In brief

­The Komax Group is a globally active technology company specializing in automation solutions for selected processes in the automotive and pharmaceutical industries. Its core competency is mechatronics, i.e. the interdisciplinary interaction of precision engineering, electronics and information technology. With its innovative and high-quality solutions for the wire-processing industry and systems for the assembly of self-medication instruments, Komax helps its customers implement economical and safe manufacturing processes, especially in the automotive supply and pharmaceutical sectors.

In brief

363.3 Mio.
Revenues in CHF
+12.2%

EBIT margin
13.2%

Equity ratio
73.2%

29.2 Mio.
Net cash
in CHF

65%
Payout ratio

3.2%
Dividend yield

Shareholders’ Letter

Dear Shareholders,
The last financial year was characterized by strong growth and impressive profitability. The Komax Group’s consolidated revenues increased to CHF 363.3 million (2013: CHF 324.0 million). This equates to growth of 12.2%, of which acquisition effects contributed 4.4% and currency influences –1.7%. Internal growth thus amounted to a high 9.5%. Operating profit (EBIT) increased by 11.1% to CHF 48.1 million (2013: CHF 43.3 million). Operating responsibility for the Solar business was transferred to the management of Xcell Automation on 1 October 2014 following a management buyout. For the time being, Komax is retaining a minority stake of 25%. Komax Solar’s contribution is therefore not included in these figures.


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Locations

The Komax Group has a presence in all key production centres of its customers. It has its finger on the pulse of industry and develops needs-driven, high-value and innovative automation solutions for local requirements in global markets by drawing on its 40 years’ experience.


Komax produces in Europe, North and South America, Asia and Africa, and provides sales and service support in some 60 countries through its subsidiaries and independent agents.

Standorte

Net sales
by region

Europa
49%

Asia
23%

Africa
9%

North-/South America
19%

Business Model and Strategy

The Komax Group’s operating business consists of the two segments (business units) Komax Wire and Komax Medtech. These operate as largely autonomous, self-contained brands in different markets and fields of application:

  • Komax Wire offers innovative solutions for all wire processing applications, as well as for testing harnesses and ready-to-install vehicle modules.
  • Komax Medtech develops sophisticated, customer-specific systems, primarily for the automatic assembly of medical devices, such as insulin pens and syringes.

Business Model and Strategy

Revenues
+12.2%

57.7 Mio.
EBITD in CHF
+9.7%

Headcount
1498

Board of Directors

Leo Steiner (1943)
Non-executive, independent member of the Board of Directors since 1997, Chairman of the Board of Directors since 2007, elected until 2015, Swiss national, resident in Steinhausen.

Daniel Hirschi (1956)
Non-executive, independent member of the Board of Directors since 2005, Vice-Chairman since 2014, elected until 2015, Swiss national, resident in Biel, Chairman of the Board of Directors of listed company Schaffner Holding AG, Luterbach, and member of the Board of Directors of listed company Gavazzi Holding AG, Steinhausen, and the privately owned company Benninger AG, Uzwil.

Hans Caspar von der Crone (1957)
Non-executive, independent member of the Board of Directors since 1997, elected until 2015, Swiss national, resident in Zurich, member of the Board of Directors of Heineken Beverages Switzerland AG, Chur, and Heineken Re AG, Zug, a Swiss subsidiary of the Heineken Group.

Kurt Haerri (1962)
Non-executive, independent member of the Board of Directors since 2012, elected until 2015, Swiss national, resident in Birrwil.

Roland Siegwart (1959)
Non-executive, independent member of the Board of Directors since 2013, elected until 2015, Swiss national, resident in Schwyz.

David Dean (1959)
Non-executive, independent member of the Board of Directors since 2014, elected until 2015, Swiss national, resident in Meilen.




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Executive Committee

Beat Kälin (1957)
Chief Executive Officer (CEO) since 2007, at Komax since 2006, Swiss national, resident in Birmensdorf, Chairman of the Board of Directors of listed company Huber + Suhner AG, Pfäffikon (ZH).

Andreas Wolfisberg (1958)
Chief Financial Officer (CFO) since 1996, at Komax since 1991, Swiss national, resident in Adligenswil.

Matijas Meyer (1970)
Head Business Unit Wire since 2010, at Komax since 2007, Swiss national, resident in Ebikon.

René Ronchetti (1968)
Head Business Unit Medtech and at Komax since 2012, Swiss national, resident in Murten.

Walter Nehls (1957)
Head Business Unit Solar until 30 September 2014, German national, resident in Udligenswil.




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Business Unit Wire

Komax Wire specializes in automated intelligent solutions for all modern wire processing applications. The emphasis is on processes such as measuring, cutting, stripping and fitting contacts and connector housings to cables, and on the testing of wire harnesses.


Komax Wire had an excellent year in 2014, recording accelerated growth and continued high profitability. The EBIT margin remained within the target area.

Business Unit Wire

Order intake
in CHF
302.6 Mio.

295.0 Mio.
Net sales
in CHF
+15.1%

55.3 Mio.
EBIT in CHF

EBIT margin
18.7%

Headcount
1177

Business Unit Medtech

Komax Medtech develops customer-specific machine systems for the automatic assembly of medical products. The products assembled on Komax machines include inhalers and insulin delivery or injection systems.


2014 was a challenging year for Komax Medtech. Customers in Europe were hesitant about making investment decisions, which had an impact on the site at La Chaux-de-Fonds. Thanks to the measures initiated over the last three years to stabilize profitability, EBIT remained postive despite these overall adverse conditions.

Business Unit Medtech

Order intake
in CHF
65.1 Mio.

68.6 Mio.
Net sales
in CHF

1.2 Mio.
EBIT in CHF

Headcount
307

Sustainability and Social Responsibility

The Komax Group upholds its responsibilities towards its stakeholder groups. This is expressed through the products and services it provides on the one hand, and through the objectives and approach the company adopts on the other. Komax regards sustainability and social responsibility as an integral part of its corporate strategy. The basic tenets underlying the Komax Group’s business practices are set out in its guiding principles. It exercises responsibility towards people and the environment, and is keen to continuously develop its competencies in matters relating to sustainability and social responsibility.

Sustainability and Social Responsibility

Headcount
1498

Information for Investors

As in 2013, the stock markets were heavily influenced by the interventions of central banks in 2014. In addition, equities were bolstered by positive economic developments in the United States, the further de-escalation of the euro crisis, and the low interest rate environment. On the other hand, reports of political unrest, the strong decline in the price of oil which was interpreted as a sign of a weak global economy and continually resurgent fears over a renewed flare-up of the debt crisis in Europe resulted in a number of – occasionally strong – price fluctuations.

Information for Investors

520.9 Mio.
Market capitalization
in CHF

Payout ratio
65%

Dividend yield
3.2%

High free float
94%

40 years Komax Wire

A cause for celebration! In 1975, not far from Lucerne, Max Koch founded a small engineering practice whose ideas and concepts would change the world of wire processing. Even back then, business success was built on a pioneering and inventive spirit. The first cable-cutting machine – the Komax 20 – which the young company sprang on the market in 1976, was years ahead of its time, both in terms of precision and processing quality.

40 years Komax Wire

Established
1975

A pioneering
and innovative
spirit

has always been an
integral part of Komax’s
corporate culture.

Far ahead of its time
in terms
of precision