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Half-Year Report 13
THe waY To make iT
3 Komax Group: Business in the first half of 2013 4 Consolidated Balance Sheet 5 Consolidated
Income Statement 6 Consolidated Statement
of Comprehensive Income 7 Consolidated
Cash Flow Statement 8 Consolidated Statement
of Shareholders’ Equity 9 Notes 15 Financial Calendar
2
Successful first half of 2013
Consolidated revenues of the Komax Group amounted to CHF 167.7 million in the first half of 2013 (previous year: CHF 142.3 million). Of the overall increase of 17.8%, acquisitions accounted for 12.1%, and currency influences 0.6%. Internal growth amounted to 5.1%. Operating profit (EBIT) considerably increased by 114.6% to CHF 18.7 million (previous year: CHF 8.7 million). The EBIT margin came in at 11.1% (previous year: 6.1%). Currency influences here amounted to +0.2 percentage points. Group profit after taxes (EAT) increased to CHF 15.7 million (previous year: CHF 8.7 million).
The Komax Group remains on a very solid financial footing. On the balance sheet date, shareholders’ equity amounted to CHF 251.5 million (31 December 2012: CHF 236.1 million), while the equity ratio stood at 69.8% (31 December 2012: 65.7%). Free cash flow came in at CHF 12.0 million (previous year: CHF 17.2 million). Net cash increased to CHF 9.2 million (31 December 2012: CHF 0.9 million).
Another strong performance from Komax WireThanks to an outstanding market positioning globally and healthy end customer markets overall, Komax Wire continues to operate successfully. Sluggish demand from the European automotive industry and its suppliers domiciled in North Africa was more than offset by healthy growth rates in Asia, North America and South America. Furthermore, the remaining end customer markets – such as the domestic appliance, electronics and telecommunication industries – are developing robustly when viewed from a global perspective. The integration of the companies acquired in 2012 is proceeding according to plan. Order intake amounted to CHF 131.9 million (previous year: CHF 106.7 million), or CHF 114.6 million when adjusted for acquisitions. Net sales totalled CHF 126.7 million (previous year: CHF 105.9 million), or CHF 109.5 million when adjusted for acquisitions. Internal growth here amounted to around 3%. EBIT came in at CHF 26.2 million (previous year: CHF 26.6 million). At 20.7%, the EBIT margin broadly mirrored that of the second half of 2012. Five months of the latter period contained the comparatively lowermargin business of TSK Group, which was consolidated for the first time in August 2012.
Stabilization at Komax SolarThe situation at Komax Solar has stabilized at a very low level. Although the crisis gripping the photovoltaics industry is unlikely to ease in the near term, we are assuming that the trough has now been reached. Against this difficult backdrop, Komax Solar succeeded in winning numerous important orders, despite the small
number of industry projects put out to tender. It thus managed to consolidate its position as a leading supplier of stringer systems. Order intake increased sharply to CHF 13.7 million (previous year: CHF 4.3 million), while net sales amounted to CHF 11.0 million (previous year: CHF 5.8 million). Thanks to this increase and the sharply reduced cost base, the loss at EBIT level was more than halved to CHF –4.0 million (previous year: CHF –10.2 million).
Significant improvement in result at Komax MedtechAt Komax Medtech, the market situation largely normalized in 2013. Whereas the previous year was dominated by low levels of investment among our clients, a large number of anticipated orders were placed in the period under review. Order intake doubled to CHF 52.7 million (previous year: CHF 25.5 million). At CHF 30.4 million, net sales broadly matched the previous year’s equivalent (previous year: CHF 31.0 million). The relatively high proportion of repeat orders, combined with the impact of measures initiated in 2012 to further increase efficiency, led to a significant improvement in the result. EBIT showed an encouraging rise to CHF 0.5 million (previous year: CHF –3.1 million).
OutlookThe fundamental drivers of the businesses of Komax remain intact. The focus of activities therefore lies on implementation of the strategic initiatives designed to boost the profitable growth of Komax Wire and improve the income situation at the other two business units. On the basis of the very pleasing halfyear result, the Komax Group will deliver a significantly better result for 2013 than for the previous year.
The end customer markets of Komax Wire remain in robust shape overall. In view of that, and based on all the other data currently available, we are expecting net sales for the second half of 2013 to broadly mirror that achieved in the first half of the year.
The situation of Komax Medtech has improved sharply compared to the previous year. This business unit has entered the second half of 2013 with a strong order book, and the prospects for winning further projects look highly promising. Given these positive parameters, we are expecting an improvement in net sales in the second half of the year compared to the first semester, as well as a further improvement of operating profit.
By contrast, the crisis in the solar industry is unlikely to ease off in the near term. We are therefore anticipating another negative operating result for this business unit in the second half of 2013.
Thanks to the continued strong performance of Komax Wire, a stabilization of the situation at Komax Solar, and a sharp improvement in profitability at Komax Medtech, all the key figures of the Komax Group have improved significantly. Order intake rose by 45.2% to CHF 198.2 million, while revenues increased by 17.8% to CHF 167.7 million. EBIT came in at CHF 18.7 million (11.1% of revenues), more than double the prior-year equivalent.
3
Consolidated balance sheet
in TCHF Notes 30.06.2013 31.12.20121)
Assets
Cash and cash equivalents 47 410 57 655
Securities 60 48
Trade receivables 99 289 86 945
Other receivables and accrued income/prepaid expenses 4 19 001 14 788
Inventories 5 54 473 58 207
Noncurrent assets held for sale 6 675 659
Total current assets 220 908 218 302
Deferred tax assets 14 999 14 862
Other noncurrent receivables 328 359
Investments in associates 2 204 2 027
Property, plant and equipment 1/3 71 867 72 994
Intangible assets 1/3 50 099 50 989
Total non-current assets 139 497 141 231
Total assets 360 405 359 533
Liabilities and shareholders’ equity
Financial liabilities 3 125 0
Trade payables 14 860 14 335
Other payables and accrued expenses/deferred income 35 506 27 481
Current income tax liabilities 5 542 6 095
Provisions 7 3 298 6 110
Total current liabilities 62 331 54 021
Financial loans 35 195 56 765
Deferred tax liabilities 3 209 3 221
Defined benefit plan liabilities 7 408 8 521
Total non-current liabilities 45 812 68 507
Total liabilities 108 143 122 528
Share capital 348 344
Treasury shares 12 −3 086 −3 086
Capital surplus (premium) 35 002 39 399
Other reserves 219 222 199 454
Equity attributable to equity holders of the parent company 251 486 236 111
Noncontrolling interest 776 894
Total shareholders’ equity 252 262 237 005
Total liabilities and shareholders’ equity 360 405 359 533
1) Prioryear figures restated owing to application of IAS 19 (revised).
The notes on pages 9 to 14 are an integral component of these consolidated interim financial statements.
4
Consolidated income statement
in TCHF Notes First half 2013 First half 20121)
Net sales 1 167 393 142 184
Other operating income 273 94
Cost of materials 68 170 60 522
Personnel expenses 55 228 50 734
Rental expenses 2 362 2 064
Maintenance and repair expenses 3 502 2 651
Representation and advertising expenses 4 946 5 184
Depreciation 1 5 206 3 824
Other operating expenses 9 587 8 602
Operating expenses 149 001 133 581
Operating profit before interest and taxes 1 18 665 8 697
Financial income 3 476 3 260
Financial expenses −3 109 −3 613
Group profit before taxes 19 032 8 344
Taxes 8 3 324 −396
Group profit after taxes 15 708 8 740
Of which attributable to:
– Equity holders of the parent company 15 865 8 788
– Noncontrolling interest −157 −48
15 708 8 740
Attributable to equity holders of the parent company
Basic earnings per share (in CHF) 4.62 2.59
Diluted earnings per share (in CHF) 4.53 2.55
1) Prioryear figures restated owing to application of IAS 19 (revised).
The notes on pages 9 to 14 are an integral component of these consolidated interim financial statements.
5
Consolidated statement of comprehensive income
in TCHF First half 2013 First half 20121)
Group profit after taxes 15 708 8 740
Revaluation of defined benefit plans 634 1 859
Income taxes −83 −324
Items that will not be reclassified to the income statement 551 1 535
Currency translation differences from foreign subsidiaries 2 450 1 112
Currency translation differences from investments in associates 51 −34
Items that may be reclassified subsequently to the income statement 2 501 1 078
Other comprehensive income after taxes 3 052 2 613
Comprehensive income after taxes 18 760 11 353
Of which attributable to:
– Equity holders of the parent company 18 878 11 387
– Noncontrolling interest −118 −34
18 760 11 353
1) Prioryear figures restated owing to application of IAS 19 (revised).
The notes on pages 9 to 14 are an integral component of these consolidated interim financial statements.
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Consolidated cash flow statement
in TCHF First half 2013 First half 20121)
Cash flow from operating activities
Group profit after taxes 15 708 8 740
Adjustment for noncash items
− Taxes 3 324 −396
− Depreciation and impairment of property, plant and equipment 3 299 2 758
− Depreciation and impairment of intangible assets 1 907 1 066
− Profit (–)/loss (+) from sale of noncurrent assets −83 148
− Expense for sharebased payments 890 921
− Employee benefits −479 343
− Net financial result −367 353
− Other noncash items −138 40
Interest received and other financial income 420 446
Interest paid and other financial expenses −565 −863
Taxes paid −3 536 −3 436
Cash flow before change in net current assets and provisions 20 380 10 120
Increase (+)/decrease (–) in provisions −2 877 1 451
Increase (–)/decrease (+) in trade receivables −10 765 20 988
Increase (–)/decrease (+) in inventories 4 444 −1 749
Increase (+)/decrease (–) in trade payables 441 −8 186
Increase (–)/decrease (+) in other net current assets 2 871 −3 591
Total cash flow from operating activities 14 494 19 033
Cash flow from investing activities
Investments in property, plant and equipment −1 924 −885
Sale of property, plant and equipment 240 3
Investments in intangible assets −769 −764
Investments in Group companies and participations 0 −218
Total cash flow from investing activities −2 453 −1 864
Cash flow from financing activities
Increase in financial liabilities 3 100 2 000
Decrease in financial liabilities −22 028 −185
Capital increase (sharebased payments) 2 512 1 643
Distribution out of reserves from capital contributions −6 905 −13 633
Total cash flow from financing activities −23 321 −10 175
Effect of currency translations on cash and cash equivalents 1 035 −205
Increase (+)/decrease (–) in funds −10 245 6 789
Cash and cash equivalents at 1 January 57 655 52 142
Cash and cash equivalents at 30 June 47 410 58 931
1) Prioryear figures restated owing to application of IAS 19 (revised).
The notes on pages 9 to 14 are an integral component of these consolidated interim financial statements.
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Consolidated statement of shareholders’ equity
First half 2013 Attributable to equity holders of the parent company
in TCHF Other reserves
Sharecapital
Treasuryshares
Capitalsurplus
Currencydifferences
Retainedearnings
Noncontrolling interest
Total shareholders’ equity
Balance on 1 January 2013 344 −3 086 39 399 −26 007 225 461 894 237 005
Other comprehensive income 2 462 551 39 3 052
Group profit after taxes 15 865 −157 15 708
Comprehensive income after taxes 0 0 0 2 462 16 416 −118 18 760
Capital increase from exercise of options 4 2 508 2 512
Distribution out of reserves from capital contributions −6 905 −6 905
Sharebased payments 890 890
Balance on 30 June 2013 348 −3 086 35 002 −23 545 242 767 776 252 262
First half 20121) Attributable to equity holders of the parent company
in TCHF Other reserves
Sharecapital
Treasuryshares
Capitalsurplus
Currencydifferences
Retainedearnings
Noncontrolling interest
Total shareholders’ equity
Balance on 1 January 2012 340 −3 086 51 405 −23 529 211 134 1 041 237 305
Other comprehensive income 1 064 1 535 14 2 613
Group profit after taxes 8 788 −48 8 740
Comprehensive income after taxes 0 0 0 1 064 10 323 −34 11 353
Capital increase from exercise of options 4 1 639 1 643
Distribution out of reserves from capital contributions −13 633 −13 633
Sharebased payments 921 921
Balance on 30 June 2012 344 −3 086 39 411 −22 465 222 378 1 007 237 589
1) Prioryear figures restated owing to application of IAS 19 (revised).
The notes on pages 9 to 14 are an integral component of these consolidated interim financial statements.
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Notes to the consolidated half-year financial statements
1 Segment reporting
First half 2013in TCHF
Wire Solar Medtech Corporate2) Group
Order intake 131 863 13 688 52 673 – 198 224
Net sales from external customers 126 214 10 898 30 281 0 167 393
Net sales from other segments 437 73 139 −649 0
Total net sales 126 651 10 971 30 420 −649 167 393
EBIT 26 155 −3 986 517 −4 021 18 665
Investment in noncurrent assets 2 414 9 270 0 2 693
Sale of noncurrent assets 184 18 38 0 240
Depreciation 3 868 825 498 15 5 206
First half 20121)
in TCHFWire Solar Medtech Corporate2) Group
Order intake 106 662 4 337 25 509 – 136 508
Net sales from external customers 105 408 5 766 30 982 28 142 184
Net sales from other segments 465 15 32 −512 0
Total net sales 105 873 5 781 31 014 −484 142 184
EBIT 26 614 −10 192 −3 079 −4 646 8 697
Investment in noncurrent assets 1 295 170 184 0 1 649
Sale of noncurrent assets 3 0 0 0 3
Depreciation 2 610 656 539 19 3 824
1) Prioryear figures restated owing to application of IAS 19 (revised).
2) Including elimination of intersegment revenues.
Further details on the individual segments can be found on page 60 as well as pages 88 and 89 of the 2012 Annual Report.
The table shows the reconciliation of the total of the reportable segments’ EBIT to the Group profit after taxes:
in TCHF First half 2013 First half 20121)
EBIT 18 665 8 697
Financial income 3 476 3 260
Financial expenses −3 109 −3 613
Group profit before taxes 19 032 8 344
Taxes 3 324 −396
Group profit after taxes 15 708 8 740
1) Prioryear figures restated owing to application of IAS 19 (revised).
9
2 Summary of significant accounting policies2.1 General information on the consolidated financial statementsThe present consolidated financial statements comprise the unaudited consolidated halfyear financial statements of Komax Holding AG, which is domiciled in Switzerland, and its subsidiaries for the reporting period ended 30 June 2013. The consolidated halfyear financial statements were prepared in accordance with IAS 34, “Interim Financial Reporting”. They should be read in conjunction with the consolidated financial statements produced for the financial year ended 31 December 2012, since they represent an updating of information published previously. The consolidated halfyear financial statements were adopted by the Board of Directors on 12 August 2013.
Preparation of the consolidated halfyear financial statements requires the Board of Directors and Group Management to make estimates and assumptions that have an effect on the stated income, expenses, assets and liabilities, as well as the disclosure of contingent liabilities. If, at a later point in time, the estimates and assumptions made by management in good faith at the time of the interim financial statements are found to differ from actual conditions, the original estimates and assumptions are revised accordingly in the reporting period in which conditions changed.
Particular areas in which estimates have a substantial influence on book values include the recognition of revenue based on the POC method (longterm work in progress), assets and liabilities stated in relation to employee benefits, as well as the assessment of deferred taxes and impairment of fixed assets.
The Komax Group operates in business sectors where sales are not subject to any material seasonal or cyclical fluctuations over the course of the financial year.
Income taxes are calculated based on the best estimate of the expected weighted average tax rate for the financial year as a whole.
2.2 Changes to the consolidated accounting policiesThe consolidated halfyear financial statements of the Komax Group were prepared in accordance with the accounting policies described in the 2012 Annual Report. Exceptions to these policies are set out below.
Komax adopted the following new standards and amendments to existing standards in accordance with the requirements for the financial year commencing 1 January 2013.
– IAS 1, “Presentation of Financial Statements”– IAS 19, “Employee Benefits”– IFRS 10, “Consolidated Financial Statements”– IFRS 11, “Joint Arrangements”– IFRS 12, “Disclosure of Interests in Other Entities”– IFRS 13, “Fair Value Measurement”
With the exception of the revision of IAS 19, these amendments have no significant impact on the consolidated financial statements of the Komax Group.
The adjustments to IAS 19 (revised) resulted in several changes. The most important change is that actuarial gains and losses have to be entered directly under the other comprehensive income. The previous choice between immediate entry in the income statement, in the other comprehensive income or deferred entry using the “corridor” method no longer exists. Furthermore, the annual costs for defined benefit retirement plans now include net interest expenses or income calculated on the basis of the net position of the plan using the discount rate for defined benefit obligations.
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The transfer between the results published previously for 2012 (using the former accounting and valuation methods) and the restated amounts that will be shown as comparative figures in 2013 (using the new accounting and valuation methods) is shown below.
Consolidated balance sheetin TCHF
31.12.2012Reported
Application of IAS 19 (revised)
31.12.2012Restated
Prepaid pension assets 1 019 −1 019 0
Deferred tax assets 14 499 363 14 862
Total assets 360 189 −656 359 533
Deferred tax liabilities 4 118 −897 3 221
Defined benefit plan liabilities 0 8 521 8 521
Total liabilities 114 904 7 624 122 528
Total shareholders’ equity 245 285 −8 280 237 005
Total liabilities and shareholders’ equity 360 189 −656 359 533
Consolidated income statementin TCHF
First half 2012Reported
Application of IAS 19 (revised)
First half 2012Restated
Net sales 142 184 0 142 184
Personnel expenses 50 421 313 50 734
Operating profit before interest and taxes 9 010 −313 8 697
Group profit before taxes 8 657 −313 8 344
Taxes −338 −58 −396
Group profit after taxes 8 995 −255 8 740
Basic earnings per share (in CHF) 2.66 −0.07 2.59
Diluted earnings per share (in CHF) 2.63 −0.08 2.55
Consolidated statement of comprehensive incomein TCHF
First half 2012Reported
Application of IAS 19 (revised)
First half 2012Restated
Group profit after taxes 8 995 −255 8 740
Revaluation of defined benefit plans 0 1 859 1 859
Income taxes 0 −324 −324
Items that will not be reclassified to the income statement 0 1 535 1 535
Currency translation differences from foreign subsidiaries 1 112 0 1 112
Currency translation differences from investments in associates −34 0 −34
Items that may be reclassified subsequently to the income statement 1 078 0 1 078
Other comprehensive income after taxes 1 078 1 535 2 613
Comprehensive income after taxes 10 073 1 280 11 353
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In addition to the new standards already listed in the 2012 Annual Report and interpretations and amendments to published standards, a number of other miscellaneous changes and improvements were made to numerous standards. Komax is not applying them early. The Komax Group has not yet finally analysed the impact on the financial reporting. However, at the present time no material changes are expected for the consolidated financial statements of Komax.
2.3 Scope of consolidationThe consolidated halfyear financial statements include the separate financial statements of Komax Holding AG, Dierikon (Switzerland), and all subsidiaries where Komax Holding AG directly or indirectly holds more than 50 percent of the voting power or otherwise exercises control over the entity’s financial and operating policies.
The remaining subsidiaries are listed on pages 106 and 107 of the 2012 Annual Report. There were no changes in the scope of consolidation as at 30 June 2013.
3 Impairment of assetsIn the first half of 2013, as in the same period of the previous year, there were no items requiring disclosure in the consolidated financial statements due to their unusual nature, scope or frequency.
Nonfinancial assets with an unspecified useful life are tested for impairment twice each year or if there are indications that their value has been impaired. The impairment test performed on 30 June 2013 on the goodwill stated in the balance sheet showed that its value had not been impaired.
Noncurrent assets subject to periodic depreciation are tested if there are indications that their value has been impaired. As at 30 June 2013, there were no signs of any impairment.
4 Other receivables and accrued income/prepaid expensesOther receivables and accrued income/prepaid expenses comprises:
in TCHF 30.06.2013 31.12.2012
Other receivables 12 174 9 164
Prepayments to suppliers 2 607 1 714
Accruals 4 220 3 910
Total 19 001 14 788
Other receivables consists primarily of credits with government organizations (Federal Tax Administration). Accruals include prepayments for insurance benefits and credits for maintenance and servicing work not yet carried out.
5 InventoriesInventories are not pledged to third parties and are made up of the following:
in TCHF 30.06.2013 31.12.2012
Manufacturing components and spare parts 31 385 30 629
Semifinished goods/work in process 4 738 3 614
Finished goods 18 350 23 964
Total 54 473 58 207
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6 Non-current assets held for saleThe noncurrent asset held for sale with a carrying value of CHF 0.7 million as at 30 June 2013 (31 December 2012: CHF 0.7 million) is a building in Rousset (France) which is no longer used for its original purpose. The search for a buyer is at an advanced stage, and a sale is expected within the next six months. As at 30 June 2013, there were no liabilities in connection with the building earmarked for sale.
7 ProvisionsIn the first half of 2013, warranty provisions were reduced by a net CHF 1.5 million (first half 2012: increase of CHF 1.5 million). Of this, CHF 1.4 million were formed for the first time (first half 2012: CHF 3.1 million), CHF 2.0 million used in the context of warranty work (first half 2012: CHF 1.6 million) and CHF 1.0 million reversed (first half 2012: CHF 0.1 million). The rest of the change was due to currency differences.
The other provisions decreased by CHF 1.4 million in the first half of 2013 (first half of 2012: no change). This position comprises only provisions for restructuring as at 30 June 2013 and 31 December 2012. The full CHF 1.4 million has been used. No additional other provisions were formed or reversed in the first half of 2013.
8 TaxesAs the Group is internationally active, its income taxes are dependent on a number of different tax jurisdictions. The expected average Group tax rate is equivalent to the weighted average of tax rates of those countries in which the Group is active. Due to the composition of the taxable income of the Group, as well as changes in local tax rates, this Group tax rate varies from year to year.
9 Contingent liabilitiesContingent liabilities amounted to CHF 17.0 million as at 30 June 2013 compared to CHF 8.5 million as at 31 December 2012.
10 Conditional capitalIn the first half of 2013, 41 417 options (first half 2012: 38 409 options) were converted into registered shares of Komax Holding AG. As at 30 June 2013, the conditional capital therefore consisted of 364 794 registered shares (30 June 2012: 410 711), each with a par value of CHF 0.10.
11 Dividend distributionThe Annual General Meeting of 3 May 2013 resolved to distribute a dividend not subject to withholding tax of CHF 2.00 gross per registered share from the capital contribution reserves (previous year: CHF 4.00). The value date of the payment to shareholders was 10 May 2013.
12 Treasury sharesThere were no purchases or sales of treasury shares either in the first half of 2013 or in the prior year period. As at 30 June 2013, Komax Holding AG therefore held 27 483 treasury shares (30 June 2012: 27 483).
13 Related party transactionsAside from a loan of CHF 0.6 million granted to an associate (31 December 2012: CHF 0.6 million), there were no outstanding items with respect to related parties. In the first half of 2013, as in the corresponding period of the previous year, no transactions were entered into with members of management in key positions in connection with the sale and purchase of goods and services. However, rental payments amounting to CHF 0.1 million (first half 2012: CHF 0.1 million) were made in relation to a production facility. With the exception of the regular employer contributions to the pension fund, no transactions were effected with related parties (first half 2012: none).
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Salary and bonus payments to the five (first half 2012: five) members of the Executive Committee amounted to CHF 1.1 million (first half 2012: CHF 1.0 million) in the first half of 2013, while salary and bonus payments to the six members of the Board of Directors (first half 2012: six) came to CHF 0.3 million (first half 2012: CHF 0.3 million). Sharebased payments according to IFRS 2 amounted to CHF 0.2 million (first half 2012: CHF 0.2 million) for members of the Executive Committee and CHF 0.1 million (first half 2012: CHF 0.1 million) for members of the Board of Directors.
14 Events after the balance sheet dateThe Board of Directors has instructed the Executive Committee to evaluate alternative solutions for the Solar business unit. No further material events occurred between the balance sheet date and the approval of the consolidated halfyear financial statements by the Board of Directors on 12 August 2013 which might adversely affect the information content of the 2013 consolidated halfyear financial statements and which would require disclosure.
15 Exchange ratesThe most important halfyear and average exchange rates for Komax were as follows:
Currency Rate on 30.06.2013
Average rate in first half 2013
Rate on30.06.2012
Average rate in first half 2012
USD 0.950 0.940 0.970 0.930
EUR 1.250 1.240 1.210 1.220
BRL 0.437 0.468 0.470 0.513
CNY 0.155 0.152 0.153 0.148
MYR 0.300 0.308 0.305 0.303
16 Information for shareholdersKomax Holding AG registered shares are listed on the main stock exchange in Zurich. Security no.: 001070215; Bloomberg: KOMN SW; Thomson Reuters: KOMN.S
30.06.2013 31.12.2012
Share capital (in TCHF) 348 344
No. of shares (in units) 3 485 206 3 443 789
Market capitalization as at reference date (in TCHF) 325 867 244 509
Closing price as at reference date (in CHF) 93.50 71.00
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Financial calendar
First information on the year 2013 21 January 2014
Annual media conference/analysts’ presentation 2013 26 March 2014
Annual General Meeting 7 May 2014
Halfyear results 2014 19 August 2014
Forward-looking statementsThe present HalfYear Report contains forwardlooking statements in relation to Komax which are based on current assumptions and expectations. Unforeseeable events and developments could cause actual results to differ materially from those anticipated. Examples include: changes in the economic and legal environment, the outcome of legal disputes, exchange rate fluctuations, unexpected market behaviour on the part of our competitors, negative publicity and the departure of members of management. The forwardlooking statements are pure assumptions, made on the basis of information that is currently available. This HalfYear Report is available in English and German. The original German version is binding.
Komax Holding AGInvestor Relations and Corporate Communications Marco KnuchelIndustriestrasse 6CH-6036 Dierikon
Phone +41 41 455 06 [email protected]
Imprint
Published by: Komax Holding AG, Dierikon
Concept and realisation: Linkgroup, Zurich www.linkgroup.ch Steiner Communications, Zurich/Uitikon www.steinercom.ch
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