March 17, 2020 / 6:26 AM / 23 days ago

BRIEF-Komax FY EBIT Down At CHF 24.0 Mln

March 17 (Reuters) - KOMAX HOLDING AG:

* FY ORDER INTAKE CHF 408.7 MILLION, REVENUES CHF 417.8 MILLION

* FY EBIT CHF 24.0 MILLION, DECREASED CONSIDERABLY AND WERE WELL BELOW RECORD RESULT ACHIEVED IN 2018

* FY ORDER INTAKE DECREASED BY 17.7% TO CHF 408.7 MILLION (2018: CHF 496.7 MILLION)

* ADAPTS MID-TERM TARGETS IN LINE WITH DEVELOPMENTS IN AUTOMOTIVE MARKET

* BOARD OF DIRECTORS HAS DECIDED TO ADAPT ITS MID-TERM TARGETS (2017-2021) AND DEFINE A NEW TIME HORIZON, NAMELY 2023

* TARGETS FOR 2023: REVENUES OF CHF 450-550 AND EBIT OF CHF 50-80 MILLION, AS WELL AS A PAYOUT RATIO OF 50%-60% OF EAT

* MEDIUM- AND LONG-TERM GROWTH OUTLOOK REMAINS POSITIVE

* EXPECT 2020 TO BE ANOTHER CHALLENGING YEAR

* FOR THIS REASON, WE HAVE ALREADY INITIATED MEASURES TO REDUCE COSTS OVER LONG TERM

* FORECAST CAN CURRENTLY NOT BE MADE FOR 2020 FINANCIAL YEAR Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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