Komax : 2023 results and outlook 2024 (12 March 2023)

2023 FINANCIAL YEAR

12 March 2024

AGENDA

1. Highlights 2023
2. Financial reporting
3. Priority areas, Strategy 2028, and outlook for 2024
4. Questions and answers

Highlights 2023

• Acquisitions
• • WUSTEC (as of 1 January 2023): services in automated wire prefabrication
  • Alcava Group (as of 1 October 2023): distribution company with sites in France, Morocco, and Tunisia
• Development and communication of Strategy 2028
• Integration of Komax and Schleuniger proceeding well, with various elements such as the optimization of the global distribution and service network
• Revenue development positively influenced by acquisitions, but negative currency effect (-3.1%) and very challenging overall market environment
• Significant one-time effects
• • Sale of building at Rotkreuz production site, Switzerland
  • Initiation of closure of Jettingen site, Germany

Komax Group / 12 March 2024 / 2023 financial year / 3

Orders up slightly on previous year

Greater reluctance of customers to invest, particularly in Asia/China

• Order intake up slightly by 1.3% compared with very strong previous year
• • H1 2023: CHF 346.2 million
  • H2 2023: CHF 340.3 million
• Economic and geopolitical uncertainties along with muted market development in China impacted order situation
• Customers' reluctance to make investment decisions became increasingly pronounced as the year progressed

Order intake in CHF million

700	678.1	686.5
800

600

500482.4

400

300

200

100

0

2021

2022

2023

Komax Group / 12 March 2024 / 2023 financial year / 4

Significant 24.0% increase in revenues

Schleuniger contributes to results over 12 months for first time

• Record-highorder backlog of previous year (CHF 306.3 million) worked down to CHF 208.2 million
• First half of the year significantly stronger
• • H1 2023: CHF 393.8 million
  • H2 2023: CHF 358.2 million
• Factors behind development of revenues
• • Acquisition-relatedgrowth: 30.6%
  • Organic development: -3.5%
  • Foreign currency impact: -3.1%

Komax Group / 12 March 2024 / 2023 financial year / 5

Revenues in CHF million	752.0	1
800
700
	606.3
600
500
421.1

400

300

200

100

0

2021

2022

2023

1 Excluding one-time effect (CHF +10.9 million).

Sharp decline in EBIT in second half of the year

Volume business weighs on EBIT margin

− EBIT significantly influenced by deferred	EBIT in CHF million		EBIT in % of revenues
	customer investment decisions in high-	80			67.8	1	24%
	margin volume business		71.7
− EBIT substantially higher in first half	70				21%
	− H1 2023: CHF 44.4 million	60					18%
	− H2 2023: CHF 23.4 million
−	Two one-time effects	50	44.8	11.8%	9.0%	15%
	− Sale of building in Rotkreuz	40	10.6%	12%
	CHF +11.1 million
	− Closure of Jettingen site	30					9%
	CHF -6.1 million	20					6%
		10					3%
		0	2021	2022	2023		0%

1 Excluding one-time effects (CHF +5.0 million).

Komax Group / 12 March 2024 / 2023 financial year / 6

AGENDA

1. Highlights 2023
2. Financial reporting
3. Priority areas, Strategy 2028, and outlook for 2024
4. Questions and answers

Revenue growth primarily in Europe and Americas

Revenue development in Asia, particularly China, behind expectations

Revenues by region in 2023 12%

44%

27%

17%

Europe

Asia/Pacific

North/South America

Africa

Change from previous year

Europe						29.3%
Asia/Pacific -6.4%
North/South America											55.6%
Africa			6.0%
Total						24.0%
-10%	0%	10%	20%	30%	40%	50%	60%

Revenues by region in 2022	Schleuniger's first 12-month contribution decisive factor
−	Europe 42%	−	North/South America 22%
−	Asia/Pacific 22%	−	Africa 14%	in clear sales growth.

Komax Group / 12 March 2024 / 2023 financial year / 8

Unique innovative strength

724 employees in R&D and engineering

• Combination of Komax and Schleuniger along with progress made in various innovation projects resulted in higher R&D expenditure, comprising:
• • internal development services of
    CHF 67.4 million (2022: CHF 49.5 million)
  • third-partyservices of CHF 11.2 million (2022: CHF 9.5 million)
• Planned annual R&D expenditure remains at 8-9%
• Bundling of competencies and streamlining of product portfolio

Komax Group / 12 March 2024 / 2023 financial year / 9

R&D in CHF million

R&D in % of revenues

100			78.6	20%
80			16%
60	9.8%	59.0	10.5%1	12%
40	41.1	9.7%		8%
20				4%
0	2021	2022	20231	0%

1 Excluding one-time effect on revenues.

Product mix impacts profitability

EBIT declines by 5.5% to CHF 67.8 million

in CHF million

71.7

67.81

Gross profit margin		Personnel expenses
2023: 61.8%		in % of revenues 2023:
(2022: 61.5%)		36.7% (2022: 34.5%)

1 Excluding one-time effects (CHF +5.0 million).

Komax Group / 12 March 2024 / 2023 financial year / 10