100 9.8% 90 10 10% 80 8 8% CHF millions 70 6.0% 60 6 6% 50 4 4% 40 30 2 2% 20 0 0% 10 0 2011 2012 2011 2012 EBITDA
Slide 12: Improved gross profit margin in challenging market environment
3/13/2013 Improved gross profit margin in challenging market environment in thousands of CHF 2012 2011 Absolut in% Incoming Orders 215'298 213'335 1'963 1% Net sales 214'401 216'965 -2'564 -1% Cost of sales -131'119 -136'568 5'449 Gross profit 83'282 80'397 2'885 Gross profit margin in % 38.8% 37.1%
Slide 13: Financing items improved due to lower interest-bearing debt
3/13/2013 Financing items improved due to lower interest-bearing debt and stable currency exchange rates Net financing items amounted to an expense of CHF 2.3m (PY CHF 4.0m), reflecting the following factors: Interest expenses were CHF 2.0m (PY CHF 2.5m) related mainly to senior debt and mortgage
Slide 14: Strong free cash flow based upon a profitable business
3/13/2013 Strong free cash flow based upon a profitable business CF provided by operating CF used in investing CF used in financing acitvities activities Free Cash Flow activities 22.6 MCHF - 6.6 MCHF = 16.0 MCHF - 19.1 MCHF 50 +20.4 -3.7 a) Cash as per 1.1.2012 45 b) Net income FY 2012 -5.7 c) Othe
Slide 15: Stable working capital ratios
3/13/2013 Stable working capital ratios Working capital ratios Total net working capital increased by CHF 3.7m. Monthly average net working capital in % of net sales reached 26.1% (PY 26.8%) reflecting our efforts to optimize capital employed Increase in trade receivables to CHF 36.0m (PY CHF 30
Slide 16: Lower liabilities and strong equity ratio
3/13/2013 Lower Liabilities and strong equity ratio Current liabilities increased by CHF 4.9m, mainly driven by: Increase in accrued expenses (bonus, vacation and overtime credits) Decrease in other financial liabilities (derivatives for FX hedging) Non-current liabilities fell sharply by CHF 8.
Slide 17: Equity ratio net of intangible assets reaches 45%
3/13/2013 Equity ratio net of intangible assets reaches 45% 140.0 70.0% Total shareholders' equity 120.0 60.0% Total intangible assets 100.0 50.0% 44.8% Goodwill and brands CHF millions 80.0 42.4% 40.0% Intangibles in % of equity 35.4% 60.0 30.0% Equity ratio net of intangibles 31.5% 28.1% 24.7% 40.
Slide 18: Outlook 2013
3/13/2013 Agenda 1 COMET at a Glance 2 Review FY 2012 Key Figures Highlights Market Review Business Review per Division 3 Financial Results 4 Outlook 2013 2015 5 e-beam 6 Questions & Answers FY Results 2012 | 14.03.2013 35 Outlook 2013 Board of Directors and Management confirm: CHF 230-250 milli
Slide 19: 2013: H2 significantly stronger than H2 2012
3/13/2013 2013: H2 significantly stronger than H2 2012 Sales development H1 2013 H2 2013 vs. H1 2012 Vs. H2 2012 Group H2 stronger than H1 Systems Stable organic growth with FeinFocus, CT division and Service especially in Asia expected. Difficult business environment in automotive Modules & Indus
Slide 20: Strategy 2015: Focusing growth on strengths
3/13/2013 Outlook 2015 Strategy 2015: Focusing growth on strengths 1 Build on innovative technologies Exploiting global market trends Promote strong organic growth 2 Based on scaling of existing products and technologies, exploiting global market trends Accelerate emerging businesses 3 To fully expl
Slide 21: e-beam / Tetra Pak Update: Who is Tetra Pak?
3/13/2013 Agenda 1 COMET Group at a Glance 2 Review FY 2012 Key Figures Highlights Market Review Business Review per Division 3 Financial Results 4 Outlook 2013 2015 5 e-beam 6 Questions & Answers FY Results 2012 | 14.03.2013 41 e-beam / Tetra Pak Update Who is Tetra Pak? Privately owned / the world
Slide 22: 3 product groups segmented according to different needs
3/13/2013 e-beam / Tetra Pak Update 3 product groups segmented according to different needs high functionality Carton Bottle Carton Value Carton Basic low value high value ca. 80% or about 400 machines p.a. (2011) low functionality FY Results 2012 | 14.03.2013 43 e-beam / Tetra Pak Update Carton val
Slide 23: Rollout plan is being substantiated - e-beam set as standard
3/13/2013 e-beam / Tetra Pak Update Rollout plan is being substantiated - e-beam set as standard e-beam will be introduced first in the product platforms A3 Speed/ Flex/ Compactflex New business: 2 e-beam sources per machine Replacement: 2 e-beam emitters per machine Variables Product mix: e
Slide 24: COMET with new organization to assure roll-out at Tetra Pak
3/13/2013 e-beam / Tetra Pak Update COMET with new organization to assure roll-out at Tetra Pak and tap new market segments with growth potential E-beam C. Flükiger Business Development & Operations / Supply Chain Research & Development Sales Dedicated to Tetra roll-out e-beam split from Industria
Slide 25: Financial calendar of the COMET Group 2013
3/13/2013 Financial calendar of the COMET Group 2013 March 14, 2013 Publication of 2012 annual financial statements April 18, 2013 Annual Shareholder Meeting August 22, 2013 Publication of 2013 half-year results November 14, 2013 Investor Day 2013 FY Results 2012 | 14.03.2013 49 25