The Mikron Group reports a further improvement in profitability
Ad hoc announcement pursuant to Art. 53 LR:
Biel, July 20, 2022, 7.00 a.m. - The Mikron Group has again improved its half-year results in 2022. Order intake rose by 33.3% compared to the corresponding period of the previous year, sales by 4.3%, and EBIT increased from CHF 8.2 million in the first half of 2021 to CHF 11.4 million (+39.0%). This corresponds to an EBIT margin of 7.8% (first half of 2021: 5.9%). Strong demand in all key markets and higher sales in the Mikron Machining division were key factors in this pleasing development.
At CHF 223.3 million, the Mikron Group's order intake for the first half of 2022 is 33.3% higher than the corresponding figure for the first half of 2021 (CHF 167.5 million). All divisions contributed to this growth. The most significant increase was achieved by the Mikron Machining division (+52.9%) including long term frame orders. The Mikron Automation division was also able to take advantage of the continuing high demand from the pharma and medtech sectors, and increased its order intake by 32.0%.
The Mikron Group’s net sales rose from CHF 139.9 million in the first half of 2021 to CHF 145.9 million in the first half of 2022 (+4.3%). A major part of the significant increase in order intake will generate sales in 2023, and in subsequent years. With a 48% share of sales, Europe (including Switzerland) remained the Mikron Group’s principal sales market in the first half of 2022. Mikron increased sales in Europe by 3.4% compared with the first half of 2021, in Asia by 60.8% while the sales in the USA decreased by -13.4%.
At CHF 255.7 million, the Mikron Group’s order backlog at the end of June 2022 was 44.7% higher than the figure at the end of 2021 (CHF 176.7 million). With the exception of the Chinese sites, which were only able to operate to a very limited extent or not at all due to local Corona restrictions, the Mikron Group recorded high capacity utilization in all three divisions throughout the first half of 2022.
Profitability 2022, Mikron achieved a half-year EBIT of CHF 11.4 million (first half of 2021: CHF 8.2 million, +39.0%). The Group thus achieved an EBIT margin of 7.8% in the first half of 2022. Profit is at CHF 10.5 million below the 2021 half-year result (first half of 2021: CHF11.8 million). Last year's profit included a one-time positive tax effect of CHF 5.0 million, resulting from the merger of the Swiss companies and the related capitalization of tax loss carryforwards.
Cash flow Cash flow from operating activities (including changes in net working capital) amounted to CHF 10.3 million in the first half of 2022 (first half of 2021: CHF 29.0 million). Investments amounted to CHF 6.9 million, resulting in a free cash flow of CHF 3.4 million.
Outlook It remains difficult to make a forecast for the second half of the year due to the unpredictable development of the world economy and the inflation trend, the war in Ukraine, the distortions in the global supply chain, and the coronavirus pandemic. For the second half of 2022, Mikron expects profitability to remain at a similar level to the first half of 2022.
Key Figures for the Mikron Group in the first half year 2022
1.1.–30.6.22
1.1.–30.6.21
+/-
CHF million 1)
Order intake 2)
223.3
167.5
33.3%
- Machining Solutions
96.6
71.5
35.1%
- Automation
126.7
96.0
32.0%
Net sales
145.9
139.9
4.3%
- Machining Solutions
62.0
53.7
15.5%
- Automation
83.9
86.2
-2.7%
EBIT 2)
11.4
8.2
39.0%
Profit
10.5
11.8
-11.0%
Operating cash flow
10.3
29.0
-64.5%
Order backlog 2) 3)
255.7
190.2
34.4%
- Machining Solutions
95.4
56.6
68.6%
- Automation
160.3
133.7
19.9%
Number of employees 2) 3)
1,367
1,333
2.6%
- Machining Solutions
536
522
2.7%
- Automation
800
783
2.2%
30.06.2022
31.12.2021
+/-
Balance sheet total
313.8
300.0
4.6%
Equity ratio 2)
55.4%
55.0%
0.4%
1) Except number of employees and equity ratio 2) Alternative performance measures, see Mikron Semiannual Report 2022, pages 16 to 18, or www.mikron.com/apm. 3) End of period
Publication of semiannual results for 2022 The semiannual results will be published at the same time as this ad hoc announcement in the form of the 2022 Semiannual Report: www.mikron.com/reports
Brief profile of the Mikron Group The Mikron Group develops, produces and markets highly precise, productive and adaptable automation solutions, machining systems and cutting tools. Rooted in the Swiss culture of innovation, Mikron is a global partner to companies in the automotive, pharmaceutical, medtech, consumer goods, writing instruments and watchmaking industries. The Mikron Group enables its customers to increase quality and industrial productivity. The Group has over 100 years of experience, state-of-the-art technologies, and a global service. The two business segments Mikron Automation and Mikron Machining Solutions are based in Switzerland (Boudry and Agno). Additional production sites are located in the USA, in Germany, Singapore, China and Lithuania. Mikron Holding AG shares are traded on SIX Swiss Exchange (MIKN). The Mikron Group employs a total workforce of around 1,350.
Investor Relations Calendar January 25, 2023, 07.00 a.m. – Ad hoc announcement pursuant to Art. 53 LR: Provisional closing figures March 10, 2023, 07.00 a.m. – Ad hoc announcement pursuant to Art. 53 LR: Publication of the 2022 Annual Report March 10, 2023, 10.30 a.m. – Media and analysts conference April 26, 2023, 04.00 p.m. – Annual General Meeting 2023
Except for the historical information contained herein, the statements in this ad hoc announcement are forward-looking statements that involve risks and uncertainties.
Mikron® is a trademark of Mikron Holding AG, Biel (Switzerland).
