Komax (KOMN) H2 2023 earnings summary

Executive summary

• Revenue rose 24.0% to CHF 752.0 million, with a full-year contribution from Schleuniger; organic development was -3.5% and currency impact -3.1%.

• Order intake increased 1.3% to CHF 686.5 million, while adjusted EBIT declined 5.5% to CHF 67.8 million as customers delayed investment in high-margin volume business.

• Weaker market conditions persisted into 2024; low visibility prevented a full-year forecast.

Financial highlights

• Revenue was CHF 752.0 million versus CHF 606.3 million; H1 revenue was CHF 393.8 million and H2 CHF 358.2 million.

• Order intake was CHF 686.5 million, up 1.3% YoY; H1 was CHF 346.2 million and H2 CHF 340.3 million.

• Adjusted EBIT was CHF 67.8 million versus CHF 71.7 million in 2022; H1 was CHF 44.4 million and H2 CHF 23.4 million.

• Earnings after tax fell 15.3% to CHF 43.8 million; basic EPS was CHF 8.55 versus CHF 12.11.

• Free cash flow rose to CHF 51.7 million from CHF 17.6 million; operating cash flow increased to CHF 62.1 million from CHF 39.0 million.

Outlook and guidance

• No FY2024 forecast was made because market volatility, economic and geopolitical uncertainty, and very low business visibility persisted.

• Mid-term 2028 targets are revenue of CHF 1.0–1.2 billion and EBIT of CHF 120–160 million; exceeding the lower revenue target depends primarily on acquisitions.

• Planned annual R&D investment remains 8–9% of revenue; planned investment volume excluding acquisitions and company sales is ~3% of annual revenue.