2024

Returning to growth after a transition year

Comet Holding AG / Key word(s): Annual Results 2024: Returning to growth after a transition year 04-March-2024 / 06:30 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. Ad hoc announcement pursuant to Art. 53 LR

Full-year 2023

• Net sales declined by 32.2% to CHF 397.5 million (FY22: CHF 586.4 million)
• EBITDA margin of 11.3% compared to 20.3% in FY22
• Return on capital employed (ROCE) at 6.6%, down from 26.3% in the previous year
• Turning point in the semiconductor cycle reached in Q4/23
   

Outlook for 2024

• Semiconductor production equipment spend anticipated above prior-year levels
• Gradual improvement of market environment expected over the course of the year
• Focus on selective investments into growth and efficiency
• Outlook: Net sales of CHF 440 million to CHF 480 million, EBITDA margin of 15.0% to 17.0%

2023 was a very challenging and eventful year economically, to which Comet was not immune. Above all, the company was affected by the correction in the semiconductor cycle. The correction was exacerbated by the slow reduction of inventories in the value chain. In contrast to the semiconductor industry, other important markets for Comet, such as the automotive, aerospace and security industries, proved robust, although a softening was observed in some segments in the second half of the year.

Comet experienced a decline in net sales of 32.2% from the prior-year level to CHF 397.5 million (FY22: CHF 586.4 million). EBITDA operating earnings fell by 62.2% to CHF 45.0 million (FY22: CHF 118.9 million) with a margin of 11.3% (FY22: 20.3%). Net income was also lower compared to the previous year, with CHF 15.4 million or CHF 1.98 per share (FY22: CHF 78.1 million, CHF 10.05 per share). Free cash flow fell from CHF 42.2 million in the year before to a slight deficit of CHF 0.6 million due to the lower EBITDA. The equity ratio of 62.5% and a debt factor (ratio of net debt to EBITDA) of 0.2 testify to Comet’s continuing healthy financial condition.